Camping World Holdings Earnings Call Transcripts
Fiscal Year 2026
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Stockholders approved the election of three directors, ratified the audit firm for 2026, and gave advisory approval to executive compensation. No questions were raised during the meeting. Final vote results will be published in a Form 8-K.
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Disciplined cost control and exclusive brand strategy drove outperformance in new RV sales, despite industry headwinds. SG&A was reduced by $29 million, and full-year adjusted EBITDA guidance of $275M-$325M was reiterated, with continued focus on inventory and margin improvement.
Fiscal Year 2025
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Full-year adjusted EBITDA grew over 35% with strong used unit sales and record Good Sam revenue. 2026 guidance reflects a $35M EBITDA headwind from inventory cleansing, offset by $25M in SG&A savings, with a focus on debt reduction and margin improvement.
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A leadership transition will see Matt Wagner become CEO, with a focus on deleveraging, earnings growth, and expanding both used RV sales and the Good Sam brand. The company targets $310 million EBITDA next year, expects continued strength in used RVs, and plans cautious M&A as leverage declines.
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Management outlined a strategy focused on cost discipline, used RV growth, and leveraging proprietary data and private label brands to drive earnings. Good Sam's recurring revenue and expansion, strong F&I performance, and a focus on affordability position the business for continued growth.
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Q3 saw 40%+ adjusted EBITDA growth and record used RV volumes, with revenue up 5% year-over-year. A conservative $310M EBITDA floor is set for 2026, with upside from cost savings, used sales, and M&A. Net leverage improved, and the company targets further gains amid macro uncertainty.
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Year-to-date, new and used RV sales grew over 20% despite a declining market, driven by data-driven inventory, affordability focus, and operational efficiencies. ASPs are stabilizing, cost reductions continue, and used market growth is a key priority. Capital allocation targets leverage reduction and cash build.
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Q2 2025 saw record RV sales, F&I, and Good Sam revenue, with 9% revenue growth and 20%+ unit volume gains. Gross margin topped 30%, SG&A improved, and used RV growth is expected to drive continued double-digit gains. Confidence remains high for 2025 and 2026.
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Market share in new and used RVs has grown significantly, driven by affordability, private label products, and a robust used vehicle strategy. Asset-light initiatives and operational discipline support stable margins and growth, with a focus on service and the Good Sam business.
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Q1 saw 4% revenue growth to $1.4B, driven by a 30% increase in used unit sales and aggressive cost reductions. Adjusted EBITDA quadrupled year-over-year, with market share reaching 14%. SG&A cuts and strong used business momentum position the company for continued outperformance.
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Record market share gains and aggressive inventory strategies are driving strong Q1 sales and a bullish outlook for 2025. Used sales are prioritized for higher margins, with contract manufacturing and value pricing fueling growth. Profitability and market share expansion remain top priorities.
Fiscal Year 2024
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Record market share gains and strong early 2025 momentum are driving expectations for 10%-15% used unit growth, low single-digit new unit growth, and explosive EBITDA improvement, supported by disciplined capital allocation and cost controls. SG&A is targeted to improve by 600-700 basis points.
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Q3 revenue was flat at $1.7B, with strong new unit sales offset by used declines. Market share hit a record 11%, and 2025 guidance calls for double-digit used growth, margin improvement, and continued disciplined acquisitions. Cash and inventory positions remain robust.
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Q2 revenue declined 5% year-over-year to $1.8B, as strong new unit sales and record market share gains offset industry headwinds and lower used volumes. Margin pressure persisted due to lower ASPs and a shift to consignments, but infrastructure investments and disciplined inventory management position the business for growth and margin recovery in 2025.
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The group achieved record market share above 25% in Q1 2024 by focusing on payment-driven pricing and rapid inventory turnover. Used business remains robust, with innovation in auctions and valuation tools, while leadership transitions are underway to support future growth.