Camping World Holdings Inc

For the period ended Feb 25, 2025. Filed Feb 25, 2025.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Feb 25, 2025 · Filed Feb 25, 2025

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EX-99.1 · Revisions for Correction of Immaterial Errors

Revisions for Correction of Immaterial Errors

The Company corrected for errors that were immaterial to previously-reported consolidated financial statements. These errors were identified in connection with the preparation of the financial statements for the year ended December 31, 2024 and related primarily to the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in the operating partnership, CWGS Enterprises, LLC (“CWGS, LLC”). The Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and determined the effect of these corrections was not material to the previously issued financial statements. However, correcting the cumulative error during the year ended December 31, 2024 would have been material to the current period. Therefore, the amounts in the previous periods have been revised to reflect the correction of these errors. The Company expects to disclose in its Annual Report on Form 10-K that, as part of its evaluation of its internal control over financial reporting, the Company identified a new material weakness in its internal controls that existed as of December 31, 2024, specifically related to the review of the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in CWGS, LLC, which pertained to these revisions.

The following table presents the effect of the error correction on the Company’s consolidated balance sheet for the period indicated:


· · As of December 31, 2023
($ in thousands) · As Previously Reported · Adjustment · As Corrected
Deferred tax assets, net	$157,326	$43,768	$201,094
Total assets	4,845,684	43,768	4,889,452
Additional paid-in capital	98,280	33,385	131,665
Retained earnings	185,244	10,383	195,627
Total stockholders' equity attributable to Camping World Holdings, Inc.	124,584	43,768	168,352
Total stockholders' equity	214,207	43,768	257,975
Total liabilities and stockholders' equity	4,845,684	43,768	4,889,452

The following table presents the effect of the error corrections on the consolidated statements of income for the periods indicated:


· · Three Months Ended December 31, 2023 · · Year Ended December 31, 2023
($ in thousands except per share amounts) · As Previously Reported · Adjustment · As Corrected · As Previously Reported · Adjustment · As Corrected
Income tax benefit	$18,732	$2,328	$21,060	$1,199	$2,328	$3,527
Net (loss) income	(49,918)	2,328	(47,590)	50,601	2,328	52,929
Net (loss) income attributable to Camping World Holdings, Inc.	(16,789)	2,328	(14,461)	31,044	2,328	33,372
(Loss) earnings per share of Class A common stock:
Basic	$(0.37)	$0.05	$(0.32)	$0.70	$0.05	$0.75
Diluted	$(0.49)	$0.03	$(0.46)	$0.55	$0.02	$0.57

The error corrections did not change net cash provided by operating activities or any investing or financing activities in the summary of consolidated statements of cash flows for the year ended December 31, 2023.

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