Camping World Holdings, Inc.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes included in Part I, Item 1 of this Form 10-Q, as well as our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026 (the “Annual Report”). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under “Risk Factors” included in Part I, Item 1A of our Annual Report, the “Cautionary Note Regarding Forward-Looking Statements” in this Form 10-Q and in other parts of this Form 10-Q. Except to the extent that differences among reportable segments are material to an understanding of our business taken as a whole, we present the discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes included in Part I, Item 1 of this Form 10-Q, as well as our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026 (the “Annual Report”). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under “Risk Factors” included in Part I, Item 1A of our Annual Report and Part II, Item 1A of this Form 10-Q, the “Cautionary Note Regarding Forward-Looking Statements” in this Form 10-Q and in other parts of this Form 10-Q. Except to the extent that differences among reportable segments are material to an understanding of our business taken as a whole, we present the discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis.

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

Current 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

Previous 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.

Current wording

assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. As of September 30, 2026, we operated a total of 197 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

A summary of the changes in quantities and types of retail stores and changes in same stores from June 30, 2025 to June 30, 2026, are in the table below:

Current wording

A summary of the changes in quantities and types of retail stores and changes in same stores from September 30, 2025 to September 30, 2026 is presented in the table below:

Previous wording

According to the RV Industry Association’s (“RVIA”) survey of manufacturers, which almost entirely focuses on North America, the latest Summer 2026 edition of RV RoadSigns presented a 10.2% downward revision of their median forecast of 2026 wholesale shipments of new RVs from their previous Spring 2026 report. The 314,100 unit median of their revised forecast of 2026 wholesale shipments of new RVs was 8.2% lower than 2025 shipment levels.

Current wording

According to the RV Industry Association’s (“RVIA”) survey of manufacturers, which almost entirely focuses on North America, the latest Fall 2026 edition of RV RoadSigns presented a 7.7% downward revision of its median forecast of 2026 wholesale shipments of new RVs from its previous Summer 2026 report. The 290,000 unit median of its revised forecast of 2026 wholesale shipments of new RVs was 15.3% lower than 2025 shipment levels. The Fall 2026 edition also presented a median forecast of 285,000 units for 2027 wholesale shipments of new RVs.

Previous 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.

Current wording

RV wholesale shipments for the first nine months of 2026 totaled 230,511 units, a decrease of 13.7% compared to the same period in the prior year per the September 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 15.9% to 198,736 registrations for the year-to-date period ended August 31, 2026 compared to the comparable period ended August 31, 2025. Used RV registrations increased 0.7% to 524,007 over the same period. Additionally, SSI reported a decrease of new RV registrations in the U.S. of 18.0% and 19.1% for July and August 2026, respectively, compared to the same periods of 2025.

Previous wording

The above decreases in projected RV wholesale shipments and new RV registrations have been largely impacted by economic conditions and the subsequent declines in consumer sentiment year to date, likely driven by geopolitical events in the Middle East, including the U.S. and Israeli military conflict with Iran (described below); high fuel prices; and the persistence of a high-interest-rate environment. For instance, the University of Michigan’s surveys of consumers reported decreases in the index of consumer sentiment of 6.4% and 18.5% as of June 2026 compared to December 2025 and June 2025, respectively.

Current wording

The above decreases in projected RV wholesale shipments and new RV registrations have been largely impacted by economic conditions and the subsequent declines in consumer sentiment year to date, likely driven by geopolitical events in the Middle East, including the U.S. and Israeli military conflict with Iran (described below); high fuel prices; and the persistence of a high-interest-rate environment, including the U.S. Federal Reserve’s increase in its target federal funds rate in September 2026. For instance, the University of Michigan’s surveys of consumers reported decreases in the index of consumer sentiment of 9.1% and 12.7% as of September 2026 compared to December 2025 and September 2025, respectively.

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 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.

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, with the U.S. average retail price of gasoline approximately 31% higher in the third quarter of 2026 than in the third quarter of 2025 according to the U.S. Energy Information Administration, which has negatively impacted demand for new RVs as discussed above. Additionally, the U.S. average retail price of diesel fuel was approximately 48% higher in the third quarter of 2026 than in the third quarter of 2025, and reached a record high of $6.53 per gallon in September 2026, according to the U.S. Energy Information Administration. 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 result in further increases in interest rates, following the U.S. Federal Reserve’s increase in interest rates in September 2026, 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. 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.

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 on steel and aluminum, which are core materials for RVs, enacted in April 2026 and subsequently modified in June 2026. 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. In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were not authorized. As of September 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

The Company maintains the majority of its cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we will be able to access uninsured funds in a timely manner or at all.

Current wording

We maintain the majority of our cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we will be able to access uninsured funds in a timely manner or at all.

Previous 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:

Current wording

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

Previous wording

Good Sam Services and Plans gross profit and gross margin increased primarily from reduced costs for roadside assistance and gross profit was also favorably impacted by the increase in publishing partnerships discussed above.

Current wording

Good Sam Services and Plans gross profit and gross margin increased primarily due to reduced costs for roadside assistance programs.

Previous wording

New vehicles revenue decreased primarily due to a 16.4% decrease in new vehicles unit sales partially offset by a 13.6% increase in the average selling price per new vehicle (discussed below). On a same store basis, new vehicles revenue decreased 4.1% to $816.7 million resulting from a 16.3% decrease in new vehicles units sold partially offset by a 14.6% increase in the average selling price per vehicle sold.

Current wording

New vehicles revenue decreased primarily due to a 25.4% decrease in new vehicles unit sales, partially offset by an 11.7% increase in the average selling price per new vehicle (discussed below). On a same store basis, new vehicles revenue decreased 17.8% to $589.1 million resulting from a 26.4% decrease in new vehicles units sold, partially offset by an 11.7% increase in the average selling price per vehicle sold.

Previous 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.

Current wording

New vehicles gross profit decreased primarily due to a 25.4% decrease in new vehicles unit sales and a 252 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 15.0% increase in the average cost per new vehicle sold, partially offset by an 11.7% 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 fifth wheels and Class C units 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 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.

Current wording

Used vehicles revenue decreased primarily due to an 8.1% decrease in used vehicles unit sales and a 4.2% decrease in the average selling price per used vehicle sold, particularly on the higher-priced motorized units and a small shift away from motorized units toward lower-priced towables. On a same store basis, used vehicles revenue decreased 11.9% to $491.1 million resulting from a decrease in used vehicles unit sales of 8.6% and a 3.6% decrease in average selling price per used vehicle sold.

Previous wording

Used vehicles gross profit and gross margin decreased primarily due to a 3.6% decrease in the average selling price per used vehicle sold and a 1.2% increase in the average cost per used vehicle sold. This impact to used vehicle gross profit was partially offset by the 5.2% increase in used vehicle unit sales.

Current wording

Used vehicles gross profit and gross margin decreased primarily due to a 4.2% decrease in the average selling price per used vehicle sold, partially offset by a 3.8% decrease in the average cost per used vehicle sold. The decrease in used vehicles gross profit also reflected the 8.1% decrease in used vehicles unit sales.

Previous 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.

Current wording

Products, service and other revenue increased slightly, or 0.2%. On a same store basis, products, service and other revenue increased 2.7% to $171.5 million.

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 an 11.4% 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 increased co-branded credit card revenue from a revised partner agreement that resulted in the recognition of a nonrecurring $5.3 million milestone payment for completing certain growth initiatives during the three months ended September 30, 2026, and the addition of recurring profit sharing, which was $2.3 million for the three months ended September 30, 2026. In addition, memberships provided with vehicle sales are shifting from three-year, lower-tier memberships to one-year, elite-tier memberships, which aligns with the current marketing strategy and increased annual pricing due to enhanced benefits, including loyalty points and access to unique campground stays. These gains were partially offset by a 14.8% decline in paid members (excluding free basic plan members), as higher prices contributed to lower renewal rates.

Previous wording

Selling, general, and administrative expenses decreased primarily due to a $28.2 million decrease in employee cash compensation costs excluding commissions, resulting primarily from a headcount reduction during the second half of 2025; a $4.9 million decrease in commissions costs; and a $4.1 million decrease in stock-based compensation expense (“SBC”), partially offset by a $4.5 million increase in outside service provider fees related primarily to software expenses and related maintenance expenses, a $2.2 million increase in advertising expenses, and a $1.9 million increase in rent expense.

Current wording

Selling, general, and administrative expenses decreased primarily due to a $25.5 million decrease in employee cash compensation costs excluding commissions, resulting primarily from headcount reductions; a $4.2 million decrease in stock-based compensation expense (“SBC”); and a $2.3 million decrease in commission costs, partially offset by a $4.5 million increase in outside service provider fees related primarily to software, artificial intelligence (“AI”), and infrastructure maintenance expenses, and a $2.5 million increase in rent expense.

Previous wording

As discussed in Note 5 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized $13.1 million of long-lived asset impairment charges for the three months ended June 30, 2026 relating to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business.

Current wording

As discussed in Note 5 ― Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized $6.7 million and $0.6 million of long-lived asset impairment charges for the three months ended September 30, 2026 and September 30, 2025,

Previous wording

The decrease in floor plan interest expense was primarily due to a 48 basis point decrease in the average floor plan borrowing rate, partially offset by a 2.1% increase in the average floor plan balance. The

Current wording

The decrease in floor plan interest expense was primarily due to a 55 basis point decrease in the average floor plan borrowing rate and an 8.3% decrease in the average floor plan balance. The average interest rate for the Floor Plan Facility for the three months ended September 30, 2026 and September 30, 2025 was 5.93% and 6.48%, respectively.

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 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.

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 September 30, 2026 and September 30, 2025 was 6.32% and 6.99%, 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 the three months ended September 30, 2026 and September 30, 2025 was 5.53% and 6.65%, 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 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.

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 claims costs for the roadside assistance programs. The adjusted selling, general, and administrative expenses increased primarily from increased marketing consulting expenses. The Good Sam Services and Plans Segment Adjusted EBITDA decrease was driven primarily by reduced revenue discussed above and additional adjusted selling, general and administrative expenses, partially offset by a 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

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 decrease in floor plan interest expense. Adjusted costs applicable to segment revenue increased primarily from the higher average cost per total vehicle of 9.3%, partially offset by the 7.5% lower total unit sales, as discussed above. Adjusted selling, general, and administrative expense decreased primarily due to $27.0 million of reduced employee cash compensation expense excluding commissions, and $4.9 million of reduced commissions, partially offset by $4.2 million of increased outside service provider fees related primarily to software expenses and related maintenance expenses, $1.9 million of increased rent expense, and $1.7 million of increased advertising expenses. The RV and Outdoor Retail Segment Adjusted EBITDA decreased from the decreases in revenue, and increased adjusted costs applicable to segment revenue discussed above, partially offset by reduced adjusted selling, general, and administrative expense and reduced floor plan interest 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 decrease in floor plan interest expense. Adjusted costs applicable to segment revenue decreased primarily due to the 17.1% lower total unit sales, as discussed above, partially offset by a 4.8% higher cost per vehicle unit sold. Adjusted selling, general, and administrative expense decreased primarily due to $26.2 million of reduced employee cash compensation expense excluding commissions and $2.3 million of reduced commissions, partially offset by $2.4 million of increased rent expense and $1.9 million of increased advertising expenses. The RV and Outdoor Retail Segment Adjusted EBITDA decreased primarily from the decrease in revenue discussed above, partially offset by reduced adjusted costs applicable to segment revenue, reduced adjusted selling, general, and administrative expense and reduced floor plan interest expense. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA.

Previous wording

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

Current wording

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

Previous wording

Good Sam Services and Plans revenue increased primarily from new publishing partnerships.

Current wording

Good Sam Services and Plans revenue increased primarily from increased revenue for the Good Sam branded extended vehicle warranty program, partially offset by reduced revenue for the Good Sam TravelAssist products, which were negatively impacted by the decline in overall demand for new vehicles. See “Industry Trends” above for a discussion of the impact of economic conditions and consumer sentiment on the demand for new vehicles.

Previous 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.

Current wording

Good Sam Services and Plans gross profit and gross margin increased primarily due to reduced roadside assistance claims costs and increased revenue from the higher-margin Good Sam branded extended vehicle warranty programs, partially offset by a revenue reduction for the Good Sam TravelAssist programs.

Previous 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.

Current wording

New vehicles revenue decreased primarily due to a 17.3% decrease in new vehicles unit sales, partially offset by a 10.1% increase in the average price per new vehicle sold. On a same store basis, new vehicles revenue decreased 8.8% to $2.0 billion resulting from a 17.5% decrease in new vehicles units sold, partially offset by a 10.5% increase in the average selling price per vehicle sold.

Previous wording

New vehicles gross profit decreased primarily due to a 13.6% decrease in new vehicles unit sales and the 230 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 12.6% increase in the average cost per new vehicle sold, partially offset by the 9.7% 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.

Current wording

New vehicles gross profit decreased primarily due to a 17.3% decrease in new vehicles unit sales and the 234 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 13.1% increase in the average cost per new vehicle sold, partially offset by a 10.1% 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 fifth wheels and Class C motorhomes, 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 2.5% 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, partially offset by a 1.5% increase in used vehicles unit sales. On a same store basis, used vehicles revenue of $938.5 million was relatively unchanged from the prior year resulting from an increase in used vehicles unit sales of 1.8% offset by 1.8% decrease in average sales price per used vehicle sold.

Current wording

Used vehicles revenue decreased primarily due to a 3.2% decrease in the average selling price per used vehicle sold, particularly on the higher-priced motorized units and a small shift away from motorized units toward lower-priced towables, and a 2.0% decrease in used vehicles unit sales. On a same store basis, used vehicles revenue decreased 4.4% to $1.4 billion resulting from a 1.9% decrease in used vehicles units sold and a 2.6% decrease in average selling price per used vehicle sold.

Previous 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.

Current wording

Used vehicles gross profit decreased primarily due to a 3.2% decrease in the average selling price per used vehicle sold and a 2.0% decrease in used vehicles unit sales, partially offset by a 1.0% decrease in the average cost per used vehicle sold. The used vehicles gross margin decrease was primarily driven by a 3.2% decrease in the average selling price per used vehicle sold.

Previous wording

Products, service and other revenue decreased primarily due to lower warranty work and overall decline in vehicle unit sales. On a same store basis, products, service and other revenue decreased 1.7% to $307.9 million.

Current wording

Products, service and other revenue decreased primarily due to lower service volume and an overall decline in vehicle unit sales. On a same store basis, products, service and other revenue of $477.4 million was unchanged versus prior year.

Previous 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.

Current wording

Products, service and other gross profit decreased primarily due to the lower revenue discussed above. Products, service and other gross margin decreased 292 basis points to 44.2%, driven by the lower mix of higher-margin service and collision revenue.

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 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%.

Current wording

Finance and insurance revenue and gross profit are 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 17.3% decrease in new vehicle unit sales, and an additional $9.0 million increase in the unfavorable adjustment to variable consideration for chargebacks based on updates to the actuarial analysis of our chargeback liabilities, partially offset by a 3.4% 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 13.8%, an 18 basis point increase from the prior year. On a same store basis, finance and insurance, net revenue decreased 6.2% to $469.6 million.

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 an 11.4% 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 increased co-branded credit card revenue from a revised partner agreement that resulted in the recognition of a nonrecurring $5.3 million milestone payment for completing certain growth initiatives during the three months ended September 30, 2026, and the addition of recurring profit sharing in the third quarter of 2026, which was $2.3 million for the three months ended September 30, 2026. In addition, memberships provided with vehicle sales are shifting from three-year, lower-tier memberships to one-year, elite-tier memberships, which aligns with the current marketing strategy and increased annual pricing due to enhanced benefits, including loyalty points and access to unique campground stays. These gains were partially offset by a 14.8% decline in paid members (excluding free basic plan members), as higher prices contributed to lower renewal rates.

Previous 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.

Current wording

Selling, general, and administrative expenses decreased primarily due to a $72.8 million decrease in employee cash compensation costs excluding commissions, resulting primarily from headcount reductions; a $12.2 million decrease in commission costs; a $10.8 million decrease in SBC; partially offset by a $12.7 million increase in outside service provider fees related primarily to software, AI, and infrastructure maintenance expenses, and a $5.7 million increase in rent expense.

Previous wording

As discussed in Note 5 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized $13.1 million and $0.6 million of long-lived asset impairment charges for the six months ended June 30, 2026 and 2025, respectively, relating to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business.

Current wording

lived asset impairment charges for the nine months ended September 30, 2026 and September 30, 2025, respectively, relating to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business.

Previous 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.

Current wording

The slight decrease in floor plan interest expense was primarily due to a 50 basis point decrease in the average floor plan borrowing rate partially offset by a 7.5% increase in the average floor plan balance. The average interest rate for the Floor Plan Facility for the nine months ended September 30, 2026 and September 30, 2025 was 5.93% and 6.43%, respectively.

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 six months ended June 30, 2026 and 2025 was 6.32% and 6.92%, 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 six months ended June 30, 2026 and 2025 was 6.45% and 6.73%, 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 nine months ended September 30, 2026 and September 30, 2025 was 6.32% and 6.95%, 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 the nine months ended September 30, 2026 and September 30, 2025 was 6.11% and 6.77%, 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 were relatively unchanged. The adjusted selling, general, and administrative expenses increased primarily from higher advertising and legal fees. The Good Sam Services and Plans Segment Adjusted EBITDA increase was driven primarily by the increase in external revenue discussed above, partially offset by 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 revenue reflected reduced claims costs for the roadside assistance programs. The adjusted selling, general, and administrative expenses increased primarily from increased marketing consulting fees. The Good Sam Services and Plans Segment Adjusted EBITDA increase was driven primarily by a decrease in adjusted costs applicable to revenue and slightly higher revenue, partially offset by additional adjusted selling, general, and administrative expenses. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the increase in Segment Adjusted EBITDA.