LINCOLNSHIRE, IL–(Concern WIRE)–Camping Earth Holdings, Inc. (NYSE: CWH) (the “Company”), America’s Recreation Dealer, today reported results for the fourth quarter and full year ended December 31, 2021.
Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “Since nosotros took the Visitor public at the finish of 2016, nosotros have almost doubled our annual acquirement to $half-dozen.ix billion and more than than tripled our annual cyberspace income and Adjusted EBITDA
(1)
to $642 million and $942 meg, respectively. It is our management team’s programme to continue positioning the Company for growth over the side by side 5 years. The long term trends along with our strong cash flow have us focused on three things: growing our concern, repurchasing our shares, and returning capital to our shareholders.”
Total Yr-over-Year Operating Highlights
- Revenue was $6.ix billion, an increase of $1.five billion, or 26.9%.
- Gross profit was $2.5 billion, an increase of $753.8 million, or 44.3%, and gross margin was 35.5%, an increment of 427 basis points.
- Internet income was $642.1 million, an increase of $297.9 meg, or 86.5%. Net income margin was ix.3% for 2021 versus 6.iii% for 2020.
-
Diluted earnings per share of Class A common stock was $6.07 in 2021 versus $3.09 in 2020 and adjusted earnings per share – diluted(1)
of Course A common stock was $6.88 in 2021 versus $3.66 in 2020. -
Adapted EBITDA(1)
was $942.1 meg, an increase of $377.one million, or 66.8%, and adjusted EBITDA margin(1)
was 13.6% for 2021 versus 10.4% for 2020. - Vehicle inventories were $i.5 billion, an increment of $645.8 one thousand thousand: new vehicle inventories were $1.1 billion, an increase of $417.viii million, and used vehicle inventories were $406.4 million, an increase of $228.i million.
- On June 3, 2021, we refinanced our senior secured credit facilities, reducing our outstanding main by $38.6 meg, extending the term to 2028, and lowering the applicable margin rate by 25 bps. On December 20, 2021, we entered into an amendment to the new senior secured credit facilities to increase the principal corporeality of the new term loan facility past $300.0 million.
- On September 30, 2021, we entered into an Eighth Amended and Restated Credit Agreement governing our floor plan facility which allows u.s. to borrow $ane.70 billion of flooring plan notes payable with up to $seventy.0 one thousand thousand under the revolving line of credit, and extended the term to 2026.
- During 2021, we opened xvi locations, which included twelve RV dealerships acquired in 2021, 3 RV dealerships acquired in 2020, and one greenfield location. We currently have operating dealerships, agreements to acquire land or existing RV dealerships, or accept dealerships under construction in 46 of the 48 contiguous states.
- During the year, we increased our regular quarterly dividend to holders of our Class A common stock from $0.23 per share to $0.l per share, or from $0.92 per share to $2.00 per share on an annualized basis. On February 18, 2022, the Company’s Board of Directors authorized a twenty-five percentage increment to our regular quarterly dividend from $0.50 per share to $0.625 per share, or from $2.00 per share to $2.50 per share on an annualized basis.
Fourth Quarter-over-Quarter Operating Highlights
- Acquirement was a fourth quarter record of $1.4 billion, an increase of $243.8 million, or 21.5%.
- Gross profit was $484.6 million, an increment of $106.6 million, or 28.two%, and gross margin was 35.2%, an increase of 184 ground points.
- Cyberspace income was $59.3 one thousand thousand, an increment of $18.nine million, or 46.nine%. Cyberspace income margin was 4.3% for the quaternary quarter of 2021 versus 3.6% for the fourth quarter of 2020.
-
Diluted earnings per share of Class A mutual stock was $0.54 for the fourth quarter of 2021 versus $0.34 for the quaternary quarter of 2020 and adjusted earnings per share – diluted(1)
of Class A common stock was $0.90 for the fourth quarter of 2021 and $0.48 for the fourth quarter of 2020. -
Adjusted EBITDA(ane)
was $131.5 million, an increase of $40.3 million, or 44.two%, and adapted EBITDA margin(1)
was 9.v% for the quaternary quarter of 2021 versus eight.0% for the fourth quarter of 2020.
|
________________________ |
|
(1) |
Stock Repurchase Plan
During the three months and the year ended December 31, 2021, the Company repurchased 1,779,416 and 3,988,881 shares of Course A mutual stock under this plan, respectively, for approximately $69.4 million and $156.3 million, including commissions paid, at a weighted average price per share of $39.02 and $39.17, respectively, which is recorded equally treasury stock on the consolidated balance sheets. Equally of December 31, 2021, the remaining approved corporeality for repurchases of Class A common stock nether the share repurchase program was approximately $47.2 1000000.
On January 20, 2022, the Company’due south Board of Directors authorized an increment to the Visitor’s stock repurchase program to allow for the repurchase of an boosted $152.vii 1000000 of the Company’s Class A common stock and extended the expiration date of the program to Dec 31, 2025. Following this increase in say-so, approximately $200 million remained available for futurity repurchases.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s quaternary quarter and fiscal year 2021 financial results is scheduled for February 23, 2022, at 7:xxx am Central Time. Investors and analysts can participate on the conference phone call past dialing (866) 239-9838 or (323) 794-2551 and using briefing ID# 2143907. Interested parties can as well listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Visitor’due south website at http://investor.campingworld.com. The replay of the conference telephone call webcast will be bachelor on the investor relations website for approximately xc days.
Presentation
This printing 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 U.s.a. (“GAAP”), unless noted as a not-GAAP fiscal mensurate. The Company’s initial public offering (“IPO”) and related reorganization transactions (“Reorganization Transactions”) that occurred on October 6, 2016 resulted in the Visitor as the sole managing member of CWGS Enterprises, LLC (“CWGS, LLC”), with sole voting power in and control of the direction of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, the Visitor had a minority economic interest in CWGS, LLC through March 11, 2021. Every bit of December 31, 2021, the Visitor owned 51.two% of CWGS, LLC. Accordingly, the Company consolidates the fiscal results of CWGS, LLC and reports a non-decision-making interest in its consolidated financial statements.
Most 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 like shooting fish in a barrel, and our Camping ground Globe 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. Nosotros likewise 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 xl states, Camping World has grown to become prime number destinations for everything RV.
For more than information, please visit www.CampingWorld.com.
Forward-Looking Statements
This press release contains forward-looking statements inside the pregnant of the Individual Securities Litigation Reform Act of 1995. All statements contained in this press release that do not chronicle to matters of historical fact should exist considered forrard-looking statements, including, without limitation, statements about our business plans and goals, including statements regarding the strength of our business, our long-term plan, potential stock repurchases, hereafter dividend payments and our future financial results. These forward-looking statements are based on direction’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 frontwards-looking statements, including, but not limited to, the following: the COVID-19 pandemic, which has had, and could have in the future, sure negative impacts on our business; risks related to the cybersecurity incident appear in February 2022; our power to execute and achieve the expected benefits of our 2019 Strategic Shift; the availability of financing to united states and our customers; fuel shortages or high prices for fuel; the success of our manufacturers; full general economic atmospheric condition in our markets; changes in consumer preferences; competition in our manufacture; risks related to acquisitions and expansion into new markets; our failure to maintain the force and value of our brands; our power to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business organization; our dependence on the availability of acceptable uppercase and risks related to our debt; our reliance on vi 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 concenter 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 affect of ongoing or futurity lawsuits confronting u.s.a. and sure 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 Almanac Report on Grade x-K to be filed for the year ended Dec 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 fabricated in this printing release. Any such forward-looking statements stand for management’due south estimates as of the date of this printing release. While we may elect to update such forward-looking statements at some betoken in the future, we disclaim any obligation to practise so, even if subsequent events cause our views to modify, except as required nether applicative 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 area 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 applicative law, receipt of backlog tax distributions from CWGS Enterprises, LLC, its business prospects and other factors that Camping ground World’s Board of Directors may deem relevant.
We intend to use our official Facebook, Twitter, and Instagram accounts, each at the handle @CampingWorld, equally a distribution aqueduct of cloth information virtually the Company and for complying with our disclosure obligations nether Regulation FD. The information we mail service through these social media channels may be deemed material. Appropriately, investors should subscribe to these accounts, in addition to post-obit our press releases, SEC filings, public conference calls and webcasts. These social media channels may be updated from fourth dimension to time.
| Camping World Holdings, Inc. and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| (In Thousands Except Per Share Amounts) | ||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
Dec 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
| Revenue: | ||||||||||||||||
| Good Sam Services and Plans | $ |
46,368 |
$ |
43,309 |
$ |
180,722 |
$ |
180,977 |
||||||||
| RV and Outdoor Retail | ||||||||||||||||
| New vehicles |
554,397 |
520,231 |
3,299,454 |
2,823,311 |
||||||||||||
| Used vehicles |
412,273 |
204,627 |
1,686,217 |
984,853 |
||||||||||||
| Products, service and other |
238,236 |
268,473 |
1,100,942 |
948,890 |
||||||||||||
| Finance and insurance, cyberspace |
114,757 |
85,708 |
598,475 |
464,261 |
||||||||||||
| Good Sam Gild |
11,561 |
xi,472 |
47,944 |
44,299 |
||||||||||||
| Subtotal |
ane,331,224 |
1,090,511 |
half-dozen,733,032 |
5,265,614 |
||||||||||||
| Total revenue |
i,377,592 |
ane,133,820 |
6,913,754 |
five,446,591 |
||||||||||||
| Costs applicable to acquirement (exclusive of depreciation and amortization shown separately below): | ||||||||||||||||
| Good Sam Services and Plans |
19,636 |
17,245 |
72,877 |
72,938 |
||||||||||||
| RV and Outdoor Retail | ||||||||||||||||
| New vehicles |
409,272 |
411,350 |
2,423,478 |
2,320,537 |
||||||||||||
| Used vehicles |
312,920 |
155,374 |
1,247,794 |
751,029 |
||||||||||||
| Products, service and other |
149,532 |
169,440 |
706,074 |
590,716 |
||||||||||||
| Good Sam Gild |
one,617 |
2,382 |
vii,203 |
eight,892 |
||||||||||||
| Subtotal |
873,341 |
738,546 |
4,384,549 |
3,671,174 |
||||||||||||
| Full costs applicative to acquirement |
892,977 |
755,791 |
four,457,426 |
3,744,112 |
||||||||||||
| Gross profit: | ||||||||||||||||
| Skilful Sam Social club services and plans |
26,732 |
26,064 |
107,845 |
108,039 |
||||||||||||
| RV and Outdoor Retail | ||||||||||||||||
| New vehicles |
145,125 |
108,881 |
875,976 |
502,774 |
||||||||||||
| Used vehicles |
99,353 |
49,253 |
438,423 |
233,824 |
||||||||||||
| Products, service and other |
88,704 |
99,033 |
394,868 |
358,174 |
||||||||||||
| Finance and insurance, net |
114,757 |
85,708 |
598,475 |
464,261 |
||||||||||||
| Proficient Sam Order |
nine,944 |
9,090 |
xl,741 |
35,407 |
||||||||||||
| Subtotal |
457,883 |
351,965 |
ii,348,483 |
1,594,440 |
||||||||||||
| Total gross profit |
484,615 |
378,029 |
2,456,328 |
i,702,479 |
||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general, and administrative |
379,941 |
293,834 |
1,573,609 |
1,156,071 |
||||||||||||
| Debt restructure expense |
iii,023 |
— |
12,078 |
— |
||||||||||||
| Depreciation and amortization |
17,121 |
xiii,032 |
66,418 |
51,981 |
||||||||||||
| Long-lived asset impairment |
ane,646 |
1,406 |
3,044 |
12,353 |
||||||||||||
| Lease termination |
126 |
2,590 |
two,211 |
4,547 |
||||||||||||
| (Proceeds) loss on sales or disposal of assets |
(583 |
) |
670 |
(576 |
) |
ane,332 |
||||||||||
| Total operating expenses |
401,274 |
311,532 |
i,656,784 |
i,226,284 |
||||||||||||
| Income from operations |
83,341 |
66,497 |
799,544 |
476,195 |
||||||||||||
| Other expense: | ||||||||||||||||
| Floor plan interest expense |
(four,222 |
) |
(2,972 |
) |
(xiv,108 |
) |
(nineteen,689 |
) |
||||||||
| Other interest expense, net |
(xi,650 |
) |
(12,588 |
) |
(46,912 |
) |
(54,689 |
) |
||||||||
| Loss on debt restructure |
— |
— |
(ane,390 |
) |
— |
|||||||||||
| Taxation Receivable Agreement liability adjustment |
707 |
141 |
(ii,813 |
) |
141 |
|||||||||||
| Other expense, internet |
(45 |
) |
— |
(122 |
) |
— |
||||||||||
| Total other expense |
(15,210 |
) |
(fifteen,419 |
) |
(65,345 |
) |
(74,237 |
) |
||||||||
| Income before income taxes |
68,131 |
51,078 |
734,199 |
401,958 |
||||||||||||
| Income tax expense |
(eight,865 |
) |
(10,740 |
) |
(92,124 |
) |
(57,743 |
) |
||||||||
| Internet income |
59,266 |
40,338 |
642,075 |
344,215 |
||||||||||||
| Less: net income attributable to non-controlling interests |
(32,018 |
) |
(25,960 |
) |
(363,614 |
) |
(221,870 |
) |
||||||||
| Net income attributable to Camping Earth Holdings, Inc. | $ |
27,248 |
$ |
fourteen,378 |
$ |
278,461 |
$ |
122,345 |
||||||||
| Earnings per share of Form A common stock: | ||||||||||||||||
| Bones | $ |
0.61 |
$ |
0.34 |
$ |
6.19 |
$ |
3.11 |
||||||||
| Diluted | $ |
0.54 |
$ |
0.34 |
$ |
half dozen.07 |
$ |
3.09 |
||||||||
| Weighted average shares of Course A common stock outstanding: | ||||||||||||||||
| Basic |
44,820 |
42,444 |
45,009 |
39,383 |
||||||||||||
| Diluted |
88,566 |
43,233 |
89,762 |
twoscore,009 |
||||||||||||
| Camping World Holdings, Inc. | |||||||||||||||
| Supplemental Information | |||||||||||||||
|
Three Months Concluded December 31, |
Increase |
Percent |
|||||||||||||
|
2021 |
2020 |
(decrease) |
Alter |
||||||||||||
| Unit sales | |||||||||||||||
| New vehicles |
11,415 |
13,274 |
(1,859 |
) |
(14.0 |
%) |
|||||||||
| Used vehicles |
ten,669 |
6,930 |
iii,739 |
54.0 |
% |
||||||||||
| Total |
22,084 |
twenty,204 |
1,880 |
9.3 |
% |
||||||||||
| Average selling price | |||||||||||||||
| New vehicles | $ |
48,567 |
$ |
39,192 |
$ |
9,376 |
23.9 |
% |
|||||||
| Used vehicles | $ |
38,642 |
$ |
29,528 |
$ |
9,114 |
xxx.9 |
% |
|||||||
|
Same store unit sales(i) |
|||||||||||||||
| New vehicles |
10,181 |
12,845 |
(2,664 |
) |
(20.vii |
%) |
|||||||||
| Used vehicles |
nine,511 |
6,796 |
2,715 |
39.9 |
% |
||||||||||
| Total |
nineteen,692 |
19,641 |
51 |
0.3 |
% |
||||||||||
|
Aforementioned store revenue(ane) ($ in 000’south) |
|||||||||||||||
| New vehicles | $ |
496,222 |
$ |
504,592 |
$ |
(8,370 |
) |
(1.seven |
%) |
||||||
| Used vehicles |
370,672 |
200,874 |
169,798 |
84.five |
% |
||||||||||
| Products, service and other |
136,515 |
168,702 |
(32,187 |
) |
(19.i |
%) |
|||||||||
| Finance and insurance, cyberspace |
102,557 |
83,537 |
nineteen,020 |
22.8 |
% |
||||||||||
| Total | $ |
i,105,966 |
$ |
957,705 |
$ |
148,261 |
fifteen.5 |
% |
|||||||
| Average gross turn a profit per unit | |||||||||||||||
| New vehicles | $ |
12,714 |
$ |
8,203 |
$ |
four,511 |
55.0 |
% |
|||||||
| Used vehicles | $ |
9,312 |
$ |
7,107 |
$ |
2,205 |
31.0 |
% |
|||||||
| Finance and insurance, net per vehicle unit | $ |
5,196 |
$ |
4,242 |
$ |
954 |
22.v |
% |
|||||||
| Total vehicle front-stop yield(two) | $ |
16,267 |
$ |
12,069 |
$ |
4,198 |
34.8 |
% |
|||||||
| Gross margin | |||||||||||||||
| Good Sam Services and Plans |
57.7 |
% |
threescore.2 |
% |
(253 |
) |
bps | ||||||||
| New vehicles |
26.2 |
% |
20.9 |
% |
525 |
bps | |||||||||
| Used vehicles |
24.1 |
% |
24.i |
% |
3 |
bps | |||||||||
| Products, service and other |
37.2 |
% |
36.9 |
% |
35 |
bps | |||||||||
| Finance and insurance, internet |
100.0 |
% |
100.0 |
% |
unch. | bps | |||||||||
| Skilful Sam Club |
86.0 |
% |
79.2 |
% |
678 |
bps | |||||||||
| Subtotal RV and Outdoor Retail |
34.four |
% |
32.3 |
% |
212 |
bps | |||||||||
| Total gross margin |
35.ii |
% |
33.3 |
% |
184 |
bps | |||||||||
| Inventories ($ in 000’s) | |||||||||||||||
| New vehicles | $ |
one,108,836 |
$ |
691,114 |
$ |
417,722 |
60.four |
% |
|||||||
| Used vehicles |
406,398 |
178,336 |
228,062 |
127.9 |
% |
||||||||||
| Products, parts, accessories and misc. |
278,148 |
266,786 |
eleven,362 |
4.3 |
% |
||||||||||
| Total RV and Outdoor Retail inventories | $ |
1,793,382 |
$ |
1,136,236 |
$ |
657,146 |
57.8 |
% |
|||||||
| Vehicle inventory per location ($ in 000’due south) | |||||||||||||||
| New vehicle inventory per dealer location | $ |
half-dozen,336 |
$ |
4,319 |
$ |
two,017 |
46.7 |
% |
|||||||
| Used vehicle inventory per dealer location | $ |
2,322 |
ane,115 |
$ |
1,208 |
108.4 |
% |
||||||||
|
Vehicle inventory turnover(iii) |
|||||||||||||||
| New vehicle inventory turnover |
three.0 |
three.1 |
(0.0 |
) |
(1.five |
%) |
|||||||||
| Used vehicle inventory turnover |
4.0 |
5.two |
(ane.ii |
) |
(22.seven |
%) |
|||||||||
| Retail locations | |||||||||||||||
| RV dealerships |
175 |
160 |
15 |
9.iv |
% |
||||||||||
| RV service & retail centers |
10 |
10 |
— |
0.0 |
% |
||||||||||
| Subtotal |
185 |
170 |
fifteen |
eight.eight |
% |
||||||||||
| Other retail stores |
2 |
1 |
ane |
100.0 |
% |
||||||||||
| Full |
187 |
171 |
16 |
nine.4 |
% |
||||||||||
| Other data | |||||||||||||||
| Active Customers(four) |
five,452,287 |
5,314,104 |
138,183 |
ii.6 |
% |
||||||||||
| Good Sam Club members |
ii,124,284 |
two,088,064 |
36,220 |
one.7 |
% |
||||||||||
| Service trophy (5) |
2,575 |
ii,291 |
284 |
12.4 |
% |
||||||||||
| Finance and insurance gross profit every bit a % of total vehicle acquirement |
11.nine |
% |
xi.8 |
% |
5 |
bps |
n/a |
||||||||
| Aforementioned store locations |
158 |
north/a |
n/a |
n/a |
|||||||||||
|
Twelvemonth Concluded December 31, |
Increment | Percent | |||||||||||||
|
2021 |
2020 |
(decrease) | Modify | ||||||||||||
| Unit of measurement sales | |||||||||||||||
| New vehicles |
77,777 |
77,827 |
(50 |
) |
(0.1 |
%) |
|||||||||
| Used vehicles |
48,938 |
37,760 |
11,178 |
29.half-dozen |
% |
||||||||||
| Total |
126,715 |
115,587 |
11,128 |
nine.6 |
% |
||||||||||
| Average selling price | |||||||||||||||
| New vehicles | $ |
42,422 |
$ |
36,277 |
$ |
6,145 |
sixteen.ix |
% |
|||||||
| Used vehicles | $ |
34,456 |
$ |
26,082 |
$ |
viii,374 |
32.1 |
% |
|||||||
|
Same store unit sales(1) |
|||||||||||||||
| New vehicles |
seventy,053 |
76,365 |
(6,312 |
) |
(8.iii |
%) |
|||||||||
| Used vehicles |
44,466 |
37,161 |
seven,305 |
19.seven |
% |
||||||||||
| Total |
114,519 |
113,526 |
993 |
0.nine |
% |
||||||||||
|
Same store revenue(1) ($ in 000’s) |
|||||||||||||||
| New vehicles | $ |
two,984,049 |
$ |
2,771,177 |
$ |
212,872 |
7.7 |
% |
|||||||
| Used vehicles |
one,543,936 |
969,033 |
574,903 |
59.iii |
% |
||||||||||
| Products, service and other |
716,629 |
673,316 |
43,313 |
6.4 |
% |
||||||||||
| Finance and insurance, net |
543,985 |
456,933 |
87,052 |
19.1 |
% |
||||||||||
| Total | $ |
5,788,599 |
$ |
iv,870,459 |
$ |
918,140 |
xviii.9 |
% |
|||||||
| Boilerplate gross profit per unit | |||||||||||||||
| New vehicles | $ |
11,263 |
$ |
half dozen,460 |
$ |
4,803 |
74.3 |
% |
|||||||
| Used vehicles |
8,959 |
6,192 |
2,766 |
44.7 |
% |
||||||||||
| Finance and insurance, net per vehicle unit |
iv,723 |
4,017 |
706 |
17.6 |
% |
||||||||||
| Total vehicle front-stop yield(2) |
15,096 |
10,389 |
4,707 |
45.three |
% |
||||||||||
| Gross margin | |||||||||||||||
| Adept Sam Services and Plans |
59.7 |
% |
59.7 |
% |
(2 |
) |
bps | ||||||||
| New vehicles |
26.v |
% |
17.8 |
% |
874 |
bps | |||||||||
| Used vehicles |
26.0 |
% |
23.7 |
% |
226 |
bps | |||||||||
| Products, service and other |
35.9 |
% |
37.7 |
% |
(188 |
) |
bps | ||||||||
| Finance and insurance, cyberspace |
100.0 |
% |
100.0 |
% |
unch. | bps | |||||||||
| Skillful Sam Club |
85.0 |
% |
79.9 |
% |
505 |
bps | |||||||||
| Subtotal RV and Outdoor Retail |
34.ix |
% |
30.3 |
% |
460 |
bps | |||||||||
| Total gross margin |
35.5 |
% |
31.three |
% |
427 |
bps | |||||||||
| Inventories ($ in 000’s) | |||||||||||||||
| New vehicles | $ |
1,108,836 |
$ |
691,114 |
$ |
417,722 |
threescore.4 |
% |
|||||||
| Used vehicles |
406,398 |
178,336 |
228,062 |
127.9 |
% |
||||||||||
| Products, parts, accessories and misc. |
278,148 |
266,786 |
11,362 |
iv.3 |
% |
||||||||||
| Total RV and Outdoor Retail inventories | $ |
1,793,382 |
$ |
1,136,236 |
$ |
657,146 |
57.eight |
% |
|||||||
| Vehicle inventory per location ($ in 000’s) | |||||||||||||||
| New vehicle inventory per dealer location | $ |
half-dozen,336 |
$ |
4,319 |
$ |
2,017 |
46.7 |
% |
|||||||
| Used vehicle inventory per dealer location |
2,322 |
1,115 |
1,208 |
108.4 |
% |
||||||||||
|
Vehicle inventory turnover(3) |
|||||||||||||||
| New vehicle inventory turnover |
3.0 |
3.one |
(0.0 |
) |
(1.5 |
%) |
|||||||||
| Used vehicle inventory turnover |
4.0 |
5.ii |
(1.2 |
) |
(22.7 |
%) |
|||||||||
| Retail locations | |||||||||||||||
| RV dealerships |
175 |
160 |
15 |
ix.4 |
% |
||||||||||
| RV service & retail centers |
ten |
ten |
— |
0.0 |
% |
||||||||||
| Subtotal |
185 |
170 |
15 |
viii.8 |
% |
||||||||||
| Other retail stores |
2 |
1 |
1 |
100.0 |
% |
||||||||||
| Total |
187 |
171 |
sixteen |
ix.four |
% |
||||||||||
| Other data | |||||||||||||||
| Active Customers(four) |
5,452,287 |
v,314,104 |
138,183 |
2.half dozen |
% |
||||||||||
| Expert Sam Club members |
2,124,284 |
2,088,064 |
36,220 |
1.vii |
% |
||||||||||
| Service trophy (5) |
two,575 |
2,291 |
284 |
12.four |
% |
||||||||||
| Finance and insurance gross profit as a % of total vehicle acquirement |
12.0 |
% |
12.2 |
% |
(19 |
) |
bps |
due north/a |
|||||||
| Same store locations |
158 |
n/a |
due north/a |
northward/a |
|||||||||||
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(five) |
| Camping Globe Holdings, Inc. and Subsidiaries | ||||||||
| Consolidated Balance Sheets (unaudited) | ||||||||
| ($ in Thousands Except Per Share Amounts) | ||||||||
|
December 31, |
December 31, |
|||||||
|
2021 |
2020 |
|||||||
| Avails | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
267,332 |
$ |
166,072 |
||||
| Contracts in transit |
57,741 |
48,175 |
||||||
| Accounts receivable, internet |
101,644 |
83,422 |
||||||
| Inventories |
1,792,865 |
1,136,345 |
||||||
| Prepaid expenses and other assets |
64,295 |
60,211 |
||||||
| Full current assets |
two,283,877 |
ane,494,225 |
||||||
| Property and equipment, net |
599,324 |
367,898 |
||||||
| Operating charter avails |
750,876 |
769,487 |
||||||
| Deferred tax assets, net |
199,321 |
165,708 |
||||||
| Intangible assets, net |
xxx,970 |
xxx,122 |
||||||
| Goodwill |
483,634 |
413,123 |
||||||
| Other assets |
24,927 |
15,868 |
||||||
| Full assets | $ |
4,372,929 |
$ |
3,256,431 |
||||
| Liabilities and stockholders’ equity (arrears) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
136,757 |
$ |
148,462 |
||||
| Accrued liabilities |
189,595 |
137,688 |
||||||
| Deferred revenues |
95,467 |
88,213 |
||||||
| Current portion of operating lease liabilities |
62,217 |
62,405 |
||||||
| Current portion of finance lease liabilities |
4,964 |
2,240 |
||||||
| Current portion of Tax Receivable Understanding liability |
11,322 |
8,089 |
||||||
| Current portion of long-term debt |
15,822 |
12,174 |
||||||
| Notes payable – flooring program, cyberspace |
one,011,345 |
522,455 |
||||||
| Other electric current liabilities |
70,834 |
53,795 |
||||||
| Total current liabilities |
1,598,323 |
1,035,521 |
||||||
| Operating lease liabilities, net of electric current portion |
774,889 |
804,555 |
||||||
| Finance charter liabilities, net of current portion |
74,752 |
27,742 |
||||||
| Tax Receivable Agreement liability, net of electric current portion |
171,073 |
137,845 |
||||||
| Revolving line of credit |
xx,885 |
20,885 |
||||||
| Long-term debt, internet of current portion |
ane,377,751 |
1,122,675 |
||||||
| Deferred revenues |
69,024 |
61,519 |
||||||
| Other long-term liabilities |
52,338 |
54,920 |
||||||
| Full liabilities |
4,139,035 |
3,265,662 |
||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity (deficit): | ||||||||
| Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding equally of December 31, 2021 and 2020 |
— |
— |
||||||
| Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,805,259 issued and 44,130,956 outstanding as of Dec 31, 2021 and 43,083,008 issued and 42,226,389 outstanding as of December 31, 2020 |
475 |
428 |
||||||
| Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued every bit of December 31, 2021 and 2020; and 41,466,964 and 45,999,132 outstanding as of December 31, 2021 and 2020 |
4 |
5 |
||||||
| Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of December 31, 2021 and 2020 |
— |
— |
||||||
| Additional paid-in capital |
98,113 |
63,342 |
||||||
| Treasury stock, at price; 3,390,131 and 572,447 shares as of December 31, 2021 and 2020 |
(130,006 |
) |
(fifteen,187 |
) |
||||
| Retained earnings (deficit) |
189,471 |
(21,814 |
) |
|||||
| Full stockholders’ disinterestedness attributable to Camping ground World Holdings, Inc. |
158,057 |
26,774 |
||||||
| Non-decision-making interests |
75,837 |
(36,005 |
) |
|||||
| Full stockholders’ disinterestedness (deficit) |
233,894 |
(9,231 |
) |
|||||
| Full liabilities and stockholders’ equity (deficit) | $ |
iv,372,929 |
$ |
iii,256,431 |
||||
Contacts
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Source: https://www.dailyhostnews.com/camping-world-holdings-inc-reports-record-results-for-both-fourth-quarter-and-full-year-2021