in

Camping World Holdings, Inc. Reports Fourth Quarter 2023 Results, Returns to Positive New Vehicle Unit Volume Growth, Continues Acquisition Pace, Committed to Delivering Unit Volume, Market Share, and Strong Earnings Growth in 2024

LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–Camping World Holdings, Inc. (NYSE: CWH) (the “Company” or “CWH”), America’s Recreation Dealer, today reported results for the year and fourth quarter ended December 31, 2023.

Marcus Lemonis, Chairman and Chief Executive Officer of Camping World Holdings, Inc. stated, “Beginning in December, our new vehicle same store unit growth turned positive, with January and February to date trending up from mid-single to low-double digits. We achieved our goal of significantly improving our new unit inventory position, with less than 7,500 new model year 2023’s remaining as of today. We believe we are outpacing the industry with close to 80% in 2024 models currently. We believe that successful negotiations in year-over-year pricing reductions on like-for-like new units has sparked early demand and new gross margin stabilization.”

Matt Wagner, Chief Operating Officer of Camping World Holdings, Inc. commented, “Any reduction of new model pricing causes us to reset used vehicle values and slow down the purchases of used RV inventory while market values correct themselves. We expect this short-term maneuver to allow used vehicle volumes to improve over time, with gross margin improvement beginning in the second quarter and continuing through the balance of the year.”

Mr. Wagner concluded, “Positive demand trends, inventory discipline, strength in our Good Sam segment and the service and parts portion of our business, acquisitions, and cost reductions, give us confidence in delivering unit volume and strong earnings growth in 2024 while continuing our march to 320 locations by 2028.”

Full Year-over-Year Operating Highlights

  • Revenue was $6.2 billion, a decrease of $740.5 million, or 10.6%.
  • Used vehicle revenue was a record $2.0 billion, an increase of $102.0 million, or 5.4%, and used vehicle unit sales were a record 56,823 units, an increase of 5,498 units, or 10.7%.
  • New vehicle revenue was $2.6 billion, a decline of $651.8 million, or 20.2%, and new vehicle unit sales were 58,731 units, a decrease of 11,698 units, or 16.6%.
  • Average selling price of new and used vehicles declined 4.3% and 4.8%, respectively.
  • Same store used vehicle unit sales increased 5.0%, and same store new vehicle unit sales decreased 22.1%.
  • Products, services and other revenue was $870.0 million, a decline of $129.2 million, or 12.9%, driven largely by lower demand and lower stocking levels of lifestyle and activities, and design and home products, as well as decreases in our direct to manufacturer RV furniture revenues due to RV manufacturer production slowdowns and discounting and discontinuation of certain product categories related to our Active Sports Restructuring.
  • Gross profit was $1.9 billion, a decrease of $383.6 million, or 17.0%. Total gross margin was 30.2%, a decrease of 230 basis points. The decrease in gross profit and gross margin was driven largely by the decrease in average selling price of new and used vehicles and gross profit was further impacted by the decrease in combined RV unit sales and the related decrease in finance and insurance, net. This decrease was partially offset by the $14.3 million increase in gross profit and 682 basis point increase in gross margin of the Good Sam Services and Plans segment.
  • Selling, general and administrative expenses were $1.5 billion, a decrease of $68.0 million, or 4.2%, primarily due to approximately $49.2 million of reduced advertising expenses and $35.1 million of reduced variable compensation costs, partially offset by incremental costs related to the net six additional store locations added during the year ended December 31, 2023.
  • Floor plan interest expense was $83.1 million, an increase of $41.0 million, or 97.7%, and other interest expense, net was $135.3 million, an increase of $59.5 million, or 78.6%. These increases were primarily as a result of the rise in interest rates.
  • Net income was $50.6 million, a decrease of $300.4 million, or 85.6%.
  • Diluted earnings per share of Class A common stock was $0.55 in 2023 versus diluted earnings per share of Class A common stock of $3.22 in 2022. Adjusted earnings per share – diluted(1) of Class A common stock was $0.81 in 2023 versus adjusted earnings per share – diluted(1) of Class A common stock of $4.17 in 2022.
  • Adjusted EBITDA(1) was $286.2 million, a decrease of $367.2 million, or 56.2%.
  • New and used vehicle inventories were $1.8 billion, a decrease of $32.1 million.
  • The Company paid an annualized cash dividend of $1.50 per share of Class A common stock, a decrease of $1.00 per share of Class A common stock.

Fourth Quarter-over-Quarter Operating Highlights

  • Revenue was $1.1 billion for the fourth quarter, a decrease of $171.0 million, or 13.4%.
  • Used vehicle revenue was $321.7 million for the fourth quarter, a decrease of $70.9 million, or 18.1%, and used vehicle unit sales were 9,492 units, a decrease of 842 units, or 8.1%.
  • New vehicle revenue was $449.4 million for the fourth quarter, a decline of $32.3 million, or 6.7%, and new vehicle unit sales were 10,717 units, an increase of 328 units, or 3.2%.
  • Average selling price of new and used vehicles declined 9.6% and 10.8%, respectively, during the fourth quarter. As the procurement prices of model year 2024 new vehicles declined compared to model years 2022 and 2023, the Company actively discounted certain used vehicles and certain pre-2024 model year new vehicles during the fourth quarter to reduce inventory levels of aged vehicles.
  • Same store used vehicle unit sales decreased 11.2% for the fourth quarter, and same store new vehicle unit sales decreased 2.2%.
  • Products, services and other revenue was $179.0 million, a decline of $58.3 million, or 24.6%, driven largely by lower demand and lower stocking levels of lifestyle and activities, and design and home products, as well as discounting and discontinuation of certain product categories related to our Active Sports Restructuring.
  • Gross profit was $343.4 million, a decrease of $48.2 million, or 12.3%. Total gross margin was 31.0%, an increase of 37 basis points. The decrease in gross profit was driven largely by the new and used vehicle discounting as discussed above.
  • Selling, general and administrative expenses were $337.1 million, a decrease of $24.4 million, or 6.7%, primarily as a result of our efforts to reduce expenses.
  • Floor plan interest expense was $21.8 million, an increase of $4.2 million, or 24.1%, and other interest expense, net was $35.4 million, an increase of $9.4 million, or 36.2%. These increases were primarily as a result of the rise in interest rates.
  • Net loss was $49.9 million, a decrease of $7.3 million, or 12.7%.
  • Diluted loss per share of Class A common stock was $0.49 in 2023 versus diluted loss per share of Class A common stock of $0.79 in 2022. Adjusted loss per share – diluted(1) of Class A common stock was $0.47 in 2023 versus adjusted loss per share – diluted(1) of Class A common stock of $0.20 in 2022.
  • Adjusted EBITDA(1) was a negative $8.9 million, a decrease of $29.1 million, or 144.1%.

________________

(1)

Adjusted earnings (loss) per share – diluted and adjusted EBITDA are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release.

Earnings Conference Call and Webcast Information

A conference call to discuss the Company’s fourth quarter and fiscal year 2023 financial results and 2024 outlook is scheduled for February 22, 2024, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-877-407-9039 (international callers please dial 1-201-689-8470) and using conference ID# 13743788. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. The replay of the conference call webcast will be available on the investor relations website for approximately 90 days.

Presentation

This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company’s initial public offering (“IPO”) and related reorganization transactions (“Reorganization Transactions”) that occurred on October 6, 2016 resulted in the Company as the sole managing member of CWGS Enterprises, LLC (“CWGS, LLC”), with sole voting power in and control of the management of CWGS, LLC. The Company’s position as sole managing member of CWGS, LLC includes periods where the Company has held a minority economic interest in CWGS, LLC. As of December 31, 2023, the Company owned 52.9% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements.

About Camping World Holdings, Inc.

Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the world’s largest retailer of RVs and related products and services. Our vision is to build a long-term legacy business that makes RVing fun and easy. Our Camping World and Good Sam brands have been serving RV consumers since 1966. We strive to build long-term value for our customers, employees, and shareholders 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 employees serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of programs and services uniquely enable us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle. With RV sales and service locations in 43 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about expectations regarding new and used vehicle unit volume trends, our ability to deliver unit volume and increased market share, macroeconomic and industry trends, dividend payments and capital allocation, our business plans and goals, the Company’s acquisition pipeline and plans, and future financial results, including anticipated earnings growth and gross margin outlook for 2024. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: general economic conditions, including inflation and interest rates; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the success of our manufacturers; changes in consumer preferences; risks related to our strategic review of our Good Sam business; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; risks related to COVID-19; our ability to execute and achieve the expected benefits of our cost cutting or restructuring initiatives; our reliance on our fulfillment and distribution centers; natural disasters, including epidemic outbreaks; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; risks associated with our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2022, as updated by our Annual Report on Form 10-K for the year ended December 31, 2023 following the date hereof, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Future declarations of quarterly dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, receipt of excess tax distributions from CWGS Enterprises, LLC, its business prospects and other factors that the Company’s Board of Directors may deem relevant.

We intend to use our official Facebook, X (formerly known as Twitter), and Instagram accounts, each at the handle @CampingWorld, as well as the investor page of our website, investor.campingworld.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels and on our investor webpage may be deemed material. Accordingly, investors should subscribe to these accounts and our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts. These social media channels may be updated from time to time.

 

Camping World Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In Thousands Except Per Share Amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2023

 

2022

 

2023

 

2022

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Good Sam Services and Plans

 

$

46,533

 

 

$

47,624

 

 

$

193,827

 

 

$

192,128

 

RV and Outdoor Retail

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

449,416

 

 

 

481,754

 

 

 

2,576,278

 

 

 

3,228,077

 

Used vehicles

 

 

321,697

 

 

 

392,623

 

 

 

1,979,632

 

 

 

1,877,601

 

Products, service and other

 

 

179,008

 

 

 

237,300

 

 

 

870,038

 

 

 

999,214

 

Finance and insurance, net

 

 

101,920

 

 

 

109,535

 

 

 

562,256

 

 

 

623,456

 

Good Sam Club

 

 

10,759

 

 

 

11,467

 

 

 

44,516

 

 

 

46,537

 

Subtotal

 

 

1,062,800

 

 

 

1,232,679

 

 

 

6,032,720

 

 

 

6,774,885

 

Total revenue

 

 

1,109,333

 

 

 

1,280,303

 

 

 

6,226,547

 

 

 

6,967,013

 

Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

Good Sam Services and Plans

 

 

15,547

 

 

 

17,434

 

 

 

59,391

 

 

 

71,966

 

RV and Outdoor Retail

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

364,421

 

 

 

404,616

 

 

 

2,175,819

 

 

 

2,576,276

 

Used vehicles

 

 

273,277

 

 

 

302,177

 

 

 

1,574,238

 

 

 

1,418,053

 

Products, service and other

 

 

111,588

 

 

 

163,330

 

 

 

533,625

 

 

 

631,010

 

Good Sam Club

 

 

1,059

 

 

 

1,145

 

 

 

4,825

 

 

 

7,424

 

Subtotal

 

 

750,345

 

 

 

871,268

 

 

 

4,288,507

 

 

 

4,632,763

 

Total costs applicable to revenue

 

 

765,892

 

 

 

888,702

 

 

 

4,347,898

 

 

 

4,704,729

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

Good Sam Services and Plans

 

 

30,986

 

 

 

30,190

 

 

 

134,436

 

 

 

120,162

 

RV and Outdoor Retail:

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

84,995

 

 

 

77,138

 

 

 

400,459

 

 

 

651,801

 

Used vehicles

 

 

48,420

 

 

 

90,446

 

 

 

405,394

 

 

 

459,548

 

Products, service and other

 

 

67,420

 

 

 

73,970

 

 

 

336,413

 

 

 

368,204

 

Finance and insurance, net

 

 

101,920

 

 

 

109,535

 

 

 

562,256

 

 

 

623,456

 

Good Sam Club

 

 

9,700

 

 

 

10,322

 

 

 

39,691

 

 

 

39,113

 

Subtotal

 

 

312,455

 

 

 

361,411

 

 

 

1,744,213

 

 

 

2,142,122

 

Total gross profit

 

 

343,441

 

 

 

391,601

 

 

 

1,878,649

 

 

 

2,262,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

 

337,087

 

 

 

361,444

 

 

 

1,538,988

 

 

 

1,606,984

 

Depreciation and amortization

 

 

19,181

 

 

 

18,935

 

 

 

68,643

 

 

 

80,304

 

Long-lived asset impairment

 

 

 

 

 

726

 

 

 

9,269

 

 

 

4,231

 

Lease termination

 

 

(478

)

 

 

492

 

 

 

(103

)

 

 

1,614

 

(Gain) loss on sale or disposal of assets

 

 

(221

)

 

 

232

 

 

 

(5,222

)

 

 

622

 

Total operating expenses

 

 

355,569

 

 

 

381,829

 

 

 

1,611,575

 

 

 

1,693,755

 

(Loss) income from operations

 

 

(12,128

)

 

 

9,772

 

 

 

267,074

 

 

 

568,529

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

Floor plan interest expense

 

 

(21,777

)

 

 

(17,548

)

 

 

(83,075

)

 

 

(42,031

)

Other interest expense, net

 

 

(35,397

)

 

 

(25,983

)

 

 

(135,270

)

 

 

(75,745

)

Tax Receivable Agreement liability adjustment

 

 

762

 

 

 

114

 

 

 

2,442

 

 

 

114

 

Other expense, net

 

 

(110

)

 

 

(280

)

 

 

(1,769

)

 

 

(752

)

Total other expense

 

 

(56,522

)

 

 

(43,697

)

 

 

(217,672

)

 

 

(118,414

)

(Loss) income before income taxes

 

 

(68,650

)

 

 

(33,925

)

 

 

49,402

 

 

 

450,115

 

Income tax benefit (expense)

 

 

18,732

 

 

 

(23,276

)

 

 

1,199

 

 

 

(99,084

)

Net (loss) income

 

 

(49,918

)

 

 

(57,201

)

 

 

50,601

 

 

 

351,031

 

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

 

 

33,129

 

 

 

23,981

 

 

 

(19,557

)

 

 

(214,084

)

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

 

$

(16,789

)

 

$

(33,220

)

 

$

31,044

 

 

$

136,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share of Class A common stock:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.37

)

 

$

(0.79

)

 

$

0.70

 

 

$

3.23

 

Diluted

 

$

(0.49

)

 

$

(0.79

)

 

$

0.55

 

 

$

3.22

 

Weighted average shares of Class A common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,889

 

 

 

42,287

 

 

 

44,626

 

 

 

42,386

 

Diluted

 

 

84,934

 

 

 

42,287

 

 

 

84,972

 

 

 

42,854

 

 

Camping World Holdings, Inc. and Subsidiaries

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Increase

 

 

Percent

 

 

2023

 

2022

 

(decrease)

 

 

Change

Unit sales

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

10,717

 

 

 

10,389

 

 

 

328

 

 

 

 

3.2

%

Used vehicles

 

 

9,492

 

 

 

10,334

 

 

 

(842

)

 

 

 

(8.1

%)

Total

 

 

20,209

 

 

 

20,723

 

 

 

(514

)

 

 

 

(2.5

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling price

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

41,935

 

 

$

46,372

 

 

$

(4,437

)

 

 

 

(9.6

%)

Used vehicles

 

 

33,891

 

 

 

37,993

 

 

 

(4,102

)

 

 

 

(10.8

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store unit sales(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

9,324

 

 

 

9,535

 

 

 

(211

)

 

 

 

(2.2

%)

Used vehicles

 

 

8,504

 

 

 

9,580

 

 

 

(1,076

)

 

 

 

(11.2

%)

Total

 

 

17,828

 

 

 

19,115

 

 

 

(1,287

)

 

 

 

(6.7

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store revenue(1) ($ in 000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

385,325

 

 

$

441,531

 

 

$

(56,206

)

 

 

 

(12.7

%)

Used vehicles

 

 

284,861

 

 

 

364,404

 

 

 

(79,543

)

 

 

 

(21.8

%)

Products, service and other

 

 

163,138

 

 

 

174,176

 

 

 

(11,038

)

 

 

 

(6.3

%)

Finance and insurance, net

 

 

88,681

 

 

 

101,245

 

 

 

(12,564

)

 

 

 

(12.4

%)

Total

 

$

922,005

 

 

$

1,081,356

 

 

$

(159,351

)

 

 

 

(14.7

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average gross profit per unit

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

7,931

 

 

$

7,425

 

 

$

506

 

 

 

 

6.8

%

Used vehicles

 

 

5,101

 

 

 

8,752

 

 

 

(3,651

)

 

 

 

(41.7

%)

Finance and insurance, net per vehicle unit

 

 

5,043

 

 

 

5,286

 

 

 

(242

)

 

 

 

(4.6

%)

Total vehicle front-end yield(2)

 

 

11,645

 

 

 

13,373

 

 

 

(1,728

)

 

 

 

(12.9

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

Good Sam Services and Plans

 

 

66.6

%

 

 

63.4

%

 

 

320

 

bps

 

 

 

New vehicles

 

 

18.9

%

 

 

16.0

%

 

 

290

 

bps

 

 

 

Used vehicles

 

 

15.1

%

 

 

23.0

%

 

 

(798

)

bps

 

 

 

Products, service and other

 

 

37.7

%

 

 

31.2

%

 

 

649

 

bps

 

 

 

Finance and insurance, net

 

 

100.0

%

 

 

100.0

%

 

 

unch.

bps

 

 

 

Good Sam Club

 

 

90.2

%

 

 

90.0

%

 

 

14

 

bps

 

 

 

Subtotal RV and Outdoor Retail

 

 

29.4

%

 

 

29.3

%

 

 

8

 

bps

 

 

 

Total gross margin

 

 

31.0

%

 

 

30.6

%

 

 

37

 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RV and Outdoor Retail inventories ($ in 000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

1,378,403

 

 

$

1,411,016

 

 

$

(32,613

)

 

 

 

(2.3

%)

Used vehicles

 

 

464,833

 

 

 

464,311

 

 

 

522

 

 

 

 

0.1

%

Products, parts, accessories and misc.

 

 

199,261

 

 

 

247,906

 

 

 

(48,645

)

 

 

 

(19.6

%)

Total RV and Outdoor Retail inventories

 

$

2,042,497

 

 

$

2,123,233

 

 

$

(80,736

)

 

 

 

(3.8

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle inventory per location ($ in 000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicle inventory per dealer location

 

$

6,962

 

 

$

7,466

 

 

$

(504

)

 

 

 

(6.8

%)

Used vehicle inventory per dealer location

 

 

2,348

 

 

 

2,457

 

 

 

(109

)

 

 

 

(4.4

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle inventory turnover(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicle inventory turnover

 

 

1.8

 

 

 

1.9

 

 

 

(0.2

)

 

 

 

(8.6

%)

Used vehicle inventory turnover

 

 

2.9

 

 

 

3.4

 

 

 

(0.5

)

 

 

 

(14.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail locations

 

 

 

 

 

 

 

 

 

 

 

 

 

RV dealerships

 

 

198

 

 

 

189

 

 

 

9

 

 

 

 

4.8

%

RV service & retail centers

 

 

4

 

 

 

7

 

 

 

(3

)

 

 

 

(42.9

%)

Subtotal

 

 

202

 

 

 

196

 

 

 

6

 

 

 

 

3.1

%

Other retail stores

 

 

 

 

 

1

 

 

 

(1

)

 

 

 

(100.0

%)

Total

 

 

202

 

 

 

197

 

 

 

5

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other data

 

 

 

 

 

 

 

 

 

 

 

 

 

Active Customers(4)

 

 

4,959,723

 

 

 

5,265,939

 

 

 

(306,216

)

 

 

 

(5.8

%)

Good Sam Club members

 

 

2,027,353

 

 

 

2,026,215

 

 

 

1,138

 

 

 

 

0.1

%

Service bays (5)

 

 

2,757

 

 

 

2,693

 

 

 

64

 

 

 

 

2.4

%

Finance and insurance gross profit as a % of total vehicle revenue

 

 

13.2

%

 

 

12.5

%

 

 

69

 

bps

 

 

n/a

 

Same store locations

 

 

166

 

 

 

n/a

 

 

 

n/a

 

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Increase

 

 

Percent

 

 

2023

 

2022

 

(decrease)

 

 

Change

Unit sales

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

58,731

 

 

 

70,429

 

 

 

(11,698

)

 

 

 

(16.6

%)

Used vehicles

 

 

56,823

 

 

 

51,325

 

 

 

5,498

 

 

 

 

10.7

%

Total

 

 

115,554

 

 

 

121,754

 

 

 

(6,200

)

 

 

 

(5.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling price

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

43,866

 

 

$

45,834

 

 

$

(1,969

)

 

 

 

(4.3

%)

Used vehicles

 

 

34,839

 

 

 

36,583

 

 

 

(1,744

)

 

 

 

(4.8

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store unit sales(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

 

51,858

 

 

 

66,610

 

 

 

(14,752

)

 

 

 

(22.1

%)

Used vehicles

 

 

51,072

 

 

 

48,648

 

 

 

2,424

 

 

 

 

5.0

%

Total

 

 

102,930

 

 

 

115,258

 

 

 

(12,328

)

 

 

 

(10.7

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same store revenue(1) ($ in 000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

2,296,811

 

 

$

3,090,711

 

 

$

(793,900

)

 

 

 

(25.7

%)

Used vehicles

 

 

1,791,352

 

 

 

1,803,943

 

 

 

(12,591

)

 

 

 

(0.7

%)

Products, service and other

 

 

635,670

 

 

 

691,044

 

 

 

(55,374

)

 

 

 

(8.0

%)

Finance and insurance, net

 

 

504,315

 

 

 

599,435

 

 

 

(95,120

)

 

 

 

(15.9

%)

Total

 

$

5,228,148

 

 

$

6,185,133

 

 

$

(956,985

)

 

 

 

(15.5

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average gross profit per unit

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

6,819

 

 

$

9,255

 

 

$

(2,436

)

 

 

 

(26.3

%)

Used vehicles

 

 

7,134

 

 

 

8,954

 

 

 

(1,819

)

 

 

 

(20.3

%)

Finance and insurance, net per vehicle unit

 

 

4,866

 

 

 

5,121

 

 

 

(255

)

 

 

 

(5.0

%)

Total vehicle front-end yield(2)

 

 

11,840

 

 

 

14,248

 

 

 

(2,409

)

 

 

 

(16.9

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

Good Sam Services and Plans

 

 

69.4

%

 

 

62.5

%

 

 

682

 

bps

 

 

 

New vehicles

 

 

15.5

%

 

 

20.2

%

 

 

(465

)

bps

 

 

 

Used vehicles

 

 

20.5

%

 

 

24.5

%

 

 

(400

)

bps

 

 

 

Products, service and other

 

 

38.7

%

 

 

36.8

%

 

 

182

 

bps

 

 

 

Finance and insurance, net

 

 

100.0

%

 

 

100.0

%

 

 

unch.

bps

 

 

 

Good Sam Club

 

 

89.2

%

 

 

84.0

%

 

 

511

 

bps

 

 

 

Subtotal RV and Outdoor Retail

 

 

28.9

%

 

 

31.6

%

 

 

(271

)

bps

 

 

 

Total gross margin

 

 

30.2

%

 

 

32.5

%

 

 

(230

)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other data

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance and insurance gross profit as a % of total vehicle revenue

 

 

12.3

%

 

 

12.2

%

 

 

13

 

bps

 

 

n/a

 

Same store locations

 

 

166

 

 

 

n/a

 

 

 

n/a

 

 

 

 

n/a

 

Contacts

Investors:

Brett Andress

InvestorRelations@campingworld.com

Media Outlets:

PR-CWGS@CampingWorld.com

Read full story here

Written by SerieAUKWire

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