LINCOLNSHIRE, IL--(BUSINESS WIRE)--Camping World Holdings, Inc. (NYSE: CWH) (the “Company” or “CWH”), America’s Recreation Dealer, today reported results for the first quarter ended March 31, 2022.
Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “I am pleased with how the year has started, particularly in light of general macroeconomic conditions. We know how to navigate when things change up or down. I’ve been reminded of the value of our nimbleness and I am very pleased with how our team pivots and adjusts to maximize profitability.”
First Quarter Operating Highlights
________________________ |
(1) Adjusted earnings 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. |
Stock Repurchase Program
During the three months ended March 31, 2022, the Company repurchased 2,592,524 shares of Class A common stock under its stock repurchase program for approximately $79.8 million, including commissions paid, at a weighted average price per share of $30.76, which is recorded as treasury stock on the consolidated balance sheets. As of March 31, 2022, the remaining approved amount for repurchases of Class A common stock under the stock repurchase program was approximately $120.2 million and the program expires on December 31, 2025. Between March 31, 2021 and March 31, 2022, total common units in CWGS, LLC, including those held by CWH and the non-controlling interest, decreased 5.4 million to 83.7 million.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s first quarter 2022 financial results is scheduled for May 4, 2022, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-877-425-9470 (international callers please dial 1-201-389-0878) and using conference ID# 13729203. 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.
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 March 31, 2022 and December 31, 2021, the Company owned 49.8% and 51.2%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the first quarter ended March 31, 2022 to our financial results from the first quarter ended March 31, 2021.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is America’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, and 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 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 programs and services uniquely enables us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle. With over 185 locations in 42 states, Camping World has grown to become prime destinations for everything RV.
For more information, please visit http://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 macroeconomic trends and our business plans and goals, including statements regarding the strength of our business, our long-term plan, potential stock repurchases, future dividend payments and our future financial results. 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: the COVID-19 pandemic, which has had, and could have in the future, certain negative impacts on our business; risks related to the cybersecurity incident announced in February 2022; our ability to execute and achieve the expected benefits of our 2019 Strategic Shift; the availability of financing to us and our customers; fuel shortages or high prices for fuel; the success of our manufacturers; general economic conditions in our markets; changes in consumer preferences; competition in our industry; risks related to acquisitions 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; our reliance on six fulfillment and distribution centers; natural disasters, including epidemic outbreaks; risks associated with selling goods manufactured abroad; our dependence on our relationships with third party suppliers and lending institutions; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; 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; 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 filed for the year ended December 31, 2021 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.
In addition, this press release references projected annualized dividend payments. 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 Camping World’s Board of Directors may deem relevant.
We intend to use our official Facebook, Twitter, and Instagram accounts, each at the handle @CampingWorld, 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 may be deemed material. Accordingly, investors should subscribe to these accounts, 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 |
||||||
|
March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
||||
Good Sam Services and Plans |
$ |
44,559 |
|
|
$ |
40,871 |
|
RV and Outdoor Retail |
|
|
|
||||
New vehicles |
|
834,959 |
|
|
|
821,976 |
|
Used vehicles |
|
403,032 |
|
|
|
294,257 |
|
Products, service and other |
|
214,973 |
|
|
|
251,270 |
|
Finance and insurance, net |
|
153,378 |
|
|
|
138,254 |
|
Good Sam Club |
|
11,495 |
|
|
|
11,153 |
|
Subtotal |
|
1,617,837 |
|
|
|
1,516,910 |
|
Total revenue |
|
1,662,396 |
|
|
|
1,557,781 |
|
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below): |
|
|
|
||||
Good Sam Services and Plans |
|
16,703 |
|
|
|
14,424 |
|
RV and Outdoor Retail |
|
|
|
||||
New vehicles |
|
644,370 |
|
|
|
643,680 |
|
Used vehicles |
|
302,825 |
|
|
|
223,193 |
|
Products, service and other |
|
136,160 |
|
|
|
154,146 |
|
Good Sam Club |
|
2,136 |
|
|
|
1,844 |
|
Subtotal |
|
1,085,491 |
|
|
|
1,022,863 |
|
Total costs applicable to revenue |
|
1,102,194 |
|
|
|
1,037,287 |
|
|
|
|
|
||||
Gross profit: |
|
|
|
||||
Good Sam Services and Plans |
|
27,856 |
|
|
|
26,447 |
|
RV and Outdoor Retail |
|
|
|
||||
New vehicles |
|
190,589 |
|
|
|
178,296 |
|
Used vehicles |
|
100,207 |
|
|
|
71,064 |
|
Products, service and other |
|
78,813 |
|
|
|
97,124 |
|
Finance and insurance, net |
|
153,378 |
|
|
|
138,254 |
|
Good Sam Club |
|
9,359 |
|
|
|
9,309 |
|
Subtotal |
|
532,346 |
|
|
|
494,047 |
|
Total gross profit |
|
560,202 |
|
|
|
520,494 |
|
|
|
|
|
||||
Operating expenses: |
|
|
|
||||
Selling, general, and administrative |
|
385,315 |
|
|
|
337,034 |
|
Depreciation and amortization |
|
25,535 |
|
|
|
12,701 |
|
Long-lived asset impairment |
|
— |
|
|
|
546 |
|
Lease termination |
|
178 |
|
|
|
1,756 |
|
Loss (gain) on sale or disposal of assets |
|
49 |
|
|
|
(99 |
) |
Total operating expenses |
|
411,077 |
|
|
|
351,938 |
|
Income from operations |
|
149,125 |
|
|
|
168,556 |
|
Other expense: |
|
|
|
||||
Floor plan interest expense |
|
(6,266 |
) |
|
|
(3,390 |
) |
Other interest expense, net |
|
(14,301 |
) |
|
|
(12,223 |
) |
Tax Receivable Agreement liability adjustment |
|
— |
|
|
|
(3,520 |
) |
Other (expense) income, net |
|
(223 |
) |
|
|
45 |
|
Total other expense |
|
(20,790 |
) |
|
|
(19,088 |
) |
Income before income taxes |
|
128,335 |
|
|
|
149,468 |
|
Income tax expense |
|
(21,036 |
) |
|
|
(2,043 |
) |
Net income |
|
107,299 |
|
|
|
147,425 |
|
Less: net income attributable to non-controlling interests |
|
(62,569 |
) |
|
|
(85,103 |
) |
Net income attributable to Camping World Holdings, Inc. |
$ |
44,730 |
|
|
$ |
62,322 |
|
|
|
|
|
||||
Earnings per share of Class A common stock: |
|
|
|
||||
Basic |
$ |
1.03 |
|
|
$ |
1.43 |
|
Diluted |
$ |
1.02 |
|
|
$ |
1.40 |
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
||||
Basic |
|
43,553 |
|
|
|
43,584 |
|
Diluted |
|
44,215 |
|
|
|
90,238 |
|
Camping World Holdings, Inc. |
||||||||||||||||
Supplemental Data |
||||||||||||||||
|
|
Three Months Ended March 31, |
|
Increase |
|
|
Percent |
|||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
(decrease) |
|
|
Change |
|||
Unit sales |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
|
19,020 |
|
|
|
21,433 |
|
|
|
(2,413 |
) |
|
|
(11.3 |
%) |
Used vehicles |
|
|
10,976 |
|
|
|
10,319 |
|
|
|
657 |
|
|
|
6.4 |
% |
Total |
|
|
29,996 |
|
|
|
31,752 |
|
|
|
(1,756 |
) |
|
|
(5.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||||
Average selling price |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
43,899 |
|
|
$ |
38,351 |
|
|
$ |
5,548 |
|
|
|
14.5 |
% |
Used vehicles |
|
$ |
36,719 |
|
|
$ |
28,516 |
|
|
$ |
8,203 |
|
|
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Same store unit sales(1) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
|
17,623 |
|
|
|
21,143 |
|
|
|
(3,520 |
) |
|
|
(16.6 |
%) |
Used vehicles |
|
|
10,249 |
|
|
|
10,233 |
|
|
|
16 |
|
|
|
0.2 |
% |
Total |
|
|
27,872 |
|
|
|
31,376 |
|
|
|
(3,504 |
) |
|
|
(11.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||||
Same store revenue(1) ($ in 000's) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
777,362 |
|
|
$ |
812,450 |
|
|
$ |
(35,088 |
) |
|
|
(4.3 |
%) |
Used vehicles |
|
|
380,149 |
|
|
|
292,458 |
|
|
|
87,691 |
|
|
|
30.0 |
% |
Products, service and other |
|
|
146,523 |
|
|
|
181,790 |
|
|
|
(35,267 |
) |
|
|
(19.4 |
%) |
Finance and insurance, net |
|
|
143,258 |
|
|
|
136,713 |
|
|
|
6,545 |
|
|
|
4.8 |
% |
Total |
|
$ |
1,447,292 |
|
|
$ |
1,423,411 |
|
|
$ |
23,881 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
10,020 |
|
|
$ |
8,319 |
|
|
$ |
1,702 |
|
|
|
20.5 |
% |
Used vehicles |
|
$ |
9,130 |
|
|
|
6,887 |
|
|
$ |
2,243 |
|
|
|
32.6 |
% |
Finance and insurance, net per vehicle unit |
|
$ |
5,113 |
|
|
|
4,354 |
|
|
$ |
759 |
|
|
|
17.4 |
% |
Total vehicle front-end yield(2) |
|
$ |
14,808 |
|
|
|
12,208 |
|
|
$ |
2,600 |
|
|
|
21.3 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Gross margin |
|
|
|
|
|
|
|
|
|
|||||||
Good Sam Services and Plans |
|
|
62.5 |
% |
|
|
64.7 |
% |
|
|
(219 |
) |
bps |
|
|
|
New vehicles |
|
|
22.8 |
% |
|
|
21.7 |
% |
|
|
114 |
|
bps |
|
|
|
Used vehicles |
|
|
24.9 |
% |
|
|
24.2 |
% |
|
|
71 |
|
bps |
|
|
|
Products, service and other |
|
|
36.7 |
% |
|
|
38.7 |
% |
|
|
(199 |
) |
bps |
|
|
|
Finance and insurance, net |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
unch. |
bps |
|
|
|||
Good Sam Club |
|
|
81.4 |
% |
|
|
83.5 |
% |
|
|
(205 |
) |
bps |
|
|
|
Subtotal RV and Outdoor Retail |
|
|
32.9 |
% |
|
|
32.6 |
% |
|
|
34 |
|
bps |
|
|
|
Total gross margin |
|
|
33.7 |
% |
|
|
33.4 |
% |
|
|
29 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Inventories ($ in 000's) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
1,420,136 |
|
|
$ |
715,085 |
|
|
$ |
705,051 |
|
|
|
98.6 |
% |
Used vehicles |
|
|
423,409 |
|
|
|
190,176 |
|
|
|
233,233 |
|
|
|
122.6 |
% |
Products, parts, accessories and misc. |
|
|
308,855 |
|
|
|
284,203 |
|
|
|
24,652 |
|
|
|
8.7 |
% |
Total RV and Outdoor Retail inventories |
|
$ |
2,152,400 |
|
|
$ |
1,189,464 |
|
|
$ |
962,936 |
|
|
|
81.0 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Vehicle inventory per location ($ in 000's) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicle inventory per dealer location |
|
$ |
7,934 |
|
|
$ |
4,334 |
|
|
$ |
3,600 |
|
|
|
83.1 |
% |
Used vehicle inventory per dealer location |
|
$ |
2,365 |
|
|
|
1,153 |
|
|
$ |
1,213 |
|
|
|
105.2 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Vehicle inventory turnover(3) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicle inventory turnover |
|
|
2.5 |
|
|
|
3.8 |
|
|
|
(1.3 |
) |
|
|
(33.6 |
%) |
Used vehicle inventory turnover |
|
|
3.4 |
|
|
|
5.2 |
|
|
|
(1.8 |
) |
|
|
(35.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||||
Retail locations |
|
|
|
|
|
|
|
|
|
|||||||
RV dealerships |
|
|
179 |
|
|
|
165 |
|
|
|
14 |
|
|
|
8.5 |
% |
RV service & retail centers |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
0.0 |
% |
Subtotal |
|
|
189 |
|
|
|
175 |
|
|
|
14 |
|
|
|
8.0 |
% |
Other retail stores |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
0.0 |
% |
Total |
|
|
190 |
|
|
|
176 |
|
|
|
14 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Other data |
|
|
|
|
|
|
|
|
|
|||||||
Active Customers(4) |
|
|
5,464,510 |
|
|
|
5,488,280 |
|
|
|
(23,770 |
) |
|
|
(0.4 |
%) |
Good Sam Club members |
|
|
2,101,399 |
|
|
|
2,120,143 |
|
|
|
(18,744 |
) |
|
|
(0.9 |
%) |
Service bays (5) |
|
|
2,538 |
|
|
|
2,463 |
|
|
|
75 |
|
|
|
3.0 |
% |
Finance and insurance gross profit as a % of total vehicle revenue |
|
|
12.4 |
% |
|
|
12.4 |
% |
|
|
0 |
|
bps |
|
n/a |
|
Same store locations |
|
|
170 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
(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 revenue. |
(3) Inventory turnover 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) A service bay is a fully constructed bay dedicated to service, installation, and collision offerings. |
Camping World Holdings, Inc. and Subsidiaries |
||||||||
Consolidated Balance Sheets (unaudited) |
||||||||
($ in Thousands Except Per Share Amounts) |
||||||||
|
|
March 31, |
|
December 31, |
||||
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
139,480 |
|
|
$ |
267,332 |
|
Contracts in transit |
|
|
135,513 |
|
|
|
57,741 |
|
Accounts receivable, net |
|
|
116,593 |
|
|
|
101,644 |
|
Inventories |
|
|
2,152,400 |
|
|
|
1,792,865 |
|
Prepaid expenses and other assets |
|
|
57,763 |
|
|
|
64,295 |
|
Total current assets |
|
|
2,601,749 |
|
|
|
2,283,877 |
|
Property and equipment, net |
|
|
636,500 |
|
|
|
599,324 |
|
Operating lease assets |
|
|
748,893 |
|
|
|
750,876 |
|
Deferred tax assets, net |
|
|
185,616 |
|
|
|
199,321 |
|
Intangible assets, net |
|
|
21,450 |
|
|
|
30,970 |
|
Goodwill |
|
|
506,954 |
|
|
|
483,634 |
|
Other assets |
|
|
26,373 |
|
|
|
24,927 |
|
Total assets |
|
$ |
4,727,535 |
|
|
$ |
4,372,929 |
|
Liabilities and stockholders' equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
221,990 |
|
|
$ |
136,757 |
|
Accrued liabilities |
|
|
224,995 |
|
|
|
189,595 |
|
Deferred revenues |
|
|
92,747 |
|
|
|
95,467 |
|
Current portion of operating lease liabilities |
|
|
63,490 |
|
|
|
62,217 |
|
Current portion of finance lease liabilities |
|
|
10,393 |
|
|
|
4,964 |
|
Current portion of Tax Receivable Agreement liability |
|
|
11,322 |
|
|
|
11,322 |
|
Current portion of long-term debt |
|
|
15,825 |
|
|
|
15,822 |
|
Notes payable – floor plan, net |
|
|
1,237,208 |
|
|
|
1,011,345 |
|
Other current liabilities |
|
|
78,369 |
|
|
|
70,834 |
|
Total current liabilities |
|
|
1,956,339 |
|
|
|
1,598,323 |
|
Operating lease liabilities, net of current portion |
|
|
770,778 |
|
|
|
774,889 |
|
Finance lease liabilities, net of current portion |
|
|
72,192 |
|
|
|
74,752 |
|
Tax Receivable Agreement liability, net of current portion |
|
|
171,476 |
|
|
|
171,073 |
|
Revolving line of credit |
|
|
20,885 |
|
|
|
20,885 |
|
Long-term debt, net of current portion |
|
|
1,374,592 |
|
|
|
1,377,751 |
|
Deferred revenues |
|
|
69,902 |
|
|
|
69,024 |
|
Other long-term liabilities |
|
|
81,201 |
|
|
|
52,338 |
|
Total liabilities |
|
|
4,517,365 |
|
|
|
4,139,035 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of March 31, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,855,259 issued and 41,688,339 outstanding as of March 31, 2022 and 47,805,259 issued and 44,130,956 outstanding as of December 31, 2021 |
|
|
476 |
|
|
|
475 |
|
Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of March 31, 2022 and December 31, 2021; and 41,466,964 outstanding as of March 31, 2022 and December 31, 2021 |
|
|
4 |
|
|
|
4 |
|
Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
126,071 |
|
|
|
98,113 |
|
Treasury stock, at cost; 5,882,748 and 3,390,131 shares as of March 31, 2022 and December 31, 2021, respectively |
|
|
(206,098 |
) |
|
|
(130,006 |
) |
Retained earnings |
|
|
207,774 |
|
|
|
189,471 |
|
Total stockholders' equity attributable to Camping World Holdings, Inc. |
|
|
128,227 |
|
|
|
158,057 |
|
Non-controlling interests |
|
|
81,943 |
|
|
|
75,837 |
|
Total stockholders' equity |
|
|
210,170 |
|
|
|
233,894 |
|
Total liabilities and stockholders' equity |
|
$ |
4,727,535 |
|
|
$ |
4,372,929 |
|
Earnings Per Share
Basic earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (unaudited):
|
|
Three Months Ended March 31, |
||||||
(In thousands except per share amounts) |
|
|
2022 |
|
|
|
2021 |
|
Numerator: |
|
|
|
|
||||
Net income |
|
$ |
107,299 |
|
|
$ |
147,425 |
|
Less: net income attributable to non-controlling interests |
|
|
(62,569 |
) |
|
|
(85,103 |
) |
Net income attributable to Camping World Holdings, Inc. — basic |
|
$ |
44,730 |
|
|
$ |
62,322 |
|
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs |
|
|
332 |
|
|
|
— |
|
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock |
|
|
— |
|
|
|
63,980 |
|
Net income attributable to Camping World Holdings, Inc. — diluted |
|
$ |
45,062 |
|
|
$ |
126,302 |
|
Denominator: |
|
|
|
|
||||
Weighted-average shares of Class A common stock outstanding — basic |
|
|
43,553 |
|
|
|
43,584 |
|
Dilutive options to purchase Class A common stock |
|
|
88 |
|
|
|
165 |
|
Dilutive restricted stock units |
|
|
574 |
|
|
|
955 |
|
Dilutive common units of CWGS, LLC that are convertible into Class A common stock |
|
|
— |
|
|
|
45,534 |
|
Weighted-average shares of Class A common stock outstanding — diluted |
|
|
44,215 |
|
|
|
90,238 |
|
|
|
|
|
|
||||
Earnings per share of Class A common stock — basic |
|
$ |
1.03 |
|
|
$ |
1.43 |
|
Earnings per share of Class A common stock — diluted |
|
$ |
1.02 |
|
|
$ |
1.40 |
|
|
|
|
|
|
||||
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: |
|
|
|
|
||||
Restricted stock units |
|
|
1,632 |
|
|
|
1 |
|
Common units of CWGS, LLC that are convertible into Class A common stock |
|
|
42,045 |
|
|
|
— |
|
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, Trailing Twelve-Month (“TTM”) Adjusted EBITDA, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted (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. These Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry. 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, and 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, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of those adjusted in this presentation. 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 before other interest expense, net (excluding floor plan interest expense), provision for income tax expense 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, loss and expense on debt restructure, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the 2019 Strategic Shift, 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 EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and TTM Adjusted EBITDA to the most directly comparable GAAP financial performance measures, which are net income, net income, net income margin, and net income, respectively (unaudited):
|
|
|
|
|
|||
|
|
Three Months Ended March 31, |
|||||
($ in thousands) |
|
2022 |
|
2021 |
|||
EBITDA and Adjusted EBITDA: |
|
|
|
|
|||
Net income |
|
$ |
107,299 |
|
$ |
147,425 |
|
Other interest expense, net |
|
|
14,301 |
|
|
12,223 |
|
Depreciation and amortization |
|
|
25,535 |
|
|
12,701 |
|
Income tax expense |
|
|
21,036 |
|
|
2,043 |
|
Subtotal EBITDA |
|
|
168,171 |
|
|
174,392 |
|
Long-lived asset impairment (a) |
|
|
— |
|
|
546 |
|
Lease termination (b) |
|
|
178 |
|
|
1,756 |
|
Loss (gain) on sale or disposal of assets, net (c) |
|
|
49 |
|
|
(99 |
) |
Equity-based compensation (d) |
|
|
11,674 |
|
|
6,109 |
|
Tax Receivable Agreement liability adjustment (e) |
|
|
— |
|
|
3,520 |
|
Restructuring costs (f) |
|
|
2,023 |
|
|
3,067 |
|
Adjusted EBITDA |
|
$ |
182,095 |
|
$ |
189,291 |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||
(as percentage of total revenue) |
|
2022 |
|
2021 |
Adjusted EBITDA margin: |
|
|
|
|
Net income margin |
|
6.5% |
|
9.5% |
Other interest expense, net |
|
0.9% |
|
0.8% |
Depreciation and amortization |
|
1.5% |
|
0.8% |
Income tax expense |
|
1.3% |
|
0.1% |
Subtotal EBITDA margin |
|
10.1% |
|
11.2% |
Long-lived asset impairment (a) |
|
— |
|
0.0% |
Lease termination (b) |
|
0.0% |
|
0.1% |
Loss (gain) on sale or disposal of assets, net (c) |
|
0.0% |
|
(0.0%) |
Equity-based compensation (d) |
|
0.7% |
|
0.4% |
Tax Receivable Agreement liability adjustment (e) |
|
— |
|
0.2% |
Restructuring costs (f) |
|
0.1% |
|
0.2% |
Adjusted EBITDA margin |
|
11.0% |
|
12.2% |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
TTM Ended |
|||||||||||||
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|||||||
($ in thousands) |
2022 |
|
|
2021 |
|
|
2021 |
|
2021 |
|
|
2022 |
|
|||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|||||||
Net income |
$ |
107,299 |
|
$ |
59,266 |
|
|
$ |
189,308 |
|
$ |
246,076 |
|
$ |
601,949 |
|
Other interest expense, net |
|
14,301 |
|
|
11,650 |
|
|
|
11,250 |
|
|
11,789 |
|
|
48,990 |
|
Depreciation and amortization |
|
25,535 |
|
|
17,121 |
|
|
|
23,552 |
|
|
13,044 |
|
|
79,252 |
|
Income tax expense |
|
21,036 |
|
|
8,865 |
|
|
|
38,869 |
|
|
42,347 |
|
|
111,117 |
|
Subtotal EBITDA |
|
168,171 |
|
|
96,902 |
|
|
|
262,979 |
|
|
313,256 |
|
|
841,308 |
|
Long-lived asset impairment (a) |
|
— |
|
|
1,646 |
|
|
|
316 |
|
|
536 |
|
|
2,498 |
|
Lease termination (b) |
|
178 |
|
|
126 |
|
|
|
329 |
|
|
— |
|
|
633 |
|
Loss (gain) on sale or disposal of assets, net (c) |
|
49 |
|
|
(583 |
) |
|
|
96 |
|
|
10 |
|
|
(428 |
) |
Equity-based compensation (d) |
|
11,674 |
|
|
28,867 |
|
|
|
6,913 |
|
|
6,047 |
|
|
53,501 |
|
Tax Receivable Agreement liability adjustment (e) |
|
— |
|
|
(707 |
) |
|
|
— |
|
|
— |
|
|
(707 |
) |
Restructuring costs (f) |
|
2,023 |
|
|
2,262 |
|
|
|
17,362 |
|
|
3,010 |
|
|
24,657 |
|
Loss and expense on debt restructure (g) |
|
— |
|
|
3,023 |
|
|
|
24 |
|
|
10,421 |
|
|
13,468 |
|
Adjusted EBITDA |
$ |
182,095 |
|
$ |
131,536 |
|
|
$ |
288,019 |
|
$ |
333,280 |
|
$ |
934,930 |
|
(a) |
Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment, which relate to locations affected by the 2019 Strategic Shift. |
|
(b) |
Represents the loss on the termination of operating leases, relating primarily to the 2019 Strategic Shift, resulting from lease termination fees and the derecognition of the operating lease assets and liabilities. |
|
(c) |
Represents an adjustment to eliminate the losses and gains on disposals and sales of various assets. |
|
(d) |
Represents non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company. |
|
(e) |
Represents an adjustment to eliminate the loss (gain) on remeasurement of the Tax Receivable Agreement primarily due to changes in our blended statutory income tax rate. |
|
(f) |
Represents restructuring costs relating to our 2019 Strategic Shift. These restructuring costs include one-time employee termination benefits relating to retail store or distribution center closures/divestitures, incremental inventory reserve charges, and other associated costs. These costs exclude lease termination costs, which are presented separately above (see (b) above). |
|
(g) |
Represents the loss and expense incurred on debt restructure and financing expense, which is comprised of $0.4 million in extinguishment of the original issue discount and $1.0 million in extinguishment of capitalized finance costs related to the previous term loan facility, and $12.1 million in legal and other expenses related to the new term loan facility in 2021. |
Adjusted Net Income Attributable to Camping World Holdings, Inc. and Adjusted Earnings Per Share
We define “Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic” as net income attributable to Camping World Holdings, Inc. adjusted for the impact of certain non-cash 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, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the 2019 Strategic Shift, other unusual or one-time items, the income tax expense effect of these adjustments, and the effect of net income attributable to non-controlling interests from these adjustments.
We define “Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net income attributable to non-controlling interests from stock options and restricted stock units, if dilutive, or the assumed exchange, 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 Per Share – Basic” as Adjusted Net Income Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted Earnings Per Share – Diluted” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the exchange 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 Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings 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 Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted to the most directly comparable GAAP financial performance measure, which is net income attributable to Camping World Holdings, Inc., in the case of the Adjusted Net Income Non-GAAP financial measures; earnings per share of Class A common stock – basic, in the case of Adjusted Earnings Per Share – Basic; and earnings per share of Class A common stock – diluted, in the case of the Adjusted Earnings Per Share – Diluted:
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
||||||
(In thousands except per share amounts) |
|
|
2022 |
|
|
|
2021 |
|
|
Numerator: |
|
|
|
|
|
||||
Net income attributable to Camping World Holdings, Inc. |
|
$ |
44,730 |
|
|
$ |
62,322 |
|
|
Adjustments related to basic calculation: |
|
|
|
|
|
||||
Long-lived asset impairment (a): |
|
|
|
|
|
||||
Gross adjustment |
|
|
— |
|
|
|
546 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
— |
|
|
Lease termination (c): |
|
|
|
|
|
||||
Gross adjustment |
|
|
178 |
|
|
|
1,756 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(39 |
) |
|
Loss (gain) on sale or disposal of assets (d): |
|
|
|
|
|
||||
Gross adjustment |
|
|
49 |
|
|
|
(99 |
) |
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(1 |
) |
|
Equity-based compensation (e): |
|
|
|
|
|
||||
Gross adjustment |
|
|
11,674 |
|
|
|
6,109 |
|
|
Income tax expense for above adjustment (b) |
|
|
(1,337 |
) |
|
|
(654 |
) |
|
Tax Receivable Agreement liability adjustment (f): |
|
|
|
|
|
||||
Gross adjustment |
|
|
— |
|
|
|
3,520 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(898 |
) |
|
Restructuring costs (g) |
|
|
|
|
|
||||
Gross adjustment |
|
|
2,023 |
|
|
|
3,067 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(13 |
) |
|
Adjustment to net income attributable to non-controlling interests resulting from the above adjustments (h) |
|
|
(6,827 |
) |
|
|
(5,809 |
) |
|
Adjusted net income attributable to Camping World Holdings, Inc. – basic |
|
|
50,490 |
|
|
|
69,807 |
|
|
Adjustments related to diluted calculation: |
|
|
|
|
|
||||
Reallocation of net income attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (i) |
|
|
533 |
|
|
|
— |
|
|
Income tax on reallocation of net income attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (j) |
|
|
(158 |
) |
|
|
— |
|
|
Reallocation of net income attributable to non-controlling interests from the dilutive exchange of common units in CWGS, LLC (i) |
|
|
— |
|
|
|
90,912 |
|
|
Income tax on reallocation of net income attributable to non-controlling interests from the dilutive exchange of common units in CWGS, LLC (j) |
|
|
— |
|
|
|
(21,852 |
) |
|
Assumed income tax expense of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the dilutive exchange of common units in CWGS, LLC (k) |
|
|
— |
|
|
|
(12,919 |
) |
|
Adjusted net income attributable to Camping World Holdings, Inc. – diluted |
|
$ |
50,865 |
|
|
$ |
125,948 |
|
|
Denominator: |
|
|
|
|
|
||||
Weighted-average Class A common shares outstanding – basic |
|
|
43,553 |
|
|
|
43,584 |
|
|
Adjustments related to diluted calculation: |
|
|
|
|
|
||||
Dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (l) |
|
|
— |
|
|
|
45,534 |
|
|
Dilutive options to purchase Class A common stock (l) |
|
|
88 |
|
|
|
165 |
|
|
Dilutive restricted stock units (l) |
|
|
574 |
|
|
|
955 |
|
|
Adjusted weighted average Class A common shares outstanding – diluted |
|
|
44,215 |
|
|
|
90,238 |
|
|
|
|
|
|
|
|
||||
Adjusted earnings per share - basic |
|
$ |
1.16 |
|
|
$ |
1.60 |
|
|
Adjusted earnings per share - diluted |
|
$ |
1.15 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
|
||||
Anti-dilutive amounts (m): |
|
|
|
|
|
||||
Numerator: |
|
|
|
|
|
||||
Reallocation of net income attributable to non-controlling interests from the anti-dilutive exchange of common units in CWGS, LLC (i) |
|
$ |
68,863 |
|
|
$ |
— |
|
|
Income tax on reallocation of net income attributable to non-controlling interests from the anti-dilutive exchange of common units in CWGS, LLC (j) |
|
$ |
(20,392 |
) |
|
$ |
— |
|
|
Assumed income tax benefit of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the anti-dilutive exchange of common units in CWGS, LLC (k) |
|
$ |
6,348 |
|
|
$ |
— |
|
|
Denominator: |
|
|
|
|
|
||||
Anti-dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (l) |
|
|
42,045 |
|
|
|
— |
|
|
|
|
|
|
|
|
||||
Reconciliation of per share amounts: |
|
|
|
|
|
||||
Earnings per share of Class A common stock - basic |
|
$ |
1.03 |
|
|
$ |
1.43 |
|
|
Non-GAAP Adjustments (n) |
|
|
0.13 |
|
|
|
0.17 |
|
|
Adjusted earnings per share - basic |
|
$ |
1.16 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
||||
Earnings per share of Class A common stock - diluted |
|
$ |
1.02 |
|
|
$ |
1.40 |
|
|
Non-GAAP Adjustments (n) |
|
|
0.13 |
|
|
|
0.17 |
|
|
Dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (o) |
|
|
— |
|
|
|
(0.17 |
) |
|
Adjusted earnings per share - diluted |
|
$ |
1.15 |
|
|
$ |
1.40 |
|
|
(a) | Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment, which relate to locations affected by the 2019 Strategic Shift. |
|
(b) | Represents the current and deferred income tax expense or benefit effect of the above adjustments, many of which are related to entities with full valuation allowances for which no tax benefit can be currently recognized. This assumption uses an effective tax rate of 25.4% and 25.5% for the adjustments for the 2022 and 2021 periods, respectively, which represents the estimated tax rate that would apply had the above adjustments been included in the determination of our non-GAAP metric. |
|
(c) | Represents the loss on termination of operating leases, relating primarily to the 2019 Strategic Shift, resulting from the 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 non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company. |
|
(f) | Represents an adjustment to eliminate the loss on remeasurement of the Tax Receivable Agreement primarily due to changes in our blended statutory income tax rate. |
|
(g) | Represents restructuring costs relating to our 2019 Strategic Shift. These restructuring costs include other associated costs. These costs exclude lease termination costs, which are presented separately above (see (c) above). |
|
(h) | Represents the adjustment to net income attributable to non-controlling interests resulting from the above adjustments that impact the net income of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 49.1% and 51.1% for the three months ended March 31, 2022 and 2021, respectively. |
|
(i) | Represents the reallocation of net income 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. |
|
(j) | Represents the income tax expense effect of the above adjustment for reallocation of net income attributable to non-controlling interests. This assumption uses an effective tax rate of 25.4% and 25.5% for the adjustments for 2022 and 2021 periods, respectively. |
|
(k) | Typically represents adjustments to reflect the income tax benefit of losses of consolidated C-corporations that under the Company’s current equity structure cannot be used against the income of other consolidated subsidiaries of CWGS, LLC. However, for the three months ended March 31, 2021, this adjustment included the reversal of the $14.9 million release of valuation allowance for Camping World, Inc. Subsequent to the exchange of all common units in CWGS, LLC, the Company believes certain actions could be taken such that the C-corporations’ losses could offset income of other consolidated subsidiaries. The adjustment reflects the income tax benefit assuming effective tax rate of 25.4% and 25.5% during the 2022 and 2021 periods, respectively, for the losses experienced by the consolidated C-corporations for which valuation allowances have been recorded. No assumed release of valuation allowance established for previous periods were included in these amounts and the $14.9 million release of valuation allowance during the three months ended March 31, 2021 was considered to be reversed and excluded from adjusted net income attributable to Camping World Holdings, Inc. – diluted for purposes of this calculation. |
|
(l) | Represents the impact to the denominator for stock options, restricted stock units, and/or common units of CWGS, LLC. |
|
(m) | The below amounts have not been considered in our adjusted earnings per share – diluted amounts as the effect of these items are anti-dilutive. |
|
(n) | Represents the per share impact of the Non-GAAP adjustments to net income detailed above (see (a) through (h) above). |
|
(o) | Represents the per share impact of stock options, restricted stock units, and/or common units of CWGS, LLC from the difference in their dilutive impact between the GAAP and Non-GAAP earnings per share calculations. |
Our “Up-C” corporate structure may make it difficult to compare our results with those of companies with a more traditional corporate structure. There can be a significant fluctuation in the numerator and denominator for the calculation of our adjusted earnings per share – diluted depending on if the common units in CWGS, LLC are considered dilutive or anti-dilutive for a given period. To improve comparability of our financial results, users of our financial statements may find it useful to review our earnings per share assuming the full exchange of common units in CWGS, LLC for all periods, even when those common units would be anti-dilutive. The relevant numerator and denominator adjustments have been provided under “Anti-dilutive amounts” in the table above (see (m) above).
Uses and Limitations of Non-GAAP Financial Measures
Management and our board of directors use the Non-GAAP Financial Measures:
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 should not be considered in isolation, or as an alternative to, or a substitute for net income or other financial statement data presented in our unaudited consolidated financial statements included elsewhere in this press release as indicators of financial performance. Some of the limitations are:
Due to these limitations, the Non-GAAP Financial Measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these Non-GAAP Financial Measures only supplementally. As noted in the tables above, certain of the Non-GAAP Financial Measures include adjustments for loss and expense on debt restructure, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, equity-based compensation, Tax Receivable Agreement liability, restructuring costs related to the 2019 Strategic Shift, other unusual or one-time items, and the income tax expense effect described above, as applicable. 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 paragraph and in the reconciliation tables above help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.
ЛИНКОЛЬНШИР, ИЛЛИНОЙС--(BUSINESS WIRE)--Camping World Holdings, Inc. (NYSE: CWH) (“Компания” или “CWH”), американский дилер отдыха, сегодня сообщила о результатах за первый квартал, закончившийся 31 марта 2022 года.
Маркус Лемонис, председатель и главный исполнительный директор Camping World Holdings, Inc., заявил: “Я доволен тем, как начался год, особенно в свете общих макроэкономических условий. Мы знаем, как ориентироваться, когда ситуация меняется в лучшую или худшую сторону. Мне напомнили о ценности нашей гибкости, и я очень доволен тем, как наша команда разворачивается и приспосабливается к максимальной прибыльности ”.
Основные операционные показатели Первого квартала
________________________ |
(1) Adjusted earnings 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. |
Программа Обратного выкупа Акций
В течение трех месяцев, закончившихся 31 марта 2022 года, Компания выкупила 2 592 524 обыкновенных акций класса А в рамках своей программы обратного выкупа акций примерно на 79,8 млн долларов США, включая выплаченные комиссионные, по средневзвешенной цене за акцию в размере 30,76 доллара США, которая отражена в консолидированном балансе как казначейские акции. По состоянию на 31 марта 2022 года оставшаяся утвержденная сумма для выкупа обыкновенных акций класса А в рамках программы обратного выкупа акций составляла приблизительно 120,2 миллиона долларов, а срок действия программы истекает 31 декабря 2025 года. В период с 31 марта 2021 года по 31 марта 2022 года общее количество общих паев в CWGS, LLC, включая паи, принадлежащие CWH и неконтролирующей доле участия, сократилось на 5,4 млн до 83,7 млн.
Информация о конференц-звонках и веб-трансляции доходов
Телефонная конференция для обсуждения финансовых результатов Компании за первый квартал 2022 года запланирована на 4 мая 2022 года в 7:30 утра по центральному времени. Инвесторы и аналитики могут принять участие в телефонной конференции, набрав 1-877-425-9470 (международные абоненты, пожалуйста, наберите 1-201-389-0878) и используя идентификатор конференции # 13729203. Заинтересованные стороны также могут прослушать прямую веб-трансляцию или повтор телефонной конференции, войдя в раздел по связям с инвесторами на веб-сайте Компании по адресу http://investor.campingworld.com . Воспроизведение веб-трансляции телефонной конференции будет доступно на веб-сайте по связям с инвесторами примерно в течение 90 дней.
В настоящем пресс-релизе представлены исторические результаты за представленные периоды для Компании и ее дочерних компаний, которые представлены в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах (“GAAP”), за исключением случаев, когда они указаны в качестве финансового показателя, отличного от GAAP. Первичное публичное размещение акций Компании (“IPO”) и связанные с ним реорганизационные сделки (“Реорганизационные сделки”), которые произошли 6 октября 2016 года, привели к тому, что Компания стала единственным управляющим членом CWGS Enterprises, LLC (“CWGS, LLC”), с единоличным правом голоса и контролем над руководством из CWGS, LLC. Положение Компании в качестве единственного управляющего члена CWGS, LLC включает периоды, когда Компания владела миноритарной экономической долей в CWGS, LLC. По состоянию на 31 марта 2022 года и 31 декабря 2021 года Компания владела 49,8% и 51,2% соответственно CWGS, LLC. Соответственно, Компания консолидирует финансовые результаты CWGS, LLC и сообщает о неконтролирующей доле участия в своей консолидированной финансовой отчетности. Если не указано иное, все финансовые сравнения в этом пресс-релизе сравнивают наши финансовые результаты за первый квартал, закончившийся 31 марта 2022 года, с нашими финансовыми результатами за первый квартал, закончившийся 31 марта 2021 года.
О компании Camping World Holdings, Inc.
Camping World Holdings, Inc. со штаб-квартирой в Линкольншире, штат Иллинойс, (вместе со своими дочерними компаниями) является крупнейшим в Америке розничным продавцом внедорожников и сопутствующих товаров и услуг. Наше видение состоит в том, чтобы построить долгосрочный унаследованный бизнес, который делает RVing увлекательным и легким, и наши бренды Camping World и Good Sam обслуживают потребителей RV с 1966 года. Мы стремимся создать долгосрочную ценность для наших клиентов, сотрудников и акционеров, объединяя уникальный и всеобъемлющий ассортимент продуктов и услуг для автофургонов с национальной сетью дилерских центров, сервисных центров и центров поддержки клиентов, а также с самым обширным онлайн-присутствием в отрасли и высококвалифицированной и знающей командой профессионалов. партнеры, обслуживающие наших клиентов, образ жизни RV и сообщества, в которых мы работаем. Мы также считаем, что наша организация Good Sam и семейство программ и услуг уникально позволяют нам общаться с нашими клиентами в качестве управляющих сообществом энтузиастов RV и стилем жизни RV. Имея более 185 филиалов в 42 штатах, Camping World превратился в главное место назначения для всего, что связано с RV.
Для получения дополнительной информации, пожалуйста, посетите http://www.CampingWorld.com .
Прогнозные заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Все заявления, содержащиеся в этом пресс-релизе, которые не относятся к историческим фактам, следует рассматривать как заявления прогнозного характера, включая, помимо прочего, заявления о макроэкономических тенденциях и наших бизнес-планах и целях, включая заявления относительно прочности нашего бизнеса, нашего долгосрочного плана, потенциальных выкупов акций, будущих выплаты дивидендов и наши будущие финансовые результаты. Эти прогнозные заявления основаны на текущих ожиданиях руководства.
Эти заявления не обещает и не гарантирует, но включают в себя известные и неизвестные риски, неопределенности и иные важные факторы, которые могут вызвать фактические результаты, показатели деятельности или достижения могут существенно отличаться от любых будущих результатов, показателей или достижений, выраженных или подразумеваемых в заявлениях прогнозного характера, включая, но не ограничиваясь, следующее: COVID-19 пандемией, что оказало, и может иметь в будущем определенное отрицательное воздействие на наш бизнес; риски, связанные с кибербезопасностью инцидента не сообщало в феврале 2022 года; наши возможности для выполнения и достижения ожидаемых преимуществ нашего 2019 стратегического сдвига; наличие финансирования для нас и наших заказчиков; дефицит топлива или высокие цены на топливо; успех наших производителей; общие экономические условия в нашей рынках; изменения во вкусах и предпочтениях потребителей; конкуренция в нашей отрасли; риски, связанные с приобретением и выход на новые рынки; наша неспособность сохранять силу и значение наших брендов; нам возможность управлять нашим инвентаризации; колебания в наш же магазин по продажам; циклический и сезонный характер нашего бизнеса; наши зависимость от наличия достаточного капитала и риски, связанные с Наш долг, наша опора на шесть исполнения и распределительными центрами; стихийных бедствий, в том числе в эпидемических очагах; риски, связанные с продажей товаров, производимых за рубежом; наша зависимость от наших отношений со сторонними поставщиками и кредитными учреждениями; наши возможности по удержанию руководителей высшего звена и других привлечь и удержать квалифицированных работников; риски, связанные с лизинговыми значительные объемы пространства; регуляторные риски; конфиденциальность данных и кибербезопасности риски; риски, связанные с интеллектуальной собственностью; влияние текущих или будущих судебных процессов против нас, и некоторые из наших офицеров и режиссеров; и риски, связанные с организационной структурой.
Эти и другие важные факторы, обсуждаемые под заголовком “Факторы риска” в нашем Годовом отчете по форме 10-K, поданном за год, закончившийся 31 декабря 2021 года, и в других наших отчетах, поданных в SEC, могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые указаны в прогнозных заявлениях, сделанных в этом пресс-релизе. Любые такие прогнозные заявления представляют собой оценки руководства на дату настоящего пресс-релиза. Хотя мы можем принять решение обновить такие прогнозные заявления в какой-то момент в будущем, мы отказываемся от каких-либо обязательств делать это, даже если последующие события приведут к изменению наших взглядов, за исключением случаев, предусмотренных применимым законодательством. На эти прогнозные заявления не следует полагаться как на отражение наших взглядов на любую дату, последующую за датой настоящего пресс-релиза.
Кроме того, в этом пресс-релизе упоминаются прогнозируемые годовые выплаты дивидендов. Будущие объявления квартальных дивидендов подлежат определению и усмотрению Совета директоров Компании на основе рассмотрения им различных факторов, включая результаты деятельности Компании, финансовое состояние, уровень задолженности, ожидаемые требования к капиталу, договорные ограничения, ограничения в его долговых соглашениях, ограничения в соответствии с применимым законодательством, получение сверхнормативных налоговых отчислений от CWGS Enterprises, LLC, ее бизнес-перспективы и другие факторы, которые Совет директоров Camping World может счесть релевантными.
Мы намерены использовать наши официальные аккаунты в Facebook, Twitter и Instagram, каждый на странице @CampingWorld, в качестве канала распространения существенной информации о Компании и для выполнения наших обязательств по раскрытию информации в соответствии с Регламентом FD. Информация, которую мы размещаем через эти каналы социальных сетей, может считаться существенной. Соответственно, инвесторы должны подписаться на эти аккаунты, в дополнение к отслеживанию наших пресс-релизов, заявок SEC, публичных телефонных конференций и веб-трансляций. Эти каналы социальных сетей могут время от времени обновляться.
Camping World Holdings, Inc. and Subsidiaries |
|||||||
Consolidated Statements of Operations (unaudited) |
|||||||
(In Thousands Except Per Share Amounts) |
|||||||
|
Three Months Ended |
||||||
|
March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
||||
Good Sam Services and Plans |
$ |
44,559 |
|
|
$ |
40,871 |
|
RV and Outdoor Retail |
|
|
|
||||
New vehicles |
|
834,959 |
|
|
|
821,976 |
|
Used vehicles |
|
403,032 |
|
|
|
294,257 |
|
Products, service and other |
|
214,973 |
|
|
|
251,270 |
|
Finance and insurance, net |
|
153,378 |
|
|
|
138,254 |
|
Good Sam Club |
|
11,495 |
|
|
|
11,153 |
|
Subtotal |
|
1,617,837 |
|
|
|
1,516,910 |
|
Total revenue |
|
1,662,396 |
|
|
|
1,557,781 |
|
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below): |
|
|
|
||||
Good Sam Services and Plans |
|
16,703 |
|
|
|
14,424 |
|
RV and Outdoor Retail |
|
|
|
||||
New vehicles |
|
644,370 |
|
|
|
643,680 |
|
Used vehicles |
|
302,825 |
|
|
|
223,193 |
|
Products, service and other |
|
136,160 |
|
|
|
154,146 |
|
Good Sam Club |
|
2,136 |
|
|
|
1,844 |
|
Subtotal |
|
1,085,491 |
|
|
|
1,022,863 |
|
Total costs applicable to revenue |
|
1,102,194 |
|
|
|
1,037,287 |
|
|
|
|
|
||||
Gross profit: |
|
|
|
||||
Good Sam Services and Plans |
|
27,856 |
|
|
|
26,447 |
|
RV and Outdoor Retail |
|
|
|
||||
New vehicles |
|
190,589 |
|
|
|
178,296 |
|
Used vehicles |
|
100,207 |
|
|
|
71,064 |
|
Products, service and other |
|
78,813 |
|
|
|
97,124 |
|
Finance and insurance, net |
|
153,378 |
|
|
|
138,254 |
|
Good Sam Club |
|
9,359 |
|
|
|
9,309 |
|
Subtotal |
|
532,346 |
|
|
|
494,047 |
|
Total gross profit |
|
560,202 |
|
|
|
520,494 |
|
|
|
|
|
||||
Operating expenses: |
|
|
|
||||
Selling, general, and administrative |
|
385,315 |
|
|
|
337,034 |
|
Depreciation and amortization |
|
25,535 |
|
|
|
12,701 |
|
Long-lived asset impairment |
|
— |
|
|
|
546 |
|
Lease termination |
|
178 |
|
|
|
1,756 |
|
Loss (gain) on sale or disposal of assets |
|
49 |
|
|
|
(99 |
) |
Total operating expenses |
|
411,077 |
|
|
|
351,938 |
|
Income from operations |
|
149,125 |
|
|
|
168,556 |
|
Other expense: |
|
|
|
||||
Floor plan interest expense |
|
(6,266 |
) |
|
|
(3,390 |
) |
Other interest expense, net |
|
(14,301 |
) |
|
|
(12,223 |
) |
Tax Receivable Agreement liability adjustment |
|
— |
|
|
|
(3,520 |
) |
Other (expense) income, net |
|
(223 |
) |
|
|
45 |
|
Total other expense |
|
(20,790 |
) |
|
|
(19,088 |
) |
Income before income taxes |
|
128,335 |
|
|
|
149,468 |
|
Income tax expense |
|
(21,036 |
) |
|
|
(2,043 |
) |
Net income |
|
107,299 |
|
|
|
147,425 |
|
Less: net income attributable to non-controlling interests |
|
(62,569 |
) |
|
|
(85,103 |
) |
Net income attributable to Camping World Holdings, Inc. |
$ |
44,730 |
|
|
$ |
62,322 |
|
|
|
|
|
||||
Earnings per share of Class A common stock: |
|
|
|
||||
Basic |
$ |
1.03 |
|
|
$ |
1.43 |
|
Diluted |
$ |
1.02 |
|
|
$ |
1.40 |
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
||||
Basic |
|
43,553 |
|
|
|
43,584 |
|
Diluted |
|
44,215 |
|
|
|
90,238 |
|
Camping World Holdings, Inc. |
||||||||||||||||
Supplemental Data |
||||||||||||||||
|
|
Three Months Ended March 31, |
|
Increase |
|
|
Percent |
|||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
(decrease) |
|
|
Change |
|||
Unit sales |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
|
19,020 |
|
|
|
21,433 |
|
|
|
(2,413 |
) |
|
|
(11.3 |
%) |
Used vehicles |
|
|
10,976 |
|
|
|
10,319 |
|
|
|
657 |
|
|
|
6.4 |
% |
Total |
|
|
29,996 |
|
|
|
31,752 |
|
|
|
(1,756 |
) |
|
|
(5.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||||
Average selling price |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
43,899 |
|
|
$ |
38,351 |
|
|
$ |
5,548 |
|
|
|
14.5 |
% |
Used vehicles |
|
$ |
36,719 |
|
|
$ |
28,516 |
|
|
$ |
8,203 |
|
|
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Same store unit sales(1) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
|
17,623 |
|
|
|
21,143 |
|
|
|
(3,520 |
) |
|
|
(16.6 |
%) |
Used vehicles |
|
|
10,249 |
|
|
|
10,233 |
|
|
|
16 |
|
|
|
0.2 |
% |
Total |
|
|
27,872 |
|
|
|
31,376 |
|
|
|
(3,504 |
) |
|
|
(11.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||||
Same store revenue(1) ($ in 000's) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
777,362 |
|
|
$ |
812,450 |
|
|
$ |
(35,088 |
) |
|
|
(4.3 |
%) |
Used vehicles |
|
|
380,149 |
|
|
|
292,458 |
|
|
|
87,691 |
|
|
|
30.0 |
% |
Products, service and other |
|
|
146,523 |
|
|
|
181,790 |
|
|
|
(35,267 |
) |
|
|
(19.4 |
%) |
Finance and insurance, net |
|
|
143,258 |
|
|
|
136,713 |
|
|
|
6,545 |
|
|
|
4.8 |
% |
Total |
|
$ |
1,447,292 |
|
|
$ |
1,423,411 |
|
|
$ |
23,881 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
10,020 |
|
|
$ |
8,319 |
|
|
$ |
1,702 |
|
|
|
20.5 |
% |
Used vehicles |
|
$ |
9,130 |
|
|
|
6,887 |
|
|
$ |
2,243 |
|
|
|
32.6 |
% |
Finance and insurance, net per vehicle unit |
|
$ |
5,113 |
|
|
|
4,354 |
|
|
$ |
759 |
|
|
|
17.4 |
% |
Total vehicle front-end yield(2) |
|
$ |
14,808 |
|
|
|
12,208 |
|
|
$ |
2,600 |
|
|
|
21.3 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Gross margin |
|
|
|
|
|
|
|
|
|
|||||||
Good Sam Services and Plans |
|
|
62.5 |
% |
|
|
64.7 |
% |
|
|
(219 |
) |
bps |
|
|
|
New vehicles |
|
|
22.8 |
% |
|
|
21.7 |
% |
|
|
114 |
|
bps |
|
|
|
Used vehicles |
|
|
24.9 |
% |
|
|
24.2 |
% |
|
|
71 |
|
bps |
|
|
|
Products, service and other |
|
|
36.7 |
% |
|
|
38.7 |
% |
|
|
(199 |
) |
bps |
|
|
|
Finance and insurance, net |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
unch. |
bps |
|
|
|||
Good Sam Club |
|
|
81.4 |
% |
|
|
83.5 |
% |
|
|
(205 |
) |
bps |
|
|
|
Subtotal RV and Outdoor Retail |
|
|
32.9 |
% |
|
|
32.6 |
% |
|
|
34 |
|
bps |
|
|
|
Total gross margin |
|
|
33.7 |
% |
|
|
33.4 |
% |
|
|
29 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Inventories ($ in 000's) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicles |
|
$ |
1,420,136 |
|
|
$ |
715,085 |
|
|
$ |
705,051 |
|
|
|
98.6 |
% |
Used vehicles |
|
|
423,409 |
|
|
|
190,176 |
|
|
|
233,233 |
|
|
|
122.6 |
% |
Products, parts, accessories and misc. |
|
|
308,855 |
|
|
|
284,203 |
|
|
|
24,652 |
|
|
|
8.7 |
% |
Total RV and Outdoor Retail inventories |
|
$ |
2,152,400 |
|
|
$ |
1,189,464 |
|
|
$ |
962,936 |
|
|
|
81.0 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Vehicle inventory per location ($ in 000's) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicle inventory per dealer location |
|
$ |
7,934 |
|
|
$ |
4,334 |
|
|
$ |
3,600 |
|
|
|
83.1 |
% |
Used vehicle inventory per dealer location |
|
$ |
2,365 |
|
|
|
1,153 |
|
|
$ |
1,213 |
|
|
|
105.2 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Vehicle inventory turnover(3) |
|
|
|
|
|
|
|
|
|
|||||||
New vehicle inventory turnover |
|
|
2.5 |
|
|
|
3.8 |
|
|
|
(1.3 |
) |
|
|
(33.6 |
%) |
Used vehicle inventory turnover |
|
|
3.4 |
|
|
|
5.2 |
|
|
|
(1.8 |
) |
|
|
(35.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||||
Retail locations |
|
|
|
|
|
|
|
|
|
|||||||
RV dealerships |
|
|
179 |
|
|
|
165 |
|
|
|
14 |
|
|
|
8.5 |
% |
RV service & retail centers |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
0.0 |
% |
Subtotal |
|
|
189 |
|
|
|
175 |
|
|
|
14 |
|
|
|
8.0 |
% |
Other retail stores |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
0.0 |
% |
Total |
|
|
190 |
|
|
|
176 |
|
|
|
14 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
Other data |
|
|
|
|
|
|
|
|
|
|||||||
Active Customers(4) |
|
|
5,464,510 |
|
|
|
5,488,280 |
|
|
|
(23,770 |
) |
|
|
(0.4 |
%) |
Good Sam Club members |
|
|
2,101,399 |
|
|
|
2,120,143 |
|
|
|
(18,744 |
) |
|
|
(0.9 |
%) |
Service bays (5) |
|
|
2,538 |
|
|
|
2,463 |
|
|
|
75 |
|
|
|
3.0 |
% |
Finance and insurance gross profit as a % of total vehicle revenue |
|
|
12.4 |
% |
|
|
12.4 |
% |
|
|
0 |
|
bps |
|
n/a |
|
Same store locations |
|
|
170 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
(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 revenue. |
(3) Inventory turnover 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) A service bay is a fully constructed bay dedicated to service, installation, and collision offerings. |
Camping World Holdings, Inc. and Subsidiaries |
||||||||
Consolidated Balance Sheets (unaudited) |
||||||||
($ in Thousands Except Per Share Amounts) |
||||||||
|
|
March 31, |
|
December 31, |
||||
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
139,480 |
|
|
$ |
267,332 |
|
Contracts in transit |
|
|
135,513 |
|
|
|
57,741 |
|
Accounts receivable, net |
|
|
116,593 |
|
|
|
101,644 |
|
Inventories |
|
|
2,152,400 |
|
|
|
1,792,865 |
|
Prepaid expenses and other assets |
|
|
57,763 |
|
|
|
64,295 |
|
Total current assets |
|
|
2,601,749 |
|
|
|
2,283,877 |
|
Property and equipment, net |
|
|
636,500 |
|
|
|
599,324 |
|
Operating lease assets |
|
|
748,893 |
|
|
|
750,876 |
|
Deferred tax assets, net |
|
|
185,616 |
|
|
|
199,321 |
|
Intangible assets, net |
|
|
21,450 |
|
|
|
30,970 |
|
Goodwill |
|
|
506,954 |
|
|
|
483,634 |
|
Other assets |
|
|
26,373 |
|
|
|
24,927 |
|
Total assets |
|
$ |
4,727,535 |
|
|
$ |
4,372,929 |
|
Liabilities and stockholders' equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
221,990 |
|
|
$ |
136,757 |
|
Accrued liabilities |
|
|
224,995 |
|
|
|
189,595 |
|
Deferred revenues |
|
|
92,747 |
|
|
|
95,467 |
|
Current portion of operating lease liabilities |
|
|
63,490 |
|
|
|
62,217 |
|
Current portion of finance lease liabilities |
|
|
10,393 |
|
|
|
4,964 |
|
Current portion of Tax Receivable Agreement liability |
|
|
11,322 |
|
|
|
11,322 |
|
Current portion of long-term debt |
|
|
15,825 |
|
|
|
15,822 |
|
Notes payable – floor plan, net |
|
|
1,237,208 |
|
|
|
1,011,345 |
|
Other current liabilities |
|
|
78,369 |
|
|
|
70,834 |
|
Total current liabilities |
|
|
1,956,339 |
|
|
|
1,598,323 |
|
Operating lease liabilities, net of current portion |
|
|
770,778 |
|
|
|
774,889 |
|
Finance lease liabilities, net of current portion |
|
|
72,192 |
|
|
|
74,752 |
|
Tax Receivable Agreement liability, net of current portion |
|
|
171,476 |
|
|
|
171,073 |
|
Revolving line of credit |
|
|
20,885 |
|
|
|
20,885 |
|
Long-term debt, net of current portion |
|
|
1,374,592 |
|
|
|
1,377,751 |
|
Deferred revenues |
|
|
69,902 |
|
|
|
69,024 |
|
Other long-term liabilities |
|
|
81,201 |
|
|
|
52,338 |
|
Total liabilities |
|
|
4,517,365 |
|
|
|
4,139,035 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of March 31, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,855,259 issued and 41,688,339 outstanding as of March 31, 2022 and 47,805,259 issued and 44,130,956 outstanding as of December 31, 2021 |
|
|
476 |
|
|
|
475 |
|
Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of March 31, 2022 and December 31, 2021; and 41,466,964 outstanding as of March 31, 2022 and December 31, 2021 |
|
|
4 |
|
|
|
4 |
|
Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
126,071 |
|
|
|
98,113 |
|
Treasury stock, at cost; 5,882,748 and 3,390,131 shares as of March 31, 2022 and December 31, 2021, respectively |
|
|
(206,098 |
) |
|
|
(130,006 |
) |
Retained earnings |
|
|
207,774 |
|
|
|
189,471 |
|
Total stockholders' equity attributable to Camping World Holdings, Inc. |
|
|
128,227 |
|
|
|
158,057 |
|
Non-controlling interests |
|
|
81,943 |
|
|
|
75,837 |
|
Total stockholders' equity |
|
|
210,170 |
|
|
|
233,894 |
|
Total liabilities and stockholders' equity |
|
$ |
4,727,535 |
|
|
$ |
4,372,929 |
|
Прибыль На Акцию
Базовая прибыль на акцию обыкновенных акций класса А рассчитывается путем деления чистой прибыли, относящейся к Camping World Holdings, Inc., на средневзвешенное количество обыкновенных акций класса А, находящихся в обращении в течение периода. Разводненная прибыль на акцию обыкновенных акций класса А рассчитывается путем деления чистой прибыли, приходящейся на Camping World Holdings, Inc., на средневзвешенное количество обыкновенных акций класса А в обращении, скорректированное с учетом потенциально разводняющих ценных бумаг.
В следующей таблице приведена сверка числителей и знаменателей, использованных для расчета базовой и разводненной прибыли на акцию обыкновенных акций класса А (неаудированных):
|
|
Three Months Ended March 31, |
||||||
(In thousands except per share amounts) |
|
|
2022 |
|
|
|
2021 |
|
Numerator: |
|
|
|
|
||||
Net income |
|
$ |
107,299 |
|
|
$ |
147,425 |
|
Less: net income attributable to non-controlling interests |
|
|
(62,569 |
) |
|
|
(85,103 |
) |
Net income attributable to Camping World Holdings, Inc. — basic |
|
$ |
44,730 |
|
|
$ |
62,322 |
|
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs |
|
|
332 |
|
|
|
— |
|
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock |
|
|
— |
|
|
|
63,980 |
|
Net income attributable to Camping World Holdings, Inc. — diluted |
|
$ |
45,062 |
|
|
$ |
126,302 |
|
Denominator: |
|
|
|
|
||||
Weighted-average shares of Class A common stock outstanding — basic |
|
|
43,553 |
|
|
|
43,584 |
|
Dilutive options to purchase Class A common stock |
|
|
88 |
|
|
|
165 |
|
Dilutive restricted stock units |
|
|
574 |
|
|
|
955 |
|
Dilutive common units of CWGS, LLC that are convertible into Class A common stock |
|
|
— |
|
|
|
45,534 |
|
Weighted-average shares of Class A common stock outstanding — diluted |
|
|
44,215 |
|
|
|
90,238 |
|
|
|
|
|
|
||||
Earnings per share of Class A common stock — basic |
|
$ |
1.03 |
|
|
$ |
1.43 |
|
Earnings per share of Class A common stock — diluted |
|
$ |
1.02 |
|
|
$ |
1.40 |
|
|
|
|
|
|
||||
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: |
|
|
|
|
||||
Restricted stock units |
|
|
1,632 |
|
|
|
1 |
|
Common units of CWGS, LLC that are convertible into Class A common stock |
|
|
42,045 |
|
|
|
— |
|
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к нашей сокращенной консолидированной финансовой отчетности, которая подготовлена и представлена в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах (“GAAP”), мы используем следующие финансовые показатели, не относящиеся к GAAP: EBITDA, Скорректированная EBITDA, Скорректированная рентабельность по EBITDA, Скорректированная EBITDA за двенадцать месяцев (“TTM”), скорректированная EBITDA, Скорректированная Чистая прибыль, Относящаяся к Camping World Holdings, Inc. – Базовая, Скорректированная Чистая Прибыль, Относящаяся к Camping World Holdings, Inc. – Разводненная, Скорректированная Прибыль на акцию – Базовая и Скорректированная Прибыль на акцию – Разводненная (в совокупности "Финансовые показатели, не относящиеся к GAAP"). Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, при использовании в сочетании с финансовыми показателями GAAP, предоставляют полезную информацию об операционных результатах, улучшают общее понимание прошлых финансовых показателей и будущих перспектив, а также обеспечивают большую прозрачность в отношении ключевых показателей, которые мы используем при принятии финансовых и операционных решений. Эти финансовые показатели, не относящиеся к GAAP, также часто используются аналитиками, инвесторами и другими заинтересованными сторонами для оценки компаний в отрасли Компании. Представление данной финансовой информации не предназначено для рассмотрения изолированно или в качестве замены или превосходства финансовой информации, подготовленной и представленной в соответствии с GAAP, и они не должны быть истолкованы как вывод о том, что на будущие результаты Компании не повлияют какие-либо статьи, скорректированные в этих Финансовые показатели, Не относящиеся к ОПБУ. При оценке этих финансовых показателей, не относящихся к GAAP, вы должны знать, что в будущем Компания может понести расходы, которые будут такими же или аналогичными некоторым из скорректированных в данной презентации. Финансовые показатели, не относящиеся к GAAP, которые мы используем, не обязательно сопоставимы с аналогичными показателями, используемыми другими компаниями, из-за различных методов расчета.
Показатель EBITDA, Скорректированный показатель EBITDA и Скорректированная рентабельность по EBITDA
Мы определяем “EBITDA” как чистую прибыль до вычета прочих процентных расходов, нетто (без учета процентных расходов по плану этажа), резерва по налогу на прибыль и износа и амортизации. Мы определяем “Скорректированный показатель EBITDA” как показатель EBITDA, дополнительно скорректированный с учетом влияния определенных безналичных и других статей, которые мы не учитываем при оценке текущих операционных показателей. Эти статьи включают, среди прочего, убытки и расходы по реструктуризации долга, обесценение долгосрочных активов, затраты на прекращение аренды, прибыли и убытки от продажи или выбытия активов, чистую компенсацию, основанную на долевом участии, корректировку обязательств по Соглашению о налоговой задолженности, расходы на реструктуризацию, связанные со стратегическим изменением 2019 года, и другие необычные или одноразовые предметы. Мы определяем “Скорректированную рентабельность по EBITDA” как Скорректированную EBITDA в процентах от общей выручки. Мы предупреждаем инвесторов, что суммы, представленные в соответствии с нашими определениями EBITDA, Скорректированной EBITDA и Скорректированной рентабельности по EBITDA, могут быть несопоставимы с аналогичными показателями, раскрытыми нашими конкурентами, поскольку не все компании и аналитики рассчитывают EBITDA, Скорректированную EBITDA и Скорректированную рентабельность по EBITDA одинаковым образом. Мы представляем показатель EBITDA, Скорректированный показатель EBITDA и Скорректированную маржу EBITDA, поскольку считаем их важными дополнительными показателями нашей деятельности и считаем, что они часто используются аналитиками по ценным бумагам, инвесторами и другими заинтересованными сторонами при оценке компаний в нашей отрасли. Руководство считает, что понимание инвесторами нашей деятельности улучшается за счет включения этих финансовых показателей, не относящихся к GAAP, в качестве разумной основы для сравнения наших текущих результатов деятельности.
В следующей таблице приведена сверка показателей EBITDA, Скорректированной EBITDA, скорректированной рентабельности по EBITDA и скорректированной на TTM EBITDA с наиболее непосредственно сопоставимыми показателями финансовых показателей GAAP, которыми являются чистая прибыль, чистая прибыль, рентабельность по чистой прибыли и чистая прибыль соответственно (неаудировано):
|
|
|
|
|
|||
|
|
Three Months Ended March 31, |
|||||
($ in thousands) |
|
2022 |
|
2021 |
|||
EBITDA and Adjusted EBITDA: |
|
|
|
|
|||
Net income |
|
$ |
107,299 |
|
$ |
147,425 |
|
Other interest expense, net |
|
|
14,301 |
|
|
12,223 |
|
Depreciation and amortization |
|
|
25,535 |
|
|
12,701 |
|
Income tax expense |
|
|
21,036 |
|
|
2,043 |
|
Subtotal EBITDA |
|
|
168,171 |
|
|
174,392 |
|
Long-lived asset impairment (a) |
|
|
— |
|
|
546 |
|
Lease termination (b) |
|
|
178 |
|
|
1,756 |
|
Loss (gain) on sale or disposal of assets, net (c) |
|
|
49 |
|
|
(99 |
) |
Equity-based compensation (d) |
|
|
11,674 |
|
|
6,109 |
|
Tax Receivable Agreement liability adjustment (e) |
|
|
— |
|
|
3,520 |
|
Restructuring costs (f) |
|
|
2,023 |
|
|
3,067 |
|
Adjusted EBITDA |
|
$ |
182,095 |
|
$ |
189,291 |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||
(as percentage of total revenue) |
|
2022 |
|
2021 |
Adjusted EBITDA margin: |
|
|
|
|
Net income margin |
|
6.5% |
|
9.5% |
Other interest expense, net |
|
0.9% |
|
0.8% |
Depreciation and amortization |
|
1.5% |
|
0.8% |
Income tax expense |
|
1.3% |
|
0.1% |
Subtotal EBITDA margin |
|
10.1% |
|
11.2% |
Long-lived asset impairment (a) |
|
— |
|
0.0% |
Lease termination (b) |
|
0.0% |
|
0.1% |
Loss (gain) on sale or disposal of assets, net (c) |
|
0.0% |
|
(0.0%) |
Equity-based compensation (d) |
|
0.7% |
|
0.4% |
Tax Receivable Agreement liability adjustment (e) |
|
— |
|
0.2% |
Restructuring costs (f) |
|
0.1% |
|
0.2% |
Adjusted EBITDA margin |
|
11.0% |
|
12.2% |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
TTM Ended |
|||||||||||||
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|||||||
($ in thousands) |
2022 |
|
|
2021 |
|
|
2021 |
|
2021 |
|
|
2022 |
|
|||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|||||||
Net income |
$ |
107,299 |
|
$ |
59,266 |
|
|
$ |
189,308 |
|
$ |
246,076 |
|
$ |
601,949 |
|
Other interest expense, net |
|
14,301 |
|
|
11,650 |
|
|
|
11,250 |
|
|
11,789 |
|
|
48,990 |
|
Depreciation and amortization |
|
25,535 |
|
|
17,121 |
|
|
|
23,552 |
|
|
13,044 |
|
|
79,252 |
|
Income tax expense |
|
21,036 |
|
|
8,865 |
|
|
|
38,869 |
|
|
42,347 |
|
|
111,117 |
|
Subtotal EBITDA |
|
168,171 |
|
|
96,902 |
|
|
|
262,979 |
|
|
313,256 |
|
|
841,308 |
|
Long-lived asset impairment (a) |
|
— |
|
|
1,646 |
|
|
|
316 |
|
|
536 |
|
|
2,498 |
|
Lease termination (b) |
|
178 |
|
|
126 |
|
|
|
329 |
|
|
— |
|
|
633 |
|
Loss (gain) on sale or disposal of assets, net (c) |
|
49 |
|
|
(583 |
) |
|
|
96 |
|
|
10 |
|
|
(428 |
) |
Equity-based compensation (d) |
|
11,674 |
|
|
28,867 |
|
|
|
6,913 |
|
|
6,047 |
|
|
53,501 |
|
Tax Receivable Agreement liability adjustment (e) |
|
— |
|
|
(707 |
) |
|
|
— |
|
|
— |
|
|
(707 |
) |
Restructuring costs (f) |
|
2,023 |
|
|
2,262 |
|
|
|
17,362 |
|
|
3,010 |
|
|
24,657 |
|
Loss and expense on debt restructure (g) |
|
— |
|
|
3,023 |
|
|
|
24 |
|
|
10,421 |
|
|
13,468 |
|
Adjusted EBITDA |
$ |
182,095 |
|
$ |
131,536 |
|
|
$ |
288,019 |
|
$ |
333,280 |
|
$ |
934,930 |
|
(a) |
Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment, which relate to locations affected by the 2019 Strategic Shift. |
|
(b) |
Represents the loss on the termination of operating leases, relating primarily to the 2019 Strategic Shift, resulting from lease termination fees and the derecognition of the operating lease assets and liabilities. |
|
(c) |
Represents an adjustment to eliminate the losses and gains on disposals and sales of various assets. |
|
(d) |
Represents non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company. |
|
(e) |
Represents an adjustment to eliminate the loss (gain) on remeasurement of the Tax Receivable Agreement primarily due to changes in our blended statutory income tax rate. |
|
(f) |
Represents restructuring costs relating to our 2019 Strategic Shift. These restructuring costs include one-time employee termination benefits relating to retail store or distribution center closures/divestitures, incremental inventory reserve charges, and other associated costs. These costs exclude lease termination costs, which are presented separately above (see (b) above). |
|
(g) |
Represents the loss and expense incurred on debt restructure and financing expense, which is comprised of $0.4 million in extinguishment of the original issue discount and $1.0 million in extinguishment of capitalized finance costs related to the previous term loan facility, and $12.1 million in legal and other expenses related to the new term loan facility in 2021. |
Скорректированная Чистая Прибыль, Относящаяся к Camping World Holdings, Inc., и Скорректированная Прибыль на акцию
Мы определяем “Скорректированную чистую прибыль, относящуюся к Camping World Holdings, Inc. – Basic” как чистую прибыль, относящуюся к Camping World Holdings, Inc., скорректированную с учетом влияния определенных неденежных и других статей, которые мы не учитываем при оценке текущих операционных показателей. Эти статьи включают, среди прочего, обесценение долгосрочных активов, затраты на прекращение аренды, прибыли и убытки от продажи или выбытия активов, чистую компенсацию, основанную на долевом участии, корректировку обязательств по Соглашению о налогообложении дебиторской задолженности, затраты на реструктуризацию, связанные со стратегическим изменением 2019 года, другие необычные или единовременные статьи, доход влияние этих корректировок на налоговые расходы и влияние этих корректировок на чистую прибыль, относящуюся к неконтролирующим долям участия.
Мы определяем “Скорректированный чистый доход, относящийся к Camping World Holdings, Inc. – Разводненный” как Скорректированный Чистый доход, относящийся к Camping World Holdings, Inc. – Базовый, скорректированный с учетом перераспределения чистого дохода, относящегося к неконтролирующим долям участия, от опционов на акции и ограниченных паев акций, если разводняющий, или предполагаемого обмена, если разводняющий, из всех находящихся в обращении обыкновенных акций CWGS, LLC для акций недавно выпущенных обыкновенных акций класса A Camping World Holdings, Inc.
Мы определяем “Скорректированную прибыль на акцию – Базовая” как Скорректированную Чистую прибыль, относящуюся к Camping World Holdings, Inc. - Базовая, деленную на средневзвешенную стоимость обыкновенных акций класса А, находящихся в обращении. Мы определяем “Скорректированную прибыль на акцию – Разводненную” как Скорректированную Чистую прибыль, относящуюся к Camping World Holdings, Inc. – Разводненную, деленную на средневзвешенные акции обыкновенных акций класса А в обращении, предполагая (i) обмен всех находящихся в обращении обыкновенных акций CWGS, LLC на недавно выпущенные акции класса А обыкновенные акции Camping World Holdings, Inc., если они являются разводняющими, и (ii) разводняющий эффект опционов на акции и ограниченных паев акций, если таковые имеются. Мы представляем Скорректированную Чистую прибыль, Относящуюся к Camping World Holdings, Inc. – Базовая, Скорректированная Чистая прибыль, Относящаяся к Camping World Holdings, Inc. – Разводненная, Скорректированная Прибыль на акцию – Базовая и Скорректированная Прибыль на акцию – Разводненная, поскольку мы считаем их важными дополнительными показателями нашей деятельности, и мы считаем, что инвесторы’ понимание нашей деятельности улучшается за счет включения этих финансовых показателей, не относящихся к GAAP, в качестве разумной основы для сравнения наших текущих результатов деятельности.
В следующей таблице приведена сверка Скорректированной Чистой прибыли, относящейся к Camping World Holdings, Inc. – Базовая, Скорректированная Чистая прибыль, Относящаяся к Camping World Holdings, Inc. – Разводненная, Скорректированная Прибыль на акцию – Базовая и Скорректированная Прибыль на акцию – Разводненная с наиболее непосредственно сопоставимым показателем финансовых результатов по GAAP, который представляет собой чистую прибыль, относящуюся к Camping World Holdings, Inc., в случае Скорректированной чистой прибыли Без учета финансовых показателей GAAP; прибыль на акцию обыкновенных акций Класса A - базовая, в случае Скорректированной прибыли на акцию – Базовая; и прибыль на акцию обыкновенных акций класса A – разводненная, в случае Скорректированной Разводненная Прибыль На Акцию:
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
||||||
(In thousands except per share amounts) |
|
|
2022 |
|
|
|
2021 |
|
|
Numerator: |
|
|
|
|
|
||||
Net income attributable to Camping World Holdings, Inc. |
|
$ |
44,730 |
|
|
$ |
62,322 |
|
|
Adjustments related to basic calculation: |
|
|
|
|
|
||||
Long-lived asset impairment (a): |
|
|
|
|
|
||||
Gross adjustment |
|
|
— |
|
|
|
546 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
— |
|
|
Lease termination (c): |
|
|
|
|
|
||||
Gross adjustment |
|
|
178 |
|
|
|
1,756 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(39 |
) |
|
Loss (gain) on sale or disposal of assets (d): |
|
|
|
|
|
||||
Gross adjustment |
|
|
49 |
|
|
|
(99 |
) |
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(1 |
) |
|
Equity-based compensation (e): |
|
|
|
|
|
||||
Gross adjustment |
|
|
11,674 |
|
|
|
6,109 |
|
|
Income tax expense for above adjustment (b) |
|
|
(1,337 |
) |
|
|
(654 |
) |
|
Tax Receivable Agreement liability adjustment (f): |
|
|
|
|
|
||||
Gross adjustment |
|
|
— |
|
|
|
3,520 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(898 |
) |
|
Restructuring costs (g) |
|
|
|
|
|
||||
Gross adjustment |
|
|
2,023 |
|
|
|
3,067 |
|
|
Income tax expense for above adjustment (b) |
|
|
— |
|
|
|
(13 |
) |
|
Adjustment to net income attributable to non-controlling interests resulting from the above adjustments (h) |
|
|
(6,827 |
) |
|
|
(5,809 |
) |
|
Adjusted net income attributable to Camping World Holdings, Inc. – basic |
|
|
50,490 |
|
|
|
69,807 |
|
|
Adjustments related to diluted calculation: |
|
|
|
|
|
||||
Reallocation of net income attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (i) |
|
|
533 |
|
|
|
— |
|
|
Income tax on reallocation of net income attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (j) |
|
|
(158 |
) |
|
|
— |
|
|
Reallocation of net income attributable to non-controlling interests from the dilutive exchange of common units in CWGS, LLC (i) |
|
|
— |
|
|
|
90,912 |
|
|
Income tax on reallocation of net income attributable to non-controlling interests from the dilutive exchange of common units in CWGS, LLC (j) |
|
|
— |
|
|
|
(21,852 |
) |
|
Assumed income tax expense of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the dilutive exchange of common units in CWGS, LLC (k) |
|
|
— |
|
|
|
(12,919 |
) |
|
Adjusted net income attributable to Camping World Holdings, Inc. – diluted |
|
$ |
50,865 |
|
|
$ |
125,948 |
|
|
Denominator: |
|
|
|
|
|
||||
Weighted-average Class A common shares outstanding – basic |
|
|
43,553 |
|
|
|
43,584 |
|
|
Adjustments related to diluted calculation: |
|
|
|
|
|
||||
Dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (l) |
|
|
— |
|
|
|
45,534 |
|
|
Dilutive options to purchase Class A common stock (l) |
|
|
88 |
|
|
|
165 |
|
|
Dilutive restricted stock units (l) |
|
|
574 |
|
|
|
955 |
|
|
Adjusted weighted average Class A common shares outstanding – diluted |
|
|
44,215 |
|
|
|
90,238 |
|
|
|
|
|
|
|
|
||||
Adjusted earnings per share - basic |
|
$ |
1.16 |
|
|
$ |
1.60 |
|
|
Adjusted earnings per share - diluted |
|
$ |
1.15 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
|
||||
Anti-dilutive amounts (m): |
|
|
|
|
|
||||
Numerator: |
|
|
|
|
|
||||
Reallocation of net income attributable to non-controlling interests from the anti-dilutive exchange of common units in CWGS, LLC (i) |
|
$ |
68,863 |
|
|
$ |
— |
|
|
Income tax on reallocation of net income attributable to non-controlling interests from the anti-dilutive exchange of common units in CWGS, LLC (j) |
|
$ |
(20,392 |
) |
|
$ |
— |
|
|
Assumed income tax benefit of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the anti-dilutive exchange of common units in CWGS, LLC (k) |
|
$ |
6,348 |
|
|
$ |
— |
|
|
Denominator: |
|
|
|
|
|
||||
Anti-dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (l) |
|
|
42,045 |
|
|
|
— |
|
|
|
|
|
|
|
|
||||
Reconciliation of per share amounts: |
|
|
|
|
|
||||
Earnings per share of Class A common stock - basic |
|
$ |
1.03 |
|
|
$ |
1.43 |
|
|
Non-GAAP Adjustments (n) |
|
|
0.13 |
|
|
|
0.17 |
|
|
Adjusted earnings per share - basic |
|
$ |
1.16 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
||||
Earnings per share of Class A common stock - diluted |
|
$ |
1.02 |
|
|
$ |
1.40 |
|
|
Non-GAAP Adjustments (n) |
|
|
0.13 |
|
|
|
0.17 |
|
|
Dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (o) |
|
|
— |
|
|
|
(0.17 |
) |
|
Adjusted earnings per share - diluted |
|
$ |
1.15 |
|
|
$ |
1.40 |
|
|
(a) | Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment, which relate to locations affected by the 2019 Strategic Shift. |
|
(b) | Represents the current and deferred income tax expense or benefit effect of the above adjustments, many of which are related to entities with full valuation allowances for which no tax benefit can be currently recognized. This assumption uses an effective tax rate of 25.4% and 25.5% for the adjustments for the 2022 and 2021 periods, respectively, which represents the estimated tax rate that would apply had the above adjustments been included in the determination of our non-GAAP metric. |
|
(c) | Represents the loss on termination of operating leases, relating primarily to the 2019 Strategic Shift, resulting from the 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 non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company. |
|
(f) | Represents an adjustment to eliminate the loss on remeasurement of the Tax Receivable Agreement primarily due to changes in our blended statutory income tax rate. |
|
(g) | Represents restructuring costs relating to our 2019 Strategic Shift. These restructuring costs include other associated costs. These costs exclude lease termination costs, which are presented separately above (see (c) above). |
|
(h) | Represents the adjustment to net income attributable to non-controlling interests resulting from the above adjustments that impact the net income of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 49.1% and 51.1% for the three months ended March 31, 2022 and 2021, respectively. |
|
(i) | Represents the reallocation of net income 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. |
|
(j) | Represents the income tax expense effect of the above adjustment for reallocation of net income attributable to non-controlling interests. This assumption uses an effective tax rate of 25.4% and 25.5% for the adjustments for 2022 and 2021 periods, respectively. |
|
(k) | Typically represents adjustments to reflect the income tax benefit of losses of consolidated C-corporations that under the Company’s current equity structure cannot be used against the income of other consolidated subsidiaries of CWGS, LLC. However, for the three months ended March 31, 2021, this adjustment included the reversal of the $14.9 million release of valuation allowance for Camping World, Inc. Subsequent to the exchange of all common units in CWGS, LLC, the Company believes certain actions could be taken such that the C-corporations’ losses could offset income of other consolidated subsidiaries. The adjustment reflects the income tax benefit assuming effective tax rate of 25.4% and 25.5% during the 2022 and 2021 periods, respectively, for the losses experienced by the consolidated C-corporations for which valuation allowances have been recorded. No assumed release of valuation allowance established for previous periods were included in these amounts and the $14.9 million release of valuation allowance during the three months ended March 31, 2021 was considered to be reversed and excluded from adjusted net income attributable to Camping World Holdings, Inc. – diluted for purposes of this calculation. |
|
(l) | Represents the impact to the denominator for stock options, restricted stock units, and/or common units of CWGS, LLC. |
|
(m) | The below amounts have not been considered in our adjusted earnings per share – diluted amounts as the effect of these items are anti-dilutive. |
|
(n) | Represents the per share impact of the Non-GAAP adjustments to net income detailed above (see (a) through (h) above). |
|
(o) | Represents the per share impact of stock options, restricted stock units, and/or common units of CWGS, LLC from the difference in their dilutive impact between the GAAP and Non-GAAP earnings per share calculations. |
Наша корпоративная структура “Up-C” может затруднить сравнение наших результатов с результатами компаний с более традиционной корпоративной структурой. Могут быть значительные колебания в числителе и знаменателе для расчета нашей скорректированной разводненной прибыли на акцию в зависимости от того, считаются ли общие подразделения CWGS, LLC разводняющими или не разводняющими за данный период. Чтобы улучшить сопоставимость наших финансовых результатов, пользователи нашей финансовой отчетности могут счесть полезным проанализировать нашу прибыль на акцию, предполагая полный обмен общими единицами в CWGS, LLC за все периоды, даже если эти общие единицы будут препятствовать разводнению. Соответствующие корректировки в числителе и знаменателе приведены в разделе “Суммы, препятствующие разбавлению” в таблице выше (см. (m) выше).
Использование и ограничения финансовых показателей, не относящихся к ОПБУ
Руководство и наш совет директоров используют Финансовые показатели, не относящиеся к GAAP:
Предоставляя эти финансовые показатели, не относящиеся к GAAP, вместе с выверками, мы считаем, что улучшаем понимание инвесторами нашего бизнеса и результатов нашей деятельности, а также помогаем инвесторам оценить, насколько хорошо мы реализуем наши стратегические инициативы. Кроме того, наши Старшие Обеспеченные Кредитные линии используют Скорректированный показатель EBITDA, рассчитанный для нашей дочерней компании CWGS Group, LLC, для оценки соблюдения нами таких условий, как коэффициент консолидированного кредитного плеча. Финансовые показатели, не относящиеся к GAAP, имеют ограничения в качестве аналитических инструментов и не должны рассматриваться изолированно или в качестве альтернативы или замены чистой прибыли или других данных финансовой отчетности, представленных в нашей неаудированной консолидированной финансовой отчетности, включенной в другие разделы настоящего пресс-релиза в качестве показателей финансовых результатов. Некоторые из ограничений заключаются в следующем:
Из-за этих ограничений Финансовые показатели, не относящиеся к GAAP, не следует рассматривать как показатели дискреционных денежных средств, доступных нам для инвестирования в рост нашего бизнеса. Мы компенсируем эти ограничения, полагаясь в первую очередь на наши результаты по ОПБУ и используя эти Финансовые показатели, не относящиеся к ОПБУ, только в качестве дополнения. Как отмечено в таблицах выше, некоторые финансовые показатели, не относящиеся к GAAP, включают корректировки на убытки и расходы по реструктуризации долга, обесценение долгосрочных активов, затраты на прекращение аренды, прибыли и убытки от продажи или выбытия активов, чистую компенсацию, основанную на долевом участии, обязательства по соглашению о налоговой задолженности, расходы на реструктуризацию, связанные к Стратегическому сдвигу на 2019 год, другим необычным или единовременным статьям и описанному выше эффекту расходов по налогу на прибыль, если применимо. Разумно ожидать, что некоторые из этих статей будут иметь место в будущих периодах. Однако мы считаем, что эти корректировки уместны, поскольку признанные суммы могут значительно варьироваться от периода к периоду, не имеют прямого отношения к текущей деятельности нашего бизнеса и затрудняют сравнение наших внутренних операционных результатов и операционных результатов других компаний с течением времени. Каждая из обычных повторяющихся корректировок и других корректировок, описанных в этом параграфе и в таблицах сверки выше, помогает руководству оценить наши основные операционные показатели с течением времени, удаляя элементы, которые не связаны с повседневными операциями.
Показать большеПоказать меньше