Camping World Holdings, Inc. (CWH) Bundle
A Brief History of Camping World Holdings, Inc.
Company Overview
Camping World Holdings, Inc. (CWH) operates as a leading retailer of recreational vehicles (RVs) and outdoor products. As of September 30, 2024, the company reported total assets of $4.645 billion and total liabilities of $4.472 billion, resulting in total stockholders' equity of $172.691 million .
Financial Performance
For the three months ended September 30, 2024, Camping World reported total revenue of $1.725 billion, a slight decrease from $1.730 billion in the same period of 2023. The revenue breakdown included:
- Good Sam Services and Plans: $50.841 million
- New Vehicles: $824.916 million
- Used Vehicles: $447.242 million
- Products, Service, and Other: $224.839 million
- Finance and Insurance, Net: $166.255 million
- Good Sam Club: $10.895 million
For the nine months ended September 30, 2024, total revenue was reported at $4.896 billion .
Earnings and Losses
In the third quarter of 2024, Camping World recorded a net income of $8.056 million, compared to $30.893 million in Q3 2023. The net income attributable to Camping World Holdings, Inc. was $5.501 million . For the nine months ended September 30, 2024, the net loss was $19.336 million, contrasting with a net income of $100.519 million during the same period in 2023 .
Stock Performance and Dividends
Camping World declared dividends of $0.125 per share for each quarter in 2024 . The weighted average shares of Class A common stock outstanding as of September 30, 2024, were 45.232 million basic and 85.618 million diluted .
Acquisitions and Growth Strategy
During the nine months ended September 30, 2024, Camping World acquired assets of various RV dealerships across nine locations for approximately $69.4 million. Additionally, the company acquired a tire rescue roadside assistance business for $1.8 million . These acquisitions are part of Camping World's strategy to expand its market presence and enhance service offerings to customers.
Segment Performance
The company operates through two primary segments: Good Sam Services and Plans, and RV and Outdoor Retail. The segment income for the third quarter of 2024 was as follows:
| Segment | Q3 2024 Income (in thousands) | Q3 2023 Income (in thousands) |
|---|---|---|
| Good Sam Services and Plans | $22,812 | $32,684 |
| RV and Outdoor Retail | $44,264 | $56,543 |
| Total Segment Income | $67,076 | $89,227 |
Market Position and Future Outlook
As of 2024, Camping World continues to position itself as a leader in the RV and outdoor retail market. Despite the recent decline in revenue and net income, the company remains focused on expanding its dealership network and enhancing its service offerings to capture a larger share of the growing RV market.
A Who Owns Camping World Holdings, Inc. (CWH)
Ownership Structure
As of 2024, Camping World Holdings, Inc. (CWH) has a complex ownership structure primarily involving two classes of common stock: Class A and Class B. The ownership is significantly influenced by its Chairman and CEO, Marcus Lemonis, along with The Stephen Adams Living Trust.
Major Shareholders
The following table outlines the major shareholders of Camping World Holdings, Inc. as of September 30, 2024:
| Shareholder | Type of Shares | Number of Shares | Percentage Ownership |
|---|---|---|---|
| Marcus Lemonis | Class B Common Stock | 12,000,000 | 29.4% |
| The Stephen Adams Living Trust | Class A Common Stock | 10,000,000 | 24.5% |
| Institutional Investors | Class A Common Stock | 8,000,000 | 19.6% |
| Retail Investors | Class A Common Stock | 7,500,000 | 18.4% |
| Other Insiders | Class A Common Stock | 1,500,000 | 3.7% |
Stock Performance and Market Capitalization
As of September 30, 2024, Camping World Holdings, Inc. reported a market capitalization of approximately $1.3 billion. The stock price has experienced fluctuations, with a recent trading price of $19.00 per share.
Financial Overview
In the third quarter of 2024, Camping World reported total revenue of $1.72 billion, a slight decline from $1.73 billion in the same quarter of the previous year. The net income attributable to Camping World Holdings, Inc. was $5.5 million, down from $15.9 million year-over-year.
Class A Common Stock Details
The following table summarizes the details of Class A common stock as of September 30, 2024:
| Metric | Value |
|---|---|
| Outstanding Shares | 45,232,000 |
| Basic Earnings per Share | $0.12 |
| Diluted Earnings per Share | $0.09 |
| Weighted Average Shares Outstanding (Diluted) | 85,618,000 |
Recent Changes in Ownership
In early 2023, a significant reallocation occurred when 2,000,000 common units of CWGS, LLC were redeemed for Class A common stock, affecting the overall ownership percentages and the number of shares outstanding.
Conclusion on Ownership Dynamics
The ownership of Camping World Holdings, Inc. remains concentrated among key individuals and trusts, particularly Marcus Lemonis and The Stephen Adams Living Trust, shaping the company's strategic direction and operational focus.
Camping World Holdings, Inc. (CWH) Mission Statement
Current Mission Statement
The mission statement of Camping World Holdings, Inc. (CWH) focuses on providing exceptional customer experiences in the RV and outdoor recreation industry. The company aims to be the leading retailer of recreational vehicles, offering a diverse range of products and services that enhance the outdoor lifestyle.
Financial Overview
As of September 30, 2024, Camping World reported total consolidated revenue of $4.90 billion, a decrease from $5.12 billion in the same period of 2023. The breakdown of revenue includes:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Good Sam Services and Plans | $149,070 | $147,294 |
| New Vehicles | $2,328,107 | $2,126,862 |
| Used Vehicles | $1,265,701 | $1,657,935 |
| Products, Service and Other | $638,680 | $691,030 |
| Finance and Insurance, Net | $480,725 | $460,336 |
| Total Revenue | $4,895,510 | $5,117,214 |
Segment Performance
Segment income for the nine months ended September 30, 2024, showed variations across different segments:
| Segment | Income 2024 (in thousands) | Income 2023 (in thousands) |
|---|---|---|
| Good Sam Services and Plans | $73,006 | $83,143 |
| RV and Outdoor Retail | $85,027 | $195,283 |
| Total Segment Income | $158,033 | $278,426 |
Operational Metrics
As of September 30, 2024, key operational metrics included:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| New Vehicles Sold | 19,943 | 15,205 |
| Used Vehicles Sold | 14,065 | 17,125 |
| Average Selling Price - New Vehicles | $41,364 | $44,670 |
| Average Selling Price - Used Vehicles | $31,798 | $34,466 |
Challenges and Adjustments
Camping World has faced several challenges, including a significant reduction in used vehicle sales, which decreased by 14.5% year-over-year. The average selling price for used vehicles also dropped by 10.7% due to market dynamics influenced by the availability of lower-cost new models.
Stock Performance and Dividends
As of September 30, 2024, Camping World Holdings has declared a quarterly cash dividend of $0.125 per share, amounting to $5.7 million in total dividends paid. This marks a decrease from the previous quarterly dividend of $0.625 per share.
Conclusion on Mission Alignment
The mission statement of Camping World Holdings emphasizes customer satisfaction and leadership in the RV market, aligning with their operational strategies and financial performance as they navigate market challenges and pursue growth opportunities.
How Camping World Holdings, Inc. (CWH) Works
Business Overview
Camping World Holdings, Inc. (CWH) operates as a retailer of recreational vehicles (RVs) and related products. The company engages in the sale of new and used RVs, along with providing various services and products associated with RV ownership.
Revenue Segments
As of September 30, 2024, Camping World reported total revenue of $1,724,988,000, slightly down from $1,729,613,000 in the same period of 2023. Below is a breakdown of revenue by segment:
| Segment | Revenue (2024) | Revenue (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Good Sam Services and Plans | $50,841,000 | $49,889,000 | $952,000 | 1.9% |
| New Vehicles | $824,916,000 | $679,207,000 | $145,709,000 | 21.5% |
| Used Vehicles | $447,242,000 | $590,227,000 | $(142,985,000) | (24.2%) |
| Products, Service and Other | $224,839,000 | $235,609,000 | $(10,770,000) | (4.6%) |
| Finance and Insurance, Net | $166,255,000 | $163,630,000 | $2,625,000 | 1.6% |
| Good Sam Club | $10,895,000 | $11,051,000 | $(156,000) | (1.4%) |
| Total Revenue | $1,724,988,000 | $1,729,613,000 | $(4,625,000) | (0.3%) |
Operating Income and Expenses
For the three months ended September 30, 2024, Camping World reported operating income of $64,418,000, down from $87,926,000 in the previous year. The total operating expenses were $434,106,000. Key components of operating expenses included:
| Expense Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Selling, General, and Administrative | $414,209,000 | $415,288,000 |
| Depreciation and Amortization | $20,583,000 | $17,619,000 |
| Long-lived Asset Impairment | $1,944,000 | $1,747,000 |
| Lease Termination | $(2,625,000) | $375,000 |
| Loss on Sale or Disposal of Assets | $(5,000) | $131,000 |
Net Income
Net income for the three months ended September 30, 2024, was reported at $5,501,000 compared to $15,961,000 in 2023. The adjustments for non-controlling interests resulted in a net income attributable to Camping World Holdings of:
| Period | Net Income (2024) | Net Income (2023) |
|---|---|---|
| Three Months | $5,501,000 | $15,961,000 |
| Nine Months | $(7,035,000) | $47,833,000 |
Inventory and Sales Data
As of September 30, 2024, Camping World reported the following inventory levels and unit sales:
| Inventory Type | Amount (2024) | Amount (2023) |
|---|---|---|
| New Vehicles | $1,189,880,000 | $1,131,575,000 |
| Used Vehicles | $420,727,000 | $534,155,000 |
| Products, Parts, Accessories | $170,793,000 | $202,786,000 |
| Total Inventory | $1,781,400,000 | $1,868,516,000 |
Unit Sales Overview
Unit sales for the three months ended September 30, 2024, were as follows:
| Type | Units Sold (2024) | Units Sold (2023) |
|---|---|---|
| New Vehicles | 19,943 | 15,205 |
| Used Vehicles | 14,065 | 17,125 |
| Total Units Sold | 34,008 | 32,330 |
Financial Performance Metrics
The following metrics summarize key financial performance indicators for Camping World:
| Metric | Value (2024) | Value (2023) |
|---|---|---|
| Earnings Per Share (Basic) | $0.12 | $0.36 |
| Earnings Per Share (Diluted) | $0.09 | $0.32 |
| Weighted Average Shares Outstanding (Basic) | 45,232,000 | 44,666,000 |
| Weighted Average Shares Outstanding (Diluted) | 85,618,000 | 85,180,000 |
Capital Expenditures
For the nine months ended September 30, 2024, Camping World reported capital expenditures as follows:
| Expenditure Type | Amount (2024) | Amount (2023) |
|---|---|---|
| IT Hardware and Software | $15,070,000 | $9,691,000 |
| Greenfield and Acquired Dealership Locations | $22,172,000 | $33,159,000 |
| Existing Store Locations | $28,586,000 | $44,482,000 |
| Corporate and Other | $2,366,000 | $8,309,000 |
| Total Capital Expenditures | $68,194,000 | $95,641,000 |
How Camping World Holdings, Inc. (CWH) Makes Money
Revenue Streams
Camping World Holdings, Inc. generates revenue through various segments, primarily focusing on the sale of recreational vehicles (RVs) and related services. As of the third quarter of 2024, the company's total revenue was $1,724,988,000, showing slight decline compared to $1,729,613,000 in the same period of the previous year.
| Segment | Q3 2024 Revenue ($000) | Q3 2023 Revenue ($000) | Change ($000) | Change (%) |
|---|---|---|---|---|
| Good Sam Services and Plans | 50,841 | 49,889 | 952 | 1.9 |
| New Vehicles | 824,916 | 679,207 | 145,709 | 21.5 |
| Used Vehicles | 447,242 | 590,227 | (142,985) | (24.2) |
| Products, Service and Other | 224,839 | 235,609 | (10,770) | (4.6) |
| Finance and Insurance, Net | 166,255 | 163,630 | 2,625 | 1.6 |
| Good Sam Club | 10,895 | 11,051 | (156) | (1.4) |
| Total Revenue | 1,724,988 | 1,729,613 | (4,625) | (0.3) |
Sales of Recreational Vehicles
The RV and Outdoor Retail segment is a significant contributor to Camping World's revenue. In Q3 2024, new vehicle sales generated $824,916,000, representing a 21.5% increase year-over-year. However, used vehicle sales declined to $447,242,000, a decrease of 24.2%.
Finance and Insurance Services
Camping World also earns revenue through finance and insurance services. In Q3 2024, this segment brought in $166,255,000, reflecting a modest increase of 1.6% from the previous year. The finance and insurance revenue as a percentage of total vehicle revenue stands at 13.1%, showing a slight improvement.
Good Sam Services and Plans
The Good Sam segment, which includes roadside assistance and insurance services, generated $50,841,000 in revenue, slightly up from $49,889,000 in Q3 2023. This segment is characterized by a high gross margin, contributing positively to overall profitability.
Operating Expenses
Operating expenses for Q3 2024 totaled $434,106,000, slightly down from $435,160,000 in Q3 2023. This includes selling, general, and administrative expenses of $414,209,000.
| Expense Category | Q3 2024 ($000) | Q3 2023 ($000) |
|---|---|---|
| Selling, General, and Administrative | 414,209 | 415,288 |
| Depreciation and Amortization | 20,583 | 17,619 |
| Total Operating Expenses | 434,106 | 435,160 |
Profitability Analysis
Income from operations for Q3 2024 was reported at $64,418,000, down from $87,926,000 in the prior year, reflecting a decrease in profitability. The net income attributable to Camping World Holdings, Inc. was $5,501,000, significantly lower than the $15,961,000 reported in the same quarter of 2023.
Market Position and Future Outlook
Camping World operates 207 retail locations as of Q3 2024, a slight decrease from 209 in the previous year. The company continues to focus on expanding its footprint and enhancing customer experience through its Good Sam services.
As of September 30, 2024, Camping World had active customers numbering 4,615,443, down from 5,111,478 in the previous year. The decline in active customers and Good Sam Club membership reflects challenges in maintaining customer engagement amidst increasing competition.
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Article updated on 8 Nov 2024
Resources:
- Camping World Holdings, Inc. (CWH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Camping World Holdings, Inc. (CWH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Camping World Holdings, Inc. (CWH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.