# Camping World Holdings, Inc.: Form 10-Q for the period ended Jun 30, 2025

- Company: [Camping World Holdings, Inc.](/companies/cwh.md) (CIK 1669779)
- Form: 10-Q
- Filed: 2025-07-30
- Accepted by EDGAR: Jul 30, 2025, 20:10 ET
- Period: 2025-06-30
- Accession: 0001558370-25-009795
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1669779/000155837025009795/cwh-20250630x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1669779/000155837025009795/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-04-01 to 2025-06-30 | $1.98bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 6 months, 2025-01-01 to 2025-06-30 | $3.39bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2025-04-01 to 2025-06-30 | $1.38bn | us-gaap:CostOfRevenue |
| Cost of revenue | 6 months, 2025-01-01 to 2025-06-30 | $2.37bn | us-gaap:CostOfRevenue |
| Selling, general and administrative | 3 months, 2025-04-01 to 2025-06-30 | $437.5m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 6 months, 2025-01-01 to 2025-06-30 | $824.9m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2025-04-01 to 2025-06-30 | $130.3m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2025-01-01 to 2025-06-30 | $151.1m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2025-04-01 to 2025-06-30 | $18.3m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2025-01-01 to 2025-06-30 | $14.8m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-04-01 to 2025-06-30 | $30.2m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2025-01-01 to 2025-06-30 | $17.9m | us-gaap:NetIncomeLoss |
| Operating cash flow | 6 months, 2025-01-01 to 2025-06-30 | −$44.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 6 months, 2025-01-01 to 2025-06-30 | $15.7m | us-gaap:PaymentsOfDividends |
| Cash and equivalents | at 2025-06-30 | $118.1m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-06-30 | $2.55bn | us-gaap:AssetsCurrent |
| Total assets | at 2025-06-30 | $5.19bn | us-gaap:Assets |
| Current liabilities | at 2025-06-30 | $2.03bn | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-06-30 | $4.68bn | us-gaap:Liabilities |
| Long-term debt | at 2025-06-30 | $1.48bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2025-06-30 | $23.0m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2025-06-30 | $340.5m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 102,749 characters.

### MANAGEMENT’S DISCUSSION AND ANALYSIS OF

### FINANCIAL CONDITION AND RESULTS OF OPERATIONS

*The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes included in Part I, Item 1 of this Form 10-Q, as well as our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 (the “Annual Report”). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under “Risk Factors” included in Part I, Item 1A of our Annual Report, the “Cautionary Note Regarding Forward-Looking Statements” in this Form 10-Q and in other parts of this Form 10-Q. Except to the extent that differences among reportable segments are material to an understanding of our business taken as a whole, we present the discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis.*

*For purposes of this Form 10-Q, we define an "Active Customer" as a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement. Unless otherwise indicated, the date of measurement is June 30, 2025, our most recently completed fiscal quarter.*

### Overview

Camping World Holdings, Inc. (together with its subsidiaries) is the world’s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enables us to connect with our customers as stewards of an outdoor and recreational lifestyle. On June 30, 2025, we operated a total of 201 locations, with all of them selling and/or servicing RVs. See Note 1 – Summary of Significant Accounting Policies to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

A summary of the changes in quantities and types of retail stores and changes in same stores from June 30, 2024 to June 30, 2025, are in the table below:

| ​ ​ ​ | ​ RV Dealerships | ​ | ​ RV Service & Retail Centers | ​ | ​ ​ ​ | ​ ​ Total | ​ ​ ​ | ​ Same Store(1) |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Number of store locations as of June 30, 2024 | ​ | 211 | ​ | 4 | ​ | 215 | ​ | 182 |
| Opened | ​ | 10 | ​ | — | ​ | 10 | ​ | — |
| Converted | ​ | 1 | ​ | (1) | ​ | — | ​ | (1) |
| Temporarily closed | ​ | (2) | ​ | — | ​ | (2) | ​ | (2) |
| Closed | ​ | (20) | ​ | (2) | ​ | (22) | ​ | (16) |
| Achieved designation of same store (1) | ​ | — | ​ | — | ​ | — | ​ | 15 |
| Number of store locations as of June 30, 2025 | ​ | 200 | ​ | 1 | ​ | 201 | ​ | 178 |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

(1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.

### Industry Trends

According to the RV Industry Association’s (“RVIA”) survey of manufacturers, which almost entirely focuses on North America, wholesale shipments of new RVs for 2024 were 333,733 units, 6.6% greater than in 2023. In the Summer 2025 edition of RV *RoadSigns*, the quarterly forecast prepared by ITR Economics for the RVIA projected RV wholesale shipments to be approximately 337,000 in 2025, or 1.0% higher than 2024. RV wholesale shipments for the first six months of 2025 were 190,705 units, up 6.8% compared to the same timeframe last year per the June 2025 survey of manufacturers prepared by the RVIA. According to Statistical Surveys, Inc. aggregation of North America RV retail transactions, new RV registrations in the US declined by 4.6% to 317,503 registrations for the twelve-month period ended May 31, 2025 compared to the comparable period ended May 31, 2024. Used RV registrations experienced a 7.5% decline to 715,542 registrations over the same period.

The per unit cost of new vehicles in fiscal year 2023 was significantly higher than we experienced prior to the COVID-19 pandemic, due to the RV manufacturers’ supply constraints during the pandemic, strong demand for new vehicles during the pandemic, higher inflation, and higher interest rates. We focused on clearing out a significant portion of our higher cost pre-2024 model year new vehicles in late 2023 and the first quarter of 2024. The increased mix of lower cost recent model year vehicles during the first quarter of 2025, as well as a mix shift toward more inexpensive entry level travel trailers, resulted in lower average selling prices and average cost per unit of new vehicles with little impact to gross margins. Additionally, residual values of used vehicles had declined during 2024 as a result of a decrease in new vehicle costs, which resulted in the first half of 2025 having lower average selling prices and average cost per unit of used vehicles and a 128 basis point improvement in used vehicle gross margins.

We had experienced lower used vehicle inventory levels for much of 2024 as we slowed procurement to allow RV owner pricing expectations to adjust as a result of 2024 model year pricing declines. Beginning in the fourth quarter of 2024, we took steps to reverse the trend of decreasing used vehicle revenue and unit sales, including the increase in the procurement of used vehicles, which resulted in a 21.5% increase in used vehicles revenue and 24.4% increase in used vehicles unit sales in the first half of 2025. Accordingly, we expect used vehicle revenue and unit sales to outpace comparative 2024 periods for much of 2025.

We are closely monitoring U.S. trade policy developments with countries from which we source product and equipment, such as China, Mexico, and Canada. There is uncertainty as to the extent and duration of additional tariffs that have or may be imposed on imports from these countries. We made adjustments to our procurement practices to partially mitigate certain of the potential negative effects that additional tariffs may impose on the sourcing of our inventory and equipment. Additionally, many of our U.S.-based suppliers source some of their components from these countries, which could result in higher procurement costs from U.S.-based suppliers. In 2024, our costs applicable to revenue included the costs of directly sourced inventory from China, Mexico, and Canada of approximately $27.0 million, $10.0 million and $2.0 million, respectively.

### Financial Institutions

The Company maintains the majority of its cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we will be able to access uninsured funds in a timely manner or at all.

### Inflation

As noted in “Industry Trends” above, we have experienced, and continue to experience, reduced cost and average selling prices with respect to new vehicles and, as a byproduct of the new vehicle pricing decrease, used vehicles. New and used vehicles regularly represent a majority of our costs. However, inflationary factors, such as increases to our product costs, or tariffs on imported product or components used by RV manufacturers, have in the past adversely affected and may in the future adversely affect our operating results if the selling prices of our products and services do not increase proportionately with those increased costs or if demand for our products and services declines as a result of price increases to address inflationary costs. We finance substantially all of our new vehicle inventory and certain of our used vehicle inventory through revolving floor plan arrangements. Inflationary increases in the costs of new and/or used vehicles financed through the revolving floor plan arrangement result in an increase in the outstanding principal balance of the revolving floor plan arrangement. Additionally, our leases require us to pay taxes, maintenance, repairs, insurance and utilities, all of which are generally subject to inflationary increases. Further, the cost of remodeling acquired RV dealership locations and constructing new RV dealership locations is subject to inflationary increases in the costs of labor and material, which results in higher rent expense on new RV dealership locations. Finally, our credit agreements include interest rates that vary based on various benchmarks. Such rates have historically increased during periods of increasing inflation.

### Results of Operations

### Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

Unless otherwise indicated, all financial comparisons in this section of Results of Operations compare our financial results for the three months ended June 30, 2025 to our financial results from the three months ended June 30, 2024. The following table sets forth information comparing the components of net income (loss) for the three months ended June 30, 2025 and 2024:

*($ in thousands)*

| ​ ​ ​ ​ Revenue: | ​ ​ ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ ​ Amount ​ ​ | ​ ​ ​ | ​ Percent of Revenue ​ | ​ ​ ​ ​ | ​ ​ June 30, 2024 ​ ​ Amount ​ ​ | ​ ​ ​ | ​ Percent of Revenue ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ Favorable/ (Unfavorable) $% ​ ​ | ​ ​ ​ | ​ ​ ​ |
| --- | --- | --- | --- | ---: | --- | --- | --- | ---: | --- | --- | --- | ---: |
| Good Sam Services and Plans | ​ | $54,213 | ​ | 2.7% | ​ | $52,548 | ​ | 2.9% | ​ | $1,665 | ​ | 3.2% |
| RV and Outdoor Retail | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| New vehicles | ​ | ​ 915,106 | ​ | 46.3% | ​ | ​ 847,105 | ​ | 46.9% | ​ | ​ 68,001 | ​ | 8.0% |
| Used vehicles | ​ | ​ 572,271 | ​ | 29.0% | ​ | ​ 480,774 | ​ | 26.6% | ​ | ​ 91,497 | ​ | 19.0% |
| Products, service and other | ​ | ​ 222,890 | ​ | 11.3% | ​ | ​ 235,947 | ​ | 13.1% | ​ | ​ (13,057) | ​ | (5.5%) |
| Finance and insurance, net | ​ | ​ 201,198 | ​ | 10.2% | ​ | ​ 179,016 | ​ | 9.9% | ​ | ​ 22,182 | ​ | 12.4% |
| Good Sam Club | ​ | ​ 10,270 | ​ | 0.5% | ​ | ​ 11,115 | ​ | 0.6% | ​ | ​ (845) | ​ | (7.6%) |
| Subtotal | ​ | ​ 1,921,735 | ​ | 97.3% | ​ | ​ 1,753,957 | ​ | 97.1% | ​ | ​ 167,778 | ​ | 9.6% |
| Total revenue | ​ | ​ 1,975,948 | ​ | 100.0% | ​ | ​ 1,806,505 | ​ | 100.0% | ​ | ​ 169,443 | ​ | 9.4% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Gross profit (exclusive of depreciation and amortization shown separately below): | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Good Sam Services and Plans | ​ | ​ 32,266 | ​ | 1.6% | ​ | ​ 35,356 | ​ | 2.0% | ​ | ​ (3,090) | ​ | (8.7%) |
| RV and Outdoor Retail | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| New vehicles | ​ | ​ 126,233 | ​ | 6.4% | ​ | ​ 129,455 | ​ | 7.2% | ​ | ​ (3,222) | ​ | (2.5%) |
| Used vehicles | ​ | ​ 117,032 | ​ | 5.9% | ​ | ​ 91,173 | ​ | 5.0% | ​ | ​ 25,859 | ​ | 28.4% |
| Products, service and other | ​ | ​ 106,478 | ​ | 5.4% | ​ | ​ 103,014 | ​ | 5.7% | ​ | ​ 3,464 | ​ | 3.4% |
| Finance and insurance, net | ​ | ​ 201,198 | ​ | 10.2% | ​ | ​ 179,016 | ​ | 9.9% | ​ | ​ 22,182 | ​ | 12.4% |
| Good Sam Club | ​ | ​ 9,048 | ​ | 0.5% | ​ | ​ 9,645 | ​ | 0.5% | ​ | ​ (597) | ​ | (6.2%) |
| Subtotal | ​ | ​ 559,989 | ​ | 28.3% | ​ | ​ 512,303 | ​ | 28.4% | ​ | ​ 47,686 | ​ | 9.3% |
| Total gross profit | ​ | ​ 592,255 | ​ | 30.0% | ​ | ​ 547,659 | ​ | 30.3% | ​ | ​ 44,596 | ​ | 8.1% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Operating expenses: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Selling, general, and administrative | ​ | ​ 437,489 | ​ | 22.1% | ​ | ​ 419,676 | ​ | 23.2% | ​ | ​ (17,813) | ​ | (4.2%) |
| Depreciation and amortization | ​ | ​ 23,419 | ​ | 1.2% | ​ | ​ 20,032 | ​ | 1.1% | ​ | ​ (3,387) | ​ | (16.9%) |
| Long-lived asset impairment | ​ | ​ — | ​ | — | ​ | ​ 4,584 | ​ | 0.3% | ​ | ​ 4,584 | ​ | 100.0% |
| Lease termination | ​ | ​ (107) | ​ | (0.0%) | ​ | ​ 40 | ​ | 0.0% | ​ | ​ 147 | ​ | n/m |
| Loss on sale or disposal of assets | ​ | ​ 1,185 | ​ | 0.1% | ​ | ​ 7,945 | ​ | 0.4% | ​ | ​ 6,760 | ​ | 85.1% |
| Total operating expenses | ​ | ​ 461,986 | ​ | 23.4% | ​ | ​ 452,277 | ​ | 25.0% | ​ | ​ (9,709) | ​ | (2.1%) |
| Income from operations | ​ | ​ 130,269 | ​ | 6.6% | ​ | ​ 95,382 | ​ | 5.3% | ​ | ​ 34,887 | ​ | 36.6% |
| Other expense | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Floor plan interest expense | ​ | ​ (20,989) | ​ | (1.1%) | ​ | ​ (27,799) | ​ | (1.5%) | ​ | ​ 6,810 | ​ | 24.5% |
| Other interest expense, net | ​ | ​ (30,836) | ​ | (1.6%) | ​ | ​ (36,153) | ​ | (2.0%) | ​ | ​ 5,317 | ​ | 14.7% |
| Other expense, net | ​ | ​ (2,600) | ​ | (0.1%) | ​ | ​ (81) | ​ | (0.0%) | ​ | ​ (2,519) | ​ | n/m |
| Total other expense | ​ | ​ (54,425) | ​ | (2.8%) | ​ | ​ (64,033) | ​ | (3.5%) | ​ | ​ 9,608 | ​ | 15.0% |
| Income before income taxes | ​ | ​ 75,844 | ​ | 3.8% | ​ | ​ 31,349 | ​ | 1.7% | ​ | ​ 44,495 | ​ | 141.9% |
| Income tax expense | ​ | ​ (18,321) | ​ | (0.9%) | ​ | ​ (7,935) | ​ | (0.4%) | ​ | ​ (10,386) | ​ | (130.9%) |
| Net income | ​ | ​ 57,523 | ​ | 2.9% | ​ | ​ 23,414 | ​ | 1.3% | ​ | ​ 34,109 | ​ | 145.7% |
| Less: net income attributable to non-controlling interests | ​ | ​ (27,307) | ​ | (1.4%) | ​ | ​ (13,643) | ​ | (0.8%) | ​ | ​ (13,664) | ​ | (100.2%) |
| Net income attributable to Camping World Holdings, Inc. | ​ | $30,216 | ​ | 1.5% | ​ | $9,771 | ​ | 0.5% | ​ | $20,445 | ​ | 209.2% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |

### Supplemental Data

| ​ ​ ​ Unit sales | ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ ​ | ​ | ​ ​ 2024 ​ ​ | ​ ​ | ​ ​ Increase (decrease) ​ ​ | ​ ​ ​ ​ | ​ ​ | ​ Percent Change ​ | ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---: |
| New vehicles | ​ | ​ 26,696 | ​ | ​ 22,084 | ​ | ​ 4,612 | ​ | ​ | ​ | 20.9% |
| Used vehicles | ​ | ​ 18,906 | ​ | ​ 15,700 | ​ | ​ 3,206 | ​ | ​ | ​ | 20.4% |
| Total | ​ | ​ 45,602 | ​ | ​ 37,784 | ​ | ​ 7,818 | ​ | ​ | ​ | 20.7% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Average selling price | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $34,279 | ​ | $38,358 | ​ | $(4,079) | ​ | ​ | ​ | (10.6%) |
| Used vehicles | ​ | ​ 30,269 | ​ | ​ 30,623 | ​ | ​ (354) | ​ | ​ | ​ | (1.2%) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Same store unit sales(1) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | ​ 24,360 | ​ | ​ 19,936 | ​ | ​ 4,424 | ​ | ​ | ​ | 22.2% |
| Used vehicles | ​ | ​ 17,528 | ​ | ​ 14,509 | ​ | ​ 3,019 | ​ | ​ | ​ | 20.8% |
| Total | ​ | ​ 41,888 | ​ | ​ 34,445 | ​ | ​ 7,443 | ​ | ​ | ​ | 21.6% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Same store revenue(1) ($ in 000s) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $833,171 | ​ | $768,687 | ​ | $64,484 | ​ | ​ | ​ | 8.4% |
| Used vehicles | ​ | ​ 525,573 | ​ | ​ 448,019 | ​ | ​ 77,554 | ​ | ​ | ​ | 17.3% |
| Products, service and other | ​ | ​ 179,017 | ​ | ​ 186,445 | ​ | ​ (7,428) | ​ | ​ | ​ | (4.0%) |
| Finance and insurance, net | ​ | ​ 186,659 | ​ | ​ 163,615 | ​ | ​ 23,044 | ​ | ​ | ​ | 14.1% |
| Total | ​ | $1,724,420 | ​ | $1,566,766 | ​ | $157,654 | ​ | ​ | ​ | 10.1% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Average gross profit per unit | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $4,729 | ​ | $5,862 | ​ | $(1,133) | ​ | ​ | ​ | (19.3%) |
| Used vehicles | ​ | ​ 6,190 | ​ | ​ 5,807 | ​ | ​ 383 | ​ | ​ | ​ | 6.6% |
| Finance and insurance, net per vehicle unit | ​ | ​ 4,412 | ​ | ​ 4,738 | ​ | ​ (326) | ​ | ​ | ​ | (6.9%) |
| Total vehicle front-end yield(2) | ​ | ​ 9,747 | ​ | ​ 10,577 | ​ | ​ (830) | ​ | ​ | ​ | (7.8%) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Gross margin | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Good Sam Services and Plans | ​ | ​ 59.5% | ​ | ​ 67.3% | ​ | ​ (777) | bps | ​ | ​ | ​ |
| New vehicles | ​ | ​ 13.8% | ​ | ​ 15.3% | ​ | ​ (149) | bps | ​ | ​ | ​ |
| Used vehicles | ​ | ​ 20.5% | ​ | ​ 19.0% | ​ | ​ 149 | bps | ​ | ​ | ​ |
| Products, service and other | ​ | ​ 47.8% | ​ | ​ 43.7% | ​ | ​ 411 | bps | ​ | ​ | ​ |
| Finance and insurance, net | ​ | ​ 100.0% | ​ | ​ 100.0% | ​ | ​ unch | ​ | ​ | ​ | ​ |
| Good Sam Club | ​ | ​ 88.1% | ​ | ​ 86.8% | ​ | ​ 133 | bps | ​ | ​ | ​ |
| Subtotal RV and Outdoor Retail | ​ | ​ 29.1% | ​ | ​ 29.2% | ​ | ​ (7) | bps | ​ | ​ | ​ |
| Total gross margin | ​ | ​ 30.0% | ​ | ​ 30.3% | ​ | ​ (34) | bps | ​ | ​ | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Retail locations | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| RV dealerships | ​ | ​ 200 | ​ | ​ 211 | ​ | ​ (11) | ​ | ​ | ​ | (5.2%) |
| RV service & retail centers | ​ | ​ 1 | ​ | ​ 4 | ​ | ​ (3) | ​ | ​ | ​ | (75.0%) |
| Total | ​ | ​ 201 | ​ | ​ 215 | ​ | ​ (14) | ​ | ​ | ​ | (6.5%) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| RV and Outdoor Retail inventories ($ in 000s) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $1,330,965 | ​ | $1,477,510 | ​ | $(146,545) | ​ | ​ | ​ | (9.9%) |
| Used vehicles | ​ | ​ 536,665 | ​ | ​ 349,843 | ​ | ​ 186,822 | ​ | ​ | ​ | 53.4% |
| Products, parts, accessories and misc. | ​ | ​ 193,232 | ​ | ​ 186,758 | ​ | ​ 6,474 | ​ | ​ | ​ | 3.5% |
| Total RV and Outdoor Retail inventories | ​ | $2,060,862 | ​ | $2,014,111 | ​ | $46,751 | ​ | ​ | ​ | 2.3% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Vehicle inventory per location ($ in 000s) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicle inventory per dealer location | ​ | $6,655 | ​ | $7,002 | ​ | $(347) | ​ | ​ | ​ | (5.0%) |
| Used vehicle inventory per dealer location | ​ | ​ 2,683 | ​ | ​ 1,658 | ​ | ​ 1,025 | ​ | ​ | ​ | 61.8% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Vehicle inventory turnover(3) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicle inventory turnover | ​ | ​ 1.9 | ​ | ​ 1.6 | ​ | ​ 0.2 | ​ | ​ | ​ | 14.5% |
| Used vehicle inventory turnover | ​ | ​ 3.3 | ​ | ​ 3.3 | ​ | ​ (0.0) | ​ | ​ | ​ | (0.3%) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Other data | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Active Customers(4) | ​ | ​ 4,221,642 | ​ | ​ 4,762,376 | ​ | ​ (540,734) | ​ | ​ | ​ | (11.4%) |
| Good Sam Club members (5) | ​ | ​ 1,662,653 | ​ | ​ 1,880,126 | ​ | ​ (217,473) | ​ | ​ | ​ | (11.6%) |
| Service bays (6) | ​ | ​ 2,809 | ​ | ​ 2,877 | ​ | ​ (68) | ​ | ​ | ​ | (2.4%) |
| Finance and insurance gross profit as a % of total vehicle revenue | ​ | ​ 13.5% | ​ | ​ 13.5% | ​ | ​ 5 | bps | ​ | ​ | n/a |
| Same store locations | ​ | ​ 178 | ​ | ​ n/a | ​ | ​ n/a | ​ | ​ | ​ | n/a |

34 unch – unchanged bps – basis points n/a – not applicable

(1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.

(2) Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales.

(3) Inventory turnover is calculated as vehicle costs applicable to revenue over the last twelve months divided by the average quarterly ending vehicle inventory over the last twelve months.

(4) An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement.

(5) Excludes Good Sam Club members under the free basic plan, which was introduced in November 2023 and provides for limited participation in the loyalty point program without access to the remaining member benefits.

(6) A service bay is a fully-constructed bay dedicated to service, installation, and/or collision offerings.

#### Revenue and Gross Profit

#### Good Sam Services and Plans

Good Sam Services and Plans revenue increased primarily from increased Good Sam branded extended vehicle warranty program sales through retail finance and insurance offerings and our new tire rescue program.

Good Sam Services and Plans gross profit and margin decreased primarily due to incremental roadside assistance claims costs in 2025 and incremental costs associated with our new tire rescue program, partially offset by increased Good Sam branded extended vehicle warranty program sales through retail finance and insurance offerings.

#### RV and Outdoor Retail

New vehicles

New vehicles revenue increased primarily due to a 20.9% increase in the new vehicles unit sales, partially offset by a 10.6% decrease in the average selling price per new vehicle sold. On a same store basis, new vehicles revenue increased 8.4% to $833.2 million from an increase in new vehicles unit sales of 22.2%, partially offset by an 11.3% decrease in the average selling price per new vehicle sold, which was impacted by the mix shift toward more inexpensive entry level travel trailers.

New vehicles gross profit decreased primarily due to the 149 basis point decrease in new vehicles gross margin, which was partially offset by the 20.9% increase in new vehicles unit sales. The new vehicles gross margin decrease was primarily driven by the 10.6% decrease in the average selling price per new vehicle sold, partially offset by a 9.1% reduction in the average cost per new vehicle sold.

Used vehicles

Used vehicles revenue increased primarily due to a 20.4% increase in used vehicles unit sales, partially offset by a 1.2% decrease in the average selling price per used vehicle sold. On a same store basis, used vehicles revenue increased 17.3% to $525.6 million from an increase in used vehicles unit sales of 20.8%, partially offset by a 2.9% decrease in average sales price per used vehicle sold.

Used vehicles gross profit increased primarily due to the 149 basis point increase in used vehicles gross margin and the 20.4% increase in used vehicles unit sales. The used vehicles gross margin increase was primarily due to a 3.0% decrease in the average cost per used vehicle sold, partially offset by a 1.2% decrease in the average price per used vehicle sold.

Products, service and other

Products, service and other revenue decreased primarily due to a reallocation of service labor in 2025 toward used inventory reconditioning and a reduction in sales activity resulting from the divestiture of our RV furniture business in May 2024, which contributed $2.7 million of revenue, outside of the RV furniture sold through our store locations, for the three months ended June 30, 2024. On a same store basis, products, service and other revenue decreased 4.0% to $179.0 million.

The increase in products, service and other gross profit and the 411 basis point increase in products, service and other gross margin to 47.8% was driven by increased sales volume of our higher-margin aftermarket part assortment and the divestiture of the RV furniture business, which had negative gross margins for the three months ended June 30, 2024.

Finance and insurance, net

Finance and insurance revenue and gross profit is recorded net, since the Company is acting as an agent in the transaction, and commission is recognized when a finance and insurance product contract payment has been received or financing has been arranged. Finance and insurance, net revenue increased $22.2 million, which was primarily a result of an increased number of contracts sold resulting from increased vehicles sold. Finance and insurance, net revenue as a percentage of new and used vehicle revenue was 13.5%, unchanged from the prior year. On a same store basis, finance and insurance, net revenue increased 14.1%.

Good Sam Club

Good Sam Club revenue and gross profit decreased primarily from an 11.6% decrease in Good Sam Club members, excluding free basic plan members. The decline in Good Sam Club members was a result of the availability of the free basic plan that was introduced in late 2023, which provides for limited participation in the loyalty point program without access to the remaining member benefits, and price increases introduced by early 2024 that impacted renewal rates.

#### Operating Expenses and Other

Selling, general and administrative expenses

Selling, general and administrative expenses increased primarily due to a $4.7 million increase in commissions costs, a $3.3 million increase in outside services providers expense excluding advertising and professional fees, a $3.0 million increase in stock-based compensation expense (“SBC”), a $2.9 million increase in advertising expenses, a $2.8 million increase in employee cash compensation costs excluding commissions, and $1.3 million of additional professional fees.

Long-lived asset impairment

As discussed in Note 4 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized no long-lived asset impairments in 2025 and $4.6 million of long-lived asset impairments in 2024 related to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business.

Floor plan interest expense

The decrease in floor plan interest expense was due both to a 138 basis point decrease in the average floor plan borrowing rate and a lower average floor plan notes payable balance. The average interest rate for the Floor Plan Facility for the three months ended June 30, 2025 and 2024 was 6.46% and 7.84%, respectively.

Other interest expense, net

Other interest expense, net decreased primarily due to the reduced interest rate on our Term Loan Facility, reduced borrowings on the Company’s Real Estate Facilities, and no outstanding balance on the revolving line of credit under the Floor Plan Facility (see Note 7 – Long-Term Debt and Note 3 – Inventories and Floor Plan Payables to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). The average interest rate for the Term Loan Facility for the three months ended June 30, 2025 and 2024 was 6.88% and 7.96%, respectively. The average interest rate on the M&T Real Estate Facility (as defined in Note 7 – Long Term Debt) for three months ended June 30, 2025 and 2024 was 6.67% and 7.72%, respectively.

Income tax expense

The increase in income tax expense was primarily due to higher income generated from CWGS, LLC for which the Company is subject to U.S. federal and state taxes on its allocable share and return to provision adjustments.

#### Segment Results

The following table sets forth information comparing select components of Segment Adjusted EBITDA for each of our segments for the periods presented:

*($ in thousands)*

| ​ ​ ​ ​ Good Sam Services and Plans: Revenue: | ​ ​ ​ ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ Amount ​ ​ ​ ​ | ​ ​ ​ ​ | ​ Percent of Revenue ​ ​ | ​ ​ ​ ​ ​ | ​ ​ 2024 ​ Amount ​ ​ ​ ​ | ​ ​ ​ ​ | ​ Percent of Revenue ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ ​ Favorable / (Unfavorable) $% ​ ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ ​ ​ ​ |
| --- | --- | --- | --- | ---: | --- | --- | --- | ---: | --- | --- | --- | ---: | --- |
| External revenue | ​ | $54,213 | ​ | 99.8% | ​ | $52,548 | ​ | 99.6% | ​ | $1,665 | ​ | 3.2% | ​ |
| Intersegment revenue(1) | ​ | ​ 88 | ​ | 0.2% | ​ | ​ 229 | ​ | 0.4% | ​ | ​ (141) | ​ | (61.6%) | ​ |
| Total revenue before intersegment eliminations | ​ | ​ 54,301 | ​ | 100.0% | ​ | ​ 52,777 | ​ | 100.0% | ​ | ​ 1,524 | ​ | 2.9% | ​ |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| Segment expenses: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| Adjusted costs applicable to revenue(2) | ​ | ​ 21,936 | ​ | 40.4% | ​ | ​ 17,156 | ​ | 32.5% | ​ | ​ (4,780) | ​ | (27.9%) | ​ |
| Intersegment costs applicable to revenue(3) | ​ | ​ 40 | ​ | 0.1% | ​ | ​ 94 | ​ | 0.2% | ​ | ​ 54 | ​ | 57.4% | ​ |
| Adjusted selling, general and administrative(4) | ​ | ​ 7,167 | ​ | 13.2% | ​ | ​ 7,161 | ​ | 13.6% | ​ | ​ (6) | ​ | (0.1%) | ​ |
| Segment Adjusted EBITDA | ​ | $25,158 | ​ | 46.3% | ​ | $28,366 | ​ | 53.7% | ​ | $(3,208) | ​ | (11.3%) | ​ |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| **RV and Outdoor Retail:** | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| Revenue: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| External revenue | ​ | $1,921,735 | ​ | 99.8% | ​ | $1,753,957 | ​ | 99.8% | ​ | $167,778 | ​ | 9.6% | ​ |
| Intersegment revenue(1) | ​ | ​ 4,256 | ​ | 0.2% | ​ | ​ 4,209 | ​ | 0.2% | ​ | ​ 47 | ​ | 1.1% | ​ |
| Total revenue before intersegment eliminations | ​ | ​ 1,925,991 | ​ | 100.0% | ​ | ​ 1,758,166 | ​ | 100.0% | ​ | ​ 167,825 | ​ | 9.5% | ​ |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| Segment expenses: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |
| Adjusted costs applicable to revenue(2) | ​ | ​ 1,361,657 | ​ | 70.7% | ​ | ​ 1,241,601 | ​ | 70.6% | ​ | ​ (120,056) | ​ | (9.7%) | ​ |
| Intersegment costs applicable to revenue(3) | ​ | ​ 3,792 | ​ | 0.2% | ​ | ​ 3,339 | ​ | 0.2% | ​ | ​ (453) | ​ | (13.6%) | ​ |
| Adjusted selling, general and administrative(4) | ​ | ​ 417,513 | ​ | 21.7% | ​ | ​ 404,174 | ​ | 23.0% | ​ | ​ (13,339) | ​ | (3.3%) | ​ |
| Floor plan interest expense | ​ | ​ 20,989 | ​ | 1.1% | ​ | ​ 27,799 | ​ | 1.6% | ​ | ​ 6,810 | ​ | 24.5% | ​ |
| Other segment items(5) | ​ | ​ 20 | ​ | 0.0% | ​ | ​ 109 | ​ | 0.0% | ​ | ​ 89 | ​ | 81.7% | ​ |
| Segment Adjusted EBITDA | ​ | $122,020 | ​ | 6.3% | ​ | $81,144 | ​ | 4.6% | ​ | $40,876 | ​ | 50.4% | ​ |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ |

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

(2) Adjusted costs applicable to revenue excludes 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 consolidated statements of operations.

(4) Adjusted selling, general, and administrative expenses excludes SBC expense and intersegment operating expenses.

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

#### Good Sam Services and Plans Segment

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for Good Sam Services and Plans. Adjusted costs applicable to segment revenues reflected increased roadside assistance claims costs and costs associated with the new tire rescue program. The Good Sam Services and Plans Segment Adjusted EBITDA decrease was driven primarily by the increase to adjusted costs applicable to revenue, partially offset by the increase to external revenue discussed above. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

#### RV and Outdoor Retail Segment

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for RV and Outdoor Retail and “Floor plan interest expense” section above for a discussion of the decrease in floor plan interest expense. Adjusted costs applicable to segment revenue increased from (i) higher total vehicle costs driven by 20.7% higher total unit sales, partially offset by the reductions in cost per new and used vehicles discussed above, and (ii) lower products, service and other costs applicable to revenue primarily from the same drivers of the decrease in revenue discussed above. Adjusted selling, general and administrative expense increased primarily due to approximately $4.7 million of increased commissions costs, $4.2 million of increased outside services providers primarily relating to legal fees and computer software and maintenance expense, $3.0 million of increased advertising expenses and $0.8 million of increased employee cash compensation expense. The RV and Outdoor Retail Segment Adjusted EBITDA increased from the increases in revenue and reduction in floor plan interest expense, partially offset by the increase in segment expenses discussed above. Intersegment revenue, intersegment costs applicable to revenue, and intersegment operating expenses did not have a significant impact on the increase in Segment Adjusted EBITDA.

### Results of Operations

### Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Unless otherwise indicated, all financial comparisons in this section of Results of Operations compare our financial results for the six months ended June 30, 2025 to our financial results from the six months ended June 30, 2024. The following table sets forth information comparing the components of net income (loss) for the six months ended June 30, 2025 and 2024:

*($ in thousands)*

| ​ ​ ​ ​ Revenue: | ​ ​ ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ ​ Amount ​ ​ | ​ ​ ​ | ​ Percent of Revenue ​ | ​ ​ ​ ​ | ​ ​ June 30, 2024 ​ ​ Amount ​ ​ | ​ ​ ​ | ​ Percent of Revenue ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ Favorable/ (Unfavorable) $% ​ ​ | ​ ​ ​ | ​ ​ ​ |
| --- | --- | --- | --- | ---: | --- | --- | --- | ---: | --- | --- | --- | ---: |
| Good Sam Services and Plans | ​ | $100,421 | ​ | 3.0% | ​ | $98,229 | ​ | 3.1% | ​ | $2,192 | ​ | 2.2% |
| RV and Outdoor Retail: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| New vehicles | ​ | ​ 1,536,538 | ​ | 45.3% | ​ | ​ 1,503,191 | ​ | 47.4% | ​ | ​ 33,347 | ​ | 2.2% |
| Used vehicles | ​ | ​ 994,622 | ​ | 29.3% | ​ | ​ 818,459 | ​ | 25.8% | ​ | ​ 176,163 | ​ | 21.5% |
| Products, service and other | ​ | ​ 387,882 | ​ | 11.4% | ​ | ​ 413,841 | ​ | 13.1% | ​ | ​ (25,959) | ​ | (6.3%) |
| Finance and insurance, net | ​ | ​ 349,865 | ​ | 10.3% | ​ | ​ 314,470 | ​ | 9.9% | ​ | ​ 35,395 | ​ | 11.3% |
| Good Sam Club | ​ | ​ 20,144 | ​ | 0.6% | ​ | ​ 22,332 | ​ | 0.7% | ​ | ​ (2,188) | ​ | (9.8%) |
| Subtotal | ​ | ​ 3,289,051 | ​ | 97.0% | ​ | ​ 3,072,293 | ​ | 96.9% | ​ | ​ 216,758 | ​ | 7.1% |
| Total revenue | ​ | ​ 3,389,472 | ​ | 100.0% | ​ | ​ 3,170,522 | ​ | 100.0% | ​ | ​ 218,950 | ​ | 6.9% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Gross profit (exclusive of depreciation and amortization shown separately below): | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Good Sam Services and Plans | ​ | ​ 60,753 | ​ | 1.8% | ​ | ​ 65,854 | ​ | 2.1% | ​ | ​ (5,101) | ​ | (7.7%) |
| RV and Outdoor Retail: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| New vehicles | ​ | ​ 211,306 | ​ | 6.2% | ​ | ​ 220,502 | ​ | 7.0% | ​ | ​ (9,196) | ​ | (4.2%) |
| Used vehicles | ​ | ​ 195,422 | ​ | 5.8% | ​ | ​ 150,325 | ​ | 4.7% | ​ | ​ 45,097 | ​ | 30.0% |
| Products, service and other | ​ | ​ 186,731 | ​ | 5.5% | ​ | ​ 179,233 | ​ | 5.7% | ​ | ​ 7,498 | ​ | 4.2% |
| Finance and insurance, net | ​ | ​ 349,865 | ​ | 10.3% | ​ | ​ 314,470 | ​ | 9.9% | ​ | ​ 35,395 | ​ | 11.3% |
| Good Sam Club | ​ | ​ 17,806 | ​ | 0.5% | ​ | ​ 19,672 | ​ | 0.6% | ​ | ​ (1,866) | ​ | (9.5%) |
| Subtotal | ​ | ​ 961,130 | ​ | 28.4% | ​ | ​ 884,202 | ​ | 27.9% | ​ | ​ 76,928 | ​ | 8.7% |
| Total gross profit | ​ | ​ 1,021,883 | ​ | 30.1% | ​ | ​ 950,056 | ​ | 30.0% | ​ | ​ 71,827 | ​ | 7.6% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Operating expenses: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Selling, general and administrative expenses | ​ | ​ 824,934 | ​ | 24.3% | ​ | ​ 791,149 | ​ | 25.0% | ​ | ​ (33,785) | ​ | (4.3%) |
| Depreciation and amortization | ​ | ​ 45,963 | ​ | 1.4% | ​ | ​ 39,322 | ​ | 1.2% | ​ | ​ (6,641) | ​ | (16.9%) |
| Long-lived asset impairment | ​ | ​ 620 | ​ | 0.0% | ​ | ​ 10,411 | ​ | 0.3% | ​ | ​ 9,791 | ​ | 94.0% |
| Lease termination | ​ | ​ (107) | ​ | (0.0%) | ​ | ​ 40 | ​ | 0.0% | ​ | ​ 147 | ​ | n/m |
| (Gain) loss on sale or disposal of assets | ​ | ​ (638) | ​ | (0.0%) | ​ | ​ 9,530 | ​ | 0.3% | ​ | ​ 10,168 | ​ | n/m |
| Total operating expenses | ​ | ​ 870,772 | ​ | 25.7% | ​ | ​ 850,452 | ​ | 26.8% | ​ | ​ (20,320) | ​ | (2.4%) |
| Income from operations | ​ | ​ 151,111 | ​ | 4.5% | ​ | ​ 99,604 | ​ | 3.1% | ​ | ​ 51,507 | ​ | 51.7% |
| Other expense: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Floor plan interest expense | ​ | ​ (39,295) | ​ | (1.2%) | ​ | ​ (55,681) | ​ | (1.8%) | ​ | ​ 16,386 | ​ | 29.4% |
| Other interest expense, net | ​ | ​ (61,367) | ​ | (1.8%) | ​ | ​ (72,247) | ​ | (2.3%) | ​ | ​ 10,880 | ​ | 15.1% |
| Other expense, net | ​ | ​ (2,758) | ​ | (0.1%) | ​ | ​ (175) | ​ | (0.0%) | ​ | ​ (2,583) | ​ | n/m |
| Total other expense | ​ | ​ (103,420) | ​ | (3.1%) | ​ | ​ (128,103) | ​ | (4.0%) | ​ | ​ 24,683 | ​ | 19.3% |
| Income (loss) before income taxes | ​ | ​ 47,691 | ​ | 1.4% | ​ | ​ (28,499) | ​ | (0.9%) | ​ | ​ 76,190 | ​ | n/m |
| Income tax (expense) benefit | ​ | ​ (14,850) | ​ | (0.4%) | ​ | ​ 1,107 | ​ | 0.0% | ​ | ​ (15,957) | ​ | n/m |
| Net income (loss) | ​ | ​ 32,841 | ​ | 1.0% | ​ | ​ (27,392) | ​ | (0.9%) | ​ | ​ 60,233 | ​ | n/m |
| Less: net income (loss) attributable to non-controlling interests | ​ | ​ (14,905) | ​ | (0.4%) | ​ | ​ 14,856 | ​ | 0.5% | ​ | ​ (29,761) | ​ | n/m |
| Net income (loss) attributable to Camping World Holdings, Inc. | ​ | $17,936 | ​ | 0.5% | ​ | $(12,536) | ​ | (0.4%) | ​ | $30,472 | ​ | n/m |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |

| Supplemental Data ​ ​ Unit sales | ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ ​ | ​ | ​ ​ 2024 ​ ​ | ​ ​ | ​ ​ Increase (decrease) ​ ​ | ​ ​ ​ ​ | ​ ​ | ​ Percent Change ​ | ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| New vehicles | ​ | ​ 43,422 | ​ | ​ 38,966 | ​ | ​ 4,456 | ​ | ​ | ​ | 11.4% |
| Used vehicles | ​ | ​ 32,845 | ​ | ​ 26,394 | ​ | ​ 6,451 | ​ | ​ | ​ | 24.4% |
| Total | ​ | ​ 76,267 | ​ | ​ 65,360 | ​ | ​ 10,907 | ​ | ​ | ​ | 16.7% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Average selling price | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $35,386 | ​ | $38,577 | ​ | $(3,191) | ​ | ​ | ​ | (8.3%) |
| Used vehicles | ​ | ​ 30,282 | ​ | ​ 31,009 | ​ | ​ (727) | ​ | ​ | ​ | (2.3%) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Same store unit sales(1) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | ​ 39,835 | ​ | ​ 35,657 | ​ | ​ 4,178 | ​ | ​ | ​ | 11.7% |
| Used vehicles | ​ | ​ 30,395 | ​ | ​ 24,542 | ​ | ​ 5,853 | ​ | ​ | ​ | 23.8% |
| Total | ​ | ​ 70,230 | ​ | ​ 60,199 | ​ | ​ 10,031 | ​ | ​ | ​ | 16.7% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Same store revenue(1) ($ in 000s) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $1,410,789 | ​ | $1,382,134 | ​ | $28,655 | ​ | ​ | ​ | 2.1% |
| Used vehicles | ​ | ​ 918,061 | ​ | ​ 763,872 | ​ | ​ 154,189 | ​ | ​ | ​ | 20.2% |
| Products, service and other | ​ | ​ 314,183 | ​ | ​ 331,245 | ​ | ​ (17,062) | ​ | ​ | ​ | (5.2%) |
| Finance and insurance, net | ​ | ​ 326,001 | ​ | ​ 291,581 | ​ | ​ 34,420 | ​ | ​ | ​ | 11.8% |
| Total | ​ | $2,969,034 | ​ | $2,768,832 | ​ | $200,202 | ​ | ​ | ​ | 7.2% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Average gross profit per unit | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| New vehicles | ​ | $4,866 | ​ | $5,659 | ​ | $(793) | ​ | ​ | ​ | (14.0%) |
| Used vehicles | ​ | ​ 5,950 | ​ | ​ 5,695 | ​ | ​ 255 | ​ | ​ | ​ | 4.5% |
| Finance and insurance, net per vehicle unit | ​ | ​ 4,587 | ​ | ​ 4,811 | ​ | ​ (224) | ​ | ​ | ​ | (4.7%) |
| Total vehicle front-end yield(2) | ​ | ​ 9,920 | ​ | ​ 10,485 | ​ | ​ (565) | ​ | ​ | ​ | (5.4%) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Gross margin | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Good Sam Services and Plans | ​ | ​ 60.5% | ​ | ​ 67.0% | ​ | ​ (654) | bps | ​ | ​ | ​ |
| New vehicles | ​ | ​ 13.8% | ​ | ​ 14.7% | ​ | ​ (92) | bps | ​ | ​ | ​ |
| Used vehicles | ​ | ​ 19.6% | ​ | ​ 18.4% | ​ | ​ 128 | bps | ​ | ​ | ​ |
| Products, service and other | ​ | ​ 48.1% | ​ | ​ 43.3% | ​ | ​ 483 | bps | ​ | ​ | ​ |
| Finance and insurance, net | ​ | ​ 100.0% | ​ | ​ 100.0% | ​ | ​ unch | ​ | ​ | ​ | ​ |
| Good Sam Club | ​ | ​ 88.4% | ​ | ​ 88.1% | ​ | ​ 31 | bps | ​ | ​ | ​ |
| Subtotal RV and Outdoor Retail | ​ | ​ 29.2% | ​ | ​ 28.8% | ​ | ​ 44 | bps | ​ | ​ | ​ |
| Total gross margin | ​ | ​ 30.1% | ​ | ​ 30.0% | ​ | ​ 18 | bps | ​ | ​ | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Other data | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ |
| Finance and insurance gross profit as a % of total vehicle revenue | ​ | ​ 13.8% | ​ | ​ 13.5% | ​ | ​ 28 | bps | ​ | ​ | n/a |
| Same store locations | ​ | ​ 178 | ​ | ​ n/a | ​ | ​ n/a | ​ | ​ | ​ | n/a |

unch – unchanged

bps – basis points

n/a – not applicable

(1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.

(2) Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales.

#### Revenue and Gross Profit

#### Good Sam Services and Plans

Good Sam Services and Plans revenue increased primarily from increased Good Sam branded extended vehicle warranty program sales through retail finance and insurance offerings, our new tire rescue program and increased contracts in force for our Good Sam branded vehicle insurance products, partially offset by reduced average contracts in force for our roadside assistance programs.

Good Sam Services and Plans gross profit and margin decreased primarily due to incremental roadside assistance claims costs in 2025 and our new tire rescue program, partially offset by increased Good Sam branded extended vehicle warranty program sales through retail finance and insurance offerings.

#### RV and Outdoor Retail

New vehicles

New vehicles revenue increased primarily due to an 11.4% increase in the new vehicles unit sales partially offset by an 8.3% decrease in the average selling price per new vehicle sold. On a same store basis, new vehicles revenue increased 2.1% to $1.4 billion resulting from an 11.7% increase in new vehicles unit sales, partially offset by an 8.6% decrease in the average selling price per new vehicle sold, which was impacted by the mix shift toward more inexpensive entry level travel trailers.

New vehicles gross profit decreased primarily due to the 92 basis point decrease in new vehicles gross margins, partially offset by the 11.4% increase in new vehicles unit sales. The new vehicles gross margin decrease was primarily driven by an 8.3% decrease in the average selling price per new vehicle sold, partially offset by a 7.3% reduction in the average cost per new vehicle sold.

Used vehicles

Used vehicles revenue increased primarily due to a 24.4% increase in used vehicles unit sales, partially offset by a 2.3% decrease in the average selling price per used vehicle sold. On a same store basis, used vehicles revenue increased 20.2% to $918.1 million from an increase in used vehicles unit sales of 23.8% partially offset by a 3.0% decrease in average sales price per used vehicle sold.

Used vehicles gross profit increased primarily due to the 128 basis point increase in used vehicles gross margin and the 24.4% increase in used vehicles unit sales. The used vehicles gross margin increase was primarily due to a 3.9% decrease in the average cost per unit sold, partially offset by the 2.3% decrease in average price per used vehicle sold.

Products, service and other

Products, service and other revenue decreased primarily due to a reduction in sales activity resulting from a reallocation of service labor in 2025 toward used inventory reconditioning and the divestiture of our RV furniture business in May 2024, which contributed $9.3 million of revenue, outside of the RV furniture sold through our store locations, for the six months ended June 30, 2024. On a same store basis, products, service and other revenue decreased 5.2% to $314.2 million.

The increase in products, service and other gross profit and the 483 basis point increase in products, service and other gross margin to 48.1% was driven by improved gross margins on our aftermarket part assortment, higher billing rates for service labor, and the divestiture of the RV furniture business, which had negative gross margins for the six months ended June 30, 2024.

Finance and insurance, net

Finance and insurance revenue and gross profit is recorded net, since the Company is acting as an agent in the transaction, and commission is recognized when a finance and insurance product contract payment has been received or financing has been arranged. Finance and insurance, net revenue increased $35.4 million, which was primarily a result of an increased number of contracts sold resulting from increased vehicles sold. Finance and insurance, net revenue as a percentage of new and used vehicle revenue was 13.8%, an increase from 13.5%. On a same store basis, finance and insurance, net revenue increased 11.8%.

Good Sam Club

Good Sam Club revenue and gross profit decreased primarily from the 11.6% decrease in Good Sam Club members, excluding free basic plan members. The decline in Good Sam Club members was a result of the availability of the free basic plan that was introduced in late 2023, which provides for limited participation in the loyalty point program without access to the remaining member benefits, and price increases introduced by early 2024 that impacted renewal rates.

#### Operating Expenses and Other

Selling, general and administrative expenses

Selling, general and administrative expenses increased primarily due to a $10.2 million increase in advertising expenses, a $9.9 million increase in commissions costs, a $7.3 million increase in other employee cash compensation costs, and a $5.1 million increase in employee SBC expense.

Long-lived asset impairment

As discussed in Note 4 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized $0.6 million of long-lived asset impairments, a decrease of $9.8 million. These long-lived asset impairments related to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business.

Floor plan interest expense

The decrease in floor plan interest expense was primarily due to a 136 basis point decrease in the average floor plan borrowing rate. The average interest rate for the Floor Plan Facility for the six months ended June 30, 2025 and 2024 was 6.40% and 7.76%, respectively.

Other interest expense, net

Other interest expense, net decreased primarily due to the reduced interest rate on our Term Loan Facility, reduced borrowings on the Company’s Real Estate Facilities, and no outstanding balance on the revolving line of credit under the Floor Plan Facility (see Note 7 – Long-Term Debt and Note 3 – Inventories and Floor Plan Payables to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). The average interest rate for the Term Loan Facility for the six months ended June 30, 2025 and 2024 was 6.92% and 7.96%, respectively. The average interest rate on the M&T Real Estate Facility (as defined in Note 7 – Long Term Debt) for six months ended June 30, 2025 and 2024 was 6.73% and 7.63%, respectively.

Income tax expense

The increase in income tax expense was primarily due to higher income generated from CWGS, LLC for which the Company is subject to U.S. federal and state taxes on its allocable share and return to provision adjustments.

#### Segment Results

The following table sets forth information comparing select components of Segment Adjusted EBITDA for each of our segments for the periods presented:

*($ in thousands)*

| ​ ​ ​ ​ Good Sam Services and Plans: Revenue: | ​ ​ ​ ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ Amount ​ ​ ​ ​ | ​ ​ ​ ​ | ​ Percent of Revenue ​ ​ | ​ ​ ​ ​ ​ | ​ ​ 2024 ​ Amount ​ ​ ​ ​ | ​ ​ ​ ​ | ​ Percent of Revenue ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ ​ Favorable/ (Unfavorable) $% ​ ​ ​ ​ | ​ ​ ​ | ​ ​ ​ |
| --- | --- | --- | --- | ---: | --- | --- | --- | ---: | --- | --- | --- | ---: |
| External revenue | ​ | $100,421 | ​ | 99.1% | ​ | $98,229 | ​ | 98.8% | ​ | $2,192 | ​ | 2.2% |
| Intersegment revenue(1) | ​ | ​ 896 | ​ | 0.9% | ​ | ​ 1,159 | ​ | 1.2% | ​ | ​ (263) | ​ | (22.7%) |
| Total revenue before intersegment eliminations | ​ | ​ 101,317 | ​ | 100.0% | ​ | ​ 99,388 | ​ | 100.0% | ​ | ​ 1,929 | ​ | 1.9% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Segment expenses: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Adjusted costs applicable to revenue(2) | ​ | ​ 39,613 | ​ | 39.1% | ​ | ​ 32,294 | ​ | 32.5% | ​ | ​ (7,319) | ​ | (22.7%) |
| Intersegment costs applicable to revenue(3) | ​ | ​ 627 | ​ | 0.6% | ​ | ​ 1,024 | ​ | 1.0% | ​ | ​ 397 | ​ | 38.8% |
| Adjusted selling, general and administrative(4) | ​ | ​ 14,809 | ​ | 14.6% | ​ | ​ 14,449 | ​ | 14.5% | ​ | ​ (360) | ​ | (2.5%) |
| Segment Adjusted EBITDA | ​ | $46,268 | ​ | 45.7% | ​ | $51,621 | ​ | 51.9% | ​ | $(5,353) | ​ | (10.4%) |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| **RV and Outdoor Retail:** | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Revenue: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| External revenue | ​ | $3,289,051 | ​ | 99.8% | ​ | $3,072,293 | ​ | 99.8% | ​ | $216,758 | ​ | 7.1% |
| Intersegment revenue(1) | ​ | ​ 6,660 | ​ | 0.2% | ​ | ​ 6,930 | ​ | 0.2% | ​ | ​ (270) | ​ | (3.9%) |
| Total revenue before intersegment eliminations | ​ | ​ 3,295,711 | ​ | 100.0% | ​ | ​ 3,079,223 | ​ | 100.0% | ​ | ​ 216,488 | ​ | 7.0% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Segment expenses: | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |
| Adjusted costs applicable to revenue(2) | ​ | ​ 2,327,751 | ​ | 70.6% | ​ | ​ 2,187,991 | ​ | 71.1% | ​ | ​ (139,760) | ​ | (6.4%) |
| Intersegment costs applicable to revenue(3) | ​ | ​ 6,417 | ​ | 0.2% | ​ | ​ 5,545 | ​ | 0.2% | ​ | ​ (872) | ​ | (15.7%) |
| Adjusted selling, general and administrative(4) | ​ | ​ 787,245 | ​ | 23.9% | ​ | ​ 760,360 | ​ | 24.7% | ​ | ​ (26,885) | ​ | (3.5%) |
| Floor plan interest expense | ​ | ​ 39,295 | ​ | 1.2% | ​ | ​ 55,681 | ​ | 1.8% | ​ | ​ 16,386 | ​ | 29.4% |
| Other segment items(5) | ​ | ​ (20) | ​ | (0.0%) | ​ | ​ 143 | ​ | 0.0% | ​ | ​ 163 | ​ | 114.0% |
| Segment Adjusted EBITDA | ​ | $135,023 | ​ | 4.1% | ​ | $69,503 | ​ | 2.3% | ​ | $65,520 | ​ | 94.3% |
| ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ |

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

(2) Adjusted costs applicable to revenue excludes 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 consolidated statements of operations.

(4) Adjusted selling, general, and administrative expenses excludes SBC expense and intersegment operating expenses.

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

#### Good Sam Services and Plans Segment

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for Good Sam Services and Plans. Adjusted costs applicable to segment revenues reflected increased roadside assistance claims costs and costs associated with the new tire rescue program. Adjusted selling, general and administrative expense increased primarily from increased employee cash compensation expense, partially offset by reduced advertising expenses. The Good Sam Services and Plans Segment Adjusted EBITDA decrease was driven primarily by the increase to adjusted costs applicable to revenue and adjusted selling, general and administrative expense, partially offset by the increase to external revenue discussed above. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

#### RV and Outdoor Retail Segment

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for RV and Outdoor Retail and “Floor plan interest expense” section above for a discussion of the decrease in floor plan interest expense. Adjusted costs applicable to segment revenue increased from (i) higher total vehicle costs driven by 16.7% higher total unit sales, partially offset by the reductions in cost per new and used vehicles sold discussed above, and (ii) lower products, service and other costs applicable to revenue primarily from the same drivers of the decrease in revenue discussed above. Adjusted selling, general and administrative expense increased primarily due to approximately $10.7 million of increased advertising expenses, $9.9 million of increased commissions costs, $5.8 million of increased software expense and maintenance, and $4.6 million of increased employee cash compensation expense, partially offset by $3.0 million of reduced business start-up costs and $2.2 million of reduced legal fees. The RV and Outdoor Retail Segment Adjusted EBITDA increased from the increases in revenue and reduction in floor plan interest expense, partially offset by the increase in segment expenses discussed above. Intersegment revenue, intersegment costs applicable to revenue, and intersegment operating expenses did not have a significant impact on the increase in Segment Adjusted EBITDA.

### Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA; Adjusted EBITDA; Adjusted EBITDA Margin; Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic; Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Diluted; Adjusted Earnings (Loss) Per Share – Basic; Adjusted Earnings (Loss) Per Share – Diluted; and Selling, General, and Administrative Expense (“SG&A”) Excluding SBC (collectively the “Non-GAAP Financial Measures”). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives, and for planning purposes. By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use Adjusted EBITDA, as calculated for our subsidiary CWGS Group, LLC, to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and the presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. They should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these Non-GAAP Financial Measures. In evaluating these Non-GAAP Financial Measures, it is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.

#### EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

We define “EBITDA” as net income (loss) before other interest expense, net (excluding floor plan interest expense), provision for income tax benefit and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, SBC, losses and gains and impairment on investments in equity securities, and other unusual or one-time items. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin in the same manner. We present EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles Segment Adjusted EBITDA to consolidated Adjusted EBITDA:

*($ in thousands)*

| ​ ​ ​ | ​ ​ ​ | ​ ​ ​ Three Months Ended June 30, 2025 | ​ ​ | ​ ​ 2024 | ​ ​ | ​ ​ Six Months Ended June 30, 2025 | ​ ​ ​ | ​ ​ ​ ​ 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Good Sam Services and Plans Segment Adjusted EBITDA | ​ | $25,158 | ​ | $28,366 | ​ | $46,268 | ​ | $51,621 |
| RV and Outdoor Retail Segment Adjusted EBITDA | ​ | ​ 122,020 | ​ | ​ 81,144 | ​ | ​ 135,023 | ​ | ​ 69,503 |
| Total Segment Adjusted EBITDA | ​ | ​ 147,178 | ​ | ​ 109,510 | ​ | ​ 181,291 | ​ | ​ 121,124 |
| Corporate and Other Adjusted EBITDA | ​ | ​ (4,957) | ​ | ​ (3,929) | ​ | ​ (7,924) | ​ | ​ (7,304) |
| Total Adjusted EBITDA | ​ | $142,221 | ​ | $105,581 | ​ | $173,367 | ​ | $113,820 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |

The following table reconciles EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP financial performance measures:

*($ in thousands)*

| ​ ​ EBITDA and Adjusted EBITDA: | ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net income (loss) | ​ | $57,523 | ​ | $23,414 | ​ | $32,841 | ​ | $(27,392) |
| Other interest expense, net | ​ | ​ 30,836 | ​ | ​ 36,153 | ​ | ​ 61,367 | ​ | ​ 72,247 |
| Depreciation and amortization | ​ | ​ 23,419 | ​ | ​ 20,032 | ​ | ​ 45,963 | ​ | ​ 39,322 |
| Income tax expense (benefit) | ​ | ​ 18,321 | ​ | ​ 7,935 | ​ | ​ 14,850 | ​ | ​ (1,107) |
| Subtotal EBITDA | ​ | ​ 130,099 | ​ | ​ 87,534 | ​ | ​ 155,021 | ​ | ​ 83,070 |
| Long-lived asset impairment (a) | ​ | ​ — | ​ | ​ 4,584 | ​ | ​ 620 | ​ | ​ 10,411 |
| Lease termination (b) | ​ | ​ (107) | ​ | ​ 40 | ​ | ​ (107) | ​ | ​ 40 |
| Loss (gain) on sale or disposal of assets, net (c) | ​ | ​ 1,185 | ​ | ​ 7,945 | ​ | ​ (638) | ​ | ​ 9,530 |
| SBC (d) | ​ | ​ 8,444 | ​ | ​ 5,397 | ​ | ​ 15,714 | ​ | ​ 10,594 |
| Loss and/or impairment on investments in equity securities (e) | ​ | ​ 2,600 | ​ | ​ 81 | ​ | ​ 2,757 | ​ | ​ 175 |
| Adjusted EBITDA | ​ | $142,221 | ​ | $105,581 | ​ | $173,367 | ​ | $113,820 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |

| ​ ​ (as percentage of total revenue) Adjusted EBITDA margin: | ​ ​ ​ | ​ Three Months Ended June 30, 2025 ​ | ​ ​ | ​ ​ | ​ 2024 ​ | ​ ​ | ​ ​ ​ | ​ Six Months Ended June 30, 2025 ​ | ​ ​ | ​ ​ | ​ 2024 ​ | ​ ​ |
| --- | --- | --- | ---: | --- | --- | ---: | --- | --- | ---: | --- | --- | ---: |
| Net income (loss) margin | ​ | ​ | 2.9% | ​ | ​ | 1.3% | ​ | ​ | 1.0% | ​ | ​ | (0.9%) |
| Other interest expense, net | ​ | ​ | 1.6% | ​ | ​ | 2.0% | ​ | ​ | 1.8% | ​ | ​ | 2.3% |
| Depreciation and amortization | ​ | ​ | 1.2% | ​ | ​ | 1.1% | ​ | ​ | 1.4% | ​ | ​ | 1.2% |
| Income tax expense (benefit) | ​ | ​ | 0.9% | ​ | ​ | 0.4% | ​ | ​ | 0.4% | ​ | ​ | (0.0%) |
| Subtotal EBITDA margin | ​ | ​ | 6.6% | ​ | ​ | 4.8% | ​ | ​ | 4.6% | ​ | ​ | 2.6% |
| Long-lived asset impairment (a) | ​ | ​ | — | ​ | ​ | 0.3% | ​ | ​ | 0.0% | ​ | ​ | 0.3% |
| Lease termination (b) | ​ | ​ | (0.0%) | ​ | ​ | 0.0% | ​ | ​ | (0.0%) | ​ | ​ | 0.0% |
| Loss (gain) on sale or disposal of assets, net (c) | ​ | ​ | 0.1% | ​ | ​ | 0.4% | ​ | ​ | (0.0%) | ​ | ​ | 0.3% |
| SBC (d) | ​ | ​ | 0.4% | ​ | ​ | 0.3% | ​ | ​ | 0.5% | ​ | ​ | 0.3% |
| Loss and/or impairment on investments in equity securities (e) | ​ | ​ | 0.1% | ​ | ​ | 0.0% | ​ | ​ | 0.1% | ​ | ​ | 0.0% |
| Adjusted EBITDA margin | ​ | ​ | 7.2% | ​ | ​ | 5.8% | ​ | ​ | 5.1% | ​ | ​ | 3.6% |

(a) Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment. See Note 4 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for additional information.

(b) Represents the (gain) loss on termination of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.

(c) Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.

(d) Represents noncash SBC expense relating to employees, directors, and consultants of the Company.

(e) Represents losses and gains and impairment on investments in equity securities and interest income relating to any notes receivables with those investments.

#### Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. and Adjusted Earnings (Loss) Per Share

We define “Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic” as net income (loss) attributable to Camping World Holdings, Inc. adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, SBC, loss and impairment on investments in equity securities, other unusual or one-time items, the income tax benefit effect of these adjustments, and the effect of net income (loss) attributable to non-controlling interests from these adjustments.

We define “Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net income (loss) attributable to non-controlling interests from stock options and restricted stock units, if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc.

We define “Adjusted Earnings (Loss) Per Share – Basic” as Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted Earnings (Loss) Per Share – Diluted” as Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the redemption of all outstanding common units in CWGS, LLC for newly-issued shares of Class A common stock of Camping World Holdings, Inc., if dilutive, and (ii) the dilutive effect of stock options and restricted stock units, if any. We present Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings (Loss) Per Share – Basic, and Adjusted Earnings (Loss) Per Share – Diluted because we consider them to be important supplemental measures of our performance and we believe that investors’ understanding of our performance is enhanced by including these Non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings (Loss) Per Share – Basic, and Adjusted Earnings (Loss) Per Share – Diluted to the most directly comparable GAAP financial performance measure:

*(In thousands except per share amounts)*

| ​ ​ Numerator: | ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net income (loss) attributable to Camping World Holdings, Inc. | ​ | $30,216 | ​ | $9,771 | ​ | $17,936 | ​ | $(12,536) |
| Adjustments related to basic calculation: | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Long-lived asset impairment (a): | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Gross adjustment | ​ | ​ — | ​ | ​ 4,584 | ​ | ​ 620 | ​ | ​ 10,411 |
| Income tax expense for above adjustment (b) | ​ | ​ — | ​ | ​ (607) | ​ | ​ (95) | ​ | ​ (1,378) |
| Lease termination (c): | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Gross adjustment | ​ | ​ (107) | ​ | ​ 40 | ​ | ​ (107) | ​ | ​ 40 |
| Income tax benefit (expense) for above adjustment (b) | ​ | ​ 16 | ​ | ​ (5) | ​ | ​ 16 | ​ | ​ (5) |
| Loss (gain) on sale or disposal of assets (d): | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Gross adjustment | ​ | ​ 1,185 | ​ | ​ 7,945 | ​ | ​ (638) | ​ | ​ 9,530 |
| Income tax (expense) benefit for above adjustment (b) | ​ | ​ (180) | ​ | ​ (1,052) | ​ | ​ 98 | ​ | ​ (1,262) |
| SBC (e): | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Gross adjustment | ​ | ​ 8,444 | ​ | ​ 5,397 | ​ | ​ 15,714 | ​ | ​ 10,594 |
| Income tax expense for above adjustment (b) | ​ | ​ (1,290) | ​ | ​ (722) | ​ | ​ (2,404) | ​ | ​ (1,417) |
| Loss and/or impairment on investments in equity securities (f): | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Gross adjustment | ​ | ​ 2,600 | ​ | ​ 81 | ​ | ​ 2,757 | ​ | ​ 175 |
| Income tax expense for above adjustment (b) | ​ | ​ (397) | ​ | ​ (11) | ​ | ​ (421) | ​ | ​ (23) |
| Adjustment to net income (loss) attributable to non-controlling interests resulting from the above adjustments (g) | ​ | ​ (4,719) | ​ | ​ (8,481) | ​ | ​ (7,139) | ​ | ​ (14,452) |
| Adjusted net income (loss) attributable to Camping World Holdings, Inc. – basic | ​ | ​ 35,768 | ​ | ​ 16,940 | ​ | ​ 26,337 | ​ | ​ (323) |
| Adjustments related to diluted calculation: | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Reallocation of net income (loss) attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (h) | ​ | ​ 43 | ​ | ​ 39 | ​ | ​ — | ​ | ​ (38) |
| Income tax on reallocation of net income (loss) attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (i) | ​ | ​ (11) | ​ | ​ (9) | ​ | ​ — | ​ | ​ 10 |
| Reallocation of net income (loss) attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (h) | ​ | ​ — | ​ | ​ — | ​ | ​ 22,043 | ​ | ​ — |
| Income tax on reallocation of net income (loss) attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (i) | ​ | ​ — | ​ | ​ — | ​ | ​ (5,637) | ​ | ​ — |
| Adjusted net income (loss) attributable to Camping World Holdings, Inc. – diluted | ​ | $35,800 | ​ | $16,970 | ​ | $42,743 | ​ | $(351) |
| **Denominator:** | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Weighted-average Class A common shares outstanding – basic | ​ | ​ 62,610 | ​ | ​ 45,093 | ​ | ​ 62,571 | ​ | ​ 45,070 |
| Adjustments related to diluted calculation: | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (j) | ​ | ​ — | ​ | ​ — | ​ | ​ 39,895 | ​ | ​ — |
| Dilutive options to purchase Class A common stock (j) | ​ | ​ — | ​ | ​ — | ​ | ​ — | ​ | ​ 14 |
| Dilutive restricted stock units (j) | ​ | ​ 137 | ​ | ​ 151 | ​ | ​ 195 | ​ | ​ 207 |
| Adjusted weighted average Class A common shares outstanding – diluted | ​ | ​ 62,747 | ​ | ​ 45,244 | ​ | ​ 102,661 | ​ | ​ 45,291 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Adjusted earnings (loss) per share - basic | ​ | $0.57 | ​ | $0.38 | ​ | $0.42 | ​ | $(0.01) |
| Adjusted earnings (loss) per share - diluted | ​ | $0.57 | ​ | $0.38 | ​ | $0.42 | ​ | $(0.01) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Anti-dilutive amounts (k):** | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Numerator:** | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Reallocation of net income (loss) attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (h) | ​ | $31,983 | ​ | $22,085 | ​ | $— | ​ | $(366) |
| Income tax on reallocation of net income (loss) attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (i) | ​ | $(8,236) | ​ | $(5,126) | ​ | $— | ​ | $592 |
| **Denominator:** | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Anti-dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (j) | ​ | ​ 39,895 | ​ | ​ 40,045 | ​ | ​ — | ​ | ​ 40,045 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |

48

*(In thousands except per share amounts)*

| ​ ​ Reconciliation of per share amounts: | ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Earnings (loss) per share of Class A common stock — basic | ​ | $0.48 | ​ | $0.22 | ​ | $0.29 | ​ | $(0.28) |
| Non-GAAP Adjustments (l) | ​ | ​ 0.09 | ​ | ​ 0.16 | ​ | ​ 0.13 | ​ | ​ 0.27 |
| Adjusted earnings (loss) per share - basic | ​ | $0.57 | ​ | $0.38 | ​ | $0.42 | ​ | $(0.01) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Earnings (loss) per share of Class A common stock — diluted | ​ | $0.48 | ​ | $0.22 | ​ | $0.28 | ​ | $(0.28) |
| Non-GAAP Adjustments (l) | ​ | ​ 0.09 | ​ | ​ 0.16 | ​ | ​ 0.14 | ​ | ​ 0.27 |
| Adjusted earnings (loss) per share - diluted | ​ | $0.57 | ​ | $0.38 | ​ | $0.42 | ​ | $(0.01) |

(a) Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment. See Note 4 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for additional information.

(b) Represents the current and deferred income tax expense or benefit effect of the above adjustments. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2025 and 2024 periods, which represent the estimated tax rates that would apply had the above adjustments been included in the determination of our non-GAAP metric.

(c) Represents the (gain) loss on termination of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.

(d) Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.

(e) Represents noncash SBC expense relating to employees, directors, and consultants of the Company.

(f) Represents losses and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments.

(g) Represents the adjustment to net income (loss) attributable to non-controlling interests resulting from the above adjustments that impact the net income (loss) of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 38.9% and 47.0% for the three months ended June 30, 2025 and 2024, respectively, and 38.9% and 47.0% for the six months ended June 30, 2025 and 2024, respectively.

(h) Represents the reallocation of net income (loss) attributable to non-controlling interests from the impact of the assumed change in ownership of CWGS, LLC from stock options, restricted stock units, and/or common units of CWGS, LLC.

(i) Represents the income tax expense effect of the above adjustment for reallocation of net income (loss) attributable to non-controlling interests. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2025 and 2024 periods.

(j) Represents the impact to the denominator for stock options, restricted stock units, and/or common units of CWGS, LLC.

(k) The below amounts have not been considered in our adjusted earnings (loss) per share – diluted amounts as the effect of these items are anti-dilutive. Additionally, 750,000 performance stock units granted in January 2025 were excluded from the calculation of our adjusted earnings (loss) per share– diluted, since they represent contingently issuable shares for which all of the necessary conditions had not been satisfied (see Note 16 — Stock-Based Compensation Plans to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q).

(l) Represents the per share impact of the Non-GAAP adjustments to net income (loss) detailed above (see (a) through (g) above).

#### SG&A Excluding SBC

We define “SG&A Excluding SBC” as SG&A before SBC relating to SG&A. We caution investors that amounts presented in accordance with our definition of SG&A Excluding SBC may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate SG&A Excluding SBC in the same manner. We present SG&A Excluding SBC because we believe that investors’ understanding of our performance and drivers of our other Non-GAAP Financial Measures, such as Adjusted EBITDA, is enhanced by including this Non-GAAP Financial Measure. We believe it provides a reasonable basis for comparing our ongoing results of operations.

The following table reconciles SG&A Excluding SBC to the most directly comparable GAAP financial performance measure:

*($ in thousands)*

| ​ ​ SG&A Excluding SBC: | ​ ​ ​ ​ | ​ ​ Three Months Ended June 30, 2025 ​ ​ | ​ ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ ​ | ​ ​ Six Months Ended June 30, 2025 ​ ​ | ​ ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| SG&A | ​ | $437,489 | ​ | $419,676 | ​ | $824,934 | ​ | $791,149 |
| SBC - SG&A | ​ | ​ (8,344) | ​ | ​ (5,308) | ​ | ​ (15,489) | ​ | ​ (10,413) |
| SG&A Excluding SBC: | ​ | $429,145 | ​ | $414,368 | ​ | $809,445 | ​ | $780,736 |
| As a percentage of gross profit | ​ | ​ 72.5% | ​ | ​ 75.7% | ​ | ​ 79.2% | ​ | ​ 82.2% |

### Liquidity and Capital Resources

### General

Our primary requirements for liquidity and capital have been working capital, inventory management, acquiring and building new store locations, the improvement and expansion of existing store locations, debt service, distributions/dividends to holders of equity interests in CWGS, LLC and our Class A common stock, and general corporate needs. These cash requirements have historically been met through cash provided by operating activities, cash and cash equivalents, proceeds from registered offerings of our Class A common stock, borrowings under our Senior Secured Credit Facilities (as defined in Part I, Item 1 of this Form 10-Q), borrowings under our Floor Plan Facility (as defined in Part I, Item 1 of this Form 10-Q), and borrowings under our Real Estate Facilities (as defined in Part I, Item 1 of this Form 10-Q).

Our additional liquidity needs are expected to include public company costs, payment of cash dividends, any exercise of the redemption right by the Continuing Equity Owners from time to time (should we elect to redeem common units for a cash payment), our stock repurchase program as described below, payments under the Tax Receivable Agreement, and state and federal taxes to the extent not reduced as a result of the tax deductions generated by (i) payments under the Tax Receivable Agreement and (ii) redemptions of common units by the Continuing Equity Owners. The Continuing Equity Owners may exercise such redemption right for as long as their common units remain outstanding. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the payments that we will be required to make to the Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. will be significant. Any payments made by us to Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to CWGS, LLC and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and therefore may accelerate payments due under the Tax Receivable Agreement. For a discussion of the Tax Receivable Agreement, see Note 13 — Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

#### Stock Repurchase Program

During the three months ended June 30, 2025, we did not repurchase Class A common stock under our stock repurchase program, which expires on December 31, 2025. As of June 30, 2025, $120.2 million was available under the stock repurchase program to repurchase additional shares of our Class A common stock.

#### Dividends

Since December 2016, we have paid our quarterly cash dividend to holders of Class A common stock. Since September 2023, the quarterly cash dividend has been $0.125 per share of Class A common stock, and we paid $7.8 million, in the aggregate, for dividends for the second quarter of 2025. This dividend was funded entirely from the Excess Tax Distribution (as defined under “Dividend Policy” included in Part II, Item 5 of our Annual Report), with no portion funded by other common unit cash distributions from CWGS, LLC. Since CWGS, LLC has not funded these recent quarterly cash dividends with dividend distributions outside of required tax distributions, we believe that this will help us utilize our capital to pay down debt, engage in other deleveraging activities, and continue to execute our expansion plans through accretive RV dealership acquisitions.

Our ability to pay cash dividends on our Class A common stock depends on, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in our debt agreements and in any preferred stock, restrictions under applicable law, the extent to which such distributions would render CWGS, LLC insolvent, our business prospects and other factors that our Board of Directors may deem relevant. Our dividend policy has certain risks and limitations particularly with respect to liquidity, and we may not pay future dividends according to our policy, or at all. See “Dividend Policy” included in Part II, Item 5 of our Annual Report and “Risk Factors ─ Risks Relating to Ownership of Our Class

A Common Stock ─ Our ability to pay regular and special dividends on our Class A common stock is subject to the discretion of our Board of Directors and may be limited by our structure and statutory restrictions” included in Part I, Item 1A of our Annual Report.

#### Acquisitions and Capital Expenditures

During the six months ended June 30, 2025, the RV and Outdoor Retail segment purchased real property for an aggregate purchase price of $72.4 million.

Over the next twelve months, our expansion of existing and new dealerships through construction and acquisition is expected to cost between $60.0 million and $77.0 million from a combination of business acquisitions and capital expenditures relating to land, buildings, and improvements. These cost estimates exclude amounts for acquired inventories, which are primarily financed through our Floor Plan Facility. Additionally, the cost estimates do not consider potential funding received through sale leaseback transactions or other means for real estate and construction activities. We will update our cost estimates in future periodic reports, if necessary, as there are further developments. Factors that could impact the quantity of future locations or the cost to acquire or open those locations include, but are not limited to, our ability to locate potential acquisition targets or greenfield locations in a geographic area and at a cost that meets our success criteria; continued strong cash flow generation to fund these acquisitions and new locations; and availability of financing.

#### Other Cash Requirements or Commitments

Substantially all of our new RV inventory and, at times, certain of our used RV inventory is financed under our Floor Plan Facility (defined in Note 3 – Inventories and Floor Plan Payables to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). See “Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements” for a summary of the cash requirements related to our indebtedness.

Cash requirements relating to the Tax Receivable Agreement liability, Supplier Agreement, operating and finance lease obligations, and service and marketing sponsorship agreements have not materially changed since our Annual Report.

#### Sources of Liquidity and Capital

We believe that our sources of liquidity and capital including cash provided by operating activities, equity offerings and borrowings under our various credit facilities, other long-term debt, and finance lease arrangements (see “Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements” below), including additional borrowing capacity where applicable, will be sufficient to finance our continued operations, growth strategy, including the opening of any additional store locations, quarterly cash dividends (as described above), required payments for our obligations under the Tax Receivable Agreement, and additional expenses we expect to incur for at least the next twelve months.

However, we cannot assure you that our cash provided by operating activities, cash and cash equivalents, registered offerings of equity under our Registration Statement on Form S-3, or cash available under our Revolving Credit Facility, our Floor Plan Facility, and our Real Estate Facilities, will be sufficient to meet our future needs. If we are unable to generate sufficient cash flows from operations in the future and if availability under our Revolving Credit Facility, our Floor Plan Facility, and our Real Estate Facilities is not sufficient, we may have to obtain additional financing. If we obtain additional capital by issuing equity, the interests of our existing stockholders will be diluted. If we incur additional indebtedness, that indebtedness may impose significant financial and other covenants that may significantly restrict our operations. We cannot assure you that we could obtain refinancing or additional financing on favorable terms or at all, including the expected additional borrowings noted above and particularly in light of the current macroeconomic uncertainty. See “Risk Factors — Risks Related to our Business — Our ability to operate and expand our business and to respond to changing business and economic conditions will depend on the availability of adequate capital” included in Part I, Item 1A of our Annual Report.

As of June 30, 2025, December 31, 2024, and June 30, 2024, we had working capital of $524.9 million, $590.3 million, and $379.1 million, respectively, including $118.1 million, $208.4 million, and $23.7 million, respectively, of cash and cash equivalents. Within current liabilities, which are deducted from current assets to calculate our working capital, we had deferred revenues of $94.0 million, $92.1 million, and $99.0 million as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively. Deferred revenues primarily consists of cash collected for club memberships and roadside assistance contracts in advance of services to be provided, which is deferred and recognized as revenue over the life of the membership, deferred revenues for the annual campground guide, and our Good Sam Club loyalty points liability. We use net proceeds from this deferred membership revenue to lower our long-term borrowings and finance our working capital needs. Our Floor Plan Facility includes a flooring line aggregate interest reduction (“FLAIR”) offset account that allows us to transfer cash as an offset to the payables under the Floor Plan Facility. The FLAIR offset account was less than $0.1 million at June 30, 2025. Cash may be transferred from the FLAIR offset account to cash and cash equivalents at our discretion.

### Seasonality

We have experienced, and expect to continue to experience, variability in revenue, net income, and cash flows as a result of annual seasonality in our business (see Note 1 — Summary of Significant Accounting Policies — Seasonality to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q).

### Cash Flow

The following table shows summary cash flow information for the six months ended June 30, 2025 and 2024:

*(In thousands)*

| ​ ​ | ​ ​ | ​ ​ Six Months Ended June 30, 2025 | ​ | ​ ​ 2024 | ​ ​ |
| --- | --- | --- | --- | --- | --- |
| Net cash (used in) provided by operating activities | ​ | $(44,595) | ​ | $84,341 | ​ |
| Net cash used in investing activities | ​ | ​ (180,078) | ​ | ​ (54,931) | ​ |
| Net cash provided by (used in) financing activities | ​ | ​ 134,335 | ​ | ​ (45,314) | ​ |
| Net decrease in cash and cash equivalents | ​ | $(90,338) | ​ | $(15,904) | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |

*Operating activities.* Our cash flows from operating activities are primarily collections from contracts in transit and customers following the sale of new and used vehicles, as well as from the sale of retail products and services and Good Sam services and plans. Contracts in transit represent amounts due from third-party lenders from whom pre-arranged agreements have been determined, and to whom the retail installment sales contracts have been assigned. Our primary uses of cash from operating activities are repayments of vehicle floor plan payables, payments to retail product suppliers, personnel-related expenditures, payments related to leased property, advertising, and various services and program costs.

Net cash used in operating activities was $44.6 million in the six months ended June 30, 2025, a decrease of $128.9 million from $84.3 million of net cash provided by operating activities in the six months ended June 30, 2024. The decrease was primarily due to a $210.7 million decrease in the working capital adjustment for inventory, an $18.1 million decrease in the working capital adjustment for receivables and contracts in transit, a $10.2 million increase in gain on sale or disposal of assets, a $9.8 million decrease in long-lived asset impairment, a $5.3 million decrease in the working capital adjustment for deferred revenue, and a $3.5 million decrease in deferred income taxes, partially offset by a $60.2 million increase in net income, a $35.8 million increase in working capital adjustment for accounts payable and other accrued expenses, an $18.7 million increase in working capital adjustment for prepaid expenses and other assets, a $12.9 million increase in working capital adjustment related to the Tax Receivable Agreement, a $6.6 million increase in depreciation and amortization and a $5.1 million increase in SBC.

*Investing activities.* Our investment in business activities primarily consists of expanding our operations through organic growth and the acquisition of RV dealership locations. Substantially all of our new RV dealership locations and capital expenditures have been financed using cash provided by operating activities and borrowings under our various credit facilities, other long-term debt, proceeds from registered offerings of our Class A common stock, and finance lease arrangements, as applicable (see Liquidity and Capital

Resources — Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements in Part I, Item 2 of this Form 10-Q).

The table below summarizes our capital expenditures for the six months ended June 30, 2025 and 2024:

*(In thousands)*

| ​ ​ | ​ ​ | ​ ​ Six Months Ended June 30, 2025 | ​ | ​ ​ 2024 | ​ ​ |
| --- | --- | --- | --- | --- | --- |
| IT hardware and software | ​ | $10,305 | ​ | $9,064 | ​ |
| Greenfield and acquired dealership locations | ​ | ​ 8,277 | ​ | ​ 18,389 | ​ |
| Existing store locations | ​ | ​ 30,891 | ​ | ​ 17,246 | ​ |
| Corporate and other | ​ | ​ 223 | ​ | ​ 3,854 | ​ |
| Total capital expenditures | ​ | $49,696 | ​ | $48,553 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |

Our capital expenditures consist primarily of investing in acquired and greenfield retail and RV dealership locations, existing retail locations, information technology, hardware, and software. The expected minimum capital expenditures relating to new dealerships and real estate purchases through June 30, 2026 are discussed above. As of June 30, 2025, we had entered into contracts for construction of new dealership buildings for an aggregate future commitment of capital expenditures of $4.4 million. There were no other material commitments for capital expenditures as of June 30, 2025.

Net cash used in investing activities was $180.1 million for the six months ended June 30, 2025. The $180.1 million of cash used in investing activities was primarily comprised of $81.2 million for the acquisition of RV dealerships, net of cash acquired and the $11.0 million of deposits paid in 2024 for these 2025 acquisitions, $72.4 million for the purchase of real property, and $49.7 million of capital expenditures primarily related to retail locations, partially offset by $10.3 million of proceeds from a business divestiture and $9.8 million of proceeds from the sale of real property.

Net cash used in investing activities was $54.9 million for the six months ended June 30, 2024. The $54.9 million of cash used in investing activities was comprised of $62.3 million for the acquisition of RV dealerships and a tire delivery service business, net of cash acquired, and $48.6 million of capital expenditures primarily related to retail locations, partially offset by $31.2 million of proceeds from the sale of real property, $20.0 million in proceeds from the divestiture of a business, $3.6 million of proceeds from the sale of property and equipment.

*Financing activities.* Our financing activities primarily consist of proceeds from the issuance of debt, the repayment of principal, cash dividends to holders of Class A common stock, and cash distributions to holders of CWGS, LLC common units.

Our net cash provided by financing activities was $134.3 million for the six months ended June 30, 2025. The $134.3 million of cash provided by financing activities was primarily due to $168.1 million of net proceeds on borrowings under the Floor Plan Facility, partially offset by $15.7 million of dividends paid on Class A common stock, $12.5 million of payments on long-term debt, and $3.6 million for finance lease payments.

Our net cash used in financing activities was $45.3 million for the six months ended June 30, 2024. The $45.3 million of cash used in financing activities was primarily due to $57.4 million of payments on long-term debt, $32.0 million of payments on the revolving line of credit, $19.2 million of net payments on borrowings under the Floor Plan Facility, $18.8 million of member distributions, $11.3 million of dividends paid on Class A common stock, and $3.7 million for finance lease payments, partially offset by $55.6 million of proceeds from long-term debt and $43.0 million from borrowings on revolving line of credit.

### Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements

As of June 30, 2025, we had outstanding debt in the form of our Senior Secured Credit Facilities, our Floor Plan Facility, our Real Estate Facilities, other long-term debt, and finance lease obligations. We may from time to time seek to refinance, retire or exchange our outstanding debt. Such refinancings, repayments or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

The following table shows a summary of the outstanding balances, current portion, and remaining available borrowings under our credit facilities, other long-term debt and finance lease arrangements (see definitions and further details in Note 3 – Inventories and Floor Plan Payables, Note 7 – Long-Term Debt, and Note 8 – Lease Obligations to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q) at June 30, 2025:

*(In thousands)*

| ​ ​ Floor Plan Facility: | ​ ​ ​ | ​ ​ ​ Outstanding ​ ​ | ​ ​ ​ | ​ ​ Current Portion ​ ​ | ​ ​ ​ | ​ ​ Remaining Available ​ ​ | ​ ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Notes payable - floor plan | ​ | $1,280,102 | ​ | $1,280,102 | ​ | $760,104 | (1)​ |
| Revolving line of credit | ​ | ​ — | ​ | ​ — | ​ | ​ 70,000 | (2)​ |
| Senior Secured Credit Facilities: | ​ | **​** ​ | ​ | ​ ​ | ​ | **​** ​ | ​ |
| Term Loan Facility | ​ | **​** 1,330,401 | ​ | ​ 14,015 | ​ | **​** — | ​ |
| Revolving Credit Facility | ​ | **​** — | ​ | ​ — | ​ | **​** 22,750 | (3)​ |
| Other: | ​ | **​** ​ | ​ | ​ ​ | ​ | **​** ​ | ​ |
| Real Estate Facilities | ​ | **​** 168,332 | (4)​ | ​ 8,663 | ​ | **​** 57,390 | (4)​ |
| Other long-term debt | ​ | **​** 7,760 | ​ | ​ 345 | ​ | **​** — | ​ |
| Finance lease obligations | ​ | **​** 148,112 | ​ | ​ 19,514 | ​ | **​** — | ​ |
| ​ | ​ | $2,934,707 | ​ | $1,322,639 | ​ | $910,244 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |

(1) The unencumbered borrowing capacity for the Floor Plan Facility represents the additional borrowing capacity less any accounts payable for sold inventory and less any purchase commitments. Additional borrowings are subject to the vehicle collateral requirements under the Floor Plan Facility. The Floor Plan Facility also includes an accordion feature allowing us, at our option, to request to increase the aggregate amount of the floor plan notes payable in $50.0 million increments up to a maximum amount of $300.0 million. The Floor Plan Lenders are not under any obligation to provide commitments in respect of any future increase under the accordion feature. 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.

(2) The revolving line of credit borrowings are subject to a borrowing base calculation but were not limited as of June 30, 2025.

(3) The Revolving Credit Facility remaining available balance was reduced by outstanding undrawn letters of credit. The Credit Agreement requires compliance with a Total Net Leverage Ratio covenant when borrowings on the Revolving Credit Facility (excluding certain amounts relating to letters of credit) is over a 35%, or $22.8 million, threshold (Note 7 – Long-Term Debt to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). The otherwise remaining available borrowings of $60.1 million were reduced by $37.3 million to $22.8 million in light of this financial covenant at June 30, 2025.

(4) Additional borrowings on the Real Estate Facilities are subject to a debt service coverage ratio covenant and to the property collateral requirements under the Real Estate Facilities. In August 2024, we amended the M&T Real Estate Facility to increase the borrowing capacity by $50.0 million, which was not deducted from our option to request an additional $100.0 million of principal capacity. The lenders under the M&T Real Estate Facility are not under any obligation to provide commitments in respect of any such increase.

As of June 30, 2025 and 2024, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 6.49% and 7.87%, respectively. As of June 30, 2025 and 2024, the average interest rate for the Term Loan Facility was 6.94% and 7.96%, respectively. The decrease in interest rates and lower average outstanding principal balances for our floor plan, Real Estate Facilities, and revolving line of credit have resulted in a combined year-over-year decrease of our floor plan interest expense and other interest expense, net of $12.1 million and $27.3 million for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively.

### Sale/Leaseback Arrangements

We have in the past and may in the future enter into sale-leaseback transactions to finance certain property acquisitions and capital expenditures, pursuant to which we sell property and/or leasehold improvements to third parties and agree to lease those assets back for a certain period of time. Such sales generate proceeds which vary from period to period. In the six months ended June 30, 2025 and 2024, we 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. We recorded no gain for the six months ended June 30, 2025 and recorded a gain of $0.1 million for the six months ended June 30, 2024 that was included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of income. We 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.

### Deferred Revenue

Deferred revenue consists of our sales for products not yet recognized as revenue at the end of a given period. Our deferred revenue as of June 30, 2025 was $157.4 million.

### Critical Accounting Policies and Estimates

We prepare our condensed consolidated financial statements in accordance with GAAP, and in doing so, we have to make estimates, assumptions and judgments affecting the reported amounts of assets, liabilities, revenues and expenses, as well as the related disclosure of contingent assets and liabilities. We base our estimates, assumptions and judgments on historical experience and on various other factors we believe to be reasonable under the circumstances. Different assumptions and judgments would change estimates used in the preparation of our condensed consolidated financial statements, which, in turn, could change our results from those reported. We evaluate our critical accounting estimates, assumptions and judgments on an ongoing basis.

There has been no material change in our critical accounting policies and estimates from those previously reported and disclosed in our Annual Report.

### Recent Accounting Pronouncements

See Note 1 – Summary of Significant Accounting Policies to our condensed consolidated financial statements in Item 1, Part I of this Form 10-Q.

## Market risk

As filed, 268 characters.

For a discussion of the Company’s quantitative and qualitative disclosures about market risks, see Item 7A. Quantitative and Qualitative Disclosures About Market Risks, in our Annual Report. As of June 30, 2025, there have been no material changes in this information.

## Controls and procedures

As filed, 4,131 characters.

#### Limitations on Effectiveness of Controls and Procedures

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

#### Evaluation of Disclosure Controls and Procedures

Our management, carried out an evaluation, under the supervision and participation of our Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial officer), of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Form 10-Q. Based on our management’s evaluation, our Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial officer) concluded that our disclosure controls and procedures were not effective as of June 30, 2025 as a result of the material weakness described in our Annual Report and below.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

In connection with the preparation of our financial statements for the year ended December 31, 2024, we identified a material weakness in the design and operation of our income tax controls, including over the review of the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in the operating partnership, CWGS, LLC. This material weakness remains unremediated as of June 30, 2025.

#### Remediation Efforts to Address Material Weakness

Our management is committed to maintaining a strong internal control environment. In response to the identified material weakness above, management with the oversight of the Audit Committee of the Board of Directors, is taking comprehensive actions to remediate the above material weakness. Our remediation plans include the following:

- Implementing separate specific controls over the review of the quantification of realizable tax basis in CWGS, LLC;
- Redesigning the reports utilized to calculate the gross outside basis difference to enhance management’s review of the calculation; and
- Developing and conducting training for individuals responsible for reviewing calculation and measurement of the realizable tax basis in CWGS, LLC.

We may also conclude that additional measures may be required to remediate the material weakness in our internal control over financial reporting, which may necessitate additional implementation and evaluation time. We will continue to assess the effectiveness of our internal control over financial reporting and take steps to remediate the material weakness expeditiously. The material weakness will not be considered remediated until the applicable remediated controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

#### Changes in Internal Control over Financial Reporting

We are taking actions to remediate the material weaknesses relating to our internal control over financial reporting, as described above. Except as discussed above, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of our internal control performed during the fiscal quarter ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 122 characters.

There have been no material changes to our risk factors as previously disclosed in Item 1A of Part I of our Annual Report.

Filed Jul 30, 2025.
Source: SEC EDGAR, the filing index for accession 0001558370-25-009795. Last ingested by Listed: Oct 24, 2026, 15:07 ET. No prices; not investment advice.