0001558370-25-001939 | 10-K | XBRL Viewer | Camping World Holdings INC

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Segments Information - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total assets	$ 4,863,277	$ 4,889,452
Subtotal
Revenue:
Total assets	4,631,385	4,681,991
Corporate & other
Revenue:
Total assets	231,892	207,461
Adjustment
Revenue:
Total assets		43,768
Good Sam Services and Plans \| Operating Segments
Revenue:
Total assets	121,876	113,619
RV and Outdoor Retail \| Operating Segments
Revenue:
Total assets	$ 4,509,509	$ 4,568,372

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables
Gross receivables	$ 123,160	$ 131,048
Allowance for credit losses	(2,748)	(2,978)	$ (4,222)
Accounts Receivable, Net	120,412	128,070
Good Sam Services and Plans
Receivables
Gross receivables	14,373	17,589
Good Sam Services and Plans \| Other assets
Receivables
Accounts receivable noncurrent, net	7,400	8,800
RV and Outdoor Retail \| Trade accounts receivable
Receivables
Gross receivables	38,313	27,773
RV and Outdoor Retail \| Due from manufacturers
Receivables
Gross receivables	22,008	37,190
RV and Outdoor Retail \| New and used vehicles
Receivables
Gross receivables	2,310	2,830
RV and Outdoor Retail \| Parts, services and other
Receivables
Gross receivables	34,210	35,748
RV and Outdoor Retail \| Other
Receivables
Gross receivables	$ 11,946	9,365
Corporate
Receivables
Gross receivables		$ 553

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities

Schedule Of Accrued liabilities

Accrued liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Compensation and benefits	$	42,652	$	51,999
Other accruals		75,905		97,097
	$	118,557	$	149,096

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets

Changes in goodwill by business line

The following is a summary of changes in the Company’s goodwill by business line for the years ended December 31, 2024 and 2023 (in thousands):


	Good Sam
	Services and		RV and
	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2022 (excluding impairment charges)	$	71,118	$	793,142	$	864,260
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2022		24,234		598,189		622,423
Acquisitions		—		88,799		88,799
Balance at December 31, 2023		24,234		686,988		711,222
Acquisitions		1,561		30,140		31,701
Divestiture ⁽¹⁾		—		(8,900)		(8,900)
Balance at December 31, 2024	$	25,795	$	708,228	$	734,023

(1)	See Note 6 ― Assets Held for Sale and Business Divestiture.

Finite-lived intangible assets and related accumulated amortization

Finite-lived intangible assets and related accumulated amortization consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31, 2024
							Wtd. Average
	Carrying		Accumulated				Useful Life
	Value		Amortization		Net		(in years)
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,537)	$	203	5.3
Trademarks and trade names		2,132		(379)		1,753	15.0
Websites and developed technology		3,650		(1,614)		2,036	6.7
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(2,752)		1,402	5.5
Supplier lists and agreements		9,500		(594)		8,906	11.0
Trademarks and trade names		26,526		(22,005)		4,521	15.0
Websites and developed technology		6,348		(5,700)		648	10.1
	$	62,050	$	(42,581)	$	19,469	11.6

	December 31, 2023
							Wtd. Average
	Carrying		Accumulated				Useful Life
	Value		Amortization		Net		(in years)
Good Sam Services and Plans:
Membership, customer lists and other	$	9,640	$	(9,246)	$	394	5.4
Trademarks and trade names		2,132		(238)		1,894	15.0
Websites and developed technology		3,050		(1,118)		1,932	7.0
RV and Outdoor Retail:
Customer lists and domain names		5,543		(3,269)		2,274	5.3
Supplier lists and agreements		1,696		(1,102)		594	5.0
Trademarks and trade names		27,251		(21,390)		5,861	15.0
Websites and developed technology		6,325		(5,557)		768	10.0
	$	55,637	$	(41,920)	$	13,717	11.2

Schedule of amortization of finite lived intangibles assets

The aggregate future five-year amortization of finite-lived intangibles at December 31, 2024, was as follows (in thousands):


2025	$	3,643
2026		3,519
2027		3,479
2028		1,950
2029		1,173
Thereafter		5,705
	$	19,469

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Restructuring and Long-Lived Asset Impairment

12 Months Ended

Dec. 31, 2024

Restructuring and Long-Lived Asset Impairment

Restructuring and Long-Lived Asset Impairment

5. Restructuring and Long-Lived Asset Impairment

Restructuring – 2019 Strategic Shift

On September 3, 2019, the Board of Directors of CWH approved a plan (the “2019 Strategic Shift”) to strategically shift its business away from locations where the Company does not have the ability or where it is not feasible to sell and/or service RVs at a sufficient capacity (the “Outdoor Lifestyle Locations”). Of the Outdoor Lifestyle Locations in the RV and Outdoor Retail segment operating at September 3, 2019, the Company has closed or divested 39 Outdoor Lifestyle Locations, two distribution centers, and 20 specialty retail locations relating to the 2019 Strategic Shift. As of December 31, 2020, the Company had completed the store closures and divestitures relating to the 2019 Strategic Shift. During the year ended December 31, 2021, the Company completed its analysis of its retail product offerings that were not RV-related.

As of December 31, 2021, the activities under the 2019 Strategic Shift were completed with the exception of certain lease termination costs and other associated costs relating to the leases of previously closed locations under the 2019 Strategic Shift. The process of identifying subtenants and negotiating lease terminations has been delayed, which initially was in part due to the COVID-19 pandemic. The timing of these negotiations will vary as both subleases and terminations are contingent on landlord approvals. The Company expects that the ongoing lease-related costs relating to the 2019 Strategic Shift, net of associated sublease income, will be less than $3.5 million per year.

As of December 31, 2024, the Company had incurred total restructuring costs associated with the 2019 Strategic Shift of $128.0 million. The breakdown of these costs is as follows:

●

one-time employee termination benefits relating to retail store or distribution center closures/divestitures of $1.2 million;

●

lease termination costs of $23.1 million;

●

incremental inventory reserve charges of $57.4 million; and

●

other associated costs of $46.3 million.

The following table details the costs incurred associated with the 2019 Strategic Shift for the periods presented (in thousands):


	Year Ended December 31,
	2024		2023		2022
2019 Strategic Shift restructuring costs:
Lease termination costs⁽¹⁾		(1,575)		—		1,316
Other associated costs⁽²⁾		3,368		3,965		7,026
Total 2019 Strategic Shift restructuring costs	$	1,793	$	3,965	$	8,342

(1)	These costs were included in lease termination charges in the consolidated statements of operations. This reflects termination fees paid, net of any gain from derecognition of the related operating lease assets and liabilities.

(2)

Other associated costs primarily represent lease and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. For the years ended December 31, 2024, 2023 and 2022, these costs were included in selling, general, and administrative expenses in the consolidated statements of operations.

The following table details changes in the restructuring accrual associated with the 2019 Strategic Shift (in thousands):


	Lease		Other
	Termination		Associated
	Costs⁽¹⁾		Costs⁽²⁾		Total
Balance at December 31, 2021	$	—	$	926	$	926
Charged to expense		6,097		7,026		13,123
Paid or otherwise settled		(6,097)		(7,083)		(13,180)
Balance at December 31, 2022		—		869		869
Charged to expense		—		3,965		3,965
Paid or otherwise settled		—		(3,676)		(3,676)
Balance at December 31, 2023		—		1,158		1,158
Charged to expense		1,860		3,368		5,228
Paid or otherwise settled		(1,860)		(4,526)		(6,386)
Balance at December 31, 2024	$	—	$	—	$	—

(1)

Lease termination costs exclude the $7.6 million and $4.8 million of gains from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the 2019 Strategic Shift for the thirty months ended December 31, 2021 and for the year ended December 31, 2022, respectively.

(2)	Other associated costs primarily represent labor, lease and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift.

The Company evaluated the requirements of ASC No. 205-20, Presentation of Financial Statements – Discontinued Operations relative to the 2019 Strategic Shift and determined that discontinued operations treatment is not applicable. Accordingly, the results of operations of the locations impacted by the 2019 Strategic Shift are reported as part of continuing operations in the accompanying consolidated financial statements.

Restructuring – Active Sports

On March 1, 2023, management of the Company determined to implement plans (the “Active Sports Restructuring”) to exit and restructure operations of its indirect subsidiary, Active Sports, LLC, a specialty products retail business (“Active Sports”) as part of its review of underperforming assets and business lines. Upon liquidating a significant amount of inventory and exiting the related distribution centers, the Company reevaluated its exit plan and concluded instead that it would integrate the remaining operations into its existing distribution and fulfillment infrastructure while maintaining lower inventory levels and a smaller fixed cost structure. These plans have resulted in a much smaller operation and included the closure of the specialty retail location. The incremental inventory reserve charges were based, in part, on the Company’s estimates of the discounting necessary to liquidate the Active Sports inventory.

The activities under the Active Sports Restructuring were substantially completed by December 31, 2023. Certain lease costs continued to be incurred until the termination of the last remaining significant lease during the year ended December 31, 2024.

As of December 31, 2024, the total restructuring costs associated with the Active Sports Restructuring were $8.1 million. The breakdown of these restructuring costs is as follows:

●

one-time employee termination benefits relating to the specialty retail store and distribution center closures of $0.2 million;

●

incremental inventory reserve charges of $4.3 million;

●

lease termination charges of $1.7 million; and

●

other associated costs of $1.9 million.

The following table details the costs incurred associated with the Active Sports Restructuring (in thousands):


	Year Ended December 31,
	2024		2023		2022
Active Sports Restructuring costs:
One-time termination benefits⁽¹⁾	$	—	$	193	$	—
Incremental inventory reserve charges⁽¹⁾		—		4,344		—
Lease termination costs ⁽²⁾		1,343		375		—
Other associated costs⁽³⁾		868		1,003		—
Total Active Sports Restructuring costs	$	2,211	$	5,915	$	—

(1)

These costs were included in costs applicable to revenues – products, service and other in the consolidated statements of operations.

(2)

These costs were included in lease termination charges in the consolidated statements of operations. This reflects termination fees paid or to be paid, net of any gain from derecognition of the related operating lease assets and liabilities. The Company paid $1.5 million lease termination fee for a lease terminated during the year ended December 31, 2024.

(3)

Other associated costs primarily represent labor, lease and other operating expenses incurred during the post-close wind-down period for the Active Sports Restructuring for the periods presented and were included primarily in selling, general, and administrative expenses in the consolidated statements of operations.

The following table details changes in the restructuring accrual associated with the Active Sports Restructuring (in thousands):


	One-time		Lease		Other
	Termination		Termination		Associated
	Benefits		Costs ⁽¹⁾		Costs ⁽²⁾		Total
Balance at March 31, 2023	$	—	$	—	$	—	$	—
Charged to expense		193		—		1,003		1,196
Paid or otherwise settled		(193)		—		(1,003)		(1,196)
Balance at December 31, 2023		—		—		—		—
Charged to expense		—		1,492		868		2,360
Paid or otherwise settled		—		(1,492)		(868)		(2,360)
Balance at December 31, 2024	$	—	$	—	$	—	$	—

(1)	Lease termination costs exclude the $0.1 million of gain from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the Active Sports Restructuring for the year ended December 31, 2024.

(2)	Other associated costs primarily represent labor, lease and other operating expenses incurred during the post-close wind-down period for the specialty retail location and distribution centers related to the Active Sports Restructuring.

Long-Lived Asset Impairment

During the three months ended March 31, 2023, the Company recorded an impairment charge totaling $6.6 million related to the Active Sports Restructuring, of which $4.5 million related to intangible assets, and $2.1 million related to other long-lived asset categories.

During the years ended December 31, 2024, 2023 and 2022, the Company had indicators of impairment of the long-lived assets for certain locations, which were unrelated to the Active Sports Restructuring. Such indicators primarily included decreases in market rental rates or market value of real property for closed locations, or based on 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 were 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.

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


	Year Ended December 31,
	2024		2023		2022
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	4,032	$	1,857	$	2,557
Operating lease right of use assets		7,242		1,107		1,613
Building and improvements		3,787		—		—
Furniture and equipment		—		329		61
Software		—		1,362		—
Construction in progress and software in development		—		113		—
Intangible assets		—		4,501		—
Total long-lived asset impairment charges	$	15,061	$	9,269	$	4,231

Long-lived asset impairment charges by restructuring activity:
2019 Strategic Shift		—		—		1,614
Active Sports Restructuring		—		6,648		—
Unrelated to restructuring activities		15,061		2,621		2,617
Total long-lived asset impairment charges	$	15,061	$	9,269	$	4,231

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Treasury Stock, (In shares)	0	4,551,000
Class A Common Stock
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	62,502,000	49,571,000
Common stock, outstanding	62,502,000	45,020,000
Class B Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	39,466,000	39,466,000
Common stock, outstanding	39,466,000	39,466,000
Class C Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1	1
Common stock, issued	1	1
Common stock, outstanding	1	1

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ (78,880)	$ 52,929	$ 337,832
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	81,190	68,643	80,304
Stock-based compensation	21,585	24,086	33,847
(Gain) loss on lease termination	(6,813)	(103)	1,614
Long-lived asset impairment	15,061	9,269	4,231
Loss (gain) on sale or disposal of assets	9,855	(5,222)	622
Provision for losses on accounts receivable	754	(892)	669
Noncash lease expense	56,685	61,045	59,647
Accretion of original debt issuance discount	2,416	2,207	2,602
Noncash interest	3,109	2,846	2,077
Deferred income taxes	(12,946)	(14,208)	56,500
Tax Receivable Agreement liability adjustment	0	(2,442)	(114)
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	10,173	(23,957)	(4,111)
Inventories	228,024	200,940	(254,319)
Prepaid expenses and other assets	(9,824)	16,070	(5,104)
Accounts payable and other accrued expenses	(8,908)	287	(42,303)
Payment pursuant to Tax Receivable Agreement	(13,350)	(10,937)	(11,322)
Deferred revenues	(3,380)	(6,796)	1,451
Operating lease liabilities	(59,150)	(60,033)	(67,097)
CARES Act deferral of payroll taxes	0	0	(14,706)
Other, net	9,558	(2,925)	7,463
Net cash provided by operating activities	245,159	310,807	189,783
Investing activities
Purchases of property and equipment	(90,837)	(131,080)	(154,926)
Proceeds from sale of property and equipment	4,025	3,204	1,623
Purchases of real property	(9,602)	(67,194)	(55,666)
Proceeds from the sale of real property	58,153	40,785	7,352
Purchases of businesses, net of cash acquired	(72,323)	(209,459)	(217,034)
Proceeds from divestiture of business	19,957	0	0
Purchases of and loans to other investments	0	(3,444)	(3,000)
Purchases of intangible assets	(143)	(2,218)	(884)
Proceeds from sale of intangible assets	2,595	0	0
Net cash used in investing activities	(88,175)	(369,406)	(422,535)
Financing activities
Proceeds from long-term debt	55,624	59,227	127,759
Payments on long-term debt	(80,939)	(38,958)	(12,322)
Net (payments) proceeds on notes payable - floor plan, net	(217,857)	59,280	314,061
Borrowings on revolving line of credit	43,000	0	0
Payments on revolving line of credit	(63,885)	0	0
Proceeds from landlord funded construction on finance leases	0	0	6,028
Payments on finance leases	(7,485)	(5,497)	(5,977)
Proceeds from sale-leaseback arrangement	0	0	27,951
Payments on sale-leaseback arrangement	(198)	(187)	(132)
Payment of debt issuance costs	(1,123)	(937)	(3,181)
Proceeds from issuance of Class A common stock sold in a public offering, net of underwriter discounts and commissions	333,356	0	0
Payments of stock offering costs	(408)	0	0
Dividends on Class A common stock	(24,749)	(66,831)	(105,387)
Proceeds from exercise of stock options	549	389	541
RSU shares withheld for tax	(5,412)	(6,861)	(11,128)
Repurchases of Class A common stock to treasury stock	0	0	(79,757)
Disgorgement of short-swing profits by Section 16 officer	0	0	58
Distributions to holders of LLC common units	(18,682)	(31,510)	(162,963)
Net cash provided by (used in) financing activities	11,791	(31,885)	95,551
Increase (decrease) in cash and cash equivalents	168,775	(90,484)	(137,201)
Cash and cash equivalents at beginning of the period	39,647	130,131	267,332
Cash and cash equivalents at end of the period	$ 208,422	$ 39,647	$ 130,131

Segments Information

12 Months Ended

Dec. 31, 2024

Segments Information

Segments Information

23. Segment Information

The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail (see Note 1 – Summary of Significant Accounting Policies – Description of the Business for a discussion of the primary revenue generating activities of each segment).

The reportable segments identified above represent operating segments that are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Company’s chief operating decision maker (“CODM”) to allocate resources and assess performance. The Company’s CODM is Marcus A. Lemonis, the Company’s Chief Executive Officer.

The accounting policies of the reportable segments are the same as those described in Note 1 – Summary of Significant Accounting Policies except intersegment receivables and investments in intersegment entities, which are eliminated in the Company’s consolidated balance sheets, are not included in segment assets. Intersegment revenues consist of segment revenues that are eliminated in the Company’s consolidated statements of operations. Intersegment revenues include transactions with other segments and revenue recognition that differs between a segment standalone basis versus a consolidated basis, such as point-in-time recognition versus over-time recognition. The reportable segments generally account for intersegment revenues with other segments at prices that approximate wholesale prices or discounted pricing to a third party depending on the nature of the intersegment sale.

The Company evaluates performance for all of its reportable segments based on Segment Adjusted EBITDA. The Company defines “Segment Adjusted EBITDA” as the reportable segments’ total revenue less segment expenses which are comprised of (i) adjusted costs applicable to revenue, (ii) intersegment costs applicable to revenues, (iii) adjusted selling, general, and administrative expense, (iv) floor plan interest expense, and (v) other segment items. Segment expenses exclude depreciation and amortization and certain

noncash and other items that the CODM does not consider in his evaluation of ongoing operating performance. These excluded items include (a) stock-based compensation, (b) restructuring costs related to the Active Sports Restructuring and the 2019 Strategic Shift, and (c) loss and/or impairment on investments in equity securities. For periods beginning after December 31, 2022 for the 2019 Strategic Shift and for periods beginning after December 31, 2023 for the Active Sports Restructuring, the other associated costs category of expenses relating to those restructuring activities were not excluded from Segment Adjusted EBITDA as restructuring costs, since these costs are not expected to be significant in future periods. For periods ended on or before December 31, 2022, loss and/or impairment on investments in equity securities were not excluded from Segment Adjusted EBITDA and these expenses were not significant for the year ended December 31, 2022.

The CODM uses Segment Adjusted EBITDA to allocate resources (including employees, property, and financial or other capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual and/or forecast-to-actual Segment Adjusted EBITDA variances on a monthly basis when making decisions about allocating capital and personnel to the segments. The CODM will also use Segment Adjusted EBITDA as a component of the compensation for certain employees and when considering opening new greenfield or acquired RV dealership locations, new Good Sam services, or changes to Good Sam service partners.

Reportable segment revenue, Segment Adjusted EBITDA, depreciation and amortization, other interest expense, net, total assets, and capital expenditures are as follows:


	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
	Good Sam		RV and		Good Sam		RV and		Good Sam		RV and
	Services		Outdoor		Services		Outdoor		Services		Outdoor
($ in thousands)	and Plans		Retail		and Plans		Retail		and Plans		Retail
Revenue:
Good Sam Services and Plans	$	194,575	$	—	$	193,827	$	—	$	192,128	$	—
New vehicles		—		2,825,640		—		2,576,278		—		3,228,077
Used vehicles		—		1,613,849		—		1,979,632		—		1,877,601
Products, service and other		—		820,111		—		870,038		—		999,214
Finance and insurance, net		—		599,718		—		562,256		—		623,456
Good Sam Club		—		46,081		—		44,516		—		46,537
Intersegment revenue⁽¹⁾		1,055		11,358		1,000		12,154		494		28,393
Total revenue before intersegment eliminations		195,630		5,916,757		194,827		6,044,874		192,622		6,803,278

Segment expenses:
Adjusted costs applicable to revenue⁽²⁾		70,557		4,203,549		58,765		4,283,700		71,518		4,632,523
Intersegment costs applicable to revenue⁽³⁾		784		9,780		909		9,814		244		24,174
Adjusted selling, general and administrative⁽⁴⁾		29,774		1,509,557		24,273		1,479,642		25,856		1,529,087
Floor plan interest expense		—		95,121		—		83,075		—		42,031
Other segment items⁽⁵⁾		—		188		—		314		—		1,502
Segment Adjusted EBITDA	$	94,515	$	98,562	$	110,880	$	188,329	$	95,004	$	573,961

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

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

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

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

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


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

(1)

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

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

(3)

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

(4)

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

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


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


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


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


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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Restructuring and Long-Lived Asset Impairment - 2019 Strategic Shift Costs (Details) - USD ($) $ in Thousands	12 Months Ended			30 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Costs
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases	$ 6,813	$ 103	$ (1,614)
2019 Strategic Shift
Restructuring Costs
Charged to expense	$ 1,793	$ 3,965	$ 8,342
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Termination of Lease, Selling, General and Administrative Expense	Gain (Loss) on Termination of Lease, Selling, General and Administrative Expense	Gain (Loss) on Termination of Lease, Selling, General and Administrative Expense
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases			$ 4,800	$ 7,600
2019 Strategic Shift \| Lease termination costs
Restructuring Costs
Charged to expense	$ (1,575)		$ 1,316
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Termination of Lease		Gain (Loss) on Termination of Lease
Charged to expense, excluding derecognition gains	$ 1,860		$ 6,097
Paid or otherwise settled	(1,860)		(6,097)
2019 Strategic Shift \| Other associated costs
Restructuring Costs
Beginning balance	1,158	$ 869	926
Charged to expense	$ 3,368	$ 3,965	$ 7,026
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Paid or otherwise settled	$ (4,526)	$ (3,676)	$ (7,083)
Ending balance		1,158	869	926
2019 Strategic Shift \| Restructuring costs excluding incremental inventory reserve charges
Restructuring Costs
Beginning balance	1,158	869	926
Charged to expense	5,228	3,965	13,123
Paid or otherwise settled	$ (6,386)	(3,676)	(13,180)
Ending balance		$ 1,158	$ 869	$ 926

Segments Information - General Information (Details)	12 Months Ended
Segments Information - General Information (Details)	Dec. 31, 2024 segment
Segments Information
Number of reportable segments	2

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

12. Income Taxes

CWH is organized as a Subchapter C corporation (“C-Corp”) and, as of December 31, 2024, is a 61.0% owner of CWGS, LLC (see Note 19 — Stockholders’ Equity and Note 20 — Non-Controlling Interests). CWGS, LLC is organized as a limited liability company (“LLC”) and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes. However, certain active CWGS, LLC subsidiaries, including Americas Road and Travel Club, Inc., Camping World, Inc. (“CW”) prior to the LLC Conversion (defined below), and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, are subject to entity-level taxes as they are C-Corps.

Income Tax Expense

The components of the Company’s income tax (benefit) expense from operations for the years ended December 31, 2024, 2023 and 2022 consisted of (in thousands):


	2024		2023		2022
Current:
Federal	$	880	$	9,123	$	44,613
State		689		1,558		11,170
Deferred:
Federal		(10,377)		(11,173)		28,543
State		(2,569)		(3,035)		27,957
Income tax (benefit) expense	$	(11,377)	$	(3,527)	$	112,283

A reconciliation of income tax (benefit) expense from operations to the federal statutory rate for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):


	2024		2023		2022
Income taxes computed at federal statutory rate⁽¹⁾	$	(18,955)	$	10,374	$	94,524
State income taxes – net of federal benefit⁽¹⁾		(1,774)		(2,645)		8,362
Other differences:
State and local taxes on pass-through entities		674		1,948		3,736
Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the Company⁽²⁾		9,411		(3,927)		(53,461)
Effect of LLC Conversion⁽³⁾		—		(85,790)		208,833
(Decrease) increase in valuation allowance⁽⁴⁾		(1,568)		64,351		(151,058)
Impact of other state tax rate changes		(241)		4,900		967
Accrual to return		420		8,314		(1,135)
Tax credits		(501)		(582)		(743)
Uncertain Tax Positions		(128)		(547)		1,519
Other		1,285		77		739
Income tax (benefit) expense	$	(11,377)	$	(3,527)	$	112,283

(1)

Federal and state income tax includes $0.6 million and $0.1 million of income tax expense relating to the revaluation in the Tax Receivable Agreement liability due to fluctuations in state income tax rates for 2023, and 2022, respectively. There were no changes to the Tax Receivable Agreement liability due to fluctuations in state tax rate for the year ended December 31, 2024.

(2)	The related income is taxable to the non-controlling interest.

(3)

For 2023, these amounts represent a reduction of $81.7 million to CWH’s outside basis deferred tax assets as a result of the LLC Conversion and $4.1 million related to the entity classification election, which was filed in the third quarter of 2023 with an effective date of January 2, 2023 (defined and discussed below). For 2022, these amounts represent the tax impact of the LLC Conversion, which is comprised of a $209.4 million adjustment to CW’s deferred tax assets inclusive of tax operating losses, net of a $0.6 million reduction to CWH’s outside basis deferred tax asset.

(4)

For 2024, the decrease in valuation allowance was primarily related to utilization of a portion of the capital loss carryforward. For 2023, the valuation allowance increased by $64.4 million. The valuation allowance increased by $132.2 million related to capital loss carryforward. Additionally, valuation allowance decreased by $52.5 million as a result of the LLC Conversion and its impact on realization of the CWH’s outside basis deferred tax asset and decreased by $15.3 million for activities not related to the LLC Conversion. For 2022, these amounts include a $180.4 million decrease in valuation allowance associated with the LLC Conversion, partially offset by $16.8 million of increases to the valuation allowance for activity not related to the LLC conversion, which is primarily

resulting from losses of CW for which no benefit is recognized for the U.S. federal and non-unitary states. Additionally, the valuation allowance increased by $12.5 million associated with CWH’s outside basis deferred tax asset in CWGS, LLC.

LLC Conversion

Prior to 2023, CW, including certain of its subsidiaries, were taxable as C-Corps and subject to entity-level taxes. CW had historically generated operating losses for tax purposes. Only losses subject to taxes in certain state jurisdictions were available to offset taxable income generated by the Company’s other businesses. The Company completed the steps necessary to convert CW and certain of its subsidiaries from C-Corps to LLCs with an effective date of January 2, 2023 (the “LLC Conversion”). All required filings for conversion to LLC were made by December 31, 2022. Accordingly, certain effects of the LLC Conversion were recorded during the year ended December 31, 2022, as the filings were perfunctory pursuant to the rules prescribed under ASC 740, Income Taxes. Beginning with the year ending December 31, 2023, the operating losses of CW and its subsidiaries have and will offset taxable income generated by the Company’s other LLC businesses. As a result, both income tax expense recognized by CWH and the amount of required tax distributions paid to holders of common units in CWGS, LLC, under the CWGS LLC Agreement, have and will decrease. The LLC Conversion has allowed the Company to more easily integrate its retail and dealership operations and more seamlessly share resources within the RV and Outdoor Retail segment, while providing an expected future cash flow benefit for the operating companies.

For the year ended December 31, 2023, the Company recorded an additional tax benefit of $2.0 million related to the LLC Conversion. Additionally, the Company recorded an income tax benefit of $4.1 million related to an entity classification election that was filed in the third quarter of 2023 with a January 2, 2023 effective date. The LLC Conversion resulted in additional income tax expense in the year ended December 31, 2022 of $28.4 million, which was comprised of $208.8 million of gross deferred tax assets written off, partially offset by the release of $180.4 million of valuation allowance (see table above for reconciliation of income tax expense from operations to the federal statutory rate).

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss and tax credit carryforwards. Significant items comprising the net deferred tax assets at December 31, 2024 and 2023 were (in thousands):


	2024		2023
Deferred tax liabilities
Operating lease assets	$	(6,068)	$	(5,375)
Other		(105)		(101)
		(6,173)		(5,476)
Deferred tax assets
Investment in partnership ("Outside Basis Deferred Tax Asset")⁽¹⁾		216,572		194,764
Capital loss carryforward		131,371		132,248
Tax Receivable Agreement liability		37,639		40,702
Operating lease liabilities		6,482		5,678
Business interest expense carryforward		21,164		5,597
Net operating loss and tax credit carryforward		17,472		2,061
Other investments		17,011		17,011
Other reserves		1,207		1,195
		448,918		399,256
Valuation allowance		(227,605)		(192,686)
Net deferred tax assets	$	215,140	$	201,094

(1)	This amount is the deferred tax asset the Company recognizes for its book to tax basis difference in its investment in CWGS, LLC.

The Company evaluates its deferred tax assets on a quarterly basis to determine if they can be realized and establishes valuation allowances when it is not more likely than not that all or a portion of the deferred tax

assets can be realized. At December 31, 2024 and 2023, the Company recorded a valuation allowance on the Outside Basis Deferred Tax Asset and the capital loss carryforward that are not more likely than not to be realized. The capital loss has a five-year carryforward period. The Company maintains a valuation allowance against the Outside Basis Deferred Tax Asset pertaining to the portion that is not amortizable for tax purposes, since the Company would likely only realize the non-amortizable portion of the Outside Basis Deferred Tax Asset if the investment in CWGS, LLC was divested.

Net Operating Loss and Tax Carryforwards

As of January 2, 2023, certain subsidiaries of CWH had federal and state net operating loss carryforwards of approximately $151.7 million and $3.9 million, respectively, which are no longer available after the LLC Conversion. The conversion loss generated a net operating loss that was immediately written off as CW’s net operating losses are lost as a result of the conversion. Accordingly, the tax effect of 2023 conversion loss was zero. At December 31, 2024, the Company accumulated $11.4 million of federal net operating losses which can be carried forward indefinitely and $5.5 million of state net operating losses which will begin to expire in 2028. At December 31, 2024, the Company had federal general business credit carryforwards of $0.5 million that can be carried forward through 2044.

Tax Legislation

On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. One of the provisions of the TCJA was to amend Section 163(j) of the Internal Revenue Code, which, beginning for tax years after December 31, 2021, limits the amount of net interest expense that can be deducted by a percentage of adjusted taxable income. For the years ended December 31, 2024 and 2023, the reduction in earnings along with an increase in interest expense resulted in excess business interest expense of $110.7 million and $42.6 million, respectively, at CWGS, LLC. Additionally, this limitation on net interest expense deductibility applied to the calculation of tax distributions to common unit holders of CWGS, LLC, including CWH, under the CWGS LLC Agreement in 2023, which increased the tax distributions required to be paid. During the years ended December 31, 2024 and 2023, the Company recorded an income tax benefit of $15.6 million and $5.6 million, respectively, related to its business interest expense carryforward.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA contains several revisions to the Internal Revenue Code, including a 15% corporate minimum income tax and a 1% excise tax on corporate stock repurchases in tax years beginning after December 31, 2022 with certain exclusions for (a) repurchased shares for withholding taxes on vested restricted stock units (“RSUs”) and (b) treasury shares reissued in the same tax year for settlement of stock option exercises or vesting of RSUs. While these tax law changes have no immediate effect and are not expected to have a material adverse effect on our results of operations going forward, the Company will continue to evaluate its impact as further information becomes available.

Uncertain Tax Positions

As of December 31, 2024 and 2023, the balance of the Company’s uncertain tax positions was $3.0 million and $3.3 million, respectively. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

Tax Receivable Agreement

The Company is party to a tax receivable agreement (the “Tax Receivable Agreement”) that provides for the payment by the Company to the Continuing Equity Owners and Crestview Partners II GP, L.P. of 85% of the amount of tax benefits, if any, the Company actually realizes, or in some circumstances is deemed to realize, as a result of (i) increases in the tax basis from the purchase of common units from Crestview Partners II GP, L.P. in exchange for Class A common stock in connection with the consummation of the IPO and the related transactions and any future redemptions that are funded by the Company and any future redemptions of common units by Continuing Equity Owners as described above and (ii) certain other tax benefits attributable to payments made under the Tax Receivable Agreement. The above payments are predicated on CWGS, LLC making an election under Section 754 of the Internal Revenue Code effective for each tax year in which a

redemption of common units for cash or stock occur. These tax benefit payments are not conditioned upon one or more of the Continuing Equity Owners or Crestview Partners II GP, L.P. maintaining a continued ownership interest in CWGS, LLC. In general, the Continuing Equity Owners’ or Crestview Partners II GP, L.P.’s rights under the Tax Receivable Agreement are assignable, including to transferees of its common units in CWGS, LLC (other than the Company as transferee pursuant to a redemption of common units in CWGS, LLC). The Company expects to benefit from the remaining 15% of the tax benefits, if any, which may be realized.

During the twelve months ended December 31, 2024 and 2023,149,143 and 2,000,000 common units in CWGS, LLC, respectively, were redeemed for Class A common stock subject to the provisions of the Tax Receivable Agreement. The Company recognized a liability for the Tax Receivable Agreement payments due to those parties that redeemed common units, representing 85% of the aggregate tax benefits the Company expects to realize from the tax basis increases related to the redemption, after concluding it was probable that the Tax Receivable Agreement payments would be paid based on estimates of future taxable income. During the year ended December 31, 2024 and 2023, the Tax Receivable Agreement liability increased $0.9 million and $5.6 million, respectively, as a result of common unit redemptions.

As of December 31, 2024, and December 31, 2023, the amount of Tax Receivable Agreement payments due under the Tax Receivable Agreement was $150.4 million and $162.8 million, respectively, of which $13.4 million of the December 31, 2023 balance was paid during the year ended December 31, 2024. The Company does not expect a cash tax reduction for tax benefits subject to the Tax Receivable Agreement during the year ended December 31, 2024 and, therefore, does not expect a payment under the Tax Receivable Agreement to be made during the year ending December 31, 2025.

Income Tax Audits

For tax years beginning on or after January 1, 2018, CWGS, LLC is subject to partnership audit rules enacted as part of the Bipartisan Budget Act of 2015 (the “Centralized Partnership Audit Regime”). Under the Centralized Partnership Audit Regime, any IRS audit of CWGS, LLC would be conducted at the CWGS, LLC level, and if the IRS determines an adjustment, the default rule is that CWGS, LLC would pay an “imputed underpayment” including interest and penalties, if applicable. CWGS, LLC may instead elect to make a “push-out” election, in which case the partners for the year that is under audit would be required to take into account the adjustments on their own personal income tax returns. If CWGS, LLC does not elect to make a “push-out” election, CWGS, LLC has agreements in place requiring former partners to indemnify CWGS, LLC for their share of the imputed underpayment. The partnership agreement does not stipulate how CWGS, LLC will address imputed underpayments. If CWGS, LLC receives an imputed underpayment, a determination will be made based on the relevant facts and circumstances that exist at that time. Any payments that CWGS, LLC ultimately makes on behalf of its current partners will be reflected as a distribution, rather than tax expense, at the time such distribution is declared.

The Company and its subsidiaries file U.S. federal income tax returns and tax returns in various states. During the year ended December 31, 2024, the Company was notified by the state of New York that its 2021 and 2022 state income tax returns were under examination. The Company finalized its 2020 and 2021 California income tax audits with no adjustments. The Company is not under any other material audits in any jurisdiction. With few exceptions, the Company is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2021.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Schedule I - Condensed Financial Information of Registrant - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net Income (Loss)	$ (38,637)	$ 33,372	$ 123,748
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred tax expense	(12,946)	(14,208)	56,500
Tax Receivable Agreement liability adjustment	0	(2,442)	(114)
Change in assets and liabilities, net of acquisitions:
Accounts payable and other accrued expenses	(8,908)	287	(42,303)
Payment pursuant to Tax Receivable Agreement	(13,350)	(10,937)	(11,322)
Other, net	9,558	(2,925)	7,463
Net cash provided by operating activities	245,159	310,807	189,783
Investing activities
Net cash used in investing activities	(88,175)	(369,406)	(422,535)
Financing activities
Proceeds from issuance of Class A common stock sold in a public offering, net of underwriter discounts and commissions	333,356	0	0
Dividends paid to Class A common stockholders	(24,749)	(66,831)	(105,387)
Proceeds from exercise of stock options	549	389	541
Repurchases of Class A common stock to treasury stock	0	0	(79,757)
Disgorgement of short-swing profits by Section 16 officer	0	0	58
Net cash provided by (used in) financing activities	11,791	(31,885)	95,551
Increase (decrease) in cash and cash equivalents	168,775	(90,484)	(137,201)
Cash and cash equivalents at beginning of the period	39,647	130,131	267,332
Cash and cash equivalents at end of the period	208,422	39,647	130,131
Parent Company \| Reportable Legal Entities
Operating activities
Net Income (Loss)	(38,637)	33,372	123,748
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in net income of subsidiaries	53,442	(21,463)	(215,271)
Deferred tax expense	(12,846)	(14,229)	41,871
Tax Receivable Agreement liability adjustment	0	(2,442)	(114)
Change in assets and liabilities, net of acquisitions:
Prepaid income taxes and other assets	(2,590)	6,219	2,914
Accounts payable and other accrued expenses	(1,238)	1,238	0
Payment pursuant to Tax Receivable Agreement	(13,350)	(10,937)	(11,322)
Other, net	3,697	0	0
Net cash provided by operating activities	(11,522)	(8,242)	(58,174)
Investing activities
Purchases of LLC Interest from CWGS, LLC	(333,905)	(389)	(541)
Return of LLC Interest to CWGS, LLC for funding of treasury stock purchases	0	0	79,757
Distributions received from CWGS, LLC	20,507	36,716	162,767
Lent funds under Affiliate Loan	(79,000)	(30,000)	0
Repaid funds under Affiliate Loan	103,000	0	0
Net cash used in investing activities	(289,398)	6,327	241,983
Financing activities
Proceeds from issuance of Class A common stock sold in a public offering, net of underwriter discounts and commissions	333,356	0	0
Dividends paid to Class A common stockholders	(24,749)	(66,831)	(105,387)
Proceeds from exercise of stock options	549	389	541
Repurchases of Class A common stock to treasury stock	0	0	(79,757)
Disgorgement of short-swing profits by Section 16 officer	0	0	58
Net cash provided by (used in) financing activities	309,156	(66,442)	(184,545)
Increase (decrease) in cash and cash equivalents	8,236	(68,357)	(736)
Cash and cash equivalents at beginning of the period	1,905	70,262	70,998
Cash and cash equivalents at end of the period	$ 10,141	$ 1,905	70,262
Parent Company \| Reportable Legal Entities \| Class A Common Stock
Financing activities
Repurchases of Class A common stock to treasury stock			$ (79,800)

Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid (received) during the period for:
Interest	$ 238,553	$ 214,082	$ 106,997
Income taxes	(116)	3,352	54,579
Noncash investing and financing activities:
Leasehold improvements paid by lessor	0	256	361
Capital expenditures in accounts payable and accrued liabilities	8,153	5,833	12,377
Contingent consideration recognized as partial consideration for purchase of a business	368	0	0
Fair value of holdback receivable recognized as partial consideration for divestiture of a business	933	0	0
Supplier agreement intangible asset recognized as partial consideration for divestiture of a business	9,500	0	0
Prior period deposit applied to portion of purchase price of RV dealership acquisition	8,873	0	0
Purchase of real property through assumption of other long-term debt	0	5,185	0
Note receivable exchanged for amounts owed by other investment	0	2,153
Par value of Class A common stock issued for redemption of common units in CWGS, LLC	1	20	1
Cost of treasury stock issued for vested restricted stock units	$ 15,320	$ 29,542	$ 42,640

Segments Information (Tables)

12 Months Ended

Dec. 31, 2024

Segments Information

Reportable segment revenue


	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
	Good Sam		RV and		Good Sam		RV and		Good Sam		RV and
	Services		Outdoor		Services		Outdoor		Services		Outdoor
($ in thousands)	and Plans		Retail		and Plans		Retail		and Plans		Retail
Revenue:
Good Sam Services and Plans	$	194,575	$	—	$	193,827	$	—	$	192,128	$	—
New vehicles		—		2,825,640		—		2,576,278		—		3,228,077
Used vehicles		—		1,613,849		—		1,979,632		—		1,877,601
Products, service and other		—		820,111		—		870,038		—		999,214
Finance and insurance, net		—		599,718		—		562,256		—		623,456
Good Sam Club		—		46,081		—		44,516		—		46,537
Intersegment revenue⁽¹⁾		1,055		11,358		1,000		12,154		494		28,393
Total revenue before intersegment eliminations		195,630		5,916,757		194,827		6,044,874		192,622		6,803,278

Segment expenses:
Adjusted costs applicable to revenue⁽²⁾		70,557		4,203,549		58,765		4,283,700		71,518		4,632,523
Intersegment costs applicable to revenue⁽³⁾		784		9,780		909		9,814		244		24,174
Adjusted selling, general and administrative⁽⁴⁾		29,774		1,509,557		24,273		1,479,642		25,856		1,529,087
Floor plan interest expense		—		95,121		—		83,075		—		42,031
Other segment items⁽⁵⁾		—		188		—		314		—		1,502
Segment Adjusted EBITDA	$	94,515	$	98,562	$	110,880	$	188,329	$	95,004	$	573,961

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

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

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

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

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

Reportable segment adjusted EBITDA


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

(1)

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

(3)

(4)

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

Reportable depreciation and amortization and other interest expense, net


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


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

Reportable segment assets


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

Schedule of segment capital expenditures


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

Lease Obligations - Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating lease liabilities
2025	$ 118,276
2026	117,606
2027	110,931
2028	107,374
2029	103,684
Thereafter	656,331
Total lease payments	1,214,202
Less: Imputed interest	(388,096)
Total lease obligations	826,106
Less: Current portion	(61,993)	$ (63,695)
Operating lease liabilities - Non-Current	764,113	763,958
Finance lease liabilities
2025	15,612
2026	15,531
2027	14,978
2028	14,598
2029	14,644
Thereafter	135,821
Total lease payments	211,184
Less: Imputed interest	(73,136)
Total lease obligations	138,048
Less: Current portion	(7,044)	(17,133)
Finance lease liabilities, net of current portion	$ 131,004	$ 97,751

Stock-Based Compensation Plans - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options additional information
Aggregate Intrinsic Value - Outstanding			$ 0.1	$ 0.2
2016 Plan \| Employee Stock Option
Stock-based Compensation Plans
Number of awards available under the plan (in shares)	14,693,518
Term of awards	10 years
Stock Options
Outstanding at December 31, 2023 (in shares)			193
Exercised (in shares)		(26)
Forfeited (in shares)		(12)
Outstanding and exercisable at September 30, 2024 (in shares)		155
Weighted Average Exercise Price
Outstanding at December 31, 2023 (per share)		$ 21.92
Exercised (per share)		21.53
Forfeited (per share)		22
Outstanding at September 30, 2024 (per share)		$ 21.98	$ 21.92
Stock options additional information
Weighted Average Remaining Contractual Life - Outstanding (in years)		1 year 9 months 18 days

Long Term Debt - Future Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Long-Term Debt.
2025	$ 25,083
2026	27,856
2027	166,450
2028	1,309,686
2029	248
Thereafter	3,776
Total	$ 1,533,099

(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2024

(Loss) Earnings Per Share

(Loss) Earnings Per Share

22. (Loss) Earnings Per Share

Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock:


	Year Ended December 31,
(In thousands except per share amounts)	2024		2023		2022
Numerator:
Net (loss) income	$	(78,880)	$	52,929	$	337,832
Less: net (loss) income attributable to non-controlling interests		40,243		(19,557)		(214,084)
Net (loss) income attributable to Camping World Holdings, Inc. — basic		(38,637)		33,372		123,748
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs		—		—		938
Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—		15,392		—
Net (loss) income attributable to Camping World Holdings, Inc. — diluted	$	(38,637)	$	48,764	$	124,686
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		48,005		44,626		42,386
Dilutive options to purchase Class A common stock		—		20		56
Dilutive restricted stock units		—		281		412
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—		40,045		—
Weighted-average shares of Class A common stock outstanding — diluted		48,005		84,972		42,854

(Loss) earnings per share of Class A common stock — basic	$	(0.80)	$	0.75	$	2.92
(Loss) earnings per share of Class A common stock — diluted	$	(0.80)	$	0.57	$	2.91

Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock:
Stock options to purchase Class A common stock		175		50		—
Restricted stock units		1,979		1,364		2,146
Common units of CWGS, LLC that are convertible into Class A common stock		40,007		—		42,045

Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted (loss) earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.

Segments Information - Segment income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments Information
Revenue	$ 6,099,974	$ 6,226,547	$ 6,967,013
Depreciation and amortization	(81,190)	(68,643)	(80,304)
Long-lived asset impairment	(15,061)	(9,269)	(4,231)
Lease termination	2,297	103	(1,614)
(Gain) loss on sale or disposal of assets	(9,855)	5,222	(622)
Stock-based compensation	(21,585)	(24,086)	(33,847)
Other interest expense, net	(140,444)	(135,270)	(75,745)
Tax Receivable Agreement liability adjustment	0	2,442	114
(Loss) income before income taxes	(90,257)	49,402	450,115
Impairment on an equity method investment	900	1,300
Operating Segments
Segments Information
Revenue	6,112,387	6,239,701	6,995,900
Segment Adjusted EBITDA	193,077	299,209	668,965
Corporate selling, general, and administrative excluding stock-based compensation	(12,573)	(10,880)	(11,856)
Depreciation and amortization	(81,190)	(68,643)	(80,304)
Long-lived asset impairment	(15,061)	(9,269)	(4,231)
Lease termination	2,297	103	(1,614)
(Gain) loss on sale or disposal of assets	(9,855)	5,222	(622)
Stock-based compensation	(21,585)	(24,086)	(33,847)
Restructuring costs		(5,540)	(7,026)
Loss and impairment on investments in equity securities	(3,262)	(1,770)
Other interest expense, net	(140,444)	(135,270)	(75,745)
Tax Receivable Agreement liability adjustment		2,442	114
Corporate other expense, net			139
Intersegment Eliminations
Segments Information
Revenue	(12,413)	(13,154)	(28,887)
(Loss) income before income taxes	1,661	2,116	3,858
Good Sam Services and Plans \| Operating Segments
Segments Information
Revenue	195,630	194,827	192,622
Segment Adjusted EBITDA	94,515	110,880	95,004
Depreciation and amortization	(3,280)	(3,278)	(3,353)
Other interest expense, net	77	204	(57)
Good Sam Services and Plans \| Intersegment Eliminations
Segments Information
Revenue	1,055	1,000	494
RV and Outdoor Retail
Segments Information
Revenue	5,905,399	6,032,720	6,774,885
RV and Outdoor Retail \| Operating Segments
Segments Information
Revenue	5,916,757	6,044,874	6,803,278
Segment Adjusted EBITDA	98,562	188,329	573,961
Depreciation and amortization	(77,910)	(65,365)	(76,951)
Other interest expense, net	(30,373)	(27,131)	(14,802)
RV and Outdoor Retail \| Intersegment Eliminations
Segments Information
Revenue	$ 11,358	$ 12,154	$ 28,393

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Balance (excluding impairment charges)			$ 864,260
Accumulated impairment charges			(241,837)
Balance	$ 711,222	$ 622,423
Acquisitions	31,701	88,799
Divestures	(8,900)
Balance	734,023	711,222
Good Sam Services and Plans
Goodwill
Balance (excluding impairment charges)			71,118
Accumulated impairment charges			(46,884)
Balance	24,234	24,234
Acquisitions	1,561
Balance	25,795	24,234
RV and Outdoor Retail
Goodwill
Balance (excluding impairment charges)			793,142
Accumulated impairment charges			$ (194,953)
Balance	686,988	598,189
Acquisitions	30,140	88,799
Goodwill impairment	0	0
Divestures	(8,900)
Balance	$ 708,228	$ 686,988

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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+ Details

Income Taxes - Carrying amounts of assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax liabilities
Operating lease assets	$ (6,068)	$ (5,375)
Other	(105)	(101)
Total deferred tax liabilities	(6,173)	(5,476)
Deferred tax assets
Investment in partnership ("Outside Basis Deferred Tax Asset")	216,572	194,764
Capital loss carryforward	131,371	132,248
Tax Receivable Agreement liability	37,639	40,702
Operating lease liabilities	6,482	5,678
Business interest expense carryforward	21,164	5,597
Net operating loss and tax credit carryforward	17,472	2,061
Other investments	17,011	17,011
Other reserves	1,207	1,195
Gross deferred tax assets	448,918	399,256
Valuation allowance	(227,605)	(192,686)
Net deferred tax assets	$ 215,140	$ 201,094

Restructuring and Long-Lived Asset Impairment - Long-lived Asset Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-lived Asset Impairment
Long-lived asset impairment	$ 15,061	$ 9,269	$ 4,231
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income extensible enumeration	Long-lived asset impairment	Long-lived asset impairment	Long-lived asset impairment
Leasehold improvements
Long-lived Asset Impairment
Long-lived asset impairment	$ 4,032	$ 1,857	$ 2,557
Operating lease right-of-use assets
Long-lived Asset Impairment
Long-lived asset impairment	7,242	1,107	1,613
Building and improvements
Long-lived Asset Impairment
Long-lived asset impairment	3,787
Furniture and equipment
Long-lived Asset Impairment
Long-lived asset impairment		329	61
Software
Long-lived Asset Impairment
Long-lived asset impairment		1,362
Construction in progress and software in development
Long-lived Asset Impairment
Long-lived asset impairment		113
Intangible Assets
Long-lived Asset Impairment
Long-lived asset impairment		4,501
2019 Strategic Shift
Long-lived Asset Impairment
Long-lived asset impairment			1,614
Active Sports
Long-lived Asset Impairment
Long-lived asset impairment		6,648
Unrelated to restructuring activities
Long-lived Asset Impairment
Long-lived asset impairment	$ 15,061	$ 2,621	$ 2,617

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instrument [Line Items]

Long-Term debt

The following reflects outstanding long-term debt as of December 31, 2024 and 2023, (in thousands):


	December 31,		December 31,
	2024		2023
Term Loan Facility ⁽¹⁾	$	1,335,535	$	1,346,229
Real Estate Facilities ⁽²⁾		173,132		166,604
Other Long-Term Debt		7,926		8,246
Subtotal		1,516,593		1,521,079
Less: current portion		(23,275)		(22,121)
Total	$	1,493,318	$	1,498,958

(1)	Net of $9.6 million and $12.0 million of original issue discount at December 31, 2024 and 2023, respectively, and $3.8 million and $4.7 million of finance costs at December 31, 2024 and 2023, respectively.

(2)	Net of $3.1 million and $3.3 million of finance costs at December 31, 2024 and 2023, respectively.

Schedule of Aggregate Maturities of Long-term Debt

The aggregate future maturities of long-term debt at December 31, 2024, excluding original issue discount of $9.6 million and finance costs of $6.9 million, were as follows (in thousands):


Long-term debt instruments
2025	$	25,083
2026		27,856
2027		166,450
2028		1,309,686
2029		248
Thereafter		3,776
Total	$	1,533,099

Term Loan Facility

Debt Instrument [Line Items]

Schedule of outstanding amounts and available borrowings

The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands):


	December 31,		December 31,
	2024		2023
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,400,000	$	1,400,000
Less: cumulative principal payments		(51,049)		(37,034)
Less: unamortized original issue discount		(9,600)		(12,016)
Less: unamortized finance costs		(3,816)		(4,721)
		1,335,535		1,346,229
Less: current portion		(14,015)		(14,015)
Long-term debt, net of current portion	$	1,321,520	$	1,332,214
Revolving Credit Facility:
Total commitment	$	65,000	$	65,000
Less: outstanding letters of credit		(4,902)		(4,930)
Less: total net leverage ratio borrowing limitation		(37,348)		(37,320)
Additional borrowing capacity	$	22,750	$	22,750

Real Estate Facilities

Debt Instrument [Line Items]

Schedule of outstanding amounts and available borrowings


	As of December 31, 2024
			Remaining			Wtd. Average
(In thousands)	Outstanding⁽¹⁾		Available⁽²⁾			Interest Rate
Real Estate Facilities
M&T Real Estate Facility	$	169,756	$	57,390	⁽³⁾		6.55%
First CIBC Real Estate Facility		3,376		—			7.89%
	$	173,132	$	57,390

(1)	Outstanding principal amounts are net of unamortized finance costs.

(2)	Amounts cannot be reborrowed.

(3)	Additional borrowings on the M&T Real Estate Facility are subject to a debt service coverage ratio covenant and to the property collateral requirements under the M&T Real Estate Facility.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Inventories and Floor Plan Payables - Floor Plan Payable (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 27, 2025	Dec. 31, 2024	Dec. 31, 2023
Floor Plan Payable
Principal Outstanding		$ 0	$ 20,885
Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		$ 1,850,000	$ 1,850,000
Percentage available for used RV inventory		30.00%
Increase in aggregate amount, accordion		$ 50,000
Applicable interest rate (as a percent)		6.72%	7.28%
FLAIR offset account amount		$ 79,472	$ 145,047
FLAIR Maximum Percentage		35.00%	35.00%
Floor Plan Facility \| Subsequent Event
Floor Plan Payable
Maximum borrowing capacity	$ 2,150,000
Increase in borrowing capacity	300,000
Floor Plan Facility \| Maximum
Floor Plan Payable
Increase in aggregate amount, accordion		$ 300,000
Floor Plan Facility \| SOFR
Floor Plan Payable
SOFR Adjustment rate (as a percent)		0.11%
Floor Plan Facility \| SOFR \| Minimum
Floor Plan Payable
Variable rate spread (as a percent)		1.90%
Floor Plan Facility \| SOFR \| Maximum
Floor Plan Payable
Variable rate spread (as a percent)		2.50%
Floor Plan Facility \| Base Rate \| Minimum
Floor Plan Payable
Variable rate spread (as a percent)		0.40%
Floor Plan Facility \| Base Rate \| Maximum
Floor Plan Payable
Variable rate spread (as a percent)		1.00%
Letters of credit \| Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		$ 30,000
Line of Credit \| Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		70,000	$ 70,000
Applicable interest rate (as a percent)			7.63%
Principal Outstanding		$ 0
Line of Credit \| Floor Plan Facility \| SOFR
Floor Plan Payable
SOFR Adjustment rate (as a percent)		0.11%
Variable rate spread (as a percent)		2.25%
Line of Credit \| Floor Plan Facility \| SOFR \| In Case of Base Rate Loan
Floor Plan Payable
Additional variable rate spread (as a percent)		0.75%
Line of Credit \| Floor Plan Facility \| Federal Funds Rate \| In Case of Base Rate Loan
Floor Plan Payable
Variable rate spread (as a percent)		0.50%
Letters of credit \| Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		$ 30,000	$ 30,000
Letters of credit \| Floor Plan Facility \| Subsequent Event
Floor Plan Payable
Maximum borrowing capacity	45,000
Increase in borrowing capacity	$ 15,000

Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated statements of cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revisions for Correction of Immaterial Errors
Net (loss) income	$ (78,880)	$ 52,929	$ 337,832
Deferred income taxes	$ (12,946)	(14,208)	56,500
As Previously Reported
Revisions for Correction of Immaterial Errors
Net (loss) income		50,601	351,031
Deferred income taxes		(11,880)	43,301
Adjustment
Revisions for Correction of Immaterial Errors
Net (loss) income		2,328	(13,199)
Deferred income taxes		$ (2,328)	$ 13,199

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Acquisitions - General Information (Details) shares in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Feb. 27, 2025 USD ($) location	Nov. 30, 2024 USD ($) item shares	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) location	Dec. 31, 2023 USD ($) location
Acquisitions
Milestone payments				$ 0.5
Real properties purchased				$ 9.6
RV Dealership Groups
Acquisitions
Number of locations to be open after current reporting period \| location					4
Lazydays
Acquisitions
Number of locations acquired \| location	3
Deposit		$ 10.0
Number of shares deposit will convert into at close of acquisition \| shares		9.7
Real properties purchased	$ 35.5
Number of RV dealerships \| item		7
Real Property
Acquisitions
Real properties purchased					$ 72.4
Borrowings for purchase of businesses					$ 5.2
RV and Outdoor Retail \| RV Dealership Groups
Acquisitions
Number of locations acquired \| location				9	18
Cash paid for acquisition				$ 69.4	$ 209.5
Good Sam Services and Plans \| Tire rescue roadside assistance business
Acquisitions
Cash paid for acquisition			$ 1.8
Milestone payments			0.5
Contingent consideration			$ 0.4

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation Plans

Schedule of stock-based compensation expense classified with the consolidated statements of operations


	Year Ended December 31,
($ in thousands)	2024		2023		2022
Stock-based compensation expense:
Costs applicable to revenue	$	372	$	895	$	689
Selling, general, and administrative		21,213		23,191		33,158
Total stock-based compensation expense	$	21,585	$	24,086	$	33,847
Total income tax benefit recognized related to stock-based compensation	$	2,963	$	3,205	$	3,809

Summary of stock option activity


							Weighted Average
					Aggregate		Remaining
	Stock Options		Weighted Average		Intrinsic Value		Contractual Life
	(in thousands)		Exercise Price		(in thousands)		(years)
Outstanding at December 31, 2023		193	$	21.92
Exercised		(26)	$	21.53
Forfeited		(12)	$	22.00
Outstanding and exercisable at December 31, 2024		155	$	21.98	$	—		1.8

Summary of restricted stock unit activity


	Restricted		Weighted Average
	Stock Units		Grant Date
	(in thousands)		Fair Value
Outstanding at December 31, 2023		1,875	$	29.39
Granted		633	$	21.51
Vested		(717)	$	29.65
Forfeited		(139)	$	28.14
Outstanding at December 31, 2024		1,652	$	25.61

Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated statements of income (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Income tax benefit (expense)	$ 11,377	$ 3,527	$ (112,283)
Net (loss) income	(78,880)	52,929	337,832
Net (loss) income attributable to Camping World Holdings, Inc.	$ (38,637)	$ 33,372	$ 123,748
Class A Common Stock
(Loss) earnings per share of Class A common stock:
Basic	$ (0.80)	$ 0.75	$ 2.92
Diluted	$ (0.80)	$ 0.57	$ 2.91
As Previously Reported
Reclassification [Line Items]
Income tax benefit (expense)		$ 1,199	$ (99,084)
Net (loss) income		50,601	351,031
Net (loss) income attributable to Camping World Holdings, Inc.		$ 31,044	$ 136,947
As Previously Reported \| Class A Common Stock
(Loss) earnings per share of Class A common stock:
Basic		$ 0.7	$ 3.23
Diluted		$ 0.55	$ 3.22
Adjustment
Reclassification [Line Items]
Income tax benefit (expense)		$ 2,328	$ (13,199)
Net (loss) income		2,328	(13,199)
Net (loss) income attributable to Camping World Holdings, Inc.		$ 2,328	$ (13,199)
Adjustment \| Class A Common Stock
(Loss) earnings per share of Class A common stock:
Basic		$ 0.05	$ (0.31)
Diluted		$ 0.02	$ (0.31)

Stockholders' Equity - Common Stock (Details)		1 Months Ended		12 Months Ended
Stockholders' Equity - Common Stock (Details)	Nov. 01, 2024 USD ($) $ / shares shares	Nov. 30, 2024 USD ($) shares	Nov. 30, 2022 USD ($)	Dec. 31, 2024 USD ($) Vote shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)
Common Stock
Proceeds from sale of stock				$ 333,356,000	$ 0	$ 0
Reduction in the additional paid-in capital				980,000
Proceeds from short-swing profit disgorgement				0	$ 0	$ 58,000
Consideration for redemption of shares				$ 0
Stock Repurchase Program
Shares repurchased (in shares) \| shares				0	0	2,592,524
Authorized amount for stock repurchase program									$ 100,000,000
Additional amount authorized under stock repurchase program							$ 152,700,000	$ 125,000,000
Payment for share repurchased				$ 0	$ 0	$ 79,757,000
Weighted average price (per share) \| $ / shares						$ 30.76
Remaining approve amount				$ 120,200,000	$ 120,200,000
November 2024 Public Offering
Common Stock
Number of common units purchased \| shares	14,634,146
Over-Allotment Option
Common Stock
Number of common units purchased \| shares		2,195,121
Mr. Lemonis
Common Stock
Proceeds from short-swing profit disgorgement			$ 58,000
Class A Common Stock
Common Stock
Votes per share \| Vote				1
Class A Common Stock \| November 2024 Public Offering
Common Stock
Number of shares issued \| shares	14,634,146	16,829,267
Price per share \| $ / shares	$ 20.5
Price per share after underwriting discounts and commissions \| $ / shares	$ 19.81
Proceeds from sale of stock	$ 289,900,000
Number of shares issued from treasury stock \| shares		4,228,700
Reduction in the additional paid-in capital		$ 1,000,000
Class A Common Stock \| Over-Allotment Option
Common Stock
Number of shares issued \| shares		2,195,121
Proceeds from sale of stock		$ 43,500,000
Class B Common Stock
Common Stock
Votes per share \| Vote				1
Class C Common Stock
Common Stock
Voting power (as a percent)				5.00%
2016 Plan
Stock Repurchase Program
Stock award to employee (In shares) \| shares				322,271	579,176
M L Related Parties \| Class B Common Stock
Common Stock
Voting power (as a percent)				47.00%
M L Related Parties \| Common Class A And Class B \| CWGS, LLC \| Minimum
Common Stock
Percentage of ownership				27.50%

Accounts Receivable

12 Months Ended

Dec. 31, 2024

Accounts Receivable

Accounts Receivable

3. Accounts Receivable

Accounts receivable consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Good Sam Services and Plans	$	14,373	$	17,589
RV and Outdoor Retail
New and used vehicles		2,310		2,830
Parts, service and other		34,210		35,748
Trade accounts receivable		38,313		27,773
Due from manufacturers		22,008		37,190
Other		11,946		9,365
Corporate		—		553
		123,160		131,048
Allowance for credit losses		(2,748)		(2,978)
	$	120,412	$	128,070

As of December 31, 2024 and 2023, the Company had Good Sam Services and Plans receivables that were expected to be collected after one year of $7.4 million and $8.8 million, respectively, which were included in other assets in the consolidated balance sheets.

Summary of Significant Accounting Policies - Contracts in Transit, Accounts Receivable and Current Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
"Shipping, Handling and Transportation Costs [Abstract]"
Number of days for retail installment sales contracts funded after the initial approval of the retail installment sales contract by third party lender	10 days
Accounts receivable due in excess of one year	$ 7,400	$ 8,800
Allowance for credit losses - contracts in transit	0	0
Allowance for credit losses	2,748	2,978
Allowance for credit losses
Balance, beginning of period	2,978	4,222
Charged to bad debt expense	754	(954)
Deductions	(984)	(290)
Balance, end of period	$ 2,748	$ 2,978

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Fair Value Measurements

13. Fair Value Measurements

Accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Recurring Fair Value Measurements

The following table presents the reported carrying values and the fair values by level of the Company’s assets and liabilities measured at fair value on a recurring basis:


	December 31, 2024				December 31, 2023
($ in thousands)	Carrying Value		Level 3		Carrying Value		Level 3
Assets:
Derived participation investment ⁽¹⁾	$	156	$	156	$	—	$	—
Liabilities:
Acquisition-related contingent consideration ⁽²⁾		368		368		—		—

(1)	Derived participation investment was included in other assets in the accompanying consolidated balance sheets.

(2)	The $0.2 million currently and $0.2 million non-current portions of acquisition-related contingent consideration were included in accrued liabilities and other long-term liabilities, respectively, in the accompanying balance sheets.

The following table presents fair value measurements using significant unobservable inputs (Level 3):


	Year Ended December 31, 2024
($ in thousands)	Derived Participation Investment		Acquisition-related contingent consideration
Beginning balance	$	—	$	—
Business combinations		—		368
Purchases		5,269		—
Settlements		(5,779)		—
Gains included in earnings		666		—
Ending balance	$	156	$	368

Derived Participation Investment

The Company has entered into an arrangement with a consumer financing partner to invest in a participation interest in the cash flows of certain financing transactions under the white label financing program with such consumer financing partner. The fair value of this investment was estimated by discounting the projected cash flows subject to the participation interest. The assumptions in the analysis included loan losses, prepayments, and recoveries derived based on historical observation of such data pertaining to the RV industry, as well as other relevant industries with loan structure similar to that of the RV industry. This is categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the year ended December 31, 2024.

Contingent Consideration

The Company’s contingent consideration liability was established as part of the consideration for the acquisition of a tire rescue roadside assistance business in June 2024. The fair value of this liability was estimated as the present value of the probability weighted milestone payments at each of the first two anniversaries of the date of the acquisition for a maximum aggregate payment of $0.5 million if all milestones are reached. The assumptions in the analysis included the Company’s assessment of the probability that the milestones will be reached and a discount rate based primarily on the Company’s credit risk and its ability to pay. This is categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the year ended December 31, 2024.

Other Fair Value Disclosures

There have been no transfers of assets or liabilities between the fair value measurement levels and there were no material re-measurements to fair value during 2024 and 2023 of assets and liabilities that are not measured at fair value on a recurring basis.

For floor plan notes payable under the Floor Plan Facility, the amounts reported in the accompanying Consolidated Balance Sheets approximate the fair value due to their short-term nature or the existence of variable interest rates that approximate prevailing market rates.

The following table presents the reported carrying value and fair value information for the Company’s debt instruments. The fair values shown below for the Term Loan Facility, as applicable, are based on quoted prices in the inactive market for identical assets (Level 2) and the fair values shown below for the Floor Plan Facility, the Revolving Line of Credit, the Real Estate Facilities and the Other Long-Term Debt are estimated by discounting the future contractual cash flows at the current market interest rate that is available based on similar financial instruments.


	Fair Value	December 31, 2024				December 31, 2023
($ in thousands)	Measurement	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2	$	1,335,535	$	1,320,286	$	1,346,229	$	1,328,892
Floor Plan Facility Revolving Line of Credit	Level 2		—		—		20,885		21,732
Real Estate Facilities⁽¹⁾	Level 2		173,132		176,684		183,892		195,029
Other Long-Term Debt	Level 2		7,926		6,652		8,246		6,702

(1)	The carrying value of Real Estate Facilities at December 31, 2023 includes the $17.3 million reported as liabilities related to assets held for sale in the consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A Common Stock
Dividends declared per share	$ 0.5	$ 1.5	$ 2.5

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Cost or Fair Value	$ 62,050	$ 55,637
Accumulated Amortization	(42,581)	(41,920)
Net	$ 19,469	$ 13,717
Weighted Average Useful Life	11 years 7 months 6 days	11 years 2 months 12 days
Amortization expense	$ 3,600	$ 3,800	$ 13,500
Good Sam Services and Plans \| Membership, customer lists and other
Intangible Assets
Cost or Fair Value	9,740	9,640
Accumulated Amortization	(9,537)	(9,246)
Net	$ 203	$ 394
Weighted Average Useful Life	5 years 3 months 18 days	5 years 4 months 24 days
Good Sam Services and Plans \| Trademarks and trade names
Intangible Assets
Cost or Fair Value	$ 2,132	$ 2,132
Accumulated Amortization	(379)	(238)
Net	$ 1,753	$ 1,894
Weighted Average Useful Life	15 years	15 years
Good Sam Services and Plans \| Websites and developed technology
Intangible Assets
Cost or Fair Value	$ 3,650	$ 3,050
Accumulated Amortization	(1,614)	(1,118)
Net	$ 2,036	$ 1,932
Weighted Average Useful Life	6 years 8 months 12 days	7 years
RV and Outdoor Retail \| Customer lists and domain names
Intangible Assets
Cost or Fair Value	$ 4,154	$ 5,543
Accumulated Amortization	(2,752)	(3,269)
Net	$ 1,402	$ 2,274
Weighted Average Useful Life	5 years 6 months	5 years 3 months 18 days
RV and Outdoor Retail \| Supplier lists and agreements
Intangible Assets
Cost or Fair Value	$ 9,500	$ 1,696
Accumulated Amortization	(594)	(1,102)
Net	$ 8,906	$ 594
Weighted Average Useful Life	11 years	5 years
RV and Outdoor Retail \| Trademarks and trade names
Intangible Assets
Cost or Fair Value	$ 26,526	$ 27,251
Accumulated Amortization	(22,005)	(21,390)
Net	$ 4,521	$ 5,861
Weighted Average Useful Life	15 years	15 years
RV and Outdoor Retail \| Websites and developed technology
Intangible Assets
Cost or Fair Value	$ 6,348	$ 6,325
Accumulated Amortization	(5,700)	(5,557)
Net	$ 648	$ 768
Weighted Average Useful Life	10 years 1 month 6 days	10 years

Stock-Based Compensation Plans - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2025	Oct. 31, 2016	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based Compensation Plans
Intrinsic value of unvested units			$ 16,200	$ 20,700	$ 35,100
Actual tax benefit for the tax deductions from the vesting of restricted stock units			$ 2,200	$ 2,800	$ 4,900
2016 Plan \| Employee \| Minimum
Stock-based Compensation Plans
Vesting period		3 years
2016 Plan \| Employee \| Maximum
Stock-based Compensation Plans
Vesting period			5 years
2016 Plan \| Restricted Stock Units (RSUs)
Stock-based Compensation Plans
Grant date fair value (per unit)			$ 21.51	$ 19.72	$ 23.12
Intrinsic value of unvested units			$ 34,800
Unrecognized compensation costs			$ 34,600
Unrecognized compensation costs recognition period (in years)			2 years 10 months 24 days
Restricted Stock Units
Outstanding at beginning of period (in shares)	1,652,000		1,875,000
Granted (in shares)			633,000
Vested (in shares)			(717,000)
Forfeited (in shares)			(139,000)
Outstanding at end of period (shares)			1,652,000	1,875,000
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (per share)			$ 25.61	$ 29.39
Granted (per share)			21.51	$ 19.72	$ 23.12
Vested (per share)			29.65
Forfeited (per share)			$ 28.14
2016 Plan \| Restricted Stock Units (RSUs) \| Mr. Lemonis
Stock-based Compensation Plans
Grant date fair value (per unit)	$ 22.13
Vesting period	3 years
Restricted Stock Units
Granted (in shares)	600,000
Weighted Average Grant Date Fair Value
Granted (per share)	$ 22.13
2016 Plan \| Restricted Stock Units (RSUs) \| Employee
Stock-based Compensation Plans
Aggregate grant date fair value	$ 9,800
Weighted average grant date fair value (per share)	$ 21.85
Vesting period	5 years
Restricted Stock Units
Granted (in shares)	447,350
2016 Plan \| Restricted Stock Units (RSUs) \| Non-employee \| Minimum
Stock-based Compensation Plans
Vesting period			1 year
2016 Plan \| Restricted Stock Units (RSUs) \| Non-employee \| Maximum
Stock-based Compensation Plans
Vesting period			3 years
2016 Plan \| Performance stock units (PSU) \| Mr. Lemonis
Stock-based Compensation Plans
Weighted average grant date fair value (per share)	$ 13.84
Term of awards	3 years
Vesting period	1 year
Restricted Stock Units
Granted (in shares)	750,000

Statements of Cash Flows

12 Months Ended

Dec. 31, 2024

Statements of Cash Flows

Statements of Cash Flows

17. Statements of Cash Flows

Supplemental disclosures of cash flow information for the following periods (in thousands):



	Year Ended December 31,
	2024		2023		2022
Cash paid (received) during the period for:
Interest	$	238,553	$	214,082	$	106,997
Income taxes		(116)		3,352		54,579
Noncash investing and financing activities:
Leasehold improvements paid by lessor		—		256		361
Capital expenditures in accounts payable and accrued liabilities		8,153		5,833		12,377
Contingent consideration recognized as partial consideration for purchase of a business		368		—		—
Fair value of holdback receivable recognized as partial consideration for divestiture of a business		933		—		—
Supplier agreement intangible asset recognized as partial consideration for divestiture of a business		9,500		—		—
Prior period deposit applied to portion of purchase price of RV dealership acquisition		8,873		—		—
Purchase of real property through assumption of other long-term debt		—		5,185		—
Note receivable exchanged for amounts owed by other investment		—		2,153
Par value of Class A common stock issued for redemption of common units in CWGS, LLC		1		20		1
Cost of treasury stock issued for vested restricted stock units		15,320		29,542		42,640

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Non-Controlling Interest	Total
Balance at Dec. 31, 2021	$ 475	$ 4	$ 0	$ 97,562	$ (130,006)	$ 210,725	$ 75,837	$ 254,597
Balance (in shares) at Dec. 31, 2021	47,521	41,466	0
Balance (in shares) at Dec. 31, 2021					(3,390)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	$ 0	$ 0	13,897	$ 0	0	16,830	30,727
Exercise of stock options	$ 0	$ 0	$ 0	(349)	$ 890	0	0	541
Exercise of stock options (in shares)	0	0	0		25
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	$ 0	$ 0	$ 0	(245)	$ 0	0	245	0
Vesting of restricted stock units	$ 0	$ 0	$ 0	(35,831)	$ 42,640	0	(6,600)	209
Vesting of restricted stock units (in shares)	0	0	0		1,211
Repurchases of Class A common stock for withholding taxes on vested RSUs	$ 0	$ 0	$ 0	2,371	$ (13,499)	0	0	(11,128)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)	0	0	0		(383)
Repurchases of Class A common stock to treasury stock	$ 0	$ 0	$ 0	27,561	$ (79,757)	0	(37,774)	(89,970)
Repurchases of Class A common stock to treasury stock (Shares)					(2,593)
Disgorgement of short-swing profits by Section 16 officer	0	0	0	58	$ 0	0	0	58
Redemption of LLC common units for Class A common stock	$ 1	0	0	41,844	0	0	(45)	41,800
Redemption of LLC common units for Class A common stock (in shares)	50
Distributions to holders of LLC common units	$ 0	0	0	0	0	0	(162,963)	(162,963)
Dividends	0	0	0	0	0	(105,387)	0	(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	0	0	0	294	0	0	0	294
Non-controlling interest adjustment	0	0	0	(242)	0	0	242	0
Net (loss) income	0	0	0	0	0	123,748	214,084	337,832
Balance at Dec. 31, 2022	$ 476	$ 4	$ 0	146,920	$ (179,732)	229,086	99,856	296,610
Balance (in shares) at Dec. 31, 2022	47,571	41,466	0
Balance (in shares) at Dec. 31, 2022					(5,130)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	$ 0	$ 0	9,458	$ 0	0	11,391	20,849
Exercise of stock options	0	0	0	(238)	$ 627	0	0	389
Exercise of stock options (in shares)					18
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	0	0	0	(485)	$ 0	0	161	(324)
Vesting of restricted stock units	$ 0	$ 0	$ 0	(25,080)	$ 29,542	0	(4,024)	438
Vesting of restricted stock units (in shares)	0	0	0		844
Repurchases of Class A common stock for withholding taxes on vested RSUs	$ 0	$ 0	$ 0	3,016	$ (9,877)	0	0	(6,861)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)	0	0	0		(283)
Redemption of LLC common units for Class A common stock	$ 20	$ 0	$ 0	1,169	$ 0	0	(4,739)	(3,550)
Redemption of LLC common units for Class A common stock (in shares)	2,000	(2,000)
Distributions to holders of LLC common units	$ 0	$ 0	0	0	0	0	(31,510)	(31,510)
Dividends	0	0	0	0	0	(66,831)	0	(66,831)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	0	0	0	(4,164)	0	0	0	(4,164)
Non-controlling interest adjustment	0	0	0	1,069	0	0	(1,069)	0
Net (loss) income	0	0	0	0	0	33,372	19,557	52,929
Balance at Dec. 31, 2023	$ 496	$ 4	$ 0	131,665	$ (159,440)	195,627	89,623	$ 257,975
Balance (in shares) at Dec. 31, 2023	49,571	39,466	0
Balance (in shares) at Dec. 31, 2023					(4,551)			4,551
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Public offering of Class A common stock, net of underwriting discounts and commissions	$ 126	$ 0	$ 0	185,080	$ 148,150	0	0	$ 333,356
Public offering of Class A common stock, net of underwriting discounts and commissions (in shares)	12,601				4,229
Offering costs related to public offering of Class A common stock	$ 0	0	0	(980)	$ 0	0	0	(980)
Stock-based compensation	0	0	0	11,764	0	0	9,842	21,606
Exercise of stock options	$ 0	$ 0	$ 0	(345)	$ 894	0	0	549
Exercise of stock options (in shares)	0	0	0		25
Non-controlling interest adjustment for capital contribution of proceeds from the public offering of Class A common stock	$ 0	$ 0	$ 0	(118,798)	$ 0	0	118,798	0
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	0	0	0	(239)	0	0	239	0
Vesting of restricted stock units	$ 3	$ 0	$ 0	(13,097)	$ 15,320	0	(2,226)	0
Vesting of restricted stock units (in shares)	280	0	0		437
Repurchases of Class A common stock for withholding taxes on vested RSUs	$ (1)	$ 0	$ 0	(487)	$ (4,924)	0	0	(5,412)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)	(99)				(140)
Redemption of LLC common units for Class A common stock	$ 1	$ 0	0	1,531	$ 0	0	(682)	850
Redemption of LLC common units for Class A common stock (in shares)	149	0
Distributions to holders of LLC common units	$ 0	$ 0	0	0	0	0	(18,682)	(18,682)
Dividends	0	0	0	0	0	(24,749)	0	(24,749)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	0	0	0	(684)	0	0	0	(684)
Non-controlling interest adjustment	0	0	0	(1,718)	0	0	1,718	0
Net (loss) income	0	0	0	0	0	(38,637)	(40,243)	(78,880)
Balance at Dec. 31, 2024	$ 625	$ 4	$ 0	$ 193,692	$ 0	$ 132,241	$ 158,387	$ 484,949
Balance (in shares) at Dec. 31, 2024	62,502	39,466	0
Balance (in shares) at Dec. 31, 2024					0			0

Segments Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments Information
Depreciation and amortization	$ 81,190	$ 68,643	$ 80,304
Operating Segments
Segments Information
Depreciation and amortization	81,190	68,643	80,304
Good Sam Services and Plans \| Operating Segments
Segments Information
Depreciation and amortization	3,280	3,278	3,353
RV and Outdoor Retail \| Operating Segments
Segments Information
Depreciation and amortization	$ 77,910	$ 65,365	$ 76,951

Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Liabilities

Accrued Liabilities

9. Accrued Liabilities

Accrued liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Compensation and benefits	$	42,652	$	51,999
Other accruals		75,905		97,097
	$	118,557	$	149,096

Summary of Significant Accounting Policies - Description of Business (Details) - segment	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments Information
Number of reportable segments	2
Existence of option to extend	true
Minimum
Segments Information
Renewal term of lease	1 year
Maximum
Segments Information
Renewal term of lease	5 years
CWGS, LLC
Segments Information
Ownership interest	100.00%	100.00%
CWH \| CWGS, LLC
Segments Information
Ownership interest	61.00%	52.90%	50.20%

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration of Credit Risk
Amount in excess of FDIC limits	$ 231.5	$ 47.4
Revenue
Number of past years	10 years	10 years
Amount of chargebacks included in the estimate of variable consideration	$ 65.4	$ 68.2
Lifetime memberships period	18 years
Advertising Expense
Advertising expenses	$ 127.0	$ 101.1	$ 150.7
Shipping and Handling Fees and Costs
Cost, Product and Service [Extensible Enumeration]	Shipping and handling	Shipping and handling	Shipping and handling
Contracts in Transit
Number of days for retail installment sales contracts funded after the initial approval of the retail installment sales contract by third party lender	10 days
Building and improvements
Property and Equipment, net
Property, Plant and Equipment, Useful Life	40 years
Minimum
Revenue
Stated period of time for insurance and service contracts	1 year
Minimum \| Leasehold improvements
Property and Equipment, net
Property, Plant and Equipment, Useful Life	3 years
Minimum \| Furniture and equipment
Property and Equipment, net
Property, Plant and Equipment, Useful Life	3 years
Minimum \| Software
Property and Equipment, net
Property, Plant and Equipment, Useful Life	3 years
Maximum
Revenue
Stated period of time for insurance and service contracts	7 years
Maximum \| Leasehold improvements
Property and Equipment, net
Property, Plant and Equipment, Useful Life	40 years
Maximum \| Furniture and equipment
Property and Equipment, net
Property, Plant and Equipment, Useful Life	12 years
Maximum \| Software
Property and Equipment, net
Property, Plant and Equipment, Useful Life	5 years
RV and Outdoor Retail \| Shipping and handling
Shipping and Handling Fees and Costs
Cost of Goods and Services Sold	$ 2.9	$ 4.4	$ 7.2

Assets Held for Sale and Business Divestiture (Tables)

12 Months Ended

Dec. 31, 2024

Assets Held for Sale and Business Divestiture

Components of assets held for sale and liabilities related to assets held for sale

The following table presents the components of assets held for sale and liabilities related to assets held for sale at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Assets held for sale:
Property and equipment, net	$	1,350	$	29,864
	$	1,350	$	29,864
Liabilities related to assets held for sale:
Current portion of long-term debt	$	—	$	864
Long-term debt, net of current portion		—		16,424
	$	—	$	17,288

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 880	$ 9,123	$ 44,613
State	689	1,558	11,170
Deferred:
Federal	(10,377)	(11,173)	28,543
State	(2,569)	(3,035)	27,957
Income tax (benefit) expense	$ (11,377)	$ (3,527)	$ 112,283

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease Obligations
Operating cash flows for operating leases	$ 118,848	$ 117,160
Operating cash flows for finance leases	9,285	6,064
Financing cash flows for finance leases	7,520	5,496
New, remeasured and terminated operating leases	63,228	59,858
New, remeasured and terminated finance leases	$ 30,771	$ 20,557

Revenue - Deferred Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenues
Revenues recognized that were included in the deferred revenues balance	$ 90.3	$ 92.6

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property and Equipment, net

Property and Equipment, net

Property and equipment consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Land	$	133,984	$	142,020
Buildings and improvements		348,315		321,054
Leasehold improvements		369,791		339,439
Furniture and equipment		277,801		261,114
Software		93,769		90,835
Construction in progress and software in development		45,682		59,954
		1,269,342		1,214,416
Less: accumulated depreciation		(422,582)		(379,990)
Property and equipment, net	$	846,760	$	834,426

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	001-37908
Entity Registrant Name	CAMPING WORLD HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1737145
Entity Address, Address Line One	2 Marriott Drive
Entity Address, City or Town	Lincolnshire
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60069
City Area Code	847
Local Phone Number	808-3000
Title of 12(b) Security	Class A Common Stock,
Trading Symbol	CWH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001669779
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Chicago, Illinois
Entity Public Float			$ 749,458,912
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		62,541,422
Class B Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		39,466,964
Class C Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		1

Acquisitions

12 Months Ended

Dec. 31, 2024

Acquisitions

Acquisitions

16. Acquisitions

In 2024 and 2023, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under GAAP. The Company used cash and borrowings under its Floor Plan Facility to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new greenfield store locations to expand its business and grow its customer base. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill.

In 2024, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of nine locations for an aggregate purchase price of approximately $69.4 million. Separate from these acquisitions, during the year ended December 31, 2024, the Company purchased real property for an aggregate purchase price of $9.6 million. Additionally, in June 2024, the Good Sam Services and Plans segment acquired the assets of a tire rescue roadside assistance business for $1.8 million in cash and up to an aggregate $0.5 million of milestone payments of which half is potentially payable at each of the first two anniversaries of the date of the acquisition. These potential milestone payments were recorded as contingent consideration with a fair value of $0.4 million. The tire rescue roadside assistance business includes a robust dispatch platform and strong network of service providers, which provide an opportunity to serve our customer base more effectively and reduce cost.

In 2023, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of 18 locations for an aggregate purchase price of approximately $209.5 million, of which four RV dealerships had not opened by December 31, 2023. Separate from these acquisitions, during the year ended December 31, 2023, the Company purchased real property for an aggregate purchase price of $72.4 million, of which $5.2 million was paid through the assumption of the related promissory note (see Note 10 — Long-Term Debt — Other Long-Term Debt).

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships and the outdoor publication consist of the following, net of insignificant measurement period adjustments relating to acquisitions from the respective previous year:


	Year Ended December 31,
($ in thousands)	2024		2023
Tangible assets (liabilities) acquired (assumed):
Accounts receivable, net	$	4	$	—
Inventories, net		36,431		119,672
Prepaid expenses and other assets		—		170
Property and equipment, net		296		1,407
Operating lease assets		15,328		916
Accounts payable		(5)		(6)
Accrued liabilities		(35)		(63)
Current portion of operating lease liabilities		(1,112)		(208)
Other current liabilities		(23)		(520)
Operating lease liabilities, net of current portion		(14,216)		(708)
Total tangible net assets acquired		36,668		120,660
Intangible assets acquired:
Supplier and customer relationships		2,595		—
Websites and developed technology		600		—
Total intangible assets acquired		3,195		—
Goodwill		31,701		88,799
Purchase price of acquisitions		71,564		209,459
Application of deposit paid in prior period		(8,873)		—
Contingent consideration		(368)		—
Lazydays acquisition deposit		10,000		—
Cash paid for acquisitions, net of cash acquired		72,323		209,459
Inventory purchases financed via floor plan		(49,162)		(100,331)
Cash payment net of floor plan financing	$	23,161	$	109,128

The fair values above for the year ended December 31, 2024 are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date relating to the valuation of the acquired assets, primarily the acquired inventories.

During the year ended December 31, 2024, the fair values include a measurement period adjustment to record $2.6 million of other intangible assets from a RV dealership acquisition that occurred during the year ended December 31, 2023. These intangible assets had an estimated useful life of 15 years; however, these intangible assets were sold for $2.6 million during the 2024. Developed technology intangible asset acquired of $0.6 million has an estimated useful life of five years.

The primary items that generated the goodwill are the value of the expected synergies between the acquired businesses and the Company and the acquired assembled workforce, neither of which qualify for recognition as a separately identified intangible asset. For the years ended December 31, 2024 and 2023, acquired goodwill of $31.7 million and $88.8 million is expected to be deductible for tax purposes.

Included in the consolidated financial results for the years ended December 31, 2024 and 2023 were $99.6 million and $99.8 million of revenue, respectively, and $0.2 million and $8.1 million of pre-tax loss, respectively, from the acquisitions as of their applicable acquisition dates. Pro forma information on these acquisitions has not been included, because the Company has deemed them to not be individually or cumulatively material.

In November 2024, the Company entered into an agreement with Lazydays Holdings, Inc. (“Lazydays”) to acquire the assets and certain real estate of seven RV dealerships from Lazydays, which the Company expects will close in March 2025. In November 2024, the Company paid a $10.0 million deposit to Lazydays that will convert to 9.7 million shares of Lazydays common stock upon closing of the transaction. At December 31, 2024, this deposit was included in other assets in the accompanying consolidated balance sheet. During February 2025, the Company closed on the purchase of three locations from the Lazydays transaction, which included the purchase of associated real estate of $35.5 million.

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue

Summary of total unsatisfied performance obligation for these revenue streams, that the Company expects to recognize the amounts as revenue

The total unsatisfied performance obligations for these revenue streams at December 31, 2024 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):


	As of
	December 31, 2024
2025	$	92,124
2026		31,678
2027		16,911
2028		8,453
2029		4,174
Thereafter		2,426
Total	$	155,766

Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification [Line Items]
Deferred tax assets, net	$ 215,140	$ 201,094
Total assets	4,863,277	4,889,452
Additional paid-in capital	193,692	131,665
Retained earnings	132,241	195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.	326,562	168,352
Total stockholders' equity	484,949	257,975	$ 296,610	$ 254,597
Total liabilities and stockholders' equity	$ 4,863,277	4,889,452
As Previously Reported
Reclassification [Line Items]
Deferred tax assets, net		157,326
Total assets		4,845,684
Additional paid-in capital		98,280
Retained earnings		185,244
Total stockholders' equity attributable to Camping World Holdings, Inc.		124,584
Total stockholders' equity		214,207	247,686	233,894
Total liabilities and stockholders' equity		4,845,684
Adjustment
Reclassification [Line Items]
Deferred tax assets, net		43,768
Total assets		43,768
Additional paid-in capital		33,385
Retained earnings		10,383
Total stockholders' equity attributable to Camping World Holdings, Inc.		43,768
Total stockholders' equity		43,768	$ 48,924	$ 20,703
Total liabilities and stockholders' equity		$ 43,768

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of the Company's income tax expense

The components of the Company’s income tax (benefit) expense from operations for the years ended December 31, 2024, 2023 and 2022 consisted of (in thousands):


	2024		2023		2022
Current:
Federal	$	880	$	9,123	$	44,613
State		689		1,558		11,170
Deferred:
Federal		(10,377)		(11,173)		28,543
State		(2,569)		(3,035)		27,957
Income tax (benefit) expense	$	(11,377)	$	(3,527)	$	112,283

Schedule of reconciliation of income tax expense from operations to the federal statutory rate

A reconciliation of income tax (benefit) expense from operations to the federal statutory rate for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):


	2024		2023		2022
Income taxes computed at federal statutory rate⁽¹⁾	$	(18,955)	$	10,374	$	94,524
State income taxes – net of federal benefit⁽¹⁾		(1,774)		(2,645)		8,362
Other differences:
State and local taxes on pass-through entities		674		1,948		3,736
Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the Company⁽²⁾		9,411		(3,927)		(53,461)
Effect of LLC Conversion⁽³⁾		—		(85,790)		208,833
(Decrease) increase in valuation allowance⁽⁴⁾		(1,568)		64,351		(151,058)
Impact of other state tax rate changes		(241)		4,900		967
Accrual to return		420		8,314		(1,135)
Tax credits		(501)		(582)		(743)
Uncertain Tax Positions		(128)		(547)		1,519
Other		1,285		77		739
Income tax (benefit) expense	$	(11,377)	$	(3,527)	$	112,283

(1)

(2)	The related income is taxable to the non-controlling interest.

(3)

(4)

Summary of significant items comprising the net deferred tax asset

Significant items comprising the net deferred tax assets at December 31, 2024 and 2023 were (in thousands):


	2024		2023
Deferred tax liabilities
Operating lease assets	$	(6,068)	$	(5,375)
Other		(105)		(101)
		(6,173)		(5,476)
Deferred tax assets
Investment in partnership ("Outside Basis Deferred Tax Asset")⁽¹⁾		216,572		194,764
Capital loss carryforward		131,371		132,248
Tax Receivable Agreement liability		37,639		40,702
Operating lease liabilities		6,482		5,678
Business interest expense carryforward		21,164		5,597
Net operating loss and tax credit carryforward		17,472		2,061
Other investments		17,011		17,011
Other reserves		1,207		1,195
		448,918		399,256
Valuation allowance		(227,605)		(192,686)
Net deferred tax assets	$	215,140	$	201,094

(1)	This amount is the deferred tax asset the Company recognizes for its book to tax basis difference in its investment in CWGS, LLC.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation Plans

Stock-Based Compensation Plans

21. Stock-Based Compensation Plans

The following table summarizes the stock-based compensation that has been included in the following line items within the consolidated statements of operations during:


	Year Ended December 31,
($ in thousands)	2024		2023		2022
Stock-based compensation expense:
Costs applicable to revenue	$	372	$	895	$	689
Selling, general, and administrative		21,213		23,191		33,158
Total stock-based compensation expense	$	21,585	$	24,086	$	33,847
Total income tax benefit recognized related to stock-based compensation	$	2,963	$	3,205	$	3,809

2016 Incentive Award Plan

In October 2016, the Company adopted the 2016 Plan under which the Company may grant up to 14,693,518 stock options, restricted stock units, and other types of stock-based awards to employees, consultants or non-employee directors of the Company through September 2026. The Company does not intend to use cash to settle any of its stock-based awards. Upon the exercise of a stock option award, the vesting of a restricted stock unit or the award of common stock or restricted stock, shares of Class A common stock are issued from authorized but unissued shares or from shares held in treasury. Stock options and restricted stock units granted to employees generally vest in equal annual installments over a three to five-year period and are canceled upon termination of employment, although vested stock options may generally be exercised for a limited period of time after termination. Stock options are granted with an exercise price equal to the fair market value of the Company’s Class A common stock on the date of grant. Stock option grants expire after ten years unless canceled earlier due to termination of employment. Restricted stock units granted to non-employee directors vest in equal annual installments over a one-year or three-year period subject to voluntary deferral elections made prior to the grant.

The Company did not grant any stock options during the years ended December 31, 2024, 2023 and 2022. A summary of stock option activity for the year ended December 31, 2024 is as follows:


							Weighted Average
					Aggregate		Remaining
	Stock Options		Weighted Average		Intrinsic Value		Contractual Life
	(in thousands)		Exercise Price		(in thousands)		(years)
Outstanding at December 31, 2023		193	$	21.92
Exercised		(26)	$	21.53
Forfeited		(12)	$	22.00
Outstanding and exercisable at December 31, 2024		155	$	21.98	$	—		1.8

At December 31, 2024, 2023 and 2022, all stock options were fully vested. The intrinsic value of stock options exercised was insignificant, $0.1 million and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. The actual tax benefit for the tax deductions from the exercise of stock options was not significant for the years ended December 31, 2024, 2023 and 2022.

A summary of restricted stock unit activity for the year ended December 31, 2024 is as follows:


	Restricted		Weighted Average
	Stock Units		Grant Date
	(in thousands)		Fair Value
Outstanding at December 31, 2023		1,875	$	29.39
Granted		633	$	21.51
Vested		(717)	$	29.65
Forfeited		(139)	$	28.14
Outstanding at December 31, 2024		1,652	$	25.61

The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2024, 2023 and 2022 was $21.51, $19.72, and $23.12, respectively. At December 31, 2024, the intrinsic value of unvested restricted stock units was $34.8 million. At December 31, 2024, total unrecognized compensation cost related to unvested restricted stock units was $34.6 million and is expected to be recognized over a weighted-average period of 2.9 years.

The fair value of restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was $16.2 million, $20.7 million, and $35.1 million, respectively. The actual tax benefit for the tax deductions from the vesting of restricted stock units was $2.2 million, $2.8 million, and $4.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. A portion of the actual tax benefit for tax deductions from the vesting of restricted stock units relating to the year ended December 31, 2024 was subject to limitations on deductibility of executive compensation. The restricted stock units that vested were typically net share settled such that the Company withheld shares with value equivalent to the employees’ statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were based on the value of the restricted stock units on their respective vesting dates as determined by the Company’s closing stock price. Total payments for the employees’ tax obligations to taxing authorities are reflected as a financing activity within the Consolidated Statements of Cash Flows. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting and did not represent an expense to the Company.

In January 2025, the Company granted a total of 447,350 RSUs to employees with an aggregate grant date fair value of $9.8 million and weighted-average grant date fair value of $21.85 per RSU, which will be recognized, net of forfeitures, over a vesting period of five years.

In January 2025, pursuant to the approval of the amended and restated employment agreement with Marcus A. Lemonis, the Company granted Mr. Lemonis (i) an award of 600,000 RSUs with a grant date fair value of $22.13 per RSU, which will be recognized, net of forfeitures, over a vesting period of approximately three years, and (ii) an award of performance stock units (“PSU”) under the 2016 Plan with respect to 750,000 PSUs if earned at “target” levels of performance, which will be eligible to vest based on the achievement of specified stock price hurdles over a three year performance period. The PSUs have a weighted-average grant date fair value of $13.84 per PSU, which will be recognized over a weighted-average derived service period of approximately one year if the respective derived service period and/or vesting conditions are satisfied.

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities
Transfers of assets from level 1 to level 2	$ 0	$ 0
Transfers of assets from level 2 to level 1	0	0
Transfers of liabilities from level 1 to level 2	0	0
Transfers of liabilities from level 2 to level 1	0	0
Transfers of assets between the fair value measurement levels 3	0	0
Transfers of liabilities between the fair value measurement levels 3	0	0
Liabilities related to assets held for sale	0	17,288
Maximum aggregate payment if all milestones are reached	500
Accrued Liabilities
Liabilities
Acquisition-related contingent consideration	200
Other Long-term Liabilities
Liabilities
Acquisition-related contingent consideration	200
Level 2 \| Carrying Value \| Term Loan Facility
Liabilities
Debt instrument	1,335,535	1,346,229
Level 2 \| Carrying Value \| Floor Plan Facility
Liabilities
Debt instrument		20,885
Level 2 \| Carrying Value \| Real Estate Facilities
Liabilities
Debt instrument	173,132	183,892
Liabilities related to assets held for sale		17,300
Level 2 \| Carrying Value \| Other Long-Term Debt
Liabilities
Debt instrument	7,926	8,246
Level 2 \| Fair Value \| Term Loan Facility
Liabilities
Debt instrument	1,320,286	1,328,892
Level 2 \| Fair Value \| Floor Plan Facility
Liabilities
Debt instrument		21,732
Level 2 \| Fair Value \| Real Estate Facilities
Liabilities
Debt instrument	176,684	195,029
Level 2 \| Fair Value \| Other Long-Term Debt
Liabilities
Debt instrument	6,652	$ 6,702
Level 3 \| Carrying Value
Assets
Derived participation investment	156
Liabilities
Acquisition-related contingent consideration	368
Level 3 \| Fair Value
Assets
Derived participation investment	156
Liabilities
Acquisition-related contingent consideration	$ 368

Lease Obligations - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease costs
Operating lease cost	$ 116,370	$ 118,082
Amortization of finance lease assets	11,160	3,253
Interest on finance lease liabilities	9,285	6,069
Short-term lease cost	1,839	1,940
Variable lease cost	23,874	22,913
Sublease income	(3,355)	(2,726)
Net lease costs	$ 159,173	$ 149,531

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segments Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments Information
Total other interest expense, net	$ 140,444	$ 135,270	$ 75,745
Operating Segments
Segments Information
Total other interest expense, net	140,444	135,270	75,745
Subtotal
Segments Information
Total other interest expense, net	30,296	26,927	14,859
Corporate & other
Segments Information
Total other interest expense, net	110,148	108,343	60,886
Good Sam Services and Plans \| Operating Segments
Segments Information
Total other interest expense, net	(77)	(204)	57
RV and Outdoor Retail \| Operating Segments
Segments Information
Total other interest expense, net	$ 30,373	$ 27,131	$ 14,802

Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Long-term debt
Less: unamortized original issue discount	$ (9,600)
Less: unamortized finance costs	(6,900)
Long-Term Debt	1,516,593	$ 1,521,079
Less: current portion	(23,275)	(22,121)
Long-term debt, net of current portion	1,493,318	1,498,958
Less: outstanding letters of credit	(19,200)	(17,200)
Senior Secured Credit Facilities
Long-term debt
Less: outstanding letters of credit	(4,900)	(4,900)
Term Loan Facility
Long-term debt
Principal amount of borrowings	1,400,000	1,400,000
Less: cumulative principal payments	(51,049)	(37,034)
Less: unamortized original issue discount	(9,600)	(12,016)
Less: unamortized finance costs	(3,816)	(4,721)
Long-Term Debt	1,335,535	1,346,229
Less: current portion	(14,015)	(14,015)
Long-term debt, net of current portion	1,321,520	1,332,214
Revolving Credit Facility
Long-term debt
Principal amount of borrowings	65,000	65,000
Less: outstanding letters of credit	(4,902)	(4,930)
Less: availability reduction due to Total Leverage Ratio	(37,348)	(37,320)
Additional letters of credit capacity	$ 22,750	$ 22,750

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of Camping World Holdings, Inc. (“CWH”) and its subsidiaries (collectively, the “Company”) and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation.

CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an initial public offering (the “IPO”) and other related transactions in order to carry on the business of CWGS Enterprises, LLC (“CWGS, LLC”). CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC (see Note 19 — Stockholders’ Equity). As of December 31, 2024, 2023, and 2022, CWH owned 61.0%, 52.9% and 50.2%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements.

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

Description of the Business

Camping World Holdings, Inc., together with its subsidiaries, is the world’s largest retailer of RVs and related products and services. As noted above, CWGS, LLC is a holding company and operates through its subsidiaries. The Company has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. See Note 23 – Segments Information for further information about the Company’s segments. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; commissions on property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV service and collision work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; and the sale of Good Sam Club memberships and co-branded credit cards. The Company operates a national network of RV dealerships and service centers as well as a comprehensive e-commerce platform, primarily under the Camping World brand, and markets its products and services primarily to RV and outdoor enthusiasts.

Revisions to Prior Period Consolidated Financial Statements

Subsequent to the issuance of the Company's consolidated financial statements for the year ended December 31, 2023, 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) have been revised from the amounts previously reported as of and for the years ended December 31, 2023 and 2022. The misstatements affecting additional paid-in capital and income tax benefit (expense) as of and for the year ended December 31, 2021, are reflected as adjustments to additional paid-in capital and retained earnings, respectively, as of January 1, 2022. The Company evaluated

the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and determined the effect of these revisions was not material to the previously issued financial statements. However, correcting the cumulative error during the year ended December 31, 2024 would have been material to the current period. Therefore, the Company has revised the consolidated financial statements for the prior periods presented, including the comparative prior period amounts in the applicable notes to the consolidated financial statements. The Company will also revise previously reported financial information for such immaterial misstatements in future consolidated financial statements, as applicable. These immaterial misstatements did not impact the Company’s reportable segments, since they only related to the public holding company, CWH.

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


	As of December 31, 2023
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	157,326	$	43,768	$	201,094
Total assets		4,845,684		43,768		4,889,452
Additional paid-in capital		98,280		33,385		131,665
Retained earnings		185,244		10,383		195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.		124,584		43,768		168,352
Total stockholders' equity		214,207		43,768		257,975
Total liabilities and stockholders' equity		4,845,684		43,768		4,889,452

The following table presents the effect of the immaterial misstatements on the consolidated statements of operations for the periods indicated:


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands except per share amounts)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Income tax benefit (expense)	$	1,199	$	2,328	$	3,527	$	(99,084)	$	(13,199)	$	(112,283)
Net income		50,601		2,328		52,929		351,031		(13,199)		337,832
Net income attributable to Camping World Holdings, Inc.		31,044		2,328		33,372		136,947		(13,199)		123,748
Earnings per share of Class A common stock:
Basic	$	0.70	$	0.05	$	0.75	$	3.23	$	(0.31)	$	2.92
Diluted	$	0.55	$	0.02	$	0.57	$	3.22	$	(0.31)	$	2.91

The following table presents the effect of the immaterial misstatements on the 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, 2022	$	98,113	$	(551)	$	97,562	$	189,471	$	21,254	$	210,725	$	233,894	$	20,703	$	254,597
Stock-based compensation		13,897		—		13,897		—		—		—		30,727		—		30,727
Exercise of stock options		(349)		—		(349)		—		—		—		541		—		541
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(245)		—		(245)		—		—		—		—		—		—
Vesting of restricted stock units		(35,831)		—		(35,831)		—		—		—		209		—		209
Repurchases of Class A common stock for withholding taxes on vested RSUs		2,371		—		2,371		—		—		—		(11,128)		—		(11,128)
Repurchases of Class A common stock to treasury stock		27,561		—		27,561		—		—		—		(89,970)		—		(89,970)
Redemption of LLC common units for Class A common stock		424		41,420		41,844		—		—		—		380		41,420		41,800
Disgorgement of short-swing profits by Section 16 officer		58		—		58		—		—		—		58		—		58
Distributions to holders of LLC common units		—		—		—		—		—		—		(162,963)		—		(162,963)
Dividends		—		—		—		(105,387)		—		(105,387)		(105,387)		—		(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		294		—		294		—		—		—		294		—		294
Non-controlling interest adjustment		(242)		—		(242)		—		—		—		—		—		—
Net income		—		—		—		136,947		(13,199)		123,748		351,031		(13,199)		337,832
Balance at December 31, 2022	$	106,051	$	40,869	$	146,920	$	221,031	$	8,055	$	229,086	$	247,686	$	48,924	$	296,610
Stock-based compensation		9,458		—		9,458		—		—		—		20,849		—		20,849
Exercise of stock options		(238)		—		(238)		—		—		—		389		—		389
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(485)		—		(485)		—		—		—		(324)		—		(324)
Vesting of restricted stock units		(25,080)		—		(25,080)		—		—		—		438		—		438
Repurchases of Class A common stock for withholding taxes on vested RSUs		3,016		—		3,016		—		—		—		(6,861)		—		(6,861)
Redemption of LLC common units for Class A common stock		8,653		(7,484)		1,169		—		—		—		3,934		(7,484)		(3,550)
Distributions to holders of LLC common units		—		—		—		—		—		—		(31,510)		—		(31,510)
Dividends		—		—		—		(66,831)		—		(66,831)		(66,831)		—		(66,831)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		(4,164)		—		(4,164)		—		—		—		(4,164)		—		(4,164)
Non-controlling interest adjustment		1,069		—		1,069		—		—		—		—		—		—
Net income		—		—		—		31,044		2,328		33,372		50,601		2,328		52,929
Balance at December 31, 2023	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975

The following table presents the effect of the immaterial misstatements on the consolidated statements of cash flows for the periods indicated. These immaterial misstatements resulted in no change in net cash provided from operating activities for the periods indicated:


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Net income	$	50,601	$	2,328	$	52,929	$	351,031	$	(13,199)	$	337,832
Deferred income taxes		(11,880)		(2,328)		(14,208)		43,301		13,199		56,500

Use of Estimates

The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the consolidated financial statements, giving due consideration to

materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the consolidated financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long-lived assets, long-lived asset impairments, program cancellation reserves, chargebacks, accruals related to estimated tax liabilities, product return reserves, and other liabilities.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments purchased with an original maturity date of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short-term maturity of these instruments. Outstanding checks that are in excess of the cash balances at certain banks are included in accrued liabilities in the accompanying consolidated balance sheets, and changes in the amounts are reflected in operating cash flows in the accompanying consolidated statement of cash flows.

Contracts in Transit, Accounts Receivable and Current Expected Credit Losses

Contracts in transit consist of amounts due from non-affiliated financing institutions on retail finance contracts from vehicle sales for the portion of the vehicle sales price financed by the Company’s customers. These retail installment sales contracts are typically funded within ten days of the initial approval of the retail installment sales contract by the third-party lender.

Accounts receivable are stated at realizable value, net of an allowance for credit losses. Accounts receivable balances due in excess of one year were $7.4 million at December 31, 2024 and $8.8 million at December 31, 2023, which are included in other assets in the accompanying consolidated balance sheets.

The allowance for credit losses is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to contracts in transit and determined that no allowance for credit losses was required at December 31, 2024 and 2023. Management additionally has evaluated the expected credit losses related to accounts receivable and determined that allowances for credit losses of approximately $2.7 million as of December 31, 2024 and $3.0 million as of December 31, 2023 were required.

The following table details the changes in the allowance for credit losses relating to current receivables (in thousands):


	Year Ended December 31,
	2024		2023
Allowance for credit losses:
Balance, beginning of period	$	2,978	$	4,222
Charged to bad debt expense		754		(954)
Deductions ⁽¹⁾		(984)		(290)
Balance, end of period	$	2,748	$	2,978

(1)	These amounts primarily relate to the write off of uncollectable accounts after collection efforts have been exhausted.

Concentration of Credit Risk

The Company’s most significant industry concentration of credit risk is with financial institutions from which the Company has recorded receivables and contracts in transit. These financial institutions provide financing to the Company’s customers for the purchase of a vehicle in the normal course of business. These

receivables are short-term in nature and are from various financial institutions located throughout the United States.

The Company has cash deposited in various financial institutions that is in excess of the insurance limits provided by the Federal Deposit Insurance Corporation. The amount in excess of FDIC limits at December 31, 2024 and 2023 was approximately $231.5 million and $47.4 million, respectively.

The Company is potentially subject to concentrations of credit risk in accounts receivable. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and their geographic dispersion.

Inventories

New and used RV inventories consist primarily of new and used recreational vehicles held for sale valued using the specific-identification method and valued at the lower of cost or net realizable value. Cost includes purchase costs, reconditioning costs, dealer-installed accessories, freight, and rebates. For vehicles accepted in trades, the cost is the fair value of such used vehicles at the time of the trade-in plus reconditioning costs. Products, parts, accessories, and other inventories primarily consist of installable parts, as well as retail travel and leisure specialty merchandise and are stated at lower of cost, including freight and rebates, or net realizable value using the first in, first out method. Prior to the divestiture of the RV and Outdoor Retail segment’s RV furniture business in May 2024 (see Note 6 — Assets Held for Sale and Business Divestiture for further details), a portion of the products, parts, accessories and other inventory included capitalized labor relating to assembly.

Assets Held for Sale

The Company continually evaluates its portfolio for non-strategic assets and classifies assets and liabilities to be sold (“Disposal Group”) as held for sale in the period in which all specified GAAP criteria are met. Upon determining that a Disposal Group meets the criteria to be classified as held for sale, but does not meet the criteria for discontinued operations, the Company reports the assets and liabilities of the Disposal Group, if material, as separate line items on the consolidated balance sheets and ceases to record depreciation and amortization relating to the Disposal Group.

The Company initially measures a Disposal Group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a Disposal Group until the date of sale. The estimated fair value for Disposal Groups comprised of properties are typically based on appraisals and/or offers from prospective buyers.

Property and Equipment, net

Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization, and, if applicable, impairment charges. Depreciation of property and equipment is provided using the straight-line method over the following estimated useful lives of the assets:


		Years
Building and improvements		40
Leasehold improvements		3-40
Furniture, fixtures and equipment		3-12
Software		3-5

Leasehold improvements are amortized over the useful lives of the assets or the remaining term of the respective lease, whichever is shorter.

Leases

Leases are recorded in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) (see Note 11 — Lease Obligations). The Company leases property and equipment throughout the United States primarily under finance and operating leases. For leases with initial lease terms at commencement that are greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. The Company aggregates non-lease components with the related lease components when evaluating the accounting treatment for property, equipment, and billboard leases.

Many of the Company’s lease agreements include fixed rental payments. Certain of its lease agreements include fixed rental payments that are adjusted periodically for changes in the Consumer Price Index (“CPI”). Payments based on a change in an index or a rate, rather than a specified index or rate, are not considered in the determination of lease payments for purposes of measuring the related lease liability. While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are typically treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. Common area maintenance, property tax, and insurance associated with triple net leases, as well as payments based on revenue generated at certain leased locations, are included in variable lease costs, but are not included in the measurement of the lease liability.

Most of the Company’s real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the operating lease assets and operating lease liabilities. The depreciable life of assets and leasehold improvements are limited to the shorter of the lease term or useful life if there is a transfer of title or purchase option reasonably certain of exercise.

The Company cannot readily determine the rate implicit in its leases. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company estimates its incremental borrowing rate using a yield curve based on the credit rating of its collateralized debt and maturities that are commensurate with the lease term at the applicable commencement or remeasurement date.

Goodwill and Other Intangible Assets

Goodwill is evaluated for impairment on an annual basis as of the beginning of the fourth quarter, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount or the Company elects to not perform a qualitative analysis, then it is required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company records an impairment of goodwill equal to the amount that the carrying amount of a reporting unit exceeds its fair value. (see Note 8 – Goodwill and Intangible Assets). Finite-lived intangibles are recorded at cost, net of accumulated amortization and, if applicable, impairment charges.

Long-Lived Assets

Long lived assets are included in property and equipment, which also includes capitalized software costs to be held and used. For the Company’s major software systems, such as its accounting and membership systems, its capitalized costs may include some internal or external costs to configure, install and test the software during the application development stage. The Company does not capitalize preliminary project costs, nor does it capitalize training, data conversion costs, maintenance or post development stage costs. The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances

indicate that the carrying amount of an asset may not be recoverable. The Company’s long-lived asset groups exist predominantly at the individual location level and the associated impairment analysis involves the comparison of an asset group’s estimated future undiscounted cash flows over its remaining useful life to its respective carrying value, which primarily includes furniture, equipment, leasehold improvements, and operating lease assets. For long-lived asset groups identified with carrying values not recoverable by future undiscounted cash flows, impairment charges are recognized to the extent the sum of the discounted future cash flows from the use of the asset group is less than the carrying value. The impairment charge is allocated to the individual long-lived assets within an asset group; however, an individual long-lived asset is not impaired below its individual fair value, if readily determinable. The measurement of any impairment loss includes estimation of the fair value of the asset group’s respective operating lease assets, which includes estimates of market rental rates based on comparable lease transactions.

Long-Term Debt

The fair value of the Company’s long-term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered for debt of the same or similar remaining maturities.

Revenue Recognition

Revenues are recognized by the Company when control of the promised goods or services is transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales and other taxes collected from the customer concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative stand-alone selling price. The Company generally determines stand-alone selling prices based on the prices charged to customers or using the adjusted market assessment approach. The Company presents disaggregated revenue on its consolidated statements of operations.

The Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period of time between payment and transfer of the promised goods or services will be one year or less. The Company expenses sales commissions when incurred in cases where the amortization period of those otherwise capitalized sales commissions would have been one year or less. The Company does not disclose the value of unsatisfied performance obligations for revenue streams for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. The Company accounts for shipping and handling as activities to fulfill the promise to transfer the good to the customer and does not evaluate whether shipping and handling is a separate performance obligation.

Good Sam Services and Plans

Good Sam Services and Plans revenue consists primarily of revenue from publications and marketing fees from various consumer services and plans. Roadside Assistance (“RA”) revenues are deferred and recognized over the contractual life of the membership. RA claim expenses are recognized when incurred. Marketing fees for finance, insurance, extended service and other similar products are recognized as variable consideration, net of estimated cancellations, if applicable, when a product contract payment has been received or financing has been arranged. These marketing fees are recorded net as the Company acts as an agent in the transaction. The related estimate for cancellations on the marketing fees for multi-year finance and insurance products utilize actuarial analysis to estimate the exposure. Promotional expenses consist primarily of direct mail advertising expenses and renewal expenses and are expensed at the time related materials are mailed. Newsstand sales of publications and related expenses are recorded as variable consideration at the time of delivery, net of estimated returns. Subscription sales of publications are reflected in income over the lives of the subscriptions. The related selling expenses are expensed as incurred. Advertising revenues and related expenses are recorded at the time of delivery.

New and Used Vehicles

RV vehicle revenue consists of sales of new and used recreational vehicles, sales of RV parts and services, and commissions on the related finance and insurance contracts. Revenue from the sale of recreational vehicles is recognized upon completion of the sale to the customer. Conditions to completing a sale include having an agreement with the customer, including pricing, whereby the sales price must be reasonably expected to be collected and having control transferred to the customer.

Products, Service and Other

Revenue from RV-related parts, service and other products sales is recognized over time as work is completed, and when parts or other products are delivered to the Company’s customers. For service and parts revenues recorded over time, the Company utilizes a method that considers total costs incurred to date and the applicable margin in relation to total expected efforts to complete our performance obligation in order to determine the appropriate amount of revenue to recognize over time.

The remaining RV and Outdoor retail revenue consists of sales of products, service and other, including RV accessories and supplies; outdoor products, equipment, gear and supplies; and, prior to the divestiture of RV and Outdoor Retail segment’s RV furniture business in May 2024 (see Note 6 — Assets Held for Sale and Business Divestiture for further details), the distribution of RV furniture. Revenue from products, service and other is recognized over time as work is completed, and when parts or other products are delivered to the Company’s customers. E-commerce sales are recognized when the product is shipped and recorded as variable consideration, which is net of anticipated merchandise returns that reduce revenue and cost of sales in the period that the related sales are recorded.

When points are awarded to customers under the Good Sam Club program for purchases of products or services, a portion of the product or service revenue is allocated to the points liability based on the relative standalone selling price of the points, net of estimated breakage. The resulting point liability is deferred until the revenue is recognized (i) when the points are redeemed by the customer as a reduction of the purchase price of future purchases of the Company’s products or services or (ii) when the point liability is adjusted to reflect changes in breakage estimates. Points generally expire twelve months after the date that they are credited to a customer’s account.

Finance and Insurance, net

Finance and insurance revenue is recorded net, since the Company is acting as an agent in the transaction, and is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The proceeds the Company receives for arranging financing contracts, selling extended service contracts, and selling other insurance products, are subject to chargebacks if the customer terminates the respective contract earlier than a stated period. In the case of insurance products and extended service contracts, the stated period typically extends from one to seven years with the refundable revenue declining over the contract term. These proceeds are recorded as variable consideration, net of estimated chargebacks. Chargebacks are estimated based on ultimate future cancellation rates by product type and year sold using a combination of actuarial methods and leveraging the Company’s historical experience from the past ten years, adjusted for new consumer trends. The chargeback liabilities included in the estimate of variable consideration totaled $65.4 million and $68.2 million as of December 31, 2024 and December 31, 2023, respectively, which are recorded as part of other current liabilities and other long-term liabilities on the Company’s consolidated balance sheets.

Good Sam Club

Good Sam Club revenue consists of revenue from club membership fees and royalty fees from co-branded credit cards. Membership revenue is generated from annual, multiyear and lifetime memberships. The revenue and expenses associated with these memberships are deferred and amortized over the membership period. Unearned revenue and profit are subject to revisions as the membership progresses to completion. Revisions to membership period estimates would change the amount of income and expense amortized in future accounting periods. For lifetime memberships, an 18-year period is used, which is the actuarially

determined estimated fulfillment period. Royalty revenue is earned under the terms of an arrangement with a third-party credit card provider based on a percentage of the Company’s co-branded credit card portfolio retail spending with such third-party credit card provider and for acquiring new cardholders.

When points are awarded to cardholders under the co-branded credit card program relating to sign-up or card activity, a portion of the revenue from the third-party credit card provider is allocated to the points liability based on the relative standalone selling price of the points, net of estimated breakage. The resulting point liability is deferred until the revenue is recognized (i) when the points are redeemed by the cardholder as a reduction of the purchase price of future purchases of the Company’s products or services, (ii) as a credit to their credit card balance, (iii) or when the point liability is adjusted to reflect changes in breakage estimates. Points generally expire twelve months after the date that they are credited to a customer’s account.

Advertising Expenses

Advertising expenses are expensed as incurred. Advertising expenses for the years ended December 31, 2024, 2023 and 2022 were $127.0 million, $101.1 million and $150.7 million, respectively. Advertising expenses relating to RV and Outdoor Retail segment were included in selling, general and administrative expenses in the consolidated statements of operations. Advertising expenses relating to the Good Sam Services and Plans segment were included in costs applicable to revenues in the consolidated statements of operations, since, by the nature of those revenue streams, they are integral to the generation of those revenues.

Vendor Allowances

As a component of the Company’s consolidated procurement program, the Company frequently enters into contracts with vendors that provide for payments of rebates or other allowances. These vendor payments are reflected in the carrying value of the inventory when earned or as progress is made toward earning the rebate or allowance and as a component of cost of sales as the inventory is sold. Certain of these vendor contracts provide for rebates and other allowances that are contingent upon the Company meeting specified performance measures such as a cumulative level of purchases over a specified period of time. Such contingent rebates and other allowances are given accounting recognition at the point at which achievement of the specified performance measures are deemed to be probable and reasonably estimable.

Shipping and Handling Fees and Costs

The Company reports shipping and handling costs billed to customers as a component of revenues, and related costs are reported as a component of costs applicable to revenues. For the years ended December 31, 2024, 2023, and 2022, $2.9 million, $4.4 million, and $7.2 million of shipping and handling fees, respectively, were included in the RV and Outdoor Retail segment as revenue.

Income Taxes

The Company recognizes deferred tax assets and liabilities based on the asset and liability method, which requires an adjustment to the deferred tax asset or liability to reflect income tax rates currently in effect. When income tax rates increase or decrease, a corresponding adjustment to income tax expense is recorded by applying the rate change to the cumulative temporary differences. The Company recognizes the tax benefit from an uncertain tax position in accordance with accounting guidance on accounting for uncertainty in income taxes. The Company classifies interest and penalties relating to income taxes as income tax expense. See Note 12 — Income Taxes for additional information.

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 and general business conditions, is potentially greater if any such risks occur during the Company’s peak sales seasons.

Recently Adopted Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, Leases (Topic 842): Common Control Arrangements. For public companies, this standard requires the amortization of leasehold improvements associated with common control leases over the useful life to the common control group. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company’s adoption of the provisions of this ASU as of January 1, 2024 did not materially impact the Company’s consolidated financial statements.

In August 2023, the FASB issued ASU 2023-05, Business Combinations―Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This ASU requires joint ventures to recognize a new basis of accounting for contributed net assets as of the formation date, to measure the contributed identifiable net assets at fair value on the formation date using the business combination guidance in ASC 805-20 (with certain exceptions) regardless of whether an investor contributes a business, to measure the net assets’ fair value based on 100% of the joint venture’s equity immediately following formation, to record goodwill (or an equity adjustment, if negative) for the difference between the fair value of the joint venture’s equity and its net assets and to provide disclosures about the nature and financial effect of the formation transaction. The standard is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. Additionally, for joint ventures that were formed before January 1, 2025, the Company may elect to apply the standard retrospectively. The Company’s early adoption of the provisions of this ASU as of January 1, 2024 did not materially impact the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. The title and position of the CODM must be disclosed with an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. If the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance, and deciding how to allocate resources, an entity may report one or more of those additional measures of segment profit. Additionally, public entities must disclose an amount for “other segment items” by reportable segment representing the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss, and a description of its composition. Moreover, all annual disclosures about a reportable segment's profit or loss and assets are to be presented in interim periods. The standard should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant expense categories identified and disclosed in the period of adoption. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2024, with respect to the annual disclosures beginning with the year ended December 31, 2024 and interim disclosures beginning with the three months ending March 31, 2025, including

the presentation of the comparable prior periods. The adoption of this ASU resulted in additional segment reporting disclosures and did not otherwise have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued 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 fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects that the adoption of this ASU will impact certain of its income tax disclosures and will not otherwise have a material impact on the Company’s consolidated financial statements.

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 consolidated financial statements.

Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minimum age to participate in 401(k) plan	18 years
Contribution expenses	$ 0.0	$ 2.8	$ 0.0
Non-highly Compensated Employees
Portion of eligible compensation that may be deferred (as a percent)	75.00%
Highly Compensated Employees
Portion of eligible compensation that may be deferred (as a percent)	15.00%

Long-Term Debt - Outstanding long term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt
Long-term debt	$ 1,516,593	$ 1,521,079
Less: current portion	(23,275)	(22,121)
Long-term debt, net of current portion	1,493,318	1,498,958
Unamortized discount	9,600
Finance costs	6,900
Term Loan Facility
Long-Term Debt
Long-term debt	1,335,535	1,346,229
Less: current portion	(14,015)	(14,015)
Long-term debt, net of current portion	1,321,520	1,332,214
Unamortized discount	9,600	12,016
Finance costs	3,816	4,721
Real Estate Facilities
Long-Term Debt
Long-term debt	173,132	166,604
Finance costs	3,100	3,300
Other Long-Term Debt
Long-Term Debt
Long-term debt	$ 7,926	$ 8,246

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

Schedule II: Valuation and Qualifying Accounts


	Balance at		Additions		Charged		Charges		Balance
	Beginning		Charged to		to Other		Utilized		at End
(In Thousands)	of Period		Expense⁽¹⁾		Accounts⁽²⁾		(Write-offs)		of Period
Accounts receivable allowance⁽³⁾:
Year ended December 31, 2024	$	2,978	$	754	$	—	$	(984)	$	2,748
Year ended December 31, 2023		4,222		(954)		14		(304)		2,978
Year ended December 31, 2022		4,711		675		297		(1,461)		4,222

(1)	Additions to allowance for credit losses are charged to expense.

(2)	Additions to returns allowances are credited against revenue.

(3)	Accounts receivable allowance includes the allowance for credit losses and the allowance for returns.


	Balance at		Additions		Charged		Charges		Balance
	Beginning		Charged to		to Other		Utilized		at End
(In Thousands)	of Period		Expense		Accounts		(Write-offs)		of Period
Noncurrent other assets allowance:
Year ended December 31, 2024	$	61	$	—	$	—	$	(61)	$	—
Year ended December 31, 2023		37		61		—		(37)		61
Year ended December 31, 2022		42		(5)		—		—		37


			Tax Valuation		Tax Valuation
			Allowance		Allowance		Charged or
	Balance at		Charged to		Credited to		(Credited)		Balance
	Beginning		Income Tax		Income Tax		to Other		at End
(In Thousands)	of Period		Provision		Provision		Accounts⁽¹⁾		of Period
Valuation allowance for deferred tax assets:
Year ended December 31, 2024	$	192,686	$	—	$	(1,568)	$	36,487	$	227,605
Year ended December 31, 2023		106,052		64,351		—		22,283		192,686
Year ended December 31, 2022		291,386		—		(151,058)		(34,276)		106,052

(1)

Amounts charged to additional paid-in capital relating to the outside basis in the investment in CWGS, LLC.

Long-Term Debt

12 Months Ended

Dec. 31, 2024

Long-Term Debt.

Long-Term Debt

10. Long-Term Debt

The following reflects outstanding long-term debt as of December 31, 2024 and 2023, (in thousands):


	December 31,		December 31,
	2024		2023
Term Loan Facility ⁽¹⁾	$	1,335,535	$	1,346,229
Real Estate Facilities ⁽²⁾		173,132		166,604
Other Long-Term Debt		7,926		8,246
Subtotal		1,516,593		1,521,079
Less: current portion		(23,275)		(22,121)
Total	$	1,493,318	$	1,498,958

(1)	Net of $9.6 million and $12.0 million of original issue discount at December 31, 2024 and 2023, respectively, and $3.8 million and $4.7 million of finance costs at December 31, 2024 and 2023, respectively.

(2)	Net of $3.1 million and $3.3 million of finance costs at December 31, 2024 and 2023, respectively.

The aggregate future maturities of long-term debt at December 31, 2024, excluding original issue discount of $9.6 million and finance costs of $6.9 million, were as follows (in thousands):


Long-term debt instruments
2025	$	25,083
2026		27,856
2027		166,450
2028		1,309,686
2029		248
Thereafter		3,776
Total	$	1,533,099

Senior Secured Credit Facilities

As of December 31, 2024 and 2023, CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (the “Credit Agreement”) for senior secured credit facilities (as amended from time to time, the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities consist of a $1.4 billion term loan facility (the “Term Loan Facility”) and a $65.0 million revolving credit facility (the “Revolving Credit Facility”). Under the Senior Secured Credit Facilities, the Company has the ability to request to increase the amount of term loans or revolving loans in an aggregate amount not to exceed the greater of (a) a “fixed” amount set at $725.0 million and (b) 100% of consolidated EBITDA for the most recent four consecutive fiscal quarters on a pro forma basis (as defined in the Credit Agreement). The lenders under the Senior Secured Credit Facilities are not under any obligation to provide commitments in respect of any such increase.

The Term Loan Facility requires mandatory principal payments in equal quarterly installments of $3.5 million. Additionally, the Company is required to prepay the borrowings under the Term Loan Facility in an aggregate amount up to 50% of excess cash flow, as defined in the Credit Agreement, for such fiscal year depending on the Total Leverage Ratio (as defined by the Credit Agreement) beginning with the year ended December 31, 2022. No additional excess cash flow payment was required relating to 2024 or 2023. The Term Loan Facility matures in June 2028.

The funds available under the Revolving Credit Facility may be utilized for borrowings or letters of credit; however, a maximum of $25.0 million may be allocated to such letters of credit. The Revolving Credit Facility matures at the earlier of (i) ninety-one days prior to the maturity date of the Floor Plan Facility (September 30, 2026 as of December 31, 2024 and amended in February 2025 to a maturity date of at least March 5, 2028 as detailed in Note 4 — Inventories and Floor Plan Payables) or (ii) March 3, 2028.

The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands):


	December 31,		December 31,
	2024		2023
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,400,000	$	1,400,000
Less: cumulative principal payments		(51,049)		(37,034)
Less: unamortized original issue discount		(9,600)		(12,016)
Less: unamortized finance costs		(3,816)		(4,721)
		1,335,535		1,346,229
Less: current portion		(14,015)		(14,015)
Long-term debt, net of current portion	$	1,321,520	$	1,332,214
Revolving Credit Facility:
Total commitment	$	65,000	$	65,000
Less: outstanding letters of credit		(4,902)		(4,930)
Less: total net leverage ratio borrowing limitation		(37,348)		(37,320)
Additional borrowing capacity	$	22,750	$	22,750

As of December 31, 2024 and 2023, the average interest rate on the Term Loan Facility was 6.97% and 7.97%, respectively, and the effective interest rate on the Term Loan Facility was 7.43% and 8.21%, respectively.

The Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and future domestic restricted subsidiaries with the exception of FreedomRoads Intermediate Holdco, LLC, the direct parent of FR, and FR, and its subsidiaries. The Credit Agreement contains certain restrictive covenants pertaining to, but not limited to, mergers, changes in the nature of the business, acquisitions, additional indebtedness, sales of assets, investments, and the payment of dividends subject to certain limitations and minimum operating covenants. Additionally, management has determined that the Senior Secured Credit Facilities include subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred at December 31, 2024 that would trigger a subjective acceleration clause.

The Credit Agreement requires the Borrower and its subsidiaries to comply on a quarterly basis with a maximum Total Net Leverage Ratio (as defined in the Credit Agreement), which covenant is in effect only if, as of the end of each calendar quarter, the aggregate amount of borrowings under the revolving credit facility, letters of credit and unreimbursed letter of credit disbursements outstanding at such time is greater than 35% of the total commitment on the Revolving Credit Facility (excluding (i) up to $15.0 million attributable to any outstanding undrawn letters of credit and (ii) any cash collateralized or backstopped letters of credit), as defined in the Credit Agreement. As of December 31, 2024, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35% threshold, however the Company’s borrowing capacity was reduced by $37.3 million in light of this covenant. The Company was in compliance with all applicable financial debt covenants at December 31, 2024 and 2023.

Real Estate Facilities

As of December 31, 2024 and 2023, subsidiaries of FRHP Lincolnshire, LLC (“FRHP”), an indirect wholly-owned subsidiary of CWGS, LLC, were party to a credit agreement with a syndication of banks for a real estate credit facility (as amended from time to time, the “M&T Real Estate Facility”) with aggregate maximum principal capacity of $300.0 million (an increase from $250.0 million through an amendment entered into in August 2024) with an option that allows FRHP to request an additional $100.0 million of principal capacity. The lenders under the M&T Real Estate Facility are not under any obligation to provide commitments in respect of any such increase. The M&T Real Estate Facility bears interest at FRHP’s option of either (as defined in the credit agreement for the M&T Real Estate Facility): (a) the Secured Overnight Financing Rate (“SOFR”) plus the applicable rate of 2.30% or (b) the highest of (i) the Federal Funds Rate plus 1.80%, (ii) the Prime Rate plus 1.30%, or (iii) SOFR plus 2.30%. The M&T Real Estate Facility has an unused commitment fee of 0.20% of the aggregate unused principal amount and it matures in October 2027. Additionally, the M&T Real Estate Facility is subject to a debt service coverage ratio covenant (as defined in the credit agreement for the M&T Real Estate Facility). All obligations under the M&T Real Estate Facility and the guarantees of those obligations, are secured, subject to certain exceptions, by the mortgaged real property assets. During the years ended December 31, 2024 and 2023, FRHP borrowed an additional $55.6 million and $59.2 million under the M&T Real Estate Facility, respectively. During the year ended December 31, 2024, FRHP repaid $46.5 million of the M&T Real Estate Facility to pay off the remaining principal balances relating to eight properties.

In November 2018, September 2021, and December 2021, Camping World Property, Inc. (the ‘‘Real Estate Borrower’’), an indirect wholly-owned subsidiary of CWGS, LLC, and CIBC Bank USA (“Lender”), entered into loan and security agreements for real estate credit facilities (as amended from time to time, the “First CIBC Real Estate Facility”, the “Second CIBC Real Estate Facility”, and the “Third CIBC Real Estate Facility”, respectively, and collectively the “CIBC Real Estate Facilities” and together with the M&T Real Estate Facility, the “Real Estate Facilities”) with aggregate maximum principal capacities of $21.5 million, $9.0 million, and $10.1 million for the First CIBC Real Estate Facility, Second CIBC Real Estate Facility, and Third CIBC Real Estate Facility, respectively. Borrowings under the CIBC Real Estate Facilities are guaranteed by CWGS Group, LLC, a wholly-owned subsidiary of CWGS, LLC. The CIBC Real Estate Facilities may be used to finance the acquisition of real estate assets. The CIBC Real Estate Facilities are secured by a first priority security interest on the real estate assets acquired with the proceeds of the CIBC Real Estate Facilities (“CIBC Real Estate Facility Properties”).

In June 2023, the Real Estate Borrower sold one of the CIBC Real Estate Facility Properties located in Franklin, Kentucky, which was secured by the Second CIBC Real Estate Facility. As part of the settlement of the property sale, the outstanding balance of the Second CIBC Real Estate Facility of $7.4 million was repaid and terminated by the Real Estate Borrower. In May 2024, the Real Estate Borrower repaid the outstanding balance of the Third Real Estate Facility of $8.9 million, which related to the facility for the operations of CWDS in Elkhart, Indiana (see Note 6 — Assets Held for Sale and Business Divestiture), and the Third Real Estate Facility was terminated. The First CIBC Real Estate Facility matures in October 2028.

The following table shows a summary of the outstanding balances, remaining available borrowings, and weighted average interest rate under the Real Estate Facilities at December 31, 2024:


	As of December 31, 2024
			Remaining			Wtd. Average
(In thousands)	Outstanding⁽¹⁾		Available⁽²⁾			Interest Rate
Real Estate Facilities
M&T Real Estate Facility	$	169,756	$	57,390	⁽³⁾		6.55%
First CIBC Real Estate Facility		3,376		—			7.89%
	$	173,132	$	57,390

(1)	Outstanding principal amounts are net of unamortized finance costs.

(2)	Amounts cannot be reborrowed.

(3)	Additional borrowings on the M&T Real Estate Facility are subject to a debt service coverage ratio covenant and to the property collateral requirements under the M&T Real Estate Facility.

Management has determined that the credit agreements governing the Real Estate Facilities include subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred at December 31, 2024 that would trigger a subjective acceleration clause. Additionally, the Real Estate Facilities are subject to certain cross default provisions, a debt service coverage ratio, and other customary covenants. The Company was in compliance with all financial debt covenants at December 31, 2024 and 2023.

Other Long-Term Debt

In December 2021, FRHP assumed a mortgage as part of a real estate purchase. This mortgage is secured by the acquired property and is guaranteed by CWGS Group, LLC, a wholly-owned subsidiary of CWGS, LLC and matures in December 2026. In June 2023, FRHP assumed a promissory note as part of a real estate purchase. This note is secured by the acquired property and matures in April 2041. As of December 31, 2024, the outstanding principal balance of these debt instruments was $7.9 million with a weighted average interest rate of 4.27%.

Lease Obligations

12 Months Ended

Dec. 31, 2024

Lease Obligations

Lease Obligations

11. Lease Obligations

The Company leases most of the properties for its store locations through 236 operating leases and 18 finance leases. The Company also leases billboards and certain of its equipment. The related operating lease assets and finance lease assets are included in the operating lease assets and property and equipment, respectively, in the accompanying consolidated balance sheets.

As of December 31, 2024 and 2023, finance lease assets of $120.0 million and $100.4 million, respectively, were included in property and equipment, net in the accompanying consolidated balance sheets.

The following table presents certain information related to the costs for leases where the Company is the lessee (in thousands):


	Year Ended December 31,
	2024		2023
Operating lease cost	$	116,370	$	118,082
Finance lease cost:
Amortization of finance lease assets		11,160		3,253
Interest on finance lease liabilities		9,285		6,069
Short-term lease cost		1,839		1,940
Variable lease cost		23,874		22,913
Sublease income		(3,355)		(2,726)
Net lease costs	$	159,173	$	149,531

The following table presents supplemental cash flow information related to leases (in thousands):


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	118,848	$	117,160
Operating cash flows for finance leases		9,285		6,064
Financing cash flows for finance leases		7,520		5,496
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases	$	63,228	$	59,858
New, remeasured and terminated finance leases		30,771		20,557

The following table presents other information related to leases:


	December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	11.2	years	11.3	years
Financing leases	13.7	years	17.4	years
Weighted average discount rate:
Operating leases	7.1	%	7.1	%
Financing leases	6.4	%	6.0	%

The following reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities in the accompanying consolidated balance sheet as of December 31, 2024 (in thousands):


	Operating		Finance
	Leases		Leases
2025	$	118,276	$	15,612
2026		117,606		15,531
2027		110,931		14,978
2028		107,374		14,598
2029		103,684		14,644
Thereafter		656,331		135,821
Total lease payments		1,214,202		211,184
Less: Imputed interest		(388,096)		(73,136)
Total lease obligations		826,106		138,048
Less: current portion		(61,993)		(7,044)
Noncurrent lease obligations	$	764,113	$	131,004

Sale-Leaseback Arrangement Recorded as Financing Transaction

On February 8, 2022, FRHP sold three properties for a total sale price of $28.0 million. Concurrent with the sale of these properties, the Company entered into three separate twenty-year lease agreements, whereby the Company agreed to lease back the properties from the acquiring company. Under each lease agreement, FR has four consecutive options to extend the lease term for additional periods of five years for each option. This transaction is accounted for as a financing transaction. The Company recorded a liability for the amount received, will continue to depreciate the non-land portion of the assets, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining non-land assets will be zero at the end of the initial lease terms. The financial liability is included in other long-term liabilities in the consolidated balance sheets as of December 31, 2024 and 2023.

Inventories and Floor Plan Payables - Supplier Finance Program (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Supplier finance program
Notes payable - floor plan, net, beginning of year	$ 1,371,145
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Notes payable - floor plan, net, end of period
Notes payable - floor plan, net, end of period	$ 1,161,713
Floor Plan Facility
Supplier finance program
Notes payable - floor plan, net, beginning of year	1,371,145
Add: FLAIR offset account, beginning of year	145,047
Add: short-term payable for sold inventory, beginning of year	41,577
Confirmed obligations outstanding, beginning of year	1,557,769
Add: new obligations confirmed during the period	2,292,615
Less: confirmed obligations paid during the period	(2,576,047)
Confirmed obligations outstanding, end of period	1,274,337
Less: FLAIR offset account, end of period	(79,472)
Less: short-term payable for sold inventory, end of period	(33,152)
Notes payable - floor plan, net, end of period	$ 1,161,713

Inventories and Floor Plan Payables - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventories
Inventories	$ 1,821,837	$ 2,042,949
Good Sam Services and Plans
Inventories
Inventories	263	452
New RV vehicles
Inventories
Inventories	1,241,533	1,378,403
Used RV vehicles
Inventories
Inventories	413,546	464,833
Products, parts, accessories and other
Inventories
Inventories	$ 166,495	$ 199,261

(Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ (78,880)	$ 52,929	$ 337,832
Less: net (loss) income attributable to non-controlling interests	40,243	(19,557)	(214,084)
Net (loss) income attributable to Camping World Holdings, Inc. - basic	(38,637)	33,372	123,748
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs	0	0	938
Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock	0	15,392	0
Net (loss) income attributable to Camping World Holdings, Inc. - diluted	$ (38,637)	$ 48,764	$ 124,686
Options
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock	175	50	0
Restricted Stock Units (RSUs)
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock	1,979	1,364	2,146
Class A Common Stock
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	48,005	44,626	42,386
Dilutive options to purchase Class A common stock	0	20	56
Dilutive restricted stock units	0	281	412
Dilutive common units of CWGS, LLC that are convertible into Class A common stock	0	40,045	0
Weighted-average shares of Class A common stock outstanding - diluted	48,005	84,972	42,854
(Loss) earnings per share of Class A common stock - basic	$ (0.80)	$ 0.75	$ 2.92
(Loss) earnings per share of Class A common stock - diluted	$ (0.80)	$ 0.57	$ 2.91
CWGS, LLC \| Convertible Common Stock
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock	40,007	0	42,045

Inventories and Floor Plan Payables - Floor Plan Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Floor Plan Payable
Less: outstanding letters of credit	$ (19,200)	$ (17,200)
Minimum
Floor Plan Payable
Floor plan payment due period	3 days	3 days
Maximum
Floor Plan Payable
Floor plan payment due period	10 days	10 days
Floor Plan Facility
Floor Plan Payable
Total commitment	$ 1,850,000	$ 1,850,000
Less: borrowings	(1,161,713)	(1,371,145)
Less: FLAIR offset account	(79,472)	(145,047)
Additional borrowing capacity	608,815	333,808
Less: short-term payable for sold inventory	(33,152)	(41,577)
Less: purchase commitments	(9,340)	(27,420)
Unencumbered borrowing capacity	566,323	264,811
Line of Credit \| Floor Plan Facility
Floor Plan Payable
Total commitment	70,000	70,000
Less: borrowings		(20,885)
Additional borrowing capacity	70,000	49,115
Letters of credit \| Floor Plan Facility
Floor Plan Payable
Total commitment	30,000	30,000
Less: outstanding letters of credit	(14,300)	(12,300)
Additional letters of credit capacity	$ 15,700	$ 17,700

Schedule I - Condensed Financial Information of Registrant - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 208,422	$ 39,647
Total current assets	2,271,288	2,349,112
Deferred tax asset	215,140	201,094
Total assets	4,863,277	4,889,452
Current liabilities:
Accrued liabilities	118,557	149,096
Current portion of Tax Receivable Agreement liability	0	12,943
Total current liabilities	1,680,952	1,947,839
Liabilities under Tax Receivable Agreement, net of current portion	150,372	149,866
Other long-term liabilities	94,927	85,440
Total liabilities	4,378,328	4,631,477
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share - 20,000 shares authorized; none issued and outstanding as of December 31, 2024 and 2023	0	0
Additional paid-in capital	193,692	131,665
Treasury stock, at cost; none and 4,551 shares as of December 31, 2024 and 2023, respectively	0	(159,440)
Retained earnings	132,241	195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.	326,562	168,352
Total liabilities and stockholders' equity	4,863,277	4,889,452
Class A Common Stock
Stockholders' equity:
Common stock	625	496
Class B Common Stock
Stockholders' equity:
Common stock	4	4
Class C Common Stock
Stockholders' equity:
Common stock	0	0
Parent Company \| Reportable Legal Entities
Current assets:
Cash and cash equivalents	10,141	1,905
Affiliate Loan	6,000	30,000
Prepaid income taxes and other	2,817	39
Total current assets	18,958	31,944
Deferred tax asset	213,642	199,696
Investment in subsidiaries	248,127	100,759
Total assets	480,727	332,399
Current liabilities:
Accrued liabilities	96	1,238
Current portion of Tax Receivable Agreement liability		12,943
Total current liabilities	96	14,181
Liabilities under Tax Receivable Agreement, net of current portion	150,372	149,866
Other long-term liabilities	3,697
Total liabilities	154,165	164,047
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share - 20,000 shares authorized; none issued and outstanding as of December 31, 2024 and 2023
Additional paid-in capital	193,692	131,665
Treasury stock, at cost; none and 4,551 shares as of December 31, 2024 and 2023, respectively		(159,440)
Retained earnings	132,241	195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.	326,562	168,352
Total liabilities and stockholders' equity	480,727	332,399
Parent Company \| Reportable Legal Entities \| Class A Common Stock
Stockholders' equity:
Common stock	625	496
Parent Company \| Reportable Legal Entities \| Class B Common Stock
Stockholders' equity:
Common stock	4	4
Parent Company \| Reportable Legal Entities \| Class C Common Stock
Stockholders' equity:
Common stock

Related Party Transactions (Details) - Related party - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mr. Lemonis \| Building \| Lincolnshire, Illinois
Related party transactions
Payment to purchase property	$ 4.5
Related Party Agreement \| Andris A. Baltins
Related party transactions
Related party expense		$ 0.1	$ 0.1	$ 0.2
FreedomRoads \| Lease Agreement \| Mr. Lemonis
Related party transactions
Related party expense		0.2	0.9	0.9
FreedomRoads \| Lease Agreement \| Managers and Officers
Related party transactions
Related party expense		$ 0.0	$ 3.4	$ 3.4

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies.

Commitments and Contingencies

14. Commitments and Contingencies

Sponsorship and Other Agreements

The Company enters into sponsorship and brand licensing agreements from time to time. Current sponsorship agreements run through 2028. The sponsorship and brand licensing agreements consist of annual fees payable in the aggregate of $2.6 million in 2025, $1.8 million in 2026, $0.4 million in 2027, and $0.4 million in 2028, which are recognized to expense over the expected benefit period.

The Company enters into subscription agreements from time to time. Currently there are subscription agreements for future software services consisting of annual fees payable as follows: $26.0 million in 2025, $20.9 million in 2026, $12.7 million in 2027, $3.0 million in 2028, and $1.2 million in 2029. Expense is recognized ratably over the term of the agreement.

Self-Insurance Program

Self-insurance reserves represent amounts established as a result of insurance programs under which the Company self-insures portions of the business risks. The Company carries substantial premium-paid, traditional risk transfer insurance for various business risks. The Company self-insures and establishes reserves for the retention on workers’ compensation insurance, general liability, automobile liability, and employee health claims. The self-insured claims liability was approximately $34.7 million and $29.4 million at December 31, 2024 and 2023, respectively. The determination of such claims and expenses and the appropriateness of the related liability are continually reviewed and updated. The self-insurance accruals are calculated by actuaries and are based on claims filed and include estimates for claims incurred but not yet reported. Projections of future losses, including incurred but not reported losses, are inherently uncertain because of the varying nature of insurance claims and could be substantially affected if occurrences and claims differ significantly from these assumptions and historical trends. In addition, the Company has obtained letters of credit as required by insurance carriers. As of December 31, 2024 and December 31, 2023, these letters of credit were $19.2 million and $17.2 million, respectively. This includes $14.3 million and $12.3 million for December 31, 2024 and December 31, 2023, respectively, issued under the Floor Plan Facility (see Note 4 —

Inventories and Floor Plan Payables), and the balance issued under the Company’s Senior Secured Credit Facilities (see Note 10 — Long-Term Debt).

Litigation

Weissmann Complaint

On June 22, 2021, FreedomRoads Holding Company, LLC (“FR Holdco”), an indirect wholly-owned subsidiary of CWGS, LLC, filed a one-count complaint captioned FreedomRoads Holding Company, LLC v. Steve Weissmann in the Circuit Court of Cook County, Illinois against Steve Weissmann (“Weissmann”) for breach of contractual obligation under note guarantee (the “Note”) (the “Weissmann Complaint”). On October 8, 2021, Weissmann brought a counterclaim against FR Holdco and third-party defendants Marcus A. Lemonis, NBCUniversal Media, LLC, the Consumer National Broadcasting Company, Camping World, Inc. (“CW”), and Machete Productions (“Machete”) (the “Weissmann Counterclaim”), in which he alleges claims in connection with the Note and his appearance on the reality television show The Profit. Weissmann alleges the following causes of action against FR Holdco and all third-party defendants, including CW: (i) fraud; (ii) fraud in the inducement; (iii) fraudulent concealment; (iv) breach of fiduciary duty; (v) defamation; (vi) defamation per se; (vii) false light; (viii) intentional infliction of emotional distress; (ix) negligence; (x) unjust enrichment; and (xi) RICO § 1962. Weissmann seeks costs and damages in an amount to be proven at trial but no less than the amount in the Note (approximately $2.5 million); in connection with his RICO claim, Weissmann asserts he is entitled to damages in the amount of three times the Note. On February 18, 2022, NBCUniversal, CNBC, and Machete filed a motion to compel arbitration (the “NBC Arbitration Motion”). On May 5, 2022, an agreed order was filed staying the litigation in favor of arbitration. On May 31, 2022, FR Holdco filed an arbitration demand against Weissmann for collection on the Note. Weissmann filed his response and counterclaims, and third-party claims against FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete on July 7, 2022. On or about July 21, 2022, FR Holdco and the other respondents filed their responses and affirmative defenses. On March 11, 2024, FR Holdco’s arbitration demand and the Weissmann arbitration demand were tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 23, 2024, the arbitrator issued an interim award in favor of FR Holdco in the amount of $4,318,892, plus interest, costs, and attorneys’ fees as set forth in the Tumbleweed bankruptcy plan and to be determined by the arbitrator in subsequent proceedings. On July 31, 2024, the arbitrator heard the parties’ arguments on the amount of attorneys’ fees and costs owed to FR Holdco, after Weissmann conceded in a written briefing the obligation to pay attorneys’ fees and costs to FR Holdco as the prevailing party. On September 12, 2024, the arbitrator issued a final award in favor of FR Holdco in the amount of $4,990,006, in the manner described in the Tumbleweed bankruptcy plan. Weissmann is jointly and severally liable for $4,106,884 of that amount. On September 24, 2024, Weissmann and Tumbleweed filed a Petition to Vacate Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On September 27, 2024, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Petition to Confirm Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On January 16, 2025, Superior Court for the State of California, County of Los Angeles granted the Petition to Confirm Arbitration Award and denied the Petition to Vacate Arbitration Award, concluding the litigation. There can be no assurances that we will be able to collect amounts owed pursuant to the Arbitration Award.

Tumbleweed Complaint

On November 10, 2021, Tumbleweed Tiny House Company, Inc. (“Tumbleweed”) filed a complaint against FR Holdco, CW, Marcus A. Lemonis, NBCUniversal Media, LLC, and Machete Productions in which Tumbleweed alleges claims in connection with the Note and its appearance on the reality television show The Profit (the “Tumbleweed Complaint”), seeking primarily monetary damages. Tumbleweed alleges the following claims against the defendants, including FR Holdco and CW: (i) fraud; (ii) false promise; (iii) breach of fiduciary duty (and aiding and abetting the same); (iv) breach of contract; (v) breach of oral contract; (vi) tortious interference with prospective economic advantage; (vii) fraud in the inducement; (viii) negligent misrepresentation; (ix) fraudulent concealment; (x) conspiracy; (xi) unlawful business practices; (xii) defamation; and (xiii) declaratory judgment. On April 21, 2022, the Court granted a motion to compel arbitration

filed by NBCUniversal and joined by all defendants, including FR Holdco, CW, and Marcus A. Lemonis, compelling Tumbleweed’s claims to arbitration. Tumbleweed served its arbitration demand on FR Holdco, CW, and Marcus A. Lemonis on May 17, 2022. FR Holdco, CW, and Marcus A. Lemonis filed responses and affirmative defenses on May 31, 2022. On July 20, 2022, pursuant to the JAMS streamlined arbitration rules, the Tumbleweed Complaint was consolidated together with the Weissmann Complaint. The parties have exchanged discovery. On March 11, 2024, FR Holdco’s arbitration demand and the Weissman arbitration demand were tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 23, 2024, the arbitrator issued an interim award in favor of all respondents, including FR Holdco, CW, and Lemonis. On July 31, 2024, the arbitrator heard the parties arguments on the amount of attorneys’ fees and costs owed to FR Holdco, CW, Lemonis, and the other defendants, after Tumbleweed conceded the obligation to pay attorneys’ fees and costs to the prevailing parties. On September 12, 2024, the arbitrator issued a final award in favor of FR Holdco, CW, Lemonis in the amount of $3,793,455 in attorneys’ fees and $626,611 in costs. The arbitrator also awarded $4,990,006 in favor of FR Holdco. On September 24, 2024, Weissmann and Tumbleweed filed a Petition to Vacate Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On September 27, 2024, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Petition to Confirm Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On January 16, 2025, Superior Court for the State of California, County of Los Angeles granted the Petition to Confirm Arbitration Award and denied the Petition to Vacate Arbitration Award, concluding the litigation. There can be no assurances that we will be able to collect amounts owed pursuant to the Arbitration Award.

Precise Complaint

On May 3, 2022, Lynn E. Feldman, Esquire, in her capacity as the Chapter 7 Trustee (the “Trustee”) for the Estate of Precise Graphix, LLC (the “Precise Estate”) filed a complaint against NBCUniversal Media, LLC, Machete Corporation, and CW in which the Trustee alleges claims on behalf of the Precise Estate in connection with its appearance on The Profit and subsequent commercial relationship with CW (the “Precise Complaint”), seeking primarily monetary damages from CW. The Trustee alleges the following claims against defendants, including CW: (i) fraud; (ii) false promise; (iii) breach of fiduciary duty; (iv) breach of contract; (v) breach of oral contract; (vi) fraud in the inducement; (vii) negligent misrepresentation; (viii) fraudulent concealment; (ix) conspiracy; (x) unlawful business practices in violation of California Business and Professions Code §17200; (xi) aiding and abetting; (xii) breach of fiduciary duty; and (xiii) declaratory judgment. The Trustee did not serve the Precise Complaint on CW. On July 3, 2022, the Precise Estate filed its arbitration demand against CW, NBCUniversal, and Machete alleging substantially similar claims as the Precise Complaint. On April 4, 2023, the Precise Estate’s arbitration demand was tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 31, 2023, the Arbitration was concluded and an award was entered by the Arbitrator against the Precise Estate in the amount of $7.1 million (the “Final Award”), of which CW would be entitled to $3.7 million. On June 13, 2023, the Trustee filed a notice of appeal of the Final Award with JAMS. On June 29, 2023, CW advanced the Trustee’s portion of the fee required by JAMS to advance the appeal. On July 5, 2023, CW filed an application in the United States Bankruptcy Court for the Eastern District of Pennsylvania (the “USBC”) seeking an order, inter alia, allowing the JAMS fee as an administrative expense of the Precise Estate. On July 14, 2023, the Trustee and respondents, including CW, filed a stipulation and agreed order (the “Stipulation”) as follows: (1) upon approval and entry of the Stipulation, CW’s claim for $3,500 shall be allowed and reimbursed; (2) the Trustee will notify JAMS that she is irrevocably withdrawing and ending her pending appeal of the Final Award; and (3) the Trustee will not dispute the amount of the Final Award. On July 17, 2023, the USBC entered the Stipulation as an order, which became final upon the expiration of the ten (10) day appeal period. Precise withdrew its appeal and on August 14, 2023 JAMS closed the arbitration. On September 25, 2023, the Superior Court of the State of California, upon motion by defendants, confirmed the arbitration award. On October 6, 2023, defendants filed an application in the matter of In re: Precise Graphix, LLC, pending in the United States Bankruptcy Court for the Eastern District of Pennsylvania (the “Bankruptcy Court”) seeking to have the fee award deemed an administrative expense in the Precise Estate. On April 4, 2024, the Trustee, CW, and the Precise Estate entered into a settlement agreement which provides for, among other things, an allowed claim against the Precise

Estate in favor of CW in the amount of $3.7 million, a portion of which is payable upon the entry of a final order of the Bankruptcy Estate approving the settlement agreement and mutual releases from the parties (the “Settlement Agreement”). On May 7, 2024, the Bankruptcy Court approved the Settlement Agreement. There can be no assurances that we will be able to collect amounts owed pursuant to the Settlement Agreement.

General

From time to time, the Company is involved in litigation arising in the normal course of business operations. While the outcome of litigation cannot be predicted with certainty, and some lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any pending matters is likely to have a material adverse effect on the Company’s financial statements. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements.

Supplier Agreement

In connection with the divestiture of CWDS, the Company entered into a Supplier Agreement with the buyer that requires the Company to purchase an aggregate $250.0 million of product over the approximately 10-year term of the Supplier Agreement. See Note 6 — Assets Held for Sale and Business Divestiture for a discussion of the divestiture of CWDS.

Employment Agreements

The Company has employment agreements with certain officers. The agreements include, among other things, an annual bonus based on certain performance-based criteria and certain severance benefits in the event of a qualifying termination.

Financial Assurances

In the normal course of business, the Company obtains standby letters of credit and surety bonds from financial institutions and other third parties. These instruments guarantee the Company’s own future performance and provide third parties with financial and performance assurance in the event that the Company does not perform. These instruments support a wide variety of the Company’s business activities. As of December 31, 2024 and December 31, 2023, outstanding standby letters of credit issued through our Floor Plan Facility were $14.3 million and $12.3 million, respectively, (see Note 4 — Inventories and Floor Plan Payables) and outstanding standby letters of credit issued through the Senior Secured Credit Facilities were $4.9 million and $4.9 million, respectively (see Note 10 — Long-Term Debt). As of December 31, 2024 and December 31, 2023, outstanding surety bonds were $26.6 million and $23.2 million, respectively. The underlying liabilities to which these instruments relate are reflected on the Company’s accompanying consolidated balance sheets, where applicable. Therefore, no additional liability is reflected for the letters of credit and surety bonds themselves.

Schedule II - Valuation and Qualifying Accounts Deferred Tax Assets (Details) - Valuation allowance for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation allowance and reserves
Balance at Beginning of Period	$ 192,686	$ 106,052	$ 291,386
Tax Valuation Allowance Charged to Income Tax Provision	0	64,351	0
Tax Valuation Allowance Credited to Income Tax Provision	(1,568)		(151,058)
Charged or (Credited) to Other Accounts	36,487	22,283	(34,276)
Balance at End of Period	$ 227,605	$ 192,686	$ 106,052

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property and Equipment, net

Property and Equipment, net

7. Property and Equipment, net

Property and equipment consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Land	$	133,984	$	142,020
Buildings and improvements		348,315		321,054
Leasehold improvements		369,791		339,439
Furniture and equipment		277,801		261,114
Software		93,769		90,835
Construction in progress and software in development		45,682		59,954
		1,269,342		1,214,416
Less: accumulated depreciation		(422,582)		(379,990)
Property and equipment, net	$	846,760	$	834,426

Goodwill and Intangible Assets - Finite-lived Intangible Assets Weighted-average Useful Lives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-lived intangible assets
2025	$ 3,643
2026	3,519
2027	3,479
2028	1,950
2029	1,173
Thereafter	5,705
Net	$ 19,469	$ 13,717

Schedule I - Condensed Financial Information of Registrant - Balance Sheets Additional (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Treasury Stock, (In shares)	0	4,551,000
Class A Common Stock
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	62,502,000	49,571,000
Common stock, outstanding	62,502,000	45,020,000
Class B Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	39,466,000	39,466,000
Common stock, outstanding	39,466,000	39,466,000
Class C Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1	1
Common stock, issued	1	1
Common stock, outstanding	1	1
Parent Company \| Reportable Legal Entities
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Treasury Stock, (In shares)	0	4,551,000
Parent Company \| Reportable Legal Entities \| Class A Common Stock
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	62,502,000	49,571,000
Common stock, outstanding	62,502,000	45,020,000
Parent Company \| Reportable Legal Entities \| Class B Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	39,466,000	39,466,000
Common stock, outstanding	39,466,000	39,466,000
Parent Company \| Reportable Legal Entities \| Class C Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1.000	1.000
Common stock, issued	1	1
Common stock, outstanding	1	1

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Summary of the reported carrying values and the fair values by level of the Company's assets and liabilities measured at fair value on a recurring basis


	December 31, 2024				December 31, 2023
($ in thousands)	Carrying Value		Level 3		Carrying Value		Level 3
Assets:
Derived participation investment ⁽¹⁾	$	156	$	156	$	—	$	—
Liabilities:
Acquisition-related contingent consideration ⁽²⁾		368		368		—		—

(1)	Derived participation investment was included in other assets in the accompanying consolidated balance sheets.

(2)	The $0.2 million currently and $0.2 million non-current portions of acquisition-related contingent consideration were included in accrued liabilities and other long-term liabilities, respectively, in the accompanying balance sheets.

Schedule of fair value measurements of assets using significant unobservable inputs


	Year Ended December 31, 2024
($ in thousands)	Derived Participation Investment		Acquisition-related contingent consideration
Beginning balance	$	—	$	—
Business combinations		—		368
Purchases		5,269		—
Settlements		(5,779)		—
Gains included in earnings		666		—
Ending balance	$	156	$	368

Schedule of fair value measurements of liabilities using significant unobservable inputs


	Year Ended December 31, 2024
($ in thousands)	Derived Participation Investment		Acquisition-related contingent consideration
Beginning balance	$	—	$	—
Business combinations		—		368
Purchases		5,269		—
Settlements		(5,779)		—
Gains included in earnings		666		—
Ending balance	$	156	$	368

Summary of aggregate carrying value and fair value of the Company's debt instruments


	Fair Value	December 31, 2024				December 31, 2023
($ in thousands)	Measurement	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2	$	1,335,535	$	1,320,286	$	1,346,229	$	1,328,892
Floor Plan Facility Revolving Line of Credit	Level 2		—		—		20,885		21,732
Real Estate Facilities⁽¹⁾	Level 2		173,132		176,684		183,892		195,029
Other Long-Term Debt	Level 2		7,926		6,652		8,246		6,702

(1)	The carrying value of Real Estate Facilities at December 31, 2023 includes the $17.3 million reported as liabilities related to assets held for sale in the consolidated balance sheet.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Assets Held for Sale and Business Divestiture - Assets and Related Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets held for sale:
Assets held for sale	$ 1,350	$ 29,864
Liabilities related to assets held for sale:
Liabilities related to assets held for sale	0	17,288
Disposal Group \| Properties held for sale
Assets held for sale:
Property and equipment, net	1,350	29,864
Assets held for sale	$ 1,350	29,864
Liabilities related to assets held for sale:
Current portion of long-term debt		864
Long-term debt, net of current portion		16,424
Liabilities related to assets held for sale		$ 17,288

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2024

Non-Controlling Interests

Schedule of ownership in CWGS, LLC


	As of December 31, 2024				As of December 31, 2023
	Common Units		Ownership %		Common Units		Ownership %
CWH		62,502,096		61.0%		45,020,116		52.9%
Continuing Equity Owners		39,895,393		39.0%		40,044,536		47.1%
Total		102,397,489		100.0%		85,064,652		100.0%

Schedule of effects of change in ownership


	Year Ended December 31,
($ in thousands)	2024		2023		2022
Net (loss) income attributable to Camping World Holdings, Inc.	$	(38,637)	$	33,372	$	123,748
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the public offering		(118,798)		—		—
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options		(239)		(485)		(245)
Decrease in additional paid-in capital as a result of the vesting of restricted stock units		(13,097)		(25,080)		(35,831)
(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(487)		3,016		2,371
Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock		—		—		27,561
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC		1,531		1,169		41,844
Change from net (loss) income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	(169,727)	$	11,992	$	159,448

Assets Held for Sale and Business Divestiture

12 Months Ended

Dec. 31, 2024

Assets Held for Sale and Business Divestiture

Assets Held for Sale and Business Divestiture

6. Assets Held for Sale and Business Divestiture

As of December 31, 2024, two properties from the RV and Outdoor Retail segment relating to real estate met the criteria to be classified as held for sale.

The following table presents the components of assets held for sale and liabilities related to assets held for sale at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Assets held for sale:
Property and equipment, net	$	1,350	$	29,864
	$	1,350	$	29,864
Liabilities related to assets held for sale:
Current portion of long-term debt	$	—	$	864
Long-term debt, net of current portion		—		16,424
	$	—	$	17,288

Additionally, 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 were 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 consolidated statements of operations for the year ended December 31, 2024. The Company believes that it has 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. This Supplier Agreement intangible asset is expected to be amortized over the term of the agreement of approximately 10 years.

Revenue - Contract Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Capitalized costs
Capitalized costs	$ 4.4	$ 4.5
Accounts receivable \| RV Service Center
Capitalized costs
Contract asset	$ 10.0	$ 16.1

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies
Self Insurance Reserve	$ 34.7	$ 29.4
Letters of credit	19.2	17.2
FreedomRoads, LLC Floor Plan Facility
Commitments and Contingencies
Letters of credit	14.3	$ 12.3
Broad market sponsorship agreement
Other agreements
2025	2.6
2026	1.8
2027	0.4
2028	0.4
Subscription agreement
Other agreements
2025	26.0
2026	20.9
2027	12.7
2028	3.0
2029	$ 1.2

Benefit Plan

12 Months Ended

Dec. 31, 2024

Benefit Plan

Benefit Plan

18. Benefit Plan

The Freedom Roads 401(k) Defined Contribution Plan (“FreedomRewards 401(k) Plan”) is qualified under Sections 401(a) and 401(k) of the Internal Revenue Service Code of 1986, as amended. All employees over age 18, including the executive officers, are eligible to participate in the Freedom Rewards 401(k) Plan. Any favorable vesting was permitted for any affected participants pursuant to FreedomRewards 401(k) Plan Amendment No. 3 signed December 15, 2011, and effective January 1, 2012. Non-highly compensated employees may defer up to 75% of their eligible compensation up to the Internal Revenue Service limits. Highly compensated employees may defer up to 15% of their eligible compensation up to the Internal Revenue Service limits. The Company contributed $2.8 million to the Company’s 401(k) Plan for 2023. There were no contributions by the Company to the Company’s 401(k) Plan for 2024 or 2022.

Non-Controlling Interests - Changes in Ownership in CWGS, LLC (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summarizes the effects of change in ownership:
Net (loss) income attributable to Camping World Holdings, Inc.		$ (38,637)	$ 33,372	$ 123,748
Transfers to non-controlling interests:
Change from net (loss) income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests		(169,727)	11,992	159,448
Additional Paid-in Capital
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the public offering		(118,798)
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options		(239)	(485)	(245)
Decrease in additional paid-in capital as a result of the vesting of restricted stock units		(13,097)	(25,080)	(35,831)
Decrease (increase) in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(487)	3,016	2,371
Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock				27,561
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC		$ 1,531	$ 1,169	$ 41,844
Common Unit Giftees
Non-Controlling Interests
Number of shares gifted				2,000,000
Common Unit Giftees \| Class A Common Stock
Non-Controlling Interests
Number of units redeemed	2,000,000
Class A common stock issued in exchange for common units in CWGS, LLC	2,000,000
Common Unit Giftees \| Class B Common Stock
Non-Controlling Interests
Number of shares issued				2,000,000
Shares cancelled	2,000,000

Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment, net
Property and equipment, inclusive of right-to-use assets, gross	$ 1,269,342	$ 1,214,416
Less: accumulated depreciation	(422,582)	(379,990)
Property and equipment, net	846,760	834,426
Land
Property and Equipment, net
Property and equipment, gross	133,984	142,020
Buildings and improvements
Property and Equipment, net
Property and equipment, gross	348,315	321,054
Leasehold improvements - inclusive of right to use assets
Property and Equipment, net
Property and equipment, inclusive of right-to-use assets, gross	369,791	339,439
Furniture and equipment
Property and Equipment, net
Property and equipment, gross	277,801	261,114
Software
Property and Equipment, net
Property and equipment, gross	93,769	90,835
Construction in progress and software in development
Property and Equipment, net
Property and equipment, gross	$ 45,682	$ 59,954

Lease Obligations - Financial Statement Line Items (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Lease Obligations
Finance lease assets	$ 120.0	$ 100.4

Revenue - Performance Obligation (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Performance obligation
Revenue expected to be recognized	$ 155,766
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Performance obligation
Revenue expected to be recognized	$ 92,124
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Performance obligation
Revenue expected to be recognized	$ 31,678
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Performance obligation
Revenue expected to be recognized	$ 16,911
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Performance obligation
Revenue expected to be recognized	$ 8,453
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Performance obligation
Revenue expected to be recognized	$ 4,174
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Performance obligation
Revenue expected to be recognized	$ 2,426
Unsatisfied performance obligation, period	0 years

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Stockholders' Equity

19. Stockholders’ Equity

CWGS, LLC Ownership

CWH is the sole managing member of CWGS, LLC and has the sole voting power in, and controls the management of, CWGS, LLC (See Note 20 – Non-Controlling Interests for further information about the ownership of CWGS, LLC). The remaining interest in CWGS, LLC, was held by the Continuing Equity Owners, who may redeem at each of their options their common units for, at the Company’s election (determined solely by the Company’s independent directors (within the meaning of the rules of the New York Stock Exchange)

who are disinterested), cash or newly issued shares of the Company’s Class A common stock. Accordingly, the Company consolidated the financial results of CWGS, LLC and reported a non-controlling interest in its consolidated financial statements. In accordance with the CWGS LLC Agreement, CWGS, LLC has made cash distributions to all common unit holders of CWGS, LLC in an amount sufficient for 1) CWH to pay the portion of its regular quarterly cash dividend to holders of its Class A common stock that is unrelated to tax distributions, if any, and 2) the common unit holders of CWGS, LLC to pay their income tax obligation on their allocated portion of CWGS, LLC income at the highest tax rate for all common unit holders of CWGS, LLC. The payment of these cash distributions by CWGS, LLC to Continuing Equity Owners are recorded as distributions to holders of CWGS, LLC common units in the accompanying Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Cash Flows. The payment of these cash distributions by CWGS, LLC to CWH are within the consolidated group and, therefore, are not included in the distributions to holders of CWGS, LLC common units in the accompanying Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Cash Flows.

Common Stock Economic and Voting Rights

Each share of the Company’s Class A common stock and Class B common stock entitles its holders to one vote per share on all matters presented to the Company’s stockholders generally; provided that, for as long as ML Related Parties, directly or indirectly, beneficially own in the aggregate 27.5% or more of all of the outstanding common units of CWGS, LLC, the shares of Class B common stock held by the ML Related Parties will entitle the ML Related Parties to the number of votes necessary such that the ML Related Parties, in the aggregate, cast 47% of the total votes eligible to be cast by all of the Company’s stockholders on all matters presented to a vote of the Company’s stockholders generally. Additionally, the one share of Class C common stock entitles its holder to the number of votes necessary such that the holder casts 5% of the total votes eligible to be cast by all of the Company’s stockholders on all matters presented to a vote of the Company’s stockholders generally. The one share of Class C common stock is owned by ML RV Group, LLC, a Delaware limited liability company, wholly-owned by the Company’s Chairman and Chief Executive Officer, Marcus A. Lemonis.

Holders of the Company’s Class B and Class C common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the Company. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of common units of CWGS, LLC held by funds controlled by Crestview Partners II GP, L.P. and the ML Related Parties (the “Class B Common Owners”) and the number of shares of Class B common stock held by the Class B Common Owners. Shares of Class B common stock are transferable only together with an equal number of common units of CWGS, LLC. Only permitted transferees of common units held by the Class B Common Owners will be permitted transferees of Class B common stock. Shares of Class B common stock will be canceled on a one-for-one basis upon the redemption of any of the outstanding common units of CWGS, LLC held by the Class B Common Owners. Upon the occurrence of certain change in control events, the Class C common stock would no longer have any voting rights, such share of the Company’s Class C common stock will be cancelled for no consideration and will be retired, and the Company will not reissue such share of Class C common stock.

The Company must, at all times, maintain a one-to-one ratio between the number of outstanding shares of Class A common stock and the number of common units of CWGS, LLC owned by CWH (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

November 2024 Public Offering

On November 1, 2024, the Company completed a public offering (the “November 2024 Public Offering”) in which the Company sold 14,634,146 shares of the Company’s Class A common stock at a public offering price of $20.50 per share (or $19.81 per share after underwriting discounts and commissions). The Company received $289.9 million in proceeds, net of underwriting discounts and commissions, which were used to purchase 14,634,146 common units from CWGS, LLC at a price per unit equal to the public offering price per share of Class A common stock in the November 2024 Public Offering, less underwriting discounts and commissions.

Additionally, in November 2024, the underwriters exercised their option to purchase an additional 2,195,121 shares of Class A common stock and the Company received $43.5 million in additional proceeds, net of underwriting discounts and commissions, which were used to purchase 2,195,121 common units from CWGS, LLC at a price per unit equal to the public offering price per share of Class A common stock in the November 2024 Public Offering, less underwriting discounts and commissions.

Of the 16,829,267 shares Class A common stock sold in the November 2024 Public Offering, 4,228,700 were issued from treasury stock and the remainder were newly-issued shares. The Company incurred approximately $1.0 million of offering costs that were recorded as a reduction in the additional paid-in capital recorded for the proceeds from the November 2024 Public Offering in the consolidated statement of stockholders’ equity.

Short-Swing Profit Disgorgement

In November 2022, the Company received approximately $58,000 from short-swing profit disgorgement remitted by Marcus A. Lemonis, Chairman and Chief Executive Officer of the Company, which is included as an increase to additional paid-in capital in the consolidated statement of stockholders’ equity and as a financing activity in the consolidated statement of cash flows.

Stock Repurchase Program

In October 2020, the Company’s Board of Directors initially authorized a stock repurchase program for the repurchase of up to $100.0 million of the Company’s Class A common stock, expiring on October 31, 2022. In August 2021 and January 2022, the Company’s Board of Directors authorized increases to the stock repurchase program for the repurchase of up to an additional $125.0 million and $152.7 million, respectively, of the Company’s Class A common stock and extended the stock repurchase program to expire on August 31, 2023 and December 31, 2025, respectively. Repurchases under the program are subject to any applicable limitations on the availability of funds to be distributed to the Company by CWGS, LLC to fund repurchases and may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Class A common stock and the program may be extended, modified, suspended or discontinued at any time at the Board’s discretion. The Company expects to fund the repurchases using cash on hand.

During the years ended December 31, 2024 and 2023, the Company did not repurchase Class A common stock under the stock repurchase program. During the year ended December 31, 2022, the Company repurchased 2,592,524 shares of Class A common stock under this program for approximately $79.8 million including commissions paid, at a weighted average price per share of $30.76, which is recorded as treasury stock on the accompanying consolidated balance sheets. Class A common stock held as treasury stock is not considered outstanding. During the years ended December 31, 2024 and 2023, the Company reissued 322,271 and 579,176 shares of Class A common stock from treasury stock to settle the exercises of stock options, vesting of restricted stock units, and settlement of other stock-based awards under the Company’s 2016 Incentive Award Plan (the “2016 Plan”), respectively, (see Note 21 — Stock-Based Compensation Plans). As discussed above, the Company reissued 4,228,700 shares of Class A common stock held as treasury in the November 2024 Public Offering. As of December 31, 2024 and 2023, the remaining approved amount for repurchases of Class A common stock under the share repurchase program was approximately $120.2 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Restructuring and Long-Lived Asset Impairment (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of long-lived asset impairment charges by type of long-lived asset

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


	Year Ended December 31,
	2024		2023		2022
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	4,032	$	1,857	$	2,557
Operating lease right of use assets		7,242		1,107		1,613
Building and improvements		3,787		—		—
Furniture and equipment		—		329		61
Software		—		1,362		—
Construction in progress and software in development		—		113		—
Intangible assets		—		4,501		—
Total long-lived asset impairment charges	$	15,061	$	9,269	$	4,231

Long-lived asset impairment charges by restructuring activity:
2019 Strategic Shift		—		—		1,614
Active Sports Restructuring		—		6,648		—
Unrelated to restructuring activities		15,061		2,621		2,617
Total long-lived asset impairment charges	$	15,061	$	9,269	$	4,231

2019 Strategic Shift

Schedule of restructuring expenses incurred

The following table details the costs incurred associated with the 2019 Strategic Shift for the periods presented (in thousands):


	Year Ended December 31,
	2024		2023		2022
2019 Strategic Shift restructuring costs:
Lease termination costs⁽¹⁾		(1,575)		—		1,316
Other associated costs⁽²⁾		3,368		3,965		7,026
Total 2019 Strategic Shift restructuring costs	$	1,793	$	3,965	$	8,342

(1)	These costs were included in lease termination charges in the consolidated statements of operations. This reflects termination fees paid, net of any gain from derecognition of the related operating lease assets and liabilities.

(2)

Schedule of changes in the restructuring accrual

The following table details changes in the restructuring accrual associated with the 2019 Strategic Shift (in thousands):


	Lease		Other
	Termination		Associated
	Costs⁽¹⁾		Costs⁽²⁾		Total
Balance at December 31, 2021	$	—	$	926	$	926
Charged to expense		6,097		7,026		13,123
Paid or otherwise settled		(6,097)		(7,083)		(13,180)
Balance at December 31, 2022		—		869		869
Charged to expense		—		3,965		3,965
Paid or otherwise settled		—		(3,676)		(3,676)
Balance at December 31, 2023		—		1,158		1,158
Charged to expense		1,860		3,368		5,228
Paid or otherwise settled		(1,860)		(4,526)		(6,386)
Balance at December 31, 2024	$	—	$	—	$	—

(1)

(2)	Other associated costs primarily represent labor, lease and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift.

Active Sports

Schedule of restructuring expenses incurred

The following table details the costs incurred associated with the Active Sports Restructuring (in thousands):


	Year Ended December 31,
	2024		2023		2022
Active Sports Restructuring costs:
One-time termination benefits⁽¹⁾	$	—	$	193	$	—
Incremental inventory reserve charges⁽¹⁾		—		4,344		—
Lease termination costs ⁽²⁾		1,343		375		—
Other associated costs⁽³⁾		868		1,003		—
Total Active Sports Restructuring costs	$	2,211	$	5,915	$	—

(1)

These costs were included in costs applicable to revenues – products, service and other in the consolidated statements of operations.

(2)

(3)

Schedule of changes in the restructuring accrual

The following table details changes in the restructuring accrual associated with the Active Sports Restructuring (in thousands):


	One-time		Lease		Other
	Termination		Termination		Associated
	Benefits		Costs ⁽¹⁾		Costs ⁽²⁾		Total
Balance at March 31, 2023	$	—	$	—	$	—	$	—
Charged to expense		193		—		1,003		1,196
Paid or otherwise settled		(193)		—		(1,003)		(1,196)
Balance at December 31, 2023		—		—		—		—
Charged to expense		—		1,492		868		2,360
Paid or otherwise settled		—		(1,492)		(868)		(2,360)
Balance at December 31, 2024	$	—	$	—	$	—	$	—

(1)	Lease termination costs exclude the $0.1 million of gain from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the Active Sports Restructuring for the year ended December 31, 2024.

(2)	Other associated costs primarily represent labor, lease and other operating expenses incurred during the post-close wind-down period for the specialty retail location and distribution centers related to the Active Sports Restructuring.

Inventories and Floor Plan Payables (Tables)

12 Months Ended

Dec. 31, 2024

Inventory

Schedule of inventories

Inventories consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Good Sam services and plans	$	263	$	452
New RVs		1,241,533		1,378,403
Used RVs		413,546		464,833
Products, parts, accessories and other		166,495		199,261
	$	1,821,837	$	2,042,949

Floor Plan Facility

Inventory

Schedule of outstanding amounts and available borrowing

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of December 31, 2024 and December 31, 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Floor Plan Facility:
Notes payable — floor plan:
Total commitment	$	1,850,000	$	1,850,000
Less: borrowings, net of FLAIR offset account		(1,161,713)		(1,371,145)
Less: FLAIR offset account⁽¹⁾		(79,472)		(145,047)
Additional borrowing capacity		608,815		333,808
Less: short-term payable for sold inventory⁽²⁾		(33,152)		(41,577)
Less: purchase commitments⁽³⁾		(9,340)		(27,420)
Unencumbered borrowing capacity	$	566,323	$	264,811

Revolving line of credit	$	70,000	$	70,000
Less: borrowings		-		(20,885)
Additional borrowing capacity	$	70,000	$	49,115

Letters of credit:
Total commitment	$	30,000	$	30,000
Less: outstanding letters of credit		(14,300)		(12,300)
Additional letters of credit capacity	$	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 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 Consolidated Balance Sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the 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.

Schedule of outstanding supplier finance program obligations

The following table rolls forward the Company's outstanding supplier finance program obligations confirmed as valid under its Floor Plan Facility for the year ended December 31, 2024 (in thousands):


	Year Ended
	December 31, 2024
Notes payable - floor plan, net, beginning of year	$	1,371,145
Add: FLAIR offset account, beginning of year		145,047
Add: short-term payable for sold inventory, beginning of year		41,577
Confirmed obligations outstanding, beginning of year		1,557,769
Add: new obligations confirmed during the period		2,292,615
Less: confirmed obligations paid during the period		(2,576,047)
Confirmed obligations outstanding, end of period		1,274,337
Less: FLAIR offset account, end of period		(79,472)
Less: short-term payable for sold inventory, end of period		(33,152)
Notes payable - floor plan, net, end of period	$	1,161,713

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 208,422	$ 39,647
Contracts in transit	61,222	60,229
Accounts receivable, net	120,412	128,070
Inventories	1,821,837	2,042,949
Prepaid expenses and other assets	58,045	48,353
Assets held for sale	1,350	29,864
Total current assets	2,271,288	2,349,112
Property and equipment, net	846,760	834,426
Operating lease assets	739,352	740,052
Deferred tax assets, net	215,140	201,094
Intangible assets, net	19,469	13,717
Goodwill	734,023	711,222
Other assets	37,245	39,829
Total assets	4,863,277	4,889,452
Current liabilities:
Accounts payable	145,346	133,516
Accrued liabilities	118,557	149,096
Deferred revenues	92,124	92,366
Current portion of operating lease liabilities	61,993	63,695
Current portion of finance lease liabilities	7,044	17,133
Current portion of Tax Receivable Agreement liability	0	12,943
Current portion of long-term debt	23,275	22,121
Notes payable - floor plan, net	1,161,713	1,371,145
Other current liabilities	70,900	68,536
Liabilities related to assets held for sale	0	17,288
Total current liabilities	1,680,952	1,947,839
Operating lease liabilities, net of current portion	764,113	763,958
Finance lease liabilities, net of current portion	131,004	97,751
Tax Receivable Agreement liability, net of current portion	150,372	149,866
Revolving line of credit	0	20,885
Long-term debt, net of current portion	1,493,318	1,498,958
Deferred revenues	63,642	66,780
Other long-term liabilities	94,927	85,440
Total liabilities	4,378,328	4,631,477
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share - 20,000 shares authorized; none issued and outstanding	0	0
Additional paid-in capital	193,692	131,665
Treasury stock, at cost; none and 4,551 shares, respectively	0	(159,440)
Retained earnings	132,241	195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.	326,562	168,352
Non-controlling interests	158,387	89,623
Total stockholders' equity	484,949	257,975
Total liabilities and stockholders' equity	4,863,277	4,889,452
Class A Common Stock
Stockholders' equity:
Common stock	625	496
Class B Common Stock
Stockholders' equity:
Common stock	4	4
Class C Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0

(Loss) Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Class A Common Stock

Schedule of reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings


	Year Ended December 31,
(In thousands except per share amounts)	2024		2023		2022
Numerator:
Net (loss) income	$	(78,880)	$	52,929	$	337,832
Less: net (loss) income attributable to non-controlling interests		40,243		(19,557)		(214,084)
Net (loss) income attributable to Camping World Holdings, Inc. — basic		(38,637)		33,372		123,748
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs		—		—		938
Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—		15,392		—
Net (loss) income attributable to Camping World Holdings, Inc. — diluted	$	(38,637)	$	48,764	$	124,686
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		48,005		44,626		42,386
Dilutive options to purchase Class A common stock		—		20		56
Dilutive restricted stock units		—		281		412
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—		40,045		—
Weighted-average shares of Class A common stock outstanding — diluted		48,005		84,972		42,854

(Loss) earnings per share of Class A common stock — basic	$	(0.80)	$	0.75	$	2.92
(Loss) earnings per share of Class A common stock — diluted	$	(0.80)	$	0.57	$	2.91

Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock:
Stock options to purchase Class A common stock		175		50		—
Restricted stock units		1,979		1,364		2,146
Common units of CWGS, LLC that are convertible into Class A common stock		40,007		—		42,045

Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt
Long-term debt	$ 1,516,593	$ 1,521,079
Other Long-Term Debt
Long-Term Debt
Long-term debt	$ 7,926	$ 8,246
Interest rate (as a percent)	4.27%

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements - Significant unobservable inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Derived Participation Investment
Purchases	$ 5,269
Settlements	(5,779)
Gains included in earnings	$ 666
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Termination of Lease
Ending balance	$ 156
Acquisition-related contingent consideration
Business combinations	368
Ending balance	$ 368

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tangible assets (liabilities) acquired (assumed):
Goodwill	$ 734,023	$ 711,222	$ 622,423
Application of deposit paid in prior period	(8,873)	0	0
Cash paid for acquisitions, net of cash acquired	72,323	209,459	$ 217,034
2024 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Accounts receivable, net	4
Inventories, net	36,431
Property and equipment, net	296
Operating lease assets	15,328
Accounts payable	(5)
Accrued liabilities	(35)
Current portion of operating lease liabilities	(1,112)
Other current liabilities	(23)
Operating lease liabilities, net of current portion	(14,216)
Total tangible net assets acquired	36,668
Total intangible assets acquired	3,195
Goodwill	31,701
Purchase price of acquisitions	71,564
Application of deposit paid in prior period	(8,873)
Contingent consideration	(368)
Lazydays acquisition deposit	10,000
Cash paid for acquisitions, net of cash acquired	72,323
Inventory purchases financed via floor plan	(49,162)
Cash payment net of floor plan financing	23,161
2024 Acquisitions \| Supplier And customer relationships
Tangible assets (liabilities) acquired (assumed):
Total intangible assets acquired	2,595
2024 Acquisitions \| Websites and developed technology
Tangible assets (liabilities) acquired (assumed):
Total intangible assets acquired	$ 600
2023 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Accounts receivable, net		0
Inventories, net		119,672
Prepaid expenses and other assets		170
Property and equipment, net		1,407
Operating lease assets		916
Accounts payable		(6)
Accrued liabilities		(63)
Current portion of operating lease liabilities		(208)
Other current liabilities		(520)
Operating lease liabilities, net of current portion		(708)
Total tangible net assets acquired		120,660
Total intangible assets acquired		0
Goodwill		88,799
Purchase price of acquisitions		209,459
Application of deposit paid in prior period		0
Contingent consideration		0
Lazydays acquisition deposit		0
Cash paid for acquisitions, net of cash acquired		209,459
Inventory purchases financed via floor plan		(100,331)
Cash payment net of floor plan financing		109,128
2023 Acquisitions \| Supplier And customer relationships
Tangible assets (liabilities) acquired (assumed):
Total intangible assets acquired		0
2023 Acquisitions \| Websites and developed technology
Tangible assets (liabilities) acquired (assumed):
Total intangible assets acquired		$ 0

Restructuring and Long-Lived Asset Impairment - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended	16 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2020 location
2019 Strategic Shift
Restructuring cost and accrual
Number of distribution centers closed \| location			2
Annual lease expense, net of sublease income		$ 3.5
Incurred costs		128.0
2019 Strategic Shift \| One-time termination benefits
Restructuring cost and accrual
Incurred costs		1.2
2019 Strategic Shift \| Lease termination costs
Restructuring cost and accrual
Incurred costs		23.1
2019 Strategic Shift \| Incremental inventory reserve charges
Restructuring cost and accrual
Incurred costs		57.4
2019 Strategic Shift \| Other associated costs
Restructuring cost and accrual
Incurred costs		46.3
2019 Strategic Shift \| Outdoor Lifestyle Locations
Restructuring cost and accrual
Closed/divested \| location			39
2019 Strategic Shift \| Specialty Retail locations
Restructuring cost and accrual
Closed/divested \| location			20
Active Sports
Restructuring cost and accrual
Incurred costs		8.1
Impairment charges	$ 6.6
Impairment of Intangible Assets, Finite-Lived	$ 4.5
Impairment, intangible asset, finite-lived, statement of income or comprehensive income extensible enumeration	Long-lived asset impairment
Other Asset Impairment Charges	$ 2.1
Active Sports \| One-time termination benefits
Restructuring cost and accrual
Incurred costs		0.2
Active Sports \| Lease termination costs
Restructuring cost and accrual
Incurred costs		1.7
Active Sports \| Incremental inventory reserve charges
Restructuring cost and accrual
Incurred costs		4.3
Active Sports \| Other associated costs
Restructuring cost and accrual
Incurred costs		$ 1.9

Non-Controlling Interests

12 Months Ended

Dec. 31, 2024

Non-Controlling Interests

Non-Controlling Interests

20. Non-Controlling Interests

As described in Note 19 — Stockholders’ Equity, CWH is the sole managing member of CWGS, LLC and, as a result, consolidates the financial results of CWGS, LLC. The Company reports a non-controlling interest representing the common units of CWGS, LLC held by Continuing Equity Owners. Changes in CWH’s ownership interest in CWGS, LLC while CWH retains its controlling interest in CWGS, LLC will be accounted for as equity transactions. As such, future redemptions of common units of CWGS, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when CWGS, LLC has positive or negative net assets, respectively. At the end of each period, the Company will record a non-controlling interest adjustment to additional paid-in capital such that the non-controlling interest on the accompanying consolidated balance sheet is equal to the non-controlling interest’s ownership share of the underlying CWGS, LLC net assets (see the consolidated statement of stockholders’ equity).

The following table summarizes the CWGS, LLC common unit ownership by CWH and the Continuing Equity Owners:


	As of December 31, 2024				As of December 31, 2023
	Common Units		Ownership %		Common Units		Ownership %
CWH		62,502,096		61.0%		45,020,116		52.9%
Continuing Equity Owners		39,895,393		39.0%		40,044,536		47.1%
Total		102,397,489		100.0%		85,064,652		100.0%

During the year ended December 31, 2022, CWGS Holding, LLC, a wholly owned subsidiary of ML Acquisition Company, LLC, which is indirectly owned by each of the estate of Stephen Adams, a former member of the Company’s Board of Directors, and Marcus A. Lemonis, the Company’s Chairman and Chief Executive Officer gifted 2,000,000 common units of CWGS, LLC in total to a college and hospital in 2022 (“2022 Common Unit Giftees”), which resulted in the corresponding 2,000,000 of Class B common stock being transferred to the 2022 Common Unit Giftees. On January 1, 2023, the 2022 Common Unit Giftees redeemed the 2,000,000 common units of CWGS, LLC for 2,000,000 shares of the Company’s Class A common stock, which also resulted in the cancellation of 2,000,000 shares of the Company’s Class B common stock that had been transferred to the 2022 Common Unit Giftees with no additional consideration provided.

The following table summarizes the effects of changes in ownership in CWGS, LLC on the Company’s equity:


	Year Ended December 31,
($ in thousands)	2024		2023		2022
Net (loss) income attributable to Camping World Holdings, Inc.	$	(38,637)	$	33,372	$	123,748
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the public offering		(118,798)		—		—
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options		(239)		(485)		(245)
Decrease in additional paid-in capital as a result of the vesting of restricted stock units		(13,097)		(25,080)		(35,831)
(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(487)		3,016		2,371
Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock		—		—		27,561
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC		1,531		1,169		41,844
Change from net (loss) income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	(169,727)	$	11,992	$	159,448

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

The following is a summary of changes in the Company’s goodwill by business line for the years ended December 31, 2024 and 2023 (in thousands):


	Good Sam
	Services and		RV and
	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2022 (excluding impairment charges)	$	71,118	$	793,142	$	864,260
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2022		24,234		598,189		622,423
Acquisitions		—		88,799		88,799
Balance at December 31, 2023		24,234		686,988		711,222
Acquisitions		1,561		30,140		31,701
Divestiture ⁽¹⁾		—		(8,900)		(8,900)
Balance at December 31, 2024	$	25,795	$	708,228	$	734,023

(1)	See Note 6 ― Assets Held for Sale and Business Divestiture.

In the fourth quarter of 2024 and 2023, the Company performed its annual goodwill impairment test of the RV and Outdoor Retail, the Good Sam Show, Good Sam Media, and GSS Enterprise reporting units by performing a quantitative analysis. The RV and Outdoor Retail reporting unit is comprised of the entire RV and Outdoor Retail segment. The Good Sam Show, GSS Enterprise, Good Sam Media, and Good Sam RA and Tire Rescue reporting units are comprised of a portion of the Good Sam Services and Plans segment. These annual goodwill impairment tests resulted in the determination that the estimated fair value of these reporting units exceeded their carrying value. Therefore, no impairment charge was recorded during the years ended December 31, 2024 and 2023. The Company estimated the fair value of these reporting units using a combination of the guideline public company method under the market approach and the discounted cash flow analysis method under the income approach.

Intangible Assets

Finite-lived intangible assets and related accumulated amortization consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31, 2024
							Wtd. Average
	Carrying		Accumulated				Useful Life
	Value		Amortization		Net		(in years)
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,537)	$	203	5.3
Trademarks and trade names		2,132		(379)		1,753	15.0
Websites and developed technology		3,650		(1,614)		2,036	6.7
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(2,752)		1,402	5.5
Supplier lists and agreements		9,500		(594)		8,906	11.0
Trademarks and trade names		26,526		(22,005)		4,521	15.0
Websites and developed technology		6,348		(5,700)		648	10.1
	$	62,050	$	(42,581)	$	19,469	11.6

	December 31, 2023
							Wtd. Average
	Carrying		Accumulated				Useful Life
	Value		Amortization		Net		(in years)
Good Sam Services and Plans:
Membership, customer lists and other	$	9,640	$	(9,246)	$	394	5.4
Trademarks and trade names		2,132		(238)		1,894	15.0
Websites and developed technology		3,050		(1,118)		1,932	7.0
RV and Outdoor Retail:
Customer lists and domain names		5,543		(3,269)		2,274	5.3
Supplier lists and agreements		1,696		(1,102)		594	5.0
Trademarks and trade names		27,251		(21,390)		5,861	15.0
Websites and developed technology		6,325		(5,557)		768	10.0
	$	55,637	$	(41,920)	$	13,717	11.2

Amortization expense related to finite-lived intangibles for the years ended December 31, 2024, 2023, and 2022 was $3.6 million, $3.8 million and $13.5 million, respectively. The aggregate future five-year amortization of finite-lived intangibles at December 31, 2024, was as follows (in thousands):


2025	$	3,643
2026		3,519
2027		3,479
2028		1,950
2029		1,173
Thereafter		5,705
	$	19,469

Long-Term Debt - Real Estate Facilities (Details) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2024 USD ($)	Jun. 30, 2023 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Nov. 30, 2018 USD ($)
Long-term debt
Long-Term Debt			$ 1,516,593	$ 1,521,079
Payments of outstanding balance			63,885	0	$ 0
M & T Real Estate Facility
Long-term debt
Maximum borrowing capacity			$ 300,000	$ 300,000		$ 250,000
Commitment fee (as a percent)			0.20%	0.20%
Proceeds from issuance of debt			$ 55,600	$ 59,200
Remaining Available			57,390
Long-Term Debt			$ 169,756
M & T Real Estate Facility \| SOFR
Long-term debt
Variable rate spread (as a percent)			2.30%	2.30%
M & T Real Estate Facility \| Federal Funds Effective Rate
Long-term debt
Variable rate spread (as a percent)			1.80%	1.80%
M & T Real Estate Facility \| Prime Rate
Long-term debt
Variable rate spread (as a percent)			1.30%	1.30%
M&T Real Estate Facility Relating to Separate Property
Long-term debt
Payments of outstanding balance			$ 46,500
Number of properties with associated secured borrowings \| property			8
Real Estate Facilities
Long-term debt
Remaining Available			$ 57,390
Long-Term Debt			173,132	$ 166,604
First CIBC Real Estate Facility
Long-term debt
Long-Term Debt			$ 3,376
First CIBC Real Estate Facility \| Secured Debt
Long-term debt
Maximum borrowing capacity									$ 21,500
Second CIBC Real Estate Facility
Long-term debt
Payments of outstanding balance		$ 7,400
Number of properties with associated secured borrowings \| property		1
Second CIBC Real Estate Facility \| Secured Debt
Long-term debt
Maximum borrowing capacity								$ 9,000
Third CIBC Real Estate Facility
Long-term debt
Payments of outstanding balance	$ 8,900
Third CIBC Real Estate Facility \| Secured Debt
Long-term debt
Maximum borrowing capacity							$ 10,100

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities
Compensation and benefits	$ 42,652	$ 51,999
Other accruals	75,905	97,097
Total	$ 118,557	$ 149,096

Inventories and Floor Plan Payables

12 Months Ended

Dec. 31, 2024

Inventories and Floor Plan Payables

Inventories and Floor Plan Payables

4. Inventories and Floor Plan Payables

Inventories consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Good Sam services and plans	$	263	$	452
New RVs		1,241,533		1,378,403
Used RVs		413,546		464,833
Products, parts, accessories and other		166,495		199,261
	$	1,821,837	$	2,042,949

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 with a syndication of banks (“Floor Plan Lenders”). The borrowings under the floor plan credit agreement are collateralized by substantially all of the assets of FreedomRoads, LLC (“FR”), a wholly-owned subsidiary of FreedomRoads, which operates the RV dealerships. The floor plan borrowings are tied to specific vehicles and principal is due upon the sale of the related vehicle or upon reaching certain aging criteria.

As of December 31, 2024 and 2023, FR maintained floor plan financing through the Eighth Amended and Restated Credit Agreement (as amended from time to time, the “Floor Plan Facility”) entered into in September 2021. The Floor Plan Facility at December 31, 2024 allowed FR to borrow (a) up to $1.85 billion under a floor plan facility of which 30% may be used to finance used RV inventory, (b) up to $30.0 million under a letter of credit facility and (c) up to a maximum amount outstanding of $70.0 million under the revolving line of credit.

The Floor Plan Facility also includes an accordion feature allowing FR, at its option, to request to increase the aggregate amount of the floor plan notes payable in $50.0 million increments up to a maximum amount of $300.0 million. The Floor Plan Lenders are not under any obligation to provide commitments in respect of any future increase under the accordion feature.

As of December 31, 2024 and 2023, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 6.72% and 7.28%, respectively. As of December 31, 2024, under the Floor Plan Facility, at the Company’s option, the floor plan notes payable, and borrowings for letters of credit, in each case, bear interest at a rate per annum equal to (a) the floating Secured Overnight Financing Rate (“SOFR”), plus a SOFR adjustment of 0.11%, plus the applicable rate of 1.90% to 2.50% determined based on FR’s consolidated current ratio, or, (b) the base rate (as described below) plus the applicable rate of 0.40% to 1.00% determined based on FR’s consolidated current ratio.

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 December 31, 2024. As of December 31, 2023, the applicable interest rate for revolving line of credit borrowings under the Floor Plan Facility was 7.63%. As of December 31, 2024, under the Floor Plan Facility, revolving line of credit borrowings bear interest at a rate per annum equal to, at the Company’s option, either: (a) a floating SOFR rate, plus a SOFR adjustment of 0.11%, plus 2.25%, in the case of floating SOFR rate loans, or (b) a base rate determined by reference to the greatest of: (i) the federal funds rate plus 0.50% or (ii) the prime rate published by Bank of America, N.A., plus 0.75%, in the case of base rate loans. 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 December 31, 2024 and 2023.

The Floor Plan Facility includes a 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. These transfers reduce the amount of liability outstanding under the floor plan borrowings that would otherwise accrue interest, while retaining the ability to withdraw amounts from the FLAIR offset account subject to the financial covenants under the Floor Plan Facility. As a result of using the FLAIR offset account, the Company experiences a reduction in floor plan interest expense in its consolidated statements of operations. As of December 31, 2024 and 2023, FR had $79.5 million and $145.0 million, respectively, in the FLAIR offset account. The maximum FLAIR percentage of outstanding floor plan borrowings is 35% 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.

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 December 31, 2024 that would trigger a subjective acceleration clause. Additionally, the credit agreement governing the Floor Plan Facility contains certain financial covenants. FR was in compliance with all financial debt covenants at December 31, 2024 and 2023.

In February 2025, FR entered into an amendment to the Floor Plan Facility (the “Floor Plan Amendment”), 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 10 — 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.

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of December 31, 2024 and December 31, 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Floor Plan Facility:
Notes payable — floor plan:
Total commitment	$	1,850,000	$	1,850,000
Less: borrowings, net of FLAIR offset account		(1,161,713)		(1,371,145)
Less: FLAIR offset account⁽¹⁾		(79,472)		(145,047)
Additional borrowing capacity		608,815		333,808
Less: short-term payable for sold inventory⁽²⁾		(33,152)		(41,577)
Less: purchase commitments⁽³⁾		(9,340)		(27,420)
Unencumbered borrowing capacity	$	566,323	$	264,811

Revolving line of credit	$	70,000	$	70,000
Less: borrowings		-		(20,885)
Additional borrowing capacity	$	70,000	$	49,115

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

(1)

(2)

(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.

The following table rolls forward the Company's outstanding supplier finance program obligations confirmed as valid under its Floor Plan Facility for the year ended December 31, 2024 (in thousands):


	Year Ended
	December 31, 2024
Notes payable - floor plan, net, beginning of year	$	1,371,145
Add: FLAIR offset account, beginning of year		145,047
Add: short-term payable for sold inventory, beginning of year		41,577
Confirmed obligations outstanding, beginning of year		1,557,769
Add: new obligations confirmed during the period		2,292,615
Less: confirmed obligations paid during the period		(2,576,047)
Confirmed obligations outstanding, end of period		1,274,337
Less: FLAIR offset account, end of period		(79,472)
Less: short-term payable for sold inventory, end of period		(33,152)
Notes payable - floor plan, net, end of period	$	1,161,713

Stock-Based Compensation Plans - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based compensation expense:
Stock based compensation expense	$ 21,585	$ 24,086	$ 33,847
Total income tax benefit recognized related to stock-based compensation	2,963	3,205	3,809
Costs applicable to revenue
Stock-based compensation expense:
Stock based compensation expense	372	895	689
Selling, general, and administrative
Stock-based compensation expense:
Stock based compensation expense	$ 21,213	$ 23,191	$ 33,158

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

15. Related Party Transactions

Transactions with Directors, Equity Holders and Executive Officers

FR leases various RV dealership locations from managers and officers. During 2023 and 2022, the related party lease expense for these locations were $3.4 million and $3.4 million, respectively. For the year ended December 31, 2024 there was no related party lease expense.

In January 2012, FR entered into a lease for what is now its previous corporate headquarters in Lincolnshire, Illinois, which was amended as of March 2013, November 2019, October 2020, and October 2021 (the “Lincolnshire Lease”). This lease expired in March 2024. For the years ended December 31, 2024, 2023, and 2022, rental payments for the Lincolnshire Lease, including common area maintenance charges, were $0.2 million, $0.9 million, and $0.9 million, respectively. The Company’s Chairman and Chief Executive Officer had personally guaranteed the Lincolnshire Lease.

In October 2022, the Company purchased a property to be used as office space in Lincolnshire, Illinois, for $4.5 million from the Company’s Chairman and Chief Executive Officer. This office space became the Company’s corporate headquarters in February 2024.

Other Transactions

The Company paid Adams Outdoor Advertising, Inc., an entity for which Andris A. Baltins serves as a member of its Board of Directors, $0.1 million for both of the years ended December 31, 2024 and December 31, 2023 for advertising services.

The Company paid Kaplan, Strangis and Kaplan, P.A., of which Andris A. Baltins is a member, and a member of the Company’s Board of Directors $0.1 million and $0.2 million for the years ended December 31, 2023, and 2022, respectively, for legal services. Amounts paid for the year ended December 31, 2024 were immaterial.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (38,637)	$ 33,372	$ 123,748

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of income tax expense from operations to the federal statutory rate
Change in valuation allowance for certain state deferred tax assets		$ 64,400
Increases to the valuation allowance			$ 16,800
Income taxes computed at federal statutory rate	$ (18,955)	10,374	94,524
State income taxes - net of federal benefit	(1,774)	(2,645)	8,362
State and local taxes on pass-through entities	674	1,948	3,736
Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the company	9,411	(3,927)	(53,461)
Effect of LLC Conversion	0	(85,790)	208,833
(Decrease) increase in valuation allowance	(1,568)	64,351	(151,058)
Impact of other state tax rate changes	(241)	4,900	967
Accrual to return	420	8,314	(1,135)
Tax credits	(501)	(582)	(743)
Uncertain Tax Positions	(128)	(547)	1,519
Other	1,285	77	739
Income tax (benefit) expense	(11,377)	(3,527)	112,283
Tax Receivable Agreement liability adjustment	0	600	100
Deferred tax assets, valuation allowance	$ 227,605	192,686
Total Tax Impact of LLC Conversion			28,400
Capital loss carryforward
Reconciliation of income tax expense from operations to the federal statutory rate
Change in valuation allowance for certain state deferred tax assets		132,200
LLC Conversion
Reconciliation of income tax expense from operations to the federal statutory rate
Change in valuation allowance for certain state deferred tax assets		(52,500)
Activities not related to the LLC Conversion
Reconciliation of income tax expense from operations to the federal statutory rate
Change in valuation allowance for certain state deferred tax assets		$ (15,300)
CWGS, LLC
Reconciliation of income tax expense from operations to the federal statutory rate
Ownership interest	100.00%	100.00%
CWGS, LLC
Reconciliation of income tax expense from operations to the federal statutory rate
(Decrease) increase in valuation allowance			180,400
Reduction of deferred tax assets valuation allowance as a result of the LLC Conversion		$ 81,700
Reduction of deferred tax assets valuation allowance related to entity classification election		$ 4,100
Deferred tax assets, valuation allowance			600
Deferred income tax expense due to derecognition of deferred tax assets			209,400
CW
Reconciliation of income tax expense from operations to the federal statutory rate
Income tax (benefit) expense			0
Deferred tax assets, valuation allowance			$ 12,500
CWH \| CWGS, LLC
Reconciliation of income tax expense from operations to the federal statutory rate
Ownership interest	61.00%	52.90%	50.20%

Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated statements of stockholders' equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Balance	$ 257,975	$ 296,610	$ 254,597
Stock-based compensation	21,606	20,849	30,727
Exercise of stock options	549	389	541
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	0	(324)	0
Vesting of restricted stock units	0	438	209
Repurchases of Class A common stock for withholding taxes on vested RSUs	(5,412)	(6,861)	(11,128)
Repurchases of Class A common stock to treasury stock			(89,970)
Redemption of LLC common units for Class A common stock	850	(3,550)	41,800
Disgorgement of short-swing profits by Section 16 officer			58
Distributions to holders of LLC common units	(18,682)	(31,510)	(162,963)
Dividends	(24,749)	(66,831)	(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	(684)	(4,164)	294
Non-controlling interest adjustment	0	0	0
Net income	(78,880)	52,929	337,832
Balance	484,949	257,975	296,610
Additional Paid-in Capital
Reclassification [Line Items]
Balance	131,665	146,920	97,562
Stock-based compensation	11,764	9,458	13,897
Exercise of stock options	(345)	(238)	(349)
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	(239)	(485)	(245)
Vesting of restricted stock units	(13,097)	(25,080)	(35,831)
Repurchases of Class A common stock for withholding taxes on vested RSUs	(487)	3,016	2,371
Repurchases of Class A common stock to treasury stock			27,561
Redemption of LLC common units for Class A common stock	1,531	1,169	41,844
Disgorgement of short-swing profits by Section 16 officer			58
Distributions to holders of LLC common units	0	0	0
Dividends	0	0	0
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	(684)	(4,164)	294
Non-controlling interest adjustment	(1,718)	1,069	(242)
Net income	0	0	0
Balance	193,692	131,665	146,920
Retained Earnings
Reclassification [Line Items]
Balance	195,627	229,086	210,725
Stock-based compensation	0	0	0
Exercise of stock options	0	0	0
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	0	0	0
Vesting of restricted stock units	0	0	0
Repurchases of Class A common stock for withholding taxes on vested RSUs	0	0	0
Repurchases of Class A common stock to treasury stock			0
Redemption of LLC common units for Class A common stock	0	0	0
Disgorgement of short-swing profits by Section 16 officer			0
Distributions to holders of LLC common units	0	0	0
Dividends	(24,749)	(66,831)	(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	0	0	0
Non-controlling interest adjustment	0	0	0
Net income	(38,637)	33,372	123,748
Balance	132,241	195,627	229,086
As Previously Reported
Reclassification [Line Items]
Balance	214,207	247,686	233,894
Stock-based compensation		20,849	30,727
Exercise of stock options		389	541
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(324)
Vesting of restricted stock units		438	209
Repurchases of Class A common stock for withholding taxes on vested RSUs		(6,861)	(11,128)
Repurchases of Class A common stock to treasury stock			(89,970)
Redemption of LLC common units for Class A common stock		3,934	380
Disgorgement of short-swing profits by Section 16 officer			58
Distributions to holders of LLC common units		(31,510)	(162,963)
Dividends		(66,831)	(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		(4,164)	294
Net income		50,601	351,031
Balance		214,207	247,686
As Previously Reported \| Additional Paid-in Capital
Reclassification [Line Items]
Balance	98,280	106,051	98,113
Stock-based compensation		9,458	13,897
Exercise of stock options		(238)	(349)
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(485)	(245)
Vesting of restricted stock units		(25,080)	(35,831)
Repurchases of Class A common stock for withholding taxes on vested RSUs		3,016	2,371
Repurchases of Class A common stock to treasury stock			27,561
Redemption of LLC common units for Class A common stock		8,653	424
Disgorgement of short-swing profits by Section 16 officer			58
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		(4,164)	294
Non-controlling interest adjustment		1,069	(242)
Balance		98,280	106,051
As Previously Reported \| Retained Earnings
Reclassification [Line Items]
Balance	185,244	221,031	189,471
Dividends		(66,831)	(105,387)
Net income		31,044	136,947
Balance		185,244	221,031
Adjustment
Reclassification [Line Items]
Balance	43,768	48,924	20,703
Redemption of LLC common units for Class A common stock		(7,484)	41,420
Net income		2,328	(13,199)
Balance		43,768	48,924
Adjustment \| Additional Paid-in Capital
Reclassification [Line Items]
Balance	33,385	40,869	(551)
Redemption of LLC common units for Class A common stock		(7,484)	41,420
Balance		33,385	40,869
Adjustment \| Retained Earnings
Reclassification [Line Items]
Balance	$ 10,383	8,055	21,254
Net income		2,328	(13,199)
Balance		$ 10,383	$ 8,055

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments Information
Total capital expenditures	$ 100,439	$ 198,274	$ 210,592
Subtotal
Segments Information
Total capital expenditures	100,439	198,274	210,590
Corporate & other
Segments Information
Total capital expenditures			2
Good Sam Services and Plans \| Operating Segments
Segments Information
Total capital expenditures	8,534	4,040	5,099
RV and Outdoor Retail \| Operating Segments
Segments Information
Total capital expenditures	$ 91,905	$ 194,234	$ 205,491

Segments Information - Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Revenue	$ 6,099,974	$ 6,226,547	$ 6,967,013
Segment expenses:
Floor plan interest expense	$ 95,121	83,075	42,031
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include (i) intersegment operating expenses, which are eliminated in our consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities.
Operating Segments
Revenue:
Revenue	$ 6,112,387	6,239,701	6,995,900
Segment expenses:
Segment Adjusted EBITDA	193,077	299,209	668,965
Intersegment Eliminations
Revenue:
Revenue	(12,413)	(13,154)	(28,887)
Good Sam Services and Plans \| Operating Segments
Revenue:
Revenue	195,630	194,827	192,622
Segment expenses:
Adjusted costs applicable to revenue	70,557	58,765	71,518
Adjusted selling, general and administrative	29,774	24,273	25,856
Segment Adjusted EBITDA	94,515	110,880	95,004
Good Sam Services and Plans \| Intersegment Eliminations
Revenue:
Revenue	1,055	1,000	494
Segment expenses:
Adjusted costs applicable to revenue	784	909	244
Good Sam Services and Plans \| Good Sam Services and Plans \| Operating Segments
Revenue:
Revenue	194,575	193,827	192,128
RV and Outdoor Retail
Revenue:
Revenue	5,905,399	6,032,720	6,774,885
RV and Outdoor Retail \| Operating Segments
Revenue:
Revenue	5,916,757	6,044,874	6,803,278
Segment expenses:
Adjusted costs applicable to revenue	4,203,549	4,283,700	4,632,523
Adjusted selling, general and administrative	1,509,557	1,479,642	1,529,087
Floor plan interest expense	95,121	83,075	42,031
Other segment items	188	314	1,502
Segment Adjusted EBITDA	98,562	188,329	573,961
RV and Outdoor Retail \| Intersegment Eliminations
Revenue:
Revenue	11,358	12,154	28,393
Segment expenses:
Adjusted costs applicable to revenue	9,780	9,814	24,174
RV and Outdoor Retail \| New vehicles
Revenue:
Revenue	2,825,640	2,576,278	3,228,077
RV and Outdoor Retail \| New vehicles \| Operating Segments
Revenue:
Revenue	2,825,640	2,576,278	3,228,077
RV and Outdoor Retail \| Used vehicles
Revenue:
Revenue	1,613,849	1,979,632	1,877,601
RV and Outdoor Retail \| Used vehicles \| Operating Segments
Revenue:
Revenue	1,613,849	1,979,632	1,877,601
RV and Outdoor Retail \| Products, service and other
Revenue:
Revenue	820,111	870,038	999,214
RV and Outdoor Retail \| Products, service and other \| Operating Segments
Revenue:
Revenue	820,111	870,038	999,214
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Revenue	599,718	562,256	623,456
RV and Outdoor Retail \| Finance and insurance, net \| Operating Segments
Revenue:
Revenue	599,718	562,256	623,456
RV and Outdoor Retail \| Good Sam Club
Revenue:
Revenue	46,081	44,516	46,537
RV and Outdoor Retail \| Good Sam Club \| Operating Segments
Revenue:
Revenue	$ 46,081	$ 44,516	$ 46,537

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Assets Of Multiple Dealership Locations Acquired

Acquisition

Summary of the purchase price allocations


	Year Ended December 31,
($ in thousands)	2024		2023
Tangible assets (liabilities) acquired (assumed):
Accounts receivable, net	$	4	$	—
Inventories, net		36,431		119,672
Prepaid expenses and other assets		—		170
Property and equipment, net		296		1,407
Operating lease assets		15,328		916
Accounts payable		(5)		(6)
Accrued liabilities		(35)		(63)
Current portion of operating lease liabilities		(1,112)		(208)
Other current liabilities		(23)		(520)
Operating lease liabilities, net of current portion		(14,216)		(708)
Total tangible net assets acquired		36,668		120,660
Intangible assets acquired:
Supplier and customer relationships		2,595		—
Websites and developed technology		600		—
Total intangible assets acquired		3,195		—
Goodwill		31,701		88,799
Purchase price of acquisitions		71,564		209,459
Application of deposit paid in prior period		(8,873)		—
Contingent consideration		(368)		—
Lazydays acquisition deposit		10,000		—
Cash paid for acquisitions, net of cash acquired		72,323		209,459
Inventory purchases financed via floor plan		(49,162)		(100,331)
Cash payment net of floor plan financing	$	23,161	$	109,128

Schedule I - Condensed Financial Information of Registrant - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 6,099,974	$ 6,226,547	$ 6,967,013
Operating expenses:
Selling, general, and administrative	1,573,117	1,538,988	1,606,984
Total operating expenses	1,676,926	1,611,575	1,693,755
Income from operations	148,570	267,074	568,529
Interest income, net	140,444	135,270	75,745
Tax Receivable Agreement liability adjustment	0	2,442	114
Other income, net	(3,262)	(1,769)	(752)
(Loss) income before income taxes	(90,257)	49,402	450,115
Income tax benefit (expense)	11,377	3,527	(112,283)
Net (loss) income attributable to Camping World Holdings, Inc.	(38,637)	33,372	123,748
Parent Company \| Reportable Legal Entities
Revenue:
Total revenue	$ 12,637	$ 10,584	$ 10,069
Revenue, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Operating expenses:
Selling, general, and administrative	$ 12,715	$ 10,646	$ 10,069
Total operating expenses	12,715	10,646	10,069
Income from operations	(78)	(62)
Interest income, net	1,209	1,426	477
Affiliate Loan interest income	141	39
Tax Receivable Agreement liability adjustment	0	2,442	114
Other income, net			139
Equity in net (loss) income of subsidiaries	(53,442)	21,463	215,271
(Loss) income before income taxes	(52,170)	25,308	216,001
Income tax benefit (expense)	13,533	8,064	(92,253)
Net (loss) income attributable to Camping World Holdings, Inc.	$ (38,637)	$ 33,372	$ 123,748

Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquisitions
Proceeds from sale of intangible assets	$ 2,595	$ 0	$ 0
Useful lives (in years)	11 years 7 months 6 days	11 years 2 months 12 days
2024 Acquisitions
Acquisitions
Intangible assets	$ 3,195
2024 Acquisitions \| Websites and developed technology
Acquisitions
Intangible assets	$ 600
Useful lives (in years)	5 years
RV Dealership Groups \| Other intangible assets
Acquisitions
Fair value measurement period adjustment of other intangible assets from a RV dealership acquisition	$ 2,600
Proceeds from sale of intangible assets	$ 2,600
Useful lives (in years)	15 years
Assets Of Multiple Dealership Locations Acquired
Acquisitions
Goodwill for tax purposes	$ 31,700	$ 88,800
Revenue	99,600	99,800
Pre-tax income (loss)	$ (200)	$ (8,100)

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable allowance
Valuation allowance and reserves
Balance at Beginning of Period	$ 2,978	$ 4,222	$ 4,711
Additions Charged to Expense	754	(954)	675
Charged or (Credited) to Other Accounts	0	14	297
Charges Utilized (Write-off)	(984)	(304)	(1,461)
Balance at End of Period	2,748	2,978	4,222
Noncurrent other assets allowance
Valuation allowance and reserves
Balance at Beginning of Period	61	37	42
Additions Charged to Expense	0	61	(5)
Charged or (Credited) to Other Accounts	0	0	0
Charges Utilized (Write-off)	(61)	(37)	0
Balance at End of Period	$ 0	$ 61	$ 37

Commitments and Contingencies - Litigation (Details)							12 Months Ended
Commitments and Contingencies - Litigation (Details)	Sep. 12, 2024 USD ($)	May 23, 2024 USD ($)	Apr. 04, 2024 USD ($)	Jul. 14, 2023 USD ($)	May 31, 2023 USD ($)	Oct. 08, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 17, 2023 D	Jun. 22, 2021 lawsuit
Commitments and Contingencies
Aggregate due on Supplier Agreement							$ 250,000,000
Term of Supplier Agreement (in years)							10 years
Letters of Credit Outstanding, Amount							$ 19,200,000	$ 17,200,000
Surety Bond
Commitments and Contingencies
Outstanding surety bonds							26,600,000	23,200,000
Senior Secured Credit Facilities
Commitments and Contingencies
Letters of Credit Outstanding, Amount							4,900,000	4,900,000
Letters of credit \| Floor Plan Facility
Commitments and Contingencies
Letters of Credit Outstanding, Amount							$ 14,300,000	$ 12,300,000
Weissmann
Commitments and Contingencies
Number of lawsuits \| lawsuit										1
Damages sought by plaintiff						$ 2,500,000
Damages awarded	$ 4,990,006
Damages awarded, Jointly and Severally liable	4,106,884
Amount the Company is entitled to		$ 4,318,892
Tumbleweed
Commitments and Contingencies
Damages awarded	4,990,006
Damages awarded - attorney fees	3,793,455
Damages awarded - costs	$ 626,611
Precise Complaint
Commitments and Contingencies
Number of day for stipulation order to be become final upon expiration of appeal period \| D									10
Damages awarded			$ 3,700,000		$ 7,100,000
Amount the Company is entitled to					$ 3,700,000
Litigation fee to be reimbursed				$ 3,500

Non-Controlling Interests - Ownership In CWGS, LLC (Details) - CWGS, LLC - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-Controlling Interests
Units held	102,397,489	85,064,652
Ownership interest	100.00%	100.00%
CWH
Non-Controlling Interests
Units held	62,502,096	45,020,116
Ownership interest	61.00%	52.90%	50.20%
Continuing Equity Owners
Non-Controlling Interests
Units held	39,895,393	40,044,536
Ownership interest	39.00%	47.10%

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Schedule I - Condensed Financial Information of Registrant

Condensed Financial Information of Registrant

Schedule I: Condensed Financial Information of Registrant

Camping World Holdings, Inc.

Condensed Balance Sheets

(Parent Company Only)

(In Thousands Except Per Share Amounts)


	December 31,		December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	10,141	$	1,905
Affiliate Loan		6,000		30,000
Prepaid income taxes and other		2,817		39
Total current assets		18,958		31,944

Deferred tax asset		213,642		199,696
Investment in subsidiaries		248,127		100,759
Total assets	$	480,727	$	332,399

Liabilities and stockholders' equity
Current liabilities:
Accrued liabilities		96		1,238
Current portion of liabilities under Tax Receivable Agreement		—		12,943
Total current liabilities		96		14,181

Liabilities under Tax Receivable Agreement, net of current portion		150,372		149,866
Other long-term liabilities		3,697		—
Total liabilities		154,165		164,047

Commitments and contingencies

Stockholders' equity:
Preferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstanding as of December 31, 2024 and 2023		—		—
Class A common stock, par value $0.01 per share – 250,000 shares authorized; 62,502 issued and 62,502 outstanding as of December 31, 2024 and 49,571 issued and 45,020 outstanding as of December 31, 2023		625		496
Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466 issued and outstanding as of December 31, 2024; 39,466 issued and outstanding as of December 31, 2023		4		4
Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding as of December 31, 2024 and 2023		—		—
Additional paid-in capital		193,692		131,665
Treasury stock, at cost; none and 4,551 shares as of December 31, 2024 and 2023, respectively		—		(159,440)
Retained earnings		132,241		195,627
Total stockholders' equity		326,562		168,352
Total liabilities and stockholders' equity	$	480,727	$	332,399

See accompanying Notes to Condensed Financial Information

Schedule I: Condensed Financial Information of Registrant (continued)

Camping World Holdings, Inc.

Condensed Statements of Operations

(Parent Company Only)

(In Thousands)


	Year Ended December 31,
	2024		2023		2022
Revenue:
Intercompany revenue	$	12,637	$	10,584	$	10,069
Total revenue		12,637		10,584		10,069

Operating expenses:
Selling, general, and administrative		12,715		10,646		10,069
Total operating expenses		12,715		10,646		10,069

Loss from operations		(78)		(62)		—

Interest income, net		1,209		1,426		477
Affiliate Loan interest income		141		39		—
Tax Receivable Agreement liability adjustment		—		2,442		114
Other income, net		—		—		139
Equity in net (loss) income of subsidiaries		(53,442)		21,463		215,271

(Loss) income before income taxes		(52,170)		25,308		216,001
Income tax benefit (expense)		13,533		8,064		(92,253)
Net (loss) income	$	(38,637)	$	33,372	$	123,748

See accompanying Notes to Condensed Financial Information

Schedule I: Condensed Financial Information of Registrant (continued)

Camping World Holdings, Inc.

Condensed Statements of Cash Flows

(Parent Company Only)

(In Thousands)


	For the Year Ended December 31,
	2024		2023		2022
Operating activities
Net (loss) income	$	(38,637)	$	33,372	$	123,748

Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in net income of subsidiaries		53,442		(21,463)		(215,271)
Deferred tax expense		(12,846)		(14,229)		41,871
Tax Receivable Agreement liability adjustment		—		(2,442)		(114)
Change in assets and liabilities, net of acquisitions:
Prepaid income taxes and other assets		(2,590)		6,219		2,914
Accounts payable and other accrued liabilities		(1,238)		1,238		—
Payment pursuant to Tax Receivable Agreement		(13,350)		(10,937)		(11,322)
Other, net		3,697		—		—
Net cash used in operating activities		(11,522)		(8,242)		(58,174)

Investing activities
Purchases of LLC Interest from CWGS, LLC		(333,905)		(389)		(541)
Return of LLC Interest to CWGS, LLC for funding of treasury stock purchases		—		—		79,757
Distributions received from CWGS, LLC		20,507		36,716		162,767
Lent funds under Affiliate Loan		(79,000)		(30,000)		—
Repaid funds under Affiliate Loan		103,000		—		—
Net cash (used in) provided by investing activities		(289,398)		6,327		241,983

Financing activities
Proceeds from issuance of Class A common stock sold in a public offering net of underwriter discounts and commissions		333,356		—		—
Dividends paid to Class A common stockholders		(24,749)		(66,831)		(105,387)
Proceeds from exercise of stock options		549		389		541
Repurchases of Class A common stock to treasury		—		—		(79,757)
Disgorgement of short-swing profits by Section 16 officer		—		—		58
Net cash provided by (used in) financing activities		309,156		(66,442)		(184,545)

Increase (decrease) in cash and cash equivalents		8,236		(68,357)		(736)
Cash and cash equivalents at beginning of year		1,905		70,262		70,998
Cash and cash equivalents at end of the year	$	10,141	$	1,905	$	70,262

See accompanying Notes to Condensed Financial Information

Schedule I: Condensed Financial Information of Registrant (continued)

Camping World Holdings, Inc.

Notes to Condensed Financial Information

(Parent Company Only)

December 31, 2024

1. Organization

Camping World Holdings, Inc. (the “Parent Company”) was formed on March 8, 2016 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets consist primarily of cash and cash equivalents, its equity interest in CWGS Enterprises, LLC ("CWGS, LLC”), its Affiliate Loan (as defined in Note 4 – Affiliate Loan), and certain deferred tax assets.

The Parent Company's cash inflows are primarily from cash dividends or distributions and other transfers from CWGS, LLC. The amounts available to the Parent Company to fulfill cash commitments and pay cash dividends on its common stock are subject to certain restrictions in CWGS, LLC’s Senior Secured Credit Facilities. See Note 10 to the consolidated financial statements.

2. Basis of Presentation

These condensed parent company financial statements should be read in conjunction with the consolidated financial statements of Camping World Holdings, Inc. and the accompanying notes thereto, included in this Form 10-K. For purposes of this condensed financial information, the Parent Company's interest in CWGS, LLC is recorded based upon its proportionate share of CWGS, LLC's net assets (similar to presenting them on the equity method).

The Parent Company is the sole managing member of CWGS, LLC, and pursuant to the Amended and Restated LLC Agreement of CWGS, LLC (the “LLC Agreement”), receives compensation in the form of reimbursements for all costs associated with being a public company. Intercompany revenue consists of these reimbursement payments and is recognized when the corresponding expense to which it relates is recognized.

Certain intercompany balances presented in these condensed Parent Company financial statements are eliminated in the consolidated financial statements. For the years ended December 31, 2024, 2023, and 2022, the full amounts of intercompany revenue and equity in net income of subsidiaries in the accompanying Parent Company Statements of Operations were eliminated in consolidation. No intercompany receivable was owed to the Parent Company by CWGS, LLC at December 31, 2024 and 2023 (see Note 4 – Affiliate Loan for other amounts owed to the Parent Company). Related party amounts that were not eliminated in the consolidated financial statements include the Parent Company's liabilities under the tax receivable agreement, which totaled $150.4 million and $162.8 million as of December 31, 2024 and 2023, respectively.

3. Revisions to Prior Period Condensed Financial Statements

Subsequent to the issuance of the Parent Company's condensed financial statements for the year ended December 31, 2023, the Parent Company's management identified prior period misstatements related to the measurement of the realizable portion of the Parent 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) have been revised from the amounts previously reported as of and for the years ended December 31, 2023 and 2022. The Parent Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and determined the effect of these revisions was not material to the previously issued financial statements. However, correcting the cumulative error during the year ended December 31, 2024 would have been material to the current period. Therefore, the Parent Company has revised the condensed financial statements for the prior periods presented, including the comparative prior period amounts in the applicable notes to the condensed financial statements.

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


	As of December 31, 2023
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	155,928	$	43,768	$	199,696
Total assets		288,631		43,768		332,399
Additional paid-in capital		98,280		33,385		131,665
Retained earnings		185,244		10,383		195,627
Total stockholders' equity		124,584		43,768		168,352
Total liabilities and stockholders' equity		288,631		43,768		332,399

The following table presents the effect of the immaterial misstatements on the Parent Company’s condensed statement of income (loss) for the periods indicated:


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Income tax benefit (expense)	$	5,736	$	2,328	$	8,064	$	(79,054)	$	(13,199)	$	(92,253)
Net income		31,044		2,328		33,372		136,947		(13,199)		123,748

The following table presents the effect of the immaterial misstatements on the Parent Company’s condensed statement of cash flows for the periods indicated. These immaterial misstatements resulted in no change in net cash used in operating activities for the periods indicated:


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Net income	$	31,044	$	2,328	$	33,372	$	136,947	$	(13,199)	$	123,748
Deferred income taxes		(11,901)		(2,328)		(14,229)		28,672		13,199		41,871

4. Affiliate Loan

In December 2023, the Parent Company (the “Lender”) and CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, entered into a loan agreement (the “Affiliate Loan”) whereby the Borrower may borrow up to $40.0 million from the Lender at an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 6.50% per annum. The Lender may demand repayment with thirty-day notice, there are no prepayment restrictions or penalties, and the Affiliate Loan expires in December 2025.

At December 31, 2024 and 2023, the Borrower had outstanding balances of $6.0 million and $30.0 million, respectively, under the Affiliate Loan that were each repaid with accrued interest early in January of the following year. At December 31, 2024 and 2023, the interest rate on the Affiliate Loan was 10.86% and 11.86%, respectively, and accrued interest was less than $0.1 million at December 31, 2024 and 2023.

5. Commitments and Contingencies

The Parent Company is party to a tax receivable agreement with certain holders of common units in CWGS, LLC (the "Continuing Equity Owners") that provides for the payment by the Parent Company to the Continuing Equity Owners of 85% of the amount of any tax benefits that the Parent Company actually realizes, or in some cases are deemed to realize, as a result of certain transactions. See Note 12 to the consolidated financial statements for more information regarding the Parent Company's tax receivable agreement. As described in Note 12 to the consolidated financial statements, amounts payable under the tax receivable agreement are contingent upon, among other things, (i) generation of future taxable income of Camping World Holdings, Inc. over the term of the tax receivable agreement and (ii) future changes in tax laws. As of December 31, 2024 and 2023, liabilities under the tax receivable agreement totaled $150.4 million and $162.8 million, respectively. The Parent Company does not expect a cash tax reduction for tax benefits subject to the Tax Receivable Agreement during the year ended December 31, 2024 and, therefore, does not expect a payment under the Tax Receivable Agreement to be made during the year ending December 31, 2025.

See Note 14 to the consolidated financial statements for information regarding pending and threatened litigation. Pursuant to the LLC Agreement, the Parent Company receives reimbursements for all costs associated with being a public company, which includes costs of litigation and cybersecurity incidents.

6. Income Taxes

CWGS, LLC completed the steps necessary to convert Camping World, Inc. (“CW”) and certain of its subsidiaries from Subchapter C Corporations to limited liability companies (“LLCs”) with an effective date of January 2, 2023 (the “LLC Conversion”). All required filings for conversion to LLC were made by December 31, 2022. Accordingly, the effect of the LLC Conversion was recorded during the year ended December 31, 2022, as the filings were perfunctory pursuant to the rules prescribed under ASC 740, Income Taxes. Beginning with the year ending December 31, 2023, the operating losses of CW and its subsidiaries will offset taxable income generated by CWGS, LLC’s other LLC businesses. As a result, both income tax expense recognized by the Parent Company and the amount of required tax distributions paid to holders of common units in CWGS, LLC, under the CWGS LLC Agreement, will decrease. The LLC Conversion will allow CWGS, LLC to more easily integrate its retail and dealership operations and more seamlessly share resources within the RV and Outdoor Retail segment, while providing an expected future cash flow benefit for the operating companies.

During the year ended December 31, 2023, the above LLC Conversion resulted in additional income tax benefit for the Parent Company of $3.1 million. Additionally, the Parent Company recorded an income tax benefit of $4.1 million related to an entity classification election that was filed in the third quarter of 2023 with a January 2, 2023 effective date.

7. November 2024 Public Offering

On November 1, 2024, the Parent Company completed a public offering (the “November 2024 Public Offering”) in which the Parent Company sold 14,634,146 shares of the Parent Company’s Class A common stock at a public offering price of $20.50 per share (or $19.81 per share after underwriting discounts and commissions). The Parent Company received $289.9 million in proceeds, net of underwriting discounts and commissions, which were used to purchase 14,634,146 common units from CWGS, LLC at a price per unit equal to the public offering price per share of Class A common stock in the November 2024 Public Offering, less underwriting discounts and commissions.

Additionally, in November 2024, the underwriters exercised their option to purchase an additional 2,195,121 shares of Class A common stock and the Parent Company received $43.5 million in additional proceeds, net of underwriting discounts and commissions, which were used to purchase 2,195,121 common units from CWGS, LLC at a price per unit equal to the public offering price per share of Class A common stock in the November 2024 Public Offering, less underwriting discounts and commissions.

Of the 16,829,267 shares Class A common stock sold in the November 2024 Public Offering, 4,228,700 were issued from treasury stock and the remainder were newly-issued shares. CWGS, LLC, on behalf of the Parent Company, incurred approximately $1.0 million of offering costs that were recorded as a reduction in the additional paid-in capital recorded by the Parent Company for the proceeds from the November 2024 Public Offering.

8. Stock Repurchase Program

During the years ended December 31, 2024 and 2023, the Parent Company did not repurchase Class A common stock under the stock repurchase program. During the year ended December 31, 2022, the Parent Company repurchased 2,592,524 shares of Class A common stock, under this program for approximately $79.8 million, including commissions paid, at a weighted average price per share of $30.76, which is recorded as treasury stock on the Parent Company’s balance sheet. During the year ended December 31, 2022, the $79.8 million was concurrently funded by CWGS, LLC in exchange for the return of 2,592,524 common units in CWGS, LLC, which reduced the Parent Company’s ownership interest in CWGS, LLC. Class A common stock held as treasury stock is not considered outstanding. During the years ended December 31, 2024, 2023 and 2022, the Parent Company reissued 322,271, 579,176 and 852,508 shares of Class A common stock, respectively, from treasury stock to settle the exercises of stock options, vesting of restricted stock units, and settlement of other stock-based awards under the Parent Company’s 2016 Incentive Award Plan. As discussed in Note 7 — November 2024 Public Offering, the Company reissued 4,228,700 shares of Class A common stock held as treasury in the November 2024 Public Offering. As of December 31, 2024, the remaining approved

amount for repurchases of Class A common stock under the share repurchase program was approximately $120.2 million.

9. Statements of Cash Flows

Supplemental disclosures of cash flow information are as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cash (refunded) paid during the period for:
Interest	$	—	$	—	$	—
Income taxes		(4,989)		(646)		47,601
Noncash financing activities:
Par value of Class A common stock issued for redemption of common units in CWGS, LLC		1		20		1
Cost of treasury stock issued for vested restricted stock units		15,320		29,542		42,640

Assets Held for Sale and Business Divestiture - Narrative (Details) $ in Thousands		12 Months Ended
	May 03, 2024 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Divestiture
Cash consideration received in divestiture		$ 19,957	$ 0	$ 0
Disposal Group \| Properties held for sale
Assets held for sale
Number of properties \| property		2
CWDS \| Properties held for sale
Divestiture
Total consideration received in divestiture	$ 30,400
Cash consideration received in divestiture	20,000
Cash consideration holdback, part of divestiture consideration received	900
Net assets divested	28,800
Intangible assets divested	900
Accounts payable divested	1,200
Goodwill divested	$ 8,900
Loss on divestiture of assets		$ (7,100)
Holdback term (in years)	1 year
CWDS \| Properties held for sale \| Supplier Agreement
Divestiture
Supplier agreement, intangible asset consideration received in divestiture	$ 9,500
Useful lives (in years)	10 years

Lease Obligations - Sale-Leaseback Arrangement (Details) $ in Millions	Feb. 08, 2022 USD ($) agreement Options property
Lease Obligations
Number of properties associated in sale leaseback transaction \| property	3
Sale price of properties	$ 28.0
Number of sale-leaseback agreements \| agreement	3
Term of sale leaseback transaction	20 years
Number of options to extend sale-leaseback term \| Options	4
Extension term of sale leaseback	5 years
Net carrying amount of the financial liability and remaining assets	$ 0.0

Revenue

12 Months Ended

Dec. 31, 2024

Revenue

Revenue

2. Revenue

Contract Assets and Capitalized Costs to Acquire a Contract

As of December 31, 2024 and 2023, contract assets of $10.0 million and $16.1 million, respectively, related to RV service revenues were included in accounts receivable in the accompanying consolidated balance sheets. As of December 31, 2024 and 2023, the Company had capitalized costs to acquire a contract consisting of $4.4 million and $4.5 million, respectively, from the deferral of sales commissions expenses relating to multi-year consumer services and plans and the recording of such expenses over the same period as the recognition of the related revenues.

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 year ended December 31, 2024, $90.3 million of revenues recognized were included in the deferred revenues balance at the beginning of the period. For the year ended December 31, 2023, $92.6 million of revenues recognized were included in the deferred revenues balance at the beginning of the period.

As of December 31, 2024, 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 performance obligations for these revenue streams at December 31, 2024 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):


	As of
	December 31, 2024
2025	$	92,124
2026		31,678
2027		16,911
2028		8,453
2029		4,174
Thereafter		2,426
Total	$	155,766

The Company’s payment terms vary by the type and location of its customer and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)(2)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2024	Jun. 30, 2021
M & T Real Estate Facility
Long-Term Debt
Maximum borrowing capacity	$ 300.0	$ 300.0	$ 250.0
Maximum borrowing capacity, increase in capacity	$ 100.0	100.0
Effective interest rate (as a percent)	6.55%
Senior Secured Credit Facilities
Long-Term Debt
Maximum borrowing capacity, increase in capacity	$ 725.0	$ 725.0
Amount of EBITDA that can be used to increase credit facility (as a percent)	100.00%	100.00%
Term Loan Facility
Long-Term Debt
Maximum borrowing capacity	$ 1,400.0	$ 1,400.0
Average interest rate (as a percent)	6.97%	7.97%
Effective interest rate (as a percent)	7.43%	8.21%
Principle payment on Term Loan Facility	$ 3.5
Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity	$ 65.0	$ 65.0
Line of Credit \| Term Loan Facility
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow (as a percent)	50.00%
Line of Credit \| Revolving Credit Facility
Long-Term Debt
Term	91 days
Letters of credit \| Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity	$ 15.0			$ 25.0
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	35.00%
Secured Debt \| Line of Credit \| Revolving Credit Facility
Long-Term Debt
Amount subtracted from aggregate borrowings in determining compliance with the total leverage ratio	$ 37.3
Secured Debt \| Letters of credit \| Revolving Credit Facility
Long-Term Debt
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	35.00%

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 6,099,974	$ 6,226,547	$ 6,967,013
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	4,274,478	4,347,898	4,704,729
Operating expenses:
Selling, general, and administrative	1,573,117	1,538,988	1,606,984
Depreciation and amortization	81,190	68,643	80,304
Long-lived asset impairment	15,061	9,269	4,231
Lease termination	(2,297)	(103)	1,614
Loss (gain) on sale or disposal of assets	9,855	(5,222)	622
Total operating expenses	1,676,926	1,611,575	1,693,755
Income from operations	148,570	267,074	568,529
Other expense:
Floor plan interest expense	(95,121)	(83,075)	(42,031)
Other interest expense, net	(140,444)	(135,270)	(75,745)
Tax Receivable Agreement liability adjustment	0	2,442	114
Other expense, net	(3,262)	(1,769)	(752)
Total other expense	(238,827)	(217,672)	(118,414)
(Loss) income before income taxes	(90,257)	49,402	450,115
Income tax benefit (expense)	11,377	3,527	(112,283)
Net (loss) income	(78,880)	52,929	337,832
Less: net income (loss) attributable to non-controlling interests	40,243	(19,557)	(214,084)
Net (loss) income attributable to Camping World Holdings, Inc.	$ (38,637)	$ 33,372	$ 123,748
Class A Common Stock
(Loss) earnings per share of Class A common stock:
Basic	$ (0.80)	$ 0.75	$ 2.92
Diluted	$ (0.80)	$ 0.57	$ 2.91
Weighted average shares of Class A common stock outstanding:
Basic	48,005	44,626	42,386
Diluted	48,005	84,972	42,854
Good Sam Services and Plans
Revenue:
Total revenue	$ 194,575	$ 193,827	$ 192,128
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	70,726	59,391	71,966
RV and Outdoor Retail
Revenue:
Total revenue	5,905,399	6,032,720	6,774,885
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	4,203,752	4,288,507	4,632,763
RV and Outdoor Retail \| New vehicles
Revenue:
Total revenue	2,825,640	2,576,278	3,228,077
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	2,418,169	2,175,819	2,576,276
RV and Outdoor Retail \| Used vehicles
Revenue:
Total revenue	1,613,849	1,979,632	1,877,601
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,317,152	1,574,238	1,418,053
RV and Outdoor Retail \| Products, service and other
Revenue:
Total revenue	820,111	870,038	999,214
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	463,640	533,625	631,010
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Total revenue	599,718	562,256	623,456
RV and Outdoor Retail \| Good Sam Club
Revenue:
Total revenue	46,081	44,516	46,537
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	$ 4,791	$ 4,825	$ 7,424

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2024

Accounts Receivable

Summary of accounts receivable

Accounts receivable consisted of the following at December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Good Sam Services and Plans	$	14,373	$	17,589
RV and Outdoor Retail
New and used vehicles		2,310		2,830
Parts, service and other		34,210		35,748
Trade accounts receivable		38,313		27,773
Due from manufacturers		22,008		37,190
Other		11,946		9,365
Corporate		—		553
		123,160		131,048
Allowance for credit losses		(2,748)		(2,978)
	$	120,412	$	128,070

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of effect of the error corrections


	As of December 31, 2023
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	157,326	$	43,768	$	201,094
Total assets		4,845,684		43,768		4,889,452
Additional paid-in capital		98,280		33,385		131,665
Retained earnings		185,244		10,383		195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.		124,584		43,768		168,352
Total stockholders' equity		214,207		43,768		257,975
Total liabilities and stockholders' equity		4,845,684		43,768		4,889,452


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands except per share amounts)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Income tax benefit (expense)	$	1,199	$	2,328	$	3,527	$	(99,084)	$	(13,199)	$	(112,283)
Net income		50,601		2,328		52,929		351,031		(13,199)		337,832
Net income attributable to Camping World Holdings, Inc.		31,044		2,328		33,372		136,947		(13,199)		123,748
Earnings per share of Class A common stock:
Basic	$	0.70	$	0.05	$	0.75	$	3.23	$	(0.31)	$	2.92
Diluted	$	0.55	$	0.02	$	0.57	$	3.22	$	(0.31)	$	2.91


	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, 2022	$	98,113	$	(551)	$	97,562	$	189,471	$	21,254	$	210,725	$	233,894	$	20,703	$	254,597
Stock-based compensation		13,897		—		13,897		—		—		—		30,727		—		30,727
Exercise of stock options		(349)		—		(349)		—		—		—		541		—		541
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(245)		—		(245)		—		—		—		—		—		—
Vesting of restricted stock units		(35,831)		—		(35,831)		—		—		—		209		—		209
Repurchases of Class A common stock for withholding taxes on vested RSUs		2,371		—		2,371		—		—		—		(11,128)		—		(11,128)
Repurchases of Class A common stock to treasury stock		27,561		—		27,561		—		—		—		(89,970)		—		(89,970)
Redemption of LLC common units for Class A common stock		424		41,420		41,844		—		—		—		380		41,420		41,800
Disgorgement of short-swing profits by Section 16 officer		58		—		58		—		—		—		58		—		58
Distributions to holders of LLC common units		—		—		—		—		—		—		(162,963)		—		(162,963)
Dividends		—		—		—		(105,387)		—		(105,387)		(105,387)		—		(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		294		—		294		—		—		—		294		—		294
Non-controlling interest adjustment		(242)		—		(242)		—		—		—		—		—		—
Net income		—		—		—		136,947		(13,199)		123,748		351,031		(13,199)		337,832
Balance at December 31, 2022	$	106,051	$	40,869	$	146,920	$	221,031	$	8,055	$	229,086	$	247,686	$	48,924	$	296,610
Stock-based compensation		9,458		—		9,458		—		—		—		20,849		—		20,849
Exercise of stock options		(238)		—		(238)		—		—		—		389		—		389
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(485)		—		(485)		—		—		—		(324)		—		(324)
Vesting of restricted stock units		(25,080)		—		(25,080)		—		—		—		438		—		438
Repurchases of Class A common stock for withholding taxes on vested RSUs		3,016		—		3,016		—		—		—		(6,861)		—		(6,861)
Redemption of LLC common units for Class A common stock		8,653		(7,484)		1,169		—		—		—		3,934		(7,484)		(3,550)
Distributions to holders of LLC common units		—		—		—		—		—		—		(31,510)		—		(31,510)
Dividends		—		—		—		(66,831)		—		(66,831)		(66,831)		—		(66,831)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		(4,164)		—		(4,164)		—		—		—		(4,164)		—		(4,164)
Non-controlling interest adjustment		1,069		—		1,069		—		—		—		—		—		—
Net income		—		—		—		31,044		2,328		33,372		50,601		2,328		52,929
Balance at December 31, 2023	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Net income	$	50,601	$	2,328	$	52,929	$	351,031	$	(13,199)	$	337,832
Deferred income taxes		(11,880)		(2,328)		(14,208)		43,301		13,199		56,500

Schedule of allowance for credit losses

The following table details the changes in the allowance for credit losses relating to current receivables (in thousands):


	Year Ended December 31,
	2024		2023
Allowance for credit losses:
Balance, beginning of period	$	2,978	$	4,222
Charged to bad debt expense		754		(954)
Deductions ⁽¹⁾		(984)		(290)
Balance, end of period	$	2,748	$	2,978

(1)	These amounts primarily relate to the write off of uncollectable accounts after collection efforts have been exhausted.

Schedule of Property and Equipment, estimated useful lives of the assets


		Years
Building and improvements		40
Leasehold improvements		3-40
Furniture, fixtures and equipment		3-12
Software		3-5

Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Financial Statements (Details) - USD ($)		1 Months Ended		12 Months Ended
	Nov. 01, 2024	Nov. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Deferred tax assets, net			$ 201,094,000	$ 215,140,000	$ 201,094,000
Total assets			4,889,452,000	4,863,277,000	4,889,452,000
Additional paid-in capital			131,665,000	193,692,000	131,665,000
Retained earnings			195,627,000	132,241,000	195,627,000
Total stockholders' equity			257,975,000	484,949,000	257,975,000	$ 296,610,000	$ 254,597,000
Total liabilities and stockholders' equity			4,889,452,000	4,863,277,000	4,889,452,000
Consolidated Statements of Operations
Income tax benefit (expense)				11,377,000	3,527,000	(112,283,000)
Net (loss) income				(78,880,000)	52,929,000	337,832,000
Consolidated Statements of Cash Flows
Net (loss) income				(78,880,000)	52,929,000	337,832,000
Deferred income taxes				(12,946,000)	(14,208,000)	56,500,000
Public offerings
Proceeds from sale of stock				333,356,000	$ 0	$ 0
Reduction in the additional paid-in capital				$ 980,000
Stock Repurchase Program
Shares repurchased (in shares)				0	0	2,592,524
Payment for share repurchased				$ 0	$ 0	$ 79,757,000
Weighted average price (per share)						$ 30.76
Remaining approve amount			120,200,000	120,200,000	120,200,000
Cash (refunded) paid during the period for:
Interest				238,553,000	214,082,000	$ 106,997,000
Income taxes				(116,000)	3,352,000	54,579,000
Tax benefit related to an entity classification election					4,100,000
Noncash financing activities:
Par value of Class A common stock issued for redemption of common units in CWGS, LLC				1,000	20,000	1,000
Cost of treasury stock issued for vested restricted stock units				15,320,000	29,542,000	42,640,000
November 2024 Public Offering
Public offerings
Number of common units purchased	14,634,146
November 2024 Public Offering \| Class A Common Stock
Public offerings
Number of shares issued	14,634,146	16,829,267
Price per share	$ 20.5
Price per share after underwriting discounts and commissions	$ 19.81
Proceeds from sale of stock	$ 289,900,000
Number of shares issued from treasury stock		4,228,700
Reduction in the additional paid-in capital		$ 1,000,000
Over-Allotment Option
Public offerings
Number of common units purchased		2,195,121
Over-Allotment Option \| Class A Common Stock
Public offerings
Number of shares issued		2,195,121
Proceeds from sale of stock		$ 43,500,000
Parent Company \| Reportable Legal Entities
Basis of Presentation
Other Receivables, Net, Current			0	0	0
Other Liabilities			162,800,000	150,400,000	162,800,000
Consolidated Balance Sheets
Deferred tax assets, net			199,696,000	213,642,000	199,696,000
Total assets			332,399,000	480,727,000	332,399,000
Additional paid-in capital			131,665,000	193,692,000	131,665,000
Retained earnings			195,627,000	132,241,000	195,627,000
Total stockholders' equity			168,352,000		168,352,000
Total liabilities and stockholders' equity			332,399,000	480,727,000	332,399,000
Consolidated Statements of Operations
Income tax benefit (expense)				13,533,000	8,064,000	(92,253,000)
Net (loss) income					33,372,000	123,748,000
Consolidated Statements of Cash Flows
Net (loss) income					33,372,000	123,748,000
Deferred income taxes				(12,846,000)	(14,229,000)	41,871,000
Affiliate Loan
Principal amount of borrowings			30,000,000	6,000,000	30,000,000
Affiliate Loan			30,000,000	$ 6,000,000	30,000,000
Commitments and Contingencies
Income Tax Expense Additional Related To LLC Conversion					(3,100,000)
Expected future payment, as percent of tax benefits (as a percent)				85.00%
Public offerings
Proceeds from sale of stock				$ 333,356,000	0	0
Stock Repurchase Program
Payment for share repurchased				0	0	79,757,000
Cash (refunded) paid during the period for:
Income taxes				(4,989,000)	(646,000)	47,601,000
Tax benefit related to an entity classification election					4,100,000
Noncash financing activities:
Par value of Class A common stock issued for redemption of common units in CWGS, LLC				1,000	20,000	1,000
Cost of treasury stock issued for vested restricted stock units				$ 15,320,000	$ 29,542,000	$ 42,640,000
Parent Company \| Reportable Legal Entities \| Class A Common Stock
Stock Repurchase Program
Shares repurchased (in shares)						2,592,524
Payment for share repurchased						$ 79,800,000
Weighted average price (per share)						$ 30.76
Stock award to employee (In shares)				322,271	579,176	852,508
Remaining approve amount				$ 120,200,000
Parent Company \| Reportable Legal Entities \| November 2024 Public Offering
Public offerings
Number of common units purchased	14,634,146
Reduction in the additional paid-in capital				$ 1,000,000
Parent Company \| Reportable Legal Entities \| November 2024 Public Offering \| Class A Common Stock
Public offerings
Number of shares issued	14,634,146			16,829,267
Price per share	$ 20.5
Price per share after underwriting discounts and commissions	$ 19.81
Proceeds from sale of stock	$ 289,900,000
Number of shares issued from treasury stock				4,228,700
Parent Company \| Reportable Legal Entities \| Over-Allotment Option
Public offerings
Number of shares issued		2,195,121
Proceeds from sale of stock		$ 43,500,000
Number of common units purchased		2,195,121
Parent Company \| Reportable Legal Entities \| Related party \| Continuing Equity Owners
Basis of Presentation
Other Liabilities			162,800,000	$ 150,400,000	$ 162,800,000
Parent Company \| CWGS, LLC \| Reportable Legal Entities
Stock Repurchase Program
Number of units returned						2,592,524
As Previously Reported
Consolidated Balance Sheets
Deferred tax assets, net			157,326,000		157,326,000
Total assets			4,845,684,000		4,845,684,000
Additional paid-in capital			98,280,000		98,280,000
Retained earnings			185,244,000		185,244,000
Total stockholders' equity			214,207,000		214,207,000	$ 247,686,000	233,894,000
Total liabilities and stockholders' equity			4,845,684,000		4,845,684,000
Consolidated Statements of Operations
Income tax benefit (expense)					1,199,000	(99,084,000)
Net (loss) income					50,601,000	351,031,000
Consolidated Statements of Cash Flows
Net (loss) income					50,601,000	351,031,000
Deferred income taxes					(11,880,000)	43,301,000
As Previously Reported \| Parent Company \| Reportable Legal Entities
Consolidated Balance Sheets
Deferred tax assets, net			155,928,000		155,928,000
Total assets			288,631,000		288,631,000
Additional paid-in capital			98,280,000		98,280,000
Retained earnings			185,244,000		185,244,000
Total stockholders' equity			124,584,000		124,584,000
Total liabilities and stockholders' equity			288,631,000		288,631,000
Consolidated Statements of Operations
Income tax benefit (expense)					5,736,000	(79,054,000)
Net (loss) income					31,044,000	136,947,000
Consolidated Statements of Cash Flows
Net (loss) income					31,044,000	136,947,000
Deferred income taxes					(11,901,000)	28,672,000
Adjustment
Consolidated Balance Sheets
Deferred tax assets, net			43,768,000		43,768,000
Total assets			43,768,000		43,768,000
Additional paid-in capital			33,385,000		33,385,000
Retained earnings			10,383,000		10,383,000
Total stockholders' equity			43,768,000		43,768,000	48,924,000	$ 20,703,000
Total liabilities and stockholders' equity			43,768,000		43,768,000
Consolidated Statements of Operations
Income tax benefit (expense)					2,328,000	(13,199,000)
Net (loss) income					2,328,000	(13,199,000)
Consolidated Statements of Cash Flows
Net (loss) income					2,328,000	(13,199,000)
Deferred income taxes					(2,328,000)	13,199,000
Adjustment \| Parent Company \| Reportable Legal Entities
Consolidated Balance Sheets
Deferred tax assets, net			43,768,000		43,768,000
Total assets			43,768,000		43,768,000
Additional paid-in capital			33,385,000		33,385,000
Retained earnings			10,383,000		10,383,000
Total stockholders' equity			43,768,000		43,768,000
Total liabilities and stockholders' equity			43,768,000		43,768,000
Consolidated Statements of Operations
Income tax benefit (expense)					2,328,000	(13,199,000)
Net (loss) income					2,328,000	(13,199,000)
Consolidated Statements of Cash Flows
Net (loss) income					2,328,000	(13,199,000)
Deferred income taxes					(2,328,000)	$ 13,199,000
Borrower \| Parent Company \| Reportable Legal Entities
Affiliate Loan
Maximum borrowing capacity			$ 40,000,000		$ 40,000,000
Variable rate spread (as a percent)			6.50%
Period of time to give repayment demand			30 days		30 days
Effective interest rate (as a percent)			11.86%	10.86%	11.86%
Borrower \| Parent Company \| Reportable Legal Entities \| Maximum
Affiliate Loan
Accrued interest			$ 100,000	$ 100,000	$ 100,000

Income Taxes - Federal Tax Purpose (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 02, 2023
Tax benefit related to the LLC Conversion		$ 2,000
Tax benefit related to an entity classification election		4,100
Total Tax Impact of LLC Conversion			$ 28,400
Effective Income Tax Rate Reconciliation, Effect of LLC Conversion	$ 0	(85,790)	208,833
(Decrease) increase in valuation allowance	(1,568)	64,351	(151,058)
Valuation allowance for state deferred tax assets		64,400
Amount of tax effect due to LLC conversion		0
Excess business interest expense	110,700	42,600
Tax (benefit) related to its business interest expense carryforward	15,600	5,600
Uncertain tax positions	$ 3,000	3,300
CWGS, LLC
(Decrease) increase in valuation allowance			$ 180,400
Tax receivable agreement
Expected future tax benefits retained by the Company (as a percent)	15.00%
Tax receivable agreement \| Continuing Equity Owners and Crestview partners II GP LP \| Related party
Payment, as percent of tax benefits (as a percent)	85.00%
Tax receivable agreement \| Crestview Partners II GP LP \| Related party
Liability under tax receivable agreement	$ 150,400	162,800
Payment on Tax Receivable Agreement	13,400
Increase in tax receivable agreement liability	$ 900	$ 5,600
CWGS, LLC
Ownership interest	100.00%	100.00%
CWGS, LLC \| Tax receivable agreement
Units redeemed	149,143	2,000,000
Federal
Net operating loss carryforwards	$ 11,400
General business credit carryforwards	500
State
Net operating loss carryforwards	$ 5,500
CWH \| CWGS, LLC
Ownership interest	61.00%	52.90%	50.20%
Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. and their wholly owned subsidiaries \| Federal
Net operating loss carryforwards				$ 151,700
Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. and their wholly owned subsidiaries \| State
Net operating loss carryforwards				$ 3,900

Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Lease Obligations

Summary of lease cost

The following table presents certain information related to the costs for leases where the Company is the lessee (in thousands):


	Year Ended December 31,
	2024		2023
Operating lease cost	$	116,370	$	118,082
Finance lease cost:
Amortization of finance lease assets		11,160		3,253
Interest on finance lease liabilities		9,285		6,069
Short-term lease cost		1,839		1,940
Variable lease cost		23,874		22,913
Sublease income		(3,355)		(2,726)
Net lease costs	$	159,173	$	149,531

Schedule of cash flow supplemental information

The following table presents supplemental cash flow information related to leases (in thousands):


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	118,848	$	117,160
Operating cash flows for finance leases		9,285		6,064
Financing cash flows for finance leases		7,520		5,496
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases	$	63,228	$	59,858
New, remeasured and terminated finance leases		30,771		20,557

Schedule of other information related to leases


	December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	11.2	years	11.3	years
Financing leases	13.7	years	17.4	years
Weighted average discount rate:
Operating leases	7.1	%	7.1	%
Financing leases	6.4	%	6.0	%

Schedule of future operating lease obligations


	Operating		Finance
	Leases		Leases
2025	$	118,276	$	15,612
2026		117,606		15,531
2027		110,931		14,978
2028		107,374		14,598
2029		103,684		14,644
Thereafter		656,331		135,821
Total lease payments		1,214,202		211,184
Less: Imputed interest		(388,096)		(73,136)
Total lease obligations		826,106		138,048
Less: current portion		(61,993)		(7,044)
Noncurrent lease obligations	$	764,113	$	131,004

Schedule of future finance lease obligations


	Operating		Finance
	Leases		Leases
2025	$	118,276	$	15,612
2026		117,606		15,531
2027		110,931		14,978
2028		107,374		14,598
2029		103,684		14,644
Thereafter		656,331		135,821
Total lease payments		1,214,202		211,184
Less: Imputed interest		(388,096)		(73,136)
Total lease obligations		826,106		138,048
Less: current portion		(61,993)		(7,044)
Noncurrent lease obligations	$	764,113	$	131,004

Long-Term Debt - Real Estate Facilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding notes	$ 1,516,593	$ 1,521,079
Real Estate Facilities
Debt Instrument [Line Items]
Outstanding notes	173,132	$ 166,604
Remaining Available	57,390
M & T Real Estate Facility
Debt Instrument [Line Items]
Outstanding notes	169,756
Remaining Available	$ 57,390
Wtd. Average Interest Rate	6.55%
First CIBC Real Estate Facility
Debt Instrument [Line Items]
Outstanding notes	$ 3,376
Wtd. Average Interest Rate	7.89%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Restructuring and Long-Lived Asset Impairment - Active Sports Restructuring (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Costs
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases		$ 6,813	$ 103	$ (1,614)
Active Sports
Restructuring Costs
Charged to expense	$ 1,196	$ 2,211	$ 5,915
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue, Selling, General and Administrative Expense	Cost of Revenue, Gain (Loss) on Termination of Lease, Selling, General and Administrative Expense	Cost of Revenue, Gain (Loss) on Termination of Lease, Selling, General and Administrative Expense
Paid or otherwise settled	$ (1,196)	$ (2,360)
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases		100
Lease termination costs		1,500
Active Sports \| One-time termination benefits
Restructuring Costs
Charged to expense	$ 193		$ 193
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue		Cost of Revenue
Paid or otherwise settled	$ (193)
Active Sports \| Lease termination costs
Restructuring Costs
Charged to expense		$ 1,343	$ 375
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Gain (Loss) on Termination of Lease	Gain (Loss) on Termination of Lease
Charged to expense, excluding derecognition gains		$ 1,492
Paid or otherwise settled		(1,492)
Active Sports \| Incremental inventory reserve charges
Restructuring Costs
Charged to expense			$ 4,344
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Cost of Revenue
Active Sports \| Other associated costs
Restructuring Costs
Charged to expense	$ 1,003	$ 868	$ 1,003
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Paid or otherwise settled	$ (1,003)	$ (868)
Active Sports \| Restructuring costs excluding incremental inventory reserve charges
Restructuring Costs
Charged to expense		$ 2,360

Lease Obligations - General Information (Details) - lease	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease Obligations
Number of operating leases	236
Number of finance leases	18
Weighted-average remaining lease term of operating lease	11 years 2 months 12 days	11 years 3 months 18 days
Weighted-average remaining finance lease	13 years 8 months 12 days	17 years 4 months 24 days
Weighted-average discount rate of operating leases	7.10%	7.10%
Weighted-average discount rate of finance leases	6.40%	6.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

Description of the Business

Description of the Business

Revisions to Prior Period Consolidated Financial Statements

Revisions to Prior Period Consolidated Financial Statements

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


	As of December 31, 2023
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	157,326	$	43,768	$	201,094
Total assets		4,845,684		43,768		4,889,452
Additional paid-in capital		98,280		33,385		131,665
Retained earnings		185,244		10,383		195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.		124,584		43,768		168,352
Total stockholders' equity		214,207		43,768		257,975
Total liabilities and stockholders' equity		4,845,684		43,768		4,889,452

The following table presents the effect of the immaterial misstatements on the consolidated statements of operations for the periods indicated:


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands except per share amounts)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Income tax benefit (expense)	$	1,199	$	2,328	$	3,527	$	(99,084)	$	(13,199)	$	(112,283)
Net income		50,601		2,328		52,929		351,031		(13,199)		337,832
Net income attributable to Camping World Holdings, Inc.		31,044		2,328		33,372		136,947		(13,199)		123,748
Earnings per share of Class A common stock:
Basic	$	0.70	$	0.05	$	0.75	$	3.23	$	(0.31)	$	2.92
Diluted	$	0.55	$	0.02	$	0.57	$	3.22	$	(0.31)	$	2.91

The following table presents the effect of the immaterial misstatements on the 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, 2022	$	98,113	$	(551)	$	97,562	$	189,471	$	21,254	$	210,725	$	233,894	$	20,703	$	254,597
Stock-based compensation		13,897		—		13,897		—		—		—		30,727		—		30,727
Exercise of stock options		(349)		—		(349)		—		—		—		541		—		541
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(245)		—		(245)		—		—		—		—		—		—
Vesting of restricted stock units		(35,831)		—		(35,831)		—		—		—		209		—		209
Repurchases of Class A common stock for withholding taxes on vested RSUs		2,371		—		2,371		—		—		—		(11,128)		—		(11,128)
Repurchases of Class A common stock to treasury stock		27,561		—		27,561		—		—		—		(89,970)		—		(89,970)
Redemption of LLC common units for Class A common stock		424		41,420		41,844		—		—		—		380		41,420		41,800
Disgorgement of short-swing profits by Section 16 officer		58		—		58		—		—		—		58		—		58
Distributions to holders of LLC common units		—		—		—		—		—		—		(162,963)		—		(162,963)
Dividends		—		—		—		(105,387)		—		(105,387)		(105,387)		—		(105,387)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		294		—		294		—		—		—		294		—		294
Non-controlling interest adjustment		(242)		—		(242)		—		—		—		—		—		—
Net income		—		—		—		136,947		(13,199)		123,748		351,031		(13,199)		337,832
Balance at December 31, 2022	$	106,051	$	40,869	$	146,920	$	221,031	$	8,055	$	229,086	$	247,686	$	48,924	$	296,610
Stock-based compensation		9,458		—		9,458		—		—		—		20,849		—		20,849
Exercise of stock options		(238)		—		(238)		—		—		—		389		—		389
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(485)		—		(485)		—		—		—		(324)		—		(324)
Vesting of restricted stock units		(25,080)		—		(25,080)		—		—		—		438		—		438
Repurchases of Class A common stock for withholding taxes on vested RSUs		3,016		—		3,016		—		—		—		(6,861)		—		(6,861)
Redemption of LLC common units for Class A common stock		8,653		(7,484)		1,169		—		—		—		3,934		(7,484)		(3,550)
Distributions to holders of LLC common units		—		—		—		—		—		—		(31,510)		—		(31,510)
Dividends		—		—		—		(66,831)		—		(66,831)		(66,831)		—		(66,831)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability		(4,164)		—		(4,164)		—		—		—		(4,164)		—		(4,164)
Non-controlling interest adjustment		1,069		—		1,069		—		—		—		—		—		—
Net income		—		—		—		31,044		2,328		33,372		50,601		2,328		52,929
Balance at December 31, 2023	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975


	Year Ended December 31, 2023						Year Ended December 31, 2022
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Net income	$	50,601	$	2,328	$	52,929	$	351,031	$	(13,199)	$	337,832
Deferred income taxes		(11,880)		(2,328)		(14,208)		43,301		13,199		56,500

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Contracts in Transit, Accounts Receivable and Current Expected Credit Losses

Contracts in Transit, Accounts Receivable and Current Expected Credit Losses

The following table details the changes in the allowance for credit losses relating to current receivables (in thousands):


	Year Ended December 31,
	2024		2023
Allowance for credit losses:
Balance, beginning of period	$	2,978	$	4,222
Charged to bad debt expense		754		(954)
Deductions ⁽¹⁾		(984)		(290)
Balance, end of period	$	2,748	$	2,978

(1)	These amounts primarily relate to the write off of uncollectable accounts after collection efforts have been exhausted.

Concentration of Credit Risk

Concentration of Credit Risk

receivables are short-term in nature and are from various financial institutions located throughout the United States.

Inventories

Inventories

Assets Held for Sale and Long-Lived Assets

Assets Held for Sale

Long-Lived Assets

Property and Equipment, net

Property and Equipment, net


		Years
Building and improvements		40
Leasehold improvements		3-40
Furniture, fixtures and equipment		3-12
Software		3-5

Leasehold improvements are amortized over the useful lives of the assets or the remaining term of the respective lease, whichever is shorter.

Leases

Leases

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Long-Term Debt

Long-Term Debt

Revenue Recognition

Revenue Recognition

Good Sam Services and Plans

New and Used Vehicles

Products, Service and Other

Finance and Insurance, net

Good Sam Club

Advertising expense/Vendor Allowances and Shipping and Handling Fees and Costs

Advertising Expenses

Vendor Allowances

Shipping and Handling Fees and Costs

Income Taxes

Income Taxes

Seasonality

Seasonality

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2024

Statements of Cash Flows

Supplemental disclosures of cash flow information

Supplemental disclosures of cash flow information for the following periods (in thousands):



	Year Ended December 31,
	2024		2023		2022
Cash paid (received) during the period for:
Interest	$	238,553	$	214,082	$	106,997
Income taxes		(116)		3,352		54,579
Noncash investing and financing activities:
Leasehold improvements paid by lessor		—		256		361
Capital expenditures in accounts payable and accrued liabilities		8,153		5,833		12,377
Contingent consideration recognized as partial consideration for purchase of a business		368		—		—
Fair value of holdback receivable recognized as partial consideration for divestiture of a business		933		—		—
Supplier agreement intangible asset recognized as partial consideration for divestiture of a business		9,500		—		—
Prior period deposit applied to portion of purchase price of RV dealership acquisition		8,873		—		—
Purchase of real property through assumption of other long-term debt		—		5,185		—
Note receivable exchanged for amounts owed by other investment		—		2,153
Par value of Class A common stock issued for redemption of common units in CWGS, LLC		1		20		1
Cost of treasury stock issued for vested restricted stock units		15,320		29,542		42,640