Camping World Holdings Earnings Call Transcripts
Fiscal Year 2025
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Full-year adjusted EBITDA grew over 35% with strong used sales and record Good Sam revenue. 2026 guidance reflects near-term margin pressure from inventory cleansing, offset by SG&A savings and a focus on debt reduction. Dividend paused to prioritize balance sheet health.
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A leadership transition will see Matt Wagner become CEO, with a focus on reducing volatility, deleveraging, and growing earnings. Used RV sales are strong, new RV sales face headwinds, and digital and lifestyle initiatives like Good Sam are key to future growth.
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Management outlined a strategy focused on SG&A savings, used RV growth, and private label expansion, targeting $310M EBITDA in 2026 and $525M at mid-cycle. Data-driven operations, strong F&I, and Good Sam's recurring revenue support optimism despite industry headwinds.
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Q3 saw 5% revenue growth and over 40% adjusted EBITDA increase, driven by strong used RV sales and margin improvements. 2026 guidance sets a $310M EBITDA floor, with upside from cost savings, used sales, and M&A, while maintaining a conservative outlook 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, with Q4 revenue up 9% year-over-year. Guidance reaffirms double-digit used unit growth, margin expansion, and significant SG&A improvement, supported by robust capital and disciplined dealership expansion.
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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 normalization, and improved SG&A. Acquisitions and exclusive products remain key growth drivers.
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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.