CAMPING WORLD HOLDINGS, INC., 10-K filed on 2/24/2022
Annual Report
v3.22.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 18, 2022
Jun. 30, 2021
Document and Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2021    
Entity File Number 001-37908    
Entity Registrant Name CAMPING WORLD HOLDINGS, INC.    
Entity Central Index Key 0001669779    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 81-1737145    
Entity Address, Address Line One 250 Parkway Drive, Suite 270    
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    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2021    
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 Los Angeles, California    
Entity Public Float     $ 1,735,887,972
Class A common stock      
Document and Entity Information      
Entity Common Stock, Shares Outstanding   44,213,826  
Class B common stock      
Document and Entity Information      
Entity Common Stock, Shares Outstanding   41,466,964  
Class C common stock      
Document and Entity Information      
Entity Common Stock, Shares Outstanding   1  
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 267,332 $ 166,072
Contracts in transit 57,741 48,175
Accounts receivable, net 101,644 83,422
Inventories 1,792,865 1,136,345
Prepaid expenses and other assets 64,295 60,211
Total current assets 2,283,877 1,494,225
Property and equipment, net 599,324 367,898
Operating lease assets 750,876 769,487
Deferred tax assets, net 199,321 165,708
Intangible assets, net 30,970 30,122
Goodwill 483,634 413,123
Other assets 24,927 15,868
Total assets 4,372,929 3,256,431
Current liabilities:    
Accounts payable 136,757 148,462
Accrued liabilities 189,595 137,688
Deferred revenues 95,467 88,213
Current portion of operating lease liabilities 62,217 62,405
Current portion of finance lease liabilities 4,964 2,240
Current portion of Tax Receivable Agreement liability 11,322 8,089
Current portion of long-term debt 15,822 12,174
Notes payable - floor plan, net 1,011,345 522,455
Other current liabilities 70,834 53,795
Total current liabilities 1,598,323 1,035,521
Operating lease liabilities, net of current portion 774,889 804,555
Finance lease liabilities, net of current portion 74,752 27,742
Tax Receivable Agreement liability, net of current portion 171,073 137,845
Revolving line of credit 20,885 20,885
Long-term debt, net of current portion 1,377,751 1,122,675
Deferred revenues 69,024 61,519
Other long-term liabilities 52,338 54,920
Total liabilities 4,139,035 3,265,662
Commitments and contingencies
Stockholders' equity (deficit):    
Preferred stock, par value $0.01 per share - 20,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and December 31, 2020 0 0
Additional paid-in capital 98,113 63,342
Treasury stock, at cost; 3,390,131 and 572,447 shares as of December 31, 2021 and 2020 (130,006) (15,187)
Retained earnings (deficit) 189,471 (21,814)
Total stockholders' equity attributable to Camping World Holdings, Inc. 158,057 26,774
Non-controlling interests 75,837 (36,005)
Total stockholders' equity (deficit) 233,894 (9,231)
Total liabilities and stockholders' equity (deficit) 4,372,929 3,256,431
Class A common stock    
Stockholders' equity (deficit):    
Common stock 475 428
Class B common stock    
Stockholders' equity (deficit):    
Common stock 4 5
Class C common stock    
Stockholders' equity (deficit):    
Common stock $ 0 $ 0
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
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) 3,390,131 572,447
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 47,805,259 43,083,008
Common stock, outstanding 44,130,956 42,226,389
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 69,066,445 69,066,445
Common stock, outstanding 41,466,964 45,999,132
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
v3.22.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue:      
Total revenue $ 6,913,754 $ 5,446,591 $ 4,892,019
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue 4,457,426 3,744,112 3,604,621
Operating expenses:      
Selling, general, and administrative 1,573,609 1,156,071 1,141,643
Debt restructure expense 12,078 0 0
Depreciation and amortization 66,418 51,981 59,932
Long-lived asset impairment 3,044 12,353 66,270
Lease termination 2,211 4,547 (686)
(Gain) loss on sale or disposal of assets (576) 1,332 11,492
Total operating expenses 1,656,784 1,226,284 1,278,651
Income from operations 799,544 476,195 8,747
Other expense:      
Floor plan interest expense (14,108) (19,689) (40,108)
Other interest expense, net (46,912) (54,689) (69,363)
Loss on debt restructure (1,390) 0 0
Tax Receivable Agreement liability adjustment 2,813 (141) (10,005)
Other expense, net (122) 0 0
Total other expense (65,345) (74,237) (99,466)
Income (loss) before income taxes 734,199 401,958 (90,719)
Income tax expense (92,124) (57,743) (29,582)
Net income (loss) 642,075 344,215 (120,301)
Less: net (income) loss attributable to non-controlling interests (363,614) (221,870) 59,710
Net income (loss) attributable to Camping World Holdings, Inc. $ 278,461 $ 122,345 $ (60,591)
Class A common stock      
Earnings (loss) per share of Class A common stock:      
Basic $ 6.19 $ 3.11 $ (1.62)
Diluted $ 6.07 $ 3.09 $ (1.62)
Weighted average shares of Class A common stock outstanding:      
Basic 45,009 39,383 37,310
Diluted 89,762 40,009 37,350
Good Sam Services and Plans      
Revenue:      
Total revenue $ 180,722 $ 180,977 $ 179,538
New vehicles      
Revenue:      
Total revenue 3,299,454 2,823,311 2,370,321
Used vehicles      
Revenue:      
Total revenue 1,686,217 984,853 857,628
Products, service and other      
Revenue:      
Total revenue 1,100,942 948,890 1,034,577
Finance and insurance, net      
Revenue:      
Total revenue 598,475 464,261 401,302
Good Sam Club      
Revenue:      
Total revenue 47,944 44,299 48,653
Good Sam Club services and plans      
Revenue:      
Total revenue 180,722 180,977 179,538
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue 72,877 72,938 78,054
RV and Outdoor Retail      
Revenue:      
Total revenue 6,733,032 5,265,614 4,712,481
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue 4,384,549 3,671,174 3,526,567
RV and Outdoor Retail | New vehicles      
Revenue:      
Total revenue 3,299,454 2,823,311 2,370,321
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue 2,423,478 2,320,537 2,074,270
RV and Outdoor Retail | Used vehicles      
Revenue:      
Total revenue 1,686,217 984,853 857,628
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue 1,247,794 751,029 678,640
RV and Outdoor Retail | Products, service and other      
Revenue:      
Total revenue 1,100,942 948,890 1,034,577
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue 706,074 590,716 762,919
RV and Outdoor Retail | Finance and insurance, net      
Revenue:      
Total revenue 598,475 464,261 401,302
RV and Outdoor Retail | Good Sam Club      
Revenue:      
Total revenue 47,944 44,299 48,653
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):      
Total costs applicable to revenue $ 7,203 $ 8,892 $ 10,738
v3.22.0.1
Consolidated Statements of Stockholders' Equity (Deficit) - 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 Deficit
Cumulative Effect Adjustment
Retained Deficit
Non-controlling Interest
Cumulative Effect Adjustment
Non-controlling Interest
Cumulative Effect Adjustment
Total
Balance at Dec. 31, 2018 $ 372 $ 5 $ 0 $ 47,531 $ 0   $ (3,370)   $ (11,621)   $ 32,917
Balance (in shares) at Dec. 31, 2018 37,192 50,707                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Equity-based compensation $ 0 $ 0 0 5,512 0   0   7,633   13,145
Vesting of restricted stock units $ 4 0 0 736 0   0   (740)   0
Vesting of restricted stock units (in shares) 417                    
Repurchases of Class A common stock for withholding taxes on vested RSUs $ (1) 0 0 (1,477) 0   0   0   (1,478)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) (126)                    
Redemption of LLC common units for Class A common stock $ 0 0 0 (478) 0   0   0   (478)
Redemption of LLC common units for Class A common stock (in shares) 6                    
Distributions to holders of LLC common units $ 0 0 0 0 0   0   (70,192)   (70,192)
Dividends 0 0 0 0 0   (22,878)   0   (22,878)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability 0 0 0 (8) 0   0   0   (8)
Non-controlling interest adjustment 0 0 0 (1,664) 0   0   1,664   0
Net income (loss) 0 0 0 0 0   (60,591)   (59,710)   (120,301)
Balance (ASU 2014-09) at Dec. 31, 2019           $ 3,705   $ 6,332   $ 10,037  
Balance at Dec. 31, 2019 $ 375 $ 5 0 50,152 0   (83,134)   (126,634)   (159,236)
Balance (in shares) at Dec. 31, 2019 37,489 50,707                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Equity-based compensation $ 0 $ 0 0 9,232 0   0   11,429   20,661
Exercise of stock options $ 2 0 0 4,022 $ 611   0   0   4,635
Exercise of stock options (in shares) 191       23            
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options $ 0 0 0 (2,602) $ 0   0   2,602   0
Vesting of restricted stock units $ 3 0 0 (6,398) $ 8,556   0   (2,161)   0
Vesting of restricted stock units (in shares) 338       323            
Repurchases of Class A common stock for withholding taxes on vested RSUs $ 0 0 0 (1,910) $ (2,832)   0   0   (4,742)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) (71)       (107)            
Repurchases of Class A common stock to treasury stock $ 0 0 0 11,616 $ (21,522)   0   (11,616)   (21,522)
Repurchases of Class A common stock to treasury stock         (811)            
Redemption of LLC common units for Class A common stock $ 48 $ 0 0 25,565 $ 0   0   7,529   33,142
Redemption of LLC common units for Class A common stock (in shares) 4,852 (4,708)                  
Distributions to holders of LLC common units $ 0 $ 0 0 0 0   0   (136,974)   (136,974)
Dividends 0 0 0 0 0   (61,025)   0   (61,025)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability 0 0 0 (28,385) 0   0   0   (28,385)
Non-controlling interest adjustment 0 0 0 2,050 0   0   (2,050)   0
Net income (loss) 0 0 0 0 0   122,345   221,870   344,215
Balance at Dec. 31, 2020 $ 428 $ 5 0 63,342 $ (15,187)   (21,814)   (36,005)   (9,231)
Balance (in shares) at Dec. 31, 2020 42,799 45,999     (572)            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Equity-based compensation $ 0 $ 0 0 24,490 $ 0   0   23,446   47,936
Exercise of stock options 0 0 0 (1,651) $ 5,762   0   0   4,111
Exercise of stock options (in shares)         189            
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options 0 0 0 (2,017) $ 0   0   2,017   0
Vesting of restricted stock units 0 0 0 (28,493) $ 34,756   0   (6,263)   0
Vesting of restricted stock units (in shares)         971            
Repurchases of Class A common stock for withholding taxes on vested RSUs 0 0 0 (989) $ (11,100)   0   0   (12,089)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)         (303)            
Stock award to employee 0 0 0 (15,551) $ 19,586   0   (4,035)   0
Stock award to employee (In shares)         511            
Repurchases of Class A common stock for withholding taxes on stock award to employee 0 0 0 (160) $ (7,567)   0   0   (7,727)
Repurchases of Class A common stock for withholding taxes on stock award to employee (in shares)         (197)            
Repurchases of Class A common stock to treasury stock 0 0 0 74,487 $ (156,256)   0   (74,487)   (156,256)
Repurchases of Class A common stock to treasury stock         (3,989)            
Redemption of LLC common units for Class A common stock $ 47 $ (1) 0 15,685 $ 0   0   1,392   17,123
Redemption of LLC common units for Class A common stock (in shares) 4,722 (4,533)                  
Distributions to holders of LLC common units $ 0 $ 0 0 0 0   0   (193,735)   (193,735)
Dividends 0 0 0 0 0   (67,176)   0   (67,176)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability 0 0 0 (31,137) 0   0   0   (31,137)
Non-controlling interest adjustment 0 0 0 107 0   0   (107)   0
Net income (loss) 0 0 0 0 0   278,461   363,614   642,075
Balance at Dec. 31, 2021 $ 475 $ 4 $ 0 $ 98,113 $ (130,006)   $ 189,471   $ 75,837   $ 233,894
Balance (in shares) at Dec. 31, 2021 47,521 41,466     (3,390)            
v3.22.0.1
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class A common stock      
Dividends declared per share $ 1.48 $ 1.48 $ 0.61
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income (loss) $ 642,075 $ 344,215 $ (120,301)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 66,418 51,981 59,932
Equity-based compensation 47,936 20,661 13,145
Loss (gain) on lease termination 2,211 4,547 (686)
Loss on debt restructure 1,390 0 0
Long-lived asset impairment 3,044 12,353 66,270
(Gain) loss on sale or disposal of assets (576) 1,332 11,492
Provision for losses on accounts receivable 1,610 1,068 (20)
Non-cash lease expense 60,519 57,536 54,921
Accretion of original debt issuance discount 1,330 1,079 1,038
Non-cash interest 2,513 4,306 4,585
Deferred income taxes (5,890) 6,606 14,897
Tax Receivable Agreement liability adjustment 2,813 (141) (10,005)
Change in assets and liabilities, net of acquisitions:      
Receivables and contracts in transit (28,797) (2,777) 12,217
Inventories (629,830) 239,334 216,111
Prepaid expenses and other assets (4,676) (3,016) (7,951)
Accounts payable and other accrued expenses 52,694 39,846 (15,350)
Payment pursuant to Tax Receivable Agreement (8,089) (6,563) (9,425)
Deferred revenue 14,761 4,560 708
Operating lease liabilities (63,462) (68,951) (54,403)
CARES Act deferral of payroll taxes (14,616) 29,231 0
Other, net 10,626 10,462 14,759
Net cash provided by operating activities 154,004 747,669 251,934
Investing activities      
Purchases of property and equipment (118,657) (31,845) (56,789)
Proceeds from sale of property and equipment 2,199 1,751 4,068
Purchase of real property (129,154) (53,078) (31,567)
Proceeds from the sale of real property 3,635 7,484 28,169
Purchases of businesses, net of cash acquired (100,117) (47,571) (48,418)
Purchase of other investments (7,983) 0 0
Purchase of equity securities 0 (2,500) 0
Purchases of intangible assets (5,695) (176) 0
Net cash used in investing activities (355,772) (125,935) (104,537)
Financing activities      
Proceeds from long-term debt 430,698 0 11,663
Payments on long-term debt (177,948) (36,792) (11,991)
Net proceeds (payments) on notes payable - floor plan, net 487,946 (324,485) (43,989)
Additional borrowings 20,000 0 14,029
Payments on revolving line of credit (20,000) (20,000) (11,883)
Payments on finance leases (2,871) (2,278) (1,667)
Payment of debt issuance costs (1,925) 0 (47)
Dividends on Class A common stock (67,176) (61,025) (22,878)
Proceeds from exercise of stock options 4,111 4,635 0
RSU shares withheld for tax (12,089) (4,742) (1,478)
Stock award shares withheld for tax (7,727) 0 0
Repurchases of Class A common stock to treasury stock (156,256) (21,522) 0
Distributions to holders of LLC common units (193,735) (136,974) (70,192)
Net cash provided by (used in) financing activities 303,028 (603,183) (138,433)
Increase in cash and cash equivalents 101,260 18,551 8,964
Cash and cash equivalents at beginning of the period 166,072 147,521 138,557
Cash and cash equivalents at end of the period $ 267,332 $ 166,072 $ 147,521
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
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 18 — Stockholders’ Equity). Despite its position as sole managing member of CWGS, LLC, CWH had a minority economic interest in CWGS, LLC through March 11, 2021. As of December 31, 2021, 2020, and 2019, CWH owned 51.2%, 47.4% and 42.0%, 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.

COVID-19

A novel strain of coronavirus was declared a pandemic by the World Health Organization in March 2020. To date, COVID-19 has surfaced in nearly all regions of the world and resulted in travel restrictions and business slowdowns or shutdowns in affected areas. Many affected areas have made significant progress with the easing of restrictions and reopening certain businesses often under new operating guidelines, although new waves of infection or the spread of new variants may lead to an increase in such restrictions or closures.

In conjunction with the initial stay-at-home and shelter-in-place restrictions enacted in many areas, the Company saw significant sequential declines in its overall customer traffic levels and its overall revenues from the mid-March to mid-to-late April 2020 timeframe. In the latter part of April 2020, the Company began to see a significant improvement in its online web traffic levels and number of electronic leads, and in early May 2020, the Company began to see improvements in its overall revenue levels. As the stay-at-home restrictions began to ease across certain areas of the country, the Company experienced significant acceleration in its in-store and online traffic, lead generation, and revenue trends in May 2020 continuing into the quarter ended June 30, 2021 and demand in new and used vehicles remained elevated through the remainder of 2021 and into the beginning of 2022. Demand and interest in new and used vehicles continued to outpace vehicle supply during the year ended December 31, 2021. In the last four months of 2021, the Company was able to procure more new vehicles than were sold during that period, which improved inventory levels at December 31, 2021.

In order to offset the initially expected adverse impact of COVID-19 and better align expenses with reduced sales in the middle of March 2020 and early April 2020, the Company reduced marketing expenses and temporarily reduced salaries and hours throughout the business, including for its executive officers, and implemented headcount and other cost reductions. Most of these temporary salary and hourly reductions ended

in May 2020 as the adverse economic impacts of the pandemic began to decline. The Company has also taken steps to add new private label lines, expand its relationships with smaller recreational vehicle (“RV”) manufacturers, and acquire used inventory to help manage risks in its supply chain.

Throughout the pandemic, the majority of the Company’s retail locations have continued to operate as essential businesses and the Company has continued to operate its e-commerce business. Historically, most of the Company’s consumer shows and events take place during the first quarter. As a consequence of COVID-19, the Company held one in-person consumer show in 2021 and held fewer in-person consumer shows and events during 2020 than in 2019. Since March 2020, the Company has implemented preparedness plans to keep its employees and customers safe, which include social distancing, providing employees with face coverings and/or other protective clothing as required, implementing additional cleaning and sanitization routines, and work-from-home directives for a significant portion of the Company’s workforce. In July 2021, the Company began transitioning many of its employees from work-from-home schedules to a return to the Company’s offices. However, with the increase in COVID-19 cases in the U.S. as a result of the Omicron variant in late 2021, many employees have reverted back to work from home schedules.

Description of the Business

Camping World Holdings, Inc., together with its subsidiaries, is America’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 22 – 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; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; 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; business to business distribution of RV furniture, 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 and Gander RV & Outdoors brands, and markets its products and services primarily to RV and outdoor enthusiasts.

In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 5 – Restructuring and Long-lived Asset Impairment).

The table below summarizes the Company’s retail store openings, closings, divestitures, conversions and number of locations from December 31, 2020 to December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

RV

RV Service &

Other

​

​

​

Dealerships

Retail Centers

Retail Stores

Total

Number of store locations as of December 31, 2020

​

160

​

10

​

1

​

171

Opened

​

16

​

—

​

—

​

16

Closed / divested

​

(1)

​

—

​

—

​

(1)

Re-opened

​

1

​

—

​

—

​

1

Converted (1)

​

(1)

​

—

​

1

​

—

Number of store locations as of December 31, 2021

​

175

​

10

​

2

​

187

​

​

​

​

​

​

​

​

​

(1)One RV dealership was converted to a retail clearance center.

Use of Estimates

The preparation of these 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 financial statements and the reported amounts of revenue

and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the 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, including those uncertainties arising from COVID-19, 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 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, and 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 doubtful accounts, which includes a reserve for expected credit losses. Accounts receivable balances due in excess of one year was $7.8 million at December 31, 2021 and $8.2 million at December 31, 2020, which are included in other assets in the accompanying consolidated balance sheets.

The allowance for doubtful accounts 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 doubtful accounts was required at December 31, 2021 and 2020. Management additionally has evaluated the expected credit losses related to accounts receivable and determined that allowances of approximately $4.7 million as of December 31, 2021 and $3.4 million as of December 31, 2020 for uncollectible accounts were required. Additionally, there was a less than $0.1 million allowance for doubtful accounts for noncurrent receivables at December 31, 2021 recognized during the year ended December 31, 2021.

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

​

​

​

​

​

​

​

​

​

Year Ended

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Allowance for doubtful accounts:

​

​

​

​

​

​

Balance, beginning of period

​

$

3,393

​

$

3,537

Charged to bad debt expense

​

​

1,568

​

​

1,068

Deductions (1)

​

​

(250)

​

​

(1,212)

Balance, end of period

​

$

4,711

​

$

3,393

(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, 2021 and 2020 was approximately $278.7 million and $188.1 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, net

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, and freight. For vehicles accepted in trades, the cost is the fair value of such used vehicles at the time of the trade-in. Products, parts, accessories, and other inventories primarily consist of retail travel and leisure specialty merchandise and are stated at lower of cost or net realizable value using the first in, first out method. The cost of RV and Outdoor Retail inventories primarily consists of the direct cost of the merchandise including freight. A portion of the products, parts, accessories and other inventory includes capitalized labor relating to assembly.

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

After the adoption of Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) on January 1, 2019 the Company recognizes a right-of-use (“ROU”) asset and a lease liability on the accompanying consolidated balance sheets for operating leases (with the exception of short-term leases based on the practical expedient elected by the Company) at the commencement date, in addition to finance leases that were previously also required to be recognized on the accompanying consolidated balance sheets, and recognizes expenses on the income statement in a similar manner to the previous guidance in ASC 840, Leases (“ASC 840”) (see Note 10 — Lease Obligations).

Goodwill and Other Intangible Assets

Goodwill is reviewed at least annually for impairment, and more often when impairment indicators are present (see Note 7 – 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.

Good Sam Services and Plans revenue consists of revenue from publications, consumer shows, 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. Revenue and related expenses for consumer shows are recognized when the show occurs.

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.

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.

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 products, are subject to chargebacks if the customer terminates the respective contract earlier than a stated period. In the case of insurance and service contracts, the stated period typically extends from one to five years with the refundable commission balance 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 eight years, adjusted for new consumer trends. The chargeback liabilities included in the estimate of variable consideration totaled $68.8 million and $58.9 million as of December 31, 2021 and December 31, 2020, respectively.

The remaining RV and Outdoor retail revenue consists of sales of products, service and other, including RV accessories and supplies, RV furniture, camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport equipment and supplies. 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. 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. 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.

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.

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.

Parts and Service Internal Profit

The Company’s parts and service departments recondition the majority of used vehicles acquired by the Company’s used vehicle departments and perform minor preparatory work on new vehicles acquired by the Company’s new vehicle departments. The parts and service departments charge the new and used vehicle departments as if they were third parties in order to account for total activity performed by that department. The revenue and costs applicable to revenue associated with the internal work performed by the Company’s parts and service departments are eliminated in consolidation. The Company maintains a reserve for internal work order profits on vehicles that remain in inventories.

Advertising Expenses

Advertising expenses are expensed as incurred. Advertising expenses for the years ended December 31, 2021, 2020 and 2019 were $136.3 million, $96.3 million and $117.8 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, 2021, 2020, and 2019, $8.0 million, $8.2 million, and $6.2 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 11 — Income Taxes for additional information.

Reclassifications of Prior Period Amounts

Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, the current and noncurrent portions of finance lease liabilities have been reclassified to be presented separately from current and noncurrent portions of long-term debt, respectively, in the accompanying consolidated balance sheet as of December 31, 2020. Further, the payments on finance leases have been reclassified to be presented separately from payments on long-term debt in the accompanying consolidated statement of cash flows for the years ended December 31, 2020 and 2019.

Additionally, for the years ended December 31, 2020 and 2019, the equity-based compensation and non-controlling interest adjustment line items in the accompanying consolidated statements of stockholders' equity (deficit) have been reclassified to present the equity-based compensation allocated to the non-controlling interest in the non-controlling interest column with an offsetting reclassification to the non-controlling interest adjustment line item.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This standard reduces complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. This standard also simplifies accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 as of January 1, 2021 and the adoption did not materially impact its consolidated financial statements.

Recently Issued Accounting Pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This standard requires contract assets and contract liabilities, such as certain receivables and deferred revenue, acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree instead of recording those balances at fair value. This standard should be applied prospectively to acquisitions occurring after the effective date. The standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company early adopted ASU 2021-08 as of January 1, 2022 and the Company does not expect that its adoption will materially impact its consolidated financial statements.
v3.22.0.1
Revenue
 12 Months Ended
Dec. 31, 2021
Revenue  
Revenue

2. Revenue

Contract Assets

As of December 31, 2021 and 2020, a contract asset of $16.2 million and $8.1 million, respectively, relating to RV service revenues was included in accounts receivable in the accompanying consolidated balance sheets. As of December 31, 2021 and 2020, the Company had capitalized costs to acquire a contract consisting of $5.4 million and $7.1 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, 2021, $88.2 million of revenues recognized were included in the deferred revenue balance at the beginning of the period. For the year ended December 31, 2020, $87.1 million of revenues recognized were included in the deferred revenue balance at the beginning of the period.

As of December 31, 2021, the Company had unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligation for these revenue streams at December 31, 2021 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):

​

​

​

​

​

​

    

As of

​

    

December 31, 2021

2022

    

$

95,467

2023

​

​

34,262

2024

​

​

17,031

2025

​

​

9,038

2026

​

​

4,947

Thereafter

​

​

3,746

Total

​

$

164,491

​

​

​

​

​

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.
v3.22.0.1
Receivables
 12 Months Ended
Dec. 31, 2021
Receivables  
Receivables

3. Receivables

Receivables consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

    

December 31,

    

December 31,

​

​

2021

​

2020

Good Sam Services and Plans

​

$

13,046

​

$

11,837

RV and Outdoor Retail

​

​

​

​

​

​

New and used vehicles

​

​

4,636

​

​

6,836

Parts, service and other

​

​

42,418

​

​

26,437

Trade accounts receivable

​

​

20,974

​

​

16,289

Due from manufacturers

​

​

16,499

​

​

17,778

Other

​

​

8,782

​

​

7,611

Corporate

​

​

—

​

​

27

​

​

​

106,355

​

​

86,815

Allowance for doubtful accounts

​

​

(4,711)

​

​

(3,393)

​

​

$

101,644

​

$

83,422

​
v3.22.0.1
Inventories and Floor Plan Payables
 12 Months Ended
Dec. 31, 2021
Inventories and Floor Plan Payables  
Inventories and Floor Plan Payables

4. Inventories and Floor Plan Payables

Inventories consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Good Sam services and plans

​

$

—

​

$

109

New RVs

​

​

1,108,836

​

​

691,114

Used RVs

​

​

406,398

​

​

178,336

Products, parts, accessories and other

​

​

277,631

​

​

266,786

​

​

$

1,792,865

​

$

1,136,345

​

​

​

​

​

​

​

​

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. 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.

In September 2021, FR entered into the Eighth Amended and Restated Credit Agreement (“Post-Amendment Floor Plan Facility”) that amended the Seventh Amended and Restated Credit Agreement (“Pre-Amendment Floor Plan Facility” and collectively the “Floor Plan Facility”) that was previously entered into in December 2017. The Post-Amendment Floor Plan Facility allows FR to borrow (a) up to $1.70 billion of floor plan notes payable, an increase from $1.38 billion under the Pre-Amendment Floor Plan Facility, (b) up to $30.0 million under a letter of credit facility, an increase from $15.0 million under the Pre-Amendment Floor Plan Facility, and (c) up to a maximum amount outstanding of $70.0 million under the revolving line of credit, an increase from $42.0 million under the Pre-Amendment Floor Plan Facility. The Post-Amendment Floor Plan Facility removes the $3.0 million quarterly reduction in the maximum amount outstanding under the revolving line of credit under the Pre-Amendment Floor Plan Facility. The Post-Amendment Floor Plan Facility also includes an accordion feature allowing FR, at its option, to increase the aggregate amount of the floor plan notes payable in $50 million increments up to a maximum amount of $200 million. The lenders under the Post-Amendment Floor Plan Facility are not under any obligation to provide commitments in respect of any such increase. In addition, the maturity of the Post-Amendment Floor Plan Facility was extended to September 2026 from March 2023 under the Pre-Amendment Floor Plan Facility.

As December 31, 2021 and 2020, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 1.96% and 2.20%, respectively. Effective October 1, 2021 under the Post-Amendment 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 the floating Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus the applicable rate of 1.90% to 2.50% determined based on FR’s consolidated current ratio, or, the base rate plus the applicable rate of 0.40% to 1.00% determined based on FR’s consolidated current ratio.

As of December 31, 2021 and 2020, the applicable interest rate for revolving line of credit borrowings under the Floor Plan Facility was 2.31% and 2.55%, respectively. Effective October 1, 2021 under the Post-Amendment 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 BSBY rate, plus 2.25%, in the case of floating BSBY rate loans, or (b) a base rate determined by reference to the greatest of: (i) the federal funds rate plus 0.50%, (ii) the prime rate published by Bank of America, N.A. and (iii) the floating BSBY rate plus 1.75%, plus 0.75%, in the case of base rate loans. Additionally, under the Post-Amendment Floor Plan Facility, the revolving line of credit borrowings are limited by a borrowing base calculation. The applicable interest rate for the revolving line of credit borrowings under the Pre-Amendment Floor Plan Facility was based on one month LIBOR plus 2.40%.

In May 2020, FR entered into a Third Amendment to the Seventh Amended and Restated Credit Agreement that provided FR with a one-time option to request a temporary four-month reduction of the minimum consolidated current ratio at any time during 2020 and the first seven days of 2021. FR did not exercise that option. Effective May 12, 2020 through July 31, 2020, FR was not allowed to draw further Revolving Credit Loans (as defined in the Pre-Amendment Floor Plan Facility).

The Floor Plan Facility includes a flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash 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 transfer amounts from the FLAIR offset account into the Company’s operating cash accounts. 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, 2021 and 2020, FR had $92.1 million and $133.6 million, respectively, in the FLAIR offset account. The Post-Amendment Floor Plan Facility raised the maximum FLAIR percentage of outstanding floor plan borrowings to 35% from 20% under the Pre-Amendment Floor Plan Facility.

Management has determined that the credit agreements governing the Floor Plan Facility include subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at December 31, 2021 that would trigger a subjective acceleration clause. Additionally, the credit agreements governing the Floor Plan Facility contain certain financial covenants. FR was in compliance with all debt covenants at December 31, 2021 and December 31, 2020. In June 2020, FR made a voluntary $20.0 million principal payment on the revolving line of credit. An additional $20.0 million of borrowing on the revolving line of credit was made in November 2021 and was repaid in December 2021.

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of December 31, 2021 and December 31, 2020 (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Floor Plan Facility:

​

​

​

​

​

​

Notes payable — floor plan:

​

​

​

​

​

​

Total commitment

​

$

1,700,000

​

$

1,379,750

Less: borrowings, net

​

​

(1,011,345)

​

​

(522,455)

Less: flooring line aggregate interest reduction account

​

​

(92,108)

​

​

(133,639)

Additional borrowing capacity

​

​

596,547

​

​

723,656

Less: accounts payable for sold inventory

​

​

(28,036)

​

​

(28,980)

Less: purchase commitments

​

​

(34,612)

​

​

(39,121)

Unencumbered borrowing capacity

​

$

533,899

​

$

655,555

​

​

​

​

​

​

​

Revolving line of credit

​

$

70,000

​

$

48,000

Less: borrowings

​

​

(20,885)

​

​

(20,885)

Additional borrowing capacity

​

$

49,115

​

$

27,115

​

​

​

​

​

​

​

Letters of credit:

​

​

​

​

​

​

Total commitment

​

$

30,000

​

$

15,000

Less: outstanding letters of credit

​

​

(11,500)

​

​

(11,732)

Additional letters of credit capacity

​

$

18,500

​

$

3,268

​
v3.22.0.1
Restructuring and Long-Lived Asset Impairment
 12 Months Ended
Dec. 31, 2021
Restructuring and Long-Lived Asset Impairment  
Restructuring and Long-Lived Asset Impairment

5. Restructuring and Long-Lived Asset Impairment

Restructuring

On September 3, 2019, the board of directors of CWH approved a plan 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, three distribution centers, and 20 specialty retail locations relating to the 2019 Strategic Shift. One of the aforementioned closed distribution centers was reopened during the three months ended June 2020. As of December 31, 2020, the Company had completed the store closures and divestitures relating to the 2019 Strategic Shift. As part of the 2019 Strategic Shift, the Company evaluated the impact on its supporting infrastructure and operations, which included rationalizing inventory levels and composition, closing certain distribution centers, and realigning other resources. The Company had a reduction of headcount and labor costs for those locations that were closed or divested and the Company incurred material charges associated with the activities contemplated under the 2019 Strategic Shift.

During the year ended December 31, 2021, the Company completed its analysis of its retail product offerings that are not RV-related. The information available at the inception of the 2019 Strategic Shift relating to these product categories was incomplete based on the relative immaturity of the locations offering these products and was further delayed by the impact of COVID-19 on consumer buying behavior (see Note 1 — Summary of Significant Accounting Policies — COVID-19). During the year ended December 31, 2021, the Company recorded $15.0 million of incremental reserve charges relating to product categories that are not RV-related.

As of December 31, 2021, the Company has effectively finalized its 2019 Strategic Shift as it relates to closing locations, one-time termination benefits, and incremental reserve charges. The remaining potential ongoing charges under the 2019 Strategic Shift relate to 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 in part due to the ongoing COVID-19 pandemic and is expected to continue. The timing of these negotiations will vary as both subleases and terminations are contingent on landlord approvals.

The Company currently estimates the total restructuring costs associated with the 2019 Strategic Shift to be in the range of $111.6 million to $134.6 million. The breakdown of the estimated restructuring costs are as follows:

●one-time employee termination benefits relating to retail store or distribution center closures/divestitures of $1.2 million, all of which was incurred through December 31, 2020;
●lease termination costs of $18.0 million to $34.0 million, of which $13.5 million has been incurred through December 31, 2021;
●incremental inventory reserve charges of $57.4 million, all of which was incurred through December 31, 2021; and
●other associated costs of $35.0 million to $42.0 million, of which $31.8 million has been incurred through December 31, 2021.

Through December 31, 2021, the Company has incurred $31.8 million of such other associated costs primarily representing labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. The additional amount of $3.2 million to $10.2 million represents similar costs that may be incurred through the year ending December 31, 2022 for locations that continue in a wind-down period, primarily comprised of lease costs accounted for under ASC 842, Leases, prior to lease termination. The Company intends to negotiate terminations of these leases where prudent and pursue

sublease arrangements for the remaining leases. Lease costs may continue to be incurred after December 31, 2022 on these leases if the Company is unable to terminate the leases under acceptable terms or offset the lease costs through sublease arrangements. The foregoing lease termination cost estimate represents the expected cash payments to terminate certain leases, but does not include the gain or loss from derecognition of the related operating lease assets and liabilities, which is dependent on the particular leases that will be terminated.

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

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2021

    

2020

    

2019

Restructuring costs:

​

​

​

​

​

​

​

​

One-time termination benefits(1)

$

—

​

$

231

​

$

1,008

Lease termination costs(2)

​

1,431

​

​

4,432

​

​

55

Incremental inventory reserve charges(3)

​

15,017

​

​

543

​

​

41,894

Other associated costs(4)

​

10,684

​

​

16,835

​

​

4,321

Total restructuring costs

$

27,132

​

$

22,041

​

$

47,278

​

​

​

​

​

​

​

​

​

(1)These costs incurred in 2020 were primarily included in costs applicable to revenues – products, service and other in the consolidated statements of operations. These costs incurred in 2019 were primarily included in selling, general and administrative expenses 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, net of any gain from derecognition of the related operating lease assets and liabilities.
(3)These costs were included in costs applicable to revenue – products, service and other in the consolidated statements of operations.
(4)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. For the years ended December 31, 2021, 2020 and 2019, costs of approximately $0 million, $0.4 million and $0.6 million, respectively, were included in costs applicable to revenue – products, service and other, and $10.7 million, $16.4 million and $3.7 million, respectively, 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

One-time

    

Lease

    

Other

    

​

​

    

Termination

    

Termination

    

Associated

    

​

​

    

Benefits

    

Costs (1)

    

Costs

    

Total

Balance at June 30, 2019

​

$

—

​

$

—

​

$

—

​

$

—

Charged to expense

​

​

1,008

​

​

1,350

​

​

4,321

​

​

6,679

Paid or otherwise settled

​

​

(286)

​

​

(1,350)

​

​

(4,036)

​

​

(5,672)

Balance at December 31, 2019

​

​

722

​

​

—

​

​

285

​

​

1,007

Charged to expense

​

​

231

​

​

10,532

​

​

16,835

​

​

27,598

Paid or otherwise settled

​

​

(953)

​

​

(10,532)

​

​

(16,346)

​

​

(27,831)

Balance at December 31, 2020

​

​

—

​

​

—

​

​

774

​

​

774

Charged to expense

​

​

—

​

​

1,650

​

​

10,684

​

​

12,334

Paid or otherwise settled

​

​

—

​

​

(1,650)

​

​

(10,532)

​

​

(12,182)

Balance at December 31, 2021

​

$

—

​

$

—

​

$

926

​

$

926

(1)Lease termination costs excludes the $1.3 million, $6.1 million and $0.2 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 six months ended December 31, 2019 and for the years ended December 31, 2020 and 2021, respectively.

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.

Long-Lived Asset Impairment

During the years ended December 31, 2021, 2020 and 2019, the Company had indicators of impairment of the long-lived assets for certain of its locations. For locations that failed the recoverability test based on an analysis of undiscounted cash flows, the Company estimated the fair value of the locations based on a discounted cash flow analysis. After performing the long-lived asset impairment test for these locations, the Company determined that certain locations within the RV and Outdoor Retail segment had long-lived assets that were impaired. The long-lived asset impairment charge, subject to limitations described below, was calculated as the amount that the carrying value of the locations exceeded the estimated fair value. The calculated long-lived asset impairment charge was allocated to each of the categories of long-lived assets at each location pro rata based on the long-lived assets’ carrying values, except that individual assets cannot be impaired below their individual fair values when that fair value can be determined without undue cost and effort. For most of these locations, the operating lease right-of-use assets and furniture and equipment were written down to their individual fair values and the remaining impairment charge was allocated to the remaining long-lived assets up to the fair value estimated on these assets based on liquidation value estimates.

The following table details long-lived asset impairment charges by type of long-lived asset (in thousands):

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2021

    

2020

    

2019

Long-lived asset impairment charges:

​

​

​

​

​

​

​

​

Leasehold improvements

$

721

​

$

2,374

​

$

20,766

Furniture and equipment

​

196

​

​

2,588

​

​

28,602

Buildings

​

—

​

​

1,461

​

​

—

Operating lease right-of-use assets

​

2,127

​

​

5,930

​

​

16,902

Total long-lived asset impairment charges

​

3,044

​

​

12,353

​

​

66,270

Less: portion unrelated to 2019 Strategic Shift

​

(1,645)

​

​

(64)

​

​

(8,832)

2019 Strategic Shift long-lived asset impairment charges

$

1,399

​

$

12,289

​

$

57,438

​

Long-lived asset impairment charges during the years ended December 31, 2021 and 2020 related primarily to the result of updating impairment test assumptions after identifying indicators of impairment at previously closed stores in certain markets.

v3.22.0.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2021
Property and Equipment, net  
Property and Equipment, net

6. Property and Equipment, net

Property and equipment consisted of the following at December 31, 2021 and 2021 (in thousands):

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

​

2021

​

2020

​

Land

​

$

95,724

​

$

47,780

​

Buildings and improvements

​

​

208,136

​

​

99,739

​

Leasehold improvements

​

​

255,378

​

​

210,396

​

Furniture and equipment

​

​

201,083

​

​

180,191

​

Software

​

​

78,592

​

​

73,256

​

Construction in progress and software in development

​

​

58,694

​

​

11,560

​

​

​

​

897,607

​

​

622,922

​

Less: accumulated depreciation and amortization

​

​

(298,283)

​

​

(255,024)

​

Property and equipment, net

​

$

599,324

​

$

367,898

​

​

Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $61.6 million, $47.4 million and $54.7 million, respectively.
v3.22.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

7. 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, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam

​

​

​

​

​

​

​

Services and

​

RV and

​

​

​

​

    

Plans

    

Outdoor Retail

    

Consolidated

Balance as of January 1, 2020 (excluding impairment charges)

​

$

70,713

​

$

558,065

​

$

628,778

Accumulated impairment charges

​

​

(46,884)

​

​

(194,953)

​

​

(241,837)

Balance as of January 1, 2020

​

​

23,829

​

​

363,112

​

​

386,941

Acquisitions

​

​

—

​

​

26,182

​

​

26,182

Balance as of December 31, 2020

​

​

23,829

​

​

389,294

​

​

413,123

Acquisitions

​

​

—

​

​

70,511

​

​

70,511

Balance as of December 31, 2021

​

$

23,829

​

$

459,805

​

$

483,634

​

​

​

​

​

​

​

​

​

​

​

The Company evaluates goodwill 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 or indefinite-lived intangible assets might be impaired. The Company assesses 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, 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.

During the three months ended March 31, 2020, the Company determined that a triggering event for an interim goodwill impairment test of its RV and Outdoor Retail reporting unit had occurred as a result of the decline in the market price of the Company’s Class A common stock and the potential impact of COVID-19 on the Company’s business. As a result of the interim goodwill impairment test, the Company determined that the fair value of the RV and Outdoor Retail reporting unit was substantially above its respective carrying amount, therefore, no goodwill impairment was recorded.

In the fourth quarter of 2021 and 2020, the Company performed its annual goodwill impairment test of the RV and Outdoor Retail, the Good Sam Show, and GSS Enterprise reporting units. The RV and Outdoor Retail reporting unit is comprised of the entire RV and Outdoor Retail segment. The Good Sam Show and GSS Enterprise 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, 2021 and 2020. 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, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

Cost or

​

Accumulated

​

​

​

​

   

Fair Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership and customer lists

​

$

9,140

​

​

(8,748)

​

$

392

Websites

​

​

2,500

​

​

(253)

​

​

2,247

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names

​

​

5,626

​

​

(2,298)

​

​

3,328

Supplier lists

​

​

1,696

​

​

(424)

​

​

1,272

Trademarks and trade names

​

​

29,564

​

​

(9,465)

​

​

20,099

Websites

​

​

7,185

​

​

(3,553)

​

​

3,632

​

​

$

55,711

​

$

(24,741)

​

$

30,970

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2020

​

​

Cost or

​

Accumulated

​

​

​

​

    

Fair Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership and customer lists

​

$

9,140

​

$

(8,568)

​

$

572

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names

​

​

3,476

​

​

(1,930)

​

​

1,546

Supplier lists

​

​

1,696

​

​

(85)

​

​

1,611

Trademarks and trade names

​

​

29,564

​

​

(6,681)

​

​

22,883

Websites

​

​

6,140

​

​

(2,630)

​

​

3,510

​

​

$

50,016

​

$

(19,894)

​

$

30,122

​

As of December 31, 2021, the approximate weighted average useful lives of our Good Sam Services and Plans finite-lived intangible assets for membership and customer lists are 5.9 years, and websites are 7.0 years. The approximate weighted average useful lives of our RV and Outdoor Retail finite-lived intangible assets are as follows: customer lists and domain names are 7.3 years, suppliers lists are 5.0 years, trademarks and trade names are 11.2 years, and websites are 7.8 years. The weighted-average useful life of all our finite-lived intangible assets is approximately 9.8 years.

Amortization expense of finite-lived intangibles for the years ended December 31, 2021, 2020, and 2019 was $4.8 million, $4.6 million and $5.2 million, respectively. The aggregate future five-year amortization of finite-lived intangibles at December 31, 2021, was as follows (in thousands):

​

​

​

​

​

​

2022

    

$

6,928

​

2023

​

​

5,785

​

2024

​

​

4,614

​

2025

​

​

2,166

​

2026

​

​

1,632

​

Thereafter

​

​

9,845

​

​

​

$

30,970

​

​
v3.22.0.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2021
Accrued Liabilities  
Accrued Liabilities

​

8. Accrued Liabilities

Accrued liabilities consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

    

December 31,

    

December 31,

​

​

2021

    

2020

Compensation and benefits(1)

​

$

64,313

​

$

43,787

Other accruals

​

​

125,282

​

​

93,901

​

​

$

189,595

​

$

137,688

​

(1)At December 31, 2021 and 2020, these amounts included a deferral of payroll taxes under the CARES Act of $14.6 million.
v3.22.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Long-Term Debt.  
Long-Term Debt

9. Long-Term Debt

The following reflects outstanding long-term debt as of December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Term Loan Facility (1)(2)

​

$

1,367,277

​

$

1,130,356

Real Estate Facilities (3)

​

​

22,896

​

​

4,493

Other Long-Term Debt

​

​

3,400

​

​

—

Subtotal

​

​

1,393,573

​

​

1,134,849

Less: current portion

​

​

(15,822)

​

​

(12,174)

Total

​

$

1,377,751

​

$

1,122,675

​

​

​

​

​

​

​

​

(1)Amounts as of December 31, 2021 relate to the New Term Loan Facility and amounts as of December 31, 2020 relate to the Previous Term Loan Facility, as defined below.
(2)Net of $16.8 million and $3.2 million of original issue discount at December 31, 2021 and 2020, respectively, and $6.9 million and $7.9 million of finance costs at December 31, 2021 and 2020, respectively.
(3)Net of $0.2 million of finance costs at December 31, 2021. Finance costs at December 31, 2020 were not significant.

The aggregate future maturities of long-term debt at December 31, 2021, were as follows (in thousands):

​

​

​

​

​

Long-term debt instruments

    

​

​

 

2022

    

$

15,822

​

2023

​

​

19,374

​

2024

​

​

15,100

​

2025

​

​

15,105

​

2026

​

​

31,199

​

Thereafter

​

​

1,320,916

​

Total

​

​

1,417,516

​

​

Senior Secured Credit Facilities

As of December 31, 2021 and 2020, CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, was party to separate credit agreements (the “New Credit Agreement” as of December 31, 2021 and, as amended from time to time, the “Previous Credit Agreement” as of December 31, 2020) for senior secured credit facilities (the “New Senior Secured Credit Facilities” as of December 31, 2021, the “Previous Senior Secured Credit Facilities” as of December 31, 2020, and collectively the “Senior Secured Credit Facilities”). The New Senior Secured Credit Facilities consist of a $1.400 billion term loan facility (the “New Term Loan Facility”) and a $65.0 million revolving credit facility (the “New Revolving Credit Facility”). The

Previous Senior Secured Credit Facilities consisted of a $1.195 billion term loan facility (the “Previous Term Loan Facility”) and a $35.0 million revolving credit facility (the “Previous Revolving Credit Facility”). In June 2021, concurrently with the closing of the New Credit Agreement, the Company replaced the Previous Senior Secured Credit Facilities with the full amount available under the New Term Loan Facility and paying an additional $61.4 million from cash on hand, resulting in an overall reduction of outstanding principal of $38.6 million. For this New Credit Agreement, approximately 85% of the principal balance of the Previous Term Loan Facility was considered a debt modification when replaced with the New Term Loan Facility and, as such, this modified portion was not considered a financing cash outflow or inflow. During the year ended December 31, 2021, loss and expense on debt restructure of $13.5 million was comprised of $0.4 million in extinguishment of the original issue discount, $1.0 million in extinguishment of capitalized finance costs related to the Previous Term Loan Facility, and $12.1 million in legal and other expenses related to the New Term Loan Facility. In December 2021, the Borrower entered into an amendment to the New Credit Agreement to borrow an additional $300.0 million on the New Term Loan Facility.

The funds available under the New 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 compared to a maximum of $15.0 million that may have been allocated to such letters of credit under the Previous Revolving Credit Facility. The New Revolving Credit Facility matures in June 2026, and the New Term Loan Facility matures in June 2028. The New Term Loan Facility required mandatory principal payments in equal quarterly installments of $2.8 million commencing in June 2021, and, as a result of the additional $300.0 million of borrowings in December 2021, was revised to equal mandatory quarterly installments of $3.5 million. The mandatory equal quarterly installments under the Previous Term Loan Facility were $3.0 million. Additionally, the Company is required to prepay the term loan borrowings in an aggregate amount up to 50% of excess cash flow, as defined in the New Credit Agreement, for such fiscal year depending on the Total Net Leverage Ratio (as defined in the New Credit Agreement) beginning with the year ended December 31, 2022. The Company is not subject to an additional excess cash flow payment relating to 2021 under the New Term Loan Facility and was not required to make an additional excess cash flow payment relating to 2020 under the Previous Term Loan Facility. In June 2020, the Borrower made a $9.6 million voluntary principal payment on the Previous Term Loan Facility.

Under the New Senior Secured Credit Facilities, the Company has the ability 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 New Credit Agreement). The lenders under the New Senior Secured Credit Facilities are not under any obligation to provide commitments in respect of any such increase.

As of December 31, 2021, the average interest rate on the New Term Loan Facility was 3.25%. The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021(1)

    

2020(2)

Senior Secured Credit Facilities:

​

​

​

​

​

​

Term Loan Facility:

​

​

​

​

​

​

Principal amount of borrowings

​

$

1,400,000

​

$

1,195,000

Less: cumulative principal payments

​

​

(9,004)

​

​

(53,459)

Less: unamortized original issue discount

​

​

(16,826)

​

​

(3,241)

Less: unamortized finance costs

​

​

(6,893)

​

​

(7,944)

​

​

​

1,367,277

​

​

1,130,356

Less: current portion

​

​

(14,015)

​

​

(11,891)

Long-term debt, net of current portion

​

$

1,353,262

​

$

1,118,465

Revolving Credit Facility:

​

​

​

​

​

​

Total commitment

​

$

65,000

​

$

35,000

Less: outstanding letters of credit

​

​

(4,930)

​

​

(5,930)

Additional borrowing capacity

​

$

60,070

​

$

29,070

​

(1)Amounts relate to the New Senior Secured Credit Facilities.
(2)Amounts relate to the Previous Senior Secured Credit Facilities.

The New 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 New 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 prepayment of dividends subject to certain limitations and minimum operating covenants. Additionally, management has determined that the New Senior Secured Credit Facilities include subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at December 31, 2021 that would trigger a subjective acceleration clause.

The New Credit Agreement requires the Borrower and its subsidiaries to comply on a quarterly basis with a maximum Total Net Leverage Ratio, 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 (including swingline loans), letters of credit and unreimbursed letter of credit disbursements outstanding at such time is greater than 35% of the total commitment on the New 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 New Credit Agreement. As of December 31, 2021, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35% threshold. The Company was in compliance with all applicable debt covenants at December 31, 2021 and 2020.

Real Estate Facilities

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 Real Estate Facility”, the “Second Real Estate Facility”, and the “Third Real Estate Facility”, respectively, and collectively the “Real Estate Facilities”) with aggregate maximum principal capacities of $21.5 million, $9.0 million, and $10.1 million for the First Real Estate Facility, Second Real Estate Facility, and Third Real Estate Facility, respectively.

Borrowings under the Real Estate Facilities are guaranteed by CWGS Group, LLC, a wholly-owned subsidiary of CWGS, LLC. The Real Estate Facilities may be used to finance the acquisition of real estate

assets. The Real Estate Facilities are secured by first priority security interest on the real estate assets acquired with the proceeds of the Real Estate Facilities (“Real Estate Facility Properties”). The First Real Estate Facility, the Second Real Estate Facility, and Third Real Estate Facility mature in October 2023, September 2026, and December 2026, respectively.

As of December 31, 2021, the First Real Estate Facility, the Second Real Estate Facility, and the Third Real Estate Facility had outstanding principal balances of $4.2 million, $8.7 million, and $10.0 million, respectively, net of unamortized finance costs, and a weighted average interest rate of 2.89%. As of December 31, 2021, the Company had no available capacity under the Real Estate Facilities, since repaid amounts cannot be reborrowed under the Real Estate Facilities.

Management has determined that the credit agreements governing the Real Estate Facilities include subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at December 31, 2021 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 debt covenants at December 31, 2021 and 2020.

Other Long-Term Debt

In December 2021, FRHP Lincolnshire, LLC, an indirect wholly-owned subsidiary of CWGS, LLC, assumed a mortgage as part of a real estate acquisition. This mortgage is secured by the acquired property and is guaranteed by CWGS Group, LC, a wholly-owned subsidiary of CWGS, LLC. As of December 31, 2021, the outstanding principal balance of the mortgage was $3.4 million with an interest rate of 3.50%. The mortgage matures in December 2026.
v3.22.0.1
Lease Obligations
 12 Months Ended
Dec. 31, 2021
Lease Obligations  
Leases Obligations

10. 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 are 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.

The Company leases most of the properties for its retail locations through 240 operating leases and 9 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 equipment, respectively, in the accompanying consolidated balance sheets.

As of December 31, 2021 and 2020, finance lease assets of $75.7 million and $29.8 million, respectively, were included in property and equipment, net in the accompanying consolidated balance sheets.

The following presents certain information related to the costs for leases (in thousands):

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2021

    

2020

Operating lease cost

​

$

120,096

​

$

121,238

Finance lease cost:

​

​

​

​

​

​

Amortization of finance lease assets

​

​

6,016

​

​

2,701

Interest on finance lease liabilities

​

​

2,353

​

​

1,248

Short-term lease cost

​

​

1,958

​

​

1,699

Variable lease cost

​

​

23,512

​

​

23,385

Sublease income

​

​

(1,915)

​

​

(1,876)

Net lease costs

​

$

152,020

​

$

148,395

​

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

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2021

    

2020

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

Operating cash flows for operating leases

​

$

121,394

​

$

121,708

Operating cash flows for finance leases

​

​

2,287

​

​

1,061

Financing cash flows for finance leases

​

​

2,923

​

​

2,355

Lease assets obtained in exchange for lease liabilities:

​

​

​

​

​

​

New, remeasured and terminated operating leases

​

$

44,041

​

$

25,296

New, remeasured and terminated finance leases

​

​

51,920

​

​

31,895

​

The following presents other information related to leases:

​

​

​

​

​

​

    

December 31, 2021

Weighted average remaining lease term:

​

​

​

Operating leases

​

12.2

years

Financing leases

​

15.1

years

Weighted average discount rate:

​

​

​

Operating leases

​

6.4

%

Financing leases

​

5.0

%

​

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, 2021 (in thousands):

​

​

​

​

​

​

​

​

​

    

Operating

    

Finance

​

    

Leases

    

Leases

2022

    

$

113,499

    

$

8,777

2023

​

​

113,300

​

​

12,167

2024

​

​

108,952

​

​

7,001

2025

​

​

102,616

​

​

6,157

2026

​

​

96,706

​

​

6,134

Thereafter

​

​

701,911

​

​

77,357

Total lease payments

​

​

1,236,984

​

​

117,593

Less: Imputed interest

​

​

(399,878)

​

​

(37,877)

Total lease obligations

​

​

837,106

​

​

79,716

Less: current portion

​

​

(62,217)

​

​

(4,964)

Noncurrent lease obligations

​

$

774,889

​

$

74,752

​
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Taxes  
Income Taxes

11. Income Taxes

The components of the Company’s income tax expense from operations for the years ended December 31, 2021, 2020 and 2019 consisted of (in thousands):

​

​

​

​

​

​

​

​

​

​

​

    

2021

    

2020

    

2019

Current:

​

​

​

​

​

​

​

​

​

Federal

​

$

74,124

​

$

38,843

​

$

10,605

State

​

​

23,890

​

​

12,294

​

​

4,080

Deferred:

​

​

​

​

​

​

​

​

​

Federal

​

​

13,024

​

​

5,016

​

​

9,140

State

​

​

(18,914)

​

​

1,590

​

​

5,757

Income tax expense

​

$

92,124

​

$

57,743

​

$

29,582

​

A reconciliation of income tax expense from operations to the federal statutory rate for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

    

2021

    

2020

    

2019

Income taxes computed at federal statutory rate(1)

​

$

154,182

​

$

84,411

​

$

(19,051)

State income taxes – net of federal benefit(1)

​

​

15,261

​

​

3,741

​

​

(4,728)

Other differences:

​

​

​

​

​

​

​

​

​

State and local taxes on pass-through entities

​

​

5,004

​

​

2,965

​

​

937

Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the Company (2)

​

​

(81,013)

​

​

(53,147)

​

​

(22,089)

Tax benefit from of transfer assets(3)

​

​

—

​

​

—

​

​

(14,170)

Increase in valuation allowance due to transfer of assets(3)

​

​

—

​

​

—

​

​

26,350

(Decrease) increase in valuation allowance(4)

​

​

(2,234)

​

​

19,058

​

​

59,552

Impact of other state tax rate changes

​

​

1,927

​

​

(915)

​

​

1,653

Other

​

​

(1,003)

​

​

1,630

​

​

1,128

Income tax expense

​

$

92,124

​

$

57,743

​

$

29,582

​

(1)Federal and state income tax for 2021 and 2019 includes $0.7 million of income tax expense and $2.5 million of income tax benefit, respectively, relating to the revaluation in the Tax Receivable Agreement liability due to fluctuations in state income tax rates. The amount related to 2020 was insignificant.
(2)The related income is taxable to the non-controlling interest.
(3)These amounts represent the net income tax expense of $12.2 million (composed of an increase in the valuation allowance against the Company’s overall deferred tax assets of $26.4 million, offset by the income tax benefit associated with the transferred assets of $14.2 million) related to the transfer of certain assets, including the Good Sam Club and co-branded credit cards as discussed below.
(4)As a result of CWH’s ownership of CWGS increasing above 50% during the first quarter of 2021, the amount for the year ended December 31, 2021 included a decrease in the valuation allowance of Camping World Inc. (“CW”) in certain state deferred tax assets of $15.2 million. Additionally, for the year ended December 31, 2021, this amount was partially offset by $13.0 million of increases to the valuation allowance primarily resulting from losses of CW for which no benefit is recognized for the U.S. federal and non-unitary states.

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, 2021 and 2020 were (in thousands):

​

​

​

​

​

​

​

​

    

2021

    

2020

Deferred tax liabilities

​

​

​

​

​

​

Operating lease assets

​

$

(63,143)

​

$

(67,400)

Other

​

​

(3,456)

​

​

(4,623)

​

​

​

(66,599)

​

​

(72,023)

Deferred tax assets

​

​

​

​

​

​

Investment impairment

​

​

20,619

​

​

22,169

Investment in partnership ("Outside Basis Deferred Tax Asset")(1)

​

​

271,513

​

​

241,805

Tax Receivable Agreement liability

​

​

46,328

​

​

36,486

Net operating loss carryforward

​

​

137,377

​

​

124,117

Operating lease liabilities

​

​

73,476

​

​

79,639

Other reserves

​

​

28,695

​

​

29,461

​

​

​

578,008

​

​

533,677

Valuation allowance

​

​

(312,088)

​

​

(295,946)

Net deferred tax assets

​

$

199,321

​

$

165,708

​

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

​

At December 31, 2021, certain subsidiaries of CWH had federal and state net operating loss carryforwards of approximately $532.8 million and $450.7 million, respectively, which will be able to offset future taxable income. If not used, $55.5 million of federal and $450.7 million of state net operating losses will expire between 2022 and 2040, and $477.3 million will be carried forward indefinitely.

On January 1, 2019, the Company transferred certain assets relating to its Good Sam Club and co-branded credit card from its indirect wholly-owned subsidiary, GSS, an LLC, to its indirect wholly-owned subsidiary, CWI, a corporation. As a result of this transfer, the Company recorded $12.2 million of net income tax expense due to the revaluation of certain deferred tax assets and related changes in valuation allowance. As a result of transferring certain assets relating to its Good Sam Club and co-branded credit card from GSS to CWI, as described above, the Company also re-evaluated the impact on its Tax Receivable Agreement liability related to the reduction of future expected tax amortization. The reduction in future expected tax amortization reduced the Tax Receivable Agreement liability by $7.5 million.

As further described in Note 1 — Summary of Significant Accounting Policies — COVID-19, in response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of income tax and payroll tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. For the years ended December 31, 2021 and 2020, there were no material impacts to the Company’s consolidated

financial statements as it relates to COVID-19 measures other than the deferral of non-income-based payroll taxes under the CARES Act of $29.2 million for the year ended December 31, 2020 of which $14.6 million was paid during the year ended December 31, 2021 and $14.6 million was included in accrued liabilities in the accompanying consolidated balance sheet at December 31, 2021.

At December 31, 2021, the Company determined that all of its deferred tax assets (except those of CW and the Outside Basis Deferred Tax Asset discussed below) are more likely than not to be realized. The valuation allowance for CW decreased by $3.9 million in the year ended December 31, 2021, compared to an increase of $19.7 million in the year ended December 31, 2020, primarily as a result of release of valuation allowance at CW, which is now available to offset state combined income in certain unitary states due to the Company’s increased ownership in CWGS, LLC. The valuation allowance release is attributable to the change in the entities within state combined filing groups due to unitary relationships, which provide additional taxable income sources to utilize CW’s deferred tax assets. CWH’s increased ownership in CWGS, LLC and other qualitative unity factors impacted the unitary relationships. Since it was determined that CW would not have sufficient taxable income in the current or carryforward periods under the tax law to realize the future tax benefits of its deferred tax assets, it continues to maintain a valuation allowance for the U.S. federal and non-unitary state jurisdictions. The Company maintains a partial 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. The partial valuation allowance for the Outside Basis Deferred Tax Asset increased by $20.0 million in the year ended December 31, 2021, compared to an increase of $9.8 million in the year ended December 31, 2020. The increase in the year ended December 31, 2020 was primarily the result of increased ownership, net of a reduction in enacted state income tax rates. The Company and its subsidiaries file U.S. federal income tax returns and tax returns in various states. The Company is not under any 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 2018.

As of December 31, 2021 and 2020, the balance of the Company’s uncertain tax positions was $2.9 million and $2.7 million, respectively. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

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 or exchanges 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 or exchange (including a deemed exchange) 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 or exchange 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, 2021 and 2020, 4,722,251 and 4,852,497 common units in CWGS, LLC, respectively, were exchanged 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 exchange, after concluding it was probable that the Tax Receivable Agreement payments would be paid based on estimates of future taxable income. As of December 31, 2021, and December 31, 2020, the amount of Tax Receivable Agreement payments due under the Tax Receivable Agreement was $182.4 million and $145.9 million, respectively, of which $11.3 million and $8.1 million, respectively, were included in current portion of the Tax Receivable Agreement liability in the accompanying consolidated balance sheets.

From January 1, 2021 to December 31, 2021, Crestview Partners II GP, L.P. has redeemed 4.0 million common units in CWGS, LLC for 4.0 million shares of the Company’s Class A common stock as a result of transactions pursuant to a trading plan. Also from January 1, 2021 and December 31, 2021, CWGS Holding, LLC, a wholly owned subsidiary of ML Acquisition Company, LLC, which is indirectly owned by each of Stephen Adams, a member of Camping World’s board of directors, and Marcus Lemonis, the Company’s Chairman and Chief Executive Officer, exchanged 540,699 common units in CWGS, LLC for 540,699 shares of the Company’s Class A common stock. Payments pursuant to the Tax Receivable Agreement relating to these redemptions would begin during the year ended December 31, 2022.

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.
v3.22.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Measurements  
Fair Value Measurements

12. 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.

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 2021 and 2020 of assets and liabilities that are not measured at fair value on a recurring basis.

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 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, 2021

​

December 31, 2020

($ in thousands)

    

Measurement

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

Term Loan Facility

​

Level 2

​

$

1,367,277

​

$

1,382,372

​

$

1,130,356

​

$

1,132,979

Floor Plan Facility Revolving Line of Credit

​

Level 2

​

​

20,885

​

​

20,885

​

​

20,885

​

​

20,791

Real Estate Facilities

​

Level 2

​

​

22,896

​

​

22,981

​

​

4,493

​

​

4,600

Other Long-Term Debt

​

Level 2

​

​

3,400

​

​

3,400

​

​

-

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.22.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies.  
Commitments and Contingencies

13. Commitments and Contingencies

Sponsorship and Other Agreements

The Company enters into sponsorship agreements from time to time. Current sponsorship agreements run through 2024. The agreements consist of annual fees payable in aggregate of $18.2 million in 2022, $5.8 million in 2023, $4.7 million in 2024, $0.3 million in 2025, $0.3 million in 2026 and $0.8 million thereafter, which are recognized to expense over the expected benefit period.

The Company enters into subscription agreements from time to time. Currently there are sixteen subscription agreements for future software services consisting of annual fees payable as follows: $7.0 million in 2022, $3.1 million in 2023, $0.8 million in 2024, $0.8 million in 2025 and $0.8 million in 2026. 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 $22.3 million and $19.6 million at December 31, 2021 and 2020, 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 random 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, 2021 and 2020, these letters of credit were approximately $16.4 million and $17.7 million, respectively. This includes $11.5 million and $11.7 million as of December 31, 2021 and 2020, 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 9 — Long-Term Debt).

Litigation

On October 19, 2018, a purported stockholder of the Company filed a putative class action lawsuit, captioned Ronge v. Camping World Holdings, Inc. et al., in the United States District Court for the Northern District of Illinois against the Company, certain of its officers and directors, and Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C. (the “Ronge Complaint”). On October 25, 2018, a different purported stockholder of the Company filed a putative class action lawsuit, captioned Strougo v. Camping World Holdings, Inc. et al., in the United States District Court for the Northern District of Illinois against the Company, certain of its officers and directors, and Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C. (the “Strougo Complaint”). The Ronge and Strougo Complaints were consolidated and lead plaintiffs (the “Ronge Lead Plaintiffs”) appointed by the court. On February 27, 2019, the Ronge lead plaintiffs filed a consolidated complaint against the Company, certain of its officers, directors, Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C., and the underwriters of the May and October 2017 secondary offerings of the Company’s Class A common stock (the “Consolidated Complaint”). On March 13, 2020 Ronge Lead Plaintiffs filed an unopposed motion for preliminary approval of class action settlement, which the Court granted on April 7, 2020. On August 5, 2020, the Court granted final approval of the class action settlement and the case was dismissed with prejudice. The deadline to appeal the settlement has passed and the settlement and this pending litigation is now final.

On March 5, 2019, a shareholder derivative suit styled Hunnewell v. Camping World Holdings, Inc., et al., was filed in the Court of Chancery of the State of Delaware, alleging breaches of fiduciary duty for alleged failure to implement effective disclosure controls and internal controls over financial reporting and to properly oversee certain acquisitions and for alleged insider trading (the “Hunnewell Complaint”).

On April 17, 2019, a shareholder derivative suit styled Lincolnshire Police Pension Fund v. Camping World Holdings, Inc., et al., was filed in the Court of Chancery of the State of Delaware, alleging breaches of fiduciary duty for alleged failure to implement effective disclosure controls and internal controls over financial reporting and to properly oversee certain acquisitions and for alleged insider trading and unjust enrichment for compensation received during that time (the “LPPF Complaint”). The LPPF Complaint names the Company as nominal defendant, and names certain of the Company’s officers and directors, among others, as defendants and seeks compensatory damages, extraordinary equitable and/or injunctive relief, restitution and disgorgement, attorneys’ fees and costs, and any other and further relief the court deems just and proper. On May 30, 2019, the Court granted the parties’ joint motion to consolidate the Hunnewell and LPPF Complaints

(as well as any future filed actions relating to the subject matter) and stay the newly consolidated action pending the resolution of defendants’ motion to dismiss in the Ronge action. Following the Ronge court’s approval of settlement and entry of a final judgment and order dismissing the Ronge action with prejudice, on August 31, 2020, the parties filed a stipulation and proposed order designating the LPPF Complaint as the operative complaint in the consolidated action, and setting forth a schedule for defendants to respond to that Complaint, which the Court granted. On October 30, 2020, the Company, along with the other defendants, moved to dismiss this action. On December 30, 2020, the Court granted the parties’ stipulated schedule for Plaintiffs to file an amended complaint. On January 7, 2021, Plaintiffs filed an Amended Complaint, alleging substantially same claims and seeking the same relief. On March 8, 2021, the Company, along with the other defendants, moved to dismiss the Amended Complaint.  Plaintiffs filed their opposition to Defendants’ motion to dismiss on June 4, 2021. Defendants filed their reply in further support of their motion to dismiss on July 23, 2021. On January 31, 2022, the Court granted in full Defendants’ motion to dismiss the Amended Complaint with prejudice. On February 14, 2022, Plaintiffs filed a notice of appeal, appealing the Court’s order dismissing the Amended Complaint. Plaintiffs’ opening brief is due March 31, 2022. Defendants’ opposition is due May 2, 2022. Plaintiffs’ reply in support is due May 17, 2022.

On August 6, 2019, two shareholder derivative suits, styled Janssen v. Camping World Holdings, Inc., et al., and Sandler v. Camping World Holdings, Inc. et al., were filed in the U.S. District Court for the District of Delaware.  Both actions name the Company as a nominal defendant, and name certain of the Company’s officers and directors, Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C. as defendants, and allege: (i) violations of Section 14(a) of the Securities Exchange Act for issuing proxy statements that allegedly omitted material information and allegedly included materially false and misleading financial statements; (ii) violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, seeking contribution for causing the Company to issue allegedly false and misleading statements and/or allegedly omit material information in public statements and/or the Company’s filings concerning the Company’s financial performance, the effectiveness of internal controls to ensure accurate financial reporting, and the success and profitability of the integration and rollout of Gander Outdoors (now Gander RV) stores; (iii) breaches of fiduciary duty, unjust enrichment, abuse of control, and gross mismanagement for allegedly causing or allowing the Company to disseminate to Camping World shareholders materially misleading and inaccurate information through the Company’s SEC filings; and (iv) breach of fiduciary duties for alleged insider selling and misappropriation of information (together, the “Janssen and Sandler Complaints”). The Janssen and Sandler Complaints seek restitutionary and/or compensatory damages, injunctive relief, disgorgement of all profits, benefits, and other compensation obtained by certain of the Company’s officers and directors, attorneys’ fees and costs, and any other and further relief the court deems just and proper. On September 25, 2019, the Court granted the parties’ joint motion to consolidate the Janssen and Sandler Complaints and stay the action pending resolution of defendants’ motion to dismiss in the Ronge action. Following the Ronge court’s approval of settlement and entry of a final judgment and order dismissing the Ronge action with prejudice, the case remains stayed while the parties confer regarding the schedule for further proceedings in the action.

On June 22, 2021, FreedomRoads 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”). On October 8, 2021, Weissmann brought a counterclaim against FreedomRoads and Third-Party Defendants Marcus Lemonis, NBCUniversal Media, LLC, the Consumer National Broadcasting Company, CWH, and Machete Productions (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 FreedomRoads and all third-party defendants, including CWH: (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; (v) unjust enrichment; and (vi) 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 October 19, 2021, the Court held a status hearing and ordered that FreedomRoads is not required to respond to the counterclaims until further notice of the Court, and set a status hearing for November 17, 2021. On November 17, 2021, the court set another status hearing for January 19, 2022 to discuss next steps and a schedule for responses to the Weissmann Counterclaim.  On January 19, 2022 the court ordered the parties to file any Motion(s) to Compel Arbitration to be filed on or before February 18, 2022 and the corresponding briefing schedule and set a status hearing for April 14, 2022. On

February 18, 2022, NBCUniversal, CNBC, and Machete filed a motion to compel arbitration (the “NBC Arbitration Motion”). FreedomRoads, Marcus Lemonis, and Camping World, Inc. filed a joinder to the NBC Arbitration Motion.

On November 10, 2021, Tumbleweed Tiny House Company, Inc. filed a complaint regarding FreedomRoads, Marcus Lemonis, NBCUniversal Media, LLC, CWH, and Machete Productions in which Tumbleweed alleges claims in connection with the Note and its appearance on the reality television show The Profit. Tumbleweed alleges the following claims against the defendants, including FreedomRoads and CWH: (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 January 14, 2022, NBCUniversal filed a motion to compel arbitration (the “Arbitration Motion”). FreedomRoads, CWH, and Marcus Lemonis filed a joinder to the Arbitration Motion. Machete also filed a joinder to the Arbitration Motion.

On May 28, 2020, Kamela Woodings (“Woodings”), in her representative capacity under the Private Attorney General Action (“Woodings PAGA Complaint”) filed a lawsuit styled Woodings v. FreedomRoads, LLC in Los Angeles County Superior Court against FreedomRoads, LLC in which she alleged that she and the putative class members often performed off-the-clock work for which they were not adequately compensated, and alleged the following causes of action: Violation of California Labor Code Sections 2698, et seq, (Private Attorney General Act of 2004), which includes allegations of (1) Failure to Pay Minimum Wage, (2) Failure to Pay Overtime, (3) Failure to Provide Meal Periods, (4) Failure to Provide Rest Breaks, (5) Failure to Timely Pay Wage Upon Termination, (6) Failure to Timely Pay Wages During Employment, (7) Failure to Provide Complete And Accurate Wage Statements, and (8) Failure to Keep Accurate Business Records (the “PAGA Complaint”). The Woodings PAGA Complaint seeks civil penalties and attorneys’ fees and costs pursuant to California Labor Code Section 2699.

On June 25, 2020, Woodings filed a class action complaint styled Woodings v. FreedomRoads, LLC in Los Angeles County Superior Court against FreedomRoads, LLC in which Woodings alleged that she and the putative class members, all of FreedomRoads, LLC’s non-exempt California employees, were not appropriately compensated for all wages earned in the form of commission, and that she and the putative class members often performed off-the-clock work for which they were not adequately compensated. Woodings also alleged the following causes of action: (1) Violation of California Labor Code §§ 1194, 1197, and 1197.1 (unpaid minimum wages); (2) Violation of California Labor Code §§ 1198 (unpaid overtime); (3) Violation of California Labor Code § 226.7 (unpaid meal period premiums); (4) Violation of California Labor Code § 226.7 (unpaid rest period premiums); (5) Violation of California Labor Code §§ 201 and 202 (final wages not timely paid); (6) Violation of California Labor Code § 226(a) (non-compliant wage statements); (7) Fraud; (8) Negligent Misrepresentation; (9) Breach of Contract; (10) Accounting; and (11) Violation of California Business and Professions Code §§ 17200, et seq., with the following sub-claims of (a) Failure to Pay Overtime, (b) Failure to Provide Meal Periods, (c) Failure to Provide Rest Periods, (d) Failure to Pay Minimum Wages, (e) Failure to Timely Wage Upon Termination, (f) Failure to Timely Pay Wages During Employment, (g) Failure to Keep Complete and Accurate Payroll Records, and (h) Failure to Pay Commissions, seeking certification as a class action, monetary damages including general unpaid wages, unpaid wages at overtime wage rates, premium wages for meal and rest breaks not provided, general and special damages, actual, consequential and incidental losses and damages, statutory wage penalties, punitive damages, pre-judgment interest, attorneys’ fees and costs, liquidated damages, and non-monetary damages including an accounting of FreedomRoads, LLC’s revenues, costs and profits in connection with each sale of goods made by the putative class members and the appointment of a receiver to receive, manage and distribute any funds disgorged from FreedomRoads, LLC as may be determined to have been wrongly acquired by FreedomRoads, LLC, and any other and further relief the court deems just and proper (“Woodings Class Action”).

On August 6, 2020, the Woodings Class Action was removed to the U.S. District Court for the Central District of California. On August 27, 2020, Woodings amended the Woodings Class Action to add a second plaintiff, Jodi Dormaier, representing a Washington subclass of all non-exempt FreedomRoads, LLC employees, in an amended lawsuit styled Kamela Woodings and Jodi Dormaier v. FreedomRoads, LLC (the “Amended Woodings Class Action”). The Amended Woodings Class Action alleged the following additional causes of action: Violation of Wash. Rev. Code §§ 49.46.090 and 49.46.090 (failure to pay minimum wage);

Violation of Wash. Rev. Code § 49.46.130 (failure to pay overtime); Violation of Wash. Rev. Code §§ 49.12.020 (failure to provide meal breaks); Violation of Wash. Rev. Code §§ 49.12.020 (failure to provide rest breaks); Violation of Wash. Rev. Code §§ 49.48.010 (payment of wages upon termination); and Violation of Wash. Rev. Code §§ 49.52.050 (willful exemplary damages) seeking class certification, damages and restitution for all unpaid wages and other injuries to Woodings, Dormaier, and the putative class, pre-judgment interest, declaratory judgment establishing a violation of California Labor Code, California Business and Professional Code §§ 17200, et seq., Revised Code of Washington and other laws of the States of California and Washington, and public policy, compensatory damages including lost wages, earnings, liquidated damages, and other employee benefits together with interest, restitution, recovery of all money, actual damages and all other sums of money owed to Woodings, Dormaier, and the putative class members, together with interest, an accounting of FreedomRoads, LLC’s revenues, costs, and profits in connection with each sale of goods and services made by Woodings, Dormaier, and the putative class, and reasonable attorneys’ fees and costs, and any other and further relief the court deems just and proper.

On January 18, 2021, the parties entered into a preliminary agreement to settle the Amended Woodings Class Action and the Woodings PAGA Complaint subject to the terms of a long-form settlement agreement to be executed by the parties and approval by the courts. On July 26, 2021, the parties executed the long-form settlement agreement and filed a motion seeking preliminary approval of the settlement from the court. On September 3, 2021, the court granted Plaintiff’s Motion for Preliminary Approval. On December 13, 2021, the court granted Plaintiffs’ Unopposed Motion For Final Approval Of Class Action Settlement, Attorneys’ Fees and Costs and Class Representative Service Award. On December 29, 2021, the court entered the Final Order and Judgment Granting Plaintiffs’ Unopposed Motion For Final Approval Of Class Action Settlement and PAGA Settlement.  On January 28, 2022 the Final Approval Order became final and binding resulting in the Settlement Amount becoming due to the class administrator on or before March 11, 2022. As of December 31, 2021, the Company had a reserve totaling $4.0 million for estimated losses related to this matter, which is consistent with the preliminary settlement amount. The Company expects to pay the Settlement Amount by March 11, 2022.

No assurance can be made that these or similar suits will not result in a material financial exposure in excess of insurance coverage, which could have a material adverse effect upon the Company’s financial condition and results of operations.

From time to time, the Company is involved in other litigation arising in the normal course of business operations.

Employment Agreements

The Company has employment agreements with certain officers. The agreements include, among other things, an annual bonus based on adjusted earnings before interest, taxes, depreciation and amortization, and up to one year’ s severance pay beyond termination date.

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, 2021 and December 31, 2020, outstanding standby letters of credit issued through our Floor Plan Facility were $11.5 million and $11.7 million, respectively, and outstanding standby letters of credit issued through the New Senior Secured Credit Facilities were $4.9 million and $5.9 million, respectively (see Note 4 — Inventories and Floor Plan Payables and Note 9 — Long-Term Debt). As of December 31, 2021 and December 31, 2020, outstanding surety bonds were $19.1 million and $16.1 million, respectively. The underlying liabilities insured by these instruments 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.
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions  
Related Party Transactions

14. Related Party Transactions

Transactions with Directors, Equity Holders and Executive Officers

FR leases various retail locations from managers and officers. During 2021, 2020 and 2019, the related party lease expense for these locations was $2.2 million, $2.0 million and $2.2 million, respectively.

In January 2012, FR entered into a lease (the “Original Lease”) for the offices in Lincolnshire, Illinois, which was amended as of March 2013 (the “First Amendment”). The Original Lease base rent was $29,000 per month that was amended to $31,500 per month in March 2013 by virtue of the First Amendment and is subject to annual increases. As of November 1, 2019, by way of the Second Amendment to the Office Lease, (together with the Original Lease and the First Amendment, collectively, the “Office Lease”), the Company began leasing additional space for an additional monthly base rent of $5,200. For the years ended December 31, 2021, 2020, and 2019, rental payments for the Lincolnshire Lease, including common area maintenance charges, were $0.8 million, $0.9 million, and $0.8 million, respectively. The Company’s Chairman and Chief Executive Officer has personally guaranteed the Office Lease.

As of December 31, 2021 and 2020, the Company had an expense reimbursement payable to Mr. Lemonis of $0.1 million and $0.2 million, respectively, relating primarily to advertising expenses for the Company that were processed through Mr. Lemonis’ social media accounts.

Other Transactions

The Company does business with certain companies in which Mr. Lemonis has a direct or indirect material interest. The Company purchased fixtures for interior store sets at the Company’s retail locations from Precise Graphix. Mr. Lemonis has had a 67% economic interest in Precise Graphix, which is currently in dispute. The Company is not a party to the dispute. The Company received refunds from Precise Graphix totaling $0.2 million in 2021 and incurred expenses of $0.3 million and $1.4 million for the years ended December 31, 2020 and 2019, respectively.

The Company does business with certain companies in which Stephen Adams, a member of the Company’s board of directors, has a direct or indirect material interest. The Company from time to time purchases advertising services from Adams Radio of Fort Wayne LLC (“Adams Radio”), in which Mr. Adams has an indirect 90% interest. The Company paid Adams Radio $0 million, $0 million, and $0.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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, $0.3 million, $0.2 million and $0.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, for legal services.
v3.22.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2021
Acquisitions  
Acquisitions

15. Acquisitions

In 2021 and 2020, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under accounting rules. The Company used cash to complete these acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new retail locations to expand its business and grow its customer base. Additionally, in October 2020, the RV and Outdoor Retail segment acquired the assets of an RV furniture distributor. The Company expects to benefit from synergies from this RV furniture distributor acquisition with its private label RV offerings, installation services, and retail offerings. 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 2021, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of 12 locations for an aggregate purchase price of approximately $100.1 million. The purchases were partially funded through $19.5 million of borrowings under the Floor Plan Facility revolving line of credit. All of these acquired locations were opened in 2021.

In 2020, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of nine locations for an aggregate purchase price of approximately $37.9 million plus real property of $53.1 million. The purchases were partially funded through $10.3 million of borrowings under the Floor Plan Facility revolving line of credit. Three of these acquired locations were opened in 2021. Additionally, in October 2020, the RV and Outdoor Retail segment acquired the assets of an RV furniture distributor for $9.7 million in cash.

In 2021 and 2020, the Company purchased real property of $129.2 million and $53.1 million, respectively, of which $31.4 million and $34.1 million, respectively, was from parties related to the sellers of the businesses.

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships and the RV furniture distributor consist of the following:

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

Tangible assets (liabilities) acquired (assumed):

​

​

​

​

​

​

Accounts receivable, net

​

$

601

​

$

3,094

Inventories, net

​

​

27,746

​

​

17,211

Prepaid expenses and other assets

​

​

125

​

​

643

Property and equipment, net

​

​

1,348

​

​

1,077

Operating lease assets

​

​

1,222

​

​

1,859

Finance lease asset

​

​

—

​

​

2,373

Accounts payable

​

​

—

​

​

(1,628)

Accrued liabilities

​

​

(214)

​

​

(2,839)

Operating lease liabilities - current

​

​

(195)

​

​

(212)

Operating lease liabilities - noncurrent

​

​

(1,027)

​

​

(1,647)

Finance lease liabilities - current

​

​

—

​

​

(179)

Finance lease liabilities - noncurrent

​

​

—

​

​

(2,194)

Total tangible net assets acquired

​

​

29,606

​

​

17,558

Intangible assets acquired:

​

​

​

​

​

​

Trademarks and trade names

​

​

—

​

​

725

Supplier and customer relationships

​

​

—

​

​

3,107

Total intangible assets acquired

​

​

—

​

​

3,832

Goodwill

​

​

70,511

​

​

26,182

Cash paid for acquisitions, net of cash acquired

​

​

100,117

​

​

47,572

Inventory purchases financed via floor plan

​

​

(19,537)

​

​

(10,350)

Cash payment net of floor plan financing

​

$

80,580

​

$

37,222

​

The fair values above are preliminary relating to the year ended December 31, 2021 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. For the years ended December 31, 2021 and December 31, 2020, the fair values above include measurement period adjustments for valuation of acquired inventories and goodwill relating to RV and Outdoor Retail acquisitions during the years ended December 31, 2020 and December 31, 2019, respectively. 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, 2021 and 2020, acquired goodwill of $70.5 million and $26.2 million is expected to be deductible for tax purposes. Included in the years ended December 31, 2021 and 2020 consolidated financial results were $145.0 million and $10.1 million of revenue, respectively, and $13.0 million of pre-tax income and $0.5 million of pre-tax loss, respectively, of the acquired dealerships from the 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.
v3.22.0.1
Statement of Cash Flows
 12 Months Ended
Dec. 31, 2021
Statement of Cash Flows  
Statements of Cash Flows

16. Statements of Cash Flows

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

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

December 31, 

​

December 31, 

​

December 31, 

​

    

2021

    

2020

    

2019

Cash paid during the period for:

​

​

​

​

​

​

​

​

​

Interest

​

$

58,424

​

$

72,458

​

$

105,776

Income taxes

​

​

99,557

​

​

52,938

​

​

5,900

Non-cash investing activities:

​

​

​

​

​

​

​

​

​

Leasehold improvements paid by lessor

​

​

—

​

​

37

​

​

21,749

Vehicles transferred to property and equipment from inventory

​

​

931

​

​

70

​

​

827

Capital expenditures in accounts payable and accrued liabilities

​

​

9,726

​

​

3,738

​

​

3,158

Non-cash financing activities:

​

​

​

​

​

​

​

​

​

Par value of Class A common stock issued in exchange for common units in CWGS, LLC

​

​

47

​

​

48

​

​

—

Par value of Class A common stock issued for vested restricted stock units

​

​

—

​

​

3

​

​

4

Par value of Class A common stock repurchased for withholding taxes on vested RSUs

​

​

—

​

​

—

​

​

(1)

Cost of treasury stock issued for vested restricted stock units

​

​

34,756

​

​

8,556

​

​

—

Cost of treasury stock issued for stock award to employee

​

​

19,586

​

​

—

​

​

—

​
v3.22.0.1
Benefit Plan
 12 Months Ended
Dec. 31, 2021
Benefit Plan  
Benefit Plan

17. 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. Effective January 1, 2012, the GSE 401(k) Plan was merged with the FreedomRewards 401(k) Plan. Effective January 1, 2007, Camping World elected to begin participating in the FreedomRewards 401(k) Plan. All employees over age 18, including the executive officers, are eligible to participate in the Freedom Rewards 401(k) Plan. Any favorable vesting was grandfathered 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. There were no contributions by the Company to the Company’s 401(k) Plan in 2021, 2020 or 2019.
v3.22.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity  
Stockholders' Equity

18. Stockholders’ Equity

CWGS, LLC Ownership

CWH is the sole managing member of CWGS, LLC and, although CWH had a minority economic interest in CWGS, LLC through March 11, 2021 before obtaining a majority economic interest in CWGS, LLC, CWH has the sole voting power in, and controls the management of, CWGS, LLC (See Note 19 – 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,” whom the Company defines as collectively, ML Acquisition Company, a Delaware limited liability company, indirectly owned by each of Stephen Adams and the Company’s Chairman and Chief Executive Officer, Marcus Lemonis ("ML Acquisition”), funds controlled by Crestview Partners II GP, L.P. and, collectively, the Company’s named executive officers (excluding Marcus Lemonis and Matthew Wagner), Andris A. Baltins and K. Dillon Schickli, who are members of the Company’s board of directors, and certain other current and former non-executive employees and former directors, in each case, who held profits units in CWGS, LLC pursuant to CWGS, LLC’s equity incentive plan that was in existence prior to the Company’s IPO and who received common units of CWGS, LLC in exchange for their profits units in connection with the reorganization transactions at the time of the IPO (collectively, the “Former Profits Unit Holders”) and each of their permitted transferees that own common units in CWGS, LLC and who may redeem at each of their options their common units for, at 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 its regular quarterly cash dividend to holders of its Class A common stock 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 (Deficit) 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 (Deficit) 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 Acquisition Company, LLC, a Delaware limited liability company, indirectly owned by each of Stephen Adams and the Company’s Chairman and Chief Executive Officer, Marcus Lemonis, and its permitted transferees of common units (collectively, the “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 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 or exchange 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).

Stock Repurchase Program

In October 2020, the Company’s Board of Directors 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, the Company’s Board of Directors authorized an increase to the stock repurchase program for the repurchase of up to an additional $125.0 million of the Company’s Class A common stock and extended the stock repurchase program to expire on August 31, 2023. In January, 2022, the Company’s Board of Directors authorized an increase of the stock repurchase program to allow for the repurchase of an additional

$152.7 million of the Company’s Class A common stock and extended the stock repurchase program to expire on December 31, 2025. 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, 2021 and 2020, the Company repurchased 3,988,881 and 811,223 shares of Class A common stock, respectively, under this program for approximately $156.3 million and $21.5 million, respectively, including commissions paid, at a weighted average price per share of $39.17 and $26.53, respectively, 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, 2021 and 2020, the Company reissued 1,171,197 and 238,776 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 equity-based awards under the Company’s 2016 Incentive Award Plan (the “2016 Plan”) (see Note 20 — Equity-Based Compensation Plans). As of December 31, 2021, the remaining approved amount for repurchases of Class A common stock under the share repurchase program was approximately $47.2 million.
v3.22.0.1
Non-Controlling Interests
 12 Months Ended
Dec. 31, 2021
Non-Controlling Interests  
Non-Controlling Interests

19. Non-Controlling Interests

As described in Note 18 — 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 or direct exchanges 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 December 31, 2020, CWGS, LLC had negative net assets, which resulted in negative non-controlling interest amounts on the accompanying consolidated balance sheets. 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 (deficit)).

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

As of December 31, 2020

​

​

Common Units

    

Ownership %

    

Common Units

    

Ownership %

CWH

​

​

44,130,956

​

​

51.2%

​

​

42,226,389

​

​

47.4%

Continuing Equity Owners

​

​

42,094,536

​

​

48.8%

​

​

46,816,787

​

​

52.6%

Total

​

​

86,225,492

​

​

100.0%

​

​

89,043,176

​

​

100.0%

​

During the year ended December 31, 2021, CWGS Holding, LLC, a wholly owned subsidiary of ML Acquisition Company, LLC, which is indirectly owned by each of Stephen Adams, a member of Camping World’s board of directors, and Marcus Lemonis, the Company’s Chairman and Chief Executive Officer gifted 540,699 common units of CWGS, LLC in total to a high school, university, and a charitable organization (“Common Unit Giftees”), which resulted in the corresponding 540,699 shares of Class B common stock being transferred to the Common Unit Giftees. On the day following each of the gifts, the Common Unit Giftees redeemed the 540,699 common units of CWGS, LLC in exchange for 540,699 shares of the Company’s Class

A common stock, which also resulted in the cancellation of 540,699 shares of the Company’s Class B common stock that had been transferred to the Common Unit Giftees with no additional consideration provided.

During the years ended December 31, 2021 and 2020, the funds controlled by Crestview Partners II GP, L.P. redeemed 4.0 million and 4.7 million common units of CWGS, LLC, respectively, in exchange for 4.0 million and 4.7 million shares of the Company’s Class A common stock, respectively, which also resulted in the cancellation of 4.0 million and 4.7 million shares of the Company’s Class B common stock, respectively, that was previously held by the funds controlled by Crestview Partners II GP, L.P. 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)

   

2021

   

2020

   

2019

Net income (loss) attributable to Camping World Holdings, Inc.

​

$

278,461

​

$

122,345

​

$

(60,591)

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 exercise of stock options

​

​

(2,017)

​

​

(2,602)

​

​

—

(Decrease) increase in additional paid-in capital as a result of the vesting of restricted stock units

​

​

(28,493)

​

​

(6,398)

​

​

736

Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

(989)

​

​

(1,910)

​

​

(1,477)

Decrease in additional paid-in capital as a result of the stock award to employee

​

​

(15,551)

​

​

—

​

​

—

Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on stock award to employee

​

​

(160)

​

​

—

​

​

—

Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock

​

​

74,487

​

​

11,616

​

​

—

Increase (decrease) in additional paid-in capital as a result of the redemption of common units of CWGS, LLC

​

​

15,685

​

​

25,565

​

​

(478)

Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests

​

$

321,423

​

$

148,616

​

$

(61,810)

​
v3.22.0.1
Equity-Based Compensation Plans
 12 Months Ended
Dec. 31, 2021
Equity-Based Compensation Plans  
Equity-Based Compensation Plans

​

20. Equity-Based Compensation Plans

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

    

2019

Equity-based compensation expense:

​

​

​

​

​

​

​

​

​

Costs applicable to revenue

​

$

762

​

$

903

​

$

847

Selling, general, and administrative

​

​

47,174

​

​

19,758

​

​

12,298

Total equity-based compensation expense

​

$

47,936

​

$

20,661

​

$

13,145

Total income tax benefit recognized related to equity-based compensation

​

$

5,982

​

$

2,176

​

$

1,275

​

​

​

​

​

​

​

​

​

​

​

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 equity-based awards to employees, consultants or non-employee directors of the Company. The Company does not intend to use cash to settle any of its equity-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. 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, 2021, 2020 and 2019. A summary of stock option activity for the year ended December 31, 2021 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, 2020

​

​

470

​

$

21.90

​

​

​

​

​

​

Exercised

​

​

(188)

​

$

21.87

​

​

​

​

​

​

Forfeited

​

​

(10)

​

$

22.00

​

​

​

​

​

​

Outstanding at December 31, 2021

​

​

272

​

$

21.93

​

$

5,016

​

​

4.6

Options exercisable at December 31, 2021

​

​

272

​

$

21.93

​

$

5,016

​

​

4.6

​

At December 31, 2021, all stock options were fully vested. There were no exercises of stock options during the year ended December 31, 2019. The intrinsic value of stock options exercised was $3.5 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively. The actual tax benefit for the tax deductions from the exercise of stock options was $0.6 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively.

A summary of restricted stock unit activity for the year ended December 31, 2021 is as follows:

​

​

​

​

​

​

​

​

​

​

Restricted

​

Weighted Average

​

​

Stock Units

​

Grant Date

​

    

(in thousands)

    

Fair Value

Outstanding at December 31, 2020

​

​

3,392

​

$

28.87

Granted

​

​

2,052

​

$

35.31

Vested

​

​

(972)

​

$

27.53

Forfeited

​

​

(295)

​

$

32.32

Outstanding at December 31, 2021

​

​

4,177

​

$

32.54

​

​

​

​

​

​

​

​

The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2021, 2020 and 2019 was $35.31, $32.54, and $11.17, respectively. At December 31, 2021, the intrinsic value of unvested restricted stock units was $168.8 million. At December 31, 2021, total unrecognized compensation cost related to unvested restricted stock units was $124.4 million and is expected to be recognized over a weighted-average period of 3.8 years.

The fair value of restricted stock units that vested during the years ended December 31, 2021, 2020 and 2019 was $38.7 million, $16.7 million, and $11.8 million, respectively. The actual tax benefit for the tax deductions from the vesting of restricted stock units was $5.6 million, $2.1 million, and $0.7 million for the years ended December 31, 2021, 2020, and 2019, 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, 2021 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’ minimum 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 December 2021, the Board of Directors of the Company awarded Marcus Lemonis, the Company’s Chairman and Chief Executive Officer, an award of 510,986 shares of the Company’s Class A common stock having an aggregate grant-date fair value of $20.0 million or $39.14 per share, which was recognized as equity-based compensation expense during the year ended December 31, 2021. The award was made in consideration of the Company’s strong performance. Mr. Lemonis has not received compensation since the

time of the Company’s initial public offering other than Company-provided benefits such as medical and dental insurance. Similar to the vesting of restricted stock units discussed above, this award to Mr. Lemonis was net share settled such that the Company withheld shares with value equivalent to Mr. Lemonis’ minimum 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 shares of Class A common stock on the date of the award as determined by the Company’s closing stock price. Total payments for Mr. Lemonis’ tax obligations to taxing authorities are reflected as a financing activity within the Consolidated Statements of Cash Flows. This net share settlement had the effect of a share repurchase by the Company as they reduced the number of shares that would have otherwise been issued as a result of the award and did not represent an expense to the Company. The actual tax benefit for the tax deduction for this award was $2.6 million for the year ended December 31, 2021, which was subject to limitations on deductibility of executive compensation.

In June 2020, the Company entered into a consulting agreement with Melvin Flanigan that became effective after his resignation as the Company’s Chief Financial Officer and Secretary on June 30, 2020. Prior to Mr. Flanigan’s resignation from his employment with the Company, he was previously granted awards of (a) 62,500 restricted stock units (“RSU”) on January 21, 2019 (the “First Award”), and (b) 60,000 RSUs on November 12, 2019 (the “Second Award”) pursuant to the Company’s 2016 Incentive Award Plan. The consulting agreement provided, among other things, that (i) the remaining unvested 41,667 RSUs held by Mr. Flanigan pursuant to the First Award would vest on January 1, 2021, provided that the consulting agreement had not been terminated prior to December 31, 2020, and (ii) 20,000 unvested RSUs held by Mr. Flanigan pursuant to the Second Award that were scheduled to vest on November 15, 2020 would vest on such date, provided that the Consulting Agreement had not been terminated prior to such date. This modification resulted in an incremental equity-based compensation charge of $1.3 million relating to the modified RSUs, which was recorded between June 2020 and December 31, 2020.
v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share  
Earnings Per Share

21. Earnings Per Share

Basic and Diluted Earnings Per Share

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

(In thousands except per share amounts)

    

2021

    

2020

    

2019

Numerator:

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

642,075

​

$

344,215

​

$

(120,301)

Less: net income (loss) attributable to non-controlling interests

​

​

(363,614)

​

​

(221,870)

​

​

59,710

Net income (loss) attributable to Camping World Holdings, Inc. — basic

​

​

278,461

​

​

122,345

​

​

(60,591)

Add: reallocation of net income (loss) attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs

​

​

—

​

​

1,304

​

​

(71)

Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock

​

​

266,381

​

​

—

​

​

—

Net income (loss) attributable to Camping World Holdings, Inc. — diluted

​

$

544,842

​

$

123,649

​

$

(60,662)

Denominator:

​

​

​

​

​

​

​

​

​

Weighted-average shares of Class A common stock outstanding — basic

​

​

45,009

​

​

39,383

​

​

37,310

Dilutive options to purchase Class A common stock

​

​

150

​

​

79

​

​

—

Dilutive restricted stock units

​

​

1,165

​

​

547

​

​

40

Dilutive common units of CWGS, LLC that are convertible into Class A common stock

​

​

43,438

​

​

—

​

​

—

Weighted-average shares of Class A common stock outstanding — diluted

​

​

89,762

​

​

40,009

​

​

37,350

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share of Class A common stock — basic

​

$

6.19

​

$

3.11

​

$

(1.62)

Earnings (loss) per share of Class A common stock — diluted

​

$

6.07

​

$

3.09

​

$

(1.62)

​

​

​

​

​

​

​

​

​

​

Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:

​

​

​

​

​

​

​

​

​

Stock options to purchase Class A common stock

​

​

—

​

​

361

​

​

795

Restricted stock units

​

​

6

​

​

1,349

​

​

1,179

Common units of CWGS, LLC that are convertible into Class A common stock

​

​

—

​

​

49,916

​

​

51,670

​

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 earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.
v3.22.0.1
Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Information  
Segment Information

22. 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 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 to allocate resources and assess performance. The Company’s chief operating decision maker is a group comprised of the Chief Executive Officer and the President. Segment revenue includes intersegment revenue. Segment income includes intersegment allocations for subsidiaries and shared resources.

Reportable segment revenue, segment income, floor plan interest expense, depreciation and amortization, other interest expense, net, total assets, and capital expenditures are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2021

​

Good Sam

​

RV and

​

​

​

​

​

​

Services

​

Outdoor

​

Intersegment

​

​

​

($ in thousands)

and Plans

    

Retail

​

Eliminations

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

Good Sam services and plans

$

180,926

​

$

—

​

$

(204)

​

$

180,722

New vehicles

​

—

​

​

3,306,002

​

​

(6,548)

​

​

3,299,454

Used vehicles

​

—

​

​

1,689,855

​

​

(3,638)

​

​

1,686,217

Products, service and other

​

—

​

​

1,102,407

​

​

(1,465)

​

​

1,100,942

Finance and insurance, net

​

—

​

​

613,086

​

​

(14,611)

​

​

598,475

Good Sam Club

​

—

​

​

47,944

​

​

—

​

​

47,944

Total consolidated revenue

$

180,926

​

$

6,759,294

​

$

(26,466)

​

$

6,913,754

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2020

​

Good Sam

​

RV and

​

​

​

​

​

​

Services

​

Outdoor

​

Intersegment

​

​

​

($ in thousands)

and Plans

    

Retail

​

Eliminations

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

Good Sam services and plans

$

182,758

​

$

—

​

$

(1,781)

​

$

180,977

New vehicles

​

—

​

​

2,829,296

​

​

(5,985)

​

​

2,823,311

Used vehicles

​

—

​

​

987,389

​

​

(2,536)

​

​

984,853

Products, service and other

​

—

​

​

950,247

​

​

(1,357)

​

​

948,890

Finance and insurance, net

​

—

​

​

474,196

​

​

(9,935)

​

​

464,261

Good Sam Club

​

—

​

​

44,299

​

​

—

​

​

44,299

Total consolidated revenue

$

182,758

​

$

5,285,427

​

$

(21,594)

​

$

5,446,591

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2019

​

Good Sam

​

RV and

​

​

​

​

​

​

Services

​

Outdoor

​

Intersegment

​

​

​

($ in thousands)

and Plans

​

Retail

​

Eliminations

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

Good Sam services and plans

$

181,526

​

$

—

​

$

(1,988)

​

$

179,538

New vehicles

​

—

​

​

2,375,477

​

​

(5,156)

​

​

2,370,321

Used vehicles

​

—

​

​

860,032

​

​

(2,404)

​

​

857,628

Products, service and other

​

—

​

​

1,036,439

​

​

(1,862)

​

​

1,034,577

Finance and insurance, net

​

—

​

​

411,035

​

​

(9,733)

​

​

401,302

Good Sam Club

​

—

​

​

48,653

​

​

—

​

​

48,653

Total consolidated revenue

$

181,526

​

$

4,731,636

​

$

(21,143)

​

$

4,892,019

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

   

2021

   

2020

   

2019

Segment income:(1)

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

74,765

​

$

88,288

​

$

83,635

RV and Outdoor Retail

​

​

798,846

​

​

429,950

​

​

(42,609)

Total segment income

​

​

873,611

​

​

518,238

​

​

41,026

Corporate & other

​

​

(9,679)

​

​

(9,751)

​

​

(12,455)

Depreciation and amortization

​

​

(66,418)

​

​

(51,981)

​

​

(59,932)

Other interest expense, net

​

​

(46,912)

​

​

(54,689)

​

​

(69,363)

Tax Receivable Agreement liability adjustment

​

​

(2,813)

​

​

141

​

​

10,005

Loss and expense on debt restructure

​

​

(13,468)

​

​

—

​

​

—

Other expense, net

​

​

(122)

​

​

—

​

​

—

Income (loss) before income taxes

​

$

734,199

​

$

401,958

​

$

(90,719)

​

​

​

​

​

​

​

​

​

​

​

(1)Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense.

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

    

2019

Depreciation and amortization:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

3,009

​

$

3,474

​

$

4,304

RV and Outdoor Retail

​

​

63,409

​

​

48,507

​

​

55,628

Total depreciation and amortization

​

$

66,418

​

$

51,981

​

$

59,932

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

    

2019

Other interest expense, net:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

(3)

​

$

5

​

$

(1)

RV and Outdoor Retail

​

​

7,759

​

​

8,081

​

​

8,941

Subtotal

​

​

7,756

​

​

8,086

​

​

8,940

Corporate & other

​

​

39,156

​

​

46,603

​

​

60,423

Total other interest expense, net

​

$

46,912

​

$

54,689

​

$

69,363

​

​

​

​

​

​

​

​

​

​

As of December 31, 

($ in thousands)

    

2021

    

2020

Assets:

​

​

​

​

​

​

Good Sam Services and Plans

​

$

158,988

​

$

140,825

RV and Outdoor Retail

​

​

3,849,217

​

​

2,881,637

Subtotal

​

​

4,008,205

​

​

3,022,462

Corporate & other

​

​

364,724

​

​

233,969

Total assets

​

$

4,372,929

​

$

3,256,431

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

   

2021

   

2020

   

2019

Capital expenditures:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

1,856

​

$

2,553

​

$

2,952

RV and Outdoor Retail

​

​

246,084

​

​

82,243

​

​

85,405

Subtotal

​

​

247,940

​

​

84,796

​

​

88,357

Corporate and other

​

​

(129)

​

​

127

​

​

(1)

Total capital expenditures

​

$

247,811

​

$

84,923

​

$

88,356

​
v3.22.0.1
Subsequent Event
 12 Months Ended
Dec. 31, 2021
Subsequent Event  
Subsequent Event

23. Subsequent Event

The Company relies on the integrity, security and successful functioning of its information technology systems and network infrastructure (collectively, “IT Systems”) across its operations. In February 2022, the Company announced that it was experiencing a cybersecurity incident that resulted in the encryption of certain IT Systems and theft of certain data and information (the “Cybersecurity Incident”). The Cybersecurity Incident resulted in the Company’s temporary inability to access certain of its IT Systems, caused by the disabling of some of its IT Systems by the threat actor and the Company temporarily taking certain other IT Systems offline as a precautionary measure. The Company engaged leading outside forensics and cybersecurity experts, launched containment and remediation efforts and a forensic investigation, and is working on restoring and ensuring the security of its IT Systems. The Company is also coordinating with law enforcement. The Company is in the early stages of this incident and has not determined the full scope or content of its lost or stolen data.

The Company has and expects to continue to incur incremental costs for the investigation, containment and remediation of the Cybersecurity Incident, including legal and other professional fees, and investments to enhance the security of its IT Systems. The containment, investigation, remediation, legal and other costs may exceed its insurance policy limits or may not be covered by insurance at all. Other actual and potential consequences include, but are not limited to, negative publicity, reputational damage, lost trust with customers, regulatory enforcement action, and litigation that could result in financial judgments or the payment of settlement amounts and disputes with insurance carriers concerning coverage. The Company has not yet determined if the Cybersecurity Incident will cause future disruptions to its business or how long such disruption could last. The Company has also not yet been able to estimate the incremental costs resulting from the Cybersecurity Incident, which are expected to adversely impact its future financial results. Based on the information currently known, the Company does not believe that the Cybersecurity Incident will have a material impact on its business, results of operations or financial condition, but no assurances can be given as the Company continues to assess the full impact from the Cybersecurity Incident, including costs, expenses and insurance coverage.

​
v3.22.0.1
Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
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 Share Amounts)

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

  

2021

  

2020

Assets

​

​

​

​

​

​

Current assets:

​

​

​

​

​

​

Cash and cash equivalents

​

$

70,998

​

$

37,355

Prepaid income taxes and other

​

​

6,677

​

​

4,073

Total current assets

​

​

77,675

​

​

41,428

​

​

​

​

​

​

​

Deferred tax asset

​

​

183,272

​

​

163,759

Investment in subsidiaries

​

​

79,505

​

​

(32,479)

Total assets

​

$

340,452

​

$

172,708

​

​

​

​

​

​

​

Liabilities and stockholders' equity

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

Current portion of liabilities under Tax Receivable Agreement

​

$

11,322

​

$

8,089

Total current liabilities

​

​

11,322

​

​

8,089

​

​

​

​

​

​

​

Liabilities under Tax Receivable Agreement, net of current portion

​

​

171,073

​

​

137,845

Total liabilities

​

​

182,395

​

​

145,934

​

​

​

​

​

​

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders' equity:

​

​

​

​

​

​

Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and 2020

​

​

—

​

​

—

Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,805,259 issued and 44,130,956 outstanding as of December 31, 2021 and 43,083,008 issued and 42,226,389 outstanding as of December 31, 2020

​

​

475

​

​

428

Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of December 31, 2021 and 2020; and 41,466,964 and 45,999,132 outstanding as of December 31, 2021 and 2020

​

​

4

​

​

5

Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of December 31, 2021 and 2020

​

​

—

​

​

—

Additional paid-in capital

​

​

98,113

​

​

63,342

Treasury stock, at cost; 3,390,131 and 572,447 shares as of December 31, 2021 and 2020

​

​

(130,006)

​

​

(15,187)

Retained earnings (deficit)

​

​

189,471

​

​

(21,814)

Total stockholders' equity

​

​

158,057

​

​

26,774

Total liabilities and stockholders' equity

​

$

340,452

​

$

172,708

​

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,

​

    

2021

    

2020

    

2019

Revenue:

​

​

​

​

​

​

​

​

​

Intercompany revenue

​

$

9,551

​

$

9,660

​

$

11,642

Total revenue

​

​

9,551

​

​

9,660

​

​

11,642

​

​

​

​

​

​

​

​

​

​

Operating expenses:

​

​

​

​

​

​

​

​

​

Selling, general, and administrative

​

​

9,551

​

​

9,660

​

​

11,642

Total operating expenses

​

​

9,551

​

​

9,660

​

​

11,642

​

​

​

​

​

​

​

​

​

​

Loss from operations

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

Other interest expense, net

​

​

46

​

​

103

​

​

—

Tax Receivable Agreement liability adjustment

​

​

(2,813)

​

​

141

​

​

10,005

Other income, net

​

​

402

​

​

—

​

​

—

Equity in net income (loss) of subsidiaries

​

​

378,657

​

​

173,618

​

​

(43,317)

​

​

​

​

​

​

​

​

​

​

Income (loss) before income taxes

​

​

376,292

​

​

173,862

​

​

(33,312)

Income tax expense

​

​

(97,831)

​

​

(51,517)

​

​

(27,279)

Net income (loss)

​

$

278,461

​

$

122,345

​

$

(60,591)

​

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,

​

    

2021

    

2020

    

2019

Operating activities

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

278,461

​

$

122,345

​

$

(60,591)

​

​

​

​

​

​

​

​

​

​

Adjustments to reconcile net income (loss) to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

Equity in net (income) loss of subsidiaries

​

​

(378,657)

​

​

(173,618)

​

​

43,317

Deferred tax expense

​

​

8,210

​

​

6,534

​

​

14,981

Tax Receivable Agreement liability adjustment

​

​

2,813

​

​

(141)

​

​

(10,005)

Change in assets and liabilities, net of acquisitions:

​

​

​

​

​

​

​

​

​

Intercompany receivables

​

​

—

​

​

—

​

​

2,518

Prepaid income taxes and other assets

​

​

(57)

​

​

(2,685)

​

​

7,671

Payment pursuant to Tax Receivable Agreement

​

​

(8,089)

​

​

(6,563)

​

​

(9,425)

Net cash used in operating activities

​

​

(97,319)

​

​

(54,128)

​

​

(11,534)

​

​

​

​

​

​

​

​

​

​

Investing activities

​

​

​

​

​

​

​

​

​

Purchases of LLC Interest from CWGS, LLC

​

​

(4,111)

​

​

(4,635)

​

​

—

Return of LLC Interest to CWGS, LLC for funding of treasury stock purchases

​

​

156,256

​

​

21,522

​

​

—

Distributions received from CWGS, LLC

​

​

198,138

​

​

107,517

​

​

47,866

Net cash provided by investing activities

​

​

350,283

​

​

124,404

​

​

47,866

​

​

​

​

​

​

​

​

​

​

Financing activities

​

​

​

​

​

​

​

​

​

Dividends paid to Class A common stockholders

​

​

(67,176)

​

​

(61,025)

​

​

(22,878)

Proceeds from exercise of stock options

​

​

4,111

​

​

4,635

​

​

—

Repurchases of Class A common stock to treasury

​

​

(156,256)

​

​

(21,522)

​

​

—

Net cash used in financing activities

​

​

(219,321)

​

​

(77,912)

​

​

(22,878)

​

​

​

​

​

​

​

​

​

​

Increase (decrease) in cash and cash equivalents

​

​

33,643

​

​

(7,636)

​

​

13,454

Cash and cash equivalents at beginning of year

​

​

37,355

​

​

44,991

​

​

31,537

Cash and cash equivalents at end of the year

​

$

70,998

​

$

37,355

​

$

44,991

​

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, 2021

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”), 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 9 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, 2021, 2020, and 2019, 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, 2021 and 2020. 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 $182.4 million and $145.9 million as of December 31, 2021 and 2020, respectively.

3. 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 11 to the consolidated financial statements for more information regarding the Parent Company's tax receivable agreement. As described in Note 11 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, 2021 and 2020, liabilities under the tax receivable agreement totaled $182.4 million and $145.9 million, respectively.

See Note 13 to the consolidated financial statements for information regarding pending and threatened litigation and Note 23 to the consolidated financial statements for information about the February 2022 cybersecurity incident. 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.

4. Stock Repurchase Program

During the year ended December 31, 2021 and 2020, the Parent Company repurchased 3,988,881 and 811,223 shares of Class A common stock, respectively, under this program for approximately $156.3 million and $21.5 million, respectively, including commissions paid, at a weighted average price per share of $39.17 and $26.53, respectively, which is recorded as treasury stock on the Parent Company’s balance sheet. During the years ended December 31, 2021 and 2020, the $156.3 million and $21.5 million, respectively, was concurrently funded by CWGS, LLC in exchange for the return of 3,988,881 and 811,223 common units in CWGS, LLC, respectively, 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 year ended December 31, 2021, the Parent Company reissued 1,171,197 and 238,776 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 equity-based awards under the Parent Company’s 2016 Incentive Award Plan. As of December 31, 2021, the remaining approved amount for repurchases of Class A common stock under the share repurchase program was approximately $47.2 million.

5. Statements of Cash Flows

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

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2021

    

2020

    

2019

Cash paid during the period for:

​

​

​

​

​

​

​

​

​

Interest

​

$

—

​

$

—

​

$

—

Income taxes

​

​

87,588

​

​

47,668

​

​

4,235

Non-cash financing activities:

​

​

​

​

​

​

​

​

​

Par value of Class A common stock issued in exchange for common units in CWGS, LLC

​

​

47

​

​

48

​

​

—

Par value of Class A common stock issued for vested restricted stock units

​

​

—

​

​

3

​

​

4

Par value of Class A common stock repurchased for withholding taxes on vested RSUs

​

​

—

​

​

—

​

​

(1)

Cost of treasury stock issued for vested restricted stock units

​

​

34,756

​

​

8,556

​

​

​

Cost of treasury stock issued for stock award to employee

​

​

19,586

​

​

—

​

​

—

​
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2021
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, 2021

​

$

3,393

​

$

1,568

​

$

74

​

$

(324)

​

$

4,711

Year ended December 31, 2020

​

​

3,717

​

​

1,068

​

​

(142)

​

​

(1,250)

​

​

3,393

Year ended December 31, 2019

​

​

4,729

​

​

(20)

​

​

278

​

​

(1,270)

​

​

3,717

​

(1)Additions to allowance for doubtful accounts are charged to expense.
(2)Additions to cancellations/returns allowances are credited against revenue.
(3)Accounts receivable allowance includes the allowance for doubtful accounts and the allowance for cancellations /returns.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Balance at

    

Additions

    

Charged

    

Charges

    

Balance

​

    

Beginning

    

Charged to

    

to Other

    

Utilized

    

at End

(In Thousands)

    

of Period

    

Expense

    

Accounts (1)

    

(Write-offs)

    

of Period

Noncurrent other assets allowance:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2021

​

$

—

​

$

42

​

$

—

​

$

—

​

$

42

Year ended December 31, 2020

​

​

2,753

​

​

—

​

​

—

​

​

(2,753)

​

​

—

Year ended December 31, 2019

​

​

—

​

​

2,753

​

​

—

​

​

—

​

​

2,753

(1)Additions to cancellations /returns allowances are credited against revenue.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Valuation

​

Tax Valuation

​

​

​

​

​

​

​

​

​

​

​

Allowance

​

Allowance

​

​

​

​

​

​

​

​

Balance at

​

Charged to

​

Credited to

​

Charged

​

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, 2021

​

$

295,946

​

$

—

​

$

(2,234)

​

$

18,376

​

$

312,088

Year ended December 31, 2020

​

​

266,452

​

​

19,058

​

​

—

​

​

10,436

​

​

295,946

Year ended December 31, 2019

​

​

180,983

​

​

85,903

​

​

(434)

​

​

—

​

​

266,452

(1)Amounts charged to additional paid-in capital relating to the outside basis in the investment in CWGS, LLC.
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Summary of Significant Accounting Policies  
Principles of Consolidation and Basis of Presentation

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 18 — Stockholders’ Equity). Despite its position as sole managing member of CWGS, LLC, CWH had a minority economic interest in CWGS, LLC through March 11, 2021. As of December 31, 2021, 2020, and 2019, CWH owned 51.2%, 47.4% and 42.0%, 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.
COVID-19

COVID-19

A novel strain of coronavirus was declared a pandemic by the World Health Organization in March 2020. To date, COVID-19 has surfaced in nearly all regions of the world and resulted in travel restrictions and business slowdowns or shutdowns in affected areas. Many affected areas have made significant progress with the easing of restrictions and reopening certain businesses often under new operating guidelines, although new waves of infection or the spread of new variants may lead to an increase in such restrictions or closures.

In conjunction with the initial stay-at-home and shelter-in-place restrictions enacted in many areas, the Company saw significant sequential declines in its overall customer traffic levels and its overall revenues from the mid-March to mid-to-late April 2020 timeframe. In the latter part of April 2020, the Company began to see a significant improvement in its online web traffic levels and number of electronic leads, and in early May 2020, the Company began to see improvements in its overall revenue levels. As the stay-at-home restrictions began to ease across certain areas of the country, the Company experienced significant acceleration in its in-store and online traffic, lead generation, and revenue trends in May 2020 continuing into the quarter ended June 30, 2021 and demand in new and used vehicles remained elevated through the remainder of 2021 and into the beginning of 2022. Demand and interest in new and used vehicles continued to outpace vehicle supply during the year ended December 31, 2021. In the last four months of 2021, the Company was able to procure more new vehicles than were sold during that period, which improved inventory levels at December 31, 2021.

In order to offset the initially expected adverse impact of COVID-19 and better align expenses with reduced sales in the middle of March 2020 and early April 2020, the Company reduced marketing expenses and temporarily reduced salaries and hours throughout the business, including for its executive officers, and implemented headcount and other cost reductions. Most of these temporary salary and hourly reductions ended

in May 2020 as the adverse economic impacts of the pandemic began to decline. The Company has also taken steps to add new private label lines, expand its relationships with smaller recreational vehicle (“RV”) manufacturers, and acquire used inventory to help manage risks in its supply chain.

Throughout the pandemic, the majority of the Company’s retail locations have continued to operate as essential businesses and the Company has continued to operate its e-commerce business. Historically, most of the Company’s consumer shows and events take place during the first quarter. As a consequence of COVID-19, the Company held one in-person consumer show in 2021 and held fewer in-person consumer shows and events during 2020 than in 2019. Since March 2020, the Company has implemented preparedness plans to keep its employees and customers safe, which include social distancing, providing employees with face coverings and/or other protective clothing as required, implementing additional cleaning and sanitization routines, and work-from-home directives for a significant portion of the Company’s workforce. In July 2021, the Company began transitioning many of its employees from work-from-home schedules to a return to the Company’s offices. However, with the increase in COVID-19 cases in the U.S. as a result of the Omicron variant in late 2021, many employees have reverted back to work from home schedules.
Description of the Business

Description of the Business

Camping World Holdings, Inc., together with its subsidiaries, is America’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 22 – 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; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; 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; business to business distribution of RV furniture, 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 and Gander RV & Outdoors brands, and markets its products and services primarily to RV and outdoor enthusiasts.

In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 5 – Restructuring and Long-lived Asset Impairment).

The table below summarizes the Company’s retail store openings, closings, divestitures, conversions and number of locations from December 31, 2020 to December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

RV

RV Service &

Other

​

​

​

Dealerships

Retail Centers

Retail Stores

Total

Number of store locations as of December 31, 2020

​

160

​

10

​

1

​

171

Opened

​

16

​

—

​

—

​

16

Closed / divested

​

(1)

​

—

​

—

​

(1)

Re-opened

​

1

​

—

​

—

​

1

Converted (1)

​

(1)

​

—

​

1

​

—

Number of store locations as of December 31, 2021

​

175

​

10

​

2

​

187

​

​

​

​

​

​

​

​

​

(1)One RV dealership was converted to a retail clearance center.
Use of Estimates

Use of Estimates

The preparation of these 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 financial statements and the reported amounts of revenue

and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the 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, including those uncertainties arising from COVID-19, 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 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, and accruals related to estimated tax liabilities, product return reserves, and other liabilities.
Cash and Cash Equivalents

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, 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 doubtful accounts, which includes a reserve for expected credit losses. Accounts receivable balances due in excess of one year was $7.8 million at December 31, 2021 and $8.2 million at December 31, 2020, which are included in other assets in the accompanying consolidated balance sheets.

The allowance for doubtful accounts 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 doubtful accounts was required at December 31, 2021 and 2020. Management additionally has evaluated the expected credit losses related to accounts receivable and determined that allowances of approximately $4.7 million as of December 31, 2021 and $3.4 million as of December 31, 2020 for uncollectible accounts were required. Additionally, there was a less than $0.1 million allowance for doubtful accounts for noncurrent receivables at December 31, 2021 recognized during the year ended December 31, 2021.

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

​

​

​

​

​

​

​

​

​

Year Ended

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Allowance for doubtful accounts:

​

​

​

​

​

​

Balance, beginning of period

​

$

3,393

​

$

3,537

Charged to bad debt expense

​

​

1,568

​

​

1,068

Deductions (1)

​

​

(250)

​

​

(1,212)

Balance, end of period

​

$

4,711

​

$

3,393

(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

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, 2021 and 2020 was approximately $278.7 million and $188.1 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, net

Inventories, net

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, and freight. For vehicles accepted in trades, the cost is the fair value of such used vehicles at the time of the trade-in. Products, parts, accessories, and other inventories primarily consist of retail travel and leisure specialty merchandise and are stated at lower of cost or net realizable value using the first in, first out method. The cost of RV and Outdoor Retail inventories primarily consists of the direct cost of the merchandise including freight. A portion of the products, parts, accessories and other inventory includes capitalized labor relating to assembly.
Property and Equipment, net

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

After the adoption of Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) on January 1, 2019 the Company recognizes a right-of-use (“ROU”) asset and a lease liability on the accompanying consolidated balance sheets for operating leases (with the exception of short-term leases based on the practical expedient elected by the Company) at the commencement date, in addition to finance leases that were previously also required to be recognized on the accompanying consolidated balance sheets, and recognizes expenses on the income statement in a similar manner to the previous guidance in ASC 840, Leases (“ASC 840”) (see Note 10 — Lease Obligations).
Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill is reviewed at least annually for impairment, and more often when impairment indicators are present (see Note 7 – 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

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

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

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.

Good Sam Services and Plans revenue consists of revenue from publications, consumer shows, 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. Revenue and related expenses for consumer shows are recognized when the show occurs.

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.

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.

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 products, are subject to chargebacks if the customer terminates the respective contract earlier than a stated period. In the case of insurance and service contracts, the stated period typically extends from one to five years with the refundable commission balance 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 eight years, adjusted for new consumer trends. The chargeback liabilities included in the estimate of variable consideration totaled $68.8 million and $58.9 million as of December 31, 2021 and December 31, 2020, respectively.

The remaining RV and Outdoor retail revenue consists of sales of products, service and other, including RV accessories and supplies, RV furniture, camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport equipment and supplies. 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. 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. 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.

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.

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.

Parts and Service Internal Profit

The Company’s parts and service departments recondition the majority of used vehicles acquired by the Company’s used vehicle departments and perform minor preparatory work on new vehicles acquired by the Company’s new vehicle departments. The parts and service departments charge the new and used vehicle departments as if they were third parties in order to account for total activity performed by that department. The revenue and costs applicable to revenue associated with the internal work performed by the Company’s parts and service departments are eliminated in consolidation. The Company maintains a reserve for internal work order profits on vehicles that remain in inventories.
Advertising expense/Vendor Allowances and Shipping and Handling Fees and Costs

Advertising Expenses

Advertising expenses are expensed as incurred. Advertising expenses for the years ended December 31, 2021, 2020 and 2019 were $136.3 million, $96.3 million and $117.8 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, 2021, 2020, and 2019, $8.0 million, $8.2 million, and $6.2 million of shipping and handling fees, respectively, were included in the RV and Outdoor Retail segment as revenue.
Income Taxes

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 11 — Income Taxes for additional information.
Reclassifications of Prior Period Amounts

Reclassifications of Prior Period Amounts

Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, the current and noncurrent portions of finance lease liabilities have been reclassified to be presented separately from current and noncurrent portions of long-term debt, respectively, in the accompanying consolidated balance sheet as of December 31, 2020. Further, the payments on finance leases have been reclassified to be presented separately from payments on long-term debt in the accompanying consolidated statement of cash flows for the years ended December 31, 2020 and 2019.

Additionally, for the years ended December 31, 2020 and 2019, the equity-based compensation and non-controlling interest adjustment line items in the accompanying consolidated statements of stockholders' equity (deficit) have been reclassified to present the equity-based compensation allocated to the non-controlling interest in the non-controlling interest column with an offsetting reclassification to the non-controlling interest adjustment line item.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This standard reduces complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. This standard also simplifies accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 as of January 1, 2021 and the adoption did not materially impact its consolidated financial statements.

Recently Issued Accounting Pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This standard requires contract assets and contract liabilities, such as certain receivables and deferred revenue, acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree instead of recording those balances at fair value. This standard should be applied prospectively to acquisitions occurring after the effective date. The standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company early adopted ASU 2021-08 as of January 1, 2022 and the Company does not expect that its adoption will materially impact its consolidated financial statements.
v3.22.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Significant Accounting Policies  
Schedule of store locations

​

​

​

​

​

​

​

​

​

​

​

RV

RV Service &

Other

​

​

​

Dealerships

Retail Centers

Retail Stores

Total

Number of store locations as of December 31, 2020

​

160

​

10

​

1

​

171

Opened

​

16

​

—

​

—

​

16

Closed / divested

​

(1)

​

—

​

—

​

(1)

Re-opened

​

1

​

—

​

—

​

1

Converted (1)

​

(1)

​

—

​

1

​

—

Number of store locations as of December 31, 2021

​

175

​

10

​

2

​

187

​

​

​

​

​

​

​

​

​

(1)One RV dealership was converted to a retail clearance center.
Schedule of allowance for doubtful accounts

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

​

​

​

​

​

​

​

​

​

Year Ended

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Allowance for doubtful accounts:

​

​

​

​

​

​

Balance, beginning of period

​

$

3,393

​

$

3,537

Charged to bad debt expense

​

​

1,568

​

​

1,068

Deductions (1)

​

​

(250)

​

​

(1,212)

Balance, end of period

​

$

4,711

​

$

3,393

(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
v3.22.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2021
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 obligation for these revenue streams at December 31, 2021 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):

​

​

​

​

​

​

    

As of

​

    

December 31, 2021

2022

    

$

95,467

2023

​

​

34,262

2024

​

​

17,031

2025

​

​

9,038

2026

​

​

4,947

Thereafter

​

​

3,746

Total

​

$

164,491

​

​

​

​
v3.22.0.1
Receivables (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables  
Summary of receivables

Receivables consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

    

December 31,

    

December 31,

​

​

2021

​

2020

Good Sam Services and Plans

​

$

13,046

​

$

11,837

RV and Outdoor Retail

​

​

​

​

​

​

New and used vehicles

​

​

4,636

​

​

6,836

Parts, service and other

​

​

42,418

​

​

26,437

Trade accounts receivable

​

​

20,974

​

​

16,289

Due from manufacturers

​

​

16,499

​

​

17,778

Other

​

​

8,782

​

​

7,611

Corporate

​

​

—

​

​

27

​

​

​

106,355

​

​

86,815

Allowance for doubtful accounts

​

​

(4,711)

​

​

(3,393)

​

​

$

101,644

​

$

83,422
v3.22.0.1
Inventories and Floor Plan Payables (Tables)
 12 Months Ended
Dec. 31, 2021
Inventory  
Schedule of inventories

Inventories consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Good Sam services and plans

​

$

—

​

$

109

New RVs

​

​

1,108,836

​

​

691,114

Used RVs

​

​

406,398

​

​

178,336

Products, parts, accessories and other

​

​

277,631

​

​

266,786

​

​

$

1,792,865

​

$

1,136,345

​

​

​

​

​

​

​
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, 2021 and December 31, 2020 (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Floor Plan Facility:

​

​

​

​

​

​

Notes payable — floor plan:

​

​

​

​

​

​

Total commitment

​

$

1,700,000

​

$

1,379,750

Less: borrowings, net

​

​

(1,011,345)

​

​

(522,455)

Less: flooring line aggregate interest reduction account

​

​

(92,108)

​

​

(133,639)

Additional borrowing capacity

​

​

596,547

​

​

723,656

Less: accounts payable for sold inventory

​

​

(28,036)

​

​

(28,980)

Less: purchase commitments

​

​

(34,612)

​

​

(39,121)

Unencumbered borrowing capacity

​

$

533,899

​

$

655,555

​

​

​

​

​

​

​

Revolving line of credit

​

$

70,000

​

$

48,000

Less: borrowings

​

​

(20,885)

​

​

(20,885)

Additional borrowing capacity

​

$

49,115

​

$

27,115

​

​

​

​

​

​

​

Letters of credit:

​

​

​

​

​

​

Total commitment

​

$

30,000

​

$

15,000

Less: outstanding letters of credit

​

​

(11,500)

​

​

(11,732)

Additional letters of credit capacity

​

$

18,500

​

$

3,268
v3.22.0.1
Restructuring and Long-Lived Asset Impairment (Tables)
 12 Months Ended
Dec. 31, 2021
Restructuring and Long-Lived Asset Impairment  
Schedule of expenses associated with the 2019 Strategic Shift

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

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2021

    

2020

    

2019

Restructuring costs:

​

​

​

​

​

​

​

​

One-time termination benefits(1)

$

—

​

$

231

​

$

1,008

Lease termination costs(2)

​

1,431

​

​

4,432

​

​

55

Incremental inventory reserve charges(3)

​

15,017

​

​

543

​

​

41,894

Other associated costs(4)

​

10,684

​

​

16,835

​

​

4,321

Total restructuring costs

$

27,132

​

$

22,041

​

$

47,278

​

​

​

​

​

​

​

​

​

(1)These costs incurred in 2020 were primarily included in costs applicable to revenues – products, service and other in the consolidated statements of operations. These costs incurred in 2019 were primarily included in selling, general and administrative expenses 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, net of any gain from derecognition of the related operating lease assets and liabilities.
(3)These costs were included in costs applicable to revenue – products, service and other in the consolidated statements of operations.
(4)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. For the years ended December 31, 2021, 2020 and 2019, costs of approximately $0 million, $0.4 million and $0.6 million, respectively, were included in costs applicable to revenue – products, service and other, and $10.7 million, $16.4 million and $3.7 million, respectively, were included in selling, general, and administrative expenses in the consolidated statements of operations.
Schedule of changes in the restructuring accrual associated with the 2019 Strategic Shift

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

One-time

    

Lease

    

Other

    

​

​

    

Termination

    

Termination

    

Associated

    

​

​

    

Benefits

    

Costs (1)

    

Costs

    

Total

Balance at June 30, 2019

​

$

—

​

$

—

​

$

—

​

$

—

Charged to expense

​

​

1,008

​

​

1,350

​

​

4,321

​

​

6,679

Paid or otherwise settled

​

​

(286)

​

​

(1,350)

​

​

(4,036)

​

​

(5,672)

Balance at December 31, 2019

​

​

722

​

​

—

​

​

285

​

​

1,007

Charged to expense

​

​

231

​

​

10,532

​

​

16,835

​

​

27,598

Paid or otherwise settled

​

​

(953)

​

​

(10,532)

​

​

(16,346)

​

​

(27,831)

Balance at December 31, 2020

​

​

—

​

​

—

​

​

774

​

​

774

Charged to expense

​

​

—

​

​

1,650

​

​

10,684

​

​

12,334

Paid or otherwise settled

​

​

—

​

​

(1,650)

​

​

(10,532)

​

​

(12,182)

Balance at December 31, 2021

​

$

—

​

$

—

​

$

926

​

$

926

(1)Lease termination costs excludes the $1.3 million, $6.1 million and $0.2 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 six months ended December 31, 2019 and for the years ended December 31, 2020 and 2021, respectively.
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 (in thousands):

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2021

    

2020

    

2019

Long-lived asset impairment charges:

​

​

​

​

​

​

​

​

Leasehold improvements

$

721

​

$

2,374

​

$

20,766

Furniture and equipment

​

196

​

​

2,588

​

​

28,602

Buildings

​

—

​

​

1,461

​

​

—

Operating lease right-of-use assets

​

2,127

​

​

5,930

​

​

16,902

Total long-lived asset impairment charges

​

3,044

​

​

12,353

​

​

66,270

Less: portion unrelated to 2019 Strategic Shift

​

(1,645)

​

​

(64)

​

​

(8,832)

2019 Strategic Shift long-lived asset impairment charges

$

1,399

​

$

12,289

​

$

57,438
v3.22.0.1
Property and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2021
Property and Equipment, net  
Property and Equipment, net

Property and equipment consisted of the following at December 31, 2021 and 2021 (in thousands):

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

​

2021

​

2020

​

Land

​

$

95,724

​

$

47,780

​

Buildings and improvements

​

​

208,136

​

​

99,739

​

Leasehold improvements

​

​

255,378

​

​

210,396

​

Furniture and equipment

​

​

201,083

​

​

180,191

​

Software

​

​

78,592

​

​

73,256

​

Construction in progress and software in development

​

​

58,694

​

​

11,560

​

​

​

​

897,607

​

​

622,922

​

Less: accumulated depreciation and amortization

​

​

(298,283)

​

​

(255,024)

​

Property and equipment, net

​

$

599,324

​

$

367,898

​

​
v3.22.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam

​

​

​

​

​

​

​

Services and

​

RV and

​

​

​

​

    

Plans

    

Outdoor Retail

    

Consolidated

Balance as of January 1, 2020 (excluding impairment charges)

​

$

70,713

​

$

558,065

​

$

628,778

Accumulated impairment charges

​

​

(46,884)

​

​

(194,953)

​

​

(241,837)

Balance as of January 1, 2020

​

​

23,829

​

​

363,112

​

​

386,941

Acquisitions

​

​

—

​

​

26,182

​

​

26,182

Balance as of December 31, 2020

​

​

23,829

​

​

389,294

​

​

413,123

Acquisitions

​

​

—

​

​

70,511

​

​

70,511

Balance as of December 31, 2021

​

$

23,829

​

$

459,805

​

$

483,634

​

​

​

​

​

​

​

​

​

​

​
Finite-lived intangible assets and related accumulated amortization

Finite-lived intangible assets and related accumulated amortization consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

Cost or

​

Accumulated

​

​

​

​

   

Fair Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership and customer lists

​

$

9,140

​

​

(8,748)

​

$

392

Websites

​

​

2,500

​

​

(253)

​

​

2,247

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names

​

​

5,626

​

​

(2,298)

​

​

3,328

Supplier lists

​

​

1,696

​

​

(424)

​

​

1,272

Trademarks and trade names

​

​

29,564

​

​

(9,465)

​

​

20,099

Websites

​

​

7,185

​

​

(3,553)

​

​

3,632

​

​

$

55,711

​

$

(24,741)

​

$

30,970

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2020

​

​

Cost or

​

Accumulated

​

​

​

​

    

Fair Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership and customer lists

​

$

9,140

​

$

(8,568)

​

$

572

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names

​

​

3,476

​

​

(1,930)

​

​

1,546

Supplier lists

​

​

1,696

​

​

(85)

​

​

1,611

Trademarks and trade names

​

​

29,564

​

​

(6,681)

​

​

22,883

Websites

​

​

6,140

​

​

(2,630)

​

​

3,510

​

​

$

50,016

​

$

(19,894)

​

$

30,122

​
Schedule of amortization of finite lived intangibles assets The aggregate future five-year amortization of finite-lived intangibles at December 31, 2021, was as follows (in thousands):

​

​

​

​

​

​

2022

    

$

6,928

​

2023

​

​

5,785

​

2024

​

​

4,614

​

2025

​

​

2,166

​

2026

​

​

1,632

​

Thereafter

​

​

9,845

​

​

​

$

30,970

​
v3.22.0.1
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Accrued Liabilities  
Schedule Of Accrued liabilities

Accrued liabilities consisted of the following at December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

    

December 31,

    

December 31,

​

​

2021

    

2020

Compensation and benefits(1)

​

$

64,313

​

$

43,787

Other accruals

​

​

125,282

​

​

93,901

​

​

$

189,595

​

$

137,688

​

(1)At December 31, 2021 and 2020, these amounts included a deferral of payroll taxes under the CARES Act of $14.6 million.
v3.22.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Long-Term Debt.  
Long-Term debt

The following reflects outstanding long-term debt as of December 31, 2021 and 2020 (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

Term Loan Facility (1)(2)

​

$

1,367,277

​

$

1,130,356

Real Estate Facilities (3)

​

​

22,896

​

​

4,493

Other Long-Term Debt

​

​

3,400

​

​

—

Subtotal

​

​

1,393,573

​

​

1,134,849

Less: current portion

​

​

(15,822)

​

​

(12,174)

Total

​

$

1,377,751

​

$

1,122,675

​

​

​

​

​

​

​

​

(1)Amounts as of December 31, 2021 relate to the New Term Loan Facility and amounts as of December 31, 2020 relate to the Previous Term Loan Facility, as defined below.
(2)Net of $16.8 million and $3.2 million of original issue discount at December 31, 2021 and 2020, respectively, and $6.9 million and $7.9 million of finance costs at December 31, 2021 and 2020, respectively.
(3)Net of $0.2 million of finance costs at December 31, 2021. Finance costs at December 31, 2020 were not significant.
Schedule of Aggregate Maturities of Long-term Debt

The aggregate future maturities of long-term debt at December 31, 2021, were as follows (in thousands):

​

​

​

​

​

Long-term debt instruments

    

​

​

 

2022

    

$

15,822

​

2023

​

​

19,374

​

2024

​

​

15,100

​

2025

​

​

15,105

​

2026

​

​

31,199

​

Thereafter

​

​

1,320,916

​

Total

​

​

1,417,516

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

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2021(1)

    

2020(2)

Senior Secured Credit Facilities:

​

​

​

​

​

​

Term Loan Facility:

​

​

​

​

​

​

Principal amount of borrowings

​

$

1,400,000

​

$

1,195,000

Less: cumulative principal payments

​

​

(9,004)

​

​

(53,459)

Less: unamortized original issue discount

​

​

(16,826)

​

​

(3,241)

Less: unamortized finance costs

​

​

(6,893)

​

​

(7,944)

​

​

​

1,367,277

​

​

1,130,356

Less: current portion

​

​

(14,015)

​

​

(11,891)

Long-term debt, net of current portion

​

$

1,353,262

​

$

1,118,465

Revolving Credit Facility:

​

​

​

​

​

​

Total commitment

​

$

65,000

​

$

35,000

Less: outstanding letters of credit

​

​

(4,930)

​

​

(5,930)

Additional borrowing capacity

​

$

60,070

​

$

29,070

​

(1)Amounts relate to the New Senior Secured Credit Facilities.
(2)Amounts relate to the Previous Senior Secured Credit Facilities.
v3.22.0.1
Lease Obligations (Tables)
 12 Months Ended
Dec. 31, 2021
Lease Obligations  
Summary of lease cost

The following presents certain information related to the costs for leases (in thousands):

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2021

    

2020

Operating lease cost

​

$

120,096

​

$

121,238

Finance lease cost:

​

​

​

​

​

​

Amortization of finance lease assets

​

​

6,016

​

​

2,701

Interest on finance lease liabilities

​

​

2,353

​

​

1,248

Short-term lease cost

​

​

1,958

​

​

1,699

Variable lease cost

​

​

23,512

​

​

23,385

Sublease income

​

​

(1,915)

​

​

(1,876)

Net lease costs

​

$

152,020

​

$

148,395
Schedule of cash flow supplemental information

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

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2021

    

2020

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

Operating cash flows for operating leases

​

$

121,394

​

$

121,708

Operating cash flows for finance leases

​

​

2,287

​

​

1,061

Financing cash flows for finance leases

​

​

2,923

​

​

2,355

Lease assets obtained in exchange for lease liabilities:

​

​

​

​

​

​

New, remeasured and terminated operating leases

​

$

44,041

​

$

25,296

New, remeasured and terminated finance leases

​

​

51,920

​

​

31,895
Schedule of other information related to leases

​

​

​

​

​

​

    

December 31, 2021

Weighted average remaining lease term:

​

​

​

Operating leases

​

12.2

years

Financing leases

​

15.1

years

Weighted average discount rate:

​

​

​

Operating leases

​

6.4

%

Financing leases

​

5.0

%
Schedule of future operating lease obligations

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, 2021 (in thousands):

​

​

​

​

​

​

​

​

​

    

Operating

    

Finance

​

    

Leases

    

Leases

2022

    

$

113,499

    

$

8,777

2023

​

​

113,300

​

​

12,167

2024

​

​

108,952

​

​

7,001

2025

​

​

102,616

​

​

6,157

2026

​

​

96,706

​

​

6,134

Thereafter

​

​

701,911

​

​

77,357

Total lease payments

​

​

1,236,984

​

​

117,593

Less: Imputed interest

​

​

(399,878)

​

​

(37,877)

Total lease obligations

​

​

837,106

​

​

79,716

Less: current portion

​

​

(62,217)

​

​

(4,964)

Noncurrent lease obligations

​

$

774,889

​

$

74,752
Schedule of future finance lease obligations

​

​

​

​

​

​

​

​

​

    

Operating

    

Finance

​

    

Leases

    

Leases

2022

    

$

113,499

    

$

8,777

2023

​

​

113,300

​

​

12,167

2024

​

​

108,952

​

​

7,001

2025

​

​

102,616

​

​

6,157

2026

​

​

96,706

​

​

6,134

Thereafter

​

​

701,911

​

​

77,357

Total lease payments

​

​

1,236,984

​

​

117,593

Less: Imputed interest

​

​

(399,878)

​

​

(37,877)

Total lease obligations

​

​

837,106

​

​

79,716

Less: current portion

​

​

(62,217)

​

​

(4,964)

Noncurrent lease obligations

​

$

774,889

​

$

74,752
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of components of the Company's income tax expense

The components of the Company’s income tax expense from operations for the years ended December 31, 2021, 2020 and 2019 consisted of (in thousands):

​

​

​

​

​

​

​

​

​

​

​

    

2021

    

2020

    

2019

Current:

​

​

​

​

​

​

​

​

​

Federal

​

$

74,124

​

$

38,843

​

$

10,605

State

​

​

23,890

​

​

12,294

​

​

4,080

Deferred:

​

​

​

​

​

​

​

​

​

Federal

​

​

13,024

​

​

5,016

​

​

9,140

State

​

​

(18,914)

​

​

1,590

​

​

5,757

Income tax expense

​

$

92,124

​

$

57,743

​

$

29,582
Schedule of reconciliation of income tax expense from operations to the federal statutory rate

A reconciliation of income tax expense from operations to the federal statutory rate for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

    

2021

    

2020

    

2019

Income taxes computed at federal statutory rate(1)

​

$

154,182

​

$

84,411

​

$

(19,051)

State income taxes – net of federal benefit(1)

​

​

15,261

​

​

3,741

​

​

(4,728)

Other differences:

​

​

​

​

​

​

​

​

​

State and local taxes on pass-through entities

​

​

5,004

​

​

2,965

​

​

937

Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the Company (2)

​

​

(81,013)

​

​

(53,147)

​

​

(22,089)

Tax benefit from of transfer assets(3)

​

​

—

​

​

—

​

​

(14,170)

Increase in valuation allowance due to transfer of assets(3)

​

​

—

​

​

—

​

​

26,350

(Decrease) increase in valuation allowance(4)

​

​

(2,234)

​

​

19,058

​

​

59,552

Impact of other state tax rate changes

​

​

1,927

​

​

(915)

​

​

1,653

Other

​

​

(1,003)

​

​

1,630

​

​

1,128

Income tax expense

​

$

92,124

​

$

57,743

​

$

29,582

​

(1)Federal and state income tax for 2021 and 2019 includes $0.7 million of income tax expense and $2.5 million of income tax benefit, respectively, relating to the revaluation in the Tax Receivable Agreement liability due to fluctuations in state income tax rates. The amount related to 2020 was insignificant.
(2)The related income is taxable to the non-controlling interest.
(3)These amounts represent the net income tax expense of $12.2 million (composed of an increase in the valuation allowance against the Company’s overall deferred tax assets of $26.4 million, offset by the income tax benefit associated with the transferred assets of $14.2 million) related to the transfer of certain assets, including the Good Sam Club and co-branded credit cards as discussed below.
(4)As a result of CWH’s ownership of CWGS increasing above 50% during the first quarter of 2021, the amount for the year ended December 31, 2021 included a decrease in the valuation allowance of Camping World Inc. (“CW”) in certain state deferred tax assets of $15.2 million. Additionally, for the year ended December 31, 2021, this amount was partially offset by $13.0 million of increases to the valuation allowance primarily resulting from losses of CW for which no benefit is recognized for the U.S. federal and non-unitary states.
Summary of significant items comprising the net deferred tax asset

​

​

​

​

​

​

​

​

    

2021

    

2020

Deferred tax liabilities

​

​

​

​

​

​

Operating lease assets

​

$

(63,143)

​

$

(67,400)

Other

​

​

(3,456)

​

​

(4,623)

​

​

​

(66,599)

​

​

(72,023)

Deferred tax assets

​

​

​

​

​

​

Investment impairment

​

​

20,619

​

​

22,169

Investment in partnership ("Outside Basis Deferred Tax Asset")(1)

​

​

271,513

​

​

241,805

Tax Receivable Agreement liability

​

​

46,328

​

​

36,486

Net operating loss carryforward

​

​

137,377

​

​

124,117

Operating lease liabilities

​

​

73,476

​

​

79,639

Other reserves

​

​

28,695

​

​

29,461

​

​

​

578,008

​

​

533,677

Valuation allowance

​

​

(312,088)

​

​

(295,946)

Net deferred tax assets

​

$

199,321

​

$

165,708

​

(1)This amount is the deferred tax asset the Company recognizes for its book to tax basis difference in its investment in CWGS, LLC.
v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Measurements  
Summary of aggregate carrying value and fair value of fixed rate debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

December 31, 2021

​

December 31, 2020

($ in thousands)

    

Measurement

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

Term Loan Facility

​

Level 2

​

$

1,367,277

​

$

1,382,372

​

$

1,130,356

​

$

1,132,979

Floor Plan Facility Revolving Line of Credit

​

Level 2

​

​

20,885

​

​

20,885

​

​

20,885

​

​

20,791

Real Estate Facilities

​

Level 2

​

​

22,896

​

​

22,981

​

​

4,493

​

​

4,600

Other Long-Term Debt

​

Level 2

​

​

3,400

​

​

3,400

​

​

-

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.22.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2021
Assets Or Stock Of Multiple Dealership Locations Acquired [Member]  
Acquisitions  
Summary of the purchase price allocations

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

Tangible assets (liabilities) acquired (assumed):

​

​

​

​

​

​

Accounts receivable, net

​

$

601

​

$

3,094

Inventories, net

​

​

27,746

​

​

17,211

Prepaid expenses and other assets

​

​

125

​

​

643

Property and equipment, net

​

​

1,348

​

​

1,077

Operating lease assets

​

​

1,222

​

​

1,859

Finance lease asset

​

​

—

​

​

2,373

Accounts payable

​

​

—

​

​

(1,628)

Accrued liabilities

​

​

(214)

​

​

(2,839)

Operating lease liabilities - current

​

​

(195)

​

​

(212)

Operating lease liabilities - noncurrent

​

​

(1,027)

​

​

(1,647)

Finance lease liabilities - current

​

​

—

​

​

(179)

Finance lease liabilities - noncurrent

​

​

—

​

​

(2,194)

Total tangible net assets acquired

​

​

29,606

​

​

17,558

Intangible assets acquired:

​

​

​

​

​

​

Trademarks and trade names

​

​

—

​

​

725

Supplier and customer relationships

​

​

—

​

​

3,107

Total intangible assets acquired

​

​

—

​

​

3,832

Goodwill

​

​

70,511

​

​

26,182

Cash paid for acquisitions, net of cash acquired

​

​

100,117

​

​

47,572

Inventory purchases financed via floor plan

​

​

(19,537)

​

​

(10,350)

Cash payment net of floor plan financing

​

$

80,580

​

$

37,222
v3.22.0.1
Statement of Cash Flows (Tables)
 12 Months Ended
Dec. 31, 2021
Statement 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, 

​

December 31, 

​

December 31, 

​

    

2021

    

2020

    

2019

Cash paid during the period for:

​

​

​

​

​

​

​

​

​

Interest

​

$

58,424

​

$

72,458

​

$

105,776

Income taxes

​

​

99,557

​

​

52,938

​

​

5,900

Non-cash investing activities:

​

​

​

​

​

​

​

​

​

Leasehold improvements paid by lessor

​

​

—

​

​

37

​

​

21,749

Vehicles transferred to property and equipment from inventory

​

​

931

​

​

70

​

​

827

Capital expenditures in accounts payable and accrued liabilities

​

​

9,726

​

​

3,738

​

​

3,158

Non-cash financing activities:

​

​

​

​

​

​

​

​

​

Par value of Class A common stock issued in exchange for common units in CWGS, LLC

​

​

47

​

​

48

​

​

—

Par value of Class A common stock issued for vested restricted stock units

​

​

—

​

​

3

​

​

4

Par value of Class A common stock repurchased for withholding taxes on vested RSUs

​

​

—

​

​

—

​

​

(1)

Cost of treasury stock issued for vested restricted stock units

​

​

34,756

​

​

8,556

​

​

—

Cost of treasury stock issued for stock award to employee

​

​

19,586

​

​

—

​

​

—
v3.22.0.1
Non-Controlling Interests (Tables)
 12 Months Ended
Dec. 31, 2021
Non-Controlling Interests  
Schedule of ownership in CWGS, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

As of December 31, 2020

​

​

Common Units

    

Ownership %

    

Common Units

    

Ownership %

CWH

​

​

44,130,956

​

​

51.2%

​

​

42,226,389

​

​

47.4%

Continuing Equity Owners

​

​

42,094,536

​

​

48.8%

​

​

46,816,787

​

​

52.6%

Total

​

​

86,225,492

​

​

100.0%

​

​

89,043,176

​

​

100.0%

Schedule of effects of change in ownership

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

   

2021

   

2020

   

2019

Net income (loss) attributable to Camping World Holdings, Inc.

​

$

278,461

​

$

122,345

​

$

(60,591)

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 exercise of stock options

​

​

(2,017)

​

​

(2,602)

​

​

—

(Decrease) increase in additional paid-in capital as a result of the vesting of restricted stock units

​

​

(28,493)

​

​

(6,398)

​

​

736

Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

(989)

​

​

(1,910)

​

​

(1,477)

Decrease in additional paid-in capital as a result of the stock award to employee

​

​

(15,551)

​

​

—

​

​

—

Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on stock award to employee

​

​

(160)

​

​

—

​

​

—

Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock

​

​

74,487

​

​

11,616

​

​

—

Increase (decrease) in additional paid-in capital as a result of the redemption of common units of CWGS, LLC

​

​

15,685

​

​

25,565

​

​

(478)

Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests

​

$

321,423

​

$

148,616

​

$

(61,810)
v3.22.0.1
Equity-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Equity-Based Compensation Plans  
Schedule of equity-based compensation expense classified with the consolidated statements of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

    

2019

Equity-based compensation expense:

​

​

​

​

​

​

​

​

​

Costs applicable to revenue

​

$

762

​

$

903

​

$

847

Selling, general, and administrative

​

​

47,174

​

​

19,758

​

​

12,298

Total equity-based compensation expense

​

$

47,936

​

$

20,661

​

$

13,145

Total income tax benefit recognized related to equity-based compensation

​

$

5,982

​

$

2,176

​

$

1,275

​

​

​

​

​

​

​

​

​

​
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, 2020

​

​

470

​

$

21.90

​

​

​

​

​

​

Exercised

​

​

(188)

​

$

21.87

​

​

​

​

​

​

Forfeited

​

​

(10)

​

$

22.00

​

​

​

​

​

​

Outstanding at December 31, 2021

​

​

272

​

$

21.93

​

$

5,016

​

​

4.6

Options exercisable at December 31, 2021

​

​

272

​

$

21.93

​

$

5,016

​

​

4.6
Summary of restricted stock unit activity

​

​

​

​

​

​

​

​

​

​

Restricted

​

Weighted Average

​

​

Stock Units

​

Grant Date

​

    

(in thousands)

    

Fair Value

Outstanding at December 31, 2020

​

​

3,392

​

$

28.87

Granted

​

​

2,052

​

$

35.31

Vested

​

​

(972)

​

$

27.53

Forfeited

​

​

(295)

​

$

32.32

Outstanding at December 31, 2021

​

​

4,177

​

$

32.54

​

​

​

​

​

​

​
v3.22.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Class A common stock  
Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

(In thousands except per share amounts)

    

2021

    

2020

    

2019

Numerator:

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

642,075

​

$

344,215

​

$

(120,301)

Less: net income (loss) attributable to non-controlling interests

​

​

(363,614)

​

​

(221,870)

​

​

59,710

Net income (loss) attributable to Camping World Holdings, Inc. — basic

​

​

278,461

​

​

122,345

​

​

(60,591)

Add: reallocation of net income (loss) attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs

​

​

—

​

​

1,304

​

​

(71)

Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock

​

​

266,381

​

​

—

​

​

—

Net income (loss) attributable to Camping World Holdings, Inc. — diluted

​

$

544,842

​

$

123,649

​

$

(60,662)

Denominator:

​

​

​

​

​

​

​

​

​

Weighted-average shares of Class A common stock outstanding — basic

​

​

45,009

​

​

39,383

​

​

37,310

Dilutive options to purchase Class A common stock

​

​

150

​

​

79

​

​

—

Dilutive restricted stock units

​

​

1,165

​

​

547

​

​

40

Dilutive common units of CWGS, LLC that are convertible into Class A common stock

​

​

43,438

​

​

—

​

​

—

Weighted-average shares of Class A common stock outstanding — diluted

​

​

89,762

​

​

40,009

​

​

37,350

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share of Class A common stock — basic

​

$

6.19

​

$

3.11

​

$

(1.62)

Earnings (loss) per share of Class A common stock — diluted

​

$

6.07

​

$

3.09

​

$

(1.62)

​

​

​

​

​

​

​

​

​

​

Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:

​

​

​

​

​

​

​

​

​

Stock options to purchase Class A common stock

​

​

—

​

​

361

​

​

795

Restricted stock units

​

​

6

​

​

1,349

​

​

1,179

Common units of CWGS, LLC that are convertible into Class A common stock

​

​

—

​

​

49,916

​

​

51,670
v3.22.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Information  
Reportable segment revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2021

​

Good Sam

​

RV and

​

​

​

​

​

​

Services

​

Outdoor

​

Intersegment

​

​

​

($ in thousands)

and Plans

    

Retail

​

Eliminations

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

Good Sam services and plans

$

180,926

​

$

—

​

$

(204)

​

$

180,722

New vehicles

​

—

​

​

3,306,002

​

​

(6,548)

​

​

3,299,454

Used vehicles

​

—

​

​

1,689,855

​

​

(3,638)

​

​

1,686,217

Products, service and other

​

—

​

​

1,102,407

​

​

(1,465)

​

​

1,100,942

Finance and insurance, net

​

—

​

​

613,086

​

​

(14,611)

​

​

598,475

Good Sam Club

​

—

​

​

47,944

​

​

—

​

​

47,944

Total consolidated revenue

$

180,926

​

$

6,759,294

​

$

(26,466)

​

$

6,913,754

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2020

​

Good Sam

​

RV and

​

​

​

​

​

​

Services

​

Outdoor

​

Intersegment

​

​

​

($ in thousands)

and Plans

    

Retail

​

Eliminations

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

Good Sam services and plans

$

182,758

​

$

—

​

$

(1,781)

​

$

180,977

New vehicles

​

—

​

​

2,829,296

​

​

(5,985)

​

​

2,823,311

Used vehicles

​

—

​

​

987,389

​

​

(2,536)

​

​

984,853

Products, service and other

​

—

​

​

950,247

​

​

(1,357)

​

​

948,890

Finance and insurance, net

​

—

​

​

474,196

​

​

(9,935)

​

​

464,261

Good Sam Club

​

—

​

​

44,299

​

​

—

​

​

44,299

Total consolidated revenue

$

182,758

​

$

5,285,427

​

$

(21,594)

​

$

5,446,591

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2019

​

Good Sam

​

RV and

​

​

​

​

​

​

Services

​

Outdoor

​

Intersegment

​

​

​

($ in thousands)

and Plans

​

Retail

​

Eliminations

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

Good Sam services and plans

$

181,526

​

$

—

​

$

(1,988)

​

$

179,538

New vehicles

​

—

​

​

2,375,477

​

​

(5,156)

​

​

2,370,321

Used vehicles

​

—

​

​

860,032

​

​

(2,404)

​

​

857,628

Products, service and other

​

—

​

​

1,036,439

​

​

(1,862)

​

​

1,034,577

Finance and insurance, net

​

—

​

​

411,035

​

​

(9,733)

​

​

401,302

Good Sam Club

​

—

​

​

48,653

​

​

—

​

​

48,653

Total consolidated revenue

$

181,526

​

$

4,731,636

​

$

(21,143)

​

$

4,892,019
Reportable segment income

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

   

2021

   

2020

   

2019

Segment income:(1)

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

74,765

​

$

88,288

​

$

83,635

RV and Outdoor Retail

​

​

798,846

​

​

429,950

​

​

(42,609)

Total segment income

​

​

873,611

​

​

518,238

​

​

41,026

Corporate & other

​

​

(9,679)

​

​

(9,751)

​

​

(12,455)

Depreciation and amortization

​

​

(66,418)

​

​

(51,981)

​

​

(59,932)

Other interest expense, net

​

​

(46,912)

​

​

(54,689)

​

​

(69,363)

Tax Receivable Agreement liability adjustment

​

​

(2,813)

​

​

141

​

​

10,005

Loss and expense on debt restructure

​

​

(13,468)

​

​

—

​

​

—

Other expense, net

​

​

(122)

​

​

—

​

​

—

Income (loss) before income taxes

​

$

734,199

​

$

401,958

​

$

(90,719)

​

​

​

​

​

​

​

​

​

​

(1)Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense.
Reportable depreciation and amortization and other interest expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

    

2019

Depreciation and amortization:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

3,009

​

$

3,474

​

$

4,304

RV and Outdoor Retail

​

​

63,409

​

​

48,507

​

​

55,628

Total depreciation and amortization

​

$

66,418

​

$

51,981

​

$

59,932

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2021

    

2020

    

2019

Other interest expense, net:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

(3)

​

$

5

​

$

(1)

RV and Outdoor Retail

​

​

7,759

​

​

8,081

​

​

8,941

Subtotal

​

​

7,756

​

​

8,086

​

​

8,940

Corporate & other

​

​

39,156

​

​

46,603

​

​

60,423

Total other interest expense, net

​

$

46,912

​

$

54,689

​

$

69,363
Reportable segment assets

​

​

​

​

​

​

​

​

​

​

As of December 31, 

($ in thousands)

    

2021

    

2020

Assets:

​

​

​

​

​

​

Good Sam Services and Plans

​

$

158,988

​

$

140,825

RV and Outdoor Retail

​

​

3,849,217

​

​

2,881,637

Subtotal

​

​

4,008,205

​

​

3,022,462

Corporate & other

​

​

364,724

​

​

233,969

Total assets

​

$

4,372,929

​

$

3,256,431

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

   

2021

   

2020

   

2019

Capital expenditures:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

1,856

​

$

2,553

​

$

2,952

RV and Outdoor Retail

​

​

246,084

​

​

82,243

​

​

85,405

Subtotal

​

​

247,940

​

​

84,796

​

​

88,357

Corporate and other

​

​

(129)

​

​

127

​

​

(1)

Total capital expenditures

​

$

247,811

​

$

84,923

​

$

88,356
v3.22.0.1
Summary of Significant Accounting Policies - Description of Business (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
location
segment
Dec. 31, 2020
location
Dec. 31, 2019
Segments Information      
Number of reportable segments | segment 2    
Number of stores, beginning of period 171    
Opened 16    
Closed/divested (1)    
Reopened 1    
Number of stores, end of period 187 171  
RV Dealerships      
Segments Information      
Number of stores, beginning of period 160    
Opened 16    
Closed/divested (1)    
Reopened 1    
Converted (1)    
Number of stores, end of period 175 160  
RV Service And Retail Centers      
Segments Information      
Number of stores, beginning of period 10    
Number of stores, end of period 10 10  
Other Retail Stores      
Segments Information      
Number of stores, beginning of period 1    
Converted 1    
Number of stores, end of period 2 1  
Maximum      
Segments Information      
Allowance for non-current receivables | $ $ 0.1    
CWGS, LLC      
Segments Information      
Ownership interest 100.00% 100.00%  
CWH | CWGS, LLC      
Segments Information      
Ownership interest 51.20% 47.40% 42.00%
v3.22.0.1
Summary of Significant Accounting Policies - Contracts in Transit, Accounts Receivable and Current Expected Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
"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 $ 7,800 $ 8,200
Allowance for doubtful accounts - contracts in transit 0 0
Allowance for doubtful accounts    
Balance, beginning of period 3,393 3,537
Charged to bad debt expense 1,568 1,068
Deductions (250) (1,212)
Balance, end of period $ 4,711 $ 3,393
v3.22.0.1
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Concentration of Credit Risk      
Amount in excess of FDIC limits $ 278.7 $ 188.1  
Revenue      
Number of past years 8 years 8 years  
Amount of chargebacks included in the estimate of variable consideration $ 68.8 $ 58.9  
Lifetime memberships period 18 years    
Advertising Expense      
Advertising expenses $ 136.3 $ 96.3 $ 117.8
Shipping and Handling Fees and Costs      
Cost, Product and Service [Extensible List] 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      
Estimated useful lives 40    
Minimum      
Revenue      
Stated period of time for insurance and service contracts 1 year    
Minimum | Leasehold improvements      
Property and Equipment, net      
Estimated useful lives 3    
Minimum | Furniture and equipment      
Property and Equipment, net      
Estimated useful lives 3    
Minimum | Software      
Property and Equipment, net      
Estimated useful lives 3    
Maximum      
Revenue      
Stated period of time for insurance and service contracts 5 years    
Maximum | Leasehold improvements      
Property and Equipment, net      
Estimated useful lives 40    
Maximum | Furniture and equipment      
Property and Equipment, net      
Estimated useful lives 12    
Maximum | Software      
Property and Equipment, net      
Estimated useful lives 5    
RV and Outdoor Retail | Shipping and Handling      
Shipping and Handling Fees and Costs      
Cost of Goods and Services Sold $ 8.0 $ 8.2 $ 6.2
v3.22.0.1
Revenue - Contract Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Revenue    
Capitalized costs $ 5.4 $ 7.1
Accounts Receivable | RV Service    
Revenue    
Contract asset $ 16.2 $ 8.1
v3.22.0.1
Revenue - Deferred Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Deferred Revenues    
Revenues recognized that were included in the deferred revenue balance $ 88.2 $ 87.1
v3.22.0.1
Revenue - Performance Obligation (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Performance obligation  
Revenue expected to be recognized $ 164,491
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Performance obligation  
Revenue expected to be recognized $ 95,467
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
Performance obligation  
Revenue expected to be recognized $ 34,262
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Performance obligation  
Revenue expected to be recognized $ 17,031
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Performance obligation  
Revenue expected to be recognized $ 9,038
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 $ 4,947
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 $ 3,746
Unsatisfied performance obligation, period 0 years
v3.22.0.1
Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Receivables    
Gross receivables $ 106,355 $ 86,815
Allowance for doubtful accounts (4,711) (3,393)
Receivables, net 101,644 83,422
Good Sam Services and Plans    
Receivables    
Gross receivables 13,046 11,837
RV and Outdoor Retail | Trade accounts receivable    
Receivables    
Gross receivables 20,974 16,289
RV and Outdoor Retail | Due from manufacturers    
Receivables    
Gross receivables 16,499 17,778
RV and Outdoor Retail | New and used vehicles    
Receivables    
Gross receivables 4,636 6,836
RV and Outdoor Retail | Parts, services and other    
Receivables    
Gross receivables 42,418 26,437
RV and Outdoor Retail | Other    
Receivables    
Gross receivables $ 8,782 7,611
Corporate    
Receivables    
Gross receivables   $ 27
v3.22.0.1
Inventories and Floor Plan Payables - Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Inventories    
Inventories $ 1,792,865 $ 1,136,345
Good Sam Club services and plans    
Inventories    
Inventories   109
New RV vehicles    
Inventories    
Inventories 1,108,836 691,114
Used RV vehicles    
Inventories    
Inventories 406,398 178,336
Products, service and other    
Inventories    
Inventories $ 277,631 $ 266,786
v3.22.0.1
Inventories and Floor Plan Payables - Floor Plan Payable (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 01, 2021
Nov. 30, 2021
Jun. 30, 2020
May 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Sep. 30, 2021
Aug. 31, 2021
Jun. 30, 2021
Floor Plan Payable                    
Additional borrowings         $ 20,000 $ 0 $ 14,029      
Floor Plan Facility                    
Floor Plan Payable                    
Period for temporary reduction in consolidated current ratio       4 months            
Number of days into 2021 the notice can be given       7 days            
Maximum borrowing capacity         $ 1,700,000 $ 1,379,750   $ 1,700,000 $ 1,380,000  
Quarterly reduction in maximum borrowing capacity                   $ 3,000
Increase in aggregate amount               50,000    
Applicable interest rate (as a percent)         1.96% 2.20%        
FLAIR offset account amount         $ 92,100 $ 133,600        
Voluntary principal payment     $ 20,000              
Additional borrowings   $ 20,000                
Floor Plan Facility | Minimum                    
Floor Plan Payable                    
FLAIR Maximum Percentage         20.00%          
Floor Plan Facility | Maximum                    
Floor Plan Payable                    
Increase in aggregate amount               200,000    
FLAIR Maximum Percentage         35.00%          
Floor Plan Facility | BSBY Rate | Minimum                    
Floor Plan Payable                    
Variable rate spread (as a percent) 1.90%                  
Floor Plan Facility | BSBY Rate | 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 15,000  
Line of Credit | Floor Plan Facility                    
Floor Plan Payable                    
Maximum borrowing capacity         $ 70,000 $ 48,000   $ 70,000 $ 42,000  
Applicable interest rate (as a percent)         2.31% 2.55%        
Line of Credit | Floor Plan Facility | London Interbank Offered Rate (LIBOR)                    
Floor Plan Payable                    
Variable rate spread (as a percent) 2.40%                  
Line of Credit | Floor Plan Facility | BSBY Rate                    
Floor Plan Payable                    
Variable rate spread (as a percent) 2.25%                  
Line of Credit | Floor Plan Facility | BSBY Rate | In Case of BSBY Rate Loan                    
Floor Plan Payable                    
Variable rate spread (as a percent) 0.50%                  
Line of Credit | Floor Plan Facility | BSBY Rate | In Case of Base Rate Loan                    
Floor Plan Payable                    
Variable rate spread (as a percent) 1.75%                  
Line of Credit | Floor Plan Facility | Federal Funds Rate                    
Floor Plan Payable                    
Variable rate spread (as a percent) 0.75%                  
v3.22.0.1
Inventories and Floor Plan Payables - Floor Plan Outstanding (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Sep. 30, 2021
Aug. 31, 2021
Dec. 31, 2020
Floor Plan Payable        
Less: outstanding letters of credit $ (16,400)     $ (17,700)
Floor Plan Facility        
Floor Plan Payable        
Total commitment 1,700,000 $ 1,700,000 $ 1,380,000 1,379,750
Less: borrowings, net (1,011,345)     (522,455)
Less: outstanding letters of credit (11,500)     (11,700)
Less: flooring line aggregate interest reduction account (92,108)     (133,639)
Additional borrowing capacity 596,547     723,656
Less: accounts payable for sold inventory (28,036)     (28,980)
Less: purchase commitments 34,612     39,121
Unencumbered borrowing capacity 533,899     655,555
Line of Credit | Floor Plan Facility        
Floor Plan Payable        
Total commitment 70,000 $ 70,000 $ 42,000 48,000
Less: borrowings, net (20,885)     (20,885)
Additional borrowing capacity 49,115     27,115
Letters of credit | Floor Plan Facility        
Floor Plan Payable        
Total commitment 30,000     15,000
Less: outstanding letters of credit (11,500)     (11,732)
Additional letters of credit capacity $ 18,500     $ 3,268
v3.22.0.1
Restructuring and Long-Lived Asset Impairment - Narrative (Details)
$ in Thousands
 6 Months Ended 12 Months Ended 16 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
location
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
location
Dec. 31, 2022
USD ($)
Jun. 30, 2020
location
2019 Strategic Shift              
Closed/divested | location   1          
2019 Strategic Shift              
2019 Strategic Shift              
Number of distribution centers closed | location         3    
Number of distribution centers reopened and repurposed | location             1
Restructuring charges   $ 27,132 $ 22,041 $ 47,278      
Incurred costs   31,800          
2019 Strategic Shift | Minimum              
2019 Strategic Shift              
Expected incurred costs   111,600          
2019 Strategic Shift | Maximum              
2019 Strategic Shift              
Expected incurred costs   134,600          
2019 Strategic Shift | Costs applicable to revenue              
2019 Strategic Shift              
Restructuring charges   0 400 600      
2019 Strategic Shift | Labor, lease and other operating expenses              
2019 Strategic Shift              
Incurred costs   31,800          
2019 Strategic Shift | Labor, lease and other operating expenses | Minimum | Forecast              
2019 Strategic Shift              
Expected incurred costs           $ 3,200  
2019 Strategic Shift | Labor, lease and other operating expenses | Maximum | Forecast              
2019 Strategic Shift              
Expected incurred costs           $ 10,200  
2019 Strategic Shift | One-time termination benefits              
2019 Strategic Shift              
Restructuring charges $ 1,008   231        
Expected incurred costs     1,200   $ 1,200    
2019 Strategic Shift | Lease termination costs              
2019 Strategic Shift              
Restructuring charges 1,350 1,650 10,532        
Incurred costs   13,500          
2019 Strategic Shift | Lease termination costs | Minimum              
2019 Strategic Shift              
Expected incurred costs   18,000          
2019 Strategic Shift | Lease termination costs | Maximum              
2019 Strategic Shift              
Expected incurred costs   34,000          
2019 Strategic Shift | Incremental inventory reserve charges              
2019 Strategic Shift              
Expected incurred costs   57,400          
2019 Strategic Shift | Incremental inventory reserve charges | Costs applicable to revenue              
2019 Strategic Shift              
Restructuring charges   15,017 543 41,894      
2019 Strategic Shift | Other associated costs              
2019 Strategic Shift              
Restructuring charges 4,321 10,684 16,835 $ 4,321      
2019 Strategic Shift | Other associated costs | Minimum              
2019 Strategic Shift              
Expected incurred costs   35,000          
2019 Strategic Shift | Other associated costs | Maximum              
2019 Strategic Shift              
Expected incurred costs   42,000          
2019 Strategic Shift | Restructuring costs excluding incremental inventory reserve charges              
2019 Strategic Shift              
Restructuring charges $ 6,679 $ 12,334 $ 27,598        
2019 Strategic Shift | Outdoor Lifestyle Locations              
2019 Strategic Shift              
Closed/divested | location         39    
2019 Strategic Shift | Specialty Retail locations              
2019 Strategic Shift              
Closed/divested | location         20    
v3.22.0.1
Restructuring and Long-Lived Asset Impairment - 2019 Strategic Shift Costs (Details) - 2019 Strategic Shift - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Restructuring Costs        
Charged to expense   $ 27,132 $ 22,041 $ 47,278
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases $ 1,300 200 6,100  
One-time termination benefits        
Restructuring Costs        
Beginning balance     722  
Charged to expense 1,008   231  
Paid or otherwise settled (286)   (953)  
Ending balance 722     722
Lease termination costs        
Restructuring Costs        
Charged to expense 1,350 1,650 10,532  
Paid or otherwise settled (1,350) (1,650) (10,532)  
Other associated costs        
Restructuring Costs        
Beginning balance   774 285  
Charged to expense 4,321 10,684 16,835 4,321
Paid or otherwise settled (4,036) (10,532) (16,346)  
Ending balance 285 926 774 285
Restructuring costs excluding incremental inventory reserve charges        
Restructuring Costs        
Beginning balance   774 1,007  
Charged to expense 6,679 12,334 27,598  
Paid or otherwise settled (5,672) (12,182) (27,831)  
Ending balance $ 1,007 926 774 1,007
Selling, general, and administrative        
Restructuring Costs        
Charged to expense   10,700 16,400 3,700
Selling, general, and administrative | One-time termination benefits        
Restructuring Costs        
Charged to expense     231 1,008
Costs applicable to revenue        
Restructuring Costs        
Charged to expense   0 400 600
Costs applicable to revenue | Incremental inventory reserve charges        
Restructuring Costs        
Charged to expense   15,017 543 41,894
Lease termination charges | Lease termination costs        
Restructuring Costs        
Charged to expense   $ 1,431 $ 4,432 $ 55
v3.22.0.1
Restructuring and Long-Lived Asset Impairment - Long-Lived Asset Impairment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Long-lived Asset Impairment      
Long-lived asset impairment $ 3,044 $ 12,353 $ 66,270
Leasehold improvements      
Long-lived Asset Impairment      
Long-lived asset impairment 721 2,374 20,766
Furniture and equipment      
Long-lived Asset Impairment      
Long-lived asset impairment 196 2,588 28,602
Buildings      
Long-lived Asset Impairment      
Long-lived asset impairment   1,461  
Operating lease right-of-use assets      
Long-lived Asset Impairment      
Long-lived asset impairment 2,127 5,930 16,902
2019 Strategic Shift      
Long-lived Asset Impairment      
Long-lived asset impairment 1,399 12,289 57,438
Unrelated to 2019 Strategic Shift      
Long-lived Asset Impairment      
Long-lived asset impairment $ 1,645 $ 64 $ 8,832
v3.22.0.1
Property and Equipment, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property and Equipment, net      
Property and equipment, inclusive of right-to-use assets, gross $ 897,607 $ 622,922  
Less: accumulated depreciation and amortization (298,283) (255,024)  
Property and equipment, net 599,324 367,898  
Depreciation expense 61,600 47,400 $ 54,700
Land      
Property and Equipment, net      
Property and equipment, gross 95,724 47,780  
Buildings and improvements      
Property and Equipment, net      
Property and equipment, gross 208,136 99,739  
Leasehold improvements.      
Property and Equipment, net      
Property and equipment, inclusive of right-to-use assets, gross 255,378 210,396  
Furniture and equipment      
Property and Equipment, net      
Property and equipment, gross 201,083 180,191  
Software      
Property and Equipment, net      
Property and equipment, gross 78,592 73,256  
Construction in progress and software in development      
Property and Equipment, net      
Property and equipment, gross $ 58,694 $ 11,560  
v3.22.0.1
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill        
Balance (excluding impairment charges)       $ 628,778
Accumulated impairment charges       (241,837)
Balance $ 386,941 $ 413,123 $ 386,941  
Acquisitions   70,511 26,182  
Balance   $ 483,634 413,123  
Useful lives (in years)   9 years 9 months 18 days    
Good Sam Services and Plans        
Goodwill        
Balance (excluding impairment charges)       70,713
Accumulated impairment charges       (46,884)
Balance 23,829 $ 23,829 23,829  
Acquisitions   0 0  
Balance   23,829 23,829  
RV and Outdoor Retail        
Goodwill        
Balance (excluding impairment charges)       558,065
Accumulated impairment charges       $ (194,953)
Balance 363,112 389,294 363,112  
Acquisitions   70,511 26,182  
Goodwill impairment $ 0 0 0  
Balance   $ 459,805 $ 389,294  
Membership and customer lists | Good Sam Services and Plans        
Goodwill        
Useful lives (in years)   5 years 10 months 24 days    
Customer lists and domain names | RV and Outdoor Retail        
Goodwill        
Useful lives (in years)   7 years 3 months 18 days    
Supplier Lists | RV and Outdoor Retail        
Goodwill        
Useful lives (in years)   5 years    
Trademarks and trade names | RV and Outdoor Retail        
Goodwill        
Useful lives (in years)   11 years 2 months 12 days    
Websites | Good Sam Services and Plans        
Goodwill        
Useful lives (in years)   7 years    
Websites | RV and Outdoor Retail        
Goodwill        
Useful lives (in years)   7 years 9 months 18 days    
v3.22.0.1
Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Intangible Assets      
Cost or Fair Value $ 55,711 $ 50,016  
Accumulated Amortization (24,741) (19,894)  
Net 30,970 30,122  
Amortization expense 4,800 4,600 $ 5,200
Good Sam Club services and plans | Membership and customer lists      
Intangible Assets      
Cost or Fair Value 9,140 9,140  
Accumulated Amortization (8,748) (8,568)  
Net 392 572  
Good Sam Club services and plans | Websites      
Intangible Assets      
Cost or Fair Value 2,500    
Accumulated Amortization (253)    
Net 2,247    
RV and Outdoor Retail | Customer lists and domain names      
Intangible Assets      
Cost or Fair Value 5,626 1,696  
Accumulated Amortization (2,298) (85)  
Net 3,328 1,611  
RV and Outdoor Retail | Supplier Lists      
Intangible Assets      
Cost or Fair Value 1,696 3,476  
Accumulated Amortization (424) (1,930)  
Net 1,272 1,546  
RV and Outdoor Retail | Trademarks and trade names      
Intangible Assets      
Cost or Fair Value 29,564 29,564  
Accumulated Amortization (9,465) (6,681)  
Net 20,099 22,883  
RV and Outdoor Retail | Websites      
Intangible Assets      
Cost or Fair Value 7,185 6,140  
Accumulated Amortization (3,553) (2,630)  
Net $ 3,632 $ 3,510  
v3.22.0.1
Goodwill and Intangible Assets - Finite-lived Intangible Assets Weighted-average Useful Lives (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Finite-lived intangible assets    
2022 $ 6,928  
2023 5,785  
2024 4,614  
2025 2,166  
2026 1,632  
Thereafter 9,845  
Net $ 30,970 $ 30,122
v3.22.0.1
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Compensation and benefits $ 64,313 $ 43,787
Other accruals 125,282 93,901
Total 189,595 137,688
COVID-19    
Deferral of payroll taxes $ 14,600 $ 14,600
v3.22.0.1
Long-Term Debt - Outstanding long term debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Long-Term Debt    
Long-term debt $ 1,393,573 $ 1,134,849
Less: current portion (15,822) (12,174)
Long-term debt, net of current portion 1,377,751 1,122,675
New Term Loan Facility    
Long-Term Debt    
Long-term debt 1,367,277  
Less: current portion (14,015)  
Long-term debt, net of current portion 1,353,262  
Unamortized discount 16,826  
Finance costs 6,893  
Previous Term Loan Facility    
Long-Term Debt    
Long-term debt   1,130,356
Less: current portion   (11,891)
Long-term debt, net of current portion   1,118,465
Unamortized discount   3,241
Finance costs   7,944
Real Estate Facilities    
Long-Term Debt    
Long-term debt 22,896 $ 4,493
Finance costs 200  
Other Long-Term Debt    
Long-Term Debt    
Long-term debt $ 3,400  
v3.22.0.1
Long Term Debt - Future Maturities (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Long-Term Debt.  
2022 $ 15,822
2023 19,374
2024 15,100
2025 15,105
2026 31,199
Thereafter 1,320,916
Total $ 1,417,516
v3.22.0.1
Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Long-Term Debt                
Total outstanding $ 20,885         $ 20,885 $ 20,885  
Payment on secured debt           $ 177,948 36,792 $ 11,991
Percentage of Debt Considered as Debt Modification           85.00%    
Overall reduction of outstanding principal   $ 38,600            
Gain Loss on Debt Restructure Including Restructuring Expenses           $ 13,468    
Debt restructure expense           12,078 0 $ 0
Senior Secured Credit Facilities                
Long-Term Debt                
Maximum borrowing capacity, increase in capacity           $ 725,000    
Amount of EBITDA that can be used to increase credit facility (as a percent) 100.00%         100.00%    
New Term Loan Facility                
Long-Term Debt                
Maximum borrowing capacity $ 1,400,000         $ 1,400,000    
Maximum borrowing capacity, increase in capacity $ 300,000              
Interest rate (as a percent) 3.25%         3.25%    
Principle payment on Term Loan Facility $ 3,500     $ 2,800        
Debt restructure expense           $ 12,100    
New Revolving Credit Facility                
Long-Term Debt                
Maximum borrowing capacity $ 65,000         65,000    
Previous Term Loan Facility                
Long-Term Debt                
Maximum borrowing capacity             1,195,000  
Principle payment on Term Loan Facility         $ 3,000      
Write off of debt discount           400    
Write of capitalized finance costs           $ 1,000    
Previous Revolving Credit Facility                
Long-Term Debt                
Maximum borrowing capacity             35,000  
Payment on secured debt   61,400            
Line of Credit | New Term Loan Facility                
Long-Term Debt                
Prepayment requirement as a percentage of excess cash flow (as a percent) 50.00%         50.00%    
Letters of credit | New Revolving Credit Facility                
Long-Term Debt                
Maximum borrowing capacity $ 15,000 $ 25,000   $ 25,000   $ 15,000    
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments 35.00%         35.00%    
Letters of credit | Previous Revolving Credit Facility                
Long-Term Debt                
Maximum borrowing capacity             $ 15,000  
Secured Debt | Line of Credit | Previous Term Loan Facility                
Long-Term Debt                
Voluntary principal payment     $ 9,600          
Secured Debt | Letters of credit | New Revolving Credit Facility                
Long-Term Debt                
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments 35.00%         35.00%    
v3.22.0.1
Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Long-term debt    
Long-term Debt $ 1,393,573 $ 1,134,849
Less: current portion (15,822) (12,174)
Long-term debt, net of current portion 1,377,751 1,122,675
Less: outstanding letters of credit (16,400) (17,700)
Senior Secured Credit Facilities    
Long-term debt    
Less: outstanding letters of credit (4,900) (5,900)
New Term Loan Facility    
Long-term debt    
Maximum borrowing capacity 1,400,000  
Less: cumulative principal payments (9,004)  
Less: unamortized original issue discount (16,826)  
Less: unamortized finance costs (6,893)  
Long-term Debt 1,367,277  
Less: current portion (14,015)  
Long-term debt, net of current portion $ 1,353,262  
Interest rate (as a percent) 3.25%  
New Revolving Credit Facility    
Long-term debt    
Maximum borrowing capacity $ 65,000  
Less: outstanding letters of credit (4,930)  
Additional borrowing capacity $ 60,070  
Previous Term Loan Facility    
Long-term debt    
Maximum borrowing capacity   1,195,000
Less: cumulative principal payments   (53,459)
Less: unamortized original issue discount   (3,241)
Less: unamortized finance costs   (7,944)
Long-term Debt   1,130,356
Less: current portion   (11,891)
Long-term debt, net of current portion   1,118,465
Previous Revolving Credit Facility    
Long-term debt    
Maximum borrowing capacity   35,000
Less: outstanding letters of credit   (5,930)
Additional borrowing capacity   $ 29,070
v3.22.0.1
Long-Term Debt - Real Estate Facilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Nov. 30, 2018
Long-term debt        
Revolving line of credit $ 20,885   $ 20,885  
Real Estate Facilities | Secured Debt        
Long-term debt        
Interest rate (as a percent) 2.89%      
Additional borrowing capacity $ 0      
First Real Estate Facility | Secured Debt        
Long-term debt        
Maximum borrowing capacity       $ 21,500
Revolving line of credit 4,200      
Second Real Estate Facility | Secured Debt        
Long-term debt        
Maximum borrowing capacity   $ 9,000    
Revolving line of credit 8,700      
Third Real Estate Facility | Secured Debt        
Long-term debt        
Maximum borrowing capacity 10,100      
Revolving line of credit $ 10,000      
v3.22.0.1
Long-Term Debt - Other Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Long-Term Debt    
Long-term debt $ 1,393,573 $ 1,134,849
Other Long-Term Debt    
Long-Term Debt    
Long-term debt $ 3,400  
Interest rate (as a percent) 3.50%  
v3.22.0.1
Lease Obligations - General Information (Details)
 12 Months Ended
Dec. 31, 2021
lease
Leases  
Existence of option to extend true
Existence of option to terminate true
Number of operating leases 240
Number of finance leases 9
Weighted-average remaining lease term of operating lease 12 years 2 months 12 days
Weighted-average remaining finance lease 15 years 1 month 6 days
Weighted-average discount rate of operating leases 6.40%
Weighted-average discount rate of finance leases 5.00%
Minimum  
Leases  
Renewal term of lease 1 year
Maximum  
Leases  
Renewal term of lease 5 years
v3.22.0.1
Lease Obligations - Financial Statement Line Items (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Lease Obligations    
Finance lease assets $ 75.7 $ 29.8
v3.22.0.1
Lease Obligations - Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Lease costs    
Operating lease cost $ 120,096 $ 121,238
Amortization of finance lease assets 6,016 2,701
Interest on finance lease liabilities 2,353 1,248
Short-term lease cost 1,958 1,699
Variable lease cost 23,512 23,385
Sublease income (1,915) (1,876)
Net lease costs $ 152,020 $ 148,395
v3.22.0.1
Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Lease Obligations    
Operating cash flows for operating leases $ 121,394 $ 121,708
Operating cash flows for finance leases 2,287 1,061
Financing cash flows for finance leases 2,923 2,355
New, remeasured, and terminated operating leases 44,041 25,296
New, remeasured and terminated finance leases $ 51,920 $ 31,895
v3.22.0.1
Lease Obligations - Lease Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Operating lease liabilities    
2022 $ 113,499  
2023 113,300  
2024 108,952  
2025 102,616  
2026 96,706  
Thereafter 701,911  
Total lease payments 1,236,984  
Less: Imputed interest (399,878)  
Total lease obligations 837,106  
Less: Current portion (62,217) $ (62,405)
Operating lease liabilities - non-current 774,889 804,555
Finance lease liabilities    
2022 8,777  
2023 12,167  
2024 7,001  
2025 6,157  
2026 6,134  
Thereafter 77,357  
Total lease payments 117,593  
Less: Imputed interest (37,877)  
Total lease liabilities 79,716  
Less: Current portion (4,964) (2,240)
Finance lease liabilities, net of current portion $ 74,752 $ 27,742
v3.22.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current:      
Federal $ 74,124 $ 38,843 $ 10,605
State 23,890 12,294 4,080
Deferred:      
Federal 13,024 5,016 9,140
State (18,914) 1,590 5,757
Income tax expense $ 92,124 $ 57,743 $ 29,582
v3.22.0.1
Income Taxes - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of income tax expense from operations to the federal statutory rate        
valuation allowance in certain state deferred tax assets   $ 15,200   $ 26,400
Increases to the valuation allowance   13,000    
Federal   13,024 $ 5,016 9,140
Income taxes computed at federal statutory rate   154,182 84,411 (19,051)
State income taxes - net of federal benefit   15,261 3,741 (4,728)
State and local taxes on pass-through entities   5,004 2,965 937
Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the company   (81,013) (53,147) (22,089)
Tax benefit from of transfer assets       (14,170)
Increase in valuation allowance due to transfer of assets       26,350
(Decrease) increase in valuation allowance   (2,234) 19,058 59,552
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   15,200   26,400
Impact of other state tax rate changes   1,927 (915) 1,653
Transfer of assets       12,200
Other   (1,003) 1,630 1,128
Income tax expense   92,124 $ 57,743 29,582
Tax Receivable Agreement liability adjustment   $ 700   $ (2,500)
CWGS, LLC        
Reconciliation of income tax expense from operations to the federal statutory rate        
Ownership interest   100.00% 100.00%  
Federal        
Reconciliation of income tax expense from operations to the federal statutory rate        
Income tax expense   $ 0    
State        
Reconciliation of income tax expense from operations to the federal statutory rate        
Income tax expense   $ 0    
Minimum | CWGS, LLC        
Reconciliation of income tax expense from operations to the federal statutory rate        
Ownership interest 50.00%      
v3.22.0.1
Income Taxes - Carrying amounts of assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax liabilities    
Operating lease assets $ (63,143) $ (67,400)
Other (3,456) (4,623)
Total deferred tax liabilities (66,599) (72,023)
Deferred tax assets    
Investment impairment 20,619 22,169
Investment in partnership ("Outside Basis Deferred Tax Asset") 271,513 241,805
Tax Receivable Agreement liability 46,328 36,486
Net operating loss carryforward 137,377 124,117
Operating lease liabilities 73,476 79,639
Other reserves 28,695 29,461
Gross deferred tax assets 578,008 533,677
Valuation allowance (312,088) (295,946)
Net deferred tax assets $ 199,321 $ 165,708
v3.22.0.1
Income Taxes - Federal Tax purpose (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Deferred income taxes due to transfer of assets       $ 12,200
Current portion of liabilities under tax receivable agreement   $ 11,322 $ 8,089  
Income tax benefit associated with transferred assets       $ 14,200
Increase (decrease) in valuation allowance for the outside basis in CWGS, LLC   (20,000) (9,800)  
Uncertain tax positions   $ 2,900 $ 2,700  
Class A common stock        
Shares issued   47,805,259 43,083,008  
CWGS, LLC        
Increase (decrease) in valuation allowance   $ 3,900 $ 19,700  
CWGS, LLC | Class A common stock        
Class A common stock issued in exchange for common units in CWGS, LLC   540,699    
Tax receivable agreement        
Reduction in tax receivable agreement liability due to reduction of future expected tax amortization   $ 7,500    
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        
Payment, as percent of tax benefits (as a percent)   85.00%    
Tax receivable agreement | Crestview Partners II GP LP        
Liability under tax receivable agreement   $ 182,400 145,900  
Current portion of liabilities under tax receivable agreement   $ 11,300 $ 8,100  
CWGS, LLC        
Ownership interest   100.00% 100.00%  
Number of units redeemed   540,699    
CWGS, LLC | Class A common stock        
Class A common stock issued in exchange for common units in CWGS, LLC   4,000,000.0    
CWGS, LLC | Minimum        
Ownership interest 50.00%      
CWGS, LLC | Tax receivable agreement        
Units issued in exchange   4,722,251 4,852,497  
COVID-19        
Deferral of non-income-based payroll taxes     $ 29,200  
COVID-19 | other long-term liabilities        
Deferral of non-income-based payroll taxes   $ 14,600    
COVID-19 | Other Current Liabilities        
Deferral of non-income-based payroll taxes   $ 14,600    
CWH | CWGS, LLC        
Ownership interest   51.20% 47.40% 42.00%
Crestview Partners II GP LP | Class A common stock        
Class A common stock issued in exchange for common units in CWGS, LLC   4,000,000.0 4,700,000  
Crestview Partners II GP LP | CWGS, LLC        
Common units redeemed   4,000,000.0 4,700,000  
Number of units redeemed   4,000,000.0    
Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. and their wholly owned subsidiaries        
Net operating loss carryforward indefinitely   $ 477,300    
Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. and their wholly owned subsidiaries | Federal        
Net operating loss carryforwards   532,800    
Net operating loss will expire if not used   55,500    
Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. and their wholly owned subsidiaries | State        
Net operating loss carryforwards   450,700    
Net operating loss will expire if not used   $ 450,700    
v3.22.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value Measurements    
Transfers of assets between the fair value measurement levels 1 to level 2 $ 0 $ 0
Transfers of assets between the fair value measurement levels 2 to level 1 0 0
Transfers of liabilities between the fair value measurement levels 1 to level 2 0 0
Transfers of liabilities between the fair value measurement levels 2 to level 1 0 0
Transfers of assets or liabilities between the fair value measurement levels 3 0 0
Level 2 | Carrying Value | Term Loan Facility    
Fair Value Measurements    
Debt instrument 1,367,277 1,130,356
Level 2 | Carrying Value | Floor Plan Facility    
Fair Value Measurements    
Debt instrument 20,885 20,885
Level 2 | Carrying Value | Real Estate Facilities    
Fair Value Measurements    
Debt instrument 22,896 4,493
Level 2 | Carrying Value | Other Long-Term Debt    
Fair Value Measurements    
Debt instrument 3,400  
Level 2 | Fair Value | Term Loan Facility    
Fair Value Measurements    
Debt instrument 1,382,372 1,132,979
Level 2 | Fair Value | Floor Plan Facility    
Fair Value Measurements    
Debt instrument 20,885 20,791
Level 2 | Fair Value | Real Estate Facilities    
Fair Value Measurements    
Debt instrument 22,981 $ 4,600
Level 2 | Fair Value | Other Long-Term Debt    
Fair Value Measurements    
Debt instrument $ 3,400  
v3.22.0.1
Commitments and Contingencies (Details)
$ in Millions
Dec. 31, 2021
USD ($)
agreement
Dec. 31, 2020
USD ($)
Commitments and Contingencies    
Self Insurance Reserve $ 22.3 $ 19.6
Letters of credit $ 16.4 17.7
Number of subscription agreement | agreement 16  
Other agreements    
2022 $ 7.0  
2023 3.1  
2024 0.8  
2025 0.8  
2026 0.8  
FreedomRoads, LLC Floor Plan Facility    
Commitments and Contingencies    
Letters of credit 11.5 $ 11.7
Broad market sponsorship agreement    
Other agreements    
2022 18.2  
2023 5.8  
2024 4.7  
2025 0.3  
2026 0.3  
Thereafter $ 0.8  
v3.22.0.1
Commitments and Contingencies - Litigation (Details)
$ in Millions
 12 Months Ended
Oct. 08, 2021
USD ($)
Dec. 31, 2021
USD ($)
Jun. 22, 2021
lawsuit
Dec. 31, 2020
USD ($)
Aug. 06, 2019
lawsuit
Commitments and Contingencies          
Letters of Credit Outstanding, Amount   $ 16.4   $ 17.7  
Surety bonds outstanding   19.1   16.1  
Floor Plan Facility          
Commitments and Contingencies          
Letters of Credit Outstanding, Amount   11.5   11.7  
Senior Secured Credit Facilities          
Commitments and Contingencies          
Letters of Credit Outstanding, Amount   4.9   $ 5.9  
U S District Court of Delaware Cases          
Commitments and Contingencies          
Number of lawsuits | lawsuit         2
Class Action and the PAGA Action          
Commitments and Contingencies          
Reserve for estimated losses   $ 4.0      
Weissmann          
Commitments and Contingencies          
Number of lawsuits | lawsuit     1    
Minimum | Weissmann          
Commitments and Contingencies          
Damages sought by plaintiff $ 2.5        
Maximum          
Commitments and Contingencies          
Period for severance pay beyond termination date   1 year      
v3.22.0.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 01, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Mar. 31, 2013
Jan. 31, 2012
Stephen Adams            
Related party transactions            
Payments to related party for purchasing advertising services   $ 0 $ 0 $ 200    
Reimbursable Fees | Mr. Lemonis            
Related party transactions            
Due To Related Parties   100 200      
Related Party Agreement | Andris A. Baltins            
Related party transactions            
Related party expense   300 200 300    
Related Party Agreement | Precise Graphix            
Related party transactions            
Related party expense     300 1,400    
Refund received   $ 200        
Precise Graphix | Mr. Lemonis            
Related party transactions            
Economic interest (as a percent)   67.00%        
Adams Radio | Stephen Adams            
Related party transactions            
Indirect interest   90.00%        
FreedomRoads | Lease Agreement | Managers and Officers            
Related party transactions            
Related party expense   $ 2,200 2,000 2,200    
FreedomRoads | Lease Agreement | Mr. Lemonis            
Related party transactions            
Related party expense   $ 800 $ 900 $ 800    
Base rent         $ 31,500 $ 29,000
Additional monthly base rent $ 5,200          
v3.22.0.1
Acquisitions - General Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
location
Dec. 31, 2020
USD ($)
location
store
Dec. 31, 2019
USD ($)
Acquisitions        
Payments to acquire assets   $ 247,811 $ 84,923 $ 88,356
Real properties purchased   129,200 53,100  
Real properties purchased from parties related to the sellers of the dealership businesses   $ 31,400 34,100  
RV Dealership Groups        
Acquisitions        
Cash paid for acquisition     $ 37,900  
Number of locations acquired | location   12 9  
Real properties purchased     $ 53,100  
Number of locations to open in 2021 | store     3  
Purchase Price   $ 100,100    
RV Dealership Groups | FreedomRoads, LLC Floor Plan Facility        
Acquisitions        
Borrowing to purchase of business   $ 19,500 $ 10,300  
RV furniture distributor        
Acquisitions        
Cash paid for acquisition $ 9,700      
v3.22.0.1
Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Tangible assets (liabilities) acquired (assumed):      
Goodwill $ 483,634 $ 413,123 $ 386,941
Cash paid for acquisitions 100,117 47,571 $ 48,418
2021 Acquisitions      
Tangible assets (liabilities) acquired (assumed):      
Accounts receivable, net 601    
Inventories, net 27,746    
Prepaid expenses and other assets 125    
Property and equipment, net 1,348    
Operating lease assets 1,222    
Accrued liabilities (214)    
Operating lease liabilities - current (195)    
Operating lease liabilities - noncurrent (1,027)    
Total tangible net assets acquired 29,606    
Goodwill 70,511    
Cash paid for acquisitions 100,117    
Inventory purchases financed via floor plan (19,537)    
Cash payment net of floor plan financing $ 80,580    
2020 Acquisitions      
Tangible assets (liabilities) acquired (assumed):      
Accounts receivable, net   3,094  
Inventories, net   17,211  
Prepaid expenses and other assets   643  
Property and equipment, net   1,077  
Operating lease assets   1,859  
Finance lease asset   2,373  
Accounts payable   (1,628)  
Accrued liabilities   (2,839)  
Operating lease liabilities - current   (212)  
Operating lease liabilities - noncurrent   (1,647)  
Finance lease liabilities - current   (179)  
Finance lease liabilities - noncurrent   (2,194)  
Total tangible net assets acquired   17,558  
Intangible assets   3,832  
Goodwill   26,182  
Cash paid for acquisitions   47,572  
Inventory purchases financed via floor plan   (10,350)  
Cash payment net of floor plan financing   37,222  
2020 Acquisitions | Trademarks and trade names      
Tangible assets (liabilities) acquired (assumed):      
Intangible assets   725  
2020 Acquisitions | Supplier And customer relationships      
Tangible assets (liabilities) acquired (assumed):      
Intangible assets   $ 3,107  
v3.22.0.1
Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - Assets Or Stock Of Multiple Dealership Locations Acquired [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Acquisitions    
Goodwill for tax purposes $ 70.5 $ 26.2
Revenue 145.0 10.1
Pre-tax income (loss) $ 13.0 $ 0.5
v3.22.0.1
Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash paid during the period for:      
Interest $ 58,424 $ 72,458 $ 105,776
Income taxes 99,557 52,938 5,900
Non-cash investing activities:      
Leasehold improvements paid by lessor 0 37 21,749
Vehicles transferred to property and equipment from inventory 931 70 827
Capital expenditures in accounts payable and accrued liabilities 9,726 3,738 3,158
Non-cash financing activities:      
Par value of Class A common stock issued in exchange for common units in CWGS, LLC 47 48 0
Par value of Class A common stock issued for vested restricted stock units 0 3 4
Par value of Class A common stock repurchased for withholding taxes on vested RSUs 0 0 (1)
Cost of treasury stock issued for vested restricted stock units 34,756 8,556 0
Cost of treasury stock issued for stock award to employee $ 19,586 $ 0 $ 0
v3.22.0.1
Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Minimum age to participate in 401(k) plan 18 years    
Contribution expenses $ 0.0 $ 0.0 $ 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%    
v3.22.0.1
Stockholders' Equity - Common Stock (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Vote
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
Jan. 31, 2022
USD ($)
Aug. 31, 2021
USD ($)
Oct. 31, 2020
USD ($)
Common Stock            
Consideration for redemption of shares | $ $ 0          
Stock Repurchase Program            
Authorized amount for stock repurchase program | $         $ 125,000 $ 100,000
Additional amount authorized under stock repurchase program | $       $ 152,700    
Shares repurchased (in shares) | shares 3,988,881 811,223        
Payment for share repurchased | $ $ 156,256 $ 21,522 $ 0      
Weighted average price (per share) | $ / shares $ 39.17 $ 26.53        
Remaining approve amount | $ $ 47,200          
Class A common stock            
Common Stock            
Votes per share | Vote 1          
Common stock, authorized | shares 250,000,000 250,000,000        
Class B common stock            
Common Stock            
Votes per share | Vote 1          
Common stock, authorized | shares 75,000,000 75,000,000        
Class C common stock            
Common Stock            
Voting power (as a percent) 5.00%          
Common stock, authorized | shares 1 1        
2016 Plan            
Stock Repurchase Program            
Stock award to employee (In shares) | shares 1,171,197 238,776        
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%          
v3.22.0.1
Non-Controlling Interests - Ownership In CWGS, LLC (Details) - CWGS, LLC - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-Controlling Interests      
Units held 86,225,492 89,043,176  
Ownership interest 100.00% 100.00%  
CWH      
Non-Controlling Interests      
Units held 44,130,956 42,226,389  
Ownership interest 51.20% 47.40% 42.00%
Continuing Equity Owners      
Non-Controlling Interests      
Units held 42,094,536 46,816,787  
Ownership interest 48.80% 52.60%  
v3.22.0.1
Non-Controlling Interests - Changes in Ownership in CWGS, LLC (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Summarizes the effects of change in ownership:      
Net income (loss) attributable to Camping World Holdings, Inc. $ 278,461,000 $ 122,345,000 $ (60,591,000)
Transfers to non-controlling interests:      
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ 321,423,000 $ 148,616,000 (61,810,000)
Class B common stock      
Non-Controlling Interests      
Common units cancelled 4,000,000.0 4,700,000  
CWGS, LLC | Class A common stock      
Non-Controlling Interests      
Class A common stock issued in exchange for common units in CWGS, LLC 540,699    
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 exercise of stock options $ (2,017,000) $ (2,602,000)  
(Decrease) increase in additional paid-in capital as a result of the vesting of restricted stock units (28,493,000) (6,398,000) 736,000
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs (989,000) (1,910,000) (1,477,000)
Decrease in additional paid-in capital as a result of the stock award to employee (15,551,000)    
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on stock award to employee (160,000)    
Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock 74,487,000 11,616,000  
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC $ 15,685,000 25,565,000 $ (478,000)
Common Unit Giftees      
Non-Controlling Interests      
Number of shares gifted 540,699    
Common units redeemed 540,699    
Additional consideration $ 0    
Common Unit Giftees | Class A common stock      
Non-Controlling Interests      
Class A common stock issued in exchange for common units in CWGS, LLC 540,699    
Common Unit Giftees | Class B common stock      
Non-Controlling Interests      
Number of shares issued 540,699    
Common units cancelled 540,699    
Crestview Partners II GP LP      
Non-Controlling Interests      
Additional consideration $ 0 $ 0  
Crestview Partners II GP LP | Class A common stock      
Non-Controlling Interests      
Class A common stock issued in exchange for common units in CWGS, LLC 4,000,000.0 4,700,000  
Crestview Partners II GP LP | CWGS, LLC      
Non-Controlling Interests      
Common units redeemed 4,000,000.0 4,700,000  
v3.22.0.1
Equity-Based Compensation Plans - Summary of Equity-Based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Equity-based compensation expense:      
Equity based compensation expense $ 47,936 $ 20,661 $ 13,145
Total income tax benefit recognized related to equity-based compensation 5,982 2,176 1,275
Costs applicable to revenue      
Equity-based compensation expense:      
Equity based compensation expense 762 903 847
Selling, general, and administrative      
Equity-based compensation expense:      
Equity based compensation expense $ 47,174 $ 19,758 $ 12,298
v3.22.0.1
Equity-Based Compensation Plans - Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2016
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Plans        
Aggregate Intrinsic Value - Outstanding   $ 3,500 $ 2,300  
Actual tax benefit for the tax deductions from the exercise of stock options   600 300  
Stock options additional information        
Aggregate Intrinsic Value - Outstanding   3,500 $ 2,300  
2016 Plan | Stock options        
Share-based Compensation Plans        
Number of awards available under the plan (in shares) 14,693,518      
Term of awards 10 years      
Aggregate Intrinsic Value - Outstanding   $ 5,016    
Stock Options        
Outstanding at December 31, 2020 (in shares)   470    
Exercised (in shares)   (188)   0
Forfeited (in shares)   (10)    
Outstanding at December 31, 2021 (in shares)   272 470  
Options exercisable at December 31, 2021 (in shares)   272    
Weighted Average Exercise Price        
Outstanding at December 31, 2020 (per share)   $ 21.90    
Exercised (per share)   21.87    
Forfeited (per share)   22.00    
Outstanding at December 31, 2021 (per share)   21.93 $ 21.90  
Options exercisable at December 31, 2021 (per share)   $ 21.93    
Stock options additional information        
Aggregate Intrinsic Value - Outstanding   $ 5,016    
Aggregate Intrinsic Value - Exercisable   $ 5,016    
Weighted Average Remaining Contractual Life - Outstanding (in years)   4 years 7 months 6 days    
Weighted Average Remaining Contractual Life - Exercisable (in years)   4 years 7 months 6 days    
v3.22.0.1
Equity-Based Compensation Plans - Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Oct. 31, 2016
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Plans          
Intrinsic value of unvested units $ 38,700   $ 38,700 $ 16,700 $ 11,800
Actual tax benefit for the tax deductions from the vesting of restricted stock units     $ 5,600 $ 2,100 $ 700
Mr. Lemonis          
Share-based Compensation Plans          
Grant date fair value (per unit) $ 39.14        
Actual tax benefit for the tax deductions from the vesting of restricted stock units $ 2,600        
Restricted Stock Units          
Granted (in shares) 510,986        
Grant date fair value (in dollars) $ 20,000        
Weighted Average Grant Date Fair Value          
Granted (per share) $ 39.14        
2016 Plan | Employees | Minimum          
Restricted Stock Units          
Vesting period   3 years      
2016 Plan | Employees | Maximum          
Restricted Stock Units          
Vesting period     5 years    
2016 Plan | Restricted Stock Units (RSUs)          
Share-based Compensation Plans          
Grant date fair value (per unit)     $ 35.31 $ 32.54 $ 11.17
Intrinsic value of unvested units $ 168,800   $ 168,800    
Unrecognized compensation costs recognition period (in years)     3 years 9 months 18 days    
Restricted Stock Units          
Outstanding at December 31, 2020 (in shares)     3,392,000    
Granted (in shares)     2,052,000    
Vested (in shares)     (972,000)    
Forfeited (in shares)     (295,000)    
Outstanding at December 31, 2021 (shares) 4,177,000   4,177,000 3,392,000  
Weighted Average Grant Date Fair Value          
Outstanding at December 31, 2020 (per share)     $ 28.87    
Granted (per share)     35.31 $ 32.54 $ 11.17
Vested (per share)     27.53    
Forfeited (per share)     32.32    
Outstanding at December 31, 2021 (per share) $ 32.54   $ 32.54 $ 28.87  
2016 Plan | Restricted Stock Units (RSUs) | Non-employee Directors | Minimum          
Restricted Stock Units          
Vesting period     1 year    
2016 Plan | Restricted Stock Units (RSUs) | Non-employee Directors | Maximum          
Restricted Stock Units          
Vesting period     3 years    
v3.22.0.1
Equity-Based Compensation Plans - Consulting Agreement (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Nov. 12, 2019
Jan. 21, 2019
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation expense       $ 47,936 $ 20,661 $ 13,145
Mr. Flanigan | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares) 60,000 62,500        
Share based compensation expense     $ 1,300      
Mr. Flanigan | Restricted Stock Units (RSUs) | Vest on January 1, 2021            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding (in units)     41,667   41,667  
Mr. Flanigan | Restricted Stock Units (RSUs) | Vest on November 15, 2020            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding (in units)     20,000   20,000  
2016 Plan | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding (in units)     3,392,000 4,177,000 3,392,000  
Unrecognized compensation costs       $ 124,400    
v3.22.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Numerator:      
Net income (loss) $ 642,075 $ 344,215 $ (120,301)
Less: net (income) loss attributable to non-controlling interests (363,614) (221,870) 59,710
Net income attributable to Camping World Holdings, Inc. - basic 278,461 122,345 (60,591)
Add: reallocation of net income (loss) attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs 0 1,304 (71)
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock 266,381 0 0
Net income attributable to Camping World Holdings, Inc. - diluted $ 544,842 $ 123,649 $ (60,662)
Stock Option      
Denominator:      
Antidilutive securities excluded from the computation of diluted earnings per share 0 361 795
Restricted Stock Units (RSUs)      
Denominator:      
Antidilutive securities excluded from the computation of diluted earnings per share 6 1,349 1,179
Class A common stock      
Denominator:      
Weighted-average shares of Class A common stock outstanding - basic 45,009 39,383 37,310
Dilutive options to purchase Class A common stock 150 79 0
Dilutive restricted stock units 1,165 547 40
Dilutive common units of CWGS, LLC that are convertible into Class A common stock 43,438 0 0
Weighted-average shares of Class A common stock outstanding - diluted 89,762 40,009 37,350
Earnings per share of Class A common stock - basic $ 6.19 $ 3.11 $ (1.62)
Earnings per share of Class A common stock - diluted $ 6.07 $ 3.09 $ (1.62)
CWGS, LLC | Common Units      
Denominator:      
Antidilutive securities excluded from the computation of diluted earnings per share 0 49,916 51,670
v3.22.0.1
Segment Information - General Information (Details)
 12 Months Ended
Dec. 31, 2021
segment
Segments Information  
Number of reportable segments 2
v3.22.0.1
Segment Information - Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segments Information      
Revenue $ 6,913,754 $ 5,446,591 $ 4,892,019
Intersegment Eliminations      
Segments Information      
Revenue (26,466) (21,594) (21,143)
Good Sam Services and Plans      
Segments Information      
Revenue 180,722 180,977 179,538
Good Sam Services and Plans | Intersegment Eliminations      
Segments Information      
Revenue (204) (1,781) (1,988)
New vehicles      
Segments Information      
Revenue 3,299,454 2,823,311 2,370,321
New vehicles | Intersegment Eliminations      
Segments Information      
Revenue (6,548) (5,985) (5,156)
Used vehicles      
Segments Information      
Revenue 1,686,217 984,853 857,628
Used vehicles | Intersegment Eliminations      
Segments Information      
Revenue (3,638) (2,536) (2,404)
Products, service and other      
Segments Information      
Revenue 1,100,942 948,890 1,034,577
Products, service and other | Intersegment Eliminations      
Segments Information      
Revenue (1,465) (1,357) (1,862)
Finance and insurance, net      
Segments Information      
Revenue 598,475 464,261 401,302
Finance and insurance, net | Intersegment Eliminations      
Segments Information      
Revenue (14,611) (9,935) (9,733)
Good Sam Club      
Segments Information      
Revenue 47,944 44,299 48,653
Good Sam Services and Plans | Operating Segments      
Segments Information      
Revenue 180,926 182,758 181,526
Good Sam Services and Plans | Good Sam Services and Plans | Operating Segments      
Segments Information      
Revenue 180,926 182,758 181,526
RV and Outdoor Retail      
Segments Information      
Revenue 6,733,032 5,265,614 4,712,481
RV and Outdoor Retail | Operating Segments      
Segments Information      
Revenue 6,759,294 5,285,427 4,731,636
RV and Outdoor Retail | New vehicles      
Segments Information      
Revenue 3,299,454 2,823,311 2,370,321
RV and Outdoor Retail | New vehicles | Operating Segments      
Segments Information      
Revenue 3,306,002 2,829,296 2,375,477
RV and Outdoor Retail | Used vehicles      
Segments Information      
Revenue 1,686,217 984,853 857,628
RV and Outdoor Retail | Used vehicles | Operating Segments      
Segments Information      
Revenue 1,689,855 987,389 860,032
RV and Outdoor Retail | Products, service and other      
Segments Information      
Revenue 1,100,942 948,890 1,034,577
RV and Outdoor Retail | Products, service and other | Operating Segments      
Segments Information      
Revenue 1,102,407 950,247 1,036,439
RV and Outdoor Retail | Finance and insurance, net      
Segments Information      
Revenue 598,475 464,261 401,302
RV and Outdoor Retail | Finance and insurance, net | Operating Segments      
Segments Information      
Revenue 613,086 474,196 411,035
RV and Outdoor Retail | Good Sam Club      
Segments Information      
Revenue 47,944 44,299 48,653
RV and Outdoor Retail | Good Sam Club | Operating Segments      
Segments Information      
Revenue $ 47,944 $ 44,299 $ 48,653
v3.22.0.1
Segment Information - Segment Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segments Information      
Total segment income $ 799,544 $ 476,195 $ 8,747
Selling, general, and administrative expense (1,573,609) (1,156,071) (1,141,643)
Depreciation and amortization (66,418) (51,981) (59,932)
Other interest expense, net (46,912) (54,689) (69,363)
Tax Receivable Agreement liability adjustment (2,813) 141 10,005
Loss and expense on debt restructure (13,468)    
Other expense, net (122) 0 0
Income (loss) before income taxes 734,199 401,958 (90,719)
Operating Segments      
Segments Information      
Total segment income 873,611 518,238 41,026
Other interest expense, net (7,756) (8,086) (8,940)
Corporate, Non-Segment      
Segments Information      
Selling, general, and administrative expense (9,679) (9,751) (12,455)
Other interest expense, net (39,156) (46,603) (60,423)
Good Sam Services and Plans | Operating Segments      
Segments Information      
Total segment income 74,765 88,288 83,635
Depreciation and amortization (3,009) (3,474) (4,304)
Other interest expense, net 3 (5) 1
RV and Outdoor Retail | Operating Segments      
Segments Information      
Total segment income 798,846 429,950 (42,609)
Depreciation and amortization (63,409) (48,507) (55,628)
Other interest expense, net $ (7,759) $ (8,081) $ (8,941)
v3.22.0.1
Segment Information - Depreciation and Amortization (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segments Information      
Depreciation and amortization $ 66,418 $ 51,981 $ 59,932
Good Sam Services and Plans | Operating Segments      
Segments Information      
Depreciation and amortization 3,009 3,474 4,304
RV and Outdoor Retail | Operating Segments      
Segments Information      
Depreciation and amortization $ 63,409 $ 48,507 $ 55,628
v3.22.0.1
Segment Information - Other Interest Expense, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segments Information      
Other interest expense, net $ 46,912 $ 54,689 $ 69,363
Operating Segments      
Segments Information      
Other interest expense, net 7,756 8,086 8,940
Corporate, Non-Segment      
Segments Information      
Other interest expense, net 39,156 46,603 60,423
Good Sam Services and Plans | Operating Segments      
Segments Information      
Other interest expense, net (3) 5 (1)
RV and Outdoor Retail | Operating Segments      
Segments Information      
Other interest expense, net $ 7,759 $ 8,081 $ 8,941
v3.22.0.1
Segment Information - Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Segments Information    
Assets $ 4,372,929 $ 3,256,431
Operating Segments    
Segments Information    
Assets 4,008,205 3,022,462
Corporate, Non-Segment    
Segments Information    
Assets 364,724 233,969
Good Sam Services and Plans | Operating Segments    
Segments Information    
Assets 158,988 140,825
RV and Outdoor Retail | Operating Segments    
Segments Information    
Assets $ 3,849,217 $ 2,881,637
v3.22.0.1
Segment Information - Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segments Information      
Capital expenditures $ 247,811 $ 84,923 $ 88,356
Operating Segments      
Segments Information      
Capital expenditures 247,940 84,796 88,357
Corporate, Non-Segment      
Segments Information      
Capital expenditures (129) 127 (1)
Good Sam Services and Plans | Operating Segments      
Segments Information      
Capital expenditures 1,856 2,553 2,952
RV and Outdoor Retail | Operating Segments      
Segments Information      
Capital expenditures $ 246,084 $ 82,243 $ 85,405
v3.22.0.1
Schedule I - Condensed Financial Information of Registrant - Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 267,332 $ 166,072
Total current assets 2,283,877 1,494,225
Deferred tax asset 199,321 165,708
Total assets 4,372,929 3,256,431
Current liabilities:    
Current portion of Tax Receivable Agreement liability 11,322 8,089
Total current liabilities 1,598,323 1,035,521
Liabilities under Tax Receivable Agreement, net of current portion 171,073 137,845
Total liabilities 4,139,035 3,265,662
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.01 per share - 20,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and December 31, 2020 0 0
Additional paid-in capital 98,113 63,342
Treasury stock, at cost; 3,390,131 and 572,447 shares as of December 31, 2021 and 2020 130,006 15,187
Retained earnings (deficit) 189,471 (21,814)
Total stockholders' equity attributable to Camping World Holdings, Inc. 158,057 26,774
Total liabilities and stockholders' equity (deficit) 4,372,929 3,256,431
Class A common stock    
Stockholders' equity:    
Common stock 475 428
Class B common stock    
Stockholders' equity:    
Common stock 4 5
Class C common stock    
Stockholders' equity:    
Common stock 0 0
Parent Company | Reportable Legal Entities    
Current assets:    
Cash and cash equivalents 70,998 37,355
Prepaid income taxes and other 6,677 4,073
Total current assets 77,675 41,428
Deferred tax asset 183,272 163,759
Investment in subsidiaries 79,505 (32,479)
Total assets 340,452 172,708
Current liabilities:    
Current portion of Tax Receivable Agreement liability 11,322 8,089
Total current liabilities 11,322 8,089
Liabilities under Tax Receivable Agreement, net of current portion 171,073 137,845
Total liabilities 182,395 145,934
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.01 per share - 20,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and December 31, 2020
Additional paid-in capital 98,113 63,342
Treasury stock, at cost; 3,390,131 and 572,447 shares as of December 31, 2021 and 2020 (130,006) (15,187)
Retained earnings (deficit) 189,471 (21,814)
Total stockholders' equity attributable to Camping World Holdings, Inc. 158,057 26,774
Total liabilities and stockholders' equity (deficit) 340,452 172,708
Parent Company | Reportable Legal Entities | Class A common stock    
Stockholders' equity:    
Common stock 475 428
Parent Company | Reportable Legal Entities | Class B common stock    
Stockholders' equity:    
Common stock 4 5
Parent Company | Reportable Legal Entities | Class C common stock    
Stockholders' equity:    
Common stock
v3.22.0.1
Schedule I - Condensed Financial Information of Registrant - Balance Sheets Additional (Details) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
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) 3,390,131 572,447
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 47,805,259 43,083,008
Common stock, outstanding 44,130,956 42,226,389
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 69,066,445 69,066,445
Common stock, outstanding 41,466,964 45,999,132
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) 3,390,131 572,447
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 47,805,259 43,083,008
Common stock, outstanding 44,130,956 42,226,389
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 69,066,445 69,066,445
Common stock, outstanding 41,466,964 45,999,132
Parent Company | Reportable Legal Entities | 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
v3.22.0.1
Schedule I - Condensed Financial Information of Registrant - Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue:      
Total revenue $ 6,913,754 $ 5,446,591 $ 4,892,019
Operating expenses:      
Selling, general, and administrative 1,573,609 1,156,071 1,141,643
Total operating expenses 1,656,784 1,226,284 1,278,651
Income from operations 799,544 476,195 8,747
Other interest expense, net 46,912 54,689 69,363
Tax Receivable Agreement liability adjustment (2,813) 141 10,005
Other income, net (122) 0 0
Income (loss) before income taxes 734,199 401,958 (90,719)
Income tax expense (92,124) (57,743) (29,582)
Net income (loss) attributable to Camping World Holdings, Inc. 278,461 122,345 (60,591)
Parent Company | Reportable Legal Entities      
Revenue:      
Intercompany revenue 9,551 9,660 11,642
Total revenue 9,551 9,660 11,642
Operating expenses:      
Selling, general, and administrative 9,551 9,660 11,642
Total operating expenses 9,551 9,660 11,642
Income from operations 0 0 0
Other interest expense, net 46 103 0
Tax Receivable Agreement liability adjustment (2,813) 141 10,005
Other income, net 402 0 0
Equity in net income (loss) of subsidiaries 378,657 173,618 (43,317)
Income (loss) before income taxes 376,292 173,862 (33,312)
Income tax expense (97,831) (51,517) (27,279)
Net income (loss) attributable to Camping World Holdings, Inc. $ 278,461 $ 122,345 $ (60,591)
v3.22.0.1
Schedule I - Condensed Financial Information of Registrant - Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income (loss) $ 278,461 $ 122,345 $ (60,591)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Deferred tax expense (5,890) 6,606 14,897
Tax Receivable Agreement liability adjustment 2,813 (141) (10,005)
Change in assets and liabilities, net of acquisitions:      
Payment pursuant to Tax Receivable Agreement (8,089) (6,563) (9,425)
Net cash provided by operating activities 154,004 747,669 251,934
Investing activities      
Net cash used in investing activities (355,772) (125,935) (104,537)
Financing activities      
Dividends paid to Class A common stockholders (67,176) (61,025) (22,878)
Proceeds from exercise of stock options 4,111 4,635 0
Repurchases of Class A common stock to treasury stock (156,256) (21,522) 0
Net cash provided by (used in) financing activities 303,028 (603,183) (138,433)
Increase in cash and cash equivalents 101,260 18,551 8,964
Cash and cash equivalents at beginning of the period 166,072 147,521 138,557
Cash and cash equivalents at end of the period 267,332 166,072 147,521
Parent Company | Class A common stock      
Financing activities      
Repurchases of Class A common stock to treasury stock (156,300) (21,500)  
Parent Company | Reportable Legal Entities      
Operating activities      
Net income (loss) 278,461 122,345 (60,591)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Equity in net (loss) income of subsidiaries (378,657) (173,618) 43,317
Deferred tax expense 8,210 6,534 14,981
Tax Receivable Agreement liability adjustment 2,813 (141) (10,005)
Change in assets and liabilities, net of acquisitions:      
Intercompany receivables 0 0 2,518
Prepaid income taxes and other assets (57) (2,685) 7,671
Payment pursuant to Tax Receivable Agreement (8,089) (6,563) (9,425)
Net cash provided by operating activities (97,319) (54,128) (11,534)
Investing activities      
Purchases of LLC Interest from CWGS, LLC (4,111) (4,635) 0
Return of LLC Interest to CWGS, LLC for funding of treasury stock purchases 156,256 21,522 0
Distributions received from CWGS, LLC 198,138 107,517 47,866
Net cash used in investing activities 350,283 124,404 47,866
Financing activities      
Dividends paid to Class A common stockholders (67,176) (61,025) (22,878)
Proceeds from exercise of stock options 4,111 4,635 0
Repurchases of Class A common stock to treasury stock (156,256) (21,522) 0
Net cash provided by (used in) financing activities (219,321) (77,912) (22,878)
Increase in cash and cash equivalents 33,643 (7,636) 13,454
Cash and cash equivalents at beginning of the period 37,355 44,991 31,537
Cash and cash equivalents at end of the period $ 70,998 $ 37,355 $ 44,991
v3.22.0.1
Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Financial Statements (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Aug. 31, 2021
Oct. 31, 2020
Stock Repurchase Program          
Shares repurchased (in shares) 3,988,881 811,223      
Payment for share repurchased $ 156,256,000 $ 21,522,000 $ 0    
Weighted average price (per share) $ 39.17 $ 26.53      
Authorized amount for stock repurchase program       $ 125,000,000.0 $ 100,000,000.0
Remaining approve amount $ 47,200,000        
Cash paid during the period for:          
Interest 58,424,000 $ 72,458,000 105,776,000    
Income taxes 99,557,000 52,938,000 5,900,000    
Non-cash financing activities:          
Par value of Class A common stock issued in exchange for common units in CWGS, LLC 47,000 48,000 0    
Par value of Class A common stock issued for vested restricted stock units 0 3,000 4,000    
Par value of Class A common stock repurchased for withholding taxes on vested RSUs 0 0 (1,000)    
Cost of treasury stock issued for vested restricted stock units 34,756,000 8,556,000 0    
Cost of treasury stock issued for stock award to employee $ 19,586,000 $ 0 0    
Parent Company | Class A common stock          
Stock Repurchase Program          
Shares repurchased (in shares) 3,988,881 811,223      
Payment for share repurchased $ 156,300,000 $ 21,500,000      
Weighted average price (per share) $ 39.17 $ 26.53      
Stock award to employee (In shares) 1,171,197 238,776      
Remaining approve amount $ 47,200,000        
Parent Company | Reportable Legal Entities          
Basis of Presentation          
Intercompany receivable 0 $ 0      
Amount due related to tax receivable agreement $ 182,400,000 145,900,000      
Commitments and Contingencies          
Expected future payment, as percent of tax benefits (as a percent) 85.00%        
Stock Repurchase Program          
Payment for share repurchased $ 156,256,000 21,522,000 0    
Cash paid during the period for:          
Income taxes 87,588,000 47,668,000 4,235,000    
Non-cash financing activities:          
Par value of Class A common stock issued in exchange for common units in CWGS, LLC 47,000 48,000      
Par value of Class A common stock issued for vested restricted stock units   3,000 4,000    
Par value of Class A common stock repurchased for withholding taxes on vested RSUs     $ (1,000)    
Cost of treasury stock issued for vested restricted stock units 34,756,000 $ 8,556,000      
Cost of treasury stock issued for stock award to employee $ 19,586,000        
Parent Company | CWGS, LLC          
Stock Repurchase Program          
Number of units returned 3,988,881 811,223      
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts - (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts receivable allowance      
Valuation allowance and reserves      
Balance at Beginning of Period $ 3,393 $ 3,717 $ 4,729
Additions Charged to Expense 1,568 1,068 (20)
Charged to Other Accounts 74 (142) 278
Charges Utilized (Write-off) (324) (1,250) (1,270)
Balance at End of Period 4,711 3,393 3,717
Noncurrent other assets allowance      
Valuation allowance and reserves      
Balance at Beginning of Period 0 2,753 0
Additions Charged to Expense 42 0 2,753
Charged to Other Accounts 0 0 0
Charges Utilized (Write-off) 0 (2,753) 0
Balance at End of Period $ 42 $ 0 $ 2,753
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts Deferred Tax Assets - (Details) - Valuation allowance for deferred tax assets - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Valuation allowance and reserves      
Balance at Beginning of Period $ 295,946 $ 266,452 $ 180,983
Tax Valuation Allowance Charged to Income Tax Provision 0 19,058 85,903
Tax Valuation Allowance Credited to Income Tax Provision (2,234) 0 (434)
Charged to Other Accounts 18,376 10,436 0
Balance at End of Period $ 312,088 $ 295,946 $ 266,452