Camping World Holdings, Inc.

Previous wording

Camping World Holdings, Inc. (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers’ joy of travel. We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and services with a national network of RV dealerships, service centers and customer support centers. We also believe that our Good Sam organization and family of highly-specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. On March 31, 2026, we operated a total of 199 locations, with all of them selling and/or servicing RVs. See Note 1 – Summary of Significant Accounting Policies to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

Current wording

services with a national network of RV dealerships, service centers and customer support centers. We also believe that our Good Sam organization and family of highly-specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. On June 30, 2026, we operated a total of 200 locations, with all of them selling and/or servicing RVs. See Note 1 – Summary of Significant Accounting Policies to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

Previous wording

According to the RV Industry Association’s (“RVIA”) survey of manufacturers, which almost entirely focuses on North America, wholesale shipments of new RVs for 2025 totaled 342,220 units, representing a 2.5% increase compared to 2024. In the Spring 2026 edition of RV RoadSigns, the quarterly forecast prepared by ITR Economics for the RVIA projected RV wholesale shipments to reach a median of 349,900 units in 2026, or 2.2% higher than 2025, with a range of approximately 332,800 to 367,000 units. RV wholesale shipments for the first three months of 2026 totaled 97,848 units, a decrease of 12.1% compared to the same period in the prior year per the March 2026 survey of manufacturers prepared by the RVIA. According to Statistical Surveys, Inc. (“SSI”) aggregation of North American RV retail transactions, new RV registrations in the U.S. declined by 2.4% to 314,677 registrations for the twelve-month period ended February 28, 2026 compared to the comparable period ended February 28, 2025. Used RV registrations experienced only a slight decrease in registrations over the same period. Additionally, SSI reported a decrease of new RV registrations in the U.S. of 10.2% and 24.1% for January and February 2026, respectively, compared to the same periods of 2025. While SSI new RV registration data was not available for March 2026, we expect that our same store new vehicle unit sales decline of 8.7% for the first quarter of 2026 was less than the overall decrease in new RV registrations in the U.S. for the same period, since we believe we significantly outperformed the new RV registration decreases in January and February 2026 based on our internal data. We, as well as the overall U.S. RV industry, were negatively impacted by adverse weather in the southeast portion of the U.S. during January and February 2026, which typically has a higher proportion of RV sales during those months compared to other portions of the U.S. that are normally impacted by the cold weather at that time.

Current wording

RV wholesale shipments for the first six months of 2026 totaled 163,644 units, a decrease of 14.2% compared to the same period in the prior year per the June 2026 survey of manufacturers prepared by the RVIA. According to Statistical Surveys, Inc. (“SSI”) aggregation of North American RV retail transactions, new RV registrations in the U.S. declined by 16.4% to 113,631 registrations for the year-to-date period ended May 31, 2026 compared to the comparable period ended May 31, 2025. Used RV registrations increased 2.4% to 284,744 over the same period. Additionally, SSI reported a decrease of new RV registrations in the U.S. of 15.0% and 19.0% for April and May 2026, respectively, compared to the same periods of 2025.

Previous wording

The U.S. and Israeli military conflict with Iran, which began on February 28, 2026, has resulted in an increase in the price of gasoline, which, if sustained, could apply downward pressure on average selling prices of RVs from the reduction in consumer discretionary spending and/or negatively impact consumer demand for RVs. Additionally, as a result of the conflict, the related increase in energy costs and other disruptions to the global supply chain could increase inflation, which may delay future interest rate cuts or result in higher interest rates as the U.S. Federal Reserve attempts to counteract inflationary pressures. A higher cost of consumer credit could negatively impact demand for RVs and average selling price as interest expense becomes a higher proportion of the customer’s monthly payment.

Current wording

The U.S. and Israeli military conflict with Iran, which began on February 28, 2026, has resulted in an increase in the price of gasoline, which has negatively impacted demand for new RVs as discussed above. If high fuel prices continue for an extended period, it could apply downward pressure on average selling prices of RVs from additional reductions in consumer discretionary spending and/or further negatively impact consumer demand for RVs. Additionally, as a result of the conflict, the related increase in energy costs and other disruptions to the global supply chain could continue to increase inflation, which may delay future interest rate cuts or result in higher interest rates as the U.S. Federal Reserve attempts to counteract inflationary pressures. A higher cost of consumer credit could negatively impact demand for RVs and average selling price as interest expense becomes a higher proportion of the customer’s monthly payment.

Previous wording

We are closely monitoring U.S. trade policy developments with countries from which we source product and equipment, such as China, Mexico, and Canada. There is uncertainty as to the extent and duration of additional tariffs that have been or may be imposed on imports from these countries, including additional tariffs enacted in April 2026 on steel and aluminum, which are core materials for RVs. We benefit from the U.S. assembly of new vehicles, which are not subject to tariffs on the assembled product unlike other similar industries that may have their products assembled in China, Mexico, or Canada. However, many of our U.S.-based suppliers source some of their components from these countries, which has resulted, and may continue to result, in higher procurement costs. For the year ended December 31, 2025, our costs applicable to revenue included directly sourced inventory from China, Mexico, and Canada of approximately $37.6 million, $10.5 million and $2.3 million, respectively.

Current wording

We are closely monitoring U.S. trade policy developments with countries from which we source product and equipment, such as China, Mexico, and Canada. There is uncertainty as to the extent and duration of additional tariffs that have been or may be imposed on imports from these countries, including additional tariffs enacted in April 2026 on steel and aluminum, which are core materials for RVs. We benefit from the U.S. assembly of new vehicles, which are not subject to tariffs on the assembled product unlike other similar industries that may have their products assembled in China, Mexico, or Canada. However, many of our U.S.-based suppliers source some of their components from these countries, which has resulted, and may continue to result, in higher procurement costs. For the year ended December 31, 2025, our costs applicable to revenue included directly sourced inventory from China, Mexico, and Canada of approximately $37.6 million, $10.5 million and $2.3 million, respectively. As of June 30, 2026, refunds received for tariffs that were previously imposed under the International Emergency Economic Powers Act have been less than $2.0 million and further refunds are not expected to be material.

Previous wording

Unless otherwise indicated, all financial comparisons in this section of Results of Operations compare our financial results for the three months ended March 31, 2026 to our financial results from the three months ended March 31, 2025. The following table sets forth information comparing the components of net loss for the three months ended March 31, 2026 and 2025:

Current wording

Unless otherwise indicated, all financial comparisons in this section of Results of Operations compare our financial results for the three months ended June 30, 2026 to our financial results from the three months ended June 30, 2025. The following table sets forth information comparing the components of net income for the three months ended June 30, 2026 and 2025:

Previous wording

New vehicles gross profit decreased primarily due to a 9.0% decrease in new vehicles unit sales and the 148 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 5.7% increase in the average cost per new vehicle sold partially offset by the 3.9% increase in the average selling price per new vehicle sold.

Current wording

New vehicles gross profit decreased primarily due to a 16.4% decrease in new vehicles unit sales and a 286 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 17.4% increase in the average cost per new vehicle sold, partially offset by a 13.6% increase in the average selling price per new vehicle sold. The increases in average selling price and average cost of new vehicles were largely driven by a mix shift toward higher cost motorized vehicles and fifth wheels and away from lower cost travel trailers. See “Industry Trends” above for a discussion of the impact of economic conditions and consumer sentiment on the demand for new vehicles.

Previous wording

Used vehicles revenue decreased primarily due to a 3.4% decrease in used vehicles unit sales, and a 1.0% decrease in the average selling price per used vehicle sold. On a same store basis, used vehicles revenue decreased 4.3% to $386.8 million resulting from a decrease in used vehicles unit sales of 2.6% and a 1.7% decrease in average sales price per used vehicle sold.

Current wording

Used vehicles revenue increased primarily due to a 5.2% increase in used vehicles unit sales, partially offset by a 3.6% decrease in the average selling price per used vehicle sold, mainly from the mix shift away from higher priced motorized units toward lower-priced towables. On a same store basis, used vehicles revenue increased 2.9% to $551.7 million resulting from an increase in used vehicles unit sales of 5.2%, partially offset by a 2.1% decrease in average sales price per used vehicle sold.

Previous wording

Products, service and other revenue decreased primarily due to reduced service and collision work. On a same store basis, products, service and other revenue decreased 2.4% to $134.8 million.

Current wording

Products, service and other revenue decreased primarily due to reduced service, collision, and warranty work. On a same store basis, products, service and other revenue decreased 1.6% to $173.0 million.

Previous wording

Products, service and other gross profit decreased primarily due to reduced vehicle units sold. Products, service and other gross margin decreased 89 basis points to 47.8%, driven by a lower mix of higher margin service and collision revenue and increased labor rates.

Current wording

Products, service and other gross profit decreased primarily due to the lower revenue discussed above. Products, service and other gross margin decreased 50 basis points to 47.3%, driven by a lower mix of higher margin service and collision revenue and increased labor rates.

Previous wording

Finance and insurance revenue and gross profit is recorded net, since the Company is acting as an agent in the transaction, and commission is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The finance and insurance, net revenue decrease was driven by fewer contracts sold on new vehicles, resulting from a 9.0% decrease in new vehicle unit sales, partially offset by a 1.6% increase in total vehicle average selling price, as certain finance and insurance, net offerings correlate with the selling price of vehicles. Finance and insurance, net revenue as a percentage of new and used vehicle revenue was 14.7%, a 49 basis point increase from the prior year. On a same store basis, finance and insurance, net revenue decreased 1.6%.

Current wording

Finance and insurance revenue and gross profit is recorded net, since the Company is acting as an agent in the transaction, and commission is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The finance and insurance, net revenue increase was driven by a 5.3% increase in total vehicle average selling price, as certain finance and insurance, net offerings correlate with the selling price of vehicles, partially offset by fewer contracts sold on new vehicles, resulting from a 16.4% decrease in new vehicle unit sales. Finance and insurance, net revenue as a percentage of new and used vehicle revenue was 13.9%, a 39 basis point increase from the prior year. On a same store basis, finance and insurance, net revenue increased 0.9%.

Previous wording

Good Sam Club revenue and gross profit increased mainly due to memberships provided with vehicle sales shifting from three-year, lower-tier memberships to one-year, elite-tier memberships. This aligns with the current marketing strategy and increased annual pricing due to enhanced benefits, including loyalty points. These gains were partially offset by a 3.1% decline in paid members (excluding free basic plan members), as higher prices contributed to lower renewal rates.

Current wording

Good Sam Club revenue and gross profit increased mainly due to memberships provided with vehicle sales shifting from three-year, lower-tier memberships to one-year, elite-tier memberships. This aligns with the current marketing strategy and increased annual pricing due to enhanced benefits, including loyalty points. These gains were partially offset by an 11.4% decline in paid members (excluding free basic plan members), as higher prices contributed to lower renewal rates.

Previous wording

Other interest expense, net decreased primarily due to reduced interest rates and reduced borrowings on our Term Loan Facility and our Real Estate Facilities. The average interest rate for the Term Loan Facility for the three months ended March 31, 2026 and 2025 was 6.36% and 6.96%, respectively. The average interest rate on the M&T Real Estate Facility (as defined in Note 8 – Long Term Debt) for three months ended March 31, 2026 and 2025 was 6.41% and 6.64%, respectively.

Current wording

Other interest expense, net decreased primarily due to reduced interest rates and reduced borrowings on our Term Loan Facility and our Real Estate Facilities. The average interest rate for the Term Loan Facility for the three months ended June 30, 2026 and 2025 was 6.28% and 6.88%, respectively. The average interest rate on the M&T Real Estate Facility (as defined in Note 8 – Long-Term Debt to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q) for three months ended June 30, 2026 and 2025 was 6.49% and 6.67%, respectively.

Previous wording

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for Good Sam Services and Plans. Adjusted costs applicable to segment revenues reflected increased costs associated with increased marketing costs, and costs associated with increased revenue in our extended vehicle warranty programs. The adjusted selling, general, and administrative expenses increased primarily from increased consulting expense, partially offset by reduced legal, audit and recruitment expenses. The Good Sam Services and Plans Segment Adjusted EBITDA increase was driven primarily by the increase in external revenue discussed above, partially offset by the increase in adjusted costs applicable to revenue and additional adjusted selling, general, and administrative expenses. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

Current wording

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for Good Sam Services and Plans. Adjusted costs applicable to segment revenues reflected reduced costs for the roadside assistance programs, partially offset by increased production costs relating to increased publishing partner revenue. The adjusted selling, general, and administrative expenses increased primarily from higher advertising and legal fees. The Good Sam Services and Plans Segment Adjusted EBITDA slight decrease was driven primarily by additional adjusted selling, general, and administrative expenses, partially offset by the increase in external revenue discussed above and the decrease in adjusted costs applicable to revenue. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

Previous wording

Good Sam Services and Plans revenue increased primarily from increased sales of the Good Sam branded extended vehicle warranty program.

Current wording

Good Sam Services and Plans revenue increased primarily from increased sales of the Good Sam branded extended vehicle warranty program and new publishing partnerships.

Previous wording

Good Sam Services and Plans gross profit increased primarily due to the increase in revenue from the higher margin Good Sam branded extended vehicle warranty programs, partially offset by the 67 basis point decrease in Good Sam Services and Plan gross margin. Good Sam Services and Plans gross margin decreased primarily due to higher costs for certain programs such as roadside assistance and Good Sam TravelAssist.

Current wording

Good Sam Services and Plans gross profit and gross margin increased primarily due to the increase in revenue from the higher margin Good Sam branded extended vehicle warranty programs and reduced roadside assistance claims costs, and gross profit was also favorably impacted by the new publishing partnerships discussed above.

Previous wording

New vehicles revenue decreased primarily due to a 9.0% decrease in new vehicles unit sales partially offset by a 3.9% increase in the average selling price per new vehicle sold. On a same store basis, new vehicles revenue decreased 5.1% to $561.5 million resulting from an 8.7% decrease in new vehicles units sold partially offset by a 4.0% increase in the average price per vehicle sold.

Current wording

New vehicles revenue decreased primarily due to a 13.6% decrease in new vehicles unit sales, partially offset by a 9.7% increase in the average selling price per new vehicle sold. On a same store basis, new vehicles revenue decreased 4.3% to $1.4 billion resulting from a 13.4% decrease in new vehicles units sold, partially offset by a 10.5% increase in the average price per vehicle sold.

Previous wording

Used vehicles gross profit decreased primarily due to the 3.4% decrease in used vehicles unit sales and 91 basis point decrease in used vehicles gross margin. The used vehicles gross margin decrease was primarily driven by the 1.0% decrease in the average sales price per used vehicle sold.

Current wording

Used vehicles gross profit decreased primarily due to a 2.5% decrease in the average selling price per used vehicle sold and a 0.7% increase in the average cost per used vehicle sold, partially offset by a 1.5% increase in used vehicles unit sales. The used vehicles gross margin decrease was primarily driven by the 2.5% decrease in the average sales price per used vehicle sold.

Previous wording

Selling, general, and administrative expenses decreased primarily due to an $18.9 million decrease in employee cash compensation costs excluding commissions, resulting primarily from headcount reduction during the second half of 2025; a $6.4 million decrease in advertising expenses; a $5.1 million decrease in commissions costs; and a $2.5 million decrease in stock-based compensation expense (“SBC”), partially offset by a $2.5 million increase for software expenses and maintenance.

Current wording

Selling, general, and administrative expenses decreased primarily due to a $47.2 million decrease in employee cash compensation costs excluding commissions, resulting primarily from headcount reduction during the second half of 2025; a $9.9 million decrease in commissions costs; a $6.6 million decrease in stock-based compensation expense (“SBC”); and a $4.2 million decrease in advertising expenses, partially offset by an $8.2 million increase in outside service provider fees related primarily to software expenses and related maintenance expenses.

Previous wording

The increase in floor plan interest expense was primarily due to a 28.7% increase in the average floor plan balance partially offset by a 47 basis point decrease in the average floor plan borrowing rate. The average interest rate for the Floor Plan Facility for the three months ended March 31, 2026 and 2025 was 5.88% and 6.35%, respectively.

Current wording

The increase in floor plan interest expense was primarily due to a 14.6% increase in the average floor plan balance partially offset by a 47 basis point decrease in the average floor plan borrowing rate. The average interest rate for the Floor Plan Facility for the six months ended June 30, 2026 and 2025 was 5.93% and 6.40%, respectively.

Previous wording

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for RV and Outdoor Retail and “Floor plan interest expense” section above for a discussion of the increase in floor plan interest expense. Adjusted costs applicable to segment revenue decreased from (i) lower total vehicle costs driven by 6.5% lower total unit sales, partially offset by the increase in the average cost per new vehicles sold discussed above, and (ii) lower products, service and other costs applicable to revenue primarily from the same drivers of the decrease in revenue discussed above. Adjusted selling, general, and administrative expense decreased primarily due to $19.1 million of reduced employee cash compensation expense, $6.4 million of reduced advertising expenses, and $5.1 million of reduced commissions, partially offset by $2.5 million of increased software and maintenance expense, and $1.4 million of increased rent expense. The RV and Outdoor Retail Segment Adjusted EBITDA decreased from the decreases in revenue, and the increased floor plan interest expense, partially offset by reduced adjusted costs applicable to segment revenue discussed above, and reduced adjusted selling, general, and administrative expense. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

Current wording

See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for RV and Outdoor Retail and “Floor plan interest expense” section above for a discussion of the increase in floor plan interest expense. Adjusted costs applicable to segment revenue decreased from (i) the 7.1% lower total unit sales, partially offset by the higher average cost per total vehicle of 6.7%, and (ii) lower products, service and other costs applicable to revenue primarily from the same drivers of the decrease in revenue discussed above. Adjusted selling, general, and administrative expense decreased primarily due to $46.1 million of reduced employee cash compensation expense excluding commissions, $9.9 million decrease in commission costs, and $4.7 million lower advertising fees, partially offset by a $7.6 million increase in outside service provider fees related primarily to software expenses and related maintenance expenses. The RV and Outdoor Retail Segment Adjusted EBITDA decreased from the decrease in revenue and the increased floor plan interest expense, partially offset by reduced adjusted selling, general, and administrative expense and reduced adjusted costs applicable to segment revenue. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

Previous wording

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; Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Basic; Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Diluted; Adjusted Loss Per Share – Basic; Adjusted Loss Per Share – Diluted; and Selling, General, and Administrative Expense (“SG&A”) Excluding SBC (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. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives, and for planning purposes. 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 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. 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, 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 section

Current wording

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; 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; Adjusted Earnings Per Share – Diluted; and Selling, General, and Administrative Expense (“SG&A”) Excluding SBC (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. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives, and for planning purposes. 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 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. 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, 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 section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

Previous wording

We define “EBITDA” as net (loss) income before other interest expense, net (excluding floor plan interest expense), provision for income tax benefit (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, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, SBC, Tax Receivable Agreement liability adjustment, losses and gains and impairment on investments in equity securities, 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.

Current wording

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, long-lived asset impairment, gains and losses on lease termination and/or remeasurement, gains and losses on sale or disposal of assets, net, SBC, losses and gains and impairment on investments in equity securities, 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.

Previous wording

Adjusted Net Loss Attributable to Camping World Holdings, Inc. and Adjusted Loss Per Share

Current wording

Adjusted Net Income Attributable to Camping World Holdings, Inc. and Adjusted Earnings Per Share

Previous wording

We define “Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Basic” as net loss attributable to Camping World Holdings, Inc. 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, long-lived asset impairment, loss on lease termination and/or remeasurement, loss (gain) on sale or disposal of assets, net, SBC, loss and/or impairment on investments in equity securities, other unusual or one-time items, the income tax (expense) benefit effect of these adjustments, income tax expense impact from significant change in valuation allowance against deferred tax assets, and the effect of net loss attributable to non-controlling interests from these adjustments.

Current wording

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 noncash 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, (gain) loss on lease termination and/or remeasurement, (gain) loss on sale or disposal of assets, net, SBC, loss and/or impairment on investments in equity securities, other unusual or one-time items, the income tax benefit (expense) effect of these adjustments, income tax expense impact from significant change in valuation allowance against deferred tax assets, and the effect of net loss attributable to non-controlling interests from these adjustments.

Previous wording

We define “Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net loss attributable to non-controlling interests from stock options and restricted stock units, if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc.

Current wording

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, performance stock units (“PSU”), and restricted stock units (“RSU”), if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc.

Previous wording

We define “Adjusted Loss Per Share – Basic” as Adjusted Net Loss Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted Loss Per Share – Diluted” as Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the redemption 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 Loss Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Loss Per Share – Basic, and Adjusted Loss 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.

Current wording

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 redemption 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.

Previous wording

The following table reconciles Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Loss Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Loss Per Share – Basic, and Adjusted Loss Per Share – Diluted to the most directly comparable GAAP financial performance measure:

Current wording

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:

Previous wording

extent that tax benefits underlying the Tax Receivable Agreement are realizable; and state and federal taxes to the extent not reduced as a result of the tax deductions generated by (i) payments under the Tax Receivable Agreement and (ii) redemptions of common units by the Continuing Equity Owners. The Continuing Equity Owners may exercise such redemption right for as long as their common units remain outstanding. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the payments that we will be required to make to the Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. may be significant if the tax benefits underlying the Tax Receivable Agreement are realizable. Any payments made by us to Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to CWGS, LLC and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and therefore may accelerate payments due under the Tax Receivable Agreement. For a discussion of the Tax Receivable Agreement, see Note 14 — Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

Current wording

Our additional liquidity needs are expected to include public company costs; payment of cash dividends, if any; any exercise of the redemption right by the Continuing Equity Owners from time to time (should we elect to redeem common units for a cash payment); payments under the Tax Receivable Agreement to the extent that tax benefits underlying the Tax Receivable Agreement are realizable; and state and federal taxes to the extent not reduced as a result of the tax deductions generated by (i) payments under the Tax Receivable Agreement and (ii) redemptions of common units by the Continuing Equity Owners. The Continuing Equity Owners may exercise such redemption right for as long as their common units remain outstanding. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the payments that we will be required to make to the Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. may be significant if the tax benefits underlying the Tax Receivable Agreement are realizable. Any payments made by us to Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to CWGS, LLC and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and therefore may accelerate payments due under the Tax Receivable Agreement. For a discussion of the Tax Receivable Agreement, see Note 14 — Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

Previous wording

If we determine to reinstate our regular quarterly cash dividend, our ability to pay cash dividends on our Class A common stock depends on, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in our debt agreements and in any preferred stock, restrictions under applicable law, the extent to which such distributions would render CWGS, LLC insolvent, our business prospects and other factors that our Board of Directors may deem relevant. See “Dividend Policy” included in Part II, Item 5 of our Annual Report and “Risk Factors ─ Risks Relating to Ownership of Our Class A Common Stock ─ “Our ability and intention to pay dividends on our Class A common stock is subject to the discretion of our Board of Directors and may be limited by our structure and statutory restrictions” included in Part I, Item 1A of our Annual Report.

Current wording

If we determine to reinstate our regular quarterly cash dividend, our ability to pay cash dividends on our Class A common stock depends on, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in our debt agreements and in any preferred stock, restrictions under applicable law, the extent to which such distributions would render CWGS, LLC insolvent, our business prospects and other factors that our Board of Directors may deem relevant. See

Previous wording

During the three months ended March 31, 2026, the RV and Outdoor Retail segment purchased real property for an aggregate purchase price of $1.4 million.

Current wording

During the six months ended June 30, 2026, the RV and Outdoor Retail segment purchased real property for an aggregate purchase price of $1.4 million.

Previous wording

Over the twelve months ended March 31, 2026, our store location count decreased by 10 store locations, as we consolidated 10 store locations during that period to improve overall cost efficiency of the remaining store locations. In addition to the 10 consolidated locations, we closed three locations, temporarily closed one location, and opened four new locations. Over the next twelve months, our expansion of existing and new dealerships through construction and acquisition is expected to cost between $26.0 million and $31.0 million from a combination of business acquisitions and capital expenditures relating to land, buildings, and improvements. These cost estimates exclude amounts for acquired inventories, which are primarily financed through our Floor Plan Facility. Additionally, the cost estimates do not consider potential funding received through sale leaseback transactions or other means for real estate and construction activities. We will update our cost estimates in future periodic reports, if necessary, as there are further developments. Factors that could impact the quantity of future locations or the cost to acquire or open those locations include, but are not limited to, our ability to locate potential acquisition targets or greenfield locations in a geographic area and at a cost that meets our success criteria; continued strong cash flow generation to fund these acquisitions and new locations; and availability of financing.

Current wording

Over the twelve months ended June 30, 2026, our store location count decreased by one store location. During that period, we consolidated five store locations to improve overall cost efficiency of the remaining store locations, closed one location, re-opened one location, and opened four new locations. Over the next twelve months, our expansion of existing and new dealerships through construction and acquisition is expected to cost between $22.5 million and $45.9 million from a combination of business acquisitions and capital expenditures relating to land, buildings, and improvements. These cost estimates exclude amounts for acquired inventories, which are primarily financed through our Floor Plan Facility. Additionally, the cost estimates do not consider potential funding received through sale-leaseback transactions or other means for real estate and construction activities. We will update our cost estimates in future periodic reports, if necessary, as there are further developments. Factors that could impact the quantity of future locations or the cost to acquire or open those locations include, but are not limited to, our ability to locate potential acquisition targets or greenfield locations in a geographic area and at a cost that meets our success criteria; continued strong cash flow generation to fund these acquisitions and new locations; and availability of financing.

Previous wording

We paid $1.4 million under the Tax Receivable Agreement during the three months ended March 31, 2026. While we cannot currently rely on future taxable income to support realizability of our deferred tax assets and related payments due under the Tax Receivable Agreement, it may be possible that payments that could be due under the Tax Receivable Agreement for the 2026 tax year could approximate up to $9.0 million, if any, which would be payable in 2028. As of March 31, 2026, we did not have a Tax Receivable Agreement liability balance recorded on our condensed consolidated balance sheet.

Current wording

We paid $1.4 million under the Tax Receivable Agreement during the six months ended June 30, 2026. While we cannot currently rely on future taxable income to support realizability of our deferred tax assets and related payments due under the Tax Receivable Agreement, it may be possible that payments could be due under the Tax Receivable Agreement for the 2026 tax year. As of June 30, 2026, we did not have a Tax Receivable Agreement liability balance recorded on our condensed consolidated balance sheet.

Previous wording

As of March 31, 2026, December 31, 2025, and March 31, 2025, we had working capital of $390.4 million, $435.1 million, and $509.4 million, respectively, including $199.8 million, $215.0 million, and $20.9 million, respectively, of cash and cash equivalents. Within current liabilities, which are deducted from current assets to calculate our working capital, we had deferred revenues of $87.9 million, $90.5 million, and $89.1 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. Deferred revenues primarily consists of cash collected for roadside assistance contracts and club memberships in advance of services to be provided, which is deferred and recognized as revenue over the life of the contract or membership, our Good Sam Club loyalty points liability, and deferred revenues for the annual campground guide. We use net proceeds from this deferred membership revenue to lower our long-term borrowings and finance our working capital needs. Our Floor Plan Facility includes a flooring line aggregate interest reduction

Current wording

As of June 30, 2026, December 31, 2025, and June 30, 2025, we had working capital of $444.8 million, $435.1 million, and $524.9 million, respectively, including $224.1 million, $215.0 million, and $118.1 million, respectively, of cash and cash equivalents. Within current liabilities, which are deducted from current assets to calculate our working capital, we had deferred revenues of $88.3 million, $90.5 million, and $94.0 million as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. Deferred revenues primarily consists of cash collected for roadside assistance contracts and club memberships in advance of services to be provided, which is deferred and recognized as revenue over the life of the contract or membership, our Good Sam Club loyalty points liability, and deferred revenues for the annual campground guide. We use net proceeds from this deferred membership revenue to lower our long-term borrowings and finance our working capital needs. Our Floor Plan Facility includes a flooring line aggregate interest reduction (“FLAIR”) offset account that allows us to transfer cash as an offset to the payables under the Floor Plan Facility. The FLAIR offset account was $22.2 million as of June 30, 2026, all of which could have been withdrawn while remaining in compliance with the financial covenants of the Floor Plan Facility. Cash may be transferred from the FLAIR offset account to cash and cash equivalents at our discretion.

Previous wording

Net cash used in operating activities was $65.6 million in the three months ended March 31, 2026, a decrease of $166.9 million from $232.5 million of net cash used in operating activities in the three months ended March 31, 2025. The decrease was primarily due to a $160.6 million change in the working capital adjustment for inventory, a $17.4 million change in the working capital adjustment for prepaid expenses and other assets, and a $10.4 million change in the working capital adjustment for receivables and contracts in transit, partially offset by a $17.2 million change in the working capital adjustment for accounts payable and other accrued expenses.

Current wording

inventory, and a $12.5 million increase in long-lived asset impairment, partially offset by a $38.4 million change in the working capital adjustment for accounts payable and other accrued expenses, a $9.8 million change in the working capital adjustment for deferred revenues, and a $6.6 million reduction in SBC.

Previous wording

Our capital expenditures consist primarily of investing in acquired and greenfield retail and RV dealership locations, existing retail locations, information technology, hardware, and software. The expected minimum capital expenditures relating to new dealerships and real estate purchases through March 31, 2027 are discussed above. As of March 31, 2026, we had entered into contracts for construction, including remodels, new buildings, or other projects for an aggregate future capital expenditures commitment of $19.8 million. There were no other material commitments for capital expenditures as of March 31, 2026.

Current wording

Our capital expenditures consist primarily of investing in information technology, hardware, and software, acquired and greenfield retail and RV dealership locations, and existing retail locations. The expected minimum capital expenditures relating to new dealerships and real estate purchases through June 30, 2027 are discussed above. As of June 30, 2026, we had entered into contracts for construction, including remodels, new buildings, or other projects for an aggregate future capital expenditures commitment of $15.5 million. There were no other material commitments for capital expenditures as of June 30, 2026.

Previous wording

Net cash provided by investing activities was $9.5 million for the three months ended March 31, 2026. The $9.5 million of cash provided by investing activities was primarily comprised of$52.4 million ofproceeds from the sale or disposal of real property, partially offset by $34.7 million of capital expenditures primarily related to retail locations, and $7.0 million for the acquisition of RV dealerships, net of cash acquired.

Current wording

Net cash used in investing activities was $4.8 million for the six months ended June 30, 2026. The $4.8 million of cash used in investing activities was primarily comprised of $64.2 million of capital expenditures primarily related to retail locations and property and equipment related to IT hardware and software, and $7.1 million for the acquisition of RV dealerships, net of cash acquired, partially offset by$67.6 million ofproceeds from the sale or disposal of real property.

Previous wording

Net cash used in investing activities was $145.4 million for the three months ended March 31, 2025. The $145.4 million of cash used in investing activities was primarily comprised of $80.6 million for the acquisition of RV dealerships, net of cash acquired and the $11.0 million of deposits paid in 2024 for these 2025 acquisitions; $48.6 million for the purchase of real property; and $23.5 million of capital expenditures primarily related to retail locations; partially offset by $6.7 million of proceeds from the sale of real property.

Current wording

Net cash used in investing activities was $180.1 million for the six months ended June 30, 2025. The $180.1 million of cash used in investing activities was primarily comprised of $81.2 million for the acquisition of RV dealerships, net of cash acquired and the $11.0 million of deposits paid in 2024 for these 2025 acquisitions, $72.4 million for the purchase of real property, and $49.7 million of capital expenditures primarily related to retail locations, partially offset by $10.3 million of proceeds from a business divestiture and $9.8 million of proceeds from the sale of real property.

Previous wording

Our net cash provided by financing activities was $40.9 million for thethree months ended March 31, 2026. The $40.9 million of cash provided by financing activities was primarily due to $99.6 million ofnet proceeds on borrowings under the Floor Plan Facility, partially offset by payments totaling $56.3 million on long-term debt.

Current wording

Our net cash used in financing activities was $319.3 million for thesix months ended June 30, 2026. The $319.3 million of cash used in financing activities was primarily due to $245.2 million ofnet payments on borrowings under the Floor Plan Facility, and payments totaling $68.8 million on long-term debt.

Previous wording

Our net cash provided by financing activities was $190.4 million for the three months ended March 31, 2025. The $190.4 million of cash provided by financing activities was primarily due to $207.8 million of net proceeds on borrowings under the Floor Plan Facility, partially offset by $7.8 million of dividends paid on Class A common stock, $6.3 million of payments on long-term debt, and $1.8 million for finance lease payments.

Current wording

Our net cash provided by financing activities was $134.3 million for the six months ended June 30, 2025. The $134.3 million of cash provided by financing activities was primarily due to $168.1 million of net proceeds on borrowings under the Floor Plan Facility, partially offset by $15.7 million of dividends paid on Class A common stock, $12.5 million of payments on long-term debt, and $3.6 million for finance lease payments.

Previous wording

As of March 31, 2026 and 2025, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 5.93% and 6.34%, respectively. As of March 31, 2026 and 2025, the average interest rate for the Term Loan Facility was 6.28% and 6.94%, respectively. Our combined floor plan interest expense and other interest expense, net decreased $0.2 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily as a result of reduced interest rates for our Term Loan Facility, our Floor Plan Facility and our Real Estate Facilities, and reduced borrowings on our Real Estate Facilities, partially offset by increased average borrowings on the Floor Plan Facility.

Current wording

As of June 30, 2026 and 2025, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 5.89% and 6.49%, respectively. As of June 30, 2026 and 2025, the average interest rate for the Term Loan Facility was 6.26% and 6.94%, respectively. Our combined floor plan interest expense and other interest expense, net decreased $5.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily as a result of reduced interest rates for our Term Loan Facility, our Floor Plan Facility and our Real Estate Facilities, and reduced borrowings on our Real Estate Facilities, partially offset by increased average borrowings on the Floor Plan Facility.