Camping World (CWH) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Entity Registrant Name	Camping World Holdings, Inc.
Entity Central Index Key	1,669,779
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Class A common stock
Entity Common Stock, Shares Outstanding		36,527,406
Class B common stock
Entity Common Stock, Shares Outstanding		50,836,629
Class C common stock
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 163,225	$ 114,196
Contracts in transit	79,499	29,012
Accounts receivable, net	73,700	58,488
Inventories, net	1,204,138	909,254
Prepaid expenses and other assets	27,685	21,755
Total current assets	1,548,247	1,132,705
Property and equipment, net	183,485	130,760
Deferred tax assets, net	262,433	125,878
Intangibles assets, net	37,972	3,386
Goodwill	328,402	153,105
Other assets	17,940	17,931
Total assets	2,378,479	1,563,765
Current liabilities:
Accounts payable	158,026	68,655
Accrued liabilities	125,349	78,044
Deferred revenues and gains	78,934	68,643
Current portion of capital lease obligations	908	1,224
Current portion of tax receivable agreement liability	7,378	991
Current portion of long-term debt	7,400	6,450
Notes payable - floor plan, net	799,682	625,185
Other current liabilities	26,822	16,745
Total current liabilities	1,204,499	865,937
Capital lease obligations, net of current portion	207	841
Right to use liability	10,231	10,343
Tax receivable agreement liability, net of current portion	102,485	18,190
Long-term debt, net of current portion	709,507	620,303
Deferred revenues and gains	56,782	52,210
Deferred tax liabilities	49
Other long-term liabilities	35,775	24,156
Total liabilities	2,119,535	1,591,980
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, par value $0.01 per share - 20,000,000 shares authorized; none issued and outstanding as of September 30, 2017 and December 31, 2016
Additional paid-in capital	157,031	74,239
Retained earnings	35,655	544
Total stockholders' equity attributable to Camping World Holdings, Inc.	192,994	74,978
Non-controlling interests	65,950	(103,193)
Total stockholders' equity (deficit)	258,944	(28,215)
Total liabilities and stockholders' equity (deficit)	2,378,479	1,563,765
Class A common stock
Stockholders' equity (deficit):
Common stock	302	189
Total stockholders' equity (deficit)	302	189
Class B common stock
Stockholders' equity (deficit):
Common stock	6	6
Total stockholders' equity (deficit)	$ 6	$ 6

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Stockholders' equity
Preferred stock par value	$ 0.01	$ 0.01
Preferred stock authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Class A common stock
Stockholders' equity
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	30,227,113	18,935,916
Common stock, outstanding	30,227,061	18,935,916
Class B common stock
Stockholders' equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	69,066,445	69,066,445
Common stock, outstanding	57,031,184	62,002,729
Class C common stock
Stockholders' equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1	1
Common stock, issued	1	1
Common stock, outstanding	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Total Revenue		$ 1,239,002	$ 991,071	$ 3,405,484	$ 2,856,674
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		882,335	710,835	2,424,226	2,054,658
Operating expenses:
Selling, general, and administrative		236,174	186,255	640,108	536,966
Depreciation and amortization		8,382	6,219	22,819	18,144
(Gain) loss on sale of assets		(5)	21	(292)	(227)
Total operating expenses		244,551	192,495	662,635	554,883
Income from operations		112,116	87,741	318,623	247,133
Other income (expense):
Floor plan interest expense		(7,414)	(4,322)	(19,303)	(14,851)
Other interest expense, net		(11,012)	(12,715)	(30,973)	(38,040)
Other expense, net		(96)		(79)	(2)
Total other income (expense)		(18,522)	(17,037)	(50,355)	(52,893)
Income before income taxes		93,594	70,704	268,268	194,240
Income tax expense		(8,336)	(2,288)	(28,247)	(4,638)
Net income		85,258	68,416	240,021	189,602
Less: net income attributable to non-controlling interests		(65,131)		(193,036)
Net income attributable to Camping World Holdings, Inc.		$ 20,127	68,416	$ 46,985	189,602
Weighted average shares of Class A common stock outstanding (1):
Dividends declared per share		$ 0.1532		$ 0.4596
Class A common stock
Other income (expense):
Net income		$ 85,258		$ 240,021
Less: net income attributable to non-controlling interests		$ (65,131)		$ (193,036)
Earnings per share of Class A common stock (1):
Basic	[1]	$ 0.68		$ 1.97
Diluted	[1]	$ 0.68		$ 1.92
Weighted average shares of Class A common stock outstanding (1):
Basic	[1]	29,522		23,854
Diluted	[1]	88,452		85,947
Consumer services and plans
Revenue:
Total Revenue		$ 46,169	45,442	$ 144,518	135,868
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		20,085	19,953	61,792	59,071
Retail
Revenue:
Total Revenue		1,192,833	945,629	3,260,966	2,720,806
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		862,250	690,882	2,362,434	1,995,587
Retail | New vehicles
Revenue:
Total Revenue		715,182	545,154	1,982,644	1,532,919
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		614,624	471,140	1,703,622	1,317,147
Retail | Used vehicles
Revenue:
Total Revenue		188,331	181,675	531,324	576,964
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		138,796	138,637	393,436	454,659
Retail | Parts, services and other
Revenue:
Total Revenue		187,750	151,090	478,169	422,316
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		108,830	81,105	265,376	223,781
Retail | Finance and insurance, net
Revenue:
Total Revenue		$ 101,570	$ 67,710	$ 268,829	$ 188,607
[1]	Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 16 — Earnings Per Share.

Condensed Consolidated Stateme5

Condensed Consolidated Statement Stockholders' Deficit - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Additional Paid-in Capital	Retained Earnings	Non-controlling Interest	Class A common stock	Class B common stock	Class C common stock	Total
Balance at Dec. 31, 2016	$ 74,239	$ 544	$ (103,193)	$ 189	$ 6		$ (28,215)
Balance (in shares) at Dec. 31, 2016				18,935,916	62,002,729	1
Increase (Decrease) in Members' Equity (Deficit)
Issuance of Class A common stock sold in a public offering, net of underwriting discounts, commissions and offering costs	121,399			$ 46			121,445
Issuance of Class A common stock sold in a public offering, net of underwriting discounts, commissions and offering costs (in shares)				4,600,000
Non-controlling interest adjustment for purchase of common units from CWGS, LLC with proceeds from a public offering	(53,648)		87,203				33,555
Issuance of Class A common stock for an acquisition by a subsidiary	5,719			$ 1			$ 5,720
Issuance of Class A common stock for an acquisition by a subsidiary (in shares)							164,000
Non-controlling interest adjustment for capital contribution of Class A common stock for an acquisition by a subsidiary	(2,261)		3,678				$ 1,417
Equity-based compensation	2,792						2,792
Redemption of LLC common units for Class A common stock	69,091		5,191	$ 66			74,348
Redemption of LLC common units for Class A common stock (in shares)				6,526,000	(4,972,000)
Distributions to holders of LLC Units			(124,996)				(124,996)
Dividends		(11,874)					(11,874)
Deferred tax adjustments related to Tax Receivable Agreement	(55,858)						(55,858)
Non-controlling interest adjustment	(4,442)		5,031				589
Net income		46,985	193,036	$ 240,021			240,021
Balance at Sep. 30, 2017	$ 157,031	$ 35,655	$ 65,950	$ 302	$ 6		$ 258,944
Balance (in shares) at Sep. 30, 2017				30,227,061	57,031,184	1

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income	$ 240,021	$ 189,602
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,819	18,144
Equity-based compensation	2,792	60
(Gain) loss on sale of assets	(292)	(227)
Provision for (recovery of) losses on accounts receivable	(23)	1,701
Accretion of original issue discount	706	915
Non-cash interest expense	3,210	3,698
Deferred income taxes	3,256	3,089
Loss on remeasurement of tax receivable agreement	79
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(64,211)	(38,415)
Inventories	(150,653)	68,316
Prepaid expenses and other assets	(6,381)	(8,324)
Checks in excess of bank balance		(7,478)
Accounts payable and other accrued expenses	105,154	67,935
Payment pursuant to tax receivable agreement	(203)
Accrued rent for cease-use locations	(91)	286
Deferred revenue and gains	14,863	12,849
Other, net	37,053	3,876
Net cash provided by operating activities	208,099	316,027
Investing activities
Purchases of property and equipment	(49,759)	(29,203)
Purchase of real property	(16,820)	(12,871)
Proceeds from the sale of real property	6,000	7,291
Purchases of businesses, net of cash acquired	(345,140)	(67,690)
Proceeds from sale of property and equipment	603	3,486
Net cash used in investing activities	(405,116)	(98,987)
Financing activities
Proceeds from long-term debt	94,762	134,325
Payments on long-term debt	(5,550)	(43,615)
Net borrowings on notes payable - floor plan, net	174,497	(65,967)
Borrowings on revolver		12,000
Payments on revolver		(12,000)
Payments of principal on capital lease obligations	(950)	(1,111)
Payments of principal on right to use liability	(112)	(164)
Payment of debt issuance costs	(1,176)	(2,685)
Proceeds from issuance of Class A common stock sold in a public offering net of underwriter discounts, commissions and offering expenses	121,445
Dividends on Class A common stock	(11,874)
Members' distributions	(124,996)	(214,782)
Net cash provided by (used in) financing activities	246,046	(193,999)
Increase in cash	49,029	23,041
Cash at beginning of the period	114,196	92,025
Cash at end of the period	$ 163,225	$ 115,066

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Camping World Holdings, Inc. (“CWH”) and its subsidiaries (collectively, the “Company”), and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2017 are unaudited. The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Annual Report”) filed with the SEC on March 13, 2017. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an initial public offering (the “IPO”) and other related transactions in order to carry on the business of CWGS Enterprises, LLC (“CWGS, LLC”). CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions (the “Reorganization Transactions”) that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, CWH has a minority economic interest in CWGS, LLC. As of September 30, 2017, CWH owned 34.1% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. As the Reorganization Transactions are considered transactions between entities under common control, the financial statements for the periods prior to the IPO and related Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. The Company does not have any components of other comprehensive income recorded within its consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its consolidated financial statements. Description of the Business CWGS, LLC is a holding company and operates through its subsidiaries. The operations of the Company consist of two primary businesses: (i) Consumer Services and Plans, and (ii) Retail. The Company provides consumer services and plans offerings through its Good Sam brand and the Company primarily provides its retail offerings through its Camping World brand. Within the Consumer Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; co-branded credit cards; vehicle financing and refinancing; club memberships; and publications and directories. Within the Retail segment, the Company primarily derives revenues from the sale of the following products: new and used recreational vehicles (“RV”); parts and service, including RV accessories and supplies; camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport equipment and supplies; and finance and insurance. The Company primarily operates in various regions throughout the United States and markets its products and services to RV owners and outdoor enthusiasts. At September 30, 2017, the Company operated 137 Camping World retail locations, of which 121 locations sell new and used RVs, and offer financing, ancillary services, protection plans, and other products for the RV purchaser and outdoor enthusiasts; two Overton’s locations offering marine and watersports products; two TheHouse.com locations offering skiing, snowboarding, bicycling, and skateboarding products; and one W82 location offering skiing, snowboarding, and skateboarding products. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying unaudited condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, assets held for sale, program cancellation reserves, and accruals related to self-insurance programs, estimated tax liabilities and other liabilities. Recently Adopted Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The amendments in the accounting standard replace the lower of cost or market test with a lower of cost and net realizable value test. The amendments in this ASU should be applied prospectively and are effective for interim and annual periods beginning after December 15, 2016. The Company adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU amends guidance on the classification and measurement of financial instruments. Although ASU 2016-01 retains many current requirements, it significantly revises an entity’s accounting related to investments in equity securities, excluding those accounted for under the equity method of accounting or those that result in the consolidation of the investee. The guidance also amends certain disclosure requirements associated with the fair value of financial instruments. One of the amendments eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted the amendments of this ASU as of January 1, 2017, which eliminated the disclosure requirements discussed above, and the adoption did not materially impact its consolidated financial statements or results of operations. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, a consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU do not provide a definition of restricted cash or restricted cash equivalents. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). This ASU clarifies the definition of a business to exclude gross assets acquired (or disposed of) that have substantially all of their fair value concentrated in a single identifiable asset or group of similar identifiable assets. The ASU also updates the definition of the term “output” to be consistent with Accounting Standards Codification (“ASC”) Topic No. 606. The ASU is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. The Company early adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). This ASU eliminates Step 2 of the goodwill impairment test and requires a goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and must be applied prospectively. The Company early adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The FASB has subsequently issued several related ASUs that clarified the implementation guidance for certain aspects of ASU 2014-09, which are effective upon the adoption of ASU 2014-09. This ASU sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2017. The standard can be adopted either retrospectively to each reporting period presented or as a cumulative effect adjustment as of the date of adoption. To assess the impact of the ASU, the Company established an internal implementation team to review its current accounting policies and practices, identify all material revenue streams, assess the impact of the ASU on its material revenue streams and identify potential differences with current policies and practices. The Company’s internal implementation team is in the process of performing its initial review of the likely impacts that the application of the amendments in this ASU will have on its consolidated financial statements. The team has identified the Company’s material revenue streams to be the sale of new and used vehicles; the sale of parts, RV accessories, and supplies; the performance of vehicle maintenance and repair services; the arrangement of associated vehicle financing; the sale of insurance and emergency roadside assistance contracts; and the sale of club memberships. The team has continued to review a sample of associated contracts and other related documents, but currently, has not quantified and estimated impact of changes, if any, to its current revenue recognition policies and practices. The Company’s implementation team is continuing to evaluate the additional disclosure requirements of the ASU, as well as the change, if any, to the Company’s underlying accounting and financial reporting systems and processes necessary to support the recognition and disclosure requirements. The Company expects to identify and implement the necessary changes, if any, during 2017. The Company currently expects to adopt the amendments of this ASU as of January 1, 2018, as a cumulative effect adjustment as of the date of adoption, but will not make a final decision on the adoption method until later in 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this ASU relate to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact that adoption will have on its consolidated balance sheet and statement of income. However, the Company expects that the adoption of the provisions of the ASU will have a significant impact on its consolidated balance sheet, as currently most of its real estate is leased via operating leases. Adoption of this ASU is required to be done using a modified retrospective approach. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The amendment addresses several specific cash flow issues with the objective of reducing the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The amendments in ASU 2017-09 require entities to apply modification accounting in Topic 718 only when changes to the terms or conditions of a share-based payment award result in changes to fair value, vesting conditions or the classification of the award as equity or liability. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The guidance will be applied prospectively upon adoption. The Company does not expect the adoption will have a material impact on its consolidated financial statements or results of operations; however, the amount of the impact to equity-based compensation expense will depend on the terms specified in any new changes to the equity-based payment awards, if any. The Company plans to adopt this ASU on October 1, 2017.

Inventories, Net and Floor Plan

Inventories, Net and Floor Plan Payable	9 Months Ended
	Sep. 30, 2017
Inventories, Net and Floor Plan Payable.
Inventories, Net and Floor Plan Payable	2. Inventories, Net and Floor Plan Payable Inventories consisted of the following (in thousands): September 30, December 31, 2017 2016 New RV vehicles $ 931,016 $ 727,634 Used RV vehicles 96,911 78,787 Parts, accessories and miscellaneous 176,211 102,833 $ 1,204,138 $ 909,254 New and used vehicles included in retail inventories are primarily financed by floor plan arrangements through a syndication of banks. The floor plan notes are collateralized by substantially all of the assets of FreedomRoads, LLC (“FR”), a wholly owned subsidiary of FreedomRoads, which operates the Camping World dealerships, and bear interest at one-month London Interbank Offered Rate (“LIBOR”) plus 2.05% as of September 30, 2017 and 2.05% as of December 31, 2016. LIBOR, as defined, was 1.24% at September 30, 2017 and 0.62% as of December 31, 2016. Principal is due upon the sale of the related vehicle. In August 2015, FR entered into a Sixth Amended and Restated Credit Agreement for floor plan financing (“Floor Plan Facility”) to extend the maturity date to August 2018. On July 1, 2016, FR entered into Amendment No. 1 to the Sixth Amended and Restated Credit Agreement for the Floor Plan Facility to, among other things, increase the available amount under the Floor Plan Facility from $880.0 million to $1.18 billion, amend the applicable borrowing rate margin on LIBOR and base rate loans ranging from 2.05% to 2.50% and 0.55% and 1.00%, respectively, based on the consolidated current ratio at FR, and extend the maturity date to June 30, 2019. The letter of credit commitment within the Floor Plan Facility remained at $15.0 million. The Floor Plan Facility includes an offset account that allows the Company to transfer cash as an offset to the payable under the Floor Plan Facility. These transfers reduce the amount of liability outstanding under the floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into the Company’s operating cash accounts. When the Company uses the floor plan offset account, the Company experiences a reduction in floor plan interest expense in its consolidated statements of income. The credit agreement governing the Floor Plan Facility contains certain financial covenants. FR was in compliance with all debt covenants at September 30, 2017 and December 31, 2016. At September 30, 2017 and December 31, 2016, the principal amount outstanding under the Floor Plan Facility was $799.7 million and $625.2 million, respectively, which was net of the floor plan offset account of $91.1 million and $68.5 million, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets Goodwill The following is a summary of changes in the Company’s goodwill by reportable segments for the nine months ended September 30, 2017 (in thousands): Consumer Services and Plans Retail Consolidated Balance as of December 31, 2016 $ 49,944 $ 103,161 $ 153,105 Acquisitions (1) — 175,297 175,297 Balance as of September 30, 2017 $ 49,944 $ 278,458 $ 328,402 (1) See Note 9 — Acquisitions. The Company evaluates goodwill for impairment on an annual basis during the fourth quarter, or more frequently if events or changes in circumstances indicate that the Company’s goodwill or indefinite-lived intangible assets might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company records an impairment of goodwill equal to the amount that the carrying amount of a reporting unit exceeds its fair value. Intangible Assets Finite-lived intangible assets and related accumulated amortization consisted of the following at September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 Cost or Accumulated Fair Value Amortization Net Trademarks and trade names $ 28,839 $ (420) $ 28,419 Membership and customer lists 10,778 (7,118) 3,660 Websites 5,990 (97) 5,893 $ 45,607 $ (7,635) $ 37,972 December 31, 2016 Cost or Accumulated Fair Value Amortization Net Membership and customer lists $ 9,485 $ (6,099) $ 3,386 $ 9,485 $ (6,099) $ 3,386 The trademarks and trade names have useful lives of fifteen years. The membership and customer lists have weighted-average useful lives of approximately five years. The websites have useful lives of ten years.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Long-Term Debt.
Long-Term Debt	4. Long-Term Debt Long-term debt consists of the following (in thousands): September 30, December 31, 2017 2016 Term Loan Facility (1) $ 716,907 $ 626,753 Less: current portion (7,400) (6,450) $ 709,507 $ 620,303 (1) Net of $5.9 million and $6.3 million of original issue discount at September 30, 2017 and December 31, 2016, respectively, and $11.7 million and $11.9 million of finance costs at September 30, 2017 and December 31, 2016, respectively. Existing Senior Secured Credit Facilities On November 8, 2016, CWGS Group, LLC, a wholly owned subsidiary of CWGS, LLC, entered into a new $680.0 million senior secured credit facility (“Existing Senior Secured Credit Facilities”) and used the proceeds to repay its previous senior secured credit facilities (“Previous Senior Secured Credit Facilities”). The Existing Senior Secured Credit Facilities consists of a seven-year $645.0 million Term Loan Facility (“Existing Term Loan Facility”) and a five-year $35.0 million revolving credit facility (“Existing Revolving Credit Facility”). On March 17, 2017, CWGS Group, LLC entered into an amendment to the Existing Senior Secured Credit Facilities to increase the Existing Term Loan Facility by $95.0 million to $740.0 million. The net proceeds from the additional borrowings were intended to be used by FreedomRoads to purchase dealerships. No other terms of the credit agreement governing our Existing Senior Secured Credit Facilities were amended in connection with the amendment. The Existing Term Loan Facility includes mandatory amortization at 1% per annum in equal quarterly installments. Interest on the Existing Term Loan Facility floats at the Company’s option at a) LIBOR multiplied by the statutory reserve rate (such product, the “Adjusted LIBOR Rate”), subject to a 0.75% floor, plus an applicable margin of 3.75%, or b) an Alternate Base Rate (“ABR”) equal to 2.75% per annum plus the greater of: (i) the prime rate published by The Wall Street Journal (the “WSJ Prime Rate”), (ii) federal funds effective rate plus 0.50%, or (iii) one-month Adjusted LIBOR Rate plus 1.00%, subject to a 1.75% floor. Interest on borrowings under the Existing Revolving Credit Facility is at the Company’s option of a) 3.25% to 3.50% per annum subject to a 0.75% floor in the case of a Eurocurrency loan, or b) 2.25% to 2.50% per annum plus the greater of the WSJ Prime Rate, federal funds effective rate plus 0.50%, or one-month Adjusted LIBOR Rate plus 1.00% in the case of an ABR loan, based on the Company’s total leverage ratio as defined in the Existing Senior Secured Credit Facilities. The Company also pays a commitment fee of 0.5% per annum on the unused amount of the Existing Senior Secured Credit Facility. Reborrowings under the Existing Term Loan Facility are not permitted. Following the end of each fiscal year, commencing with the fiscal year ending December 31, 2017, the Company is required to prepay the term loan borrowings in an aggregate amount equal to 50% of excess cash flow, as defined in the Existing Senior Secured Credit Facilities, for such fiscal year. The required percentage prepayment of excess cash flow is reduced to 25% if the total leverage ratio, as defined, is 1.50 to 1.00 or greater but less than 2.00 to 1.00. If the total leverage ratio is less than 1.50 to 1.00, no prepayment of excess cash flow is required. The Existing Revolving Credit Facility matures on November 8, 2021, and the Existing Term Loan Facility matures on November 8, 2023. The funds available under the Existing Revolving Credit Facility may be utilized for borrowings or letters of credit; however, a maximum of $15.0 million may be allocated to such letters of credit. As of September 30, 2017, the average interest rate on the term debt was 4.98%. As of September 30, 2017 and December 31, 2016, the Company had available borrowings of $31.8 million and $31.8 million, respectively, and letters of credit in the aggregate amount of $3.2 million and $3.2 million outstanding, respectively, under the Existing Revolving Credit Facility. As of September 30, 2017 and December 31, 2016, the principal balance of $734.5 million and $645.0 million, respectively, was outstanding under the Existing Term Loan Facility and no amounts were outstanding on the Existing Revolving Credit Facility in either period. CWGS, LLC and CWGS Group, LLC have no revenue-generating operations of their own. Their ability to meet the financial obligations associated with the Existing Senior Secured Credit Facilities is dependent on the earnings and cash flows of its operating subsidiaries, primarily Good Sam Enterprises, LLC and FR, and their ability to upstream dividends. The Existing Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and future domestic restricted subsidiaries with the exception of FreedomRoads Intermediate Holdco, LLC, the direct parent of FR, and FR and its subsidiaries. The Existing Senior Secured Credit Facilities contain certain restrictive covenants including, but not limited to, mergers, changes in the nature of the business, acquisitions, additional indebtedness, sales of assets, investments, and the prepayment of dividends subject to certain limitations and minimum operating covenants. The Company was in compliance with all debt covenants at September 30, 2017 and December 31, 2016.

Right to Use Liabilities

Right to Use Liabilities	9 Months Ended
	Sep. 30, 2017
Right to Use Liabilities
Right to Use Liabilities	5. Right to Use Liabilities The Company leases operating facilities throughout the United States. The Company analyzes all leases in accordance with Accounting Standards Codification (“ASC”) 840 — Leases. The Company has included the right to use assets in property and equipment, net, as follows (in thousands): September 30, December 31, 2017 2016 Right to use assets $ 10,673 $ 10,673 Accumulated depreciation (861) (667) $ 9,812 $ 10,006 The following is a schedule by year of the future changes in the right to use liabilities as of September 30, 2017 (in thousands): 2017 $ 218 2018 583 2019 486 2020 486 2021 487 Thereafter (1) 13,813 Total minimum lease payments 16,073 Amounts representing interest (5,842) Present value of net minimum right to use liability payments $ 10,231 (1) Includes $5.0 million of scheduled derecognition of right to use liabilities upon the reduction in lease deposits to less than two months’ rent.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Measurements
Fair Value Measurements	6. Fair Value Measurements Accounting guidance for fair value measurements establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. For cash and cash equivalents; accounts receivable; other current assets; accounts payable; notes payable — floor plan, net; and other current liabilities the amounts reported in the accompanying Unaudited Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature or the existence of variable interest rates that approximate prevailing market rates. There have been no transfers of assets or liabilities between the fair value measurement levels and there were no material re-measurements to fair value during 2017 and 2016 of assets and liabilities that are not measured at fair value on a recurring basis. The following table presents the reported carrying value and fair value information for the Company’s debt instruments. The fair values shown below for the Existing Term Loan Facility and Previous Term Loan Facility, as applicable, are based on quoted prices in the inactive market for identical assets (Level 2). Fair Value 9/30/2017 12/31/2016 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility Level 2 $ 716,907 $ 740,876 $ 626,753 $ 649,838

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies.
Commitments and Contingencies	7. Commitments and Contingencies The Company holds certain property and equipment under rental agreements and operating leases that have varying expiration dates. A majority of its operating facilities are leased from unrelated parties throughout the United States. From time to time, the Company is involved in litigation arising in the normal course of business operations. The Company does not believe it is involved in any litigation that requires disclosure or will have a material adverse effect on its results of operations or financial position.

Statement of Cash Flows

Statement of Cash Flows	9 Months Ended
	Sep. 30, 2017
Statement of Cash Flows
Statement of Cash Flows	8. Statement of Cash Flows Supplemental disclosures of cash flow information for the following periods (in thousands): Nine Months Ended September 30, September 30, 2017 2016 Cash paid (received) during the period for: Interest $ 47,374 $ 50,705 Income taxes 25,660 1,354 Non-cash investing activities: Derecognized property and equipment for leases that qualified as operating leases after completion of construction — (19,958) Property and equipment acquired through third-party capital lease arrangements 2,007 Leasehold improvements paid by lessor 857 — Vehicles transferred to property and equipment from inventory 1,605 530 Portion of acquisition purchase price paid through issuance of Class A common stock 5,720 — Non-cash financing activities: Derecognized right to use liabilities for leases that qualified as operating leases after completion of construction — (20,056) Third-party capital lease arrangements to acquire property and equipment 2,007 Non-cash distribution of equity interest in AutoMatch USA, LLC, an indirect wholly-owned subsidiary of the Company (38,838) Par value of Class A common stock issued in exchange for common units in CWGS, LLC 66 — Par value of Class A common stock issued for vested restricted stock units — — Par value of Class A common stock issued for acquisition 1 —

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Acquisitions
Acquisitions	9. Acquisitions Dealerships and Consumer Shows During the nine months ended September 30, 2017 and 2016, subsidiaries of the Company acquired the assets of multiple dealership locations and consumer shows. The Company used a combination of cash, floor plan financing, proceeds from the May 2017 Public Offering (defined and described in Note 13 — Stockholders’ Equity), and additional borrowing on the Existing Term Loan Facility in March 2017 (see Note 4 — Long-term Debt) to complete the acquisitions. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill. For the nine months ended September 30, 2017 and 2016, concurrent with the acquisition of dealership businesses, the Company purchased real properties for $12.2 million and $12.9 million, respectively, from parties related to the sellers of the dealership businesses. For the nine months ended September 30, 2017 and 2016, the Company sold other real properties to a third party in sale-leaseback transactions for $6.0 million and $7.3 million, respectively. The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships and consumer shows consist of the following: Nine Months Ended September 30, Estimated ($ in thousands) 2017 2016 Life Tangible assets (liabilities) acquired (assumed): Accounts receivable $ 1,306 $ 944 Inventory 98,869 29,713 Property and equipment 835 635 Other assets 72 142 Accrued liabilities (3,019) (2,231) Other liabilities (75) Total tangible net assets acquired 98,063 29,128 Intangible assets acquired: Membership and customer lists 793 2,774 4-7 years Total intangible assets acquired 793 2,774 Goodwill 143,788 35,786 Purchase price 242,644 67,688 Inventory purchases financed via floor plan (79,321) (22,265) Cash payment net of floor plan financing $ 163,323 $ 45,423 The fair values above are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date. All of the acquired goodwill for the nine months ended September 30, 2017 and 2016 is expected to be deductible for tax purposes. Included in the nine months ended September 30, 2017 and 2016 consolidated financial results were $210.7 million and $55.3 million of revenue, respectively, and $13.8 million and $1.7 million of pre-tax income, respectively, of the acquired dealerships from the applicable acquisition dates. Gander Mountain and Overton’s On May 26, 2017, CWI, Inc. (“CWI”), an indirect subsidiary of the Company, completed the acquisition of certain assets of the Gander Mountain Company (“Gander Mountain”) and its Overton’s, Inc. (“Overton’s”) boating business through a bankruptcy auction that took place in April 2017 for $35.4 million in cash and $1.1 million of contingent consideration. Prior to the acquisition, Gander Mountain operated 160 retail locations and an e-commerce business that serviced the hunting, camping, fishing, shooting sports, and outdoor markets. Overton’s operates two retail locations and an e-commerce business that services the marine and watersports markets. The Company believes these businesses are complementary to its existing businesses and will allow for cross marketing of the Company’s consumer services and plans to a wider customer base. The assets acquired included the right to designate any real estate leases for assignment to CWI or other third parties (the “Designation Rights”), other agreements CWI could elect to assume, intellectual property rights, operating systems and platforms, certain distribution center equipment, Overton’s inventory, the Gander Mountain and Overton’s e-commerce businesses, and fixtures and equipment for Overton’s two retail locations and corporate operations. Furthermore, CWI had committed to exercise Designation Rights and take an assignment of no fewer than 15 Gander Mountain retail leases on or before October 6, 2017, in addition to the two Overton’s retail leases assumed at the closing of the acquisition. The Designation Rights expired on October 6, 2017, immediately after CWI assumed the minimum 15 additional Gander Mountain retail leases. CWI also assumed certain liabilities, such as cure costs for leases and other agreements it elected to assume, accrued time off for employees retained by CWI and retention bonuses payable to certain key Gander Mountain employees retained by CWI. The cure costs for the minimum 15 Gander Mountain leases assumed under the Designation Rights were $1.1 million and recorded as contingent consideration. The estimated fair values of the assets acquired and liabilities assumed for the acquisition of Gander Mountain and Overton’s consist of the following: Estimated Estimated ($ in thousands) Fair Value Life Tangible assets (liabilities) acquired (assumed): Inventory $ 9,965 Prepaid expenses and other assets 42 Property and equipment 8,436 Accrued liabilities (373) Total tangible net assets acquired 18,070 Intangible assets acquired: Trademarks and trade names 14,800 15 years Membership and customer lists 500 6 years Websites 1,900 10 years Total intangible assets acquired 17,200 Goodwill 1,329 Purchase price 36,599 Contingent consideration unpaid at September 30, 2017 (1,021) Cash paid for acquisition $ 35,578 The fair values above are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date. All of the acquired goodwill from this acquisition is expected to be deductible for tax purposes. Included in the nine months ended September 30, 2017 consolidated financial results were $22.3 million of revenue and $11.3 million of pre-tax loss of Gander Mountain and Overton’s from the acquisition date. TheHouse.com On August 17, 2017, Camping World, Inc. (“CW”), an indirect subsidiary of the Company, completed the acquisition of all of the outstanding capital stock and outstanding debt of Active Sports, Inc. (“TheHouse.com”), which specializes in bikes, sailboards, skateboards, wakeboards, snowboards, and outdoor gear. TheHouse.com is primarily an online retailer and operates two retail locations. The Company believes this business is complementary to its existing businesses and enhances the product offerings from its earlier acquisition of Gander Mountain. The purchase price consisted of $30.0 million in cash, $5.7 million in restricted shares of Class A common stock of the Company, and the purchase or extinguishment of $35.3 million of TheHouse.com’s debt, including accrued interest. The estimated fair values of the assets acquired and liabilities assumed for the acquisition of TheHouse.com consist of the following: Estimated Estimated ($ in thousands) Fair Value Life Tangible assets (liabilities) acquired (assumed): Cash and cash equivalents $ 501 Accounts receivable 159 Inventory 36,317 Prepaid expenses and other assets 1,120 Property and equipment 548 Accounts payable (7,582) Accrued liabilities (827) Deferred tax liabilities (6,016) Total tangible net assets acquired 24,220 Intangible assets acquired: Trademarks and trade names 14,039 15 years Websites 4,090 10 years Total intangible assets acquired 18,129 Goodwill 28,683 Purchase price 71,032 Cash and cash equivalents acquired (501) Non-cash consideration - Class A shares issued (5,720) Cash paid for acquisition, net of cash acquired $ 64,811 The fair values above are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date. The amount of acquired goodwill that is expected to be deductible for tax purposes is $3.4 million. Included in the nine months ended September 30, 2017 consolidated financial results were $3.7 million of revenue and $0.2 million of pre-tax loss of TheHouse.com from the acquisition date. W82 On September 22, 2017, W82, LLC, an indirect subsidiary of the Company, completed the acquisition of substantially all of the assets of EIGHTEEN0THREE LLC, dba W82 (“W82”), which specializes in snowboarding, skateboarding, longboarding, swimwear, footwear, apparel and accessories. The Company believes this business is complementary to its existing businesses and enhances the product offerings from its earlier acquisition of Gander Mountain. The purchase price consisted in $0.6 million in cash and the extinguishment of $1.5 million of W82’s debt, including accrued interest. The estimated fair values of the assets acquired and liabilities assumed for the acquisition of W82 consist of the following: Estimated ($ in thousands) Fair Value Tangible assets (liabilities) acquired (assumed): Inventory $ 847 Prepaid expenses and other assets 7 Property and equipment 546 Accrued liabilities (790) Total tangible net assets acquired 610 Goodwill 1,497 Purchase price $ 2,107 The fair values above are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date. All of the acquired goodwill from this acquisition is expected to be deductible for tax purposes. Included in the nine months ended September 30, 2017 consolidated financial results were $34,000 of revenue and $8,000 of pre-tax loss of W82 from the acquisition date.

Exit Activities

Exit Activities	9 Months Ended
	Sep. 30, 2017
Exit Activities
Exit Activities	10. Exit Activities The Company closed certain retail locations in previous periods and, in March 2017, the Company subleased a portion of a lease that is adjacent to an existing retail location. The Company remains obligated under the terms of these leases for rent and other costs associated with these leases, and has no plan to occupy them in the future. In accordance with ASC 420, Accounting for Costs Associated with Exit or Disposal Activities, the Company recorded a charge to rent expense to recognize the costs of exiting the space. The liability was equal to the fair value of rent less the fair value of the amount of rent received by the Company from a tenant under a sublease over the remainder of the lease terms, which expire on various dates through 2032. The change in the estimated fair value of these amounts was recognized in income as part of income from operations. The current portion of the liability was $0.3 million and $0.3 million as of September 30, 2017 and December 31, 2016, respectively, and is included in other current liabilities. The liability outstanding was $2.7 million and $2.8 million as of September 30, 2017 and December 31, 2016, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Taxes.
Income Taxes	11. Income Taxes CWH is organized as a Subchapter C corporation and, on October 6, 2016, as part of the Company’s IPO, became a 22.6% owner of CWGS, LLC (see Note 13 — Stockholders’ Equity). CWGS, LLC is organized as a limited liability company and treated as a partnership for federal tax purposes, with the exception of Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. (“FRRV”) and their wholly-owned subsidiaries, which are Subchapter C corporations. For the three months ended September 30, 2017 and 2016, the Company’s effective income tax rate was 8.9% and 3.2%, respectively. For the nine months ended September 30, 2017 and 2016, the Company’s effective income tax rate was 10.5% and 2.4%, respectively. The amount of income tax expense and the effective income tax rate increased in 2017 primarily because CWH was also subject to U.S. federal, state and local taxes on its allocable share of taxable income or loss generated by CWGS, LLC subsequent to the Company’s IPO, and also partially to the increased profitability of FRRV. The Company's effective tax rate is significantly less than the federal statutory rate of 35.0% primarily because no federal income taxes are payable by the Company for the non-controlling interests' share of CWGS, LLC’s taxable income due to CWGS, LLC’s pass-through structure for federal and most state and local income tax reporting, with the exception of the Subchapter C corporations noted above. The Company evaluates its deferred tax assets on a quarterly basis to determine if they can be realized and establishes valuation allowances when it is more likely than not that all or a portion of the deferred tax assets may not be realized. At September 30, 2017 and December 31, 2016, the Company determined that all of its deferred tax assets, except those of CW, are more likely than not to be realized. The Company maintains a full valuation allowance against the deferred tax assets of CW, since it was determined that it would have insufficient taxable income in the current or carryforward periods under the tax laws to realize the future tax benefits of its deferred tax assets. During the three months ended September 30, 2017, TheHouse.com was acquired by CW (see Note 9 — Acquisitions) and the related deferred tax liabilities acquired reduced the amount of the valuation allowance necessary for the deferred tax assets of CW by $6.0 million. The deferred taxes on TheHouse.com acquisition are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date. The provision for income tax for the entities subject to federal income tax has been included in the consolidated financial statements. The income tax is based on the amount of taxes due on their tax returns plus deferred taxes computed based on the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities, using expected tax rates. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. As of September 30, 2017 and December 31, 2016, the Company had no uncertain tax positions. The Company did not recognize any interest or penalties relating to income taxes for the three and nine months ended September 30, 2017 and 2016. On October 6, 2016, the Company entered into a tax receivable agreement (the “Tax Receivable Agreement”) that provides for the payment by the Company to the Continuing Equity Owners and Crestview Partners II GP, L.P. of 85% of the amount of tax benefits, if any, the Company actually realizes, or in some circumstances is deemed to realize, as a result of (i) increases in the tax basis from the purchase of common units from Crestview Partners II GP, L.P. in exchange for Class A common stock in connection with the consummation of the IPO and the related transactions and any future redemptions that are funded by the Company and any future redemptions or exchanges of common units by Continuing Equity Owners as described above and (ii) certain other tax benefits attributable to payments made under the Tax Receivable Agreement. CWGS intends to make an election under Section 754 of the Internal Revenue Code effective for each tax year in which a redemption or exchange (including a deemed exchange) of common units for cash or stock occur. These tax benefit payments are not conditioned upon one or more of the Continuing Equity Owners or Crestview Partners II GP, L.P. maintaining a continued ownership interest in CWGS, LLC. In general, the Continuing Equity Owners’ or Crestview Partners II GP, L.P.’s rights under the Tax Receivable Agreement are assignable, including to transferees of its common units in CWGS, LLC (other than the Company as transferee pursuant to a redemption or exchange of common units in CWGS, LLC). The Company expects to benefit from the remaining 15% of the tax benefits, if any, which may be realized. As part of the IPO, 1,698,763 common units in CWGS, LLC were exchanged for Class A common stock by Crestview Partners II GP, L.P., subject to the provisions of the Tax Receivable Agreement. During the three and nine months ended September 30, 2017, 1,001,248 and 6,526,610 common units in CWGS, LLC, respectively, were exchanged for Class A common stock subject to the provisions of the Tax Receivable Agreement. The Company recognized a liability for the Tax Receivable Agreement payments due to those parties that redeemed common units, representing 85% of the aggregate tax benefits the Company expects to realize from the tax basis increases related to the exchange, after concluding it was probable that the Tax Receivable Agreement payments would be paid based on estimates of future taxable income. As of September 30, 2017 and December 31, 2016, the amount of Tax Receivable Agreement payments due under the Tax Receivable Agreement was $109.9 million and $19.2 million, respectively, of which $7.4 million and $1.0 million, respectively, were included in current portion of the Tax Receivable Agreement liability in the Consolidated Balance Sheets.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions
Related Party Transactions	12. Related Party Transactions Monitoring Agreement Crestview Advisors, L.L.C. and Stephen Adams (together, the “Managers” and each, a “Manager”) and the Company were parties to a monitoring agreement relating to each Manager’s monitoring of its (or its affiliate’s) investment in CWGS, LLC. Pursuant to the monitoring agreement, CWGS, LLC agreed to pay each of the Managers an aggregate per annum monitoring fee equal to $1.0 million, payable in quarterly installments of $250,000. In addition, the Company agreed to reimburse each Manager and its affiliates, employees and agents for up to an aggregate per annum amount of $250,000 for all reasonable fees and expenses incurred in connection with such Manager’s monitoring of its (or its affiliate’s) investment in CWGS, LLC. CWGS, LLC also agreed to indemnify each Manager and its respective affiliates from and against all losses, claims, damages and liabilities arising out of the performance by such Managers’ monitoring of its (or its affiliate’s) investment in CWGS, LLC. For the three and nine months ended September 30, 2016, pursuant to the monitoring agreement, the Company incurred monitoring fees of $0.5 million and $1.5 million, respectively, and reimbursed fees and expenses of $0.1 and $0.4 million, respectively. The monitoring agreement was terminated upon the consummation of the Company’s IPO. Transactions with Directors, Equity Holders and Executive Officers FreedomRoads leases various retail locations from managers and officers. During the three months ended September 30, 2017 and 2016, the related party lease expense for these locations was $0.5 million and $0.3 million, respectively. During the nine months ended September 30, 2017 and 2016, the related party lease expense for these locations was $1.4 million and $1.0 million, respectively. In January 2012, FreedomRoads entered into a lease (the “Original Lease”) with respect to the Company’s Lincolnshire, Illinois offices, which was amended in March 2013 in connection with the Company’s leasing of additional premises within the same office building (the “Expansion Lease”). The Original Lease is payable in 132 monthly payments of base rent equal to approximately $29,000, commencing April 2013, subject to annual increases. The Expansion Lease is payable in 132 monthly payments of base rent equal to approximately $2,500, commencing May 2013, subject to annual increases. Marcus Lemonis, the Company’s Chairman and Chief Executive Officer, has personally guaranteed both leases. During the three months ended September 30, 2017 and 2016, we made payments of approximately $193,000 and $211,000, respectively, in connection with the Original Lease, which includes approximately $94,000 and $113,000, respectively, for common area maintenance charges on the Original Lease, and we made payments of approximately $8,000 and $8,000, respectively, in connection with the Expansion Lease. During the nine months ended September 30, 2017 and 2016, we made payments of approximately $546,000 and $546,000, respectively, in connection with the Original Lease, which includes approximately $252,000 and $258,000, respectively, for common area maintenance charges on the Original Lease, and we made payments of approximately $25,000 and $25,000, respectively, in connection with the Expansion Lease. The Company paid Kaplan, Strangis and Kaplan, P.A., of which Andris A. Baltins is a member, $0.3 million during the three and nine months ended September 30, 2017 and $0.1 million and $0.2 million during the three and nine months ended September 30, 2016, respectively. Other Transactions The Company does business with certain companies in which Mr. Lemonis has a direct or indirect material interest. The Company purchased fixtures for interior store sets at the Company’s retail locations from Precise Graphix, LLC (“Precise Graphix”). Mr. Lemonis has a 33% economic interest in Precise Graphix and the Company paid Precise Graphix $0.5 million and $1.1 million for the three months ended September 30, 2017 and 2016, respectively, and the Company paid Precise Graphix $1.7 million and $2.5 million for the nine months ended September 30, 2017 and 2016, respectively. Cumulus Media Inc. (“Cumulus Media”) has provided radio advertising for the Company through Cumulus Media’s subsidiary, Westwood One, Inc. Crestview Partners II GP, L.P., an affiliate of CVRV, is the beneficial owner of approximately 30% of Cumulus Media’s Class A common stock, according to Crestview Partners II GP, L.P.’s most recently filed Schedule 13D amendment with respect to the company. For the three and nine months ended September 30, 2017, the Company incurred expense from Cumulus Media of $0.4 million for the aforementioned advertising services. The Company did not use the advertising services in 2016. On September 22, 2017, W82, LLC, an indirect subsidiary of the Company, completed the acquisition of substantially all of the assets (the “W82 Acquisition”) of W82. The purchase price consisted in $0.6 million in cash and the extinguishment of $1.5 million of W82’s debt, including accrued interest. ML Fashion, LLC, a company in which Marcus Lemonis, our Chairman and Chief Executive Officer, has a 100% economic interest, was the holder of a secured convertible promissory note (the “Note”) issued by W82. Approximately $1.1 million of the proceeds from the W82 Acquisition were used to redeem the Note. The W82 Acquisition was approved by our audit committee in accordance with our related person transaction policy and procedures.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity
Stockholders' Equity	13. Stockholders’ Equity Reorganization Transactions In connection with the IPO on October 6, 2016, the Company completed the following Reorganization Transactions: · The Company amended and restated its certificate of incorporation which, among other things, authorized preferred stock and three classes of common stock. The Class A common stock entitles the holders to receive dividends; distributions upon the liquidation, dissolution, or winding up of the Company; and have voting rights. The Class B common stock and Class C common stock entitles the holders to voting rights, which in certain cases are disproportionate to the voting rights of the Class A common stock; however, the holders of Class B common stock and Class C common stock are not entitled to receive dividends or distributions upon the liquidation, dissolution, or winding up of the Company; · CWGS, LLC amended and restated the limited liability company agreement of CWGS, LLC (the “LLC Agreement” and the “Recapitalization”), which among other things, (i) provided for a new single class of common membership interests in CWGS, LLC, the common units, and (ii) exchanged all of the then-existing membership interests in CWGS, LLC to common units. The holders of the common units may elect to exchange or redeem the common units for newly-issued shares of the Company’s Class A common stock or cash at the Company’s election, subject to certain restrictions. If the redeeming or exchanging party also holds Class B common stock, then simultaneously with the payment of cash or newly-issued shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units, a number of shares of the Company’s Class B common stock will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged; and · The Company acquired, by merger, an entity that was owned by former indirect members of CWGS, LLC (the “Former Equity Owners”), for which the Company issued 7,063,716 shares of Class A common stock as merger consideration (the “CWH BR Merger”). The only significant asset held by the merged entity prior to the CWH BR Merger was 7,063,716 common units of CWGS, LLC and a corresponding number of shares of CWH Class B common stock. Upon consummation of the CWH BR Merger, the Company canceled the 7,063,716 shares of Class B common stock and recognized the 7,063,716 of common units of CWGS, LLC at carrying value, as the CWH BR Merger was considered to be a transaction between entities under common control. The Company must, at all times, maintain a one-to-one ratio between the number of outstanding shares of Class A common stock and the number of common units of CWGS, LLC owned by CWH (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities). Immediately following the completion of the Reorganization Transactions and IPO, CWH owned 22.6% of CWGS, LLC and the remaining 77.4% of CWGS, LLC was owned by the Continuing Equity Owners (see Note 14 — Non-Controlling Interests). As a result of the Reorganization Transactions, CWH became the sole managing member of CWGS, LLC and, although CWH had a minority economic interest in CWGS, LLC, CWH had the sole voting power in, and controlled the management of, CWGS, LLC. Accordingly, the Company consolidated the financial results of CWGS, LLC and reported a non-controlling interest in its consolidated financial statements. As the Reorganization Transactions are considered transactions between entities under common control, the financial statements for periods prior to the IPO and Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. See the Company’s Annual Report for further details. May 2017 Public Offering On May 31, 2017, the Company completed a public offering (the “May 2017 Public Offering”) in which the Company sold 4,000,000 shares of the Company’s Class A common stock at a public offering price of $27.75 per share. The Company received $106.6 million in proceeds, net of underwriting discounts and commissions, which were used to purchase 4,000,000 newly-issued common units from CWGS, LLC at a price per unit equal to the public offering price per share of Class A common stock in the May 2017 Public Offering, less underwriting discounts and commissions. In addition, on June 5, 2017, the underwriters exercised their option to purchase an additional 600,000 shares of Class A common stock. On June 9, 2017, the Company closed on the purchase of the additional 600,000 shares of Class A common stock and received $16.0 million in additional proceeds, net of underwriting discounts and commissions, which were used to purchase 600,000 newly-issued common units from CWGS, LLC at a price per unit equal to the public offering price per share of Class A common stock in the May 2017 Public Offering, less underwriting discounts and commissions. In connection with the May 2017 Public Offering, CVRV Acquisition LLC and CVRV Acquisition II LLC (“May 2017 Selling Stockholders”), each affiliates of Crestview, sold 5,500,000 shares of the Company’s Class A common stock at the same public offering price of $27.75 per share. CVRV Acquisition LLC redeemed 4,323,083 common units of CWGS, LLC for 4,323,083 shares of Class A common stock, which it sold in the May 2017 Public Offering along with 1,176,917 shares of Class A shares that CVRV Acquisition II LLC already held as a result of the Reorganization Transactions. Pursuant to the terms of the LLC Agreement, 4,323,083 shares of the Company’s Class B common stock registered in the name of CVRV Acquisition LLC were cancelled for no consideration on a one-for-one basis with the number of common units redeemed. In addition, on June 5, 2017, the underwriters exercised their option to purchase an additional 825,000 shares of Class A common stock from the May 2017 Selling Stockholders, in conjunction with their exercise of their option to purchase the additional 600,000 shares from the Company as described above. On June 9, 2017, the May 2017 Selling Stockholders closed on the sale of the additional 825,000 shares of Class A common stock. CVRV Acquisition LLC redeemed 648,462 common units of CWGS, LLC for 648,462 shares of Class A common stock, which it sold in the May 2017 Public Offering along with 176,538 shares of Class A shares that CVRV Acquisition II LLC already held as a result of the Reorganization Transactions. Pursuant to the terms of the LLC Agreement, 648,462 shares of the Company’s Class B common stock registered in the name of CVRV Acquisition LLC were cancelled for no consideration on a one-for-one basis with the number of common units redeemed. The Company did not receive any proceeds relating to the sale of the May 2017 Selling Stockholders’ shares.

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2017
Non-Controlling Interests
Non-Controlling Interests	14. Non-Controlling Interests In connection with the Reorganization Transactions, described in Note 13 — Stockholders’ Equity, CWH became the sole managing member of CWGS, LLC and, as a result, consolidates the financial results of CWGS, LLC. The Company reports a non-controlling interest representing the common units of CWGS, LLC held by Continuing Equity Owners. Changes in CWH’s ownership interest in CWGS, LLC while CWH retains its controlling interest in CWGS, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of common units of CWGS, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when CWGS, LLC has positive or negative net assets, respectively. At September 30, 2017 and December 31, 2016, CWGS, LLC had positive and negative net assets, respectively, which resulted in positive and negative non-controlling interest amounts, respectively, on the Unaudited Condensed Consolidated Balance Sheets. As of September 30, 2017 and December 31, 2016, there were 88,536,365 and 83,771,830 common units of CWGS, LLC outstanding, respectively, of which CWH owned 30,227,061 and 18,935,916 common units of CWGS, LLC, respectively, representing 34.1% and 22.6% ownership interests in CWGS, LLC, respectively, and the Continuing Equity Owners owned 58,309,304 and 64,835,914 common units of CWGS, LLC, respectively, representing 65.9% and 77.4% ownership interests in CWGS, LLC, respectively. The following table summarizes the effects of changes in ownership in CWGS, LLC on the Company’s equity: Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Net income attributable to Camping World Holdings, Inc. $ 20,127 $ 68,416 $ 46,985 $ 189,602 Transfers to non-controlling interests: Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC — — (53,648) — Decrease in additional paid-in capital as a result of the contribution of Class A common stock to CWGS, LLC for an acquisition by a subsidiary (2,261) — (2,261) — Decrease in additional paid-in capital as a result of the vesting of restricted stock units — — — — Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC 13,468 — 69,091 — Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ 31,334 $ 68,416 $ 60,167 $ 189,602

Equity-based Compensation Plans

Equity-based Compensation Plans	9 Months Ended
	Sep. 30, 2017
Equity-based Compensation Plans
Equity-based Compensation Plans	15. Equity-based Compensation Plans The following table summarizes the equity-based compensation that has been included in the following line items within the consolidated statements of operations during: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Equity-based compensation expense: Costs applicable to revenue $ 81 $ — $ 254 $ — Selling, general, and administrative 1,123 60 2,538 60 Total equity-based compensation expense $ 1,204 $ 60 $ 2,792 $ 60 The following table summarizes stock option activity for the nine months ended September 30, 2017: Stock Options (in thousands) Outstanding at December 31, 2016 1,118 Granted — Exercised — Forfeited (62) Cancelled — Outstanding at September 30, 2017 1,056 The following table summarizes restricted stock unit activity for the nine months ended September 30, 2017: Restricted Stock Units (in thousands) Outstanding at December 31, 2016 144 Granted 292 Vested — Forfeited (6) Cancelled — Outstanding at September 30, 2017 430

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share
Earnings Per Share	16. Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net income available 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 income available 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. As described in Note 13 — Stockholders’ Equity, on October 6, 2016, the LLC Agreement was amended and restated to, among other things, (i) provide for a new single class of common membership interests, the common units of CWGS, LLC, and (ii) exchange all of the then-existing membership interests of the Original Equity Owners for common units of CWGS, LLC. This Recapitalization changed the relative membership rights of the Original Equity Owners such that retroactive application of the Recapitalization to periods prior to the IPO for the purposes of calculating earnings per share would not be appropriate. Prior to the IPO, the CWGS, LLC membership structure included membership units, preferred units, and Profits Units. During the period of September 30, 2014 to October 6, 2016, there were 70,000 preferred units outstanding that received a total preferred return of $2.1 million per quarter in addition to their proportionate share of distributions made to all members of CWGS, LLC. The Company analyzed the calculation of earnings per unit for periods prior to the IPO using the two-class method and determined that it resulted in values that would not be meaningful to the users of these consolidated financial statements. Therefore, earnings per share information has not been presented for periods prior to the IPO on October 6, 2016. 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: Three Months Nine Months Ended Ended September 30, September 30, (In thousands except per share amounts) 2017 2017 Numerator: Net income $ 85,258 $ 240,021 Less: net income attributable to non-controlling interests (65,131) (193,036) Net income attributable to Camping World Holdings, Inc. — basic 20,127 46,985 Add: Reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock 39,917 118,110 Net income attributable to Camping World Holdings, Inc. — diluted $ 60,044 $ 165,095 Denominator: Weighted-average shares of Class A common stock outstanding — basic 29,522 23,854 Dilutive common units of CWGS, LLC that are convertible into Class A common stock 58,930 62,093 Weighted-average shares of Class A common stock outstanding — diluted 88,452 85,947 Earnings per share of Class A common stock — basic $ 0.68 $ 1.97 Earnings per share of Class A common stock — diluted $ 0.68 $ 1.92 For the three and nine months ended September 30, 2017, 1.1 million stock options and 0.4 million and 0.2 million restricted stock units, respectively, were excluded from the weighted-average in the computation of diluted earnings per share of Class A common stock because the effect would have been anti-dilutive. Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.

Segments Information

Segments Information	9 Months Ended
	Sep. 30, 2017
Segment Information
Segment Information	17. Segments Information We have two reportable segments: (1) Consumer Services and Plans, and (2) Retail. The Company’s Consumer Services and Plans segment is comprised of emergency roadside assistance; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; co-branded credit cards; vehicle financing and refinancing; membership clubs; and publications and directories. The Company’s Retail segment is comprised of new and used RVs; parts and service; finance and insurance; and skiing, snowboarding, bicycling, skateboarding, marine and watersports products. Corporate and other is comprised of the corporate operations of the Company. The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Company’s chief operating decision maker to allocate resources and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer. Reportable segment revenue, segment income, floor plan interest expense, depreciation and amortization, other interest expense, total assets, and capital expenditures are as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Revenue: Consumer Services and Plans $ 46,169 $ 45,442 $ 144,518 $ 135,868 Retail 1,192,833 945,629 3,260,966 2,720,806 Total consolidated revenue $ 1,239,002 $ 991,071 $ 3,405,484 $ 2,856,674 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Segment income (1): Consumer Services and Plans $ 21,675 $ 19,847 $ 71,887 $ 63,948 Retail 93,446 70,882 256,713 188,898 Total segment income 115,121 90,729 328,600 252,846 Corporate & other (2,037) (1,091) (6,461) (2,420) Depreciation and amortization (8,382) (6,219) (22,819) (18,144) Other interest expense, net (11,012) (12,715) (30,973) (38,040) Other expense, net (96) — (79) (2) Income from operations before income taxes $ 93,594 $ 70,704 $ 268,268 $ 194,240 (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense. Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Depreciation and amortization: Consumer Services and Plans $ 888 $ 926 $ 2,889 2,777 Retail 7,266 5,293 19,587 15,367 Total 8,154 6,219 22,476 18,144 Corporate & other 228 — 343 — Total depreciation and amortization $ 8,382 $ 6,219 $ 22,819 $ 18,144 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Other interest expense, net: Consumer Services and Plans $ 1 $ 4 $ 5 $ 12 Retail 1,423 1,482 4,375 4,250 Total 1,424 1,486 4,380 4,262 Corporate & other 9,588 11,229 26,593 33,778 Total interest expense $ 11,012 $ 12,715 $ 30,973 $ 38,040 September 30, December 31, ($ in thousands) 2017 2016 Assets: Consumer Services and Plans $ 122,273 $ Retail 1,900,638 Total 2,022,911 Corporate & other 355,568 Total assets $ 2,378,479 $

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events
Subsequent Events	18. Subsequent Events On October 6, 2017, CWGS Group, LLC (the “Borrower”), an indirect subsidiary of the Company, entered into a Second Amendment (the “Second Amendment”) to the Credit Agreement dated as of November 8, 2016 (as amended by the First Amendment dated March 17, 2017 and as further amended, the "Credit Agreement"). The Second Amendment, among other things, (i) increased the Borrower’s term loan facility by $205.0 million to an outstanding principal amount of $939.5 million, (ii) amended the applicable margin to 2.00% from 2.75% per annum, in the case of base rate loans, and to 3.00% from 3.75% per annum, in the case of LIBOR loans, and (iii) increased the quarterly amortization payment to $2.4 million. On October 30, 2017, the October 2017 Selling Stockholders (as defined below) completed a public secondary offering (the “October 2017 Public Offering”), in which CWGS Holding, LLC, a Delaware limited liability company, wholly-owned by ML Acquisition and CVRV Acquisition LLC, CVRV Acquisition II LLC, and Crestview Advisors, L.L.C., each affiliates of Crestview (collectively, the “October 2017 Selling Stockholders”) sold 6,700,000 shares of the Company’s Class A common stock at the public offering price of $40.50 per share. CWGS Holding, LLC and CVRV Acquisition LLC redeemed an aggregate of 5,415,529 common units of CWGS, LLC for 5,415,529 shares of Class A common stock, which they sold in the October 2017 Public Offering along with 1,284,471 shares of Class A shares sold by CVRV Acquisition II LLC and Crestview Advisors, L.L.C. that they already held as a result of the Reorganization Transactions and the previous vesting of RSUs held by certain members of the board of directors affiliated with Crestview, respectively. Pursuant to the terms of the LLC Agreement, an aggregate of 5,415,529 shares of the Company’s Class B common stock registered in the name of CWGS Holding, LLC and CVRV Acquisition LLC were cancelled for no consideration on a one-for-one basis with the number of common units redeemed. In addition, on October 27, 2017, the underwriters partially exercised their option to purchase up to an additional 1,005,000 shares of Class A common stock from the October 2017 Selling Stockholders. On November 1, 2017, the October 2017 Selling Stockholders closed on the sale of the additional 963,799 shares of Class A common stock. CWGS Holding, LLC and CVRV Acquisition LLC redeemed an additional aggregate 779,026 common units of CWGS, LLC for 779,026 shares of Class A common stock, which they sold in the October 2017 Public Offering along with 184,773 shares of Class A shares sold by CVRV Acquisition II LLC and Crestview Advisors, L.L.C. that they already held as a result of the Reorganization Transactions and the previous vesting of RSUs held by certain members of the board of directors affiliated with Crestview, respectively. Pursuant to the terms of the LLC Agreement, an additional aggregate of 779,026 shares of the Company’s Class B common stock registered in the name of CWGS Holding, LLC and CVRV Acquisition LLC were cancelled for no consideration on a one-for-one basis with the number of common units redeemed. The Company did not receive any proceeds relating to the sale of shares in the October 2017 Public Offering by the October 2017 Selling Stockholders. The impact from the Tax Receivable Agreement (see Note 11 — Income Taxes) of the redemption of common units described above relating to the October 2017 Public Offering is expected to increase the current portion of the Tax Receivable Agreement liability by approximately $5.7 million, increase the non-current portion of the Tax Receivable Agreement liability by approximately $106.0 million, increase deferred tax assets by approximately $143.0 million, and increase additional paid-in capital by approximately $31.3 million.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Camping World Holdings, Inc. (“CWH”) and its subsidiaries (collectively, the “Company”), and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2017 are unaudited. The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Annual Report”) filed with the SEC on March 13, 2017. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an initial public offering (the “IPO”) and other related transactions in order to carry on the business of CWGS Enterprises, LLC (“CWGS, LLC”). CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions (the “Reorganization Transactions”) that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, CWH has a minority economic interest in CWGS, LLC. As of September 30, 2017, CWH owned 34.1% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. As the Reorganization Transactions are considered transactions between entities under common control, the financial statements for the periods prior to the IPO and related Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. The Company does not have any components of other comprehensive income recorded within its consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its consolidated financial statements.
Description of the Business	Description of the Business CWGS, LLC is a holding company and operates through its subsidiaries. The operations of the Company consist of two primary businesses: (i) Consumer Services and Plans, and (ii) Retail. The Company provides consumer services and plans offerings through its Good Sam brand and the Company primarily provides its retail offerings through its Camping World brand. Within the Consumer Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; co-branded credit cards; vehicle financing and refinancing; club memberships; and publications and directories. Within the Retail segment, the Company primarily derives revenues from the sale of the following products: new and used recreational vehicles (“RV”); parts and service, including RV accessories and supplies; camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport equipment and supplies; and finance and insurance. The Company primarily operates in various regions throughout the United States and markets its products and services to RV owners and outdoor enthusiasts. At September 30, 2017, the Company operated 137 Camping World retail locations, of which 121 locations sell new and used RVs, and offer financing, ancillary services, protection plans, and other products for the RV purchaser and outdoor enthusiasts; two Overton’s locations offering marine and watersports products; two TheHouse.com locations offering skiing, snowboarding, bicycling, and skateboarding products; and one W82 location offering skiing, snowboarding, and skateboarding products.
Use of Estimates	Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying unaudited condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, assets held for sale, program cancellation reserves, and accruals related to self-insurance programs, estimated tax liabilities and other liabilities.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The amendments in the accounting standard replace the lower of cost or market test with a lower of cost and net realizable value test. The amendments in this ASU should be applied prospectively and are effective for interim and annual periods beginning after December 15, 2016. The Company adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU amends guidance on the classification and measurement of financial instruments. Although ASU 2016-01 retains many current requirements, it significantly revises an entity’s accounting related to investments in equity securities, excluding those accounted for under the equity method of accounting or those that result in the consolidation of the investee. The guidance also amends certain disclosure requirements associated with the fair value of financial instruments. One of the amendments eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted the amendments of this ASU as of January 1, 2017, which eliminated the disclosure requirements discussed above, and the adoption did not materially impact its consolidated financial statements or results of operations. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, a consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU do not provide a definition of restricted cash or restricted cash equivalents. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). This ASU clarifies the definition of a business to exclude gross assets acquired (or disposed of) that have substantially all of their fair value concentrated in a single identifiable asset or group of similar identifiable assets. The ASU also updates the definition of the term “output” to be consistent with Accounting Standards Codification (“ASC”) Topic No. 606. The ASU is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. The Company early adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). This ASU eliminates Step 2 of the goodwill impairment test and requires a goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and must be applied prospectively. The Company early adopted the amendments of this ASU as of January 1, 2017 and the adoption did not materially impact its consolidated financial statements or results of operations. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The FASB has subsequently issued several related ASUs that clarified the implementation guidance for certain aspects of ASU 2014-09, which are effective upon the adoption of ASU 2014-09. This ASU sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2017. The standard can be adopted either retrospectively to each reporting period presented or as a cumulative effect adjustment as of the date of adoption. To assess the impact of the ASU, the Company established an internal implementation team to review its current accounting policies and practices, identify all material revenue streams, assess the impact of the ASU on its material revenue streams and identify potential differences with current policies and practices. The Company’s internal implementation team is in the process of performing its initial review of the likely impacts that the application of the amendments in this ASU will have on its consolidated financial statements. The team has identified the Company’s material revenue streams to be the sale of new and used vehicles; the sale of parts, RV accessories, and supplies; the performance of vehicle maintenance and repair services; the arrangement of associated vehicle financing; the sale of insurance and emergency roadside assistance contracts; and the sale of club memberships. The team has continued to review a sample of associated contracts and other related documents, but currently, has not quantified and estimated impact of changes, if any, to its current revenue recognition policies and practices. The Company’s implementation team is continuing to evaluate the additional disclosure requirements of the ASU, as well as the change, if any, to the Company’s underlying accounting and financial reporting systems and processes necessary to support the recognition and disclosure requirements. The Company expects to identify and implement the necessary changes, if any, during 2017. The Company currently expects to adopt the amendments of this ASU as of January 1, 2018, as a cumulative effect adjustment as of the date of adoption, but will not make a final decision on the adoption method until later in 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this ASU relate to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact that adoption will have on its consolidated balance sheet and statement of income. However, the Company expects that the adoption of the provisions of the ASU will have a significant impact on its consolidated balance sheet, as currently most of its real estate is leased via operating leases. Adoption of this ASU is required to be done using a modified retrospective approach. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The amendment addresses several specific cash flow issues with the objective of reducing the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The amendments in ASU 2017-09 require entities to apply modification accounting in Topic 718 only when changes to the terms or conditions of a share-based payment award result in changes to fair value, vesting conditions or the classification of the award as equity or liability. The standard will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The guidance will be applied prospectively upon adoption. The Company does not expect the adoption will have a material impact on its consolidated financial statements or results of operations; however, the amount of the impact to equity-based compensation expense will depend on the terms specified in any new changes to the equity-based payment awards, if any. The Company plans to adopt this ASU on October 1, 2017.

Inventories, Net and Floor Pl26

Inventories, Net and Floor Plan Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Inventories, Net and Floor Plan Payable
Inventories, Net and Floor Plan Payable	Inventories consisted of the following (in thousands): September 30, December 31, 2017 2016 New RV vehicles $ 931,016 $ 727,634 Used RV vehicles 96,911 78,787 Parts, accessories and miscellaneous 176,211 102,833 $ 1,204,138 $ 909,254

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets
Changes in goodwill by business line	The following is a summary of changes in the Company’s goodwill by reportable segments for the nine months ended September 30, 2017 (in thousands): Consumer Services and Plans Retail Consolidated Balance as of December 31, 2016 $ 49,944 $ 103,161 $ 153,105 Acquisitions (1) — 175,297 175,297 Balance as of September 30, 2017 $ 49,944 $ 278,458 $ 328,402 (1) See Note 9 — Acquisitions.
Finite-lived intangible assets and related accumulated amortization	Finite-lived intangible assets and related accumulated amortization consisted of the following at September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 Cost or Accumulated Fair Value Amortization Net Trademarks and trade names $ 28,839 $ (420) $ 28,419 Membership and customer lists 10,778 (7,118) 3,660 Websites 5,990 (97) 5,893 $ 45,607 $ (7,635) $ 37,972 December 31, 2016 Cost or Accumulated Fair Value Amortization Net Membership and customer lists $ 9,485 $ (6,099) $ 3,386 $ 9,485 $ (6,099) $ 3,386

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Long-Term Debt.
Long-Term debt	Long-term debt consists of the following (in thousands): September 30, December 31, 2017 2016 Term Loan Facility (1) $ 716,907 $ 626,753 Less: current portion (7,400) (6,450) $ 709,507 $ 620,303 (1) Net of $5.9 million and $6.3 million of original issue discount at September 30, 2017 and December 31, 2016, respectively, and $11.7 million and $11.9 million of finance costs at September 30, 2017 and December 31, 2016, respectively.

Right to Use Liabilities (Table

Right to Use Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Right to Use Liabilities
Schedule of right to use assets	The Company has included the right to use assets in property and equipment, net, as follows (in thousands): September 30, December 31, 2017 2016 Right to use assets $ 10,673 $ 10,673 Accumulated depreciation (861) (667) $ 9,812 $ 10,006
Schedule of future changes in the right to use liability	The following is a schedule by year of the future changes in the right to use liabilities as of September 30, 2017 (in thousands): 2017 $ 218 2018 583 2019 486 2020 486 2021 487 Thereafter (1) 13,813 Total minimum lease payments 16,073 Amounts representing interest (5,842) Present value of net minimum right to use liability payments $ 10,231 Includes $5.0 million of scheduled derecognition of right to use liabilities upon the reduction in lease deposits to less than two months’ rent.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Measurements
Summary of aggregate carrying value and fair value of fixed rate debt	Fair Value 9/30/2017 12/31/2016 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility Level 2 $ 716,907 $ 740,876 $ 626,753 $ 649,838

Statement of Cash Flows (Tables

Statement of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2017
Statement of Cash Flows
Supplemental disclosures of cash flow information	Supplemental disclosures of cash flow information for the following periods (in thousands): Nine Months Ended September 30, September 30, 2017 2016 Cash paid (received) during the period for: Interest $ 47,374 $ 50,705 Income taxes 25,660 1,354 Non-cash investing activities: Derecognized property and equipment for leases that qualified as operating leases after completion of construction — (19,958) Property and equipment acquired through third-party capital lease arrangements 2,007 Leasehold improvements paid by lessor 857 — Vehicles transferred to property and equipment from inventory 1,605 530 Portion of acquisition purchase price paid through issuance of Class A common stock 5,720 — Non-cash financing activities: Derecognized right to use liabilities for leases that qualified as operating leases after completion of construction — (20,056) Third-party capital lease arrangements to acquire property and equipment 2,007 Non-cash distribution of equity interest in AutoMatch USA, LLC, an indirect wholly-owned subsidiary of the Company (38,838) Par value of Class A common stock issued in exchange for common units in CWGS, LLC 66 — Par value of Class A common stock issued for vested restricted stock units — — Par value of Class A common stock issued for acquisition 1 —

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Summary of the purchase price allocations	Nine Months Ended September 30, Estimated ($ in thousands) 2017 2016 Life Tangible assets (liabilities) acquired (assumed): Accounts receivable $ 1,306 $ 944 Inventory 98,869 29,713 Property and equipment 835 635 Other assets 72 142 Accrued liabilities (3,019) (2,231) Other liabilities (75) Total tangible net assets acquired 98,063 29,128 Intangible assets acquired: Membership and customer lists 793 2,774 4-7 years Total intangible assets acquired 793 2,774 Goodwill 143,788 35,786 Purchase price 242,644 67,688 Inventory purchases financed via floor plan (79,321) (22,265) Cash payment net of floor plan financing $ 163,323 $ 45,423
Gander Mountain and Overton's
Acquisitions
Summary of the purchase price allocations	Estimated Estimated ($ in thousands) Fair Value Life Tangible assets (liabilities) acquired (assumed): Inventory $ 9,965 Prepaid expenses and other assets 42 Property and equipment 8,436 Accrued liabilities (373) Total tangible net assets acquired 18,070 Intangible assets acquired: Trademarks and trade names 14,800 15 years Membership and customer lists 500 6 years Websites 1,900 10 years Total intangible assets acquired 17,200 Goodwill 1,329 Purchase price 36,599 Contingent consideration unpaid at September 30, 2017 (1,021) Cash paid for acquisition $ 35,578
TheHouse.com
Acquisitions
Summary of the purchase price allocations	Estimated Estimated ($ in thousands) Fair Value Life Tangible assets (liabilities) acquired (assumed): Cash and cash equivalents $ 501 Accounts receivable 159 Inventory 36,317 Prepaid expenses and other assets 1,120 Property and equipment 548 Accounts payable (7,582) Accrued liabilities (827) Deferred tax liabilities (6,016) Total tangible net assets acquired 24,220 Intangible assets acquired: Trademarks and trade names 14,039 15 years Websites 4,090 10 years Total intangible assets acquired 18,129 Goodwill 28,683 Purchase price 71,032 Cash and cash equivalents acquired (501) Non-cash consideration - Class A shares issued (5,720) Cash paid for acquisition, net of cash acquired $ 64,811
W82
Acquisitions
Summary of the purchase price allocations	Estimated ($ in thousands) Fair Value Tangible assets (liabilities) acquired (assumed): Inventory $ 847 Prepaid expenses and other assets 7 Property and equipment 546 Accrued liabilities (790) Total tangible net assets acquired 610 Goodwill 1,497 Purchase price $ 2,107

Non-Controlling Interest (Table

Non-Controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2017
Non-Controlling Interests
Schedule of effects of change in ownership	Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Net income attributable to Camping World Holdings, Inc. $ 20,127 $ 68,416 $ 46,985 $ 189,602 Transfers to non-controlling interests: Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC — — (53,648) — Decrease in additional paid-in capital as a result of the contribution of Class A common stock to CWGS, LLC for an acquisition by a subsidiary (2,261) — (2,261) — Decrease in additional paid-in capital as a result of the vesting of restricted stock units — — — — Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC 13,468 — 69,091 — Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ 31,334 $ 68,416 $ 60,167 $ 189,602

Equity-based Compensation Pla34

Equity-based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Equity-based Compensation Plans
Schedule of equity-based compensation expense classified with the consolidated statements of operations	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Equity-based compensation expense: Costs applicable to revenue $ 81 $ — $ 254 $ — Selling, general, and administrative 1,123 60 2,538 60 Total equity-based compensation expense $ 1,204 $ 60 $ 2,792 $ 60
Summary of stock option activity	Stock Options (in thousands) Outstanding at December 31, 2016 1,118 Granted — Exercised — Forfeited (62) Cancelled — Outstanding at September 30, 2017 1,056
Summary of restricted stock unit activity	Restricted Stock Units (in thousands) Outstanding at December 31, 2016 144 Granted 292 Vested — Forfeited (6) Cancelled — Outstanding at September 30, 2017 430

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share
Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings	Three Months Nine Months Ended Ended September 30, September 30, (In thousands except per share amounts) 2017 2017 Numerator: Net income $ 85,258 $ 240,021 Less: net income attributable to non-controlling interests (65,131) (193,036) Net income attributable to Camping World Holdings, Inc. — basic 20,127 46,985 Add: Reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock 39,917 118,110 Net income attributable to Camping World Holdings, Inc. — diluted $ 60,044 $ 165,095 Denominator: Weighted-average shares of Class A common stock outstanding — basic 29,522 23,854 Dilutive common units of CWGS, LLC that are convertible into Class A common stock 58,930 62,093 Weighted-average shares of Class A common stock outstanding — diluted 88,452 85,947 Earnings per share of Class A common stock — basic $ 0.68 $ 1.97 Earnings per share of Class A common stock — diluted $ 0.68 $ 1.92

Segments Information (Tables)

Segments Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Information
Reportable segment revenue	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Revenue: Consumer Services and Plans $ 46,169 $ 45,442 $ 144,518 $ 135,868 Retail 1,192,833 945,629 3,260,966 2,720,806 Total consolidated revenue $ 1,239,002 $ 991,071 $ 3,405,484 $ 2,856,674
Reportable segment income	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Segment income (1): Consumer Services and Plans $ 21,675 $ 19,847 $ 71,887 $ 63,948 Retail 93,446 70,882 256,713 188,898 Total segment income 115,121 90,729 328,600 252,846 Corporate & other (2,037) (1,091) (6,461) (2,420) Depreciation and amortization (8,382) (6,219) (22,819) (18,144) Other interest expense, net (11,012) (12,715) (30,973) (38,040) Other expense, net (96) — (79) (2) Income from operations before income taxes $ 93,594 $ 70,704 $ 268,268 $ 194,240 (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense.
Reportable depreciation and amortization and other interest expense, net	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Depreciation and amortization: Consumer Services and Plans $ 888 $ 926 $ 2,889 2,777 Retail 7,266 5,293 19,587 15,367 Total 8,154 6,219 22,476 18,144 Corporate & other 228 — 343 — Total depreciation and amortization $ 8,382 $ 6,219 $ 22,819 $ 18,144 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($ in thousands) 2017 2016 2017 2016 Other interest expense, net: Consumer Services and Plans $ 1 $ 4 $ 5 $ 12 Retail 1,423 1,482 4,375 4,250 Total 1,424 1,486 4,380 4,262 Corporate & other 9,588 11,229 26,593 33,778 Total interest expense $ 11,012 $ 12,715 $ 30,973 $ 38,040
Reportable segment assets	September 30, December 31, ($ in thousands) 2017 2016 Assets: Consumer Services and Plans $ 122,273 $ Retail 1,900,638 Total 2,022,911 Corporate & other 355,568 Total assets $ 2,378,479 $

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Description of Business (Details)	Sep. 30, 2017store	Oct. 06, 2016	Sep. 30, 2017segmentstore	Dec. 31, 2016
Segments Information
Number of primary businesses | segment			2
Number of locations related to RV purchasers and outdoor enthusiasts	137		137
Number of locations related to marine and watersports products	2		2
Number of locations related to skiing, snowboarding, bicycling and skateboarding products	2		2
Number of stores related to skiing, snowboarding, and skateboarding products	1		1
New and used RVs, financing, and other ancillary services, protection plans, and products for the RV purchaser
Segments Information
Number of locations related to RV purchasers and outdoor enthusiasts	121		121
CWH | CWGS, LLC
Segments Information
Ownership interest	34.10%	22.60%	34.10%	22.60%

Inventories, Net and Floor Pl38

Inventories, Net and Floor Plan Payable - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventories
Inventories	$ 1,204,138	$ 909,254
New RV vehicles
Inventories
Inventories	931,016	727,634
Used RV vehicles
Inventories
Inventories	96,911	78,787
Parts, accessories and miscellaneous
Inventories
Inventories	$ 176,211	$ 102,833

Inventories, Net and Floor Pl39

Inventories, Net and Floor Plan Payable - Floor Plan Payable (Details) - Line of Credit $ in Millions	Jul. 01, 2016USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Notes Payable to Banks | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	$ 1,180			$ 880
Amount outstanding		$ 799.7	$ 625.2
Offset account		$ 91.1	$ 68.5
Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR)
Floor Plan Payable
Variable rate spread (as a percent)		2.05%	2.05%
Variable rate basis (as a percent)		1.24	0.62
Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR) | Minimum
Floor Plan Payable
Variable rate spread (as a percent)	2.05%
Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR) | Maximum
Floor Plan Payable
Variable rate spread (as a percent)	2.50%
Notes Payable to Banks | Floor Plan Facility, floor plan notes | Base Rate | Minimum
Floor Plan Payable
Variable rate spread (as a percent)	0.55%
Notes Payable to Banks | Floor Plan Facility, floor plan notes | Base Rate | Maximum
Floor Plan Payable
Variable rate spread (as a percent)	1.00%
Letters of credit
Floor Plan Payable
Maximum borrowing capacity		$ 15

Goodwill and Intangible Asset40

Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Goodwill
Balance	$ 153,105
Acquisitions	175,297
Balance	328,402
Consumer services and plans
Goodwill
Balance	49,944
Balance	49,944
Retail
Goodwill
Balance	103,161
Acquisitions	175,297
Balance	$ 278,458

Goodwill and Intangible Asset41

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Intangible Assets
Cost or Fair Value	$ 45,607	$ 9,485
Accumulated Amortization	(7,635)	(6,099)
Net	37,972	3,386
Trademarks and trade names
Intangible Assets
Cost or Fair Value	28,839
Accumulated Amortization	(420)
Net	$ 28,419
Useful lives (in years)	15 years
Membership and customer lists
Intangible Assets
Cost or Fair Value	$ 10,778	9,485
Accumulated Amortization	(7,118)	(6,099)
Net	3,660	$ 3,386
Websites
Intangible Assets
Cost or Fair Value	5,990
Accumulated Amortization	(97)
Net	$ 5,893
Useful lives (in years)	10 years
Weighted Average | Membership and customer lists
Intangible Assets
Useful lives (in years)	5 years	5 years

Long-Term Debt - Tabular Disclo

Long-Term Debt - Tabular Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Long-Term Debt
Term Loan Facility	$ 716,907	$ 626,753
Less: current portion	(7,400)	(6,450)
Long-term debt, net of current maturities	709,507	620,303
Unamortized discount	5,900	6,300
Finance costs	$ 11,700	$ 11,900

Long-Term Debt - Borrowings (De

Long-Term Debt - Borrowings (Details) - Secured Debt - USD ($) $ in Millions	Mar. 17, 2017	Nov. 08, 2016
Line of Credit | Existing Senior Secured Credit Facility
Long-Term Debt
Maximum borrowing capacity	$ 740	$ 680
Maximum borrowing capacity, increase in capacity	$ 95
Mandatory amortization of new credit facility (as a percent)		1.00%
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Maximum borrowing capacity		$ 645
Term		7 years
Principal payment frequency		quarterly
Revolving Credit Facility | Existing Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Term		5 years
Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity		$ 35

Long-Term Debt - Interest, Fees

Long-Term Debt - Interest, Fees, and Principal Payments (Details) - Secured Debt	Nov. 08, 2016	Sep. 30, 2017
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow (as a percent)		50.00%
Prepayment requirement as a percentage of excess cash flow, reduced amount (as a percent)		25.00%
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Minimum
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow, reduced amount, leverage ratio		1.50
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Maximum
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow, reduced amount, leverage ratio		2
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Interest on Debt Instrument, Option One | London Interbank Offered Rate (LIBOR)
Long-Term Debt
Variable rate basis floor (as a percent)	0.75%
Variable rate spread (as a percent)	3.75%	3.75%
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Interest on Debt Instrument, Option Two
Long-Term Debt
Variable rate spread (as a percent)		2.75%
Alternate base rate (as a percent)	2.75%
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Interest on Debt Instrument, Option Two | One Month Adjusted London Interbank Offer Rate
Long-Term Debt
Variable rate basis floor (as a percent)	1.75%
Variable rate spread (as a percent)	1.00%
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Interest on Debt Instrument, Option Two | Federal Funds Effective Rate
Long-Term Debt
Variable rate spread (as a percent)	0.50%
Revolving Credit Facility
Long-Term Debt
Commitment fee (as a percent)	0.50%
Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option One
Long-Term Debt
Variable rate basis floor (as a percent)	0.75%
Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two | Minimum
Long-Term Debt
Variable rate spread (as a percent)	2.25%
Alternate base rate (as a percent)	3.25%
Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two | Maximum
Long-Term Debt
Variable rate spread (as a percent)	2.50%
Alternate base rate (as a percent)	3.50%
Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two | One Month Adjusted London Interbank Offer Rate
Long-Term Debt
Variable rate spread (as a percent)	1.00%
Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two | Federal Funds Effective Rate
Long-Term Debt
Variable rate spread (as a percent)	0.50%

Long-Term Debt - General Inform

Long-Term Debt - General Information (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Nov. 08, 2016
Long-Term Debt
Amount outstanding	$ 716,907	$ 626,753
Secured Debt | Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Average interest rate (as a percent)	4.98%
Amount outstanding	$ 734,500	645,000
Secured Debt | Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility
Long-Term Debt
Maximum amount allocated to letters of credit			$ 15,000
Available borrowings	31,800	31,800
Amount outstanding	0	0
Secured Debt | Letters of credit | Senior Secured Credit Facility, Letters of Credit
Long-Term Debt
Available borrowings	$ 3,200	$ 3,200

Right to Use Liabilities - Righ

Right to Use Liabilities - Right to Use Assets (Details) - Right To Use Assets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Right to Use Assets
Right to use assets	$ 10,673	$ 10,673
Accumulated depreciation	(861)	(667)
Total	$ 9,812	$ 10,006

Right to Use Liabilities - Futu

Right to Use Liabilities - Future Changes in the Right to Use Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Right to Use Liabilities
Scheduled derecognition of right to use liabilities upon the reduction in lease deposits to less than two months rent	$ 5,000
Right to Use Liabilities
Right to Use Liabilities
2,017	218
2,018	583
2,019	486
2,020	486
2,021	487
Thereafter	13,813
Total minimum lease payments	16,073
Amounts representing interest	(5,842)
Present value of net minimum right to use liability payments	$ 10,231

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Measurements
Transfers of assets between the fair value measurement levels 1 to level 2	$ 0	$ 0
Transfers of assets between the fair value measurement levels 2 to level 1	0	0
Transfers of liabilities between the fair value measurement levels 1 to level 2	0	0
Transfers of liabilities between the fair value measurement levels 2 to level 1	0	0
Transfers of assets or liabilities between the fair value measurement levels 3	0	0
Carrying Value
Fair Value Measurements
Term Loan Facility	716,907	626,753
Level 2 | Fair Value
Fair Value Measurements
Term Loan Facility	$ 740,876	$ 649,838

Statement of Cash Flows - Suppl

Statement of Cash Flows - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash paid during the year for:
Interest	$ 47,374	$ 50,705
Income taxes	25,660	1,354
Non-cash investing activities:
Derecognized property and equipment for leases that qualified as operating leases after completion of construction		(19,958)
Property and equipment acquired through third party capital lease arrangements		2,007
Leasehold improvements paid by lessor	857
Vehicles transferred to property and equipment from inventory	1,605	530
Portion of acquisition purchase price paid through issuance of Class A common stock	5,720
Non-cash financing activities:
Derecognized right to use liabilities for leases that qualified as operating leases after completion of construction		(20,056)
Third-party capital lease arrangements to acquire property and equipment		2,007
Non-cash distribution of equity interest in AutoMatch USA, LLC, an indirect wholly-owned subsidiary of the Company		$ (38,838)
Par value of Class A common stock issued in exchange for common units in CWGS, LLC	66
Par value of Class A common stock issued for acquisition	$ 1

Acquisitions - General Informat

Acquisitions - General Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Aug. 17, 2017store	May 26, 2017lease	May 25, 2017store
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Real properties purchased | $	$ 12.2	$ 12.9
Real properties sold in sale-leaseback transactions | $	$ 6	$ 7.3
Gander Mountain
Acquisitions
Number of retail leases | lease				15
TheHouse.com
Acquisitions
Number of locations			2
Gander Mountain
Acquisitions
Number of locations					160
Overton's
Acquisitions
Number of locations					2

Acquisitions - Assets (Liabilit

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	Aug. 17, 2017	May 26, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 22, 2017	Dec. 31, 2016
Assets (liabilities) acquired (assumed) at fair value:
Goodwill			$ 328,402			$ 153,105
Trademarks and trade names
Assets (liabilities) acquired (assumed) at fair value:
Estimated life (in years)			15 years
Websites
Assets (liabilities) acquired (assumed) at fair value:
Estimated life (in years)			10 years
Assets Or Stock Of Multiple Dealership Locations Acquired
Assets (liabilities) acquired (assumed) at fair value:
Accounts receivable			$ 1,306	$ 944
Inventory			98,869	29,713
Property and equipment			835	635
Other assets			72	142
Accrued liabilities			(3,019)	(2,231)
Other liabilities				(75)
Total tangible net assets acquired			98,063	29,128
Intangible assets acquired			793	2,774
Goodwill			143,788	35,786
Purchase price			242,644	67,688
Assets Or Stock Of Multiple Dealership Locations Acquired | Membership and customer lists
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired			$ 793	$ 2,774
Assets Or Stock Of Multiple Dealership Locations Acquired | Membership and customer lists | Minimum
Assets (liabilities) acquired (assumed) at fair value:
Estimated life (in years)			4 years	4 years
Assets Or Stock Of Multiple Dealership Locations Acquired | Membership and customer lists | Maximum
Assets (liabilities) acquired (assumed) at fair value:
Estimated life (in years)			7 years	7 years
Gander Mountain and Overton's
Assets (liabilities) acquired (assumed) at fair value:
Inventory		$ 9,965
Prepaid expenses and other assets		42
Property and equipment		8,436
Accrued liabilities		(373)
Total tangible net assets acquired		18,070
Intangible assets acquired		17,200
Goodwill		1,329
Purchase price		36,599
Contingent consideration unpaid at June 30, 2017		(1,021)
Gander Mountain and Overton's | Trademarks and trade names
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired		$ 14,800
Estimated life (in years)		15 years
Gander Mountain and Overton's | Membership and customer lists
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired		$ 500
Estimated life (in years)		6 years
Gander Mountain and Overton's | Websites
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired		$ 1,900
Estimated life (in years)		10 years
TheHouse.com
Assets (liabilities) acquired (assumed) at fair value:
Cash and cash equivalents	$ 501
Accounts receivable	159
Inventory	36,317
Prepaid expenses and other assets	1,120
Property and equipment	548
Accounts payable	(7,582)
Accrued liabilities	(827)
Deferred tax liabilities	(6,016)
Total tangible net assets acquired	24,220
Intangible assets acquired	18,129
Goodwill	28,683
Purchase price	71,032
TheHouse.com | Trademarks and trade names
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired	$ 14,039
Estimated life (in years)	15 years
TheHouse.com | Websites
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired	$ 4,090
Estimated life (in years)	10 years
W82
Assets (liabilities) acquired (assumed) at fair value:
Inventory					$ 847
Prepaid expenses and other assets					7
Property and equipment					546
Accrued liabilities					(790)
Total tangible net assets acquired					610
Goodwill					1,497
Purchase price					$ 2,107

Acquisitions - Purchase Price (

Acquisitions - Purchase Price (Details) - USD ($) $ in Thousands	Sep. 22, 2017	Aug. 17, 2017	May 26, 2017	Sep. 30, 2017	Sep. 30, 2016
Acquisitions
Cash paid for acquisition, net of cash acquired				$ 345,140	$ 67,690
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Purchase Price				242,644	67,688
Inventory purchases financed via floor plan				(79,321)	(22,265)
Cash payment net of holdback and floor plan financing				163,323	45,423
Goodwill for tax purposes				$ 143,788	$ 35,786
Gander Mountain and Overton's
Acquisitions
Purchase Price			$ 35,400
Liability incurred/extinguished with acquistion			1,100
Cash paid for acquisition			35,578
Goodwill for tax purposes			$ 1,329
TheHouse.com
Acquisitions
Liability incurred/extinguished with acquistion		$ 35,300
Cash paid for acquisition		30,000
Cash paid for acquisition, net of cash acquired		64,811
Non-cash consideration - Class A shares issued		5,720
Goodwill for tax purposes		$ 3,400
W82
Acquisitions
Extinguishment of debt	$ 1,500
Cash paid for acquisition	600
Goodwill for tax purposes	$ 1,497

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - USD ($)	4 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Revenue		$ 210,700,000	$ 55,300,000
Pre-tax income (loss)		13,800,000	$ 1,700,000
Gander Mountain and Overton's
Acquisitions
Revenue	$ 22,300,000
Pre-tax income (loss)	$ (11,300,000)
TheHouse.com
Acquisitions
Revenue		3,700,000
Pre-tax income (loss)		200,000
W82
Acquisitions
Revenue		34,000
Pre-tax income (loss)		$ 8,000

Exit Activities (Details)

Exit Activities (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Exit activities
Liability outstanding	$ 2.7	$ 2.8
Other current liabilities | Facility closure
Exit activities
Current portion of the liability	$ 0.3	$ 0.3

Income Taxes - Federal Tax purp

Income Taxes - Federal Tax purpose (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Oct. 06, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Effective tax rate			8.90%	3.20%	10.50%	2.40%
Federal statutory rate					35.00%	35.00%
Uncertain tax positions	$ 0		$ 0		$ 0		$ 0
Interest or penalties relating to income taxes			0	$ 0	0	$ 0
Payment, as percent of tax benefits (as a percent)		85.00%
Current portion of liabilities under tax receivable agreement	$ 7,378		$ 7,378		$ 7,378		$ 991
Tax receivable agreement
Expected future tax benefits retained by the Company (as a percent)		15.00%
Tax receivable agreement | Continuing Equity Owners and Crestview partners II GP LP
Payment, as percent of tax benefits (as a percent)		85.00%
CWGS, LLC | Tax receivable agreement
Units issued in exchange			1,001,248		6,526,610
CWH | CWGS, LLC
Ownership interest	34.10%	22.60%			34.10%		22.60%
Units held	30,227,061		30,227,061		30,227,061		18,935,916
Crestview Partners II GP LP | Tax receivable agreement
Liability under tax receivable agreement	$ 109,900		$ 109,900		$ 109,900		$ 19,200
Current portion of liabilities under tax receivable agreement	$ 7,400		7,400		$ 7,400		$ 1,000
Crestview Partners II GP LP | CWGS, LLC | Tax receivable agreement | IPO
Units issued in exchange		1,698,763
CW
Increase (decrease) in valuation allowance			$ (6,000)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 22, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Membership units
Non-cash distribution declared					$ 38,838,000
Cash distribution to members				$ 124,996,000	214,782,000
Kaplan, Strangis and Kaplan PA
Related party transactions
Related party expense		$ 300,000	$ 100,000	300,000	200,000
Monitoring Agreement | Crestview Advisors, L.L.C. and Stephen Adams
Related party transactions
Related party expense			500,000		1,500,000
Monitoring Agreement | Crestview Advisors, L.L.C
Related party transactions
Annual monitoring fee				1,000,000
Quarterly installments				250,000
Monitoring Agreement | Stephen Adams
Related party transactions
Annual monitoring fee				1,000,000
Quarterly installments				250,000
Reimbursable Fees | Crestview Advisors, L.L.C. and Stephen Adams
Related party transactions
Related party expense			100,000		400,000
Reimbursable Fees | Crestview Advisors, L.L.C
Related party transactions
Managers' reimbursable expenses per annum per related party				250,000
Reimbursable Fees | Stephen Adams
Related party transactions
Managers' reimbursable expenses per annum per related party				250,000
Related Party Agreement | Precise Graphix
Related party transactions
Related party expense		500,000	1,100,000	1,700,000	2,500,000
Advertising Agreement | Cumulus Media
Related party transactions
Related party expense		400,000		$ 400,000
W82
Related party transactions
Cash paid for acquisition	$ 600,000
Payment of debt	1,500,000
W82 | Mr. Lemonis | Secured Convertible Promissory Note
Related party transactions
Payment of debt	$ 1,100,000
Mr. Lemonis | Precise Graphix
Related party transactions
Economic interest (as a percent)				33.00%
Mr. Lemonis | ML Fashion, LLC | Secured Convertible Promissory Note
Related party transactions
Economic interest (as a percent)	100.00%
FreedomRoads | Lease Agreement | Managers and Officers
Related party transactions
Related party expense		500,000	300,000	$ 1,400,000	1,000,000
FreedomRoads | Lease Agreement | Mr. Lemonis | Original Lease
Related party transactions
Term of lease				132 months
Base rent		29,000		$ 29,000
Lease payments		193,000	211,000	546,000	546,000
Common area maintenance payments		94,000	113,000	$ 252,000	258,000
FreedomRoads | Lease Agreement | Mr. Lemonis | Expansion Lease
Related party transactions
Term of lease				132 months
Base rent		2,500		$ 2,500
Lease payments		$ 8,000	$ 8,000	$ 25,000	$ 25,000
Crestview Partners II GP LP | Cumulus Media
Related party transactions
Economic interest (as a percent)				30.00%

Stockholder's Equity - (Details

Stockholder's Equity - (Details)	Sep. 30, 2017shares	Jun. 09, 2017USD ($)shares	Jun. 05, 2017shares	May 31, 2017USD ($)$ / sharesshares	Oct. 06, 2016classshares	May 31, 2017$ / sharesshares	Sep. 30, 2017USD ($)shares	Dec. 31, 2016shares
Common Stock
Number of classes of common stock | class					3
Proceeds, net of underwriting discounts and commissions | $		$ 16,000,000					$ 121,445,000
Class A common stock
Common Stock
Common stock, outstanding	30,227,061						30,227,061	18,935,916
Number of shares issued				4,000,000			4,600,000
Offering price (in dollars per share) | $ / shares				$ 27.75		$ 27.75
Proceeds, net of underwriting discounts and commissions | $				$ 106,600,000
Class A common stock | May 2017 Selling Stockholders
Common Stock
Offering price (in dollars per share) | $ / shares				$ 27.75		$ 27.75
Shares issued by selling stockholders		825,000		5,500,000		5,500,000
Class A common stock | CVRV Acquisition LLC
Common Stock
Shares of common stock redeemed for shares of common stock		648,462		4,323,083		4,323,083
Class A common stock | CVRV Acquisition II LLC
Common Stock
Shares sold that were previously held		176,538				1,176,917
Class A common stock | Over allotment
Common Stock
Number of shares issued		600,000	600,000
Class A common stock | Over allotment | May 2017 Selling Stockholders
Common Stock
Shares issued by selling stockholders			825,000
Class B common stock
Common Stock
Common stock, outstanding	57,031,184						57,031,184	62,002,729
Class B common stock | May 2017 Selling Stockholders
Common Stock
Consideration for redemption of shares | $		$ 0		$ 0
Class B common stock | CVRV Acquisition LLC
Common Stock
Number of common stock cancelled		648,462		4,323,083		4,323,083
Class C common stock
Common Stock
Common stock, outstanding	1						1	1
CWH BR Merger | Class A common stock
Common Stock
Shares issued in acquisition					7,063,716
CWH BR Merger | Class B common stock
Common Stock
Shares cancelled					7,063,716
CWGS, LLC
Common Stock
Purchase of newly-issued common units		600,000		4,000,000		4,000,000
CWGS, LLC | Class A common stock | CVRV Acquisition LLC
Common Stock
Redemption of common stock by selling shareholders				4,323,083
CWGS, LLC | Class B common stock | CVRV Acquisition LLC
Common Stock
Redemption of common stock by selling shareholders		648,462
CWGS, LLC | CWH BR Merger
Common Stock
Common stock, outstanding					7,063,716
CWH | CWGS, LLC
Common Stock
Units held	30,227,061						30,227,061	18,935,916
Ownership interest	34.10%				22.60%		34.10%	22.60%
Merged Entity | CWGS, LLC
Common Stock
Units held					7,063,716
Continuing Equity Owners | CWGS, LLC
Common Stock
Units held	58,309,304						58,309,304	64,835,914
Percentage of ownership	65.90%				77.40%		65.90%	77.40%

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Oct. 06, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Summarizes the effects of change in ownership:
Net income attributable to Camping World Holdings, Inc.			$ 20,127	$ 68,416	$ 46,985	$ 189,602
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the contribution of Class A common stock to CWGS, LLC for an acquisition by a subsidiary					1,417
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests			31,334	$ 68,416	60,167	$ 189,602
Additional Paid-in Capital
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC					(53,648)
Decrease in additional paid-in capital as a result of the contribution of Class A common stock to CWGS, LLC for an acquisition by a subsidiary			(2,261)		(2,261)
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC			$ 13,468		$ 69,091
CWGS, LLC
Non-Controlling Interests
LLC outstanding	88,536,365	70,000	88,536,365		88,536,365		83,771,830
CWH | CWGS, LLC
Non-Controlling Interests
Units held	30,227,061		30,227,061		30,227,061		18,935,916
Ownership interest	34.10%	22.60%			34.10%		22.60%
Continuing Equity Owners | CWGS, LLC
Non-Controlling Interests
Units held	58,309,304		58,309,304		58,309,304		64,835,914
Percentage of ownership	65.90%	77.40%	65.90%		65.90%		77.40%

Equity-based Compensation Pla59

Equity-based Compensation Plans - Summary of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity-based compensation expense:
Equity based compensation expense	$ 1,204	$ 60	$ 2,792	$ 60
Costs applicable to revenue
Equity-based compensation expense:
Equity based compensation expense	81		254
Selling, general, and administrative
Equity-based compensation expense:
Equity based compensation expense	$ 1,123	$ 60	$ 2,538	$ 60

Equity-based Compensation Pla60

Equity-based Compensation Plans - Stock Options (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2017shares
Stock Options
Outstanding at December 31, 2016 (in shares)	1,118
Forfeited (in shares)	(62)
Outstanding at June 30, 2017 (in shares)	1,056

Equity-based Compensation Pla61

Equity-based Compensation Plans - Restricted Stock Units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2017shares
Restricted Stock Units
Outstanding at December 31, 2016 (in shares)	144
Granted (in shares)	292
Forfeited (in shares)	(6)
Outstanding at June 30, 2017 (in shares)	430

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		24 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Oct. 06, 2016	Dec. 31, 2016
Numerator:
Net income		$ 85,258	$ 68,416	$ 240,021	$ 189,602
Less: net income attributable to non-controlling interests		(65,131)		(193,036)
Class A common stock
Numerator:
Net income		85,258		240,021
Less: net income attributable to non-controlling interests		(65,131)		(193,036)
Net income attributable to Camping World Holdings, Inc.		20,127		46,985
Add: Reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock		39,917		118,110
Net income attributable to Camping World Holdings, Inc. - diluted		$ 60,044		$ 165,095
Denominator:
Weighted-average shares of Class A common stock outstanding -basic	[1]	29,522,000		23,854,000
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		58,930,000		62,093,000
Weighted-average shares of Class A common stock outstanding - diluted	[1]	88,452,000		85,947,000
Earnings per share of Class A common stock - basic	[1]	$ 0.68		$ 1.97
Earnings per share of Class A common stock - diluted	[1]	$ 0.68		$ 1.92
Class A common stock | Stock Option
Antidilutive securities excluded from the computation of diluted earnings per share		1,100,000		1,100,000
Class A common stock | Restricted Stock Units (RSUs)
Antidilutive securities excluded from the computation of diluted earnings per share		400,000		200,000
CWGS, LLC
Preferred units outstanding (in units)		88,536,365		88,536,365		70,000	83,771,830
Quarterly preferred returns						$ 2,100
[1]	Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 16 — Earnings Per Share.

Segments Information - General

Segments Information - General Information (Details)	9 Months Ended
	Sep. 30, 2017segment
Segments Information
Number of reportable segments	2

Segments Information - Revenue

Segments Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segments Information
Revenue	$ 1,239,002	$ 991,071	$ 3,405,484	$ 2,856,674
Consumer services and plans
Segments Information
Revenue	46,169	45,442	144,518	135,868
Retail
Segments Information
Revenue	$ 1,192,833	$ 945,629	$ 3,260,966	$ 2,720,806

Segments Information - Segment

Segments Information - Segment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segments Information
Total segment income	$ 112,116	$ 87,741	$ 318,623	$ 247,133
Selling, general, and administrative expense	(236,174)	(186,255)	(640,108)	(536,966)
Depreciation and amortization	(8,382)	(6,219)	(22,819)	(18,144)
Other interest expense, net	(11,012)	(12,715)	(30,973)	(38,040)
Other expense, net	(96)		(79)	(2)
Income before income taxes	93,594	70,704	268,268	194,240
Operating Segments
Segments Information
Total segment income	115,121	90,729	328,600	252,846
Depreciation and amortization	(8,154)	(6,219)	(22,476)	(18,144)
Other interest expense, net	(1,424)	(1,486)	(4,380)	(4,262)
Corporate, Non-Segment
Segments Information
Selling, general, and administrative expense	(2,037)	(1,091)	(6,461)	(2,420)
Depreciation and amortization	(228)		(343)
Other interest expense, net	(9,588)	(11,229)	(26,593)	(33,778)
Consumer services and plans | Operating Segments
Segments Information
Total segment income	21,675	19,847	71,887	63,948
Depreciation and amortization	(888)	(926)	(2,889)	(2,777)
Other interest expense, net	(1)	(4)	(5)	(12)
Retail | Operating Segments
Segments Information
Total segment income	93,446	70,882	256,713	188,898
Depreciation and amortization	(7,266)	(5,293)	(19,587)	(15,367)
Other interest expense, net	$ (1,423)	$ (1,482)	$ (4,375)	$ (4,250)

Segments Information - Deprecia

Segments Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segments Information
Depreciation and amortization	$ 8,382	$ 6,219	$ 22,819	$ 18,144
Operating Segments
Segments Information
Depreciation and amortization	8,154	6,219	22,476	18,144
Corporate, Non-Segment
Segments Information
Depreciation and amortization	228		343
Consumer services and plans | Operating Segments
Segments Information
Depreciation and amortization	888	926	2,889	2,777
Retail | Operating Segments
Segments Information
Depreciation and amortization	$ 7,266	$ 5,293	$ 19,587	$ 15,367

Segments Information - Other In

Segments Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segments Information
Other interest expense, net	$ 11,012	$ 12,715	$ 30,973	$ 38,040
Operating Segments
Segments Information
Other interest expense, net	1,424	1,486	4,380	4,262
Corporate, Non-Segment
Segments Information
Other interest expense, net	9,588	11,229	26,593	33,778
Consumer services and plans | Operating Segments
Segments Information
Other interest expense, net	1	4	5	12
Retail | Operating Segments
Segments Information
Other interest expense, net	$ 1,423	$ 1,482	$ 4,375	$ 4,250

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Segments Information
Assets	$ 2,378,479	$ 1,563,765
Operating Segments
Segments Information
Assets	2,022,911	1,387,939
Corporate, Non-Segment
Segments Information
Assets	355,568	175,826
Consumer services and plans | Operating Segments
Segments Information
Assets	122,273	152,689
Retail | Operating Segments
Segments Information
Assets	$ 1,900,638	$ 1,235,250

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Oct. 30, 2017	Oct. 27, 2017	Oct. 06, 2017	Jun. 09, 2017	Jun. 05, 2017	May 31, 2017	Mar. 17, 2017	Nov. 08, 2016	May 31, 2017	Sep. 30, 2017
Subsequent events
Proceeds, net of underwriting discounts and commissions					$ 16,000						$ 121,445
Class A common stock
Subsequent events
Number of shares issued							4,000,000				4,600,000
Offering price (in dollars per share)							$ 27.75			$ 27.75
Proceeds, net of underwriting discounts and commissions							$ 106,600
Class A common stock | Over allotment
Subsequent events
Number of shares issued					600,000	600,000
CVRV Acquisition II LLC | Class A common stock
Subsequent events
Shares sold that were previously held					176,538					1,176,917
CVRV Acquisition LLC | Class A common stock
Subsequent events
Shares of common stock redeemed for shares of common stock					648,462		4,323,083			4,323,083
CVRV Acquisition LLC | Class B common stock
Subsequent events
Number of common stock cancelled					648,462		4,323,083			4,323,083
Line of Credit | Existing Senior Secured Credit Facility | Secured Debt
Subsequent events
Maximum borrowing capacity, increase in capacity								$ 95,000
Maximum borrowing capacity								$ 740,000	$ 680,000
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Secured Debt
Subsequent events
Maximum borrowing capacity									$ 645,000
Principal payment frequency									quarterly
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Secured Debt | Interest on Debt Instrument, Option Two
Subsequent events
Variable rate spread (as a percent)											2.75%
Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Secured Debt | Interest on Debt Instrument, Option One | London Interbank Offered Rate (LIBOR)
Subsequent events
Variable rate spread (as a percent)									3.75%		3.75%
Subsequent Events | Tax receivable agreement
Subsequent events
Increase in current portion of the tax receivable agreement		$ 5,700
Increase in the non-current portion of the tax receivable agreement liability		106,000
Increase in deferred tax assets		143,000
Increase in additional paid-in capital		$ 31,300
Subsequent Events | October 2017 Selling Stockholders | Class A common stock
Subsequent events
Number of shares issued		6,700,000
Offering price (in dollars per share)		$ 40.50
Shares issued by selling stockholders	963,799
Subsequent Events | October 2017 Selling Stockholders | Class A common stock | Over allotment
Subsequent events
Number of shares issued			1,005,000
Subsequent Events | CWGS Holding, LLC and CVRV Acquisition LLC | Class A common stock
Subsequent events
Redemption of common stock by selling shareholders	779,026	5,415,529
Shares of common stock redeemed for shares of common stock	779,026	5,415,529
Subsequent Events | CWGS Holding, LLC and CVRV Acquisition LLC | Class B common stock
Subsequent events
Number of common stock cancelled	779,026	5,415,529
Subsequent Events | CVRV Acquisition II LLC and Crestview Advisors LLC
Subsequent events
Shares sold that were previously held		1,284,471
Subsequent Events | CVRV Acquisition II LLC and Crestview Advisors LLC | Class A common stock
Subsequent events
Shares sold that were previously held	184,773
Subsequent Events | Existing Senior Secured Credit Facility, Term Loan Facility | Secured Debt | Interest on Debt Instrument, Option Two
Subsequent events
Variable rate spread (as a percent)				2.00%
Subsequent Events | Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Secured Debt
Subsequent events
Maximum borrowing capacity, increase in capacity				$ 205,000
Maximum borrowing capacity				$ 939,500
Principal payment frequency				quarterly
Quarterly amortization payment				$ 2,400
Subsequent Events | Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Secured Debt | Interest on Debt Instrument, Option One | London Interbank Offered Rate (LIBOR)
Subsequent events
Variable rate spread (as a percent)				3.00%