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Image source: The Motley Fool. Thursday, July 30, 2026 at 8:30 a.m. ET Chief Executive Officer and President - Matthew Wagner Chief Financial Officer - Tom Kirn Chief Administrative and Legal Officer - Lindsey Christen Senior Vice President, Investor Relations - Brett Andress Operator: Good morning and welcome to Camping World Holdings conference call to discuss financial results for the second quarter ended June 30, 2026. [Operator Instructions]. Please be advised that this call is being recorded and the reproduction of this call in whole or in part is not permitted without written authorization from the company. Joining on the call today are Matthew Wagner, Chief Executive Officer and President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; and Brett Andress, Senior Vice President, Investor Relations. I will turn the call over to Ms. Christen to get us started. Ma'am, please go ahead. Lindsey Christen: Thank you and good morning, everyone. A press release covering the company's second quarter and the June 30, 2026, financial results was issued yesterday afternoon. And a copy of that press release can be found in the Investor Relations section on the company's website. Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks may include statements regarding our business plans and goals, macroeconomic and industry trends, customers' needs, and the needs of our customers, customer trends, inventory strategy, future growth of our operations, capital allocation, future financial results and positions, future SG&A savings, and operating efficiencies. Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the risk factors section in our Form 10-K, on our Form 10-Q, and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them. Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as EBITDA, adjusted EBITDA, and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial statements are included in our earnings release and on our website. All comparisons of our 2026 second quarter results are made against the 2025 second quarter results unless otherwise noted. I'll now turn the call over to Matt. Matt Wagner: Thank you, Lindsey. Good morning, everyone, and thank you for joining our second quarter 2026 earnings call. Let me start with what this team delivered. In the weakest new RV retail environment in over 15 years, we executed on the priorities we set for this year, growing new and used unit share, accelerating Good Sam and driving SG&A efficiency. We gained new unit share through May on top of last year's record, grew same-store used units over 5%, improved F&I productivity, expanded Good Sam services and plans margins, generated significant operating cash flow, materially reduced inventory and floor plan borrowings, reduced our SG&A by over $26 million. Those are the building blocks of a stronger company, and I'm proud of the way our team is executing. I'll be equally direct about the results. This was not the quarter we expected back in April. The new RV sales market weakened during the peak selling season, and we made the decision to move through aged and prior multi-year inventory rather than carry those assets into the back half of the year. That decision pressured vehicle gross profit in the quarter, but it was the right call. And we were beginning to see the payoff with margins improving sequentially July to date. First, I want to turn to our used business, because I believe our ability to grow this segment remains paramount to the long-term success of our organization. We believe used RVs give customers a more affordable path into the RV lifestyle, and used sales create opportunities across F&I, Good Sam, and service. Our same-use vehicle unit sales grew over 5% in the quarter, representing share gains through the May STAT Surveys reporting information. For the full year, we continue to expect the used RV market to track within the 715,000 to 750,000 unit range. On the new side, according to preliminary SSI data, new vehicle retail registrations declined 16% through May. And it is our expectation that these trend lines persisted into June and July, with July potentially seeing more acute pressure. We recognize a correlation in the second quarter between geopolitical tensions in the Middle East and new unit sales. We believe as the conflict resolves, this results in the stabilization of new sales trends. But I do not want these headlines surrounding the new industry to obscure the work our team accomplished. We gained new unit market share through May, noteworthy because May of last year marked the highest unit share in our company's history. And we exceeded a 29% share of all new RVs sold in the U.S. We did this while growing our new vehicle average sales price by 13% of the quarter, driven by targeted share gains in the fifth wheel and motorized segments. Given what we are seeing in the market, we now expect the industry to track in the 290,000 to 310,000 unit range for the full year as geopolitical tensions, gas prices, affordability, consumer confidence, and higher rates remain real constraints on new demand. This compares to our previous range of 325,000 to 350,000 units. We believe our current inventory levels are appropriate for the current pace of demand, but we expect competitor dealers to remain focused on cleansing aged inventory for the next several months. We believe we are now in our best current model year new inventory position since 2020. Our prior model year exposure of new RVs is nearing 1%, down from over 6% 1 year ago, and our cohort of new vehicles aged over 365 days has been cut by over 60% compared to the same time last year. At quarter end, the total number of new vehicles on our lot is down roughly 17% year over year, while dollars are down about 5%, reflecting the richer mix of inventory we're carrying as the industry continues to struggle with the travel trailer demand. Turning to our used inventory, the story is very similar. Compared to where we ended 2025, used inventory units are down 18%, but the more substantial progress has been made on aging. In July, the average age of our used inventory is down over 30% compared to the end of the first quarter, and the percent of used inventory that is aged over 180 days, which is a core internal KPI for us, is down almost 50%. We head into the back half of this year with a leaner, fresher used book. Total RV and outdoor resale inventory dollars were down nearly 10% year over year, and floor plan notes were down approximately $280 million from year end. We are starting to see this progress on inventory optimization pay off. July to date margins have improved sequentially from the second quarter, despite the softer industry demand we are seeing. Lastly, as it relates to our SG&A, we have identified initiatives that we expect will deliver approximately $100 million of incremental annualized savings. This is a broad operating efficiency program built around 20 specific initiatives. We are retiring legacy software, replacing third-party systems with purpose-built technology, renegotiating agreements and simplifying back-office processes. Last quarter, we had spoken about the in-house CRM we developed for the Good Sam extended service business. Over the last 4 months, we developed and deployed another larger in-house enterprise-grade RV sale CRM. We currently have it in production in 5 locations. The early results indicate improvements in sales volumes, closing ratios, employee experience, and customer satisfaction. Once we fully roll out this product, we anticipate eliminating in excess of $20 million of annualized cost. Our objective in all these initiatives is to create a simpler, faster, and more scalable operating model with better tools for our team and a more consistent experience for our customers. When we last spoke in April, we had early indications that new RV industry sales had the potential to track towards the low end of the 325,000 unit range. At the time, we were seeing improvement in total new and used RV sales through April, and we had sufficient visibility on near-term cost actions to reach that target. We reiterate our guidance range. However, the new RV market weakened during May and June, and industry volume trends have remained soft July month to date as the re-escalation of the conflict overseas began to weigh on demand. We are resetting our adjusted EBITDA outlook to $230 million to $270 million. Reflective of the trends we see today and what has proven to be an exceptionally volatile market, we are focusing on the variables we have more control over: leaner inventory, structural cost actions, used growth, and stronger Good Sam and service execution. We are not waiting on affordability or consumer confidence to stabilize. We are focusing on building a better business with better operating leverage at the end of the cycle. Now we will turn the call over to Tom. Thomas Kirn: Thanks, Matt. For the second quarter, we recorded total revenue of $1.9 billion, down 2.1% year over year. New vehicle revenue was $869 million, down 5%, on new unit sales, down 16.4%. Used vehicle revenue was $580 million, up 1.4% on 5% higher unit sales. As Matt described, we deliberately moved through aged and prior model year inventory in the quarter, and that shows up in our reported vehicle margins. New vehicle gross margin was 10.9% compared to 13.8% 1 year ago. Used vehicle gross margin was 16.5% compared to 20.5% 1 year ago. We expect these margins to look better sequentially in the second half of the year, supported by the early signs of margin progression we've seen thus far in July. Within Good Sam, we completed our ERP overhaul in the second quarter on the timeline we laid out last quarter, enabling the team to chase B2B opportunities with our extensive platform. Good Sam services and plans gross margin expanded to 61.8% from 59.5% 1 year ago. We remain confident in the ability of Good Sam to be a long-term growth driver for the company with additional top-line opportunities ahead. We reduced total SG&A by $26.6 million, or 6.1% year over year, continuing the cost discipline we discussed on our last call. SG&A as a percentage of gross profit was approximately 76.3%, up from 73.9% 1 year ago, with the increase almost entirely a function of gross margin compression. Let me take a moment on the incremental $100 million of expected structural SG&A and operating efficiencies. Three points on the timing of these savings. The first $50 million of that run rate savings are expected to be executed by the end of 2026, with the balance by early 2028. Second, our revised 2026 guidance includes roughly $15 million of benefit in the year, mostly in the fourth quarter. Third, that means we expect about $35 million of those savings to carry into 2027. That carryover is 1 of 2 identifiable tailwinds into 2027 that we expect to total roughly $70 million. The second is the lapping of the roughly $35 million of inventory clearing impact from the first half of this year. Turning to the balance sheet, we ended the quarter with $224 million of cash, $185 million of unencumbered real estate, and total outstanding long-term debt of $1.4 billion. Even against significant gross margin pressure this quarter, our capital deployment framework continues to prioritize strengthening the balance sheet while retaining working capital within this business and reducing our net debt leverage. With that, I will turn it back to Matt. Matt Wagner: Thanks, Tom. I'll close with this. It was a challenging quarter, but this team grew share to record levels, expanded Good Sam, and took $26.6 million of costs out with a goal of $100 million more coming. We're building a better business and I'm optimistic for what this team will accomplish in the quarters ahead. We'll now turn the call over to Q&A. Operator: [Operator Instructions] Your first question comes from the line of James Hardiman from Citi. Please go ahead. Sean Wagner: This is Sean Wagner on for James. Wondering if you can maybe bridge the prior adjusted EBITDA outlook range to the revised range. Beyond the lower industry unit outlook, what are kind of the key puts and takes from a new and used ASPs and margins perspective? Matt Wagner: Really from starting with your last topic first, from an ASP perspective, ASPs actually held in relatively well. Our used average sale price came in a little bit lower than our expectations, maybe to the tune of about $1,500, give or take. New average sale price, though, actually rebounded quite well year over year and rebounded immediately compared to consensus, I believe even built into your model, Sean. But when we take a step back and look at the misses, I mean, this is really just a new unit volume miss and new margin miss and used margin misses. They came in a little bit under expectations. And largely speaking, we realized the pain of those realizations of those misses in May and June. We ended April in a position where we felt pretty good about the current progress we were making in April. Used same-store sales were up high single digits. New same-store sales were down mid-single digits. We have started to see a stabilization of our margin profile, but as we balanced through May and into June, we started to realize that there was a lot of pressure on new RV sales demand. And we knew that we wanted to continue to work through some of our prior model year new inventory, as well as our aged used inventory. So with that goal in mind, and also when confronted with pricing and promotional pressure from our competitors that put a little bit more strain and pressure on our margin profile, and our average sale price hung in there, but ultimately this is a new volume, new margin, and used margin impact. Sean Wagner: Okay. I guess following up there, you spoke of sequentially improving vehicle margins. What should we be modeling for new and used margins for the year? Do you expect it to improve sequentially from 2Q to 3Q and from 3Q to 4Q or sort of what's the phase in that? Matt Wagner: Yes, well, I'll give it to you from an annualized basis, given that in Q2, we oftentimes are going to generate in excess of 50% of our annualized earnings for the entirety of a year. And that's just based upon the historical trends that we've seen. While we do believe in the back half of this year that we'll see some benefit by means of all these cost actions that we're taking. So perhaps that 50% could be a little bit less. But I say that in so much as Q2 is such a massive volume period for us, which is going to disproportionately impact the overall annualized EBITDA and margin percentages for the entire year. So when we think about 2026 right now, we're thinking that new margins could land anywhere in the range of 11.5% to 12% for the entirety of 2026. And used margins could land anywhere in the range of 17.5% to a little over 18% for the entirety of 2026. We do believe that there will be a sequential improvement in Q3, but really in Q4, it's always a matter of what's the promotional activity? What are we trying to do to prepare ourselves for next year? So historically speaking, in Q4, you do see a little bit of a step down in margin. But even still, I'd look at this holistically over the course of all of 2026 to arrive at those conclusions. Sean Wagner: Okay, and just one more quick follow-up on the ASP part. To your point, new ASPs have been around sort of that -- just under $39,000, which I think was your maybe target for the year, a quarter or 2 ago. You were targeting $31,500 for used. Obviously, it's been a little below that. So should we be assuming used ASPs in the back half look similar to the first half? Matt Wagner: Reason to believe they improve. I think that there is a high likelihood as we head into the fall and winter time periods that you'll actually see used ASPs come up a little bit. And I say that in so much as historically you'll see those consumers that have a willingness to buy fifth wheels and motorized units, which oftentimes are going to yield a higher ASP, they'd have a higher likelihood of starting to buy in Q3 and Q4. So for the entirety of 2026, I think used ASPs could land right around that $30,000 range or maybe even a little bit higher potentially. But I think where we landed for the entire quarter we were in Q2 at about $29,000. That's going to be indicative of the fact that there's a lot of consumers that are buying towables and more inexpensively priced assets. And generally seeing Q3, Q4, you see a bit of a recovery there. Operator: Your next question comes from the line of Joe Altobello from Raymond James. Joseph Altobello: First question on the new ASPs you mentioned, Matt, they were up almost 14% in the quarter. Was that all mix? Matt Wagner: Morning, Joe. In large part, that was mix. As we spoke about in the prepared remarks, we're seeing a lot of pressure on the travel trailer segment at large, but juxtapose that against the success that we're realizing in the fifth wheel and Class C segments, where we're seeing material market share gains within those specific segments in particular. And we believe that the consumer that's probably a higher net worth individual that has a willingness to buy in this current marketplace, where that travel trailer consumer, you could argue, just doesn't have a willingness to engage in a bigger ticket purchase right now, or they're going to have a monthly payment that they're anchoring to for a longer term. So we were very effective at replenishing and calling the shot on the Class C and fifth wheel segments. In fact, there was a number of periods where we were up in excess of 15% of each of those respective categories throughout the balance of this year so far. We believe we still have more opportunities through the balance of the year, which would then support the case that new ASPs are probably in the range where they'll end up for the year if not going up a little bit. Joseph Altobello: Got it. And you also mentioned margins improving here sequentially in the third quarter. What's driving it? Is that your cleaner inventory? Is it less discounting, maybe a combination of the 2? Matt Wagner: Definitely a combination of the 2. I'd actually weigh a little bit more heavily on the former variable in so much as we were very disciplined about cleansing aged assets, especially on the used side in May and June in particular. When we realized that demand had slowed down a little bit more than we had anticipated, we wanted to ensure that we were positioning ourselves as well as possible for the second half year. Equally as importantly, though, heading into next year. So yes, we did have that goal in mind, but there was the additional pressure of promotional activity because many other dealers recognize the same. I would argue based upon our research that we're in a way healthier position than the broader industry and we believe that we've taken a lot of pain in the first half of the year to set ourselves up. I can't necessarily say that the broader industry has taken that same approach. Joseph Altobello: Got it. And if I could just squeeze one more in, model year '27 pricing, how are you thinking about that right now? Matt Wagner: As of this moment, Joe, we use our own in-house index, where we call it our RV price index, modeled very similarly to the Producer Price Index, where we take a basket of goods that we look at every single quarter and we go back 15 years, and we try to assess it on a like-for-like basis. That's a long-winded way to say, based upon that research, we're seeing right now to end this last quarter that model year '27 compared to '26 is up about 1.7%. Thomas Kirn: I have heard certain rumblings that over the next couple of months, manufacturers might be put in a position where they have to raise prices slightly again. I would anticipate maximum be another 1.5% to 2%, maybe. And that could be okay. I say that in so much as we're obviously confronted with general inflation. And as long as these price increases consistently are below inflation, I believe that continues to answer that question of can we create a more affordable asset for these consumers to engage in this lifestyle? Operator: Your next question comes from the line of Tristan Thomas-Martin from BMO Capital Markets. Please go ahead. Tristan Thomas-Martin: I jumped in a lot of things, so I apologize if any of this is touched on, but I know you called out gained new unit share through May. I kind of understand the industry dynamics in June and July, but what changed with your performance relative to the industry? Matt Wagner: Well, I think in some respects we were very aggressive in our pursuit to cleanse ourselves of aged assets. So we were very promotional to ensure that we were removing ourselves or getting rid of aged model year units, model year '25. And just as well, we picked up actually most of our share when you look at it on an individualized segment basis within the fifth wheel and Class C segments. We had introduced over the course of this last year a number of new products and floor plans within each of those respective categories. And I can tell you that our campsite reserve fifth wheel, for example, has quickly amassed market share where that brand now sits as the seventh most popular brand in North America. And that brand didn't even exist up until 1.5 years ago. This last year, we debuted a whole new fifth wheel line that's complete with 6 different floor plans. And we've been up materially with that 1 brand in particular. If we turn to our Class C segment, we've worked very effectively with Thor Industries to reimagine a number of different products within our Class C segment, and we're really just satisfying that consumer with a very affordable asset, but that is complete with a number of features to incite them to actually engage with our business. Tristan Thomas-Martin: Okay. But I mean, just kind of trying to read between the lines there, Camping World, you guys are maybe a little bit more promotional than some of your peers, so you maybe pulled forward a little demand, or am I reading too much into that? Matt Wagner: Our new margin profile wasn't exactly where we wanted it to be. We ended Q2 with about just shy of an 11% consolidated margin on the new side. But just as well, we do a lot of research to ensure that we're at least market competitive on prices. So I don't know that we were that much more promotional compared to our competitors. I think it's just a byproduct of what consumers can afford and ensuring that we're hitting our sales goals and at the same time retaining as much margin in our business as we can. Tristan Thomas-Martin: Yes, and then just, I don't think you touched on kind of how maybe early thoughts on '27 and also just kind of a general high-level question. I mean, besides macro rates, is there anything else you think the industry needs to do to really spur demand? Matt Wagner: We had not provided any commentary on 2027 and we're not in a position to start to weigh in on 2027 yet. We still have a lot of this year to go. But I can tell you that our focus right now in the short term is still on affordability, creating more innovative and interesting products to consider having more consumers come into the market to this lifestyle and ensure that we're continuing to grow the general TAM that exists within this industry. We haven't seen as much growth as we'd like to see. And we've seen new RV sales and the general environment continue to decline going on almost 6 years now, once we lap 2026. So for us, this is just, what can we do to grow for this industry. Operator: Your next question comes from the line of Rajat Gupta from JPMorgan. Rajat Gupta: I just wanted to quickly clarify the margin cadence for the second half. I think I heard that you would expect the fourth quarter to step down from the third quarter. So in order to hit the 11.5% to 12% on new and 17.5% to 18% on used, it would imply a pretty meaningful pickup in 3Q and then a slight decline in 4Q. Am I understanding that cadence correctly? Thomas Kirn: I don't. In Q4 historically we have seen some decline in margin. I think last year we did have some significant promotional activity in Q4. You saw those margins dip pretty aggressively, particularly on the used side. I don't know that we're projecting that level or that level of dip Q3 to Q4. I would expect it to be a little bit more even Q3 to Q4 this year, given what we've done in Q2 on the inventory side. Rajat Gupta: Understood, that's helpful. And then the breakup of the incremental $100 million. Could you give us a little more color on just the areas from where these costs are coming out, technology, procurement, centralization, like which areas are those restructuring actions being taken? Thomas Kirn: Those are really the areas. It is a combination, like Matt gave the example of sales CRM. That's the second CRM that we've launched this year. So I think you'll continue to see us make enhancements on the technology side. And that not only saves on the actual staff piece, but also on the consulting fees and some of the other in the licensing fee and some of the ongoing cost and friction that creates within the business. And it also enables us to centralize more processes. So it does create opportunities for more labor efficiency down the road. The third bucket is that procurement and supply chain piece where we're continuing to dive into certain agreements. They come up for renewal or frankly, as we get through some of these technology initiatives where it opens up more opportunities for us to look at third-party contracts and third-party arrangements in a different light and look at different alternatives. So I think the teams across the board are being very creative in how they're thinking about the future of this business and where they want to remove friction with the employee base, as well as with the customer in all of our processes. Operator: Your next question comes from the line of Scott Stember from ROTH Capital Partners. Scott Stember: Matt, I thought I heard you say that June and July were equally as rough as the quarter. But it sounds like July, I think you used the word a little bit more acute. Maybe talk about that a little bit. It sounds like it got a little bit worse in July. What do you attribute that to, just the general macro environment? Matt Wagner: Morning, Scott, and you are correct. We did say that in our prepared remarks and we did see a slight step down from June to July. It's still in the range, but we can't help but recognize as we've conducted our own internal research and external research that there's definitive corollaries that exist between the geopolitical tensions overseas and certain key moments, like for example, earlier this month in July, that is, when there was a re-escalation based upon STAT Surveys information, as well as our own internal information, we started to see a dip almost overnight in sales. And that's where we started the month with a lot of hope because it seemed as though there was going to be some resolution perhaps on the horizon, but immediately upon that specific instance, you can see it in weekly STAT Surveys data that we procure, as well as I'm sure many do on the call. You can see the overnight sales dip, and unfortunately, that lended itself to the possibility that there was going to be a little bit lower comp year over year compared to June, but it's basically the same. So our hope is that as we're approaching resolutions for all these different tensions, that you'll start to see the stabilization in the new RV marketplace, and that's really where we'll start to yield the operating leverage that we're creating in this business. Scott Stember: Got it. And then on the parts side and the service side, I know there's been this argument or weighing where you use your utilization for used reconditioning or for customer pay work. Maybe just talk about how customer pay is trending and at some point, do you guys feel like you need to either increase capacity to be able to handle more customer pay work or maybe divert some more utilization towards that? Matt Wagner: I'll start with the last. I believe that we have plenty of opportunity to utilize our bays more efficiently and effectively. And we have a number of bays that aren't occupied with technicians right now. So we know that is one of the most difficult things within any service industry right now to find the right talent, retain that talent, and make sure to constantly train that talent. We put an incredible emphasis on ensuring that we're keeping that pipeline full and retaining technicians in this space. When we think about the utilization levels, though, and that debate between internal, external, yes, it is true that internal still does take up a little over half of actually all of our available hours within the bays. And it is true that our external work has tremendous upside and opportunity. We have seen the improvement in external work compared to the trend lines that we were seeing last year and this year. Really, though, we're seeing that because we made a strategic call about 1.5 month ago now where we changed our labor rate structure for consumers. And this is a recognition of consumers having to affordably service their assets. So we debuted a rate structure where we offer installation of any one of our components or products for $99 an hour, maintenance for $120 an hour, and for more complicated jobs, especially collision, it's $199 an hour. Previously our posted labor rate was $199 an hour across the board. What we have seen is that our revenue has actually improved, but because we did drop some of these labor rates, our gross profit has remained flat. So while revenue is going up, gross profit is flat. Where that serves a benefit, though, is if you look at our retail and parts business, we're actually seeing a nice improvement there, which tells us these consumers do want to service their assets to add these upgrades and features. We just needed to make certain that we could affordably enable them to do this by means of the service work actually being reduced for the mature labor rate. Thomas Kirn: And Scott, I would add to that. That's something that we changed intra-quarter, so we've seen it come through the numbers in the back part of the quarter, but it definitely did not come through obviously in the consolidated results for Q2. Scott Stember: Got it. If I could just sneak one last one in. Could you give us an update on how your Costco initiative is progressing? Matt Wagner: As we shared last time, we paused in April, took a reset of the entire program, wanted to reimagine the entire lead process flow, figure out a more effective marketing strategy. We kicked it back up in May, and we've had a number of different roadshows. We've noticed a correlation when we have a roadshow specific to Costco, that region actually sees an uptick in general sales volume. But this is still early days, given that we had to go through that reset period. So we're seeing nice progress, but we're not going to hit the goals that we were originally intending to. That's just the reality of it. We originally were trying to goal seek at least 3,500 sales this year, if not upwards of 5,000 through the Costco program. I can tell you we're in the hundreds of units sold. We're still seeing a number of leads that we're cultivating and there still are opportunities. But now that we're beyond the peak selling season, the reality is seasonally you start to see demand fall off in Q3, Q4. So this would really be more of, yes, I think we could pick up some incremental volume demand through Costco through the balance of the year, but this will really be a play for next year. Operator: Your next question comes from the line of Alice Wycklendt from Baird. Alice Wycklendt: Just want to touch on kind of the F&I business and maybe what expectations for that should be in this macro environment. I think you had a good performance here in Q2, but I guess I'm wondering, is there any appreciable difference between the attachment rates depending on the type of customer that's coming through the door or maybe that more premium one versus that travel trailer customer? Thomas Kirn: Yes, not a big difference, hey, Alice, even though our mix has shifted a little bit. I think if you think about the back half of the year, I would think about F&I as a percent, right? That penetration rate, pretty similar to what we saw in the front half. I think as you see used continue to grow and you see new have some of that relative pressure, that does kind of shake out to some of the trends that we saw in the first half of the year. So that business continues to remain obviously very strong for us, will continue to be driven largely by volume and attach, but there's really not too much of a difference we're seeing across the cohort within the attach. I'll just say as a percentage, what you do have historically, when you do sell more travel trailers, you see a higher percent, but when you start to sell some of these fifth wheels and larger items, that percent kind of comes down, but I would focus on that dollar number, that F&I per unit to be a little bit more steady than that percentage. Alice Wycklendt: That makes sense. And then on the balance sheet, I apologize if I missed it, but did you share kind of where you expect leverage to end the year and maybe any thoughts on how that might play out early into 2027? Thomas Kirn: Yes, so leverage for the year. I mean based off of the guidance change, we want to get as deep into the 5s as we can this year. Our long-term goal though still remains to get below 3.5 times or below 3 times over the course of the coming years and that's really going to be driven by a lot of these cost initiatives and efficiency initiatives. We want to control our destiny on the leverage side and improve the operating leverage of this business so that we can have a lower floor and have a steadier long-term leverage target for the enterprise. Operator: Your next question comes from the line of Noah Zatzkin from KeyBanc. Please go ahead. Noah Zatzkin: I guess just high-level question, on the kind of $230 million to $270 million adjusted EBITDA range. What's embedded in the low end and what's embedded in the high end? And just kind of any thoughts on degree of confidence in kind of the $230 million floor there? Matt Wagner: Morning, Noah. So when we think about the low end and the high end, we obviously have a number of inputs that are designed between that low and high end. The principal ones though being how does the industry behave? And we believe on that $230 million range, that would suggest then that the industry new retail activity about 290,000 new RV sales for the total of 2026. And on the high side, we're anchoring to that 310,000 new unit range. When we think of the used marketplace, that's where I'd also anchor that to. On the low side, 715,000 used unit sales for the entirety of the year. And on the high side, the 750,000. So embedded within that is market share implications, where we believe that we'll end up in North America at about 22.5% to 23% total market share in North America, which would also be higher if you just look at the U.S. And then on the used side, we believe that our used market share for the entirety of 2026 will be about 8.8% to 9%. So if you're to take those anchors, and then we've obviously provided previously our new average sale price, we think it's going to be right around $39,500 to $40,000 for the entirety of the year, used average sales price, hanging in that range is about $30,000. And we previously provided on this call the gross margin range. That really becomes your input then to suggest where the potential range of outcomes are. And we believe that the industry should settle into that 290,000 to 310,000 range. Thomas Kirn: So just to put maybe a little bit more context around that as well, if you think about the lower end of that industry assumption, right, that 290,000, you're looking more towards a trend line or a trend rate that would reflect more of what we're seeing in the industry and in our business in July and really flowing that completely forward, while the higher end would have not a sharp or a meaningful recovery, just a little bit of improvement as industry compares ease slightly. You're up against things like the government shutdown last year. That would kind of reflect more of the industry outlook contextually into the higher end. Noah Zatzkin: Thanks, and then maybe just kind of any thoughts around inventory positioning and how you're kind of planning the back half there, not to pry on kind of next year strategy, but just any thoughts on the back half from an inventory perspective. Matt Wagner: No, we went through a lot of pain to ensure that we ridded ourselves of aged model year units as well as aged used units. So we're taking a very conservative approach to replenishment here heading into the balance of the year. If we look at channel inventory across the board, we believe that the broader industry still has a little bit too much inventory based upon current demand trends and that's even if we end up on new RV sales of 310,000 units in the entire industry. So we think the industry has a little bit more work to go to cleanse itself and channel clear it. But for us, we're being very thoughtful about replenishment of those products that we know we're doing well with and we want to ensure that we maintain the market share that we've worked very hard to gain over the last few years. Operator: Your next question comes from the line of Jim Chartier from Monness, Crespi, Hardt & Co. James Chartier: Matt, you talked about the importance of the used business going forward. How has the pullback in used inventory, how's that impacting your expectation for used growth this year? Then what's a reasonable expectation that we can think about how the used business can grow for the next few years? Matt Wagner: We still believe that the used sales for this year should be positive year over year from '25 to '26. But we were very conservative in terms of replenishment of certain used categories. We are down on our used inventory quite a bit year over year. We also have leaned a little bit more heavily into consignment business, which is ensuring that we're at least replenishing certain components of our business and it doesn't show up in our balance sheet. So we are setting ourselves up to yield that opportunity, but we have gotten a lot more thoughtful and better in terms of the AI enablement that we have to identify certain market demands. And this has just been a recent over the last couple of months to understand what our market days supply are by price point, by segments, down to model, down to different vintage model years. So that's helping to inform exactly where we should perhaps maybe either raise the value to procure an asset or start to decrease the value to ensure that we don't procure too many of that specific asset. But the used business is obviously very difficult in terms of procuring and setting up all the processes to cultivate that relationship with the customer to transact. So we believe that we're well positioned just as well. You are hitting home on something that we discussed internally of we want to make sure that we're not out of the right floor plans and the right products in all these markets nationwide. James Chartier: Okay. And then as far as kind of future, the next 2 or 3 years, how are you thinking about the potential for used unit growth? Matt Wagner: You know, we're not looking out that far, but sufficient to say we believe that the used market is very stable, impervious to any sort of the issues that we're seeing on the new side of the business in terms of affordability. And this is a long-term strategy for us. We believe we can continue to compound these gains that we've seen. As I stated earlier, we're sitting at about just shy of 9% market share of the used business. That number over the next few years should grow to 12% plus. So in consolidation, we still maintain that new and used market share combined, we have 15% as our short-term target and over a longer term over the next 5 years, we believe 20% is still a very reasonable goal that we had previously stated. Operator: Your next question comes from the line of Brandon Rollé from Loop Capital. Please go ahead. Brandon Rollé: Given the strength in used RVs, could you talk about the used versus new pricing spread you saw during the quarter and how that could potentially evolve throughout the back half of the year given prices for new RVs could potentially be increasing? Matt Wagner: You are zeroing in on a factor that is normally indicative of the health of the balance and spread between new and used and what is going to result in the actual outcome. So this becomes like a causation factor. So, when you have a healthy spread between new and used true inventory costs or actual cost value in excess of 20% to 30%, that's generally a healthy balance for both portfolios. So when we're anchoring to our average sale price for the balance of this year, settling into about $40,000 on new assets and about $30,000 on used assets, this speaks to the historical norm that exists of a near 30% plus split between new and used average sales price. There was a time this time last year we saw our new average sale price dip considerably and that spread between used and new started to be negatively impacted. That's where we didn't actually see that healthy gain opportunity on both sides. We like this spread as it sits today. Obviously there's different dynamics that exist of like are there certain price increases, price points or segments we're selling more of on used versus new, where you could see these numbers flex up and down a little bit. But this is a really nice environment when we look back over the course of history. Brandon Rollé: Okay, great. And is that impacting your promotional activity on the new side at all to maintain that healthy pricing spread? Matt Wagner: No, no, that was a goal that we had over a longer term, but that's where you look at different segments. Brandon, you've been around the industry for a while. There's so much noise when you look at travel trailers and fifth wheels to motorized and how you need to right-size certain segments within the Class B segment where you just need to make sure that you are getting rid of those assets that could represent risk in the future. And we know on the new side, anything that's over 1 year old, you can expect that you're going to feel a lot of margin pressure. And on the used side, any assets that's over 180 days, you're going to expect to give up that margin that you would embedded when you had procured that asset. So we're just being thoughtful about looking at every single asset on an individualized journey basis where every single asset has an individualized story remarketing plan. Operator: [Operator Instructions] Your next question comes from the line of Bret Jordan from Jefferies. Please go ahead. Patrick Buckley: This is Patrick Buckley on for Bret. On the service side of things, how have labor pay rates trended recently? As we think about margins moving forward there, where does the math end up between the new lower rates you guys had mentioned that you're charging and any labor inflation that you're... Matt Wagner: So actually our effective labor rate, remarkably, is settling into the exact averages that we were seeing previously. So we're settling into that effective labor rate in that range of about $165 an hour, which the reason why our posted labor rate previously was $199 an hour. We've now introduced this tiered labor rate structure. But the assumption in the former example, the $199 labor rate across the board, we would discount, of course, to ensure that we were just looking at a job holistically and whatever we could yield in terms of that labor compensation, we would. But ultimately, consumers can only afford so much. So we've recognized with this tiered labor rate structure, we're seeing revenue go up, gross profit flat, effective labor rate is flat. And we are seeing more customers come through the door and actually attach more retail parts and accessories to install on their assets. Patrick Buckley: Got it. That's helpful. And then as you look at recent trends across the new RV market, how are metrics like foot and web traffic holding up? Are there signs of a more healthy underlying demand there, but conversion ends up being the issue when they see where the monthly payments end up? Matt Wagner: We are seeing pretty consistent trends throughout the balance of this year that are really just a continuation of the end of last year, where web traffic has been consistently slightly down pretty persistently throughout last year, end of last year into this year. As such, lead volume is slightly down. As such, even walk-ins and showroom visits are somewhat down. However, we are seeing improvement in showroom close rates. So that suggests that customers come in the door, they have a willingness, if they're there, to actually close on the deal. Really the question is, how can we just ensure that the everyman can actually engage in this lifestyle again. This industry is built off that middle-class American that wants to just buy something affordable, wants to actually engage in a lifestyle. And we're seeing that opportunity manifest itself within the used business, where the used business in the industry is healthy. It's been flat to up every period this entire year. So we know that the consumer is healthy, however, they don't want to make those long-term commitments on a big ticket purchase. And we're also seeing that in the housing industry. We are, however, seeing those consumers that are higher income consumer have a willingness to actually engage in the lifestyle because they feel very comfortable and confident in their equity positions right now. So we'll continue to keep a watchful eye on this. We believe that there's different marketing levers that we could pull upon, and we'll continue to get creative with manufacturers to drive down the cost of these assets and continue to maintain a focus on used assets. Operator: There are no further questions at this time. I would like to turn the call back to Matthew Wagner for closing comments. Sir, please go ahead. Matt Wagner: Thank you, everyone, for the time this morning. This was a challenging quarter, but I'm very proud of how the team continues to execute. And I look forward to speaking with all of you again in another 3 months. Operator: Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect. Before you buy stock in Camping World, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Camping World wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Camping World. The Motley Fool has a disclosure policy. Camping World (CWH) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Camping World? Here are five stocks we like better. Weak new-RV demand pressured results: Second-quarter revenue fell 2.1% to $1.9 billion, while new-unit sales dropped 16.4% and vehicle margins narrowed as Camping World cleared aged inventory. Outlook was reduced: The company lowered its 2026 industry new-RV forecast to 290,000–310,000 units and now expects adjusted EBITDA of $230 million–$270 million, citing affordability concerns, interest rates and weaker consumer demand. Inventory and costs are improving: RV inventory dollars declined nearly 10% year over year, floorplan borrowings fell about $280 million from year-end, and management identified approximately $100 million in annualized structural savings while continuing to target lower leverage. Lower Rates Put RV Stocks Back in the Fast Lane Camping World (NYSE:CWH) said second-quarter results were pressured by a weaker-than-expected new RV retail market during the peak selling season, prompting the company to reduce its full-year adjusted EBITDA outlook while emphasizing market-share gains, inventory reductions and planned cost savings. Chief Executive Officer and President Matthew Wagner said the company operated in what it described as the weakest new RV retail environment in more than 15 years. Camping World chose to clear aged and prior-model-year inventory rather than carry those units into the second half, a decision that weighed on vehicle gross profit in the quarter. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 Stocks Gaining Traction in Their Turnaround Stories “This was not the quarter we expected back in April,” Wagner said. “The new RV sales market weakened during the peak selling season, and we made the decision to move through aged and prior model year inventory rather than carry those assets into the back half of the year.” Chief Financial Officer Tom Kirn said total second-quarter revenue was $1.9 billion, down 2.1% from a year earlier. New vehicle revenue declined 5% to $869 million, as new unit sales fell 16.4%. Used vehicle revenue increased 1.4% to $580 million, supported by a 5% rise in used vehicle unit sales. → Microsoft Just Flipped the AI Spending Narrative Overnight Camping World: when dividend cuts are a good thing The inventory-clearing actions and competitive promotional environment reduced vehicle margins. New vehicle gross margin was 10.9%, compared with 13.8% in the prior-year period, while used vehicle gross margin was 16.5%, compared with 20.5% a year earlier. Management said it expects vehicle margins to improve sequentially in the second half, citing early margin progression in July and a cleaner inventory position. Wagner said the company expects full-year new vehicle margins of roughly 11.5% to 12% and used vehicle margins of 17.5% to slightly above 18%. → Carrier Earnings Could Send the Stock to a New All-Time High New vehicle average selling price rose 13% during the quarter, driven largely by product mix and targeted gains in the fifth-wheel and motorized segments. Wagner said the travel-trailer category remained under pressure, while the company gained share in Class C and fifth-wheel products. Used vehicle average selling price was about $29,000 in the second quarter, and management said it could recover toward roughly $30,000 for the full year as sales of higher-priced products typically increase in the fall and winter. Camping World reduced its outlook for the 2026 new RV retail market to 290,000 to 310,000 units, from a prior estimate of 325,000 to 350,000 units. Wagner cited geopolitical tensions in the Middle East, gas prices, affordability concerns, consumer confidence and higher interest rates as constraints on new-RV demand. The company now expects 2026 adjusted EBITDA of $230 million to $270 million. Management said the lower end of the range assumes approximately 290,000 industry new-RV sales and 715,000 used-RV sales, while the upper end reflects 310,000 new units and 750,000 used units. Wagner said preliminary SSI data showed new vehicle retail registrations declined 16% through May, and the company expected weak trends to continue into June and July. He said July demand appeared somewhat weaker than June, which management associated with renewed geopolitical tensions overseas. Despite the softer market, Wagner said Camping World exceeded a 29% share of all new RVs sold in the United States through May. The company expects to hold about 22.5% to 23% total North American new-RV market share for the full year and approximately 8.8% to 9% share in used RVs. Camping World reported substantial reductions in inventory and floorplan borrowings. Total RV and outdoor retail inventory dollars were down nearly 10% year over year, while floorplan notes declined about $280 million from year-end. New RV unit inventory was down roughly 17% year over year, while new inventory dollars declined about 5%. Prior-model-year new RV exposure was nearing 1%, down from more than 6% a year earlier. New vehicles aged more than 365 days were reduced by more than 60% from the prior year. Used inventory units were down 18% from the end of 2025. In July, the average age of used inventory was down more than 30% from the end of the first quarter, while used inventory aged more than 180 days was down nearly 50%. The company reduced total selling, general and administrative expense by $26.6 million, or 6.1%, from a year earlier. Management has identified approximately $100 million in incremental annualized structural savings through 20 initiatives, including retiring legacy software, developing in-house systems, renegotiating agreements and simplifying back-office processes. Kirn said about $50 million of the annualized savings are expected to be implemented by the end of 2026, with the remainder expected by early 2028. The revised 2026 outlook includes roughly $15 million of benefit, mostly in the fourth quarter, and about $35 million is expected to carry into 2027. Good Sam Services and Plans gross margin rose to 61.8% from 59.5% a year earlier. The company completed an enterprise-resource-planning overhaul for Good Sam during the quarter, which management said positions the unit to pursue business-to-business opportunities. Camping World also introduced a tiered service labor-rate structure, charging $99 per hour for installations, $120 per hour for maintenance and $199 per hour for more complex work such as collision repairs. Wagner said service revenue increased following the change, while gross profit remained flat and the effective labor rate held near $165 per hour. He added that parts and accessories sales improved as more customers added products to service jobs. At quarter-end, Camping World had $224 million of cash, $185 million of unencumbered real estate and $1.4 billion of total outstanding long-term debt. Kirn said the company aims to reduce leverage into the high-five-times range by year-end and retains a longer-term objective of reducing leverage below 3.5 times, and eventually below three times. Camping World Holdings, Inc (NYSE: CWH) is a leading specialty retailer of recreational vehicles (“RVs”), RV parts and services, and outdoor lifestyle products. The company operates an extensive network of full-service RV dealerships, providing new and pre-owned RV sales alongside comprehensive maintenance, repair and warranty services. In addition to its dealership operations, Camping World offers a broad assortment of RV parts, accessories and gear through both its physical retail locations and e-commerce platform. Beyond RV sales and service, Camping World's offerings encompass outdoor cookware, apparel, camping and towing accessories under various proprietary and third-party brands. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Camping World Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

For the quarter ended June 2026, Camping World (CWH) reported revenue of $1.93 billion, down 2.1% over the same period last year. EPS came in at $0.57, compared to $0.57 in the year-ago quarter. The reported revenue represents a surprise of -3.72% over the Zacks Consensus Estimate of $2.01 billion. With the consensus EPS estimate being $0.56, the EPS surprise was +1.79%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Camping World performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Unit sales - New vehicle: 22,312 compared to the 24,474 average estimate based on two analysts. Average selling price - Used vehicles: $29,188.00 versus the two-analyst average estimate of $30,687.19. Average selling price - New vehicles: $38,950.00 versus the two-analyst average estimate of $36,510.66. Unit sales - Used vehicle: 19,882 compared to the 19,738 average estimate based on two analysts. Revenue- RV and Outdoor Retail- New vehicles: $869.05 million versus $897.97 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -5% change. Revenue- RV and Outdoor Retail- Used vehicles: $580.32 million versus the three-analyst average estimate of $609.11 million. The reported number represents a year-over-year change of +1.4%. Revenue- RV and Outdoor Retail- Products, service and other: $217.56 million compared to the $227.34 million average estimate based on three analysts. The reported number represents a change of -2.4% year over year. Revenue- RV and Outdoor Retail- Good Sam Club: $10.8 million compared to the $11.28 million average estimate based on three analysts. The reported number represents a change of +5.2% year over year. Revenue- Good Sam Services and Plans: $54.63 million versus $56.35 million estimated by three analysts on average. Revenue- RV and Outdoor Retail: $1.88 billion versus the three-analyst average estimate of $1.95 billion. The reported number represents a year-over-year change of -2.2%. Revenue- RV and Outdoor Retail- Finance and insurance, net: $201.68 million compared to the $206.74 million average estimate based on three analysts. The reported number represents a change of +0.2% year over year. Gross Profit- RV and Outdoor Retail- New Vehicles: $95.06 million versus $110.1 million estimated by three analysts on average. View all Key Company Metrics for Camping World here>>> Shares of Camping World have returned -17.7% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Camping World (CWH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Camping World (CWH) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +1.79%. A quarter ago, it was expected that this recreational vehicle retailer and services provider would post a loss of $0.23 per share when it actually produced a loss of $0.21, delivering a surprise of +8.7%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Camping World, which belongs to the Zacks Automotive - Original Equipment industry, posted revenues of $1.93 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.72%. This compares to year-ago revenues of $1.98 billion. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Camping World shares have lost about 35.5% since the beginning of the year versus the S&P 500's gain of 8.5%. While Camping World has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Camping World was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.54 on $1.86 billion in revenues for the coming quarter and $0.59 on $6.45 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Original Equipment is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Lear (LEA), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31. This automotive seating and electrical distribution systems company is expected to post quarterly earnings of $3.89 per share in its upcoming report, which represents a year-over-year change of +12.1%. The consensus EPS estimate for the quarter has been revised 1.7% higher over the last 30 days to the current level. Lear's revenues are expected to be $6.14 billion, up 1.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Camping World (CWH) : Free Stock Analysis Report Lear Corporation (LEA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Revenues of $1.93 Billion, Net Income of $43.7 Million, and Adjusted EBITDA(1) of $112.1 Million Same-Store Used Vehicle Unit Sales Increased 5% for the Full Quarter, New Unit Share Increased Through May(2) SG&A Reduced by $26.6 Million, Quarter-End Cash Balance of $224.1 Million Full Year 2026 Adjusted EBITDA Outlook Revised to $230 Million to $270 Million LINCOLNSHIRE, Ill., July 29, 2026--(BUSINESS WIRE)--Camping World Holdings, Inc. (NYSE: CWH) ("CWH" or, collectively with its subsidiaries, the "Company" or "Camping World"), America’s Largest Recreational Vehicle Dealer, today reported results for the second quarter ended June 30, 2026. Matthew Wagner, Chief Executive Officer and President of CWH stated, "Earlier this year we emphasized three priorities: growing RV market share, accelerating Good Sam, and reducing SG&A. In the second quarter, our market share(2) exceeded last year’s record levels, Good Sam Services and Plans margin expanded, and SG&A came down $26.6 million. We delivered on our priorities in a difficult market." Mr. Wagner continued, "Our progress was more than offset by new RV industry trends that weakened during the peak selling season in May and June. Even so, we moved aged used inventory and prior-model-year new inventory as planned. These factors pressured vehicle gross profit and resulted in second-quarter earnings below our expectations. We are not satisfied with the result." Mr. Wagner added, "Building on the $35 million already realized through April, we have identified an incremental $100 million of structural SG&A savings and operating efficiencies, which we expect to be fully annualized by early 2028, with $50 million of run-rate savings expected to be achieved by the end of 2026. These savings come from simplifying how we run the business: better tools for our team, a more consistent experience for our customers, and greater operating leverage." Balance Sheet and Cash Flow At the end of the second quarter of 2026, cash and cash equivalents totaled $224.1 million. Total outstanding long-term debt was $1.405 billion. The Company's net debt(1) decreased $222.3 million, or 14.5%, at the end of the second quarter of 2026 compared to the second quarter of 2025. Tom Kirn, Chief Financial Officer of CWH commented, "Year-to-date we generated $333 million of operating cash flow, strengthened our balance sheet, and improved our inventory aging profile. Our capital allocation framework prioritizes disciplined capital expenditures, retention of working capital within the business, and reduction of our net debt leverage." Full Year 2026 Outlook(1) Mr. Wagner stated, "We are resetting our outlook to reflect what we know today in a highly volatile market, including a revised 2026 retail industry outlook of 290,000 to 310,000 new units, or down 15% year over year at the midpoint. Volume trends remain soft July-to-date, but we enter the second half of the year with healthier inventory and sequentially improving vehicle margins, which we believe gives us a path to year-over-year Adjusted EBITDA growth for the full year." For full year 2026, the Company is lowering its previous guidance range of Adjusted EBITDA of $275 million to $325 million to a new range of $230 million to $270 million. Second Quarter Operating Highlights(3) Revenue was $1.9 billion for the second quarter, a decrease of $41.9 million, or 2.1%. New vehicle revenue was $869.0 million for the second quarter, a decrease of $46.1 million, or 5.0%, and new vehicle unit sales were 22,312 units, a decrease of 4,384 units, or 16.4%. Used vehicle revenue was $580.3 million for the second quarter, an increase of $8.1 million, or 1.4%, and used vehicle unit sales were 19,882 units, an increase of 976 units, or 5.2%. Combined new and used vehicle unit sales were 42,194, a decrease of 3,408 units, or 7.5%. Average selling price of new vehicles sold increased 13.6%, and average selling price of used vehicles sold decreased 3.6%. Same store new vehicle unit sales decreased 16.3% for the second quarter and same store used vehicle unit sales increased 5.2%. Combined same store new and used vehicle unit sales decreased 7.3%. New vehicle gross margin was 10.9%, a decrease of 286 basis points, driven primarily by the 17.4% increase in the average cost per new vehicle sold, partially offset by the 13.6% increase in the average selling price per new vehicle sold. Used vehicle gross margin was 16.5%, a decrease of 397 basis points, 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. Products, service and other revenue was $217.6 million, a decrease of $5.3 million, or 2.4%, primarily due to reduced service, collision, and warranty work. Products, service and other gross margin was 47.3%, a decrease of 50 basis points, primarily driven by a lower mix of higher margin service and collision revenue and increased labor rates. Gross profit was $538.4 million, a decrease of $53.9 million, or 9.1%, and total gross margin was 27.8%, a decrease of 214 basis points. The gross profit decrease was mainly driven by the $31.2 million lower new vehicle gross profit, $21.4 million of decreased used vehicles gross profit, and $3.6 million of decreased products, service and other gross profit, partially offset by a $1.5 million increase in Good Sam Services and Plans gross profit. Selling, general and administrative expenses ("SG&A") were $410.9 million, a decrease of $26.6 million, or 6.1%. This decrease was 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 primarily related to software expenses and related maintenance expenses, a $2.2 million increase in advertising expenses, and a $1.9 million increase in rent expense. SG&A Excluding SBC(4) was $406.6 million, a decrease of $22.5 million, or 5.3%. As a percentage of gross profit, SG&A and SG&A Excluding SBC were 76.3% and 75.5%, respectively, an increase of 245 and 306 basis points, respectively. Floor plan interest expense of $19.9 million, a decrease of $1.1 million, or 5.4%, 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 average interest rate for the Company’s Floor Plan Facility for the three months ended June 30, 2026 and 2025 was 5.98% and 6.46%, respectively. Net income was $43.7 million for the second quarter of 2026, a decrease of $13.8 million, or 24.0%. Adjusted EBITDA was $112.1 million, a decrease of $30.2 million, or 21.2%. Diluted earnings per share of Class A common stock was $0.42, a decrease of $0.06, or 12.5%. Adjusted earnings per share – diluted(4) of Class A common stock were $0.57 for both the three months ended June 30, 2026 and 2025. The total number of our store locations was 200 as of June 30, 2026, a net decrease of one store location. RV Industry Trends The RV Industry Association’s ("RVIA") latest Summer 2026 edition of RV RoadSigns presented a 10.2% downward revision of its median forecast of 2026 wholesale shipments of new RVs from its previous Spring 2026 report, which would be 8.2% lower than 2025 new RV wholesale shipment levels. 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. 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, 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. Earnings Conference Call and Webcast Information A conference call to discuss the Company’s second quarter 2026 financial results is scheduled for July 30, 2026, at 7:30 a.m. Central Time. Investors and analysts can participate on the conference call by dialing 1-800-717-1738 (international callers please dial 1-646-307-1865). Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. Presentation materials are available at http://investor.campingworld.com. A taped replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online and by dialing 844-512-2921 (international callers please dial 1-412-317-6671). The pin number to access the telephone replay is 1189268. The replay will be available until August 6, 2026. Presentation This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States ("GAAP"), unless noted as a non-GAAP financial measure. The Company is the sole managing member of CWGS, LLC, with sole voting power in and control of the management of CWGS, LLC. As of June 30, 2026, the Company owned 61.5% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the second quarter ended June 30, 2026 to our financial results from the second quarter ended June 30, 2025. About Camping World Holdings, Inc. Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Through 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 unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. 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 connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 45 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about macroeconomic and industry trends, future SG&A savings and operating efficiencies, business plans and goals, future growth of our operations and our market share, future deleveraging activities, capital spending and allocation priorities, Adjusted EBITDA growth, operating leverage, future financial results, and centralization initiatives. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: general economic conditions, including inflation, interest rates and tariffs; the impact of geopolitical conflicts and gasoline prices; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the well-being, as well as the continued popularity and reputation for quality of our manufacturers; changes in consumer preferences; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store revenue; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; the restrictive covenants imposed by our Senior Secured Credit Facilities and Floor Plan Facility; our ability to execute and achieve the expected benefits of our cost cutting initiatives; our reliance on our fulfillment and distribution centers; impacts from natural disasters, including pandemics and health crises; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; regulatory risks; litigation risks; data privacy and cybersecurity risks; our inability to maintain or upgrade our information technology systems; material weakness in our internal control over financial reporting; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10‑K for the year ended December 31, 2025, as updated by our Quarterly Reports on Form 10-Q and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. We may use our official LinkedIn account at the handle @CampingWorld and the LinkedIn account of our Chief Executive Officer at the handle @MatthewWagner, as distribution channels of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels may be deemed material. Accordingly, investors should subscribe to these accounts, in addition to following our press releases, SEC filings and public conference calls and webcasts. Social media channels may be updated from time to time. Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net earnings attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net earnings attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (unaudited): Non-GAAP Financial Measures 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 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; SG&A Excluding SBC; and Net Debt and Net Debt Leverage Ratio (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 and Net Debt, 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. A full reconciliation of the forecasted Adjusted EBITDA to its most-directly comparable GAAP metric cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations. The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. EBITDA and Adjusted EBITDA 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, modification expense relating to the employment agreement with Marcus A. Lemonis ("Lemonis Second Employment Agreement"), losses and gains and/or impairment on investments in equity securities, and Tax Receivable Agreement liability adjustment. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA and Adjusted EBITDA in the same manner. We present EBITDA and Adjusted EBITDA 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. The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measures (unaudited): Adjusted Net Income Attributable to Camping World Holdings, Inc. and Adjusted Earnings Per Share 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 and loss on sale or disposal of assets, net, SBC, loss and/or impairment on investments in equity securities, the income tax (expense) benefit effect of these adjustments, income tax expense impact from the significant change in valuation allowance against deferred tax assets, and the effect of net income attributable to non-controlling interests from these adjustments. 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. 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, PSUs, and RSUs, 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. 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: Our "Up-C" corporate structure may make it difficult to compare our results with those of companies with a more traditional corporate structure. There can be a significant fluctuation in the numerator and denominator for the calculation of our adjusted earnings per share – diluted depending on if the common units in CWGS, LLC are considered dilutive or anti-dilutive for a given period. To improve comparability of our financial results, users of our financial statements may find it useful to review our loss per share assuming the full redemption of common units in CWGS, LLC for all periods, even when those common units would be anti-dilutive. The relevant numerator and denominator adjustments have been provided under "Anti-dilutive amounts" in the table above (see (k) above). SG&A Excluding SBC We define "SG&A Excluding SBC" as SG&A before SBC relating to SG&A. We caution investors that amounts presented in accordance with our definition of SG&A Excluding SBC may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate SG&A Excluding SBC in the same manner. We present SG&A Excluding SBC because we believe that investors’ understanding of our performance and drivers of our other Non-GAAP Financial Measures, such as Adjusted EBITDA, is enhanced by including this Non-GAAP Financial Measure. We believe it provides a reasonable basis for comparing our ongoing results of operations. The following table reconciles SG&A Excluding SBC to the most directly comparable GAAP financial performance measure: Net Debt and Net Debt Leverage Ratio We define "Net Debt" as the sum of long-term debt, finance lease liabilities and our revolving line of credit balance outstanding, if any, less cash and cash equivalents. We commonly use Net Debt along with Adjusted EBITDA, as described above, to calculate the "Net Debt Leverage" ratio, which we define as Net Debt divided by Adjusted EBITDA for the trailing twelve months. We caution investors that amounts presented in accordance with our definition of Net Debt may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Net Debt in the same manner. We present Net Debt because we believe that investors’ understanding of our solvency and borrowing capacity is enhanced by including this Non-GAAP Financial Measure. The following table reconciles Net Debt to the most directly comparable GAAP financial performance measure, which is total debt: View source version on businesswire.com: https://www.businesswire.com/news/home/20260729469894/en/ Contacts Investors:Brett [email protected] Media Outlets:[email protected]

The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how automotive and marine retail stocks fared in Q1, starting with Camping World (NYSE:CWH). At their essence, cars and boats get you from point A to point B, but the former is usually a necessity in everyday life while the latter is a luxury or leisure product. The retailers that sell these vehicles therefore cater to different needs and populations. There are also retailers that may not sell cars and boats themselves but the parts and accessories needed to keep these complex machines in tip top shape. The 10 automotive and marine retail stocks we track reported a satisfactory Q1. As a group, revenues missed analysts’ consensus estimates by 1.9%. In light of this news, share prices of the companies have held steady as they are up 1.5% on average since the latest earnings results. Founded in 1966 as a single recreational vehicle (RV) dealership, Camping World (NYSE:CWH) still sells RVs along with boats and general merchandise for outdoor activities. Camping World reported revenues of $1.35 billion, down 4.2% year on year. This print fell short of analysts’ expectations by 3.7%, but it was still a strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates. Interestingly, the stock is up 4.9% since reporting and currently trades at $7.27. Is now the time to buy Camping World? Access our full analysis of the earnings results here, it’s free. Known for its transparent, customer-centric approach and wide selection of vehicles, Carmax (NYSE:KMX) is the largest automotive retailer in the United States. CarMax reported revenues of $5.95 billion, flat year on year, outperforming analysts’ expectations by 3.9%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates. CarMax delivered the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 2.7% since reporting. It currently trades at $47.75. Is now the time to buy CarMax? Access our full analysis of the earnings results here, it’s free. Started as a single location in Rochester, New York, Monro (NASDAQ:MNRO) provides common auto services such as brake repairs, tire replacements, and oil changes. Monro reported revenues of $273.8 million, down 7.2% year on year, falling short of analysts’ expectations by 3.5%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates. As expected, the stock is down 11.2% since the results and currently trades at $14.70. Read our full analysis of Monro’s results here. A public company since early 2020, OneWater Marine (NASDAQ:ONEW) sells boats, yachts, and other marine products. OneWater reported revenues of $442.3 million, down 8.5% year on year. This result missed analysts’ expectations by 8.3%. It was a softer quarter as it also produced a significant miss of analysts’ revenue and EBITDA estimates. OneWater achieved the highest full-year guidance raise among its peers. The stock is up 4.9% since reporting and currently trades at $10.61. Read our full, actionable report on OneWater here, it’s free. With a diverse global network spanning the US, UK, Canada, Germany, Italy, Japan, and Australia, Penske Automotive Group (NYSE:PAG) operates automotive and commercial truck dealerships across the globe, selling new and used vehicles while providing service, parts, and financing options. Penske Automotive Group reported revenues of $7.86 billion, down 1.1% year on year. This number topped analysts’ expectations by 2.8%. It was a very strong quarter as it also recorded an impressive beat of analysts’ revenue and EBITDA estimates. The stock is up 11.1% since reporting and currently trades at $179.49. Read our full, actionable report on Penske Automotive Group here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. StockStory’s analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.

Image source: The Motley Fool. Thursday, April 30, 2026 at 8:30 a.m. ET Chief Executive Officer and President — Matthew Wagner Chief Financial Officer — Thomas Kirn Chief Administrative and Legal Officer — Lindsey Christen Senior Vice President and Investor Relations — Brett Andress Operator: Good morning, and welcome to the Camping World Holdings Conference Call to discuss Financial Results for the First Quarter Ended March 31, 2026. [Operator Instructions] Joining on the call today are Matthew Wagner, Chief Executive Officer and President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; Brett Andress, Senior Vice President and Investor Relations. I will now turn the conference call over to Lindsey Christen, Chief Administrative and Legal Officer. Please go ahead. Lindsey Christen: Thank you, and good morning, everyone. A press release covering the company's first quarter ended March 31, 2026 financial results was issued yesterday afternoon, and a copy of that press release can be found in the Investor Relations section on the company's website. Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks may include statements regarding our business plans and goals, macroeconomic and industry trends, customer trends, inventory strategy, future growth of operations and market share, capital allocation and future financial results and position. Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors section in our Form 10-K, our Form 10-Qs and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them. Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as EBITDA, adjusted EBITDA and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial statements are included in our earnings release and on our website. All comparisons of our 2026 first quarter results are made against the 2025 first quarter results, unless otherwise noted. I'll now turn the call over to Matt. Matt Wagner: Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. I'm pleased to report that despite a challenging RV industry backdrop, we delivered a first quarter that demonstrates the discipline and operating leverage we discussed on our last call. These results are a validation of the steps we believe will grow adjusted EBITDA and generate strong free cash flow for the full year. Market conditions came in softer than expected, but the underlying quality of this quarter is what I want you to take away from this call. On a year-over-year basis, we reduced SG&A by more than $29 million or 7.5% and improved our SG&A as a percentage of gross profit by 135 basis points. This is the transformation showing up in the numbers. On this call, we'll walk through the 3 priorities I laid out to start the year, growing new and used unit share, driving SG&A efficiency and accelerating Good Sam. Then I'll close with our outlook for the year. Our new unit sales outpaced the industry. According to SSI, new unit retail sales through February were tracking down in excess of 15%. We believe we outperformed the broader new RV sales market in every major category, driven largely by our exclusive brand strategy. Within the new Fifth Wheel segment, we're up nearly 10% year-to-date, driven by the introduction of private label products that hit compelling price points with unique features. On the used side, SSI data shows that the used RV industry has grown in 6 of the last 8 months through February, reinforcing our strategic focus on this end market. While we saw positive signs of growth within certain categories, our same-store used sales were down 2.6% in the quarter. We attribute the decline into January and February weather disruptions that limited our ability to aggressively move assets. More importantly, the year-over-year trajectory of our new and used volume improved as we moved through March, with new and used units in April trending to end the month slightly positive year-over-year. Moving to inventory and SG&A. Our message has been simple. Disciplined execution drives profitability and our metrics at the end of April reflect that focus. As of today, our total same-store RV unit inventory is down over 10% year-over-year, and we have purchased over 20% less units year-to-date year-over-year. Even on fewer units in inventory, our daily sales velocity for the month of April is positive versus last year. Our new model year 2025 inventory now sits at roughly 8% of total new inventory, down over 50% in units versus the same time last year. On SG&A, I'm very pleased with our progress. The 135 basis point improvement in SG&A to gross profit and the $29 million reduction reflects a fundamentally lower cost basis, not onetime savings. This includes $19 million of compensation reduction in the quarter and the consolidation of 13 store locations over the last year that sharpened the efficiency of our footprint. On top of $29 million SG&A reduction fully realized in the quarter, we also executed about $10 million of additional annualized cost rationalization, bringing our year-to-date total to nearly $35 million of annualized cost savings. Looking ahead, we see the potential for significant cost takeout opportunities from the AI initiatives we're rolling out across the enterprise, with the bulk of that opportunity sitting within our IT spend. We expect these initiatives to drive material hard dollar savings and improvements in dealership productivity and the customer experience. Longer term, we believe we are building a leaner, stronger company with greater operating leverage, and we expect that to translate into enhanced earnings and free cash flow. Good Sam also made great progress in the quarter, continuing its top line growth pace while stabilizing margins to roughly flat year-over-year. We expect to complete our Good Sam ERP overhaul in the second quarter, which will allow us to accelerate entry into adjacent marketplaces. And using AI, we have developed and deployed a custom in-house CRM solution specifically for our extended service plan business, and it's already showing early signs of productivity, conversion and revenue uplift. Good Sam remains a cornerstone of our long-term growth and the early margin stabilization we are seeing reinforces our conviction in the opportunity ahead. Less than 4 months into this year, we believe the new RV industry is likely tracking towards the lower end of our 2026 retail outlook, calling for 325,000 to 350,000 units, while the used RV industry is likely playing out towards the midpoint of our range, which is between 715,000 to 750,000 units. We believe that the momentum we have built on new market share, on inventory, on SG&A and on good Sam keeps us on track to grow adjusted EBITDA year-over-year. Today, we are reiterating our full year 2026 adjusted EBITDA guidance range of $275 million to $325 million. With that, I will turn the call over to Tom to walk you through our financial results in more detail. Thomas Kirn: Thanks, Matt. For the first quarter, we recorded revenue of $1.35 billion. New and used unit declines were partially offset by a richer mix with new vehicle average selling prices up approximately 4% year-over-year. On the new side specifically, we believe our unit volumes outpaced the industry in the quarter. As expected, vehicle gross margins were under pressure in the first quarter as we moved through assets in certain aging buckets. New vehicle gross margin declined 148 basis points to 12.2% and used vehicle gross margin declined 91 basis points to 17.7%. We expect this gross margin trend to continue through the second quarter, consistent with our commentary on last quarter's call before beginning to improve in the back half of 2026 as we expect velocity and aging improvements to take hold. New ASPs should also continue to increase at a similar rate year-over-year as we progress through the second quarter. Within Good Sam, we were pleased by the sequential improvement in gross margin from Q4, which is consistent with our expectations to yield returns on the significant operational investments we've made over the past 18 months. We believe Good Sam margins should show year-over-year improvements through the balance of the year. Our first quarter adjusted EBITDA of $28 million compares to $31.2 million in the first quarter of 2025. The decline in gross profit was largely mitigated by the $29 million SG&A reduction. We ended the quarter with $200 million of cash on the balance sheet, and our net debt leverage ratio improved to 5.6x compared to 8.1x at the end of the first quarter of 2025. Our cash flows from operating and investing activities improved markedly year-over-year as we remain focused on our inventory turn goals and CapEx restraint. We also paid down $56 million of debt in the quarter. Our capital deployment framework continues to focus on strengthening the balance sheet while retaining growth capital within the business. With that, I will turn it back to Matt. Matt Wagner: Thanks, Tom. I'll close with this. This is my first full quarter as CEO since stepping into the role at the top of the year. And while we're still in the early innings of the plan we laid out on last quarter's call, I am proud of what our team has accomplished so far. We took share, we pulled down costs, and we strengthened our balance sheet. Operator, we're now ready to take your questions. Operator: [Operator Instructions] And your first question comes from Bret Jordan from Jefferies. Patrick Buckley: This is Patrick Buckley on for Bret. On the F&I per unit, it looks like a pretty healthy step up. Can you talk a bit more about the dynamics there and what drove that and maybe the outlook moving forward? Matt Wagner: Yes, it has been a really fascinating dynamic where historically speaking, when our average sales price goes up, that F&I penetration typically goes down a little bit. And oftentimes, it's an immaterial amount, maybe 25 to 50 basis points. But we have seen some interesting dynamics recently within the F&I segment. Specifically, we've been tracking the amount of down payment that consumers are coming into the finance office with. And therefore, they also are looking to add on a number of different finance products in the back-end. More specifically, we've recognized a pattern that those consumers that are buying more expensively priced assets, oftentimes in excess of $50,000 average sale price are actually coming down with a higher down payment than we've seen historically, whereas those consumers that are buying lower-priced assets, oftentimes under, say, $25,000, they're actually coming to the finance office with a little bit lower down payment amount. In either cohort, though, we're still seeing a higher product attachment. That is all the Good Sam affinity products that we offer, be it roadside assistance, extended service plans, tire wheel protection, et cetera. So largely, our inventory strategy has been derived from these trends that we've been seeing not only over the last few months, but even leading into this year, that there's clearly this K-shaped economy that's forming here. And those customers that are oftentimes buying those higher average sale price assets do have a willingness not only with more money that they're coming to the finance office, but also to protect their asset and becoming a part of our whole Good Sam affinity network. Patrick Buckley: Got it. That's helpful. And then on the recent used value trends, a bit of a decrease in ASPs. I guess is there anything notable driving that? And a bit of a follow-up there. We have seen some headlines on negative equity value in light vehicles and cars. Are you seeing any trends like that in your customers? Matt Wagner: We've spoken extensively over our last few earnings calls about just the negative equity position that a lot of consumers have found themselves in coming out of that pandemic period in particular. We're not seeing that negative equity trend being amplified similar to what I saw in that same article you probably read within the automotive industry. Rather, we're seeing more of a corrective self-healing environment in this industry, where we've been in this environment for the last going on 5 years now, where you've seen declining demand on the new RV sales side, which I believe is a high corollary to what that negative equity position has been historically. So when I think of just that ASP coming down, it was kind of an immaterial amount. And we're keeping a watchful eye on that. But I wouldn't put too much stock in Q1, which I would oftentimes regard as a very volatile quarter, where we know about 20% of our volume in terms of new and used unit sales oftentimes comes out of Q1. Really, it's in the meat of the selling season where I think you can more effectively assess what the trends are going to be. And we're seeing it in Q2, Q3, there is a stabilization here compared to what we had projected for the year. We believe that we're still on pace for our used ASPs to land in that $31,500 range, give or take. And we believe that there should be stabilization here as we look into out years. Operator: And your next question comes from James Hardiman from Citigroup. James Hardiman: Congrats on a strong quarter given a lot of moving pieces, a lot of curveballs thrown at you guys. And I guess maybe along those lines, obviously, rough weather to start the year. And then just as the weather seems to be getting a little bit better, war started in the Middle East. So maybe walk us through some of what you saw over the course of the quarter and beyond to help us discern the weather impact from the Middle East impact and how you're thinking about that going forward? Were it not for the Middle East situation, do you think you'd be raising today? Just trying to understand sort of the moving parts there. Matt Wagner: James, thanks for the question. This really was quite a textured quarter, and I wish it was a lot smoother and a lot clear to be able to explain. But I can tell you, we entered the year firing on all cylinders. We had a great show season. And actually, our success at show seasons prevailed throughout the entirety of the quarter, which really manifested itself in, I believe, our outperformance on the new RV sales side, regardless of whatever the backdrop was that we were confronted with. But you are correct that when we had to shut down in excess of 60 of our stores for at least a day between January and February, that was clearly the biggest disruption that we saw. In our last earnings call, we spoke about we think that we missed out on about 1,500 unit sales. And coincidence or not, we were actually off on same-store unit sales about 1,700 units. So perhaps that was the biggest driving factor. And as we transition into March, in particular, that was also kind of a choppy month, where we had a couple of weeks stretch where we did very well in particular. And then we had a couple of week stretch where we were just kind of scratching our head and so why were we off a little bit? So either way, though, we saw a lot more stabilization as we started to exit March and enter into April, where things started to come into clear focus and picture as to what we believe we could experience throughout the balance of Q2 in particular. And we took a lot of thoughts in the fact that we ended March strong. We're now trending throughout April. And obviously, today, we're closing a lot of deals, and we're looking to wrap up the month of April, but we are trending to be positive on a same-store basis, new and used combined. Used obviously trending up high single digits year-over-year on a same-store basis, new about flat to slightly down, which we believe is still an outperformance of what we're seeing. More to come here, though, as this year progresses. But to start the year, we believe that we weathered a very volatile environment exceedingly well. James Hardiman: That's really helpful. And then the headline here is obviously that you guys are reiterating the $275 million to $325 million. Obviously, it's never quite that easy, but nothing changed. I think you guys called out new RV from an industry perspective, maybe at the lower end of the previous range, used in line. But maybe within the context of the full year EBITDA guidance, any other puts and takes we should be thinking about, whether it's ASPs or margin within that broader context? Matt Wagner: I think the numbers that we previously provided for our full year outlook of ASPs and margin in particular, really hold true still, where we did have a bit of an outperformance even based upon our expectation of some margin on the used side. And that's largely attributable to the fact, as I said previously, that Q1 is a volatile quarter, and it's not necessarily going to be the principal driver of the overall annualized results. But as we think through the balance of the year, we know that we can control much more of our SG&A structure. And that's where you saw as evidenced by our Q1 results that we were very focused on ensuring that we are optimizing every component of this business, and we're going to remain focused on all of the SG&A opportunities that still exist out there. We're providing updates as we complete different objectives as opposed to projecting what we think we will get done. And we'll continue to over the ensuing quarters ensure that we're hitting our goals in this guidance range with the things that we can control. Operator: And your next question comes from Joe Altobello from Raymond James. Joseph Altobello: A few questions on the inventory initiatives. You've talked about taking turns on new and used up by roughly, I think, half a turn or so by the end of this year. Is that still your target? Is the bulk of that going to be done by the end of the second quarter ahead of the model year changeover? Or do you think some of that spills over into the second half? And is the hit on that EBITDA still around $35 million? Matt Wagner: We believe that you should be looking at those turnover goals on an annualized basis, in particular, because how we calculate that for purposes of just the markets in particular, is looking at a quarterly snapshot of any inventory balances as compared to a trailing 12-month total COGS amount attributable to that inventory. So as such, the annualized turnover number takes a little bit of time to actually percolate throughout the entire system. So we will make very good progress, we believe, throughout the balance of Q2 in terms of rationalization of inventory that we'd like to continue to push through. And that's going to be aged multiyear new 2025 units, which, by the way, we reduced those 50% from the last time we even spoke with you. Never mind when you look at year-over-year. So we've made really good progress on the new side of derisking that in particular. On the used side, just as well, we didn't quite sell as much volume as we wanted to in Q1. So we know in Q2, this is our greatest opportunity where demand just seasonally adjusts and seasonally becomes a bigger opportunity for us to continue to push assets through the system. We would anticipate that our Q2 ending inventory balance on used will actually probably be close to down if we had to project out. And as we look through the balance of the year, that's where we're being very diligent about replenishment as well as ensuring that we have this nice balance of good fresh product coming in with margin augmentation while continue to push out some assets that are a little bit aged at this moment. So when we think of these actual annualized turnover goals, I look more so over the total balance of the year as opposed to trying to break it down quarter-by-quarter. Joseph Altobello: Okay. So it will be gradual. Is that kind of what you're saying? Okay. And then the second question on the Costco partnership. Curious how that's going and maybe what we could see from an EBITDA contribution. So I believe that's not in your guidance at this point. Matt Wagner: It's not. And admittedly, this is a partnership that both parties want to ensure it's executed flawlessly. So we've started out a little bit slower in that relationship than we would have preferred. We sprung it up really fast, and we've been working diligently with the Costco auto buying program to ensure that we just have the best experience for these Costco consumers. So while we were just a little bit unhappy with how certain lead flows were going, the general pricing logic, we actually took a little bit of a pause for a moment. And we've been working with them over the last 6 weeks now to actually recreate the entire online product listings pages, product detail pages. We came up with a whole new pricing algorithm. So we'll start to see the fruits of that labor, we believe, beginning in May, when that's when we'll have our first warehouse roadshow begin. And this actually coalesces very nicely with seasonally the opportunities that we see. May oftentimes is going to be the largest unit volume month for the industry and for us as a company. And June oftentimes represents the highest revenue month as a company and as an industry. So this will be the best opportunity for us to have gone through this exercise, ensure that we are flawlessly executing this and really more to come here. We're hopeful over the next 3 months when we speak with you that we'll have really good feedback to provide back. Operator: And your next question comes from Tristan Thomas-Martin from BMO Capital Markets. Tristan Thomas-Martin: So early in the year, we were hearing quite a bit about kind of like the pre-COVID cohort coming back and trading in. So I'm curious if you could maybe -- one, is that true? Can you quantify it? And maybe how did that trend over the course of the quarter? Matt Wagner: In the early phase of this year, Tristan, we've not yet seen a material increase in trade-in percentages yet. We have recognized though that those consumers that had bought in that 2018 to 2021 time period are starting to come back in. And that's just evidenced by us looking at the general average model year of assets that are coming back into inventory right now. So we do believe that there has been some self-healing of these consumers that were confronted with negative equity. But as we said in the last call, we would anticipate by the end of this year to be in the early innings of what we think will be a trade-in cycle that will continue to materialize with greater frequency and really magnitude over the ensuing 3 to 5 years, where at that point, beginning in '27, '28, the industry should start to see the benefit of a double stack effect. And what that means is, those consumers that were buying in 2020, '21, '22 that have just been sitting on the sidelines here for a little bit longer than we historically had anticipated, but they'll also be augmented by those same consumers that benefited from the deflation that existed in the RV industry in 2024. So in other words, you'll have a 2020 and the '21 cohort as well as the '24 cohort, all coming back into the marketplace all around the same time period. And this is now where we believe it's more of a theoretical debate of the industry has never quite seen this before. So how big is that order of magnitude, don't quite know yet, but we'll continue to provide you more insights as we have them readily available. Tristan Thomas-Martin: Okay. Awesome. And then just given all the talk around kind of raw material inflation, how are you thinking about model year '27 pricing, both like-for-like and then kind of your mix? Matt Wagner: So we, obviously, in 2026, have seen roughly a 5% to 7% increase compared to model year '25. We've been working diligently with our manufacturing partners to ensure that we are focused on affordability. That has been a problem that has plagued this industry off and on over the last 5 years. We've already started to receive some model year 2027 motorized units, and we're pleased to report as of this moment, we're only seeing about a 1% to 2% price increase, which we believe is roughly in line with what consumers can handle based upon inflation. And we all know, ideally, these prices be relatively stabilized as opposed to seeing any sort of inflation or deflation. Towables are starting to -- or will be hitting lock over the next, I'd say, 1.5 months to 2 months here. So we'll have a clearer view as to what those price increases could or will be. Based upon conversations, they could be anywhere from 1% to 3%. We're hopeful that there'll be different opportunities for us to work with our manufacturing partners and supplier partners just to ensure that we are keeping as many consumers in this industry and actually attracting that many more customers back into this industry. Operator: Your next question comes from Scott Stember from ROTH Capital Markets. Scott Stember: Can we talk about the products and parts and service side? I know the narrative over the last year, 1.5 years has been prioritizing used reconditioning work over some of the more like warranty and customer pay work just because of what's available from a service day perspective. Is there any change to that narrative going forward, particularly as the wear and tear cycle on these multiple millions of RVs that have been sold since the pandemic starts to kick in over the next year? Matt Wagner: So the narrative still remains relatively the same, given that our focus on used, in particular, is going to drive a lot of the service needs. And as you know, Scott, when we actually recondition that asset, that service revenue gross profit actually moves to that used asset in so much as you're actually improving the value of that asset. So that has worked against us in terms of looking at the parts, service and other category. But I can tell you in terms of our actual parts component of that segment, we've seen a nice improvement in customers coming back in and looking for those replacement components. But what we need to do is do a better job as a company is continue to ensure that those customers are not only buying that part from us, but they're also leveraging our service capacity. And we need to get a little bit better here as we move through the balance of this year, but really with a focus on the back half of this year into next year to ensure that we're growing more external service work more effectively. This entire industry has had a capacity issue, inefficient supply chain issue. And we believe we've been working on a lot of creative methodologies and tools to ensure that we do a much better job in the ensuing quarters, but more importantly, years. Scott Stember: Got it. And then last question on the balance sheet, nice improvement on the leverage ratio. It looks like cash flow in the first quarter was up nicely over last year. Can you give us some expectations where you would expect maybe free cash flow to find its way by the end of the year as well as the leverage ratio? Thomas Kirn: Sure, Scott. As we think about -- I mean, free cash flow for our company, I mean, if you take our guidance range and you back out our term loan interest and our real estate interest, maybe $10 million to $15 million of cash taxes. Our goal this year in terms of net CapEx is to be south of $100 million for the year when you back out sale leasebacks that we're executing on projects that were previously completed. So that's kind of how we're thinking about managing and tightening the CapEx line as we move through the balance of the year. Operator: And your next question comes from Andrew Didora from Bank of America. Andrew Didora: Matt, I just kind of wanted to dig in maybe a little bit more on SG&A. You clearly got off on the right foot here to start the year. The way we look at it, it has been running just over $1.5 billion for each of the past 5 years or so, I guess, when we exclude stock comp. Do you think you can flex below that? Or can you maybe give us a little bit more insight into how you think about the opportunity within that line item? Matt Wagner: I'm not going to give a specific range yet. And I'd rather we continue down the path that we're on right now, where we are very focused on implementing a variety of different processes, tools and rationalization methods to ensure that we maintain this pace that we're on today and continue to provide feedback. I could tell you as a proof point, over the last few months, we've been heavily invested in researching all different opportunities that exist with AI. We've set up a lot of different teams separately to figure out different ways to optimize different SaaS environments or software environments and also to eliminate unnecessary consulting contracts that exist out there. As just one proof point, you heard in my prepared remarks that we spoke about how we created our own bespoke CRM for just one specific business line of just our extended service plan business. And using that as just one proof point in particular, we had originally budgeted for this year $800,000 to stand up that specific environment, plus we are anticipating ongoing maintenance associated with that environment of roughly $400,000 to $500,000 a year. If we were to break that down, that would oftentimes be just a normal environment that we had a third-party tech company come in, help us out with, and every business can speak about the fact that once you bring in this environment, you'll have ongoing support and maintenance costs associated with it. We were able to stand up that entire environment with 3 individuals in particular, taking the product and technical lead, which is really just sweat equity. We were able to then turn it over to the rest of our IT organization to ensure that we are fully in compliance, fully safe and secure, and we're able to stand up our infrastructure team to actually execute all of that in 26 days. And we believe that on an ongoing basis, it will require the time of maybe 1/4 of the time of one FTE to maintain that environment. And then it just naturally gets inbuilt in our overall infrastructure and security environment as well. So when you think of just that as one specific proof point that we needed to prove to ourselves that we could start to scale up this environment faster and faster, we see a lot of opportunity, specifically within the IT spend. Andrew Didora: Got it. That's some helpful color. And maybe just for my second question, I was going to ask the CapEx question this year, but I guess kind of how should we think about that maybe over the next 3 years once you exclude any SLBs that you do? And I guess on that note, how can you improve maybe your EBITDA to free cash flow conversion over time? Matt Wagner: I think, as we look forward, I mean, for this year, obviously, I mentioned south of $100 million is the goal for this year. There are some onetime projects in there or what we believe are onetime projects in there for some new builds and some larger construction items. We haven't typically published a maintenance CapEx range in the past, but I think there is room in there to get that closer to the $75 million range from a maintenance perspective. And then as we continue to grow our footprint or see other opportunities to move facilities or if we have needs on the real estate side to move facilities, that's where you see us historically have to flex and maybe purchase some real estate. And then in a subsequent year, sell that real estate to a REIT as we kind of move in and out of facilities. So that's where historically, you've seen the number move a little bit year-to-year, and that may be the case going forward. So I don't want to peg it to an exact number, but that's sort of the range for maintenance and also what we're looking at for this year as a goal. Operator: And your next question comes from Noah Zatzkin from KeyBanc Capital Markets. Noah Zatzkin: I guess just on the kind of March and April commentary, it would appear that your comments kind of point to meaningful share gains versus at least what we're hearing from others out there in terms of how the industry kind of trended in March and April. So I guess, first, is your sense that, that's the right way to think about it? And if it is, what do you think has kind of led to the share gain acceleration? Matt Wagner: No, as you know, by the way, we'll have some more Stat Survey Information over the next week that will provide us insights into March's retail activity. And that's where we largely rely upon that as the independent third party to provide us actual insights based other than just speculative behavior within the industry or even us speculating on it. But we do believe, based upon January and February's results that we have had a significant outperformance. And I believe that's attributable to our replenishment and our inventory strategy associated with our exclusive brands. And even as we look at our specific exclusive travel trailer brands in the month of April, we're trending to be up in excess of 20% on just our exclusive travel trailer brands year-over-year, which was a relatively difficult comp for that same lineup of brands. So when I juxtapose that against traditionally OEM brands that exist out there, we're not performing quite as well with those OEM brands. So I think of how creative our team has been of not only continuing to work with manufacturers and suppliers to ensure that we have very creative floor plans, but most importantly, we're hitting the affordability curve of consumers in this industry, and we're attracting greater consumers into the industry. We believe we've been best-in-class at least our exclusive brand strategy, especially over the last 2 to 3 years. Noah Zatzkin: And maybe just one on the industry. Any sense for kind of industry inventory levels right now? Anything in terms of what you're seeing on promo from others? Just kind of a state of what you're seeing out there would be helpful. Matt Wagner: I wish we had better insights into what the actual rolling stock of inventory was in the entire industry. It's almost impossible for us to calculate. We've tried in a variety of different ways. But given the very nature that there are wholesalers that exist in the industry, and there's a lot of rental units that are sold, sometimes [ FEMA ] has a contract with different dealers and those don't necessarily get registered as cleanly. It has been really difficult for us to zero-in on what actual rolling stock inventory is. But based upon just us working with different competitors, knowing different competitors, it does appear that there is quite a promotional environment that exists out there, which is why we try to be pragmatic about our approach to inventory and to pricing for the year and be very realistic about what the margin profile could look like for the balance of the year. Operator: And your last question comes from Alice Wycklendt from Baird. Alice Wycklendt: Matt, I think you touched on it a little bit in your comments on F&I with kind of the consumer down payments. But maybe I wanted to step back big picture and hear maybe what you're seeing in the credit environment more broadly from a consumer financing perspective. Thomas Kirn: I'll handle a portion of the question, and then I'll turn it to Brett Andress as well to speak more intelligently about our relationship with the lenders that we have. But as of right now, we've not seen any sort of different behaviors in terms of like credit profile or approval rates. We have been working very effectively with our lenders to ensure that we're doing our best to maintain current rate, if not driving them down. But in terms of the overall creditworthiness of our customers, we feel really good with what we're seeing right now. Brett Andress: Yes, Alice, I would say from a consumer lending pricing standpoint over the last couple of months, we have actually seen rates start to drift down at a rather increasing rate actually over the last couple of weeks. So with all the rate vol out there, I think that has been encouraging to us as we go into the season. Hopefully, some of that vol starts to probably ease itself, and we can find some additional cuts as we go through the season, but it has been more favorable over the last couple of weeks from a pricing standpoint. Alice Wycklendt: Great. That's helpful. And then maybe just a little bit of housekeeping question. I mean your location is down 10 year-over-year, but up, I think, 3 sequentially. How should we think about your plans for the number of locations over the next 3 quarters or so? Matt Wagner: Actually, last month, we did close on an acquisition, tiny little M&A in Indiana, which fit through the very disciplined framework that we spoke about on the last call, where we were able to acquire the store for a little goodwill. It's in a very favorable market with good brands where we have low market share. And we were fortunate in so much of being able to pick this up and just fill out our map. We'll continue to be diligent about looking at different M&A opportunities, but we also want to be very disciplined about how we're approaching them as opposed to we could, in many situations, just buy brands off of dealerships that want to get out of the industry or just want to unwind whatever they're working on within their localized market. And this is frequently as we get opportunities to buy a dealership, we're able to turn that back around then and say, do we really want to acquire the fixed costs associated with that dealership? Or do we really just want the brands and consolidate the marketplace. And we've taken that latter position in quite a few environments where we were able to work with, I believe, 3 dealerships now year-to-date. We're able to acquire either all the brands or some of the brands off their lot. So what we're going to end up with for the year, tough to say. We're going to be opportunistic and continue to look through the framework of does it make sense for us from a goodwill perspective? It's going to be highly accretive. Are we able to get in there for a low rent factor if we could acquire the real estate for a reduced amount? And do we have low market share there. Operator: And there are no further questions at this time. Mr. Matthew Wagner, you may proceed. Matt Wagner: Thank you for everyone's time this morning. We're quite pleased with our results in Q1. We still know we have much more work to do, and we look forward to speaking with you all again in the next 3 months. Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation, and you may now disconnect. Have a great day. Before you buy stock in Camping World, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Camping World wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $496,797!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,282,815!* Now, it’s worth noting Stock Advisor’s total average return is 979% — a market-crushing outperformance compared to 200% for the S&P 500. 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Management emphasized cost discipline, with SG&A down more than $29 million year‑over‑year (7.5%) and nearly $35 million of annualized savings realized to date, and flagged AI initiatives and other efficiencies as sources of further hard-dollar savings. Camping World said new unit sales outpaced the industry despite a softer market, but weather disruptions in Jan–Feb likely cost about 1,500 unit sales; total same-store RV unit inventory was down more than 10% year‑over‑year and purchases were >20% lower year‑to‑date. Financials showed Q1 revenue of $1.35 billion and adjusted EBITDA of $28 million, while the balance sheet improved to net debt leverage of 5.6x (from 8.1x) with $200 million cash and $56 million of debt paid down; the company reiterated full‑year adjusted EBITDA guidance of $275–$325 million and expects net CapEx to be south of $100 million. Interested in Camping World? Here are five stocks we like better. Lower Rates Put RV Stocks Back in the Fast Lane Camping World (NYSE:CWH) executives emphasized cost discipline, inventory reductions, and progress at Good Sam as the company navigated what CEO and President Matthew Wagner described as a “challenging RV industry backdrop” in the first quarter ended March 31, 2026. On the call, Wagner said market conditions were “softer than expected,” but argued the “underlying quality” of the quarter reflected execution against three priorities: gaining share in new and used RV sales, improving SG&A efficiency, and accelerating Good Sam. CFO Tom Kirn reported first-quarter revenue of $1.35 billion and adjusted EBITDA of $28 million, compared with $31.2 million a year earlier. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss 3 Stocks Gaining Traction in Their Turnaround Stories Wagner highlighted a year-over-year reduction in SG&A of more than $29 million, or 7.5%, alongside a 135-basis-point improvement in SG&A as a percentage of gross profit. He said the lower cost base was “not one-time savings,” pointing to $19 million in compensation reductions during the quarter and the consolidation of 13 store locations over the past year. In addition to the savings realized in the quarter, Wagner said the company executed roughly $10 million of additional annualized cost rationalization, bringing year-to-date annualized savings to “nearly $35 million.” He also pointed to additional cost takeout opportunities tied to artificial intelligence initiatives, which he said were expected to drive “material, hard dollar savings,” particularly within IT spend, while also improving dealership productivity and customer experience. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Camping World: when dividend cuts are a good thing During the Q&A, Wagner gave an example of internal AI-driven development: a custom in-house CRM for the extended service plan business. He said the company had originally budgeted $800,000 to stand up that environment plus $400,000 to $500,000 in annual maintenance, but instead built it with three employees and deployed it in 26 days. He said ongoing upkeep should require “maybe a quarter of the time of one FTE.” Wagner said Camping World’s new unit sales outpaced the industry during the quarter. Citing Statistical Surveys Inc. (SSI) data, he said new unit retail sales through February were tracking down “in excess of 15%,” while Camping World believed it outperformed “in every major category,” driven largely by its exclusive brand strategy. In the new fifth-wheel segment, Wagner said the company was up nearly 10% year to date, helped by private label products positioned at “compelling price points with unique features.” → Is Oracle Undervalued as Cloud Growth Accelerates? Used RV industry trends were more constructive, according to Wagner, who said SSI data showed the used RV industry grew in six of the last eight months through February. Even so, Camping World’s same-store used sales fell 2.6% in the quarter, which management attributed to weather disruptions in January and February. Wagner said the company shut down more than 60 stores “for at least a day” during that period, calling it the biggest disruption of the quarter. He reiterated prior commentary that the company believed it missed about 1,500 unit sales due to the disruptions and noted same-store unit sales were down about 1,700 units. Management said trends improved as the quarter ended. Wagner said the year-over-year trajectory of new and used volume improved through March and that April was trending “slightly positive” year over year by month-end. He told analysts the company was trending positive in April on a same-store basis for new and used combined, with used units up “high single digits” year over year and new units “flat to slightly down,” which he said still represented outperformance relative to the broader market. When asked about consumer trade-in behavior, Wagner said the company had “not yet seen a material increase in trade-in percentages,” but was seeing evidence that customers who bought in the 2018–2021 period were starting to return, reflected in the average model year of inventory coming back into the system. He described a “self-healing” process for consumers previously impacted by negative equity and said the company anticipated being in the “early innings” of a trading cycle by year-end, potentially building over the next three to five years. Wagner said inventory discipline remained central, noting that as of the time of the call, total same-store RV unit inventory was down more than 10% year over year and that the company had purchased more than 20% fewer units year to date versus the prior year. He also said daily sales velocity in April was positive versus last year, even with fewer units on hand. He highlighted progress reducing exposure to older model-year inventory: model year 2025 units represented roughly 8% of total new inventory, down more than 50% in units from the same time last year. Kirn said the quarter’s unit declines were partially offset by “a richer mix,” with new vehicle average selling prices up about 4% year over year. However, he said vehicle gross margins were under pressure as the company moved through certain aging buckets. New vehicle gross margin fell 148 basis points to 12.2%, and used vehicle gross margin declined 91 basis points to 17.7%. Kirn said management expected margin pressure to continue through the second quarter before improving in the back half of 2026 as velocity and aging improvements took hold. He also said new ASPs were expected to continue increasing at a similar pace year over year into the second quarter. On used pricing and negative equity concerns, Wagner said the company was not seeing negative equity trends “being amplified” in the RV business in a way similar to recent automotive headlines. Instead, he described a “corrective self-healing environment” in the RV industry. He characterized first-quarter used ASP movement as “kind of an immaterial amount,” and said the company still expected used ASPs to land around $31,500, “give or take,” with stabilization in future periods. Wagner also discussed manufacturer pricing expectations, saying 2026 pricing was up roughly 5%–7% versus model year 2025. Looking ahead, he said early model year 2027 motorized units were showing only about a 1%–2% price increase, while towables—expected to arrive over the next one to two months—could be up 1%–3% based on conversations. Management framed Good Sam as a key growth pillar. Wagner said the segment continued its top-line growth pace while margins stabilized to roughly flat year over year. He said the company expected to complete a Good Sam ERP overhaul in the second quarter, which he said would support expansion into adjacent marketplaces. Kirn said Good Sam posted a sequential gross margin improvement from the fourth quarter, consistent with expectations that operational investments made over the past 18 months would begin yielding returns. He added that the company expected Good Sam margins to improve year over year through the remainder of 2026. On the balance sheet, Kirn said Camping World ended the quarter with $200 million of cash and improved its net debt leverage ratio to 5.6x from 8.1x at the end of the first quarter of 2025. He said cash flows from operating and investing activities improved “markedly” year over year as the company focused on inventory turns and CapEx restraint, and he noted the company paid down $56 million of debt during the quarter. In response to questions on free cash flow and capital spending, Kirn said the company’s goal for 2026 net CapEx was “south of $100 million” after considering sale-leasebacks tied to previously completed projects. He said there was “room” to bring maintenance CapEx closer to the $75 million range, though total spending could flex depending on facility moves and real estate decisions. Wagner said the company now expects the new RV industry to track toward the lower end of its 2026 retail outlook range of 325,000 to 350,000 units, while the used RV industry is expected to be around the midpoint of its 715,000 to 750,000-unit range. Despite that, the company reiterated full-year 2026 adjusted EBITDA guidance of $275 million to $325 million. “We took share, we pulled down cost, and we strengthened our balance sheet,” Wagner said, adding that the first quarter was his first full quarter as CEO after stepping into the role at the start of the year. Camping World Holdings, Inc (NYSE: CWH) is a leading specialty retailer of recreational vehicles (“RVs”), RV parts and services, and outdoor lifestyle products. The company operates an extensive network of full-service RV dealerships, providing new and pre-owned RV sales alongside comprehensive maintenance, repair and warranty services. In addition to its dealership operations, Camping World offers a broad assortment of RV parts, accessories and gear through both its physical retail locations and e-commerce platform. Beyond RV sales and service, Camping World's offerings encompass outdoor cookware, apparel, camping and towing accessories under various proprietary and third-party brands. The article "Camping World Q1 Earnings Call Highlights" was originally published by MarketBeat.