Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 25, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Securities Act File Number	001-37908
Entity Registrant Name	CAMPING WORLD HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1737145
Entity Address, Address Line One	2 Marriott Drive
Entity Address, City or Town	Lincolnshire
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60069
City Area Code	847
Local Phone Number	808-3000
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
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
Entity Central Index Key	0001669779
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		62,569,449
Class B Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		39,466,964
Class C Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		1

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 20,916	$ 208,422	$ 29,718
Contracts in transit	149,113	61,222	154,231
Accounts receivable, net	118,800	120,412	100,246
Inventories	2,119,169	1,821,837	2,077,592
Prepaid expenses and other assets	74,418	58,045	68,833
Assets held for sale	20,536	1,350	6,276
Total current assets	2,502,952	2,271,288	2,436,896
Property and equipment, net	886,244	846,760	878,956
Operating lease assets	749,177	739,352	768,903
Deferred tax assets, net	210,586	215,140	197,484
Intangible assets, net	18,520	19,469	12,998
Goodwill	747,802	734,023	735,680
Other assets	31,929	37,245	36,013
Total assets	5,147,210	4,863,277	5,066,930
Current liabilities:
Accounts payable	250,884	145,346	205,006
Accrued liabilities	160,711	118,557	148,674
Deferred revenues	89,084	92,124	95,854
Current portion of operating lease liabilities	65,653	61,993	60,663
Current portion of finance lease liabilities	7,646	7,044	19,014
Current portion of Tax Receivable Agreement liability	1,700	0	12,943
Current portion of long-term debt	23,147	23,275	25,651
Notes payable - floor plan, net	1,320,687	1,161,713	1,414,696
Other current liabilities	74,129	70,900	72,783
Total current liabilities	1,993,641	1,680,952	2,055,284
Operating lease liabilities, net of current portion	769,518	764,113	796,770
Finance lease liabilities, net of current portion	130,596	131,004	136,284
Tax Receivable Agreement liability, net of current portion	148,672	150,372	149,866
Revolving line of credit	0	0	31,885
Long-term debt, net of current portion	1,488,388	1,493,318	1,545,165
Deferred revenues	62,699	63,642	65,970
Other long-term liabilities	94,885	94,927	89,528
Total liabilities	4,688,399	4,378,328	4,870,752
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share - 20,000 shares authorized; none issued and outstanding	0	0	0
Additional paid-in capital	197,730	193,692	132,213
Treasury stock, at cost; 4,499 shares at March 31, 2024	0	0	(157,631)
Retained earnings	112,140	132,241	167,686
Total stockholders' equity attributable to Camping World Holdings, Inc.	310,500	326,562	142,768
Non-controlling interests	148,311	158,387	53,410
Total stockholders' equity	458,811	484,949	196,178
Total liabilities and stockholders' equity	5,147,210	4,863,277	5,066,930
Class A Common Stock
Stockholders' equity:
Common stock	626	625	496
Class B Common Stock
Stockholders' equity:
Common stock	4	4	4
Class C Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0	$ 0

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01	$ 0.01
Preferred stock, authorized	20,000,000	20,000,000	20,000,000
Preferred stock, issued	0	0	0
Preferred stock, outstanding	0	0	0
Treasury Stock, (In shares)	0	0	4,499,000
Class A Common Stock
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000	250,000,000
Common stock, issued	62,569,000	62,502,000	49,571,000
Common stock, outstanding	62,569,000	62,502,000	49,571,000
Class B Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000	75,000,000
Common stock, issued	39,466,000	39,466,000	39,466,000
Common stock, outstanding	39,466,000	39,466,000	39,466,000
Class C Common Stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized	1	1	1
Common stock, issued	1	1	1
Common stock, outstanding	1	1	1

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 1,413,524	$ 1,364,017
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	983,896	961,620
Operating expenses:
Selling, general, and administrative	387,445	371,473
Depreciation and amortization	22,544	19,290
Long-lived asset impairment	620	5,827
(Gain) loss on sale or disposal of assets	(1,823)	1,585
Total operating expenses	408,786	398,175
Income from operations	20,842	4,222
Other expense:
Floor plan interest expense	(18,306)	(27,882)
Other interest expense, net	(30,531)	(36,094)
Other expense, net	(158)	(94)
Total other expense	(48,995)	(64,070)
Loss before income taxes	(28,153)	(59,848)
Income tax benefit	3,471	9,042
Net loss	(24,682)	(50,806)
Less: net loss attributable to non-controlling interests	12,402	28,499
Net loss attributable to Camping World Holdings, Inc.	$ (12,280)	$ (22,307)
Class A Common Stock
Loss per share of Class A common stock:
Basic	$ (0.2)	$ (0.5)
Diluted	$ (0.21)	$ (0.51)
Weighted average shares of Class A common stock outstanding:
Basic	62,531	45,047
Diluted	102,426	85,092
Good Sam Services and Plans
Revenue:
Total revenue	$ 46,208	$ 45,681
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	17,721	15,183
RV and Outdoor Retail
Revenue:
Total revenue	1,367,316	1,318,336
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	966,175	946,437
RV and Outdoor Retail \| New vehicles
Revenue:
Total revenue	621,432	656,086
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	536,359	565,039
RV and Outdoor Retail \| Used vehicles
Revenue:
Total revenue	422,351	337,685
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	343,961	278,533
RV and Outdoor Retail \| Products, service and other
Revenue:
Total revenue	164,992	177,894
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	84,739	101,675
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Total revenue	148,667	135,454
RV and Outdoor Retail \| Good Sam Club
Revenue:
Total revenue	9,874	11,217
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	$ 1,116	$ 1,190

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Non-Controlling Interest	Total
Balance at Dec. 31, 2023	$ 496	$ 4	$ 0	$ 131,665	$ (159,440)	$ 195,627	$ 89,623	$ 257,975
Balance (in shares) at Dec. 31, 2023	49,571,000	39,466,000	0
Balance (in shares) at Dec. 31, 2023					(4,551,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	$ 0	$ 0	2,751	$ 0	0	2,446	5,197
Exercise of stock options	$ 0	$ 0	$ 0	(30)	$ 81	0	0	51
Exercise of stock options (in shares)	0	0	0		2,000
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	$ 0	$ 0	$ 0	(22)	$ 0	0	22	0
Vesting of restricted stock units	$ 0	$ 0	$ 0	(2,234)	$ 2,595	0	(361)	0
Vesting of restricted stock units (in shares)	0	0	0		74,000
Repurchases of Class A common stock for withholding taxes on vested RSUs	$ 0	$ 0	$ 0	209	$ (867)	0	0	(658)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)	0	0	0		(24,000)
Distributions to holders of LLC common units	$ 0	$ 0	$ 0	0	$ 0	0	(9,947)	(9,947)
Dividends	0	0	0	0	0	(5,634)	0	(5,634)
Non-controlling interest adjustment	0	0	0	(126)	0	0	126	0
Net loss	0	0	0	0	0	(22,307)	(28,499)	(50,806)
Balance at Mar. 31, 2024	$ 496	$ 4	$ 0	132,213	$ (157,631)	167,686	53,410	$ 196,178
Balance (in shares) at Mar. 31, 2024	49,571,000	39,466,000	0
Balance (in shares) at Mar. 31, 2024					(4,499,000)			4,499,000
Balance at Dec. 31, 2024	$ 625	$ 4	$ 0	193,692	$ 0	132,241	158,387	$ 484,949
Balance (in shares) at Dec. 31, 2024	62,502,000	39,466,000	0
Balance (in shares) at Dec. 31, 2024								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	$ 0	$ 0	4,438	0	0	2,832	$ 7,270
Vesting of restricted stock units	$ 1	$ 0	$ 0	446	$ 0	0	(447)
Vesting of restricted stock units (in shares)	109,000	0	0		0
Repurchases of Class A common stock for withholding taxes on vested RSUs	$ 0	$ 0	$ 0	(871)	$ 0	0		(871)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)	(41,000)	0	0		0
Distributions to holders of LLC common units	$ 0	$ 0	$ 0	0	$ 0	0	(34)	(34)
Dividends	0	0	0	0	0	(7,821)		(7,821)
Non-controlling interest adjustment	0	0	0	25	0	0	(25)
Net loss	0	0	0	0	0	(12,280)	(12,402)	(24,682)
Balance at Mar. 31, 2025	$ 626	$ 4	$ 0	$ 197,730	$ 0	$ 112,140	$ 148,311	$ 458,811
Balance (in shares) at Mar. 31, 2025	62,570,000	39,466,000	0
Balance (in shares) at Mar. 31, 2025								0

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Class A Common Stock
Dividends declared per share	$ 0.125	$ 0.125

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Operating activities
Net loss	$ (24,682)	$ (50,806)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	22,544	19,290
Stock-based compensation	7,270	5,197
Long-lived asset impairment	620	5,827
(Gain) loss on sale or disposal of assets	(1,823)	1,585
Provision for losses on accounts receivable	659	47
Noncash lease expense	14,696	14,037
Accretion of original debt issuance discount	627	584
Noncash interest	1,004	746
Deferred income taxes	4,554	3,610
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(90,359)	(66,222)
Inventories	(230,772)	6,026
Prepaid expenses and other assets	(16,742)	(20,713)
Accounts payable and other accrued expenses	101,608	25,194
Deferred revenues	(3,983)	2,678
Operating lease liabilities	(15,455)	(14,440)
Other, net	(2,245)	(622)
Net cash used in operating activities	(232,479)	(67,982)
Investing activities
Purchases of property and equipment	(23,511)	(25,927)
Proceeds from sale of property and equipment	542	143
Purchases of real property	(48,584)	(1,243)
Proceeds from the sale of real property	6,689	23,853
Purchases of businesses, net of cash acquired	(80,564)	(58,800)
Purchases of intangible assets	0	(119)
Proceeds from sale of intangible assets	0	2,595
Net cash used in investing activities	(145,428)	(59,498)
Financing activities
Proceeds from long-term debt	0	55,624
Payments on long-term debt	(6,268)	(23,406)
Net proceeds on notes payable - floor plan, net	207,781	93,273
Borrowings on revolving line of credit	0	43,000
Payments on revolving line of credit	0	(32,000)
Payments on finance leases	(1,763)	(1,828)
Payments on sale-leaseback arrangement	(51)	(48)
Payment of debt issuance costs	0	(876)
Payments of stock offering costs	(572)	0
Dividends on Class A common stock	(7,821)	(5,634)
Proceeds from exercise of stock options	0	51
RSU shares withheld for tax	(871)	(658)
Distributions to holders of LLC common units	(34)	(9,947)
Net cash provided by financing activities	190,401	117,551
Decrease in cash and cash equivalents	(187,506)	(9,929)
Cash and cash equivalents at beginning of the period	208,422	39,647	$ 39,647
Cash and cash equivalents at end of the period	$ 20,916	$ 29,718	$ 208,422

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

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

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

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

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

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the quarter ended March 31, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in CWGS, LLC, including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company’s Annual Report. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of March 31, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

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


	As of March 31, 2024
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	153,716	$	43,768	$	197,484
Total assets		5,023,162		43,768		5,066,930
Additional paid-in capital		98,828		33,385		132,213
Retained earnings		157,303		10,383		167,686
Total stockholders' equity attributable to Camping World Holdings, Inc.		99,000		43,768		142,768
Total stockholders' equity		152,410		43,768		196,178
Total liabilities and stockholders' equity		5,023,162		43,768		5,066,930

The following table presents the effect of the immaterial misstatements on the condensed consolidated statements of stockholders’ equity for the periods indicated:


	Additional Paid-In Capital						Retained Earnings						Total Stockholders' Equity
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Balance at January 1, 2024	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975
Stock-based compensation		2,751		—		2,751		—		—		—		5,197		—		5,197
Exercise of stock options		(30)		—		(30)		—		—		—		51		—		51
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(22)		—		(22)		—		—		—		—		—		—
Vesting of restricted stock units		(2,234)		—		(2,234)		—		—		—		—		—		—
Repurchases of Class A common stock for withholding taxes on vested RSUs		209		—		209		—		—		—		(658)		—		(658)
Distributions to holders of LLC common units		—		—		—		—		—		—		(9,947)		—		(9,947)
Dividends		—		—		—		(5,634)		—		(5,634)		(5,634)		—		(5,634)
Non-controlling interest adjustment		(126)		—		(126)		—		—		—		—		—		—
Net income		—		—		—		(22,307)		—		(22,307)		(50,806)		—		(50,806)
Balance at March 31, 2024	$	98,828	$	33,385	$	132,213	$	157,303	$	10,383	$	167,686	$	152,410	$	43,768	$	196,178

Seasonality

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

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

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

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

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires that public business entities on an annual basis disclose (1) consistent categories and greater

disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2025, with respect to the annual disclosures beginning with the year ending December 31, 2025, including the presentation of the comparable prior periods. The adoption of this ASU will result in additional annual income tax disclosures and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement―Reporting Comprehensive Income―Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting period entities present a new tabular disclosure in the notes to the financial statements, presenting disaggregation of the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. Furthermore, the ASU requires entities to include certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements and disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, entities are required to disclose the total amount of selling expenses and, in annual reporting period, an entity’s definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.

Revenue

3 Months Ended

Mar. 31, 2025

Revenue

Revenue

2. Revenue

Contract Assets

As of March 31, 2025, December 31, 2024, and March 31, 2024 contract assets of $9.2 million, $10.0 million and $13.4 million, respectively, relating to RV service revenues, were included in accounts receivable in the accompanying condensed consolidated balance sheets.

Deferred Revenues

The Company records deferred revenues when cash payments are received or due in advance of the Company’s performance, net of estimated refunds that are presented separately as a component of accrued liabilities. For the three months ended March 31, 2025, the Company estimates approximately $30.9 million of revenues recognized were included in the deferred revenue balance at the beginning of the period. These estimates consider factors including, but not limited to, average service term, cash received for the period, cancellations, contract extensions, and upgrades.

As of March 31, 2025, the Company had unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Good Sam Club loyalty program, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligations for these revenue streams at March 31, 2025 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):


	As of
	March 31, 2025
2025	$	74,131
2026		40,345
2027		19,717
2028		9,673
2029		4,966
Thereafter		2,951
Total	$	151,783

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories and Floor Plan Payables

3 Months Ended

Mar. 31, 2025

Inventories and Floor Plan Payables

Inventories and Floor Plan Payables

3. Inventories and Floor Plan Payables

Inventories consisted of the following (in thousands):


	March 31,		December 31,		March 31,
	2025		2024		2024
Good Sam services and plans	$	219	$	263	$	392
New RVs		1,509,594		1,241,533		1,469,193
Used RVs		406,728		413,546		389,810
Products, parts, accessories and other		202,628		166,495		218,197
	$	2,119,169	$	1,821,837	$	2,077,592

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

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

As of March 31, 2025, December 31, 2024, and March 31, 2024, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 6.34%, 6.72%, and 7.87%, respectively.

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

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

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


	March 31,		December 31,		March 31,
	2025		2024		2024
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	2,150,000	$	1,850,000	$	1,850,000
Less: borrowings, net of FLAIR offset account		(1,320,687)		(1,161,713)		(1,414,696)
Less: FLAIR offset account⁽¹⁾		(157,863)		(79,472)		(147,654)
Additional borrowing capacity		671,450		608,815		287,650
Less: short-term payable for sold inventory⁽²⁾		(81,959)		(33,152)		(91,299)
Less: purchase commitments⁽³⁾		(55,125)		(9,340)		(31,551)
Unencumbered borrowing capacity	$	534,366	$	566,323	$	164,800

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

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

(1)

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

(2)

The short-term payable represents the amount due for sold inventory. A payment for any floor plan units sold is due within three to ten business days of sale. Due to the short-term nature of these payables, the Company reclassifies the amounts from notes payable‒floor plan, net to accounts payable in the condensed consolidated balance sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the condensed consolidated statements of cash flows.

(3)	Purchase commitments represent vehicles approved for floor plan financing where the inventory has not yet been received by the Company from the supplier and no floor plan borrowing is outstanding.

Long-Lived Asset Impairment

3 Months Ended

Mar. 31, 2025

Long-Lived Asset Impairment

Long-Lived Asset Impairment

4. Long-Lived Asset Impairment

During the three months ended March 31, 2025 and 2024, the Company had indicators of impairment of the long-lived assets for certain locations. Such indicators primarily included decreases in market rental rates or decreases in the market value of real property for closed locations, and the Company’s review of location performance in the normal course of business. As a result of updating certain assumptions in the long-lived asset impairment analysis for these locations, the Company determined that the fair value of certain long-lived assets were below their carrying value and were impaired.

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

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


	Three Months Ended March 31,
	2025		2024
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	190	$	2,285
Operating lease right of use assets		—		1,290
Building and improvements		430		2,252
Total long-lived asset impairment charges	$	620	$	5,827

Assets Held for Sale

3 Months Ended

Mar. 31, 2025

Assets Held for Sale

Assets Held for Sale

5. Assets Held for Sale

As of March 31, 2025, December 31, 2024, and March 31, 2024, three, two, and three RV and Outdoor Retail segment properties, respectively, met the criteria to be classified as held for sale. Also, as of March 31, 2025, certain assets related to one RV dealership met the criteria to be classified as held for sale, which included an allocation of goodwill of the RV and Outdoor Retail reporting unit based on the RV dealership’s relative fair value.

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


	March 31,		December 31,		March 31,
	2025		2024		2024
Assets held for sale:
Inventories	$	7,588	$	—	$	—
Goodwill		3,414		—		—
Property and equipment, net		9,534		1,350		6,276
	$	20,536	$	1,350	$	6,276

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill

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


	Good Sam
	Services and		RV and
	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2023 (excluding impairment charges)	$	71,118	$	881,941	$	953,059
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2023		24,234		686,988		711,222
Acquisitions		—		24,458		24,458
Balance at March 31, 2024		24,234		711,446		735,680
Acquisitions		1,561		5,682		7,243
Divestiture ⁽¹⁾		—		(8,900)		(8,900)
Balance at December 31, 2024		25,795		708,228		734,023
Acquisitions		—		17,193		17,193
Reclassification to assets held for sale ⁽²⁾		—		(3,414)		(3,414)
Balance at March 31, 2025	$	25,795	$	722,007	$	747,802

(1)	In May 2024, the Company closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (“CWDS”).

(2)	See Note 5 – Assets Held for Sale for further details.

Intangible Assets

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


	March 31, 2025
	Carrying		Accumulated
	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,611)	$	129
Trademarks and trade names		2,132		(414)		1,718
Websites and developed technology		3,650		(1,753)		1,897
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(2,853)		1,301
Supplier lists and agreements		9,500		(816)		8,684
Trademarks and trade names		26,526		(22,340)		4,186
Websites and developed technology		6,348		(5,743)		605
	$	62,050	$	(43,530)	$	18,520

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

	March 31, 2024
	Cost or		Accumulated
	Fair Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,316)	$	424
Trademarks and trade names		2,132		(273)		1,859
Websites and developed technology		3,050		(1,227)		1,823
RV and Outdoor Retail:
Customer lists and domain names and other		5,543		(3,439)		2,104
Supplier lists and agreements		1,696		(1,187)		509
Trademarks and trade names		27,251		(21,725)		5,526
Websites and developed technology		6,344		(5,591)		753
	$	55,756	$	(42,758)	$	12,998

Long-Term Debt

3 Months Ended

Mar. 31, 2025

Long-Term Debt.

Long-Term Debt

7. Long-Term Debt

Outstanding long-term debt consisted of the following (in thousands):


	March 31,		December 31,		March 31,
	2025		2024		2024
Term Loan Facility ⁽¹⁾	$	1,332,960	$	1,335,535	$	1,343,580
Real Estate Facilities ⁽²⁾		170,732		173,132		219,068
Other Long-Term Debt		7,843		7,926		8,168
Subtotal		1,511,535		1,516,593		1,570,816
Less: current portion		(23,147)		(23,275)		(25,651)
Total	$	1,488,388	$	1,493,318	$	1,545,165

(1)	Net of $9.0 million, $9.6 million, and $11.4 million of original issue discount at March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and $3.5 million, $3.8 million, and $4.4 million of finance costs at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

(2)	Net of $2.8 million, $3.1 million, and $3.9 million of finance costs at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Senior Secured Credit Facilities

As of March 31, 2025, December 31, 2024, and March 31, 2024, CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (the “Credit Agreement”) for a term loan facility (the “Term Loan Facility”) and a revolving credit facility (the “Revolving Credit Facility” and collectively 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):


	March 31,		December 31,		March 31,
	2025		2024		2024
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,400,000	$	1,400,000	$	1,400,000
Less: cumulative principal payments		(54,553)		(51,049)		(40,538)
Less: unamortized original issue discount		(8,973)		(9,600)		(11,433)
Less: unamortized finance costs		(3,514)		(3,816)		(4,449)
		1,332,960		1,335,535		1,343,580
Less: current portion		(14,015)		(14,015)		(14,015)
Long-term debt, net of current portion	$	1,318,945	$	1,321,520	$	1,329,565
Revolving Credit Facility:
Total commitment	$	65,000	$	65,000	$	65,000
Less: outstanding letters of credit		(4,902)		(4,902)		(4,930)
Less: total net leverage ratio borrowing limitation		(37,348)		(37,348)		(37,320)
Additional borrowing capacity	$	22,750	$	22,750	$	22,750

As of March 31, 2025, December 31, 2024, and March 31, 2024, the average interest rate on the Term Loan Facility was 6.94%, 6.97%, and 7.94%, respectively, and the effective interest rate was 7.18%, 7.43%, and 8.18%, respectively.

Management has determined that the Senior Secured Credit Facilities include subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred at March 31, 2025 that would trigger a subjective acceleration clause.

The Credit Agreement requires the Borrower and its subsidiaries to comply on a quarterly basis with a maximum Total Net Leverage Ratio (as defined in the Credit Agreement), which covenant is in effect only if, as of the end of each calendar quarter, the aggregate amount of borrowings under the revolving credit facility, letters of credit and unreimbursed letter of credit disbursements outstanding at such time is greater than 35%

of the total commitment on the Revolving Credit Facility (excluding (i) up to $15.0 million attributable to any outstanding undrawn letters of credit and (ii) any cash collateralized or backstopped letters of credit), as defined in the Credit Agreement. As of March 31, 2025, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35% threshold, however the Company’s borrowing capacity was reduced by $37.3 million in light of this covenant. The Company was in compliance with all applicable financial debt covenants at March 31, 2025, December 31, 2024, and March 31, 2024.

Real Estate Facilities

As of March 31, 2025, December 31, 2024 and March 31, 2024, subsidiaries of FRHP Lincolnshire, LLC (“FRHP”), an indirect wholly-owned subsidiary of CWGS, LLC, were party to a credit agreement with a syndication of banks for a real estate credit facility (as amended from time to time, the “M&T Real Estate Facility”) with aggregate maximum principal capacity of $300.0 million with an option that allows FRHP to request an additional $100.0 million of principal capacity. During the three months ended March 31, 2025, FRHP had no additional borrowings under the M&T Real Estate facility, and during the three months ended March 31, 2024, FRHP borrowed an additional $55.6 million. During the three months ended March 31, 2024, FRHP repaid $17.3 million of the M&T Real Estate Facility to pay off the remaining principal balances relating to three properties. As of March 31, 2025, the remaining available borrowing capacity was $57.4 million.

As of March 31, 2025, December 31, 2024, and March 31, 2024, Camping World Property, LLC, successor by conversion to Camping World Property, Inc. (the ‘‘Real Estate Borrower’’), an indirect wholly-owned subsidiary of CWGS, LLC, and CIBC Bank USA, were parties to loan and security agreements for real estate credit facilities ((as amended from time to time, the “First CIBC Real Estate Facility” and the “Third CIBC Real Estate Facility”) and together with the M&T Real Estate Facility, the “Real Estate Facilities”). In May 2024, the Real Estate Borrower repaid the outstanding balance of the Third CIBC Real Estate Facility of $8.9 million, which related to the facility for the divested operations of CWDS in Elkhart, Indiana, and the Third CIBC Real Estate Facility was terminated. The First CIBC Real Estate Facility matures in October 2028.

The following table shows a summary of the outstanding balances, remaining available borrowings, and weighted average interest rate under the Real Estate Facilities at March 31, 2025:


	As of March 31, 2025
			Remaining			Wtd. Average
(In thousands)	Outstanding⁽¹⁾		Available⁽²⁾			Interest Rate
Real Estate Facilities
M&T Real Estate Facility	$	167,425	$	57,390	⁽³⁾		6.55%
First CIBC Real Estate Facility		3,307		—			7.30%
	$	170,732	$	57,390

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

(2)	Amounts cannot be reborrowed.

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

Management has determined that the credit agreements governing the Real Estate Facilities include subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred at March 31, 2025 that would trigger a subjective acceleration clause. Additionally, the Real Estate Facilities are subject to certain cross default provisions, a debt service coverage ratio, and other customary covenants. The Company was in compliance with all financial debt covenants at March 31, 2025, December 31, 2024, and March 31, 2024.

Other Long-Term Debt

As of March 31, 2025, the outstanding principal balance of other long-term debt was $7.8 million with a weighted average interest rate of 4.27%.

Lease Obligations

3 Months Ended

Mar. 31, 2025

Lease Obligations

Lease Obligations

8. Lease Obligations

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


	Three Months Ended March 31,
	2025		2024
Operating lease cost	$	29,353	$	29,190
Finance lease cost:
Amortization of finance lease assets		2,591		2,860
Interest on finance lease liabilities		2,182		2,466
Short-term lease cost		308		377
Variable lease cost		6,704		5,329
Sublease income		(846)		(654)
Net lease costs	$	40,292	$	39,568

As of March 31, 2025, December 31, 2024, and March 31, 2024, finance lease assets of $119.4 million, $120.0 million, and $139.8 million, respectively, were included in property and equipment, net in the accompanying condensed consolidated balance sheets.

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


	Three Months Ended March 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	30,113	$	29,588
Operating cash flows for finance leases		2,182		2,466
Financing cash flows for finance leases		1,763		1,829
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases		24,521		44,183
New, remeasured and terminated finance leases		1,957		42,228

During the three months ended March 31, 2025 and 2024, the Company entered into sale-leaseback transactions for one and two properties, respectively, associated with store locations in the RV and Outdoor Retail segment and received consideration of $3.5 million and $23.5 million of cash, respectively. The Company recorded no gain for the three months ended March 31, 2025, and recorded a gain of $0.1 million for the three months ended March 31, 2024 that was included in (gain) loss on sale or disposal of assets in the condensed consolidated statements of income. The Company entered into a 19-year lease agreement as the lessee with the buyer of the property in 2025 and 20-year lease agreements as the lessee with each buyer of the properties in 2024.

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Fair Value Measurements

9. Fair Value Measurements

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

Recurring Fair Value Measurements

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


	March 31, 2025				December 31, 2024				March 31, 2024
($ in thousands)	Carrying Value		Level 3		Carrying Value		Level 3		Carrying Value		Level 3
Assets:
Derived participation investment ⁽¹⁾	$	1,151	$	1,151	$	156	$	156	$	—	$	—
Liabilities:
Acquisition-related contingent consideration ⁽²⁾		368		368		368		368		—		—

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

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

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


	Three Months Ended March 31, 2025
($ in thousands)	Derived Participation Investment		Acquisition-related contingent consideration
Beginning balance	$	156	$	368
Purchases		1,018		—
Settlements		(67)		—
Gains included in earnings		44		—
Ending balance	$	1,151	$	368

Derived Participation Investment

The Company has entered into an arrangement with a consumer financing partner to invest in a participation interest in the cash flows of certain financing transactions under the white label financing program with such consumer financing partner (the “Derived Participation Investment”). The fair value of this investment was estimated by discounting the projected cash flows subject to the participation interest. The assumptions in the analysis included loan losses, prepayments, and recoveries derived based on historical observation of such data pertaining to the RV industry, as well as other relevant industries with loan structure similar to that of the RV industry. This is categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the three months ended March 31, 2025. Based on loan activity by the consumer financing partner in March 2025, the Company was committed to invest an additional $1.6 million, which was paid in April 2025 and is not included in the carrying value or fair value amounts presented above.

Contingent Consideration

The Company’s contingent consideration liability was established as part of the consideration for the acquisition of a tire rescue roadside assistance business in June 2024. The fair value of this liability was estimated as the present value of the probability weighted milestone payments at each of the first two anniversaries of the date of the acquisition for a maximum aggregate payment of $0.5 million if all milestones are reached. The assumptions in the analysis included the Company’s assessment of the probability that the milestones will be reached and a discount rate based primarily on the Company’s credit risk and its ability to pay. This is categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the three months ended March 31, 2025.

Other Fair Value Disclosures

There have been no transfers of assets or liabilities between the fair value measurement levels and there were no material re-measurements to fair value during 2025 and 2024 of assets and liabilities that are not measured at fair value on a recurring basis.

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

The following table presents the reported carrying value and fair value information for the Company’s debt instruments. The fair values shown below for the Term Loan Facility, as applicable, are based on quoted prices in the inactive market for identical assets (Level 2) and the fair values shown below for the Floor Plan Facility 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	March 31, 2025				December 31, 2024				March 31, 2024
($ in thousands)	Measurement	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2	$	1,332,960	$	1,294,993	$	1,335,535	$	1,320,286	$	1,343,580	$	1,322,077
Floor Plan Facility Revolving Line of Credit	Level 2		—		—		—		—		31,885		33,134
Real Estate Facilities	Level 2		170,732		173,557		173,132		176,684		219,068		230,710
Other Long-Term Debt	Level 2		7,843		6,616		7,926		6,652		8,168		6,708

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

10. Commitments and Contingencies

Litigation

Weissmann Complaint

On June 22, 2021, FreedomRoads Holding Company, LLC (“FR Holdco”), an indirect wholly-owned subsidiary of CWGS, LLC, filed a one-count complaint captioned FreedomRoads Holding Company, LLC v. Steve Weissmann in the Circuit Court of Cook County, Illinois against Steve Weissmann (“Weissmann”) for breach of contractual obligation under note guarantee (the “Note”) (the “Weissmann Complaint”). On October 8, 2021, Weissmann brought a counterclaim against FR Holdco and third-party defendants Marcus A. Lemonis, NBCUniversal Media, LLC, the Consumer National Broadcasting Company, Camping World, Inc. (“CW”), and Machete Productions (“Machete”) (the “Weissmann Counterclaim”), in which he alleges claims in connection with the Note and his appearance on the reality television show The Profit. Weissmann alleges the following causes of action against FR Holdco and all third-party defendants, including CW: (i) fraud; (ii) fraud in the inducement; (iii) fraudulent concealment; (iv) breach of fiduciary duty; (v) defamation; (vi) defamation per se; (vii) false light; (viii) intentional infliction of emotional distress; (ix) negligence; (x) unjust enrichment; and (xi) RICO § 1962. Weissmann seeks costs and damages in an amount to be proven at trial but no less than the amount in the Note (approximately $2.5 million); in connection with his RICO claim, Weissmann asserts he is entitled to damages in the amount of three times the Note. On February 18, 2022, NBCUniversal, CNBC, and Machete filed a motion to compel arbitration (the “NBC Arbitration Motion”). On May 5, 2022, an agreed order was filed staying the litigation in favor of arbitration. On May 31, 2022, FR Holdco filed an arbitration demand against Weissmann for collection on the Note. Weissmann filed his response and counterclaims, and third-party claims against FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete on July 7, 2022. On or about July 21, 2022, FR Holdco and the other respondents filed their responses and affirmative defenses. On March 11, 2024, FR Holdco’s arbitration demand and the Weissmann arbitration demand were tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 23, 2024, the arbitrator issued an interim award in favor of FR Holdco in the amount of $4,318,892, plus interest, costs, and attorneys’ fees as set forth in the Tumbleweed bankruptcy plan and to be determined by the arbitrator in subsequent proceedings. On July 31, 2024, the arbitrator heard the parties’ arguments on the amount of attorneys’ fees and costs owed to FR Holdco, after Weissmann conceded in a written briefing the obligation to pay attorneys’ fees and costs to FR Holdco as the prevailing party. On September 12, 2024, the arbitrator issued a final award in favor of FR Holdco in the amount of $4,990,006, in the manner described in the Tumbleweed bankruptcy plan. Weissmann is jointly and severally liable for $4,106,884 of that amount. On September 24, 2024, Weissmann and Tumbleweed filed a Petition to Vacate Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On September 27, 2024, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Petition to Confirm Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On January 16, 2025, Superior Court for the State of California, County of Los Angeles granted the Petition to Confirm Arbitration Award and denied the Petition to Vacate Arbitration Award, concluding the litigation. On April 17, 2025, FR Holdco, CW, Marcus A. Lemonis,

NBCUniversal, and Machete filed a Notice Regarding Bankruptcy Order and Request to Enter Judgment. There can be no assurances that we will be able to collect amounts owed pursuant to the Arbitration Award.

Tumbleweed Complaint

On November 10, 2021, Tumbleweed Tiny House Company, Inc. (“Tumbleweed”) filed a complaint against FR Holdco, CW, Marcus A. Lemonis, NBCUniversal Media, LLC, and Machete Productions in which Tumbleweed alleges claims in connection with the Note and its appearance on the reality television show The Profit (the “Tumbleweed Complaint”), seeking primarily monetary damages. Tumbleweed alleges the following claims against the defendants, including FR Holdco and CW: (i) fraud; (ii) false promise; (iii) breach of fiduciary duty (and aiding and abetting the same); (iv) breach of contract; (v) breach of oral contract; (vi) tortious interference with prospective economic advantage; (vii) fraud in the inducement; (viii) negligent misrepresentation; (ix) fraudulent concealment; (x) conspiracy; (xi) unlawful business practices; (xii) defamation; and (xiii) declaratory judgment. On April 21, 2022, the Court granted a motion to compel arbitration filed by NBCUniversal and joined by all defendants, including FR Holdco, CW, and Marcus A. Lemonis, compelling Tumbleweed’s claims to arbitration. Tumbleweed served its arbitration demand on FR Holdco, CW, and Marcus A. Lemonis on May 17, 2022. FR Holdco, CW, and Marcus A. Lemonis filed responses and affirmative defenses on May 31, 2022. On July 20, 2022, pursuant to the JAMS streamlined arbitration rules, the Tumbleweed Complaint was consolidated together with the Weissmann Complaint. The parties have exchanged discovery. On March 11, 2024, FR Holdco’s arbitration demand and the Weissman arbitration demand were tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 23, 2024, the arbitrator issued an interim award in favor of all respondents, including FR Holdco, CW, and Lemonis. On July 31, 2024, the arbitrator heard the parties arguments on the amount of attorneys’ fees and costs owed to FR Holdco, CW, Lemonis, and the other defendants, after Tumbleweed conceded the obligation to pay attorneys’ fees and costs to the prevailing parties. On September 12, 2024, the arbitrator issued a final award in favor of FR Holdco, CW, Lemonis in the amount of $3,793,455 in attorneys’ fees and $626,611 in costs. The arbitrator also awarded $4,990,006 in favor of FR Holdco. On September 24, 2024, Weissmann and Tumbleweed filed a Petition to Vacate Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On September 27, 2024, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Petition to Confirm Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On January 16, 2025, Superior Court for the State of California, County of Los Angeles granted the Petition to Confirm Arbitration Award and denied the Petition to Vacate Arbitration Award, concluding the litigation. On April 17, 2025, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Notice Regarding Bankruptcy Order and Request to Enter Judgment. There can be no assurances that we will be able to collect amounts owed pursuant to the Arbitration Award.

General

From time to time, the Company is involved in litigation arising in the normal course of business operations. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial statements. 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.

Supplier Agreement

In connection with the divestiture of CWDS in May 2024, the Company entered into a supplier agreement (the “Supplier Agreement”) with the buyer that requires the Company to purchase an aggregate $250.0 million of product over the approximately 10-year term of the Supplier Agreement. Any shortfall under this aggregate purchase threshold results in an extension of the term of the Supplier Agreement and does not otherwise result in financial penalties.

Employment Agreements

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

Financial Assurances

In the normal course of business, the Company obtains standby letters of credit and surety bonds from financial institutions and other third parties. These instruments guarantee the Company’s 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 March 31, 2025, December 31, 2024, and March 31, 2024, outstanding standby letters of credit issued through our Floor Plan Facility were $14.3 million, $14.3 million, and $12.3 million, respectively (see Note 3 — Inventories and Floor Plan Payables). The outstanding standby letters of credit issued through the Senior Secured Credit Facilities as of March 31, 2025, December 31, 2024, and March 31, 2024 were $4.9 million (see Note 7 — Long-Term Debt). As of March 31, 2025, December 31, 2024, and March 31, 2024, outstanding surety bonds were $25.3 million, $26.6 million, and $24.4 million, respectively. The underlying liabilities to which these instruments relate are reflected on the Company’s condensed consolidated balance sheets, where applicable. Therefore, no additional liability is reflected for the letters of credit and surety bonds themselves.

Statement of Cash Flows

3 Months Ended

Mar. 31, 2025

Statement of Cash Flows

Statement of Cash Flows

11. Statement of Cash Flows

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



	Three Months Ended March 31,
	2025		2024
Cash paid (received) during the period for:
Interest	$	46,441	$	61,812
Income taxes		(1,015)		(111)
Noncash investing and financing activities:
Leasehold improvements paid by lessor		79		—
Capital expenditures in accounts payable and accrued liabilities		8,616		6,203
Prior period deposit applied to portion of purchase price of RV dealership acquisition		11,000		8,873
Cost of treasury stock issued for vested restricted stock units		—		2,595

Acquisitions

3 Months Ended

Mar. 31, 2025

Acquisitions

Acquisitions

12. Acquisitions

During the three months ended March 31, 2025 and 2024, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under GAAP. The Company used cash and borrowings under its Floor Plan Facility to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new store locations to expand its business and grow its customer base. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill.

During the three months ended March 31, 2025, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of eight locations for an aggregate purchase price of approximately $91.6 million, of which one RV dealership had not opened by March 31, 2025. As a component of the aggregate purchase price to acquire certain of these locations, $10.0 million was paid as a deposit in November 2024, which would convert into shares of Lazydays Holdings, Inc. (“Lazydays”) common stock if the Company completed the acquisition of all seven RV dealerships originally contemplated under the November 2024 agreement with Lazydays. However, the Company acquired only five of the seven Lazydays RV dealerships, so the deposit did not convert to shares of Lazydays common stock. Instead, the deposit was considered a component of the purchase price of those acquisitions and ultimately recognized as goodwill. Additionally, a $1.0 million deposit was made in December 2024 for non-Lazydays RV dealership acquisitions that were completed during the three months ended March 31, 2025. Separate from these acquisitions, during the three months ended March 31, 2025, the Company purchased real property for an aggregate purchase price of $48.6 million.

During the three months ended March 31, 2024, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of nine locations for an aggregate purchase price of approximately $67.7 million, of which one RV dealerships had not opened by March 31, 2024. Separate from these acquisitions, during the three months ended March 31, 2024, the Company purchased real property for an aggregate purchase price of $1.2 million.

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


	Three Months Ended March 31,
($ in thousands)	2025		2024
Tangible assets (liabilities) acquired (assumed):
Inventories, net	$	73,507	$	40,394
Prepaid expenses and other assets		58		—
Property and equipment, net		1,414		287
Operating lease assets		9,366		15,328
Accrued liabilities		(144)		(40)
Current portion of operating lease liabilities		(1,055)		(1,112)
Other current liabilities		(463)		(21)
Operating lease liabilities, net of current portion		(8,312)		(14,216)
Total tangible net assets acquired		74,371		40,620
Intangible assets acquired:
Supplier and customer relationships		—		2,595
Total intangible assets acquired		—		2,595
Goodwill		17,193		24,458
Purchase price of acquisitions		91,564		67,673
Application of deposit paid in prior period		(11,000)		(8,873)
Cash paid for acquisitions, net of cash acquired		80,564		58,800
Inventory purchases financed via floor plan		(71,181)		(48,684)
Cash payment net of floor plan financing	$	9,383	$	10,116

The fair values above for the three months ended March 31, 2025 are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date relating to the valuation of the acquired assets, primarily the acquired inventories. For the three months ended March 31, 2024, the fair values include a measurement period adjustment to record $2.6 million of other intangible assets from a RV dealership acquisition that occurred during the year ended December 31, 2023. These intangible assets had an estimated useful life of 15 years; however, these intangible assets were sold for $2.6 million during 2024.

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 three months ended March 31, 2025 and 2024,

acquired goodwill of $17.2 million and $24.5 million, respectively, was expected to be deductible for tax purposes.

Included in the condensed consolidated financial statements for the three months ended March 31, 2025 were revenue of $11.8 million and pre-tax income of $0.1 million from the acquired dealerships from the applicable acquisition dates. Included in the condensed consolidated financial statements for the three months ended March 31, 2024 were revenue of $7.0 million and insignificant pre-tax income from 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.

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Taxes

Income Taxes

13. Income Taxes

CWH is organized as a Subchapter C corporation and, as of March 31, 2025, is a 61.1% owner of CWGS, LLC (see Note 15 — Non-Controlling Interests). CWGS, LLC is organized as a limited liability company and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes. However, certain active CWGS, LLC subsidiaries, including Americas Road and Travel Club, Inc. and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, are subject to entity-level taxes as they are Subchapter C corporations.

Effective Income Tax Rate

For the three months ended March 31, 2025 and 2024, the Company's effective income tax rate was 12.3% and 15.1%, respectively. The effective tax rate differed from the federal statutory rate of 21.0% primarily due to state taxes, changes in our uncertain tax position reserves, non-deductible executive compensation, and a portion of the Company’s earnings being attributable to non-controlling interests in limited liability companies, which are not subject to entity level taxes.

Tax Receivable Agreement

The Company is party to a tax receivable agreement (the “Tax Receivable Agreement”) that provides for the payment by the Company to the Continuing Equity Owners and Crestview Partners II GP, L.P. of 85% of the amount of tax benefits, if any, the Company actually realizes, or in some circumstances is deemed to realize, as a result of (i) increases in the tax basis from the purchase of common units from Crestview Partners II GP, L.P in exchange for Class A common stock in connection with the consummation of the IPO and the related transactions and any future redemptions that are funded by the Company and any further redemptions of common units by Continuing Equity Owners and (ii) certain other tax benefits attributable to payments made under the Tax Receivable Agreement. The above payments are predicated on CWGS, LLC making an election under Section 754 of the Internal Revenue Code effective for each tax year in which a redemption of common units for cash or stock occurs. These tax benefit payments are not conditioned upon one or more of the Continuing Equity Owners or Crestview Partners II GP, L.P. maintaining a continued ownership interest in CWGS, LLC. In general, the Continuing Equity Owners’ or Crestview Partners II GP, L.P.’s rights under the Tax Receivable Agreement are assignable, including to transferees of its common units in CWGS, LLC (other than the Company as transferee pursuant to a redemption of common units in CWGS, LLC). The Company expects to benefit from the remaining 15% of the tax benefits, if any, which may be realized.

During the three months ended March 31, 2025 and 2024, there were no redemptions of common units by Continuing Equity Owners.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

Related Party Transactions

14. Related Party Transactions

Transactions with Directors, Equity Holders and Executive Officers

From January 2012 until its expiration in March 2024, FreedomRoads, LLC was the lessee of what is now its previous corporate headquarters in Lincolnshire, Illinois (as amended from time to time, the “Lincolnshire Lease”). For the three months ended March 31, 2024, rental payments for the Lincolnshire Lease, including common area maintenance charges, were $0.2 million, which were included in SG&A expenses in

the condensed consolidated statements of operations. The Company’s Chairman and Chief Executive Officer had personally guaranteed the Lincolnshire Lease.

- Definition

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

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+ Details

Non-Controlling Interests

3 Months Ended

Mar. 31, 2025

Non-Controlling Interests

Non-Controlling Interests

15. Non-Controlling Interests

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


	As of March 31, 2025				As of December 31, 2024				As of March 31, 2024
	Common Units		Ownership %		Common Units		Ownership %		Common Units		Ownership %
CWH		62,569,449		61.1%		62,502,096		61.0%		45,071,762		53.0%
Continuing Equity Owners		39,895,393		38.9%		39,895,393		39.0%		40,044,536		47.0%
Total		102,464,842		100.0%		102,397,489		100.0%		85,116,298		100.0%

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


	Three Months Ended March 31,
($ in thousands)	2025		2024
Net loss attributable to Camping World Holdings, Inc.	$	(12,280)	$	(22,307)
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		—		(22)
Increase (decrease) in additional paid-in capital as a result of the vesting of restricted stock units		446		(2,234)
(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(871)		209
Change from net loss attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	(12,705)	$	(24,354)

Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation Plans

Stock-Based Compensation Plans

16. Stock-Based Compensation Plans

The following table summarizes the stock-based compensation (“SBC”) that has been included in the following line items within the condensed consolidated statements of operations during:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Stock-based compensation expense:
Costs applicable to revenue	$	125	$	92
Selling, general, and administrative		7,145		5,105
Total stock-based compensation expense	$	7,270	$	5,197

The following table summarizes stock option, restricted stock unit (“RSU”) and performance stock unit (“PSU”) activities for the three months ended March 31, 2025:


	Stock	Restricted	Performance
(in thousands)	Options	Stock Units	Stock Units
Outstanding at December 31, 2024	155	1,652	—
Granted	—	1,069	750
Vested	—	(109)	—
Forfeited	(1)	(71)	—
Outstanding at March 31, 2025	154	2,541	750
Exercisable at March 31, 2025	154	n/a	n/a

During the three months ended March 31, 2025, the Company granted a total of 469,004 RSUs to non-executive employees with an aggregate grant date fair value of $10.1 million and weighted-average grant date fair value of $21.57 per RSU, which will be recognized, net of forfeitures, over a vesting period of five years.

In January 2025, pursuant to the amended and restated employment agreement entered into with Marcus A. Lemonis, the Company granted Mr. Lemonis (i) an award of 600,000 RSUs with a grant date fair value of $22.13 per RSU, which will be recognized, net of forfeitures, over a vesting period through November 15, 2027, and (ii) an award of PSUs under the 2016 Plan with respect to 750,000 PSUs if earned at “target” levels of performance, which will be eligible to vest based on the achievement of specified stock price hurdles over a three-year performance period ending on December 31, 2027.

The PSUs are comprised of four tranches of 187,500 PSUs with hurdles ranging from $32.50 per share to $47.50 per share in $5.00 per share increments. The achievement of the stock price hurdles is based on the average 30 consecutive trading day closing stock price of the Company’s Class A common stock. The grant date fair value was estimated using a Monte Carlo simulation to simulate stock price trajectories over the performance period. Key inputs to the model as of the date of grant included the duration of the performance period, the risk-free interest rate, and the closing stock price, volatility and dividend yield of the Company’s Class A common stock. The PSUs had a weighted-average grant date fair value of $13.84 per PSU, which will be recognized over a weighted-average derived service period of approximately one year, net of any forfeitures for termination of employment prior to the completion of the derived service period for any tranches with unsatisfied vesting conditions.

Loss Per Share

3 Months Ended

Mar. 31, 2025

Loss Per Share

Loss Per Share

17. Loss Per Share

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

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


	Three Months Ended March 31,
(In thousands except per share amounts)	2025		2024
Numerator:
Net loss	$	(24,682)	$	(50,806)
Less: net loss attributable to non-controlling interests		12,402		28,499
Net loss attributable to Camping World Holdings, Inc. — basic	$	(12,280)	$	(22,307)
Add: reallocation of net loss attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		(9,191)		(21,275)
Net loss attributable to Camping World Holdings, Inc. — diluted	$	(21,471)	$	(43,582)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		62,531		45,047
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		39,895		40,045
Weighted-average shares of Class A common stock outstanding — diluted		102,426		85,092

Loss per share of Class A common stock — basic	$	(0.20)	$	(0.50)
Loss per share of Class A common stock — diluted	$	(0.21)	$	(0.51)

Weighted-average anti-dilutive securities excluded from the computation of diluted loss per share of Class A common stock:
Stock options to purchase Class A common stock		155		189
Restricted stock units		2,383		1,841

Weighted-average contingently issuable shares excluded from the computation of diluted loss per share of Class A common stock since all necessary conditions had not been satisfied:
Performance stock units⁽¹⁾		750		—

(1)

See Note 16 – Stock-Based Compensation Plans for further details of PSUs.

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 basic and diluted loss per share of Class B common stock or Class C common stock under the two-class method has not been presented.

Segments Information

3 Months Ended

Mar. 31, 2025

Segments Information

Segments Information

18. Segments Information

The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. The Company evaluates performance for all of its reportable segments based on Segment Adjusted EBITDA. The Company defines “Segment Adjusted EBITDA” as the reportable segments’ total revenue less segment expenses which are comprised of (i) adjusted costs applicable to revenue, (ii) intersegment costs applicable to revenues, (iii) adjusted SG&A expense, (iv) floor plan interest expense, and (v) other segment items. Segment expenses exclude depreciation and amortization and certain noncash and other items that the Chief Operating Decision Maker does not consider in his evaluation of ongoing operating performance. These excluded items include (a) SBC and (b) loss and/or impairment on investments in equity securities.

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


	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Good Sam		RV and		Good Sam		RV and
	Services		Outdoor		Services		Outdoor
($ in thousands)	and Plans		Retail		and Plans		Retail
Revenue:
Good Sam Services and Plans	$	46,208	$	—	$	45,681	$	—
New vehicles		—		621,432		—		656,086
Used vehicles		—		422,351		—		337,685
Products, service and other		—		164,992		—		177,894
Finance and insurance, net		—		148,667		—		135,454
Good Sam Club		—		9,874		—		11,217
Intersegment revenue⁽¹⁾		808		2,404		930		2,721
Total revenue before intersegment eliminations		47,016		1,369,720		46,611		1,321,057
Segment expenses:
Adjusted costs applicable to revenue⁽²⁾		17,677		966,094		15,138		946,390
Intersegment costs applicable to revenue⁽³⁾		587		2,625		930		2,206
Adjusted selling, general and administrative⁽⁴⁾		7,642		369,732		7,288		356,186
Floor plan interest expense		—		18,306		—		27,882
Other segment items⁽⁵⁾		—		(40)		—		34
Segment Adjusted EBITDA	$	21,110	$	13,003	$	23,255	$	(11,641)

(1)

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

(2)

Adjusted costs applicable to revenue exclude SBC expense and intersegment costs applicable to revenue.

(3)

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

(4)

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

(5)

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


	Three Months Ended March 31,
($ in thousands)	2025		2024
Revenue:
Good Sam Services and Plans Segment	$	47,016	$	46,611
RV and Outdoor Retail Segment		1,369,720		1,321,057
Total segment revenue		1,416,736		1,367,668
Intersegment eliminations		(3,212)		(3,651)
Total revenue		1,413,524		1,364,017
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		21,110		23,255
RV and Outdoor Retail Segment		13,003		(11,641)
Total Segment Adjusted EBITDA		34,113		11,614
Corporate SG&A excluding SBC⁽¹⁾		(2,926)		(2,894)
Depreciation and amortization		(22,544)		(19,290)
Long-lived asset impairment		(620)		(5,827)
Gain (loss) on sale or disposal of assets		1,823		(1,585)
Stock-based compensation⁽²⁾		(7,270)		(5,197)
Loss and impairment on investments in equity securities⁽³⁾		(157)		(94)
Other interest expense, net		(30,531)		(36,094)
Intersegment eliminations⁽⁴⁾		(41)		(481)
Loss before income taxes	$	(28,153)	$	(59,848)

(1)

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

(2)

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

(3)

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

(4)

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


	Three Months Ended March 31,
($ in thousands)	2025		2024
Depreciation and amortization:
Good Sam Services and Plans	$	901	$	848
RV and Outdoor Retail		21,643		18,442
Total depreciation and amortization	$	22,544	$	19,290


	Three Months Ended March 31,
($ in thousands)	2025		2024
Other interest expense, net:
Good Sam Services and Plans	$	(52)	$	(18)
RV and Outdoor Retail		6,409		8,114
Subtotal		6,357		8,096
Corporate & other		24,174		27,998
Total other interest expense, net	$	30,531	$	36,094


	March 31,		December 31,		March 31,
($ in thousands)	2025		2024		2024
Assets:
Good Sam Services and Plans	$	88,377	$	121,876	$	83,411
RV and Outdoor Retail		4,818,291		4,509,509		4,744,164
Subtotal		4,906,668		4,631,385		4,827,575
Corporate & other		240,542		231,892		239,355
Total assets	$	5,147,210	$	4,863,277	$	5,066,930


	Three Months Ended March 31,
($ in thousands)	2025		2024
Capital expenditures:
Good Sam Services and Plans	$	2,905	$	1,857
RV and Outdoor Retail		69,190		25,313
Total capital expenditures	$	72,095	$	27,170

- Definition

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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,280)	$ (22,307)

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

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

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

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

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

Revisions to Prior Period Condensed Consolidated Financial Statements

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the quarter ended March 31, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in CWGS, LLC, including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company’s Annual Report. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of March 31, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

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


	As of March 31, 2024
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	153,716	$	43,768	$	197,484
Total assets		5,023,162		43,768		5,066,930
Additional paid-in capital		98,828		33,385		132,213
Retained earnings		157,303		10,383		167,686
Total stockholders' equity attributable to Camping World Holdings, Inc.		99,000		43,768		142,768
Total stockholders' equity		152,410		43,768		196,178
Total liabilities and stockholders' equity		5,023,162		43,768		5,066,930

The following table presents the effect of the immaterial misstatements on the condensed consolidated statements of stockholders’ equity for the periods indicated:


	Additional Paid-In Capital						Retained Earnings						Total Stockholders' Equity
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Balance at January 1, 2024	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975
Stock-based compensation		2,751		—		2,751		—		—		—		5,197		—		5,197
Exercise of stock options		(30)		—		(30)		—		—		—		51		—		51
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(22)		—		(22)		—		—		—		—		—		—
Vesting of restricted stock units		(2,234)		—		(2,234)		—		—		—		—		—		—
Repurchases of Class A common stock for withholding taxes on vested RSUs		209		—		209		—		—		—		(658)		—		(658)
Distributions to holders of LLC common units		—		—		—		—		—		—		(9,947)		—		(9,947)
Dividends		—		—		—		(5,634)		—		(5,634)		(5,634)		—		(5,634)
Non-controlling interest adjustment		(126)		—		(126)		—		—		—		—		—		—
Net income		—		—		—		(22,307)		—		(22,307)		(50,806)		—		(50,806)
Balance at March 31, 2024	$	98,828	$	33,385	$	132,213	$	157,303	$	10,383	$	167,686	$	152,410	$	43,768	$	196,178

Seasonality

Seasonality

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

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

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

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

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires that public business entities on an annual basis disclose (1) consistent categories and greater

disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2025, with respect to the annual disclosures beginning with the year ending December 31, 2025, including the presentation of the comparable prior periods. The adoption of this ASU will result in additional annual income tax disclosures and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement―Reporting Comprehensive Income―Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting period entities present a new tabular disclosure in the notes to the financial statements, presenting disaggregation of the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. Furthermore, the ASU requires entities to include certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements and disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, entities are required to disclose the total amount of selling expenses and, in annual reporting period, an entity’s definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Schedule of effect of the error corrections


	As of March 31, 2024
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	153,716	$	43,768	$	197,484
Total assets		5,023,162		43,768		5,066,930
Additional paid-in capital		98,828		33,385		132,213
Retained earnings		157,303		10,383		167,686
Total stockholders' equity attributable to Camping World Holdings, Inc.		99,000		43,768		142,768
Total stockholders' equity		152,410		43,768		196,178
Total liabilities and stockholders' equity		5,023,162		43,768		5,066,930


	Additional Paid-In Capital						Retained Earnings						Total Stockholders' Equity
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Balance at January 1, 2024	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975
Stock-based compensation		2,751		—		2,751		—		—		—		5,197		—		5,197
Exercise of stock options		(30)		—		(30)		—		—		—		51		—		51
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(22)		—		(22)		—		—		—		—		—		—
Vesting of restricted stock units		(2,234)		—		(2,234)		—		—		—		—		—		—
Repurchases of Class A common stock for withholding taxes on vested RSUs		209		—		209		—		—		—		(658)		—		(658)
Distributions to holders of LLC common units		—		—		—		—		—		—		(9,947)		—		(9,947)
Dividends		—		—		—		(5,634)		—		(5,634)		(5,634)		—		(5,634)
Non-controlling interest adjustment		(126)		—		(126)		—		—		—		—		—		—
Net income		—		—		—		(22,307)		—		(22,307)		(50,806)		—		(50,806)
Balance at March 31, 2024	$	98,828	$	33,385	$	132,213	$	157,303	$	10,383	$	167,686	$	152,410	$	43,768	$	196,178

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue

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

The total unsatisfied performance obligations for these revenue streams at March 31, 2025 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):


	As of
	March 31, 2025
2025	$	74,131
2026		40,345
2027		19,717
2028		9,673
2029		4,966
Thereafter		2,951
Total	$	151,783

Inventories and Floor Plan Payables (Tables)

3 Months Ended

Mar. 31, 2025

Inventories and Floor Plan Payables

Schedule of inventories

Inventories consisted of the following (in thousands):


	March 31,		December 31,		March 31,
	2025		2024		2024
Good Sam services and plans	$	219	$	263	$	392
New RVs		1,509,594		1,241,533		1,469,193
Used RVs		406,728		413,546		389,810
Products, parts, accessories and other		202,628		166,495		218,197
	$	2,119,169	$	1,821,837	$	2,077,592

Schedule of outstanding amounts and available borrowing


	March 31,		December 31,		March 31,
	2025		2024		2024
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	2,150,000	$	1,850,000	$	1,850,000
Less: borrowings, net of FLAIR offset account		(1,320,687)		(1,161,713)		(1,414,696)
Less: FLAIR offset account⁽¹⁾		(157,863)		(79,472)		(147,654)
Additional borrowing capacity		671,450		608,815		287,650
Less: short-term payable for sold inventory⁽²⁾		(81,959)		(33,152)		(91,299)
Less: purchase commitments⁽³⁾		(55,125)		(9,340)		(31,551)
Unencumbered borrowing capacity	$	534,366	$	566,323	$	164,800

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

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

(1)

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

(2)

The short-term payable represents the amount due for sold inventory. A payment for any floor plan units sold is due within three to ten business days of sale. Due to the short-term nature of these payables, the Company reclassifies the amounts from notes payable‒floor plan, net to accounts payable in the condensed consolidated balance sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the condensed consolidated statements of cash flows.

(3)	Purchase commitments represent vehicles approved for floor plan financing where the inventory has not yet been received by the Company from the supplier and no floor plan borrowing is outstanding.

Long-Lived Asset Impairment (Tables)

3 Months Ended

Mar. 31, 2025

Long-Lived Asset Impairment

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, all of which relate to the RV and Outdoor Retail segment (in thousands):


	Three Months Ended March 31,
	2025		2024
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	190	$	2,285
Operating lease right of use assets		—		1,290
Building and improvements		430		2,252
Total long-lived asset impairment charges	$	620	$	5,827

Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2025

Assets Held for Sale

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

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


	March 31,		December 31,		March 31,
	2025		2024		2024
Assets held for sale:
Inventories	$	7,588	$	—	$	—
Goodwill		3,414		—		—
Property and equipment, net		9,534		1,350		6,276
	$	20,536	$	1,350	$	6,276

- Definition

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

+ References

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+ Details

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets

Schedule of changes in the Company's goodwill by segment

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


	Good Sam
	Services and		RV and
	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2023 (excluding impairment charges)	$	71,118	$	881,941	$	953,059
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2023		24,234		686,988		711,222
Acquisitions		—		24,458		24,458
Balance at March 31, 2024		24,234		711,446		735,680
Acquisitions		1,561		5,682		7,243
Divestiture ⁽¹⁾		—		(8,900)		(8,900)
Balance at December 31, 2024		25,795		708,228		734,023
Acquisitions		—		17,193		17,193
Reclassification to assets held for sale ⁽²⁾		—		(3,414)		(3,414)
Balance at March 31, 2025	$	25,795	$	722,007	$	747,802

(1)	In May 2024, the Company closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (“CWDS”).

(2)	See Note 5 – Assets Held for Sale for further details.

Schedule of Finite-lived intangible assets and related accumulated amortization

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


	March 31, 2025
	Carrying		Accumulated
	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,611)	$	129
Trademarks and trade names		2,132		(414)		1,718
Websites and developed technology		3,650		(1,753)		1,897
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(2,853)		1,301
Supplier lists and agreements		9,500		(816)		8,684
Trademarks and trade names		26,526		(22,340)		4,186
Websites and developed technology		6,348		(5,743)		605
	$	62,050	$	(43,530)	$	18,520

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

	March 31, 2024
	Cost or		Accumulated
	Fair Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,316)	$	424
Trademarks and trade names		2,132		(273)		1,859
Websites and developed technology		3,050		(1,227)		1,823
RV and Outdoor Retail:
Customer lists and domain names and other		5,543		(3,439)		2,104
Supplier lists and agreements		1,696		(1,187)		509
Trademarks and trade names		27,251		(21,725)		5,526
Websites and developed technology		6,344		(5,591)		753
	$	55,756	$	(42,758)	$	12,998

- Definition

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

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+ Details

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Instrument [Line Items]

Schedule of outstanding long-term debt

Outstanding long-term debt consisted of the following (in thousands):


	March 31,		December 31,		March 31,
	2025		2024		2024
Term Loan Facility ⁽¹⁾	$	1,332,960	$	1,335,535	$	1,343,580
Real Estate Facilities ⁽²⁾		170,732		173,132		219,068
Other Long-Term Debt		7,843		7,926		8,168
Subtotal		1,511,535		1,516,593		1,570,816
Less: current portion		(23,147)		(23,275)		(25,651)
Total	$	1,488,388	$	1,493,318	$	1,545,165

(1)	Net of $9.0 million, $9.6 million, and $11.4 million of original issue discount at March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and $3.5 million, $3.8 million, and $4.4 million of finance costs at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

(2)	Net of $2.8 million, $3.1 million, and $3.9 million of finance costs at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Term Loan Facility

Debt Instrument [Line Items]

Schedule of outstanding amounts and available borrowings

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


	March 31,		December 31,		March 31,
	2025		2024		2024
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,400,000	$	1,400,000	$	1,400,000
Less: cumulative principal payments		(54,553)		(51,049)		(40,538)
Less: unamortized original issue discount		(8,973)		(9,600)		(11,433)
Less: unamortized finance costs		(3,514)		(3,816)		(4,449)
		1,332,960		1,335,535		1,343,580
Less: current portion		(14,015)		(14,015)		(14,015)
Long-term debt, net of current portion	$	1,318,945	$	1,321,520	$	1,329,565
Revolving Credit Facility:
Total commitment	$	65,000	$	65,000	$	65,000
Less: outstanding letters of credit		(4,902)		(4,902)		(4,930)
Less: total net leverage ratio borrowing limitation		(37,348)		(37,348)		(37,320)
Additional borrowing capacity	$	22,750	$	22,750	$	22,750

Real Estate Facilities

Debt Instrument [Line Items]

Schedule of outstanding amounts and available borrowings


	As of March 31, 2025
			Remaining			Wtd. Average
(In thousands)	Outstanding⁽¹⁾		Available⁽²⁾			Interest Rate
Real Estate Facilities
M&T Real Estate Facility	$	167,425	$	57,390	⁽³⁾		6.55%
First CIBC Real Estate Facility		3,307		—			7.30%
	$	170,732	$	57,390

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

(2)	Amounts cannot be reborrowed.

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

- Definition

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

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- Definition

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+ Details

Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2025

Lease Obligations

Summary of lease cost

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


	Three Months Ended March 31,
	2025		2024
Operating lease cost	$	29,353	$	29,190
Finance lease cost:
Amortization of finance lease assets		2,591		2,860
Interest on finance lease liabilities		2,182		2,466
Short-term lease cost		308		377
Variable lease cost		6,704		5,329
Sublease income		(846)		(654)
Net lease costs	$	40,292	$	39,568

Schedule of cash flow supplemental information

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


	Three Months Ended March 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	30,113	$	29,588
Operating cash flows for finance leases		2,182		2,466
Financing cash flows for finance leases		1,763		1,829
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases		24,521		44,183
New, remeasured and terminated finance leases		1,957		42,228

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

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


	March 31, 2025				December 31, 2024				March 31, 2024
($ in thousands)	Carrying Value		Level 3		Carrying Value		Level 3		Carrying Value		Level 3
Assets:
Derived participation investment ⁽¹⁾	$	1,151	$	1,151	$	156	$	156	$	—	$	—
Liabilities:
Acquisition-related contingent consideration ⁽²⁾		368		368		368		368		—		—

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

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

Schedule of fair value measurements of assets using significant unobservable inputs


	Three Months Ended March 31, 2025
($ in thousands)	Derived Participation Investment		Acquisition-related contingent consideration
Beginning balance	$	156	$	368
Purchases		1,018		—
Settlements		(67)		—
Gains included in earnings		44		—
Ending balance	$	1,151	$	368

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


	Fair Value	March 31, 2025				December 31, 2024				March 31, 2024
($ in thousands)	Measurement	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2	$	1,332,960	$	1,294,993	$	1,335,535	$	1,320,286	$	1,343,580	$	1,322,077
Floor Plan Facility Revolving Line of Credit	Level 2		—		—		—		—		31,885		33,134
Real Estate Facilities	Level 2		170,732		173,557		173,132		176,684		219,068		230,710
Other Long-Term Debt	Level 2		7,843		6,616		7,926		6,652		8,168		6,708

- Definition

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

+ References + Details

Statement of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2025

Statement of Cash Flows

Supplemental disclosures of cash flow information

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



	Three Months Ended March 31,
	2025		2024
Cash paid (received) during the period for:
Interest	$	46,441	$	61,812
Income taxes		(1,015)		(111)
Noncash investing and financing activities:
Leasehold improvements paid by lessor		79		—
Capital expenditures in accounts payable and accrued liabilities		8,616		6,203
Prior period deposit applied to portion of purchase price of RV dealership acquisition		11,000		8,873
Cost of treasury stock issued for vested restricted stock units		—		2,595

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

Assets Of Multiple Dealership Locations Acquired

Acquisitions

Summary of the purchase price allocations


	Three Months Ended March 31,
($ in thousands)	2025		2024
Tangible assets (liabilities) acquired (assumed):
Inventories, net	$	73,507	$	40,394
Prepaid expenses and other assets		58		—
Property and equipment, net		1,414		287
Operating lease assets		9,366		15,328
Accrued liabilities		(144)		(40)
Current portion of operating lease liabilities		(1,055)		(1,112)
Other current liabilities		(463)		(21)
Operating lease liabilities, net of current portion		(8,312)		(14,216)
Total tangible net assets acquired		74,371		40,620
Intangible assets acquired:
Supplier and customer relationships		—		2,595
Total intangible assets acquired		—		2,595
Goodwill		17,193		24,458
Purchase price of acquisitions		91,564		67,673
Application of deposit paid in prior period		(11,000)		(8,873)
Cash paid for acquisitions, net of cash acquired		80,564		58,800
Inventory purchases financed via floor plan		(71,181)		(48,684)
Cash payment net of floor plan financing	$	9,383	$	10,116

Non-Controlling Interests (Tables)

3 Months Ended

Mar. 31, 2025

Non-Controlling Interests

Schedule of ownership in CWGS, LLC


	As of March 31, 2025				As of December 31, 2024				As of March 31, 2024
	Common Units		Ownership %		Common Units		Ownership %		Common Units		Ownership %
CWH		62,569,449		61.1%		62,502,096		61.0%		45,071,762		53.0%
Continuing Equity Owners		39,895,393		38.9%		39,895,393		39.0%		40,044,536		47.0%
Total		102,464,842		100.0%		102,397,489		100.0%		85,116,298		100.0%

Schedule of effects of change in ownership


	Three Months Ended March 31,
($ in thousands)	2025		2024
Net loss attributable to Camping World Holdings, Inc.	$	(12,280)	$	(22,307)
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		—		(22)
Increase (decrease) in additional paid-in capital as a result of the vesting of restricted stock units		446		(2,234)
(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(871)		209
Change from net loss attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	(12,705)	$	(24,354)

Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation Plans

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


	Three Months Ended March 31,
($ in thousands)	2025		2024
Stock-based compensation expense:
Costs applicable to revenue	$	125	$	92
Selling, general, and administrative		7,145		5,105
Total stock-based compensation expense	$	7,270	$	5,197

Schedule of stock option, restricted stock unit ("RSU") and performance stock unit ("PSU") activities


	Stock	Restricted	Performance
(in thousands)	Options	Stock Units	Stock Units
Outstanding at December 31, 2024	155	1,652	—
Granted	—	1,069	750
Vested	—	(109)	—
Forfeited	(1)	(71)	—
Outstanding at March 31, 2025	154	2,541	750
Exercisable at March 31, 2025	154	n/a	n/a

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Class A Common Stock

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


	Three Months Ended March 31,
(In thousands except per share amounts)	2025		2024
Numerator:
Net loss	$	(24,682)	$	(50,806)
Less: net loss attributable to non-controlling interests		12,402		28,499
Net loss attributable to Camping World Holdings, Inc. — basic	$	(12,280)	$	(22,307)
Add: reallocation of net loss attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		(9,191)		(21,275)
Net loss attributable to Camping World Holdings, Inc. — diluted	$	(21,471)	$	(43,582)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		62,531		45,047
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		39,895		40,045
Weighted-average shares of Class A common stock outstanding — diluted		102,426		85,092

Loss per share of Class A common stock — basic	$	(0.20)	$	(0.50)
Loss per share of Class A common stock — diluted	$	(0.21)	$	(0.51)

Weighted-average anti-dilutive securities excluded from the computation of diluted loss per share of Class A common stock:
Stock options to purchase Class A common stock		155		189
Restricted stock units		2,383		1,841

Weighted-average contingently issuable shares excluded from the computation of diluted loss per share of Class A common stock since all necessary conditions had not been satisfied:
Performance stock units⁽¹⁾		750		—

(1)

See Note 16 – Stock-Based Compensation Plans for further details of PSUs.

Segments Information (Tables)

3 Months Ended

Mar. 31, 2025

Segments Information

Reportable segment revenue


	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Good Sam		RV and		Good Sam		RV and
	Services		Outdoor		Services		Outdoor
($ in thousands)	and Plans		Retail		and Plans		Retail
Revenue:
Good Sam Services and Plans	$	46,208	$	—	$	45,681	$	—
New vehicles		—		621,432		—		656,086
Used vehicles		—		422,351		—		337,685
Products, service and other		—		164,992		—		177,894
Finance and insurance, net		—		148,667		—		135,454
Good Sam Club		—		9,874		—		11,217
Intersegment revenue⁽¹⁾		808		2,404		930		2,721
Total revenue before intersegment eliminations		47,016		1,369,720		46,611		1,321,057
Segment expenses:
Adjusted costs applicable to revenue⁽²⁾		17,677		966,094		15,138		946,390
Intersegment costs applicable to revenue⁽³⁾		587		2,625		930		2,206
Adjusted selling, general and administrative⁽⁴⁾		7,642		369,732		7,288		356,186
Floor plan interest expense		—		18,306		—		27,882
Other segment items⁽⁵⁾		—		(40)		—		34
Segment Adjusted EBITDA	$	21,110	$	13,003	$	23,255	$	(11,641)

(1)

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

(2)

Adjusted costs applicable to revenue exclude SBC expense and intersegment costs applicable to revenue.

(3)

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

(4)

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

(5)

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

Reportable segment adjusted EBITDA


	Three Months Ended March 31,
($ in thousands)	2025		2024
Revenue:
Good Sam Services and Plans Segment	$	47,016	$	46,611
RV and Outdoor Retail Segment		1,369,720		1,321,057
Total segment revenue		1,416,736		1,367,668
Intersegment eliminations		(3,212)		(3,651)
Total revenue		1,413,524		1,364,017
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		21,110		23,255
RV and Outdoor Retail Segment		13,003		(11,641)
Total Segment Adjusted EBITDA		34,113		11,614
Corporate SG&A excluding SBC⁽¹⁾		(2,926)		(2,894)
Depreciation and amortization		(22,544)		(19,290)
Long-lived asset impairment		(620)		(5,827)
Gain (loss) on sale or disposal of assets		1,823		(1,585)
Stock-based compensation⁽²⁾		(7,270)		(5,197)
Loss and impairment on investments in equity securities⁽³⁾		(157)		(94)
Other interest expense, net		(30,531)		(36,094)
Intersegment eliminations⁽⁴⁾		(41)		(481)
Loss before income taxes	$	(28,153)	$	(59,848)

(1)

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

(2)

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

(3)

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

(4)

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

Reportable depreciation and amortization and other interest expense, net


	Three Months Ended March 31,
($ in thousands)	2025		2024
Depreciation and amortization:
Good Sam Services and Plans	$	901	$	848
RV and Outdoor Retail		21,643		18,442
Total depreciation and amortization	$	22,544	$	19,290


	Three Months Ended March 31,
($ in thousands)	2025		2024
Other interest expense, net:
Good Sam Services and Plans	$	(52)	$	(18)
RV and Outdoor Retail		6,409		8,114
Subtotal		6,357		8,096
Corporate & other		24,174		27,998
Total other interest expense, net	$	30,531	$	36,094

Reportable segment assets


	March 31,		December 31,		March 31,
($ in thousands)	2025		2024		2024
Assets:
Good Sam Services and Plans	$	88,377	$	121,876	$	83,411
RV and Outdoor Retail		4,818,291		4,509,509		4,744,164
Subtotal		4,906,668		4,631,385		4,827,575
Corporate & other		240,542		231,892		239,355
Total assets	$	5,147,210	$	4,863,277	$	5,066,930

Schedule of segment capital expenditures


	Three Months Ended March 31,
($ in thousands)	2025		2024
Capital expenditures:
Good Sam Services and Plans	$	2,905	$	1,857
RV and Outdoor Retail		69,190		25,313
Total capital expenditures	$	72,095	$	27,170

Summary of Significant Accounting Policies - Description of Business (Details) - CWGS, LLC	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Segments Information
Ownership interest	100.00%	100.00%	100.00%
CWH
Segments Information
Ownership interest	61.10%	61.00%	53.00%

Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of condensed consolidated balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Reclassification [Line Items]
Deferred tax assets, net	$ 210,586	$ 215,140	$ 197,484
Total assets	5,147,210	4,863,277	5,066,930
Additional paid-in capital	197,730	193,692	132,213
Retained earnings	112,140	132,241	167,686
Total stockholders' equity attributable to Camping World Holdings, Inc.	310,500	326,562	142,768
Total stockholders' equity	458,811	484,949	196,178	$ 257,975
Total liabilities and stockholders' equity	$ 5,147,210	$ 4,863,277	5,066,930
As Previously Reported
Reclassification [Line Items]
Deferred tax assets, net			153,716
Total assets			5,023,162
Additional paid-in capital			98,828
Retained earnings			157,303
Total stockholders' equity attributable to Camping World Holdings, Inc.			99,000
Total stockholders' equity			152,410	214,207
Total liabilities and stockholders' equity			5,023,162
Adjustment
Reclassification [Line Items]
Deferred tax assets, net			43,768
Total assets			43,768
Additional paid-in capital			33,385
Retained earnings			10,383
Total stockholders' equity attributable to Camping World Holdings, Inc.			43,768
Total stockholders' equity			43,768	$ 43,768
Total liabilities and stockholders' equity			$ 43,768

Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated statements of stockholders' equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Reclassification [Line Items]
Balance	$ 484,949	$ 257,975
Stock-based compensation	7,270	5,197
Exercise of stock options		51
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		0
Vesting of restricted stock units		0
Repurchases of Class A common stock for withholding taxes on vested RSUs	(871)	(658)
Distributions to holders of LLC common units	(34)	(9,947)
Dividends	(7,821)	(5,634)
Non-controlling interest adjustment		0
Net income	(24,682)	(50,806)
Balance	458,811	196,178
Additional Paid-in Capital
Reclassification [Line Items]
Balance	193,692	131,665
Stock-based compensation	4,438	2,751
Exercise of stock options		(30)
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(22)
Vesting of restricted stock units	446	(2,234)
Repurchases of Class A common stock for withholding taxes on vested RSUs	(871)	209
Distributions to holders of LLC common units	0	0
Dividends	0	0
Non-controlling interest adjustment	25	(126)
Net income	0	0
Balance	197,730	132,213
Retained Earnings
Reclassification [Line Items]
Balance	132,241	195,627
Stock-based compensation	0	0
Exercise of stock options		0
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		0
Vesting of restricted stock units	0	0
Repurchases of Class A common stock for withholding taxes on vested RSUs	0	0
Distributions to holders of LLC common units	0	0
Dividends	(7,821)	(5,634)
Non-controlling interest adjustment	0	0
Net income	(12,280)	(22,307)
Balance	$ 112,140	167,686
As Previously Reported
Reclassification [Line Items]
Balance		214,207
Stock-based compensation		5,197
Exercise of stock options		51
Repurchases of Class A common stock for withholding taxes on vested RSUs		(658)
Distributions to holders of LLC common units		(9,947)
Dividends		(5,634)
Net income		(50,806)
Balance		152,410
As Previously Reported \| Additional Paid-in Capital
Reclassification [Line Items]
Balance		98,280
Stock-based compensation		2,751
Exercise of stock options		(30)
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(22)
Vesting of restricted stock units		(2,234)
Repurchases of Class A common stock for withholding taxes on vested RSUs		209
Non-controlling interest adjustment		(126)
Balance		98,828
As Previously Reported \| Retained Earnings
Reclassification [Line Items]
Balance		185,244
Dividends		(5,634)
Net income		(22,307)
Balance		157,303
Adjustment
Reclassification [Line Items]
Balance		43,768
Balance		43,768
Adjustment \| Additional Paid-in Capital
Reclassification [Line Items]
Balance		33,385
Balance		33,385
Adjustment \| Retained Earnings
Reclassification [Line Items]
Balance		10,383
Balance		$ 10,383

Revenue - Contract Assets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Accounts receivable \| RV Service Center
Revenue
Contract asset	$ 9.2	$ 10.0	$ 13.4

Revenue - Deferred Revenues (Details) $ in Millions	3 Months Ended
Revenue - Deferred Revenues (Details) $ in Millions	Mar. 31, 2025 USD ($)
Deferred Revenues
Revenues recognized that were included in the deferred revenues balance	$ 30.9

Revenue - Performance Obligation (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Performance obligation
Revenue expected to be recognized	$ 151,783
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Performance obligation
Revenue expected to be recognized	$ 74,131
Unsatisfied performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Performance obligation
Revenue expected to be recognized	$ 40,345
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	$ 19,717
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Performance obligation
Revenue expected to be recognized	$ 9,673
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Performance obligation
Revenue expected to be recognized	$ 4,966
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Performance obligation
Revenue expected to be recognized	$ 2,951
Unsatisfied performance obligation, period	0 years

Inventories and Floor Plan Payables - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Inventories
Inventories	$ 2,119,169	$ 1,821,837	$ 2,077,592
Good Sam Services and Plans
Inventories
Inventories	219	263	392
New RVs
Inventories
Inventories	1,509,594	1,241,533	1,469,193
Used RVs
Inventories
Inventories	406,728	413,546	389,810
Products, parts, accessories and other
Inventories
Inventories	$ 202,628	$ 166,495	$ 218,197

Inventories and Floor Plan Payables - Floor Plan Payable (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Floor Plan Payable
Principal Outstanding		$ 0	$ 0	$ 31,885
Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	$ 2,150,000	$ 2,150,000	$ 1,850,000	$ 1,850,000
Increase in borrowing capacity	300,000
Floor Plan Facility, floor plan notes
Floor Plan Payable
Applicable interest rate (as a percent)		6.34%	6.72%	7.87%
Line of Credit \| Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		$ 70,000	$ 70,000	$ 70,000
Applicable interest rate (as a percent)				7.62%
Principal Outstanding		0	0
Letters of credit \| Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	45,000	$ 45,000	$ 30,000	$ 30,000
Increase in borrowing capacity	$ 15,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Inventories and Floor Plan Payables - Floor Plan Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Feb. 28, 2025	Dec. 31, 2024	Mar. 31, 2024
Minimum
Notes payable - floor plan:
Floor plan payment due period	3 days
Maximum
Notes payable - floor plan:
Floor plan payment due period	10 days
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$ 2,150,000	$ 2,150,000	$ 1,850,000	$ 1,850,000
Less: borrowings	(1,320,687)		(1,161,713)	(1,414,696)
Less: FLAIR offset account	(157,863)		(79,472)	(147,654)
Additional borrowing capacity	671,450		608,815	287,650
Less: short-term payable for sold inventory	(81,959)		(33,152)	(91,299)
Less: purchase commitments	(55,125)		(9,340)	(31,551)
Unencumbered borrowing capacity	534,366		566,323	164,800
Line of Credit \| Floor Plan Facility
Notes payable - floor plan:
Total commitment	70,000		70,000	70,000
Less: borrowings				(31,885)
Additional borrowing capacity	70,000		70,000	38,115
Letters of credit \| Floor Plan Facility
Notes payable - floor plan:
Total commitment	45,000	$ 45,000	30,000	30,000
Less: outstanding letters of credit	(14,300)		(14,300)	(12,300)
Additional letters of credit capacity	$ 30,700		$ 15,700	$ 17,700

Long-Lived Asset Impairment - Type of long-lived asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	$ 620	$ 5,827
Leasehold improvements
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	190	2,285
Operating lease right-of-use assets
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	0	1,290
Building and improvements
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	$ 430	$ 2,252

Assets Held for Sale - Narrative (Details) - Disposal Group - Properties held for sale	3 Months Ended
	Mar. 31, 2025 store property	Dec. 31, 2024 property	Mar. 31, 2024 property
Assets held for sale
Number of properties \| property	3	2	3
Number of RV dealerships \| store	1

Assets Held for Sale - Assets and Related Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Assets held for sale:
Assets held for sale	$ 20,536	$ 1,350	$ 6,276
Disposal Group \| Properties held for sale
Assets held for sale:
Inventories	7,588	0	0
Goodwill	3,414	0	0
Property and equipment, net	9,534	1,350	6,276
Assets held for sale	$ 20,536	$ 1,350	$ 6,276

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Balance (excluding impairment charges)				$ 953,059
Accumulated impairment charges				(241,837)
Balance	$ 734,023	$ 711,222	$ 735,680
Acquisitions	17,193	24,458	7,243
Reclassification to assets held for sale	(3,414)
Divestiture			(8,900)
Balance	747,802	735,680	734,023
Good Sam Services and Plans
Goodwill
Balance (excluding impairment charges)				71,118
Accumulated impairment charges				(46,884)
Balance	25,795	24,234	24,234
Acquisitions			1,561
Balance	25,795	24,234	25,795
RV and Outdoor Retail
Goodwill
Balance (excluding impairment charges)				881,941
Accumulated impairment charges				$ (194,953)
Balance	708,228	686,988	711,446
Acquisitions	17,193	24,458	5,682
Reclassification to assets held for sale	(3,414)
Divestiture			(8,900)
Balance	$ 722,007	$ 711,446	$ 708,228

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Intangible Assets
Cost or Fair Value	$ 62,050	$ 62,050	$ 55,756
Accumulated Amortization	(43,530)	(42,581)	(42,758)
Net	18,520	19,469	12,998
Good Sam Services and Plans \| Membership, customer lists and other
Intangible Assets
Cost or Fair Value	9,740	9,740	9,740
Accumulated Amortization	(9,611)	(9,537)	(9,316)
Net	129	203	424
Good Sam Services and Plans \| Trademarks and trade names
Intangible Assets
Cost or Fair Value	2,132	2,132	2,132
Accumulated Amortization	(414)	(379)	(273)
Net	1,718	1,753	1,859
Good Sam Services and Plans \| Websites and developed technology
Intangible Assets
Cost or Fair Value	3,650	3,650	3,050
Accumulated Amortization	(1,753)	(1,614)	(1,227)
Net	1,897	2,036	1,823
RV and Outdoor Retail \| Customer lists, domain names and other
Intangible Assets
Cost or Fair Value	4,154		5,543
Accumulated Amortization	(2,853)		(3,439)
Net	1,301		2,104
RV and Outdoor Retail \| Customer lists and domain names
Intangible Assets
Cost or Fair Value		4,154
Accumulated Amortization		(2,752)
Net		1,402
RV and Outdoor Retail \| Supplier lists and agreements
Intangible Assets
Cost or Fair Value	9,500	9,500	1,696
Accumulated Amortization	(816)	(594)	(1,187)
Net	8,684	8,906	509
RV and Outdoor Retail \| Trademarks and trade names
Intangible Assets
Cost or Fair Value	26,526	26,526	27,251
Accumulated Amortization	(22,340)	(22,005)	(21,725)
Net	4,186	4,521	5,526
RV and Outdoor Retail \| Websites and developed technology
Intangible Assets
Cost or Fair Value	6,348	6,348	6,344
Accumulated Amortization	(5,743)	(5,700)	(5,591)
Net	$ 605	$ 648	$ 753

Long-Term Debt - Outstanding long term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Long-Term Debt
Subtotal	$ 1,511,535	$ 1,516,593	$ 1,570,816
Less: current portion	(23,147)	(23,275)	(25,651)
Long-term debt, net of current portion	1,488,388	1,493,318	1,545,165
Term Loan Facility
Long-Term Debt
Subtotal	1,332,960	1,335,535	1,343,580
Less: current portion	(14,015)	(14,015)	(14,015)
Long-term debt, net of current portion	1,318,945	1,321,520	1,329,565
Unamortized discount	8,973	9,600	11,433
Finance costs	3,514	3,816	4,449
Real Estate Facilities
Long-Term Debt
Subtotal	170,732	173,132	219,068
Finance costs	2,800	3,100	3,900
Other Long-Term Debt
Long-Term Debt
Subtotal	$ 7,843	$ 7,926	$ 8,168

- Definition

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

+ References + Details

Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
M & T Real Estate Facility
Long-Term Debt
Maximum borrowing capacity	$ 300.0	$ 300.0	$ 300.0
Effective interest rate (as a percent)	6.55%
Term Loan Facility
Long-Term Debt
Average interest rate (as a percent)	6.94%	6.97%	7.94%
Effective interest rate (as a percent)	7.18%	7.43%	8.18%
Letters of credit \| Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity	$ 15.0
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	35.00%
Secured Debt \| Line of Credit \| Revolving Credit Facility
Long-Term Debt
Amount subtracted from aggregate borrowings in determining compliance with the total leverage ratio	$ 37.3
Secured Debt \| Letters of credit \| Revolving Credit Facility
Long-Term Debt
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	35.00%

Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Long-term debt
Long-Term Debt	$ 1,511,535	$ 1,570,816	$ 1,516,593
Less: current portion	(23,147)	(25,651)	(23,275)
Long-term debt, net of current portion	1,488,388	1,545,165	1,493,318
Term Loan Facility
Long-term debt
Principal amount of borrowings	1,400,000	1,400,000	1,400,000
Less: cumulative principal payments	(54,553)	(40,538)	(51,049)
Less: unamortized original issue discount	(8,973)	(11,433)	(9,600)
Less: unamortized finance costs	(3,514)	(4,449)	(3,816)
Long-Term Debt	1,332,960	1,343,580	1,335,535
Less: current portion	(14,015)	(14,015)	(14,015)
Long-term debt, net of current portion	1,318,945	1,329,565	1,321,520
Revolving Credit Facility
Long-term debt
Principal amount of borrowings	65,000	65,000	65,000
Less: outstanding letters of credit	(4,902)	(4,930)	(4,902)
Less: total net leverage ratio borrowing limitation	(37,348)	(37,320)	(37,348)
Additional letters of credit capacity	$ 22,750	$ 22,750	$ 22,750

Long-Term Debt - Real Estate Facilities (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2024 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($)
Long-term debt
Payments of outstanding balance		$ 0	$ 32,000
M & T Real Estate Facility
Long-term debt
Maximum borrowing capacity		300,000	300,000	$ 300,000
Maximum borrowing capacity, increase in capacity		100,000	100,000	$ 100,000
Proceeds from issuance of debt			55,600
Remaining Available		57,390
M&T Real Estate Facility Relating to Separate Property
Long-term debt
Payments of outstanding balance			$ 17,300
Number of properties with associated secured borrowings \| property			3
Real Estate Facilities
Long-term debt
Remaining Available		$ 57,390
Third CIBC Real Estate Facility
Long-term debt
Payments of outstanding balance	$ 8,900

Long-Term Debt - Real Estate Facilities - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Outstanding notes	$ 1,511,535	$ 1,516,593	$ 1,570,816
Real Estate Facilities
Debt Instrument [Line Items]
Outstanding notes	170,732	$ 173,132	$ 219,068
Remaining Available	57,390
M & T Real Estate Facility
Debt Instrument [Line Items]
Outstanding notes	167,425
Remaining Available	$ 57,390
Effective interest rate (as a percent)	6.55%
First CIBC Real Estate Facility
Debt Instrument [Line Items]
Outstanding notes	$ 3,307
Effective interest rate (as a percent)	7.30%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

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

+ References + Details

Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Long-Term Debt
Long-term debt	$ 1,511,535	$ 1,516,593	$ 1,570,816
Other Long-Term Debt
Long-Term Debt
Long-term debt	$ 7,843	$ 7,926	$ 8,168
Weighted average interest rate	4.27%

- Definition

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

+ References + Details

Lease Obligations - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Lease costs
Operating lease cost	$ 29,353	$ 29,190
Amortization of finance lease assets	2,591	2,860
Interest on finance lease liabilities	2,182	2,466
Short-term lease cost	308	377
Variable lease cost	6,704	5,329
Sublease income	(846)	(654)
Net lease costs	$ 40,292	$ 39,568

Lease Obligations - Financial Statement Line Items (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Lease Obligations
Finance lease assets	$ 119.4	$ 120.0	$ 139.8

Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Lease Obligations
Operating cash flows for operating leases	$ 30,113	$ 29,588
Operating cash flows for finance leases	2,182	2,466
Financing cash flows for finance leases	1,763	1,829
New, remeasured and terminated operating leases	24,521	44,183
New, remeasured and terminated finance leases	$ 1,957	$ 42,228

Lease Obligations - Sale-Leaseback Arrangement (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) property	Mar. 31, 2024 USD ($) property	Dec. 31, 2024
Sale leaseback
Number of properties associated in sale leaseback transaction \| property	1	2
Sale price of properties	$ 3.5	$ 23.5
Gains (Losses) in sale leaseback arrangement	$ 0.0	$ 0.1
Sale leaseback agreement with 20-year term
Sale leaseback
Term of sale leaseback transaction			20 years
Sale leaseback agreement with 19-year term
Sale leaseback
Term of sale leaseback transaction	19 years

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Apr. 30, 2025	Dec. 31, 2024
Liabilities
Transfers of assets from level 1 to level 2	$ 0	$ 0
Transfers of assets from level 2 to level 1	0	0
Transfers of liabilities from level 1 to level 2	0	0
Transfers of liabilities from level 2 to level 1	0	0
Transfers of assets between the fair value measurement levels 3	0	0
Transfers of liabilities between the fair value measurement levels 3	0	0
Additional investment			$ 1,600
Maximum aggregate payment if all milestones are reached	500
Accrued Liabilities
Liabilities
Acquisition-related contingent consideration	200
Other Long-term Liabilities
Liabilities
Acquisition-related contingent consideration	200
Level 2 \| Carrying Value \| Term Loan Facility
Liabilities
Debt instrument	1,332,960	1,343,580		$ 1,335,535
Level 2 \| Carrying Value \| Floor Plan Facility
Liabilities
Debt instrument		31,885
Level 2 \| Carrying Value \| Real Estate Facilities
Liabilities
Debt instrument	170,732	219,068		173,132
Level 2 \| Carrying Value \| Other Long-Term Debt
Liabilities
Debt instrument	7,843	8,168		7,926
Level 2 \| Fair Value \| Term Loan Facility
Liabilities
Debt instrument	1,294,993	1,322,077		1,320,286
Level 2 \| Fair Value \| Floor Plan Facility
Liabilities
Debt instrument		33,134
Level 2 \| Fair Value \| Real Estate Facilities
Liabilities
Debt instrument	173,557	230,710		176,684
Level 2 \| Fair Value \| Other Long-Term Debt
Liabilities
Debt instrument	6,616	6,708		6,652
Level 3 \| Carrying Value
Assets
Derived participation investment	1,151	0		156
Liabilities
Acquisition-related contingent consideration	368	0		368
Level 3 \| Fair Value
Assets
Derived participation investment	1,151	0		156
Liabilities
Acquisition-related contingent consideration	$ 368	$ 0		$ 368

Fair Value Measurements - Significant unobservable inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Derived Participation Investment
Beginning balance	$ 156
Purchases	1,018
Settlements	(67)
Gains included in earnings	44
Ending balance	1,151
Acquisition-related contingent consideration
Beginning balance	368
Ending balance	$ 368

Commitments and Contingencies - Litigation (Details)			1 Months Ended
Commitments and Contingencies - Litigation (Details)	Sep. 12, 2024 USD ($)	Oct. 08, 2021 USD ($)	May 31, 2024 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 22, 2021 lawsuit
Commitments and Contingencies
Aggregate due on Supplier Agreement			$ 250,000,000
Term of Supplier Agreement (in years)			10 years
Surety Bond
Commitments and Contingencies
Outstanding surety bonds				$ 25,300,000	$ 26,600,000	$ 24,400,000
Letters of credit \| Floor Plan Facility
Commitments and Contingencies
Letters of credit				14,300,000	14,300,000	12,300,000
Letters of credit \| Senior Secured Credit Facilities
Commitments and Contingencies
Letters of credit				$ 4,900,000	$ 4,900,000	$ 4,900,000
Weissmann
Commitments and Contingencies
Number of lawsuits \| lawsuit							1
Damages sought by plaintiff		$ 2,500,000
Damages awarded	$ 4,990,006
Damages awarded, Jointly and Severally liable	4,106,884
Amount the Company is entitled to	4,318,892
Tumbleweed
Commitments and Contingencies
Damages awarded	4,990,006
Damages awarded - attorney fees	3,793,455
Damages awarded - costs	$ 626,611

Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
Statement of Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash paid (received) during the period for:
Interest	$ 46,441	$ 61,812
Income taxes	(1,015)	(111)
Noncash investing and financing activities:
Leasehold improvements paid by lessor	79	0
Capital expenditures in accounts payable and accrued liabilities	8,616	6,203
Prior period deposit applied to portion of purchase price of RV dealership acquisition	11,000	8,873
Cost of treasury stock issued for vested restricted stock units	$ 0	$ 2,595

Acquisitions - General Information (Details) $ in Millions	3 Months Ended
Acquisitions - General Information (Details) $ in Millions	Mar. 31, 2025 USD ($) location	Mar. 31, 2024 USD ($) location	Dec. 31, 2024 USD ($)
Acquisitions
Real properties purchased \| $	$ 48.6	$ 1.2
RV Dealerships
Acquisitions
Deposit \| $			$ 1.0
Lazydays
Acquisitions
Number of locations acquired \| location	5
Number of locations to acquire per the acquisition agreement \| location	7
Deposit \| $	$ 10.0
RV and Outdoor Retail \| RV Dealership Groups
Acquisitions
Number of locations acquired \| location	8	9
Cash paid for acquisition \| $	$ 91.6	$ 67.7
Number of locations to be open after current reporting period \| location	1	1

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Tangible assets (liabilities) acquired (assumed):
Goodwill	$ 747,802	$ 735,680	$ 734,023	$ 711,222
Application of deposit paid in prior period	(11,000)	(8,873)
Cash paid for acquisitions, net of cash acquired	80,564	58,800
2025 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net	73,507
Prepaid expenses and other assets	58
Property and equipment, net	1,414
Operating lease assets	9,366
Accrued liabilities	(144)
Current portion of operating lease liabilities	(1,055)
Other current liabilities	(463)
Operating lease liabilities, net of current portion	(8,312)
Total tangible net assets acquired	74,371
Total intangible assets acquired	0
Goodwill	17,193
Purchase price of acquisitions	91,564
Application of deposit paid in prior period	(11,000)
Cash paid for acquisitions, net of cash acquired	80,564
Inventory purchases financed via floor plan	(71,181)
Cash payment net of floor plan financing	9,383
2025 Acquisitions \| Supplier And customer relationships
Tangible assets (liabilities) acquired (assumed):
Total intangible assets acquired	$ 0
2024 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net		40,394
Prepaid expenses and other assets		0
Property and equipment, net		287
Operating lease assets		15,328
Accrued liabilities		(40)
Current portion of operating lease liabilities		(1,112)
Other current liabilities		(21)
Operating lease liabilities, net of current portion		(14,216)
Total tangible net assets acquired		40,620
Total intangible assets acquired		2,595
Goodwill		24,458
Purchase price of acquisitions		67,673
Application of deposit paid in prior period		(8,873)
Cash paid for acquisitions, net of cash acquired		58,800
Inventory purchases financed via floor plan		(48,684)
Cash payment net of floor plan financing		10,116
2024 Acquisitions \| Supplier And customer relationships
Tangible assets (liabilities) acquired (assumed):
Total intangible assets acquired		$ 2,595

Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Acquisitions
Proceeds from sale of intangible assets	$ 0	$ 2,595
RV Dealership Groups \| Other intangible assets
Acquisitions
Fair value measurement period adjustment of other intangible assets from a RV dealership acquisition		2,600
Useful lives (in years)			15 years
Proceeds from sale of intangible assets			$ 2,600
Assets Of Multiple Dealership Locations Acquired
Acquisitions
Goodwill for tax purposes	17,200	24,500
Revenue	11,800	$ 7,000
Pre-tax income (loss)	$ 100

Income Taxes (Details) - shares				3 Months Ended
Income Taxes (Details) - shares	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Effective tax rate (as a percent)				12.30%	15.10%
Federal income tax rate (as a percent)				21.00%
Continuing Equity Owners \| Related party
Number of units redeemed	0		0	0	0
Tax receivable agreement
Expected future tax benefits retained by the Company (as a percent)				15.00%
Tax receivable agreement \| Continuing Equity Owners and Crestview partners II GP LP \| Related party
Payment, as percent of tax benefits (as a percent)				85.00%
CWGS, LLC
Ownership interest	100.00%	100.00%	100.00%
CWH \| CWGS, LLC
Ownership interest	61.10%	61.00%	53.00%

Related Party Transactions (Details) $ in Millions	3 Months Ended
Related Party Transactions (Details) $ in Millions	Mar. 31, 2024 USD ($)
FreedomRoads \| Lease Agreement \| Related party \| Mr. Lemonis
Related Party Transactions
Related party expense	$ 0.2

Non-Controlling Interests - Ownership In CWGS, LLC (Details) - CWGS, LLC - shares	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Non-Controlling Interests
Units held	102,464,842	102,397,489	85,116,298
Ownership interest	100.00%	100.00%	100.00%
CWH
Non-Controlling Interests
Units held	62,569,449	62,502,096	45,071,762
Ownership interest	61.10%	61.00%	53.00%
Continuing Equity Owners
Non-Controlling Interests
Units held	39,895,393	39,895,393	40,044,536
Ownership interest	38.90%	39.00%	47.00%

Non-Controlling Interests - Changes in Ownership in CWGS, LLC (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Summarizes the effects of change in ownership:
Net loss attributable to Camping World Holdings, Inc.	$ (12,280)	$ (22,307)
Transfers to non-controlling interests:
Change from net loss attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	(12,705)	(24,354)
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	0	(22)
Increase (decrease) in additional paid-in capital as a result of the vesting of restricted stock units	446	(2,234)
(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs	$ (871)	$ 209

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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-Paragraph 3
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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

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

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

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

+ Details

Stock-Based Compensation Plans-compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock-based compensation expense:
Stock based compensation expense	$ 7,270	$ 5,197
Costs applicable to revenue
Stock-based compensation expense:
Stock based compensation expense	125	92
Selling, general, and administrative
Stock-based compensation expense:
Stock based compensation expense	$ 7,145	$ 5,105

Stock-Based Compensation Plans - Options, RSUs and PSUs (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2025 tranche D $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares
Stock Options
Outstanding at December 31, 2024 (in shares)	155,000	155,000
Forfeited (in shares)		(1,000)
Outstanding at March 31, 2025 (in shares)		154,000
Options exercisable at March 31, 2025 (in shares)		154,000
Restricted Stock Units (RSUs)
Stock-based compensation
Outstanding at beginning of period (in shares)	1,652,000	1,652,000
Granted (in shares)		1,069,000
Vested (in shares)		(109,000)
Forfeited (in shares)		(71,000)
Outstanding at end of period (shares)		2,541,000
Restricted Stock Units (RSUs) \| Employee
Stock-based Compensation Plans
Vesting period		5 years
Stock-based compensation
Granted (in shares)		469,004
Grant date fair value (in dollars) \| $		$ 10.1
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (per share) \| $ / shares		$ 21.57
Performance stock units (PSU)
Stock-based Compensation Plans
Number of tranches \| tranche	4
Number of shares granted per tranche	187,500
Stock-based compensation
Granted (in shares)		750,000
Share Price, per share increments \| $ / shares	$ 5
Outstanding at end of period (shares)		750,000
Performance stock units (PSU) \| Class A Common Stock
Stock-based compensation
Consecutive trading \| D	30
Performance stock units (PSU) \| Minimum
Stock-based compensation
Share Price \| $ / shares	$ 32.5
Performance stock units (PSU) \| Maximum
Stock-based compensation
Share Price \| $ / shares	47.5
2016 Plan \| Restricted Stock Units (RSUs) \| Mr. Lemonis
Stock-based Compensation Plans
Grant date fair value (per unit) \| $ / shares	$ 22.13
Stock-based compensation
Granted (in shares)	600,000
2016 Plan \| Performance stock units (PSU) \| Mr. Lemonis
Stock-based Compensation Plans
Weighted average grant date fair value (per share) \| $ / shares	$ 13.84
Term of awards	3 years
Vesting period	1 year
Stock-based compensation
Granted (in shares)	750,000

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net loss	$ (24,682)	$ (50,806)
Less: net loss attributable to non-controlling interests	12,402	28,499
Net loss attributable to Camping World Holdings, Inc. - basic	(12,280)	(22,307)
Add: reallocation of net loss attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock	(9,191)	(21,275)
Net loss attributable to Camping World Holdings, Inc. - diluted	$ (21,471)	$ (43,582)
Performance stock units (PSU)
Denominator:
Performance stock units	750	0
Options
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted loss per share of Class A common stock:	155	189
Restricted Stock Units (RSUs)
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted loss per share of Class A common stock:	2,383	1,841
Class A Common Stock
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	62,531	45,047
Dilutive common units of CWGS, LLC that are convertible into Class A common stock	39,895	40,045
Weighted-average shares of Class A common stock outstanding - diluted	102,426	85,092
Loss per share of Class A common stock - basic	$ (0.2)	$ (0.5)
Loss per share of Class A common stock - diluted	$ (0.21)	$ (0.51)

Segments Information - General Information (Details)	1 Months Ended
Segments Information - General Information (Details)	Jan. 31, 2025 segment
Segments Information
Number of reportable segments	2

Segments Information - Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Revenue	$ 1,413,524	$ 1,364,017
Segment expenses:
Floor plan interest expense	$ 18,306	27,882
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities
Operating Segments
Revenue:
Revenue	$ 1,416,736	1,367,668
Segment expenses:
Segment Adjusted EBITDA	34,113	11,614
Intersegment Eliminations
Revenue:
Revenue	(3,212)	(3,651)
Good Sam Services and Plans
Revenue:
Revenue	46,208	45,681
Good Sam Services and Plans \| Operating Segments
Revenue:
Revenue	47,016	46,611
Segment expenses:
Adjusted costs applicable to revenue	17,677	15,138
Adjusted selling, general and administrative	7,642	7,288
Segment Adjusted EBITDA	21,110	23,255
Good Sam Services and Plans \| Intersegment Eliminations
Revenue:
Revenue	808	930
Segment expenses:
Adjusted costs applicable to revenue	587	930
Good Sam Services and Plans \| Good Sam Services and Plans \| Operating Segments
Revenue:
Revenue	46,208	45,681
Segment expenses:
Segment Adjusted EBITDA	21,110	23,255
RV and Outdoor Retail
Revenue:
Revenue	1,367,316	1,318,336
RV and Outdoor Retail \| Operating Segments
Revenue:
Revenue	1,369,720	1,321,057
Segment expenses:
Adjusted costs applicable to revenue	966,094	946,390
Adjusted selling, general and administrative	369,732	356,186
Floor plan interest expense	18,306	27,882
Other segment items	(40)	34
Segment Adjusted EBITDA	13,003	(11,641)
RV and Outdoor Retail \| Intersegment Eliminations
Revenue:
Revenue	2,404	2,721
Segment expenses:
Adjusted costs applicable to revenue	2,625	2,206
RV and Outdoor Retail \| Good Sam Services and Plans \| Operating Segments
Segment expenses:
Segment Adjusted EBITDA	13,003	(11,641)
RV and Outdoor Retail \| New vehicles
Revenue:
Revenue	621,432	656,086
RV and Outdoor Retail \| New vehicles \| Operating Segments
Revenue:
Revenue	621,432	656,086
RV and Outdoor Retail \| Used vehicles
Revenue:
Revenue	422,351	337,685
RV and Outdoor Retail \| Used vehicles \| Operating Segments
Revenue:
Revenue	422,351	337,685
RV and Outdoor Retail \| Products, service and other
Revenue:
Revenue	164,992	177,894
RV and Outdoor Retail \| Products, service and other \| Operating Segments
Revenue:
Revenue	164,992	177,894
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Revenue	148,667	135,454
RV and Outdoor Retail \| Finance and insurance, net \| Operating Segments
Revenue:
Revenue	148,667	135,454
RV and Outdoor Retail \| Good Sam Club
Revenue:
Revenue	9,874	11,217
RV and Outdoor Retail \| Good Sam Club \| Operating Segments
Revenue:
Revenue	$ 9,874	$ 11,217

Segments Information - Segment income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segments Information
Revenue	$ 1,413,524	$ 1,364,017
Depreciation and amortization	(22,544)	(19,290)
Long-lived asset impairment	(620)	(5,827)
Gain (loss) on sale or disposal of assets	1,823	(1,585)
Stock-based compensation	(7,270)	(5,197)
Other interest expense, net	(30,531)	(36,094)
Loss before income taxes	(28,153)	(59,848)
Operating Segments
Segments Information
Revenue	1,416,736	1,367,668
Segment Adjusted EBITDA	34,113	11,614
Corporate SG&A excluding SBC	(2,926)	(2,894)
Depreciation and amortization	(22,544)	(19,290)
Long-lived asset impairment	(620)	(5,827)
Gain (loss) on sale or disposal of assets	1,823	(1,585)
Stock-based compensation	(7,270)	(5,197)
Loss and impairment on investments in equity securities	(157)	(94)
Other interest expense, net	(30,531)	(36,094)
Intersegment Eliminations
Segments Information
Revenue	(3,212)	(3,651)
Loss before income taxes	(41)	(481)
Good Sam Services and Plans Segment
Segments Information
Revenue	46,208	45,681
Good Sam Services and Plans Segment \| Operating Segments
Segments Information
Revenue	47,016	46,611
Segment Adjusted EBITDA	21,110	23,255
Depreciation and amortization	(901)	(848)
Other interest expense, net	52	18
Good Sam Services and Plans Segment \| Intersegment Eliminations
Segments Information
Revenue	808	930
RV and Outdoor Retail Segment
Segments Information
Revenue	1,367,316	1,318,336
RV and Outdoor Retail Segment \| Operating Segments
Segments Information
Revenue	1,369,720	1,321,057
Segment Adjusted EBITDA	13,003	(11,641)
Depreciation and amortization	(21,643)	(18,442)
Other interest expense, net	(6,409)	(8,114)
RV and Outdoor Retail Segment \| Intersegment Eliminations
Segments Information
Revenue	$ 2,404	$ 2,721

Segments Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segments Information
Total depreciation and amortization	$ 22,544	$ 19,290
Operating Segments
Segments Information
Total depreciation and amortization	22,544	19,290
Good Sam Services and Plans \| Operating Segments
Segments Information
Total depreciation and amortization	901	848
RV and Outdoor Retail \| Operating Segments
Segments Information
Total depreciation and amortization	$ 21,643	$ 18,442

Segments Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segments Information
Total other interest expense, net	$ 30,531	$ 36,094
Operating Segments
Segments Information
Total other interest expense, net	30,531	36,094
Subtotal
Segments Information
Total other interest expense, net	6,357	8,096
Corporate & other
Segments Information
Total other interest expense, net	24,174	27,998
Good Sam Services and Plans \| Operating Segments
Segments Information
Total other interest expense, net	(52)	(18)
RV and Outdoor Retail \| Operating Segments
Segments Information
Total other interest expense, net	$ 6,409	$ 8,114

Segments Information - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Revenue:
Total assets	$ 5,147,210	$ 4,863,277	$ 5,066,930
Subtotal
Revenue:
Total assets	4,906,668	4,631,385	4,827,575
Corporate & other
Revenue:
Total assets	240,542	231,892	239,355
Good Sam Services and Plans \| Operating Segments
Revenue:
Total assets	88,377	121,876	83,411
RV and Outdoor Retail \| Operating Segments
Revenue:
Total assets	$ 4,818,291	$ 4,509,509	$ 4,744,164

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments Information - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segments Information
Total capital expenditures	$ 72,095	$ 27,170
Good Sam Services and Plans \| Operating Segments
Segments Information
Total capital expenditures	2,905	1,857
RV and Outdoor Retail \| Operating Segments
Segments Information
Total capital expenditures	$ 69,190	$ 25,313