Camping World (CWH) 10-K 13 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 12, 2018	Jun. 30, 2017
Entity Registrant Name	Camping World Holdings, Inc.
Entity Central Index Key	1,669,779
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 720,383,000
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Class A common stock
Entity Common Stock, Shares Outstanding		36,799,978
Class B common stock
Entity Common Stock, Shares Outstanding		50,836,629
Class C common stock
Entity Common Stock, Shares Outstanding		1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 224,163	$ 114,196
Contracts in transit	46,227	29,012
Accounts receivable, less allowance for doubtful accounts of $2,700 and $2,920 in 2017 and 2016, respectively	79,881	58,488
Inventories, net	1,415,915	902,711
Prepaid expenses and other assets	32,721	21,755
Total current assets	1,798,907	1,126,162
Property and equipment, net	198,022	130,760
Deferred tax assets, net	155,551	24,433
Intangibles assets, net	38,707	3,386
Goodwill	348,387	153,105
Other assets	21,903	17,931
Total assets	2,561,477	1,455,777
Current liabilities:
Accounts payable	125,616	68,655
Accrued liabilities	101,929	78,044
Deferred revenues and gains	77,669	71,128
Current portion of capital lease obligations	844	1,224
Current portion of Tax Receivable Agreement liability	8,093	991
Current portion of long-term debt	9,465	6,450
Notes payable - floor plan, net	974,043	625,185
Other current liabilities	22,510	16,745
Total current liabilities	1,320,169	868,422
Capital lease obligations, net of current portion	23	841
Right to use liability	10,193	10,343
Tax Receivable Agreement liability, net of current portion	129,596	18,190
Long-term debt, net of current portion	907,437	620,303
Deferred revenues and gains	64,061	57,659
Other long-term liabilities	39,161	24,156
Total liabilities	2,470,640	1,599,914
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 December 31, 2017 and December 31, 2016
Additional paid-in capital	49,941	(30,006)
Retained earnings	6,192	71
Total stockholders' equity (deficit) attributable to Camping World Holdings, Inc.	56,505	(29,740)
Non-controlling interests	34,332	(114,397)
Total stockholders' equity (deficit)	90,837	(144,137)
Total liabilities and stockholders' equity (deficit)	2,561,477	1,455,777
Class A common stock
Stockholders' equity (deficit):
Common stock	367	189
Total stockholders' equity (deficit)	367	189
Class B common stock
Stockholders' equity (deficit):
Common stock	5	6
Total stockholders' equity (deficit)	5	6
Class C common stock
Stockholders' equity (deficit):
Common stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Stockholders' equity (deficit)
Allowance for doubtful accounts	$ 2,700	$ 2,920
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 (deficit)
Preferred stock authorized	250,000,000	250,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, issued	36,758,233	18,935,916
Common stock, outstanding	36,749,072	18,935,916
Class B common stock
Stockholders' equity (deficit)
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	50,836,629	62,002,729
Class C common stock
Stockholders' equity (deficit)
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1	1
Common stock, issued	1	1
Common stock, outstanding	1	1

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Total revenue		$ 4,285,255	$ 3,518,997	$ 3,278,817
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		3,038,916	2,522,574	2,379,790
Operating expenses:
Selling, general, and administrative		853,160	691,884	634,890
Debt restructure expense		387	1,218
Depreciation and amortization		31,545	24,695	24,101
(Gain) on sale of assets		(133)	(564)	(237)
Total operating expenses		884,959	717,233	658,754
Income from operations		361,380	279,190	240,273
Other income (expense):
Floor plan interest expense		(27,690)	(18,854)	(11,248)
Other interest expense, net		(42,959)	(48,318)	(53,377)
Loss on debt restructure		(462)	(5,052)
Tax Receivable Agreement liability adjustment		99,687
Other expense, net				1
Total other income (expense)		28,576	(72,224)	(64,624)
Income before income taxes		389,956	206,966	175,649
Income tax expense		(156,982)	(5,907)	(1,356)
Net income		232,974	201,059	174,293
Less: net income attributable to non-controlling interests		(204,612)	(9,942)
Net income attributable to Camping World Holdings, Inc.		$ 28,362	$ 191,117	174,293
Weighted average shares of Class A common stock outstanding (1):
Dividends declared per share		$ 0.74	$ 0.08
Class A common stock
Other income (expense):
Net income		$ 232,974	$ 11,528
Less: net income attributable to non-controlling interests		$ (204,612)	$ (9,942)
Earnings (loss) per share of Class A common stock (1):
Basic	[1]	$ 1.07	$ 0.08
Diluted	[1]	$ 1.07	$ 0.07
Weighted average shares of Class A common stock outstanding (1):
Basic	[1]	26,622	18,766
Diluted	[1]	26,622	83,602
Consumer services and plans
Revenue:
Total revenue		$ 195,614	$ 184,773	174,600
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		81,822	79,272	81,749
Retail
Revenue:
Total revenue		4,089,641	3,334,224	3,104,217
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		2,957,094	2,443,302	2,298,041
Retail | New vehicles
Revenue:
Total revenue		2,435,928	1,862,195	1,603,258
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		2,086,229	1,596,863	1,375,163
Retail | Used vehicles
Revenue:
Total revenue		668,860	703,326	803,879
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		506,093	557,253	647,889
Retail | Parts, services and other
Revenue:
Total revenue		652,819	540,019	507,810
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		364,772	289,186	274,989
Retail | Finance and insurance, net
Revenue:
Total revenue		$ 332,034	$ 228,684	$ 189,270
[1]	Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 21 — Earnings Per Share.

Consolidated Statement Stockhol

Consolidated Statement Stockholders' and Members Equity (Deficit) - USD ($) $ in Thousands	Member Unit	Members' Deficit	Additional Paid-in Capital	Retained Earnings (Deficit)	Non-controlling Interest	Class A common stock	Class B common stock	Class C common stock	Total
Balance at Dec. 31, 2014		$ (250,675)							$ (250,675)
Balance (in shares) at Dec. 31, 2014	154,401
Increase (Decrease) in Members' Equity (Deficit)
Members' distributions		(230,777)							(230,777)
Net income		174,293							174,293
Balance at Dec. 31, 2015		(307,159)							(307,159)
Balance (in shares) at Dec. 31, 2015	155,559
Increase (Decrease) in Members' Equity (Deficit)
Membership units, issued (in shares)	1,158
Net income prior to the Reorganization Transactions (Restated)		189,531							189,531
Membership units redeemed prior to the Reorganization Transactions		(17,000)							(17,000)
Membership units redeemed prior to the Reorganization Transactions (in shares)	(1,763)
Members' distributions prior to the Reorganization Transactions		(197,922)							(197,922)
Non-cash distributions prior to the Reorganization Transactions		(38,838)							(38,838)
Equity-based compensation recognized prior to the Reorganization Transactions		949							949
Effect of the Reorganization Transactions (Restated)		$ 370,439	$ (21,887)		$ (334,047)	$ 71	$ 6		14,582
Effect of the Reorganization Transactions (Restated) (in shares)	(153,796)					7,064,000	62,003,000
Issuance of Class A common stock sold in a public offering, net of underwriting discounts, commissions and offering costs			233,958			$ 118			234,076
Issuance of Class A common stock sold in a public offering, net of underwriting discounts, commissions and offering costs (in shares)						11,872,000
Non-controlling interest adjustment for purchase of common units from CWGS, LLC with proceeds from a public offering			(234,486)		234,486
Equity-based compensation recognized subsequent to Reorganization Transactions			648						648
Distributions to holders of LLC Units					(21,223)				(21,223)
Dividends				$ (1,515)					(1,515)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability			(11,794)						(11,794)
Non-controlling interest adjustment			3,555		(3,555)
Net income subsequent to the Reorganization Transactions				1,586	9,942				11,528
Net income						$ 11,528			201,059
Balance at Dec. 31, 2016			(30,006)	71	(114,397)	$ 189	$ 6		(144,137)
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			121,203			$ 46			121,249
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			(87,203)		87,203
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			(3,678)		3,678
Equity-based compensation			5,109						5,109
Exercise of stock options			1,731			$ 1			1,732
Exercise of stock options (in shares)						80,000
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options			(970)		970
Vesting of restricted stock units			257		(257)
Vesting of restricted stock units (in shares)						33,000
Repurchases of Class A common stock for withholding taxes on vested RSUs			368						368
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)						(9,000)
Redemption of LLC common units for Class A common stock			175,487		(881)	$ 130	$ (1)		174,735
Redemption of LLC common units for Class A common stock (in shares)						12,945,000	(11,166,000)
Distributions to holders of LLC Units					(149,633)				(149,633)
Dividends				(22,241)					(22,241)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability			(134,303)						(134,303)
Non-controlling interest adjustment			(3,037)		3,037
Net income				28,362	204,612	$ 232,974			232,974
Balance at Dec. 31, 2017			$ 49,941	$ 6,192	$ 34,332	$ 367	$ 5		$ 90,837
Balance (in shares) at Dec. 31, 2017						36,749,072	50,836,629	1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income	$ 232,974	$ 201,059	$ 174,293
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	31,545	24,695	24,101
Equity-based compensation	5,109	1,597
Loss on debt restructure	462	5,052
(Gain) on sale of assets	(133)	(564)	(237)
Provision for losses on accounts receivable	839	1,332	2,180
Accretion of original issue discount	942	1,127	1,010
Non-cash interest expense	4,360	4,543	5,897
Deferred income taxes	124,622	3,765	(181)
Tax Receivable Agreement liability adjustment	(99,687)
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(38,019)	(10,932)	(8,840)
Inventories	(342,780)	(30,964)	(108,899)
Prepaid expenses and other assets	(11,827)	(4,625)	(6,944)
Checks in excess of bank balance	6,585	(7,478)	6,192
Accounts payable and other accrued expenses	53,646	12,310	17,686
Payment pursuant to tax receivable agreement	(203)
Accrued rent for cease-use locations	(91)	945	420
Deferred revenue and gains	12,943	6,143	5,397
Other, net	9,619	7,686	68
Net cash (used in) provided by operating activities	(9,094)	215,691	112,143
Investing activities
Purchases of property and equipment	(66,780)	(39,782)	(41,437)
Purchase of real property	(21,212)	(17,077)	(30,272)
Proceeds from the sale of real property	6,000	15,892	19,425
Purchases of businesses, net of cash acquired	(392,956)	(78,606)	(125,189)
Proceeds from sale of property and equipment	795	3,870	1,273
Purchase of intangible assets	(1,523)
Net cash used in investing activities	(475,676)	(115,703)	(176,200)
Financing activities
Proceeds from long-term debt	299,246	188,137	148,938
Payments on long-term debt	(7,916)	(288,520)	(36,647)
Net borrowings on notes payable - floor plan, net	358,478	34,785	167,387
Borrowings on revolver		12,000
Payments on revolver		(12,000)
Payments of principal on capital lease obligations	(1,198)	(1,465)	(737)
Payments of principal on right to use liability	(150)	(200)	(1,351)
Payment of debt issuance costs	(4,604)	(7,084)	(3,324)
Dividends on Class A common stock	(22,241)	(1,515)
Proceeds from exercise of stock options	1,728
Repurchases of Class A common stock for withholding taxes on vested RSUs	(368)
Members' distributions	(149,633)	(236,146)	(228,894)
Net cash provided by (used in) financing activities	594,737	(77,817)	45,372
Increase in cash	109,967	22,171	(18,685)
Cash at beginning of the year	114,196	92,025	110,710
Cash at end of the year	224,163	114,196	$ 92,025
Class A common stock
Operating activities
Net income	232,974	11,528
Financing activities
Proceeds from issuance of Class A common stock sold in an initial public offering net of underwriter discounts and commissions		234,185
Proceeds from issuance of Class A common stock sold in a public offering net of underwriter discounts, commissions and offering expenses	$ 121,395
Class B common stock
Financing activities
Proceeds from issuance of Class A common stock sold in a public offering net of underwriter discounts, commissions and offering expenses		$ 6

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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”). 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 (see Note 18 — Stockholders’ Equity for a discussion of these transactions) 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 December 31, 2017 and 2016, CWH owned 41.5% and 22.6%, respectively, 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, discussed in Note 18 — Stockholders’ Equity, 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. All significant intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. Certain prior-period amounts have been reclassified to conform to the current period presentation. 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 CWH 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 primarily through its Camping World, Gander Outdoors and Overton’s brands. 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 December 31, 2017, the Company operated 140 Camping World retail locations, of which 124 locations sell new and used RV’s, and offer financing, and other ancillary services, protection plans, and products for the RV purchaser and outdoor enthusiasts; two Gander Outdoors locations offering outdoor products and services; two Overton’s locations offering marine and watersports products; two TheHouse.com locations offering skiing, snowboarding, bicycling, and skateboarding products; five Uncle Dan’s locations offering outdoor products and services, and one W82 location offering skiing, snowboarding, and skateboarding products. Restatement to Prior Periods Following the purchase of newly-issued common units from CWGS, LLC in connection with the IPO, the Company’s deferred tax balances have reflected the differences in the book and tax basis of its investment in CWGS, LLC (i.e., outside basis) (the “Outside Basis Deferred Tax Asset”). In connection with preparing its financial statements for the year ended December 31, 2017, the Company determined that a portion of the Outside Basis Deferred Tax Asset related to its acquisition of the direct interest in CWGS, LLC through newly issued LLC units is not expected to be realized unless the Company were to dispose of its investment in CWGS, LLC, which the Company has no current plan to do. Accordingly, the Company has determined that it should have established a valuation allowance of $102.7 million against this portion of its Outside Basis Deferred Tax Asset that was recorded through equity as of December 31, 2016. Following the establishment of the valuation allowance as of December 31, 2016, the Company recognizes subsequent changes to the valuation allowance through the provision for income taxes or equity, in accordance with generally accepted accounting principles, and at December 31, 2017 the valuation allowance was $89.5 million, which includes the provisional decrease of $47.0 million during the year ended December 31, 2017 for the remeasurement of this deferred tax asset under the U.S. Tax Cuts and jobs Act of 2017 (“2017 Tax Act”). Because the Company’s consolidated financial statements as of and for the year ended December 31, 2016 included the Outside Basis Deferred Tax Asset, the Company has restated its consolidated financial statements as of and for the year ended December 31, 2016 to reflect a valuation allowance against the portion of the deferred tax asset related to the outside basis difference of $102.7 million (the “Restatement”). There was no impact on net income or cash flows for the related periods affected by the Restatement. The Company also corrected for errors that were immaterial to previously-reported consolidated financial statements. These errors were also identified in connection with the preparation of the financial statements for the year ended December 31, 2017, and related to i) the lack of deferral of a portion of Good Sam roadside assistance policies sold through the finance and insurance process with the sale of new and used vehicles, ii) the application of a portion of certain vendor rebates against the related inventory balances, iii) the elimination of intercompany allocation of certain revenue from new and used vehicles to consumer services and plans, and iv) the allocation of the intercompany markup between costs applicable to new and used vehicles. To quantify these errors, management performed an analysis of deferred roadside assistance policies and vendor rebates applicable to ending inventory for the years ended December 31, 2016, 2015, 2014, and 2013 and the interim periods in 2017 and 2016. The Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108 and, determined the effect of these corrections was not material to the previously issued financial statements as of and for the years ended December 31, 2016 and 2015. As a result of also correcting these errors, new vehicles revenue, used vehicles revenue, finance and insurance, net revenue, costs applicable to revenue – new vehicles, costs applicable to revenue – used vehicles, all within the retail segment, and net income attributable to non-controlling interests and earnings per share, basic and diluted have been revised (the “Immaterial Adjustments”). There was no effect on any per share amounts prior to the quarter ended December 31, 2016 as such periods were before the Company’s IPO, see Note 21 — Earnings Per Share. Additionally, as a result of these errors, the cumulative effect of the change on stockholders’ /members’ deficit as of January 1, 2015, the earliest date presented in these consolidated financial statements, was $8.1 million from an as reported amount of $242.6 million to an as corrected amount of $250.7 million. The following table presents the effect of the Restatement and the Immaterial Adjustments on the Company’s consolidated balance sheets for the periods indicated: As of December 31, 2016 As of December 31, 2015 ($ in thousands) As Reported Adjustment As Corrected As Reported Adjustment As Corrected Inventories $ 909,254 $ (6,543) $ 902,711 $ 861,847 $ (5,520) $ 856,327 Total current assets 1,132,705 (6,543) 1,126,162 1,050,981 (5,520) 1,045,461 Deferred tax asset 125,878 (101,445) 24,433 6,234 — 6,234 Total assets 1,563,765 (107,988) 1,455,777 1,338,105 (5,520) 1,332,585 Deferred revenues and gains, current portion 68,643 2,485 71,128 63,616 2,005 65,621 Total current liabilities 865,937 2,485 868,422 863,098 2,005 865,103 Deferred revenues and gains, long-term portion 52,210 5,449 57,659 52,151 4,774 56,925 Total liabilities 1,591,980 7,934 1,599,914 1,632,965 6,779 1,639,744 Additional paid-in capital 74,239 (104,245) (30,006) — — — Retained earnings 544 (473) 71 — — — Total stockholders' equity attributable to Camping World Holdings, Inc./ members' deficit 74,978 (104,718) (29,740) (294,860) (12,299) (307,159) Non-controlling interest (103,193) (11,204) (114,397) — — — Stockholders'/ members' equity (deficit) (28,215) (115,922) (144,137) (294,860) (12,299) (307,159) Total liabilities and stockholders' / members' equity (deficit) 1,563,765 (107,988) 1,455,777 1,338,105 (5,520) 1,332,585 The following table presents the effect of the Immaterial Adjustments on the Company’s consolidated statements of income for the periods indicated: Year Ended December 31, 2016 Year Ended December 31, 2015 ($ in thousands except per share amounts) As Reported Adjustment As Corrected As Reported Adjustment As Corrected Revenue: New vehicles $ 1,866,182 $ (3,987) $ 1,862,195 $ 1,606,465 $ (3,207) $ 1,603,258 Used vehicles 705,893 (2,567) 703,326 806,399 (2,520) 803,879 Finance and insurance, net 229,839 (1,155) 228,684 190,820 (1,550) 189,270 Retail segment revenues 3,341,933 (7,709) 3,334,224 3,111,494 (7,277) 3,104,217 Total revenue 3,526,706 (7,709) 3,518,997 3,286,094 (7,277) 3,278,817 Costs applicable to revenue- new vehicles 1,604,534 (7,671) 1,596,863 1,379,156 (3,993) 1,375,163 Costs applicable to revenue- used vehicles 555,113 2,140 557,253 646,936 953 647,889 Retail segment costs applicable to revenue 2,448,833 (5,531) 2,443,302 2,301,081 (3,040) 2,298,041 Total costs applicable to revenue 2,528,105 (5,531) 2,522,574 2,382,830 (3,040) 2,379,790 Income from operations 281,368 (2,178) 279,190 244,510 (4,237) 240,273 Income before income taxes 209,144 (2,178) 206,966 179,886 (4,237) 175,649 Net income 203,237 (2,178) 201,059 178,530 (4,237) 174,293 Net income attributable to non-controlling interests (11,576) 1,634 (9,942) — — — Net income attributable to Camping World Holdings, Inc. 191,661 (544) 191,117 178,530 (4,237) 174,293 Earnings per share of Class A common stock: Basic $ 0.11 $ (0.03) $ 0.08 n/a n/a n/a Diluted $ 0.09 $ (0.02) $ 0.07 n/a n/a n/a While the error corrections did not have an impact on cash provided by or used in operating, investing, or financing activities, the applicable line items on the above tables within cash provided by operating activities on the consolidated statements of cash flows have been appropriately revised for the periods presented. The impact of these error corrections to relevant segment and quarterly financial information is presented in Notes 22 and 23 to these consolidated financial statements, respectively. Use of Estimates The preparation of 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 reported amounts of revenue and expenses during the reporting period. Actual results could differ from these 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 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. Cash and Cash Equivalents The Company considers all short‑term, highly liquid investments purchased with a maturity date of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short‑term maturity of these instruments. Outstanding checks that are in excess of the cash balances at certain banks are included in accrued liabilities in the Consolidated Balance Sheets, and changes in the amounts are reflected in operating cash flows in the accompanying Consolidated Statement of Cash Flows. Restricted Cash Restricted cash balances are pledged primarily in lieu of letters of credit. Restricted cash is expected to become available to the Company when the letters of credit are issued. Contracts in Transit Contracts in transit consist of amounts due from non-affiliated financing institutions on retail finance contracts from vehicle sales for the portion of the vehicle sales price financed by the Company’s customers. Concentration of Credit Risk The Company’s most significant industry concentration of credit risk is with financial institutions from which the Company has recorded receivables and contracts in transit. These financial institutions provide financing to Camping World’s customers for the purchase of a vehicle in the normal course of business. These receivables are short‑term in nature and are from various financial institutions located throughout the United States. The Company has cash deposited in various financial institutions that is in excess of the insurance limits provided by the Federal Deposit Insurance Corporation. The amount in excess of FDIC limits at December 31, 2017 and 2016 was approximately $227.9 million and $119.0 million, respectively. The Company is potentially subject to concentrations of credit risk in accounts receivable. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and their geographic dispersion. Inventories, net Retail inventories consist primarily of new and used recreational vehicles held for sale valued using the specific‑identification method and valued at the lower of cost or net realizable value. Cost includes purchase costs, reconditioning costs, dealer‑installed accessories, and freight. For vehicles accepted in trades, the cost is the fair value of such used vehicles at the time of the trade‑in. Parts and accessories are valued at the lower of cost or net realizable value. Retail parts, accessories, and other inventories primarily consist of retail travel and leisure specialty merchandise and are stated at lower of first‑in, first‑out cost or net realizable value. Property and Equipment, net Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization, and, if applicable, impairment charges. Depreciation of property and equipment is provided using the straight‑line method over the following estimated useful lives of the assets: Years Building and improvements Leasehold improvements 3 - 40 Furniture, fixtures and equipment 3-12 Software 3-5 Leasehold improvements are amortized over the useful lives of the assets or the remaining term of the respective lease, whichever is shorter. Goodwill and Other Intangible Assets Goodwill is reviewed at least annually for impairment, and more often when impairment indicators are present (see Note 5 — Goodwill and Intangible Assets). Finite‑lived intangibles are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Finite‑lived intangible assets consist of membership and customer lists with weighted‑average useful lives of approximately 11.2 years, trademarks and trade names with weighted average useful lives of approximately 15.0 years, and websites with weighted-average useful lives of approximately 10.0 years. The weighted-average useful life of all our finite-lived intangible assists is approximately 12.4 years. Long‑Lived Assets Long‑lived assets included in property and equipment, net, including capitalized software costs to be held and used, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized to the extent the sum of the discounted estimated future cash flows from the use of the asset is less than the carrying value. For the Company’s major software systems, such as its accounting and membership systems, the Company’s capitalized costs may include some internal or external costs to configure, install and test the software during the application development stage. The Company does not capitalize preliminary project costs, nor does it capitalize training, data conversion costs, maintenance or post‑development stage costs. Self‑Insurance Program Self‑insurance reserves represent amounts established as a result of insurance programs under which the Company self‑insures portions of the business risks. The Company carries substantial premium‑paid, traditional risk transfer insurance for various business risks. The Company self‑insures and establishes reserves for the retention on workers’ compensation insurance, general liability, automobile liability, professional errors and omission liability, and employee health claims. The self‑insured claims liability was approximately $16.1 million and $11.3 million at December 31, 2017 and 2016, respectively. The determination of such claims and expenses and the appropriateness of the related liability are continually reviewed and updated. The self‑insurance accruals are calculated by actuaries and are based on claims filed and include estimates for claims incurred but not yet reported. Projections of future losses, including incurred but not reported losses, are inherently uncertain because of the random nature of insurance claims and could be substantially affected if occurrences and claims differ significantly from these assumptions and historical trends. In addition, the Company has obtained letters of credit as required by insurance carriers. As of December 31, 2017 and 2016, these letters of credit were approximately $12.2 million and $10.8 million, respectively. This includes $8.9 million and $7.6 million as of December 31, 2017 and 2016, respectively, issued under the FreedomRoads, LLC Floor Plan Facility (see Note 3 — Inventories and Notes Payable — Floor Plan, net), and the balance issued under the Company’s Senior Secured Credit Facilities (see Note 7 — Long ‑ Term Debt). Long‑Term Debt The fair value of the Company’s long‑term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered for debt of the same or similar remaining maturities. Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customers, fees are fixed or determinable, and collectability is reasonably assured. Consumer Services and Plans revenue consists of revenue from membership clubs, publications, consumer shows, and marketing and royalty fees from various consumer services and plans. Certain Consumer Services and Plans revenue is generated from annual, multiyear and lifetime memberships. The revenue and expenses associated with these memberships are deferred and amortized over the membership period. Unearned revenue and profit are subject to revisions as the membership progresses to completion. Revisions to membership period estimates would change the amount of income and expense amortized in future accounting periods. For lifetime memberships, an 18‑year period is used, which is the actuarially determined estimated fulfillment period. Roadside Assistance (“RA”) revenues are deferred and recognized over the life of the membership. RA claim expenses are recognized when incurred. Certain Consumer Services and Plans memberships may be sold bundled with a merchandise certificate to a Camping World retail location. The selling price of the membership is typically determined based on vendor specific objective evidence (“VSOE”) or, in the absence of VSOE, the selling price is determined by management's best estimate of selling price, which considers market and economic conditions, internal costs, pricing, and discounting practices. The selling price of the merchandise certificate is determined based management’s best estimated selling price, which considers the face value of the discount provided by the merchandise certificate and adjusts for the likelihood that the merchandise certificate will be redeemed. The bundled price is then allocated between the membership and merchandise certificate based on their relative selling prices. Royalty revenue is earned under the terms of an arrangement with a third‑party credit card provider based on a percentage of the Company’s co‑branded credit card portfolio retail spend with such third‑party credit card provider. Marketing fees for finance, insurance, extended service and other similar products are recognized, net of a reserve for estimated cancellations, if applicable, when a product contract payment has been received or financing has been arranged. Promotional expenses, consisting primarily of direct‑mail advertising, are deferred and expensed over the period of expected future benefit, typically three months based on historical actual response rates. Renewal expenses are expensed at the time related materials are mailed. Newsstand sales of publications and related expenses are recorded at the time of delivery, net of an estimated provision for returns. Subscription sales of publications are reflected in income over the lives of the subscriptions. The related selling expenses are expensed as incurred. Advertising revenues and related expenses are recorded at the time of delivery. Subscription and newsstand revenues and expenses related to annual publications are deferred until the publications are distributed. Revenue and related expenses for consumer shows are recognized when the show occurs. Retail revenue consists of sales of new and used recreational vehicles, commissions on related finance and insurance contracts, and sales of parts, services and other products. Revenue from the sale of recreational vehicles is recognized upon completion of the sale to the customer. Conditions to completing a sale include having an agreement with the customer, including pricing, and the sales price must be reasonably expected to be collected and delivery has occurred. Revenue from parts, services and other products sales is recognized on the delivery of the part or completion of the service. Finance and insurance revenue is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The proceeds the Company receives for arranging financing contracts, and selling insurance and service contracts, are subject to chargebacks if the customer terminates the respective contract earlier than a stated period. A reserve for chargebacks is recorded as a reduction of revenues in the period in which the related revenue is recognized. Parts and Service Internal Profit The Company’s parts and service departments recondition the majority of used vehicles acquired by the Company’s used vehicle departments and perform minor preparatory work on new vehicles acquired by the Company’s new vehicle departments. The parts and service departments charge the new and used vehicle departments as if they were third parties in order to account for total activity performed by that department. The revenue and costs applicable to revenue associated with the internal work performed by the Company’s parts and service departments are eliminated in consolidation. Also in consolidation, the Company eliminates the internal profit on vehicles and parts inventory that have not been sold. Advertising Expense At December 31, 2017 and 2016, $6.5 million and $6.9 million, respectively, of advertising expenses were capitalized as direct‑response advertising, of which $5.2 million and $5.5 million, respectively, were reported as assets and $1.2 million and $1.4 million, respectively, were reported net of related deferred revenue. Other advertising expenses are expensed as incurred. Advertising expenses for the years ended December 31, 2017, 2016, and 2015 were $86.6 million, $76.0 million, and $76.2 million, respectively. Vendor Allowances As a component of the Company’s consolidated procurement program, the Company frequently enters into contracts with vendors that provide for payments of rebates or other allowances. These vendor payments are reflected in the carrying value of the inventory when earned or as progress is made toward earning the rebate or allowance and as a component of cost of sales as the inventory is sold. Certain of these vendor contracts provide for rebates and other allowances that are contingent upon the Company meeting specified performance measures such as a cumulative level of purchases over a specified period of time. Such contingent rebates and other allowances are given accounting recognition at the point at which achievement of the specified performance measures are deemed to be probable and reasonably estimable. Shipping and Handling Fees and Costs The Company reports shipping and handling costs billed to customers as a component of revenues, and related costs are reported as a component of costs applicable to revenues. For the years ended December 31, 2017, 2016, and 2015, $4.1 million, $2.3 million, and $5.6 million of shipping and handling fees, respectively, were included in the Retail segment as revenue. Income Taxes The Company recognizes deferred tax assets and liabilities based on the liability method, which requires an adjustment to the deferred tax asset or liability to reflect income tax rates currently in effect. When income tax rates increase or decrease, a corresponding adjustment to income tax expense is recorded by applying the rate change to the cumulative temporary differences. The Company recognizes the tax benefit from an uncertain tax position in accordance with accounting guidance on accounting for uncertainty in income taxes. The Company classifies interest and penalties relating to income taxes as income tax expense. See Note 10 — Income Taxes. 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. 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 t

Receivables

Receivables	12 Months Ended
	Dec. 31, 2017
Receivables
Receivables	2. Receivables Receivables consisted of the following at December 31, (in thousands): 2017 2016 Consumer Services and Plans $ 28,130 $ 26,653 New and used vehicles 3,168 1,791 Parts, service and other 11,261 12,912 Trade accounts receivable 13,881 4,199 Due from manufacturers 18,746 13,950 Other 7,395 1,903 82,581 61,408 Allowance for doubtful accounts (2,700) (2,920) $ 79,881 $ 58,488

Inventories, net and Notes Paya

Inventories, net and Notes Payable - Floor Plan, net	12 Months Ended
	Dec. 31, 2017
Inventories, net and Notes Payable - Floor Plan, net
Inventories, net and Notes Payable - Floor Plan, net	3. Inventories, net and Notes Payable — Floor Plan, net Inventories consisted of the following at December 31, (in thousands): December 31, December 31, 2017 2016 New RV vehicles $ 1,113,178 $ 721,091 Used RV vehicles 106,210 78,787 Parts, accessories and miscellaneous 196,527 102,833 $ 1,415,915 $ 902,711 The RVs included in retail inventories are 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 2.15%, 2.05%, and 2.40%, for the years ended December 31, 2017, 2016, and 2015, respectively. LIBOR was 1.36%, 0.62%, and 0.36% as of December 31, 2017, 2016, and 2015, respectively. Principal is due upon the sale of the related vehicle. In February 2012, FR entered into a Fifth Amended and Restated Credit Agreement for floor plan financing (“Floor Plan Facility”). In 2013, the Fifth Amended and Restated Credit Agreement was amended to extend the maturity date to October 2016. In 2014, the Fifth Amended and Restated Credit Agreement was amended to extend the maturity date to October 2017. In August 2015, FR entered into a Sixth Amended and Restated Credit Agreement for the 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. On December 12, 2017, FR entered into a seventh amended and restated credit agreement (the “Floor Plan Facility Amendment”), which amended the previous credit agreement governing our Floor Plan Facility and allows the Floor Plan Borrower to borrow (a) up to $1.415 billion under a floor plan facility, (b) up to $15.0 million under a letter of credit facility and (c) up to a maximum amount outstanding of $35.0 million under the revolving line of credit, which maximum amount outstanding will decrease by $1.75 million on the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2019. In addition, the maturity of the Floor Plan Facility was extended to December 12, 2020. 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. As a result of using 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 December 31, 2017. The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of December 31, (in thousands): 2017 2016 Floor Plan Facility Notes payable - floor plan: Total commitment $ 1,415,000 $ 1,165,000 Less: borrowings (974,043) (625,185) Less: flooring line aggregate interest reduction account (106,055) (68,469) Additional borrowing capacity 334,902 471,346 Less: accounts payable for sold inventory (31,311) (21,692) Less: purchase commitments (77,144) (38,765) Unencumbered borrowing capacity $ 226,447 $ 410,889

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2017
Property and Equipment, net
Property and Equipment, net	4. Property and Equipment, net Property and equipment consisted of the following at December 31, (in thousands): 2017 2016 Land $ 12,243 $ 6,248 Buildings and improvements 17,791 7,669 Leasehold improvements - inclusive of right to use assets 106,681 92,168 Furniture and equipment 115,429 91,449 Software 73,310 71,509 Systems development and construction in progress 34,382 4,498 359,836 273,541 Less: accumulated depreciation and amortization (161,814) (142,781) Property and equipment, net $ 198,022 $ 130,760 In 2017 and 2016, unrelated landlords reimbursed the Company for tenant improvements constructed by the Company at various locations. In accordance with ASC 840 — Leases, the Company capitalized the tenant improvements as leasehold improvements and recorded a lease incentive in a like amount. The leasehold improvements are depreciated over the life of the lease and the lease incentives are amortized, as an offset to rent expense, over the life of the lease. Lease incentives for 2017 and 2016 were $24.7 million and $10.4 million, respectively, of which $0.5 million and $0.1 million, respectively, were amortized as an offset to rent. Depreciation expense for the years ended December 31, 2017, 2016, and 2015 was $29.0 million, $23.7 million, and $23.3 million, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets The following is a summary of changes in the Company’s goodwill by business line for the years ended December 31, 2017 and 2016 (in thousands): Consumer Services and Plans Retail Consolidated Balance as of January 1, 2016 $ 49,944 $ 62,996 $ 112,940 Acquisitions — 40,165 40,165 Balance as of December 31, 2016 49,944 103,161 153,105 Acquisitions — 195,282 195,282 Balance as of December 31, 2017 $ 49,944 $ 298,443 $ 348,387 Finite‑lived intangible assets and related accumulated amortization consisted of the following at December 31, (in thousands): 2017 Cost or Accumulated Fair Value Amortization Net Trademarks and trade names $ 14,187 $ (312) $ 13,875 Membership and customer lists 28,988 (8,194) 20,794 Websites 4,174 (136) 4,038 $ 47,349 $ (8,642) $ 38,707 2016 Cost or Accumulated Fair Value Amortization Net Membership and customer lists $ 9,485 $ (6,099) $ 3,386 $ 9,485 $ (6,099) $ 3,386 Amortization expense of finite-lived intangibles for the years ended December 31, 2017, 2016, and 2015 was $2.6 million, $1.0 million, and $0.8 million, respectively. The aggregate future five‑year amortization of finite‑lived intangibles at December 31, 2017, was as follows (in thousands): 2018 $ 4,447 2019 4,366 2020 3,497 2021 3,076 2022 2,881 Thereafter 20,440 $ 38,707 The Company evaluates goodwill and indefinite‑lived intangible assets for impairment on an annual basis as of the beginning of 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 first step of a two‑step 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 is required to perform the second step of the two‑step goodwill impairment test to measure the amount of the impairment loss based on qualitative assessments. The Company determined that the fair value of its reporting units was greater than its carrying value.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2017
Accrued Liabilities
Accrued Liabilities	6. Accrued Liabilities Accrued liabilities consisted of the following at December 31, (in thousands): 2017 2016 Compensation and benefits $ 45,875 $ Other accruals 56,054 $ 101,929 $

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2017
Long-Term Debt.
Long-Term Debt	7. Long‑Term Debt The following reflects outstanding long‑term debt as of December 31 (in thousands): 2017 2016 Term Loan Facility (1) $ 916,902 $ 626,753 Less: current portion (9,465) (6,450) $ 907,437 $ 620,303 (1) Net of $6.0 million and $6.3 million original issue discount at December 31, 2017 and 2016, respectively, and $14.2 million and $11.9 million of finance costs at December 2017 and 2016, respectively. The aggregate future maturities of long‑term debt at December 31, 2017, were as follows (in thousands): 2018 $ 9,465 2019 9,465 2020 9,465 2021 9,465 2022 9,465 Thereafter 889,758 Total $ 937,083 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 First Amendment to the Existing Senior Secured Credit Facilities to increase the Existing Term Loan Facility by $95.0 million to $740.0 million. On October 6, 2017, CWGS Group, LLC entered into a Second Amendment (the “Second Amendment”) to 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. Interest on the Existing Term Loan Facility floated 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 3.00%, or b) an Alternate Base Rate (“ABR”) equal to 2.00% 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) on-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. The Existing Term Loan Facility, as amended, included mandatory principal payment in equal quarterly installments of $1.9 million, starting March 31, 2017 through September 30, 2017, and $2.4 million thereafter. 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. As of December 31, 2017, CWGS Group, LLC had no excess cash flows as defined. 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 December 31, 2017, the interest rate on the term debt was 4.39%. As of December 31, 2017, the Company had available borrowings of $31.8 million and letters of credit in the aggregate amount of $3.2 million outstanding under the Existing Revolving Credit Facility. As of December 31, 2017, the principal balance of $937.1 million was outstanding under the Existing Term Loan Facility and no amounts were outstanding on the Existing Revolving Credit Facility. 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 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. Additionally, management has determined that the Existing Senior Secured Credit Facilities include subjective acceleration clauses which could impact debt classification. Management has determined that neither the Restatement (see Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods) nor the internal control material weaknesses would trigger a subjective acceleration clause. The Company was in compliance with all debt covenants at December 31, 2017. Previous Senior Secured Credit Facilities On November 20, 2013, CWGS Group, LLC entered into the $545.0 million Previous Senior Secured Credit Facilities consisting of a $525.0 million term loan facility (the “Previous Term Loan Facility”), at an original issue discount of $5.3 million or 1.00%, and a $20.0 million revolving credit facility (the “Previous Revolving Credit Facility”). In December 2014 and December 2015, CWGS Group, LLC secured an additional $117.0 million and $55.0 million, respectively, of term loan borrowings under the Previous Senior Secured Credit Facilities for which the proceeds were primarily used to purchase dealerships within FreedomRoads. In June 2015, CWGS Group, LLC secured an additional $95.0 million of term loan borrowings under the Previous Senior Secured Credit Facilities for which the proceeds were primarily used to pay distributions to the CWGS, LLC members. On September 21, 2016, the Company amended the Previous Senior Secured Credit Facilities to, among other things, amend the change of control definition and other technical changes to facilitate its transition to a public company, provide additional borrowings of $135.0 million under the Previous Term Loan Facility, increasing the Previous Term Loan Facility to $828.2 million, net of original issue discount and finance costs totaling $16.5 million, and to permit a distribution of a portion of the proceeds to the members of CWGS, LLC. The net proceeds were used to fund a $100.0 million special cash distribution to the members of CWGS, LLC on September 21, 2016, and the remainder of the proceeds were to be used for general corporate purposes, including the potential acquisition of dealerships. Interest on the Previous Term Loan Facility floated at the Company’s option at a) LIBOR, subject to a 1.00% floor, plus an applicable margin of 4.75%, or b) an ABR equal to 3.75% per annum plus the greater of the WSJ Prime Rate, federal funds effective rate plus 0.50%, LIBOR, or 2.00%. Interest on borrowings under the Previous Revolving Credit Facility was at the Company’s option of a) 4.25% to 4.50% per annum subject to a 1.00% floor in the case of a Eurocurrency loan, or b) 3.25% to 3.50% per annum plus the greater of the WSJ Prime Rate, federal funds effective rate plus 0.50%, LIBOR, or 2.00% in the case of an ABR loan, based on the Company’s ratio of net debt to consolidated earnings as defined in the Previous Senior Secured Credit Facilities. The Company also paid a commitment fee of 0.5% per annum on the unused amount of the Previous Revolving Credit Facility. Reborrowings under the Previous Term Loan Facility were not permitted. The quarterly scheduled principal prepayments on the term loan borrowings were $8.9 million. CWGS Group, LLC was required to prepay the term loan borrowings in an aggregate amount equal to 50% of excess cash flow, as defined in the Previous Senior Secured Credit Facilities, for such fiscal year. The required percentage prepayment of excess cash flow was reduced to 25% if the total leverage ratio, as defined, was 2.00 to 1.00 or greater but less than 2.50 to 1.00. If the total leverage ratio was less than 2.00 to 1.00, no prepayment of excess cash flow was required. As of December 31, 2015, CWGS Group, LLC’s excess cash flow offer, as defined, was $16.1 million and was presented to the term loan holders. The holders accepted $12.0 million of the prepayment offer and a principal payment in that amount was made on May 9, 2016. On October 13, 2016, CWGS Group, LLC repaid $200.4 million of the then outstanding borrowings on the Previous Term Loan Facility from the proceeds of the capital contribution made by CWH with the proceeds from the Company’s IPO, see Note 18 — Stockholders’ Equity. On November 8, 2016, CWGS Group, LLC used the proceeds from the Existing Senior Secured Credit Facilities to repay and terminate the Previous Senior Secured Credit Facilities. Enterprise Notes On February 15, 2011, the Company entered into a securities purchase agreement under which CWGS, LLC issued $80.0 million of Series A Notes and a $70.0 million Series B Note due 2018 (the Enterprise Notes) to CVRV Acquisition, LLC, a Delaware limited liability company (“CVRV”) on March 2, 2011. Interest on the Enterprise Notes was due each March 31, June 30, September 30 and December 31 commencing June 30, 2011. On March 2, 2011, CVRV, the holder of the Series B Note, received an option from CWGS Holding, LLC, the direct parent of the Company, to purchase 70,000 preferred units of CWGS, LLC, which represented 44.999% of the Company’s equity interests, at an aggregate price of $70.0 million through the delivery to the Company of the Series B Note. The option could be exercised from and after the earlier of: (i) the fourth anniversary of the date of the agreement; (ii) the date on which the Company provides written notice that CVRV can exercise the option; or (iii) the tenth anniversary of the date of the agreement. The Series A Notes and the Series B Note were the two freestanding instruments issued in the securities purchase agreement entered into with CVRV. The option was not separately exercisable from the Series B Note and therefore has been included as an embedded feature in the Series B Note. The Company calculated the fair value of the respective Enterprise Notes on the issuance date and used the determined relative fair values to allocate the $150 million in proceeds between the Series A Notes and the Series B Note. The Enterprise Notes were subsequently measured at amortized cost using the effective interest method. The Company valued and recorded the Series A Notes at $68.1 million, a discount of $11.9 million, and the Series B Note at $81.9 million, a premium of $11.9 million. Interest on the Series A Notes was 3.00% per quarter provided that, upon the occurrence and continuance of an event of default, the outstanding principal together with any overdue and unpaid interest would bear interest at a rate equal to 3.75% per quarter until the event of default is cured or waived. Interest on the Series B Note was 3.00% per quarter provided that the Company was entitled to elect to not pay the accrued interest on the Series B Note for up to twelve quarters in the aggregate. If the Company elected or otherwise failed to pay all accrued interest on the Series B Note in cash for any quarter, then the outstanding principal amount together with all accrued and unpaid interest would bear interest at a rate equal to 3.25%, provided that (i) if the Company elected not to or otherwise failed to pay all accrued interest on the Series B Note in cash for any quarter in excess of six quarters in the aggregate (whether or not consecutive), or (ii) upon the occurrence and continuance of an event of default, the outstanding principal together with any overdue and unpaid interest would bear interest at a rate equal to 3.75% per quarter until the event of default is cured or waived. The Company used the net proceeds of $150.0 million from the issuance of the Enterprise Notes to: (i) permanently repay all of the outstanding indebtedness under FreedomRoads related party debt of $27.0 million, a term loan note payable of $27.0 million, a swap term loan of $4.6 million, and interest on debt of $0.3 million; (ii) make an $85.0 million distribution to its member, and (iii) pay related fees and expenses in connection with the foregoing transactions. The Company elected not to pay the accrued interest on the Series B Note for the period from June 2011 to September 2013. In November 2013, the Company used the proceeds of the Previous Senior Secured Credit Facilities to pay the $31.4 million of outstanding accrued interest on the Series B Note. The Company elected to pay the quarterly interest each quarter beginning December 31, 2013. The Company repaid the $80.0 million Series A Notes in full on November 20, 2013 from the proceeds of the Previous Senior Secured Credit Facilities and the remaining unamortized discount of $5.4 million on the Series A Notes was written off and recorded to Loss on Debt Repayment. On September 30, 2014, CVRV exercised their option and delivered the Series B Note to the Company for cancellation in exchange for the equity interest. Upon surrender and cancellation of the $70.0 million Series B Note, the remaining unamortized premium of $3.4 million was written off to Members’ Deficit. Since the exchange of the Series B Note for the preferred equity interest in CWGS, LLC and continuing through October 6, 2016, CVRV, as the holder of the preferred equity interest, received a preferred return equal to 3.00% of CVRV’s unrecovered capital contribution in CWGS, LLC, which has been paid quarterly. Preferred return payments of $6.4 million, and $8.4 million were paid for the years ended December 31, 2016 and 2015, respectively.

Capital Lease Obligations

Capital Lease Obligations	12 Months Ended
	Dec. 31, 2017
Capital Lease Obligations.
Capital Lease Obligations	8. Capital Lease Obligations The Company leases various fixed assets under capital lease arrangements requiring payments through May 2019. For the year ended December 31, 2016, $2.0 million was funded by capital leases. For the years ended December 31, 2017 and 2015, there were no new third-party capital lease arrangements. The depreciation of the capital lease assets is included in depreciation. The Company has included these leases in property and equipment, net at December 31, as follows (in thousands): 2017 2016 Furniture and equipment $ 5,741 $ Accumulated depreciation (4,379) $ 1,362 $ The following is a schedule by year of future minimum lease payments (in thousands) under the capitalized leases, together with the present value of net minimum lease payments at December 31, 2017 (including current portion of $0.8 million): 2018 $ 863 2019 23 886 Interest (19) $ 867

Right to Use Liability

Right to Use Liability	12 Months Ended
	Dec. 31, 2017
Right to Use Liability
Right to Use Liabilities	9. Right to Use Liability The Company leases operating facilities throughout the United States. The Company analyzes all leases in accordance with Accounting Standards Codification (“ASC”) 840 — Leases. In the first quarter of 2016, two leases were accounted for as operating leases after completion of construction as they qualified for asset derecognition under the sales-leaseback accounting rules. In the third quarter of 2016, one lease was derecognized and accounted for as an operating lease after a reduction in the lease deposit to less than two months’ rent, as it qualifies for asset derecognition. The derecognitions in 2016 resulted in the removal of $20.1 million of right to use assets, and $20.0 million of right to use liabilities, and $0.1 million of deferred gain which will be recognized ratably as an offset to rent expense over the term of the leases. In 2015, twenty-five of the leases had construction projects for which the Company was deemed to be the owner. Eighteen leases were accounted for as finance leases after completion of the construction as they did not qualify for sale accounting under the sale‑leaseback accounting rules. Seven leases were accounted for as operating leases after completion of construction as they qualified for asset derecognition under the sale‑leaseback accounting rules. An additional eighteen leases were accounted for as capital leases based on capital lease accounting rules. For both the financing and capital leases, the value of the real property, other than land was capitalized as a right to use asset with a corresponding right to use liability. To the extent land was less than twenty‑five percent of the value of the total real property, land was capitalized as a right to use asset with a corresponding right to use liability. In the fourth quarter of 2015, the Company modified the terms of certain leases. As a result of the modifications, thirty leases met the requirements to be reported as operating leases and therefore the right to use assets and corresponding right to use liabilities were derecognized in the fourth quarter of 2015. This derecognition resulted in the removal of $122.4 million of right to use assets, and $127.0 million of right to use liabilities and $4.6 million of deferred gain, which will be recognized ratably as an offset to rent expense over the term of the leases. The Company has included the right to use assets in property and equipment, net at December 31, as follows (in thousands): 2017 2016 Right to use assets $ 10,673 $ 10,673 Accumulated depreciation (926) (667) $ 9,747 $ 10,006 The following is a schedule by year of the future changes in the right to use liability (in thousands): 2018 $ 583 2019 486 2020 486 2021 487 2022 487 Thereafter (1) 13,325 Total minimum lease payments 15,854 Amounts representing interest (5,661) Present value of net minimum right to use liability payments $ 10,193 (1) Includes $5.0 million of scheduled derecognition of right to use liability due to reductions in the lease deposit to less than two months’ rent .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Taxes.
Income Taxes	10. Income Taxes The components of the Company’s income tax expense from operations for the year ended December 31, consisted of (in thousands): 2017 2016 2015 Current: Federal $ 26,730 $ 468 $ 139 State 5,632 1,259 1,398 Deferred: Federal 92,441 4,045 (162) State 32,179 135 (19) Income tax expense $ 156,982 $ 5,907 $ 1,356 A reconciliation of income tax expense from operations to the federal statutory rate for the year ended December 31, is as follows (in thousands): 2017 2016 2015 Income taxes computed at federal statutory rate (1) $ 136,485 $ $ State income taxes – net of federal benefit (1) 13,723 Other differences: Federal alternative minimum tax and state and local taxes on pass-through entities 1,072 1,013 1,179 Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the Company (2) (86,200) (76,702) (68,940) Increase in valuation allowance 11,194 735 Impact of 2017 Tax Act (3) 79,987 — — Other 721 — Income tax expense $ 156,982 $ $ (1) Federal and state tax for 2017 include the tax effect of $38,399 relating to the reduction in the Tax Receivable Agreement liability. (2) The related income is taxable to the noncontrolling interest for periods after the Company’s IPO and taxable to the holders of membership units prior to the Company’s IPO. (3) Excludes the tax effect of $38,399 for 2017 relating to the reduction in the Tax Receivable Agreement liability, which is included in federal and state tax. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss and tax credit carryforwards. Significant items comprising the net deferred tax assets at December 31, were (in thousands): 2017 2016 Restated Deferred tax liabilities Accelerated depreciation $ (8,227) $ Prepaid expenses (289) Other (293) (8,809) Deferred tax assets Investment impairment 20,674 Gift cards 710 Deferred revenues 304 Accrual for employee benefits and severance 1,166 Stock option expense 209 55 Investment in partnership 208,167 116,318 Tax Receivable Agreement liability 34,802 7,387 AMT credit 584 Net operating loss carryforward 16,733 Claims reserves 420 Intangible assets 108 Goodwill 996 Deferred book gain 813 Other reserves 5,380 291,066 Valuation allowance (126,706) (146,259) Net deferred tax assets $ 155,551 $ 24,433 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 18 — Stockholders’ Equity). At December 31, 2017, CWH owned 41.5% of CWGS, LLC. 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. and their wholly-owned subsidiaries, which are Subchapter C corporations. At December 31, 2017, the Subchapter C corporations had federal net operating loss carryforwards of approximately $60.7 million, which will be able to offset future taxable income. If not used, the net operating loss carryforwards will expire between 2029 through 2037. The Company is subject to federal and state income taxes. Tax laws, regulations, and administrative practices in various jurisdictions may be subject to significant change, with or without notice, due to economic, political, and other conditions, and significant judgment is required in evaluating and estimating the Company’s provision and accruals for these taxes. In addition, a number of jurisdictions in which the Company is subject to tax are actively pursuing changes to their tax laws applicable to corporate taxpayers, such as the recently enacted U.S. tax reform legislation commonly referred to as the U.S. Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The 2017 Tax Act was signed into law on December 22, 2017. The 2017 Tax Act significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21% and eliminating certain deductions. The 2017 Tax Act also enhanced and extended through 2026 the option to claim accelerated depreciation deductions on qualified property. As of December 31, 2017, the Company had not completed its accounting for the tax effects of the enactment of the 2017 Tax Act on its tax accruals. However, the Company has reasonably estimated the effects of the 2017 Tax Act and recorded provisional amounts in its financial statements as of December 31, 2017. The final impact of the 2017 Tax Act may differ from these estimates, due to, among other things, changes in interpretations, analysis and assumptions made by management, additional guidance that may be issued by the U.S. Department of the Treasury and the Internal Revenue Service, and any updates or changes to estimates the Company has utilized to calculate the transition impact. Therefore, the Company’s accounting for the elements of the 2017 Tax Act is incomplete. However, the Company was able to make reasonable estimates of the effects of the 2017 Tax Act. Pursuant to the SEC Staff Accounting Bulletin No. 118 (“SAB 118”), the Company's measurement period for implementing the accounting changes required by the 2017 Tax Act will close before December 22, 2018 and the Company anticipates completing the accounting under ASC Topic 740, Income Taxes, in a subsequent reporting period within the measurement period. On December 22, 2017, SAB 118 was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Act. In accordance with SAB 118, the Company has determined that the $118.4 million of the deferred tax expense recorded in connection with the remeasurement of certain deferred tax assets and liabilities was a provisional amount and a reasonable estimate at December 31, 2017. As the Company completes its analysis of the 2017 Tax Act, collect and prepare necessary data, and interpret any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, the Company may make adjustments to the provisional amounts. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. The increase in the amount of income tax expense in 2017 compared to 2016 is primarily due the impact of the 2017 Tax Act described above, the increased profitability of the Company, and its increased ownership in CWGS, LLC. The increase in the net deferred tax assets in 2017 is primarily due to an increase in the Company’s Outside Basis Deferred Tax Asset from the redemption of common units in CWGS, LLC for shares of Class A common stock, an increase in the liability for payments due under the tax receivable agreement discussed below, and an increase in net operating losses from its Subchapter C corporations. 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 December 31, 2017, the Company determined that all of its deferred tax assets (except those of CW and the Outside Basis Deferred Tax Asset discussed below) are more likely than not to be realized. The valuation allowance for CW and its subsidiaries after remeasurement under the 2017 Tax Act decreased by $6.4 million in the year ended December 31, 2017, compared to an increase of $1.0 million in the year ended December 31, 2016. CW’s net deferred tax assets increased during those years, but since it was determined CW would not have sufficient taxable income in the current or carryforward periods under the tax laws to realize the future tax benefits of its deferred tax assets, it continues to maintain a full valuation allowance. The Company maintains a partial valuation allowance against the portion of the Outside Basis Deferred Tax Asset that is not amortizable for tax purposes, since the Company would likely only realize the non-amortizable portion of the Outside Basis Deferred Tax Asset if the investment in CWGS, LLC was divested. The partial valuation allowance for the Outside Basis Deferred Tax Asset decreased $13.2 million in the year ended December 31, 2017 primarily as a result of the remeasurement under the 2017 Tax Act of $47.0 million, which was partially offset by an increase in the valuation allowance for additional outside basis in CWGS, LLC for the public offering in May 2017 (see Note 18 — Stockholders’ Equity) that was not amortizable for tax purposes. During the year ended December 31, 2017, CW was notified by the Internal Revenue Service of their intention to audit the 2014 income tax returns. The 2014 audit concluded with no adjustments. Also during the year ended December 31, 2017, CWGS, LLC was notified by a state revenue department of their intention to audit the 2014 and 2015 state income tax returns. The Company does not expect to receive any material tax adjustments as a result of this pending audit. The Company and its subsidiaries file U.S. federal income tax returns and tax returns in various states. With few exceptions, the Company is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2014. 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 December 31, 2017 and 2016, the Company had no uncertain tax positions. The Company did not recognize any interest or penalties relating to income taxes for the years ended December 31, 2017, 2016, and 2015. 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 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. During the year ended December 31, 2016 and as part of the initial IPO, 1,698,763 common units in CWGS, LLC were exchanged for Class A common stock of the Company by Crestview Partners II GP, L.P. subject to the provisions of the Tax Receivable Agreement. Further, during the year ended December 31, 2017, 12,945,419 common units in CWGS, LLC were exchanged for Class A common stock of the Company by certain of the Continuing Equity Owners, subject to the provisions of the Tax Receivable Agreement. During 2017 and 2016, the Company recognized a liability for the Tax Receivable Agreement payments due to the Continuing Equity Owners and Crestview Partners II GP, L.P., 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 December 31, 2017, the amount of Tax Receivable payments due Crestview Partners II GP, L.P. and certain Continuing Equity Owners under the Tax Receivable Agreement increased to $137.7 million, of which $8.1 million was included in current portion of the tax receivable agreement liability in the Consolidated Balance Sheets. The 2017 Tax Act had a significant impact on the future tax rates incorporated in the estimated values of the Tax Receivable Agreement liability and the Company’s deferred tax assets. For the year ended December 31, 2017, these changes in estimate had no impact on income from operations, decreased net income to a net loss by $18.6 million, and decreased basic and diluted earnings per share by $0.69.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Measurements
Fair Value Measurements	11. 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 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 12/31/2017 12/31/2016 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility Level 2 $ 916,902 $ 953,269 $ 626,753 $ 649,838

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies.
Commitments and Contingencies	12. Commitments and Contingencies Leases 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. Future minimum annual fixed rentals under operating leases having an original term of more than one year as of December 31, 2017, were as follows (in thousands): Third Party Related Party Total 2018 $ 99,145 $ 2,126 $ 101,271 2019 96,248 2,126 98,374 2020 89,334 2,126 91,460 2021 85,644 2,127 87,771 2022 81,820 2,024 83,844 Thereafter 691,385 20,770 712,155 Total $ 1,143,576 $ 31,299 $ 1,174,875 For the years ended December 31, 2017, 2016, and 2015, $86.5 million, $74.5 million, and $61.5 million, of rent expense, respectively, was charged to costs and expenses. A subsidiary of FreedomRoads has letters of credit of $0.4 million, which were required by certain leases. The letters of credit expire in August 2018. These letters of credit are issued under the Floor Plan Facility. On December 5, 2001, GSE sold 11 real estate properties to 11 separate wholly owned subsidiaries of AGRP Holding Corp., a wholly owned subsidiary of the Company’s ultimate parent, AGI Holding Corp., for $52.3 million in cash and a note receivable. The properties were leased back to the Company on a triple‑net basis. Both the sales price and lease rates were based on market rates determined by third‑party independent appraisers engaged by the mortgage lender and approved by the Previous Senior Secured Credit Facilities agent bank. These leases had an initial term of 25 to 27 years with two 5‑year renewal options at the then‑current market rent. The leases were classified as operating leases in accordance with accounting guidance for accounting for leases. Land and buildings with a net book value totaling $45.8 million were removed from the balance sheet. The transaction resulted in a net gain of $6.1 million consisting of a $12.1 million gain on certain properties and a $6.0 million loss on other properties. In accordance with accounting principles generally accepted in the United States, the $6.0 million loss was recognized upon the date of sale in 2001 and the $12.1 million gain was deferred and will be credited to income as rent expense adjustments over the lease terms. The average net annual lease payments over the lives of the leases were $3.4 million. On December 29, 2011, AGRP Holding Corp. sold 6 of the 11 real estate properties to a third party. In 2012, AGRP Holding Corp. sold two real estate properties to a third party (one on January 9, 2012, and one on December 28, 2012). The leases on the real estate properties sold in 2012 were terminated. In June 2013, AGRP Holding Corp. sold an additional real estate property to a third party. In February 2014, AGRP Holding Corp. sold the remaining two real estate properties to a third party. As of December 31, 2017 and 2016, $4.6 million and $5.1 million, respectively, of deferred gain remains and will be recognized over the remaining lease terms. In 2006, a subsidiary of FreedomRoads entered into sale ‑ leaseback arrangements. Under these arrangements, FreedomRoads sold real property and leased it back for a period of 20 years. The leasebacks have been accounted for as operating leases. The gain of $6.4 million is being recognized ratably over the term of the leases. The income recognition (offset to rent expense) of the deferred credits totaled $0.3 million for each of the years ended December 31, 2017, 2016, and 2015. In 2017, 2016 and 2015, a subsidiary of FreedomRoads entered into sale leaseback arrangements resulting in a loss of less than $0.1 million in 2017 and gains of $0.1 million and $0.4 million in 2016 and 2015, respectively. The real properties were originally purchased by FreedomRoads from third parties. In 2017, the Company sold real property of $6.0 million that were originally purchased in 2017 for $6.0 million. In 2016, the Company sold real property of $13.2 million that was originally purchased in 2016 for $11.9 million, in 2015 for $1.2 million and in 2014 for $0.1 million. In 2015, the Company sold real properties of $19.0 million that were originally purchased in 2015 for $18.1 million, and in 2014 for $0.9 million. Under the sale‑leaseback arrangements, the real properties were leased back under operating leases for a period of 20 years. The properties are being used as part of the Company’s ongoing operations. Sponsorship and Other Agreements The Company enters into sponsorship agreements from time to time. Current sponsorship agreements run through 2024. The agreements consist of annual fees payable in aggregate of $9.8 million in 2018, $10.2 million in 2019, $9.2 million in 2020, $9.5 million in 2021, $9.9 million in 2022, $1.5 million in 2023, and $1.5 million in 2024. The Company entered into a subscription agreement in 2014. The subscription agreement consisted of total fees of $9.4 million payable as follows: $1.7 million in 2014, $1.6 million in 2015, $1.8 million in 2016, $2.1 million in 2017, and $2.2 million in 2018. The agreement was amended on October 28, 2016. The amended subscription agreement consists of annual fees payable as follows: $4.0 million in 2017, $4.3 million in 2018, $4.5 million in 2019, $4.8 million in 2020, and $5.0 million in 2021. Litigation 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 will have a material adverse effect on its results of operations or financial position. Employment Agreements The Company has employment agreements with certain officers. The agreements include, among other things, an annual bonus based on earnings before interest, taxes, depreciation and amortization, and up to one year’s severance pay beyond termination date.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions
Related Party Transactions	13. Related Party Transactions Monitoring Agreement Crestview Advisors, L.L.C. and Stephen Adams (together, the “Managers” and each, a “Manager”) and the Company are parties to a monitoring agreement relating to each Manager’s monitoring of its (or its affiliate’s) investment in the Company. Pursuant to the monitoring agreement, the Company 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 the Company. The Company 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 the Company. The monitoring agreement was terminated in connection with the Company’s IPO on October 6, 2016. Pursuant to the monitoring agreement, the Company incurred monitoring fees of $1.7 million and $2.0 million in the years ended December 31, 2016 and 2015, respectively. In addition, the Company recorded an expense for the Managers’ reimbursable expenses, totaling $0.2 million and $0.5 million for the years ended December 31, 2016 and 2015, respectively. Transactions with Directors, Equity Holders and Executive Officers Over the period from 2007 to 2011, various subsidiaries of FreedomRoads and certain entities owned by Stephen Adams conveyed real properties between each other resulting in a net receivable of $0.9 million due to FreedomRoads. In 2015, this receivable was distributed to CWGS Holding, LLC in the form of a non‑cash distribution. FreedomRoads leases various retail locations from managers and officers. During 2017, 2016 and 2015, the related party lease expense for these locations was $2.0 million, $1.2 million, and $2.0 million, respectively. In January 2012, FreedomRoads entered into a lease (the “Original Lease”) with respect to the Company’s Lincolnshire, Illinois offices, which has since been amended as of 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. In September 2014, Marcus Lemonis, individually and as trustee of the Marcus Lemonis Revocable Trust (“MLRT”), entered into a revolving loan with The Privatebank and Trust Company (“Privatebank”). In connection with the revolving loan, Mr. Lemonis and MLRT entered into a profits unit pledge agreement (the Pledge Agreement) with Privatebank under which Mr. Lemonis pledged 4,667 Profits Units in the Company to secure the revolving loan (See Note 20 — Equity-based Compensation). The Company also entered into a purchase, sale and put agreement (the “Put Agreement”) with Privatebank that granted Privatebank the right to put the loan to the Company upon the occurrence of an event of default pursuant to the Pledge Agreement. Prior to exercising any rights under the Put Agreement, Privatebank was required to provide notice to the Company and the Company had the right to purchase the pledged Profits Units for an amount equal to the lesser of (a) $12.0 million or (b) the outstanding principal amount of the revolving loan. On April 4, 2016, the Pledge Agreement and the Put Agreement were terminated. Until December 31, 2015, the Company had use of an aircraft owned by Adams Offices, LLC, an entity owned by AGI Holding Corp., an entity controlled by Stephen Adams, in which he has a 100% economic interest, for the purpose of operating flights incidental to the Company’s business. The Company incurred expenses for the aircraft of $1.0 million for the year ended December 31, 2015. On June 13, 2016, the board of directors of CWGS, LLC declared a $42.7 million distribution comprising of (i) the assignment of its equity interest in AutoMatch USA, LLC (‘‘AutoMatch’’), an indirect wholly-owned subsidiary of CWGS, LLC, to CWGS Holding, LLC and CVRV Acquisition LLC, each a member of CWGS, LLC, in the form of a $38.8 million non-cash distribution, and (ii) a $3.8 million cash distribution to the Profits Units of which $3.6 million was paid on June 17, 2016 and $0.2 million was paid on September 7, 2016. In connection with the AutoMatch distribution, AutoMatch and FreedomRoads, LLC, an indirect wholly-owned subsidiary of CWGS, LLC, entered into a Transition Services Agreement (the "Transition Services Agreement") whereby, for a period of up to one hundred twenty days following the distribution of AutoMatch, FreedomRoads, LLC will continue to provide administrative, employee and operational support to AutoMatch in the same manner as provided prior to such distribution and AutoMatch will be operated and managed by employees of FreedomRoads, LLC, in exchange for reimbursement by AutoMatch of all expenses incurred by FreedomRoads, LLC in connection therewith. On September 7, 2016, the board of directors of CWGS, LLC declared a $1.6 million distribution, representing the final net settlement amount under the Transition Services Agreement, which was paid on the same day. See also Note 7 — Long‑Term Debt for private placement of securities (Enterprise Notes). Other Transactions 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 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 years ended December 31, 2017, 2016 and 2015, the Company incurred Cumulus Media expenses of $0.4 million, $0, and $0.6 million for the aforementioned advertising services. On July 1, 2010, Camping World and Adams Outdoor Advertising Marketing Company (Adams Outdoor), an entity controlled by Stephen Adams, entered into an agreement pursuant to which Camping World has the right to use Adams Outdoors’ outdoor advertising space at cost on billboards that become available because the billboards would otherwise be vacant. Camping World made a deposit of $1.0 million with Adams Outdoor in an account controlled by Adams Outdoor on July 1, 2010 and as vacant billboards are utilized by Camping World, the usage cost is applied against the deposit. No vacant billboard space was used by Camping World. In December 2015, the agreement was assigned to AGI Holding Corp., an entity controlled by Stephen Adams, in which he has a 100% economic interest, and the Company distributed the $1.0 million deposit in the form of a non‑cash distribution. The Company does business with certain companies in which Mr. Lemonis has a direct or indirect material interest. From time to time the Company has arranged for temporary staffing and consulting services from eNET IT Group, LLC (“eNET IT Group”). Mr. Lemonis had a 51% economic interest with eNET IT Group as of December 31, 2016, and has subsequently dissolved his relationship with them. The Company paid eNET IT Group approximately $0.1 million, and $0.6 million for the years ended December 31, 2016, and 2015, respectively, primarily for third-party temporary staffing arranged by eNET IT Group. eNET IT Group, in turn, paid the third-party temporary staffing directly. Additionally, the Company purchased fixtures for interior store sets at the Company’s retail locations from Precise Graphix. Mr. Lemonis has a 33% economic interest in Precise Graphix and the Company incurred expenses from Precise Graphix $2.7 million, $3.3 million and $1.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Acquisitions
Acquisitions	14. Acquisitions In 2017, 2016 and 2015, subsidiaries of the Company acquired the assets or stock of multiple dealership and retail locations and consumer shows that constituted businesses under accounting rules. The Company used a combination of cash, floor plan financing, proceeds from the May 2017 Public Offering (defined and described in Note 18 — Stockholders’ Equity), and additional borrowing on the Existing Term Loan Facility in March 2017 (see Note 7 — 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 years ended December 31, 2017 and 2016, concurrent with the acquisition of dealership businesses, the Company purchased real properties for $17.1 million and $15.3 million, respectively, from parties related to the sellers of the dealership businesses. For the years ended December 31, 2017 and 2016, the Company sold other real properties to a third party in sale-leaseback transactions for $6.0 million and $15.9 million, respectively (See Note 12 – Commitments and Contingencies – Leases). The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships and consumer shows consist of the following: Year Ended December 31, Estimated ($ in thousands) 2017 2016 Life Tangible assets (liabilities) acquired (assumed): Accounts receivable $ 1,250 $ 944 Inventory 121,808 36,285 Property and equipment 1,450 823 Other assets 164 175 Accounts payable (569) (2,231) Accrued liabilities (2,480) (329) Total tangible net assets acquired 121,623 35,667 Intangible assets acquired: Membership and customer lists 793 2,774 4-7 years Total intangible assets acquired 793 2,774 Goodwill 158,815 40,165 Purchase price 281,231 78,606 Inventory purchases financed via floor plan (99,451) (28,942) Cash payment net of floor plan financing $ 181,780 $ 49,664 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 years ended December 31, 2017 and 2016 is expected to be deductible for tax purposes. Included in the years ended December 31, 2017 and 2016 consolidated financial results were $300.8 million and $75.1 million of revenue, respectively, and $14.2 million and $2.7 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 and cash paid for acquisition $ 36,599 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 year ended December 31, 2017 consolidated financial results were $27.5 million of revenue and $33.8 million of pre-tax loss of Gander Mountain and Overton’s from the acquisition date. Active Sports, Inc. 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 36,320 Prepaid expenses and other assets 1,120 Property and equipment 548 Accounts payable (7,585) Accrued liabilities (827) Deferred tax liabilities (4,011) Total tangible net assets acquired 26,225 Intangible assets acquired: Trademarks and trade names 14,039 15 years Websites 4,090 10 years Total intangible assets acquired 18,129 Goodwill 26,678 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. None of the acquired goodwill is expected to be deductible for tax purposes. Included in the year ended December 31, 2017 consolidated financial results were $32.7 million of revenue and $4.7 million of pre-tax income of TheHouse.com from the acquisition date. Other Retail Acquisitions 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. On October 19, 2017, CW, an indirect subsidiary of the Company, completed the acquisition of all of the outstanding capital stock and outstanding debt of Uncle Dan’s LTD. (“Uncle Dan’s”), which specializes in outdoor apparel. 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 $7.5 million in cash, the extinguishment of $0.7 million of Uncle Dan’s debt, and $0.1 to replace the collateral on Uncle Dan’s letter of credit. The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of W82 and Uncle Dan’s consist of the following: Estimated Estimated ($ in thousands) Fair Value Life Tangible assets (liabilities) acquired (assumed): Cash and cash equivalents $ 90 Accounts receivable 15 Inventory 3,886 Prepaid expenses and other assets 100 Property and equipment 1,327 Accounts payable (2,380) Accrued liabilities (1,238) Other liabilities (87) Total tangible net assets acquired 1,713 Intangible assets acquired: Trademarks and trade names 148 15 years Websites 84 10 years Total intangible assets acquired 232 Goodwill 8,460 Purchase price 10,405 Cash and cash equivalents acquired (90) Cash paid for acquisition, net of cash acquired $ 10,315 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 year ended December 31, 2017 consolidated financial results were $4.3 million of revenue and $0.3 million of pre-tax income of W82 and Uncle Dan’s from the respective acquisition dates.

Exit Activities

Exit Activities	12 Months Ended
	Dec. 31, 2017
Exit Activities
Exit Activities	15. 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 plans 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 2033. 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 December 31, 2017 and 2016, respectively, and is included in other current liabilities. The liability outstanding was $2.8 million and $2.8 million as of December 31, 2017 and 2016, respectively. The total of minimum rental payments to be received in the future under noncancelable subleases was $12.3 million as of December 31, 2017.

Statements of Cash Flows

Statements of Cash Flows	12 Months Ended
	Dec. 31, 2017
Statements of Cash Flows
Statements of Cash Flows	16. Statements of Cash Flows Supplemental disclosures of cash flow information for the years ended December 31, are as follows (in thousands): Year Ended December 31, December 31, December 31, 2017 2016 2015 Cash paid (received) during the period for: Interest $ 65,202 $ 61,889 $ 54,843 Income taxes 35,432 1,622 1,119 Non-cash investing activities: Property and equipment for leases capitalized as a right to use asset — — 50,587 Derecognized property and equipment for leases that qualified as operating leases after completion of construction — (19,958) (122,360) 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 1,555 530 3,703 Portion of acquisition purchase price paid through issuance of Class A common stock 5,720 — — Landlord paid tenant improvements on behalf of the Company 749 — — Non-cash financing activities: Lease obligations recognized as right to use liabilities — — 50,587 Derecognized right to use liabilities for leases that qualified as operating leases after completion of construction — (20,056) (126,971) 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) — Non-cash distribution of a prepaid marketing deposit with Adams Outdoor Advertising Marketing Company — — (1,000) Non-cash distribution of receivable due to CWGS Holding, LLC — — (883) Par value of Class A common stock issued in exchange for common units in CWGS, LLC 130 — — Par value of Class A common stock issued for vested restricted stock units — — — Par value of Class A common stock issued for acquisition 1 — —

Benefit Plan

Benefit Plan	12 Months Ended
	Dec. 31, 2017
Benefit Plan
Benefit Plan	17. Benefit Plan The Freedom Roads 401(k) Defined Contribution Plan (“FreedomRewards 401(k) Plan”) is qualified under Sections 401(a) and 401(k) of the Internal Revenue Service Code of 1986, as amended. Effective January 1, 2012, the GSE 401(k) Plan was merged with the FreedomRewards 401(k) Plan. Effective January 1, 2007, Camping World elected to begin participating in the FreedomRewards 401(k) Plan. All employees over age 18, including the executive officers, are eligible to participate in the Freedom Rewards 401(k) Plan. Any favorable vesting was grandfathered for any affected participants pursuant to FreedomRewards 401(k) Plan Amendment No. 3 signed December 15, 2011, and effective January 1, 2012. Non‑highly compensated employees may defer up to 75% of their eligible compensation up to the Internal Revenue Service limits. Highly compensated employees may defer up to 15% of their eligible compensation up to the Internal Revenue Service limits. In 2016 and 2015 the Company expensed $0.9 million, and $1.0 million, respectively, for its contribution to the FreedomRewards 401(k) Plan, which were paid in the following year.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity
Stockholders' Equity	18. 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 (see “Amendment and Restatement of Certificate of Incorporation” below); · CWGS, LLC amended and restated the limited liability company agreement of CWGS, LLC (the “LLC Agreement”) (see “CWGS, LLC Recapitalization” below); 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. Following the completion of the Reorganization Transactions and IPO, CWH owned 22.6% of CWGS, LLC. The remaining 77.4% of CWGS, LLC was held by the “Continuing Equity Owners,” whom the Company defines as collectively, ML Acquisition Company, a Delaware limited liability company, indirectly owned by each of Stephen Adams and the Company’s Chairman and Chief Executive Officer, Marcus Lemonis ("ML Acquisition”), funds controlled by Crestview Partners II GP, L.P. and, collectively, the Company’s named executive officers (excluding Marcus Lemonis), Andris A. Baltins and K. Dillon Schickli, who are members of the Company’s board of directors, and certain other current and former non-executive employees and former directors, in each case, who held profit units in CWGS, LLC pursuant to CWGS, LLC’s equity incentive plan that was in existence prior to the Company’s IPO and who received common units of CWGS, LLC in exchange for their profit units in connection with the Reorganization Transactions (collectively, the “Former Profit Unit Holders”) and each of their permitted transferees that own common units in CWGS, LLC and who may redeem at each of their options their common units for, at the Company’s election (determined solely by the Company’s independent directors (within the meaning of the rules of the New York Stock Exchange) who are disinterested), cash or newly issued shares of the Company’s Class A common stock. 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. Amendment and Restatement of Certificate of Incorporation On October 6, 2016, the Company amended and restated its certificate of incorporation to, among other things, provide for the (i) authorization of 250,000,000 shares of Class A common stock with a par value of $0.01 per share; (ii) authorization of 75,000,000 shares of Class B common stock with a par value of $0.0001 per share; (iii) authorization of one share of Class C common stock with a par value of $0.0001 per share; (iv) authorization of 20,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s Board of Directors in one or more series; and (v) establishment of a classified board of directors, divided into three classes, each of whose members will serve for staggered three -year terms. Each share of the Company’s Class A common stock and Class B common stock entitles its holders to one vote per share on all matters presented to the Company’s stockholders generally; provided that, for as long as ML Acquisition Company, LLC, a Delaware limited liability company, indirectly owned by each of Stephen Adams and the Company’s Chairman and Chief Executive Officer, Marcus Lemonis, and its permitted transferees of common units (collectively, the “ML Related Parties”), directly or indirectly, beneficially own in the aggregate 27.5% or more of all of the outstanding common units of CWGS, LLC, the shares of Class B common stock held by the ML Related Parties will entitle the ML Related Parties to the number of votes necessary such that the ML Related Parties, in the aggregate, cast 47% of the total votes eligible to be cast by all of the Company’s stockholders on all matters presented to a vote of the Company’s stockholders generally. Additionally, the one share of Class C common stock entitles its holder to the number of votes necessary such that the holder casts 5% of the total votes eligible to be cast by all of the Company’s stockholders on all matters presented to a vote of the Company’s stockholders generally. The one share of Class C common stock is owned by ML RV Group, LLC, a Delaware limited liability company, wholly owned by the Company’s Chairman and Chief Executive Officer, Marcus Lemonis. Holders of the Company’s Class B and Class C common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the Company. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of common units of CWGS, LLC held by funds controlled by Crestview Partners II GP, L.P. and the ML Related Parties (the “Class B Common Owners”) and the number of shares of Class B common stock held by the Class B Common Owners. Shares of Class B common stock are transferable only together with an equal number of common units of CWGS, LLC. Only permitted transferees of common units held by the Class B Common Owners will be permitted transferees of Class B common stock. Shares of Class B common stock will be canceled on a one-for-one basis upon the redemption or exchange any of the outstanding common units of CWGS, LLC held by the Class B Common Owners. Upon the occurrence of certain change in control events, the Class C common stock would no longer have any voting rights, such share of the Company’s Class C common stock will be cancelled for no consideration and will be retired, and the Company will not reissue such share of Class C common stock. 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). Initial Public Offering On October 13, 2016, the Company completed an IPO of 11,363,636 shares of the Company’s Class A common stock at a public offering price of $22.00 per share. The Company received $233.4 million in proceeds, net of underwriting discounts and commissions, which were used to purchase 11,363,636 newly-issued common units from CWGS, LLC at a price per unit equal to the initial public offering price per share of Class A common stock in the IPO less underwriting discounts and commissions. In addition, on November 4, 2016, the underwriters exercised their option, in part, to purchase an additional 508,564 shares of Class A common stock. On November 9, 2016, the Company closed on the purchase of the additional 508,564 shares of Class A common stock and received $10.4 million in additional proceeds, net of underwriting discounts and commissions, which were used to purchase 508,564 newly-issued common units from CWGS, LLC at a price per unit equal to the initial public offering price per share of Class A common stock in the IPO less underwriting discounts and commissions. Immediately following the completion of the IPO and the underwriters’ exercise of their option to purchase additional shares of Class A common stock, there were 62,002,729 shares of Class B common stock outstanding, one share of Class C common stock outstanding, and 18,935,916 shares of Class A common stock outstanding, comprised of 11,872,200 shares issued as part of the IPO and the underwriters’ exercise of their option to purchase additional shares of Class A common stock and 7,063,716 shares issued in connection with the CWH BR Merger described above. 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 (the “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 newly-issued 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 newly-issued 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. October 2017 Public Offering On October 30, 2017, the Company completed a public offering (the “October 2017 Public Offering”) in which, CVRV Acquisition LLC, CVRV Acquisition II LLC and Crestview Advisors, LLC, each affiliates of Crestview, and CWGS Holding, LLC, a wholly owned subsidiary of ML Acquisition Company, LLC, which is indirectly owned by each of Stephen Adams, a member of Camping World’s board of directors, and Marcus Lemonis, Camping World’s Chairman and Chief Executive Officer (“October 2017 Selling Stockholders”) sold 6,700,000 shares of the Company’s Class A common stock at a public offering price of $40.50 per share. CVRV Acquisition LLC redeemed 4,715,529 common units of CWGS, LLC for 4,715,529 newly-issued shares of Class A common stock, which it sold in the October 2017 Public Offering along with 1,283,756 and 715 shares of Class A shares that CVRV Acquisition II LLC and Crestview Advisors, LLC, respectively, already held as a result of the Reorganization Transactions. Additionally, CWGS Holding, LLC redeemed 700,000 common units of CWGS, LLC for 700,000 shares of Class A common stock, which it sold in the October 2017 Public Offering. Pursuant to the terms of the LLC Agreement, 4,715,529 and 700,000 shares of the Company’s Class B common stock registered in the names of CVRV Acquisition LLC and CWGS Holding, LLC, respectively, were cancelled for no consideration on a one-for-one basis with the number of common units redeemed. In addition, the underwriters exercised their option to purchase an additional 963,799 shares of Class A common stock from the October 2017 Selling Stockholders, in conjunction with their exercise of their option to purchase up to an additional 1,005,000 shares 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. CVRV Acquisition LLC and CWGS Holding, LLC redeemed 678,331 and 100,695 common units of CWGS, LLC, for 678,331 and 100,695 newly issued shares of Class A common stock, respectively, which they sold in the October 2017 Public Offering along with 184,669 and 104 shares of Class A shares that CVRV Acquisition II LLC and Crestview Advisors, LLC, respectively, already held as a result of the Reorganization Transactions. Pursuant to the terms of the LLC Agreement, 678,331 and 100,695 shares of the Company’s Class B common stock registered in the names of CVRV Acquisition LLC and CWGS Holding, LLC, respectively, 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 October 2017 Public Offering. CWGS, LLC Recapitalization On October 6, 2016, CWGS, LLC amended and restated the LLC Agreement (the “Recapitalization”) to, among other things, (i) provide for a new single class of common membership interests in CWGS, LLC, the common units, and (ii) exchange all of the then-existing membership interests of ML Acquisition, funds controlled by Crestview Partners II GP, L.P. and the Former Profit Unit Holders (collectively, the “Original Equity Owners”) for common units of CWGS, LLC. The LLC Agreement also provides that the Continuing Equity Owners may from time to time at each of their options require CWGS, LLC to redeem all or a portion of their common units in exchange for, at the Company’s election (determined solely by the Company’s independent directors (within the meaning of the rules of the New York Stock Exchange (the “NYSE”) who are disinterested), newly-issued shares of the Company’s Class A common stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of Class A common stock for each common unit redeemed, in each case in accordance with the terms of the CWGS LLC Agreement; provided that, at the Company’s election (determined solely by the Company’s independent directors (within the meaning of the rules of the NYSE) who are disinterested), the Company may effect a direct exchange of such Class A common stock or such cash, as applicable, for such common units. The Continuing Equity Owners may exercise such redemption right for as long as their common units remain outstanding. Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units pursuant to the terms of the CWGS LLC Agreement, a number of shares of the Company’s Class B common stock registered in the name of the redeeming or exchanging Class B Common Owners will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged. The amendment also requires that CWGS, LLC, at all times, maintain (i) 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 and (ii) a one-to-one ratio between the number of shares of Class B common stock owned by the Class B Common Owners and the number of common units of CWGS, LLC owned by the Class B Common Owners.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2017
Non-Controlling Interests
Non-Controlling Interests	19. Non-Controlling Interests In connection with the Reorganization Transactions described in Note 18 — Stockholders’ Equity, CWH became the sole managing member of CWGS, LLC and, as a result, consolidate 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 the 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 December 31, 2017 and 2016, CWGS, LLC had positive and negative net assets, respectively, which resulted in positive and negative non-controlling interest amounts, respectively, on the Consolidated Balance Sheets. As of December 31, 2017 and December 31, 2016, there were 88,639,567 and 83,771,830 common units of CWGS, LLC interests outstanding, respectively, of which CWH owned 36,749,072 and 18,935,916 common units of CWGS, LLC, respectively, representing 41.5% and 22.6% ownership interest in CWGS, LLC., respectively, and the Continuing Equity Owners owned 51,890,495 and 64,835,914 common units of CWGS, LLC, respectively, representing 58.5% 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: Year Ended December 31, ($ in thousands) 2017 2016 2015 Restated Net income (loss) attributable to Camping World Holdings, Inc. $ 28,362 $ 191,117 $ 174,293 Transfers to non-controlling interests: Decrease in additional paid-in capital as a result of the Reorganization Transactions — (21,887) — Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from a public offering (87,203) (234,486) — 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 (3,678) — — Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options (970) — — Increase in additional paid-in capital as a result of the vesting of restricted stock units 257 — — Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC 175,487 — — Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ 112,255 $ (65,256) $ 174,293

Equity-based Compensation Plans

Equity-based Compensation Plans	12 Months Ended
	Dec. 31, 2017
Equity-based Compensation Plans
Equity-based Compensation Plans	20. 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: Year Ended December 31, ($ in thousands) 2017 2016 2015 Equity-based compensation expense: Costs applicable to revenue $ 386 $ 90 $ — Selling, general, and administrative 4,723 1,507 — Total equity-based compensation expense $ 5,109 $ 1,597 $ — Total income tax benefit recognized related to equity-based compensation $ 619 $ 125 $ — CWGS Enterprises, LLC Equity Incentive Plan In 2012, CWGS, LLC entered into the CWGS Enterprises, LLC Equity Incentive Plan (the “CWGS LLC Plan”), as defined in CWGS, LLC’s Limited Liability Agreement, with certain employees and directors of the Company, who, in the judgment of the Company, had played a meaningful role in enhancing the value of CWGS, LLC. Such employees and directors had been granted awards (“Profits Units”) under the CWGS LLC Plan which entitled them to receive, in aggregate, up to 10% of the increase in the value of the Company above certain thresholds, if any, realized in such sale of CWGS, LLC or other liquidity event. CWGS, LLC began making grants of these Profits Units pursuant to the CWGS LLC Plan effective for the year ended December 31, 2012. Generally, so long as the Unit holder is employed or remains a member of the board of managers of the Company, these Profits Units vest over time (generally a four‑year period), but do not become exercisable or fully vested until a liquidity event occurs. All unvested Profits Units become exercisable and fully vested upon a liquidity event. Any unvested Profits Units are forfeited if the Unit holder ceases to be an employee of the Company or remain on the board of managers of the Company. As of December 31, 2015, there were 15,556 Profits Units authorized, issued and outstanding pursuant to the CWGS LLC Plan. During the year ended December 31, 2015, no equity-based compensation expense was recorded relating to the Profits Units because the Company determined, as of the period end, it was not probable that a sale of CWGS, LLC or other liquidity event would occur. On April 4, 2016, CWGS, LLC's board of directors approved a Profits Units redemption by Mr. Lemonis in the amount of 1,763 Profits Units for $17.0 million. CWGS, LLC remitted the proceeds to Mr. Lemonis through a cash distribution in the amount of $13.0 million and a $4.0 million note. The note bore interest at 3.00% per annum and had scheduled principal amortization of (i) $1.5 million, plus all accrued and unpaid interest on May 1, 2016, (ii) $1.5 million, plus all accrued and unpaid interest on June 1, 2016 and (iii) all outstanding principal, plus all accrued and unpaid interest on July 1, 2016. The largest aggregate amount of principal outstanding since the note was issued on April 4, 2016 was $4.0 million and the Company paid $6,250 of interest on the note prior to its repayment in full in April 2016. The Company recorded an equity-based compensation charge of $60,000 relating to this redemption during the year ended December 31, 2016 based on the grant date fair value. On October 6, 2016, in connection with the Company’s IPO, the remaining 13,793 outstanding Profits Units fully vested and converted to 5,877,513 common units of CWGS, LLC. These common units were exchangeable for shares of the Company’s Class A common stock on a one-to-one basis. The Company recorded an equity-based compensation charge of $0.9 million relating to this conversion during the year ended December 31, 2016 based on the grant date fair value. The weighted-average grant date fair value of Profits Units granted during the year ended December 31, 2015 was $317 per unit. No Profits Units were granted during the year ended December 31, 2016. As of December 31, 2016, there were no Profits Units outstanding and no further Profits Units were available for grant under the CWGS LLC Plan. 2016 Incentive Award Plan In October 2016, the Company adopted the 2016 Incentive Award Plan (the “2016 Plan”) under which the Company may grant up to 14,693,518 stock options, restricted stock units, and other types of equity-based awards to employees, consultants or non-employee directors of the Company. The Company does not intend to use cash to settle any of its equity-based awards. Upon the exercise of a stock option award, the vesting of a restricted stock unit or the award of common stock or restricted stock, shares of Class A common stock are issued from authorized but unissued shares. Stock options and restricted stock units granted to employees vest in equal annual installments over a three to five- year period and are canceled upon termination of employment. Stock options are granted with an exercise price equal to the fair market value of the Company’s Class A common stock on the date of grant. Stock option grants expire after ten years unless canceled earlier due to termination of employment. Restricted stock units granted to non-employee directors vest in equal annual installments over a three-year period subject to voluntary deferral elections made at the time of grant. The Company did not grant any stock options during the years ended December 31, 2017 or 2015. The fair value of the stock option awards was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions for the year ended December 31,: 2016 Expected term (years) (1) Expected volatility (2) % Risk-free interest rate (3) % Dividend yield (4) % (1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method. (2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term. (3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) The dividend yield was based on the Company’s expectation at the time of grant to declare quarterly dividends of $0.06 per share. A summary of stock option activity for the year ended December 31, 2017 is as follows: Weighted Average Aggregate Remaining Stock Options Weighted Average Intrinsic Value Contractual Life (in thousands) Exercise Price (in thousands) (years) Outstanding at December 31, 2016 1,118 $ 21.86 Granted — Exercised (80) $ 21.70 Forfeited (85) $ 22.00 Cancelled — Outstanding at December 31, 2017 953 $ 21.86 $ 21,789 8.7 Options exercisable at December 31, 2017 185 $ 21.91 $ 4,232 8.5 The weighted-average grant date fair value of stock options granted during the year ended December 31, 2016 was $7.24. At December 31, 2017, total unrecognized compensation cost related to unvested stock options was $5.1 million and is expected to be recognized over a weighted-average period of 2.8 years. The intrinsic value of stock options exercised was $1.7 million for the year ended December 31, 2017. The actual tax benefit for the tax deductions from the exercise of stock options was $0.3 million for the year ended December 31, 2017. There were no exercises of stock options during the year ended December 31, 2016. A summary of restricted stock unit activity for the year ended December 31, 2017 is as follows: Restricted Weighted Average Stock Units Grant Date (in thousands) Fair Value Outstanding at December 31, 2016 144 $ 21.37 Granted 1,145 $ 39.10 Vested (33) $ 21.37 Forfeited (9) $ 21.40 Outstanding at December 31, 2017 1,247 $ 37.65 The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2017 and 2016 were $39.10 and $21.37, respectively. At December 31, 2017, the intrinsic value of unvested restricted stock units was $55.8 million. At December 31, 2017, total unrecognized compensation cost related to unvested restricted stock units was $44.3 million and is expected to be recognized over a weighted-average period of 4.0 years. The fair value of restricted stock units that vested during the year ended December 31, 2017 was $1.3 million. The actual tax benefit for the tax deductions from the vesting of restricted stock units was $0.3 million for the year ended December 31, 2017. There were no restricted stock units that vested during the year ended December 31, 2016. The restricted stock units that vested were net share settled such that the Company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were based on the value of the restricted stock units on their respective vesting dates as determined by the Company’s closing stock price. Total payments for the employees’ tax obligations to taxing authorities are reflected as a financing activity within the Consolidated Statements of Cash Flows. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting and did not represent an expense to the Company.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share
Earnings Per Share	21. Earnings Per Share Basic and Diluted Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net income (loss) 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 (loss) 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 18 — 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 basic and diluted earnings per share period for the year ended December 31, 2016 represents only the period of October 6, 2016 to December 31, 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: Year Ended December 31, (In thousands except per share amounts) 2017 2016 Numerator: Net income $ 232,974 $ 11,528 Less: net income attributable to non-controlling interests (204,612) (9,942) Net income (loss) attributable to Camping World Holdings, Inc. — basic 28,362 1,586 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 — 4,164 Net income (loss) attributable to Camping World Holdings, Inc. — diluted $ 28,362 $ 5,750 Denominator: Weighted-average shares of Class A common stock outstanding — basic 26,622 18,766 Dilutive common units of CWGS, LLC that are convertible into Class A common stock — 64,836 Weighted-average shares of Class A common stock outstanding — diluted 26,622 83,602 Earnings (loss) per share of Class A common stock — basic $ 1.07 $ 0.08 Earnings (loss) per share of Class A common stock — diluted $ 1.07 $ 0.07 For the years ended December 31, 2017 and 2016, 1.1 million stock options and 0.4 and 0.1 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. For the year ended December 31, 2017, 60.0 million common units of CWGS, LLC were also 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 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 or Class C common stock under the two-class method has not been presented.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Information
Segment Information	22. Segment Information At December 31, 2017, 2016, and 2015, the Company had 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, net, total assets, and capital expenditures are as follows: Year Ended December 31, ($ in thousands) 2017 2016 2015 Revenue: Consumer Services and Plans $ 195,614 $ 184,773 $ 174,600 Retail (1) 4,089,641 3,334,224 3,104,217 Total consolidated revenue $ 4,285,255 $ 3,518,997 $ 3,278,817 (1) The Company has adjusted certain prior period amounts for the correction of errors. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods. Year Ended December 31, ($ in thousands) 2017 2016 2015 Segment income (1) : Consumer Services and Plans $ 98,371 $ 89,046 $ 80,522 Retail (2) 272,624 201,585 175,293 Total segment income 370,995 290,631 255,815 Corporate & other (5,373) (4,382) (2,689) Depreciation and amortization (31,545) (24,695) (24,101) Other interest expense, net (42,959) (48,318) (53,377) Tax Receivable Agreement liability adjustment 99,687 — — Loss and expense on debt restructure (849) (6,270) — Other expense, net — — 1 Income from operations before income taxes $ 389,956 $ 206,966 $ 175,649 (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense. (2) The Company has adjusted certain prior period amounts for the correction of errors. For the years ended December 31, 2016 and 2015, segment income for the Company’s Retail segment was originally reported as $203.8 million and $179.5 million, respectively. After correction of the errors totaling $2.2 million and $4.2 million for the years ended December 31, 2016 and 2015, respectively, segment income for the Company’s Retail segment was $201.6 million and $175.3 million, respectively. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods. Year Ended December 31, ($ in thousands) 2017 2016 2015 Depreciation and amortization: Consumer Services and Plans $ 3,688 $ 3,780 $ 3,627 Retail 27,857 20,915 18,243 Total 31,545 24,695 21,870 Corporate & other — — 2,231 Total depreciation and amortization $ 31,545 $ 24,695 $ 24,101 Years ended December 31, ($ in thousands) 2017 2016 2015 Other interest expense, net: Consumer Services and Plans $ (2) $ 19 $ 32 Retail 5,883 5,395 16,015 Total 5,881 5,414 16,047 Corporate & other 37,078 42,904 37,330 Total interest expense $ 42,959 $ 48,318 $ 53,377 As of December 31, ($ in thousands) 2017 2016 2015 Restated Assets: Consumer Services and Plans $ 180,295 $ $ Retail (1) 2,078,535 Total 2,258,830 Corporate & other 302,647 Total assets $ 2,561,477 $ $ (1) The Company has adjusted certain prior period amounts for the correction of errors. Retail segment assets decreased $5.3 million and $5.5 million as of December 31, 2016 and 2015, respectively. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods. Year Ended December 31, ($ in thousands) 2017 2016 2015 Capital expenditures: Consumer Services and Plans $ 3,366 $ 2,951 $ Retail 63,414 36,831 Total capital expenditures $ 66,780 $ $

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)	23. Quarterly Financial Information (Unaudited) Three Months Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, ($ in thousands) 2017 2017 2017 2017 2016 2016 2016 2016 Revenue (1) $ 888,992 $ 1,235,602 $ 1,279,026 $ 881,635 $ 668,903 $ 988,804 $ 1,065,259 $ 796,031 Income from operations (1) 44,291 110,664 136,521 69,904 32,128 87,572 104,053 55,437 Net income (loss) (1) (5,494) 83,752 105,093 49,623 11,528 68,247 84,108 37,176 Net income (loss) attributable to Camping World Holdings, Inc. (1) (18,093) 19,589 19,344 7,522 1,586 68,247 84,108 37,176 Earnings (loss) per share of Class A common stock (1) (2): Basic $ (0.52) 0.66 0.84 0.40 $ 0.08 $ — $ — $ — Diluted $ (0.52) 0.66 0.84 0.38 $ 0.07 $ — $ — $ — (1) The Company has adjusted certain prior period amounts for the correction of errors. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods. (2) Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 21 — Earnings Per Share.

Schedule I - Condensed Financia

Schedule I - Condensed Financial Information of Registrant	12 Months Ended
	Dec. 31, 2017
Schedule I - Condensed Financial Information of Registrant
Condensed Financial Information of Registrant	Schedule I: Condensed Financial Information of Registrant Camping World Holdings, Inc. Condensed Balance Sheet (Parent Company Only) (In Thousands Except Share Amounts) December 31, December 31, 2017 2016 Restated Assets Current assets: Cash and cash equivalents $ 14,503 $ 2,232 Prepaid income taxes and other 2,244 — Total current assets 16,747 2,232 Deferred tax asset 153,445 20,998 Investment in subsidiaries 24,315 (33,411) Total assets $ 194,507 $ (10,181) Liabilities and stockholders' equity Current liabilities: Accrued liabilities $ 313 $ 110 Income tax payable — 268 Current portion of liabilities under Tax Receivable Agreement 8,093 991 Total current liabilities 8,406 1,369 Liabilities under Tax Receivable Agreement, net of current portion 129,596 18,190 Total liabilities 138,002 19,559 Commitments and contingencies — — Stockholders' equity: Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of December 31, 2017 and December 31, 2016 — — Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 36,758,233 issued and 36,749,072 outstanding as of December 31, 2017 and 18,935,916 issued and outstanding as of December 31, 2016 367 189 Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued; and 50,836,629 outstanding as of December 31, 2017 and 62,002,729 outstanding as of December 31, 2016 5 6 Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of December 31, 2017 and December 31, 2016 — — Additional paid-in capital 49,941 (30,006) Retained earnings 6,192 71 Total stockholders' equity (deficit) 56,505 (29,740) Total liabilities and stockholders' equity (deficit) $ 194,507 $ (10,181) See accompanying Notes to Condensed Financial Statements Schedule I: Condensed Financial Information of Registrant (continued) Camping World Holdings, Inc. Condensed Statement of Income (Parent Company Only) (In Thousands) Year Ended Year Ended December 31, December 31, 2017 2016 Restated Revenue: Intercompany revenue $ 4,768 $ 1,564 Total revenue 4,768 1,564 Operating expenses: Selling, general, and administrative 4,770 1,564 Total operating expenses 4,770 1,564 Loss from operations (2) — Tax Receivable Agreement liability adjustment 99,687 — Equity in net income of subsidiaries 84,092 2,877 Income before income taxes 183,777 2,877 Income tax expense (155,415) (1,291) Net income $ 28,362 $ 1,586 See accompanying Notes to Condensed Financial Statements Schedule I: Condensed Financial Information of Registrant (continued) Camping World Holdings, Inc. Condensed Statement of Cash Flows (Parent Company Only) (In Thousands) Year Ended Year Ended December 31, December 31, 2017 2016 Restated Operating activities Net income $ 28,362 $ 1,586 Adjustments to reconcile net income to net cash used in operating activities: Equity in net income of subsidiaries (84,092) (2,877) Deferred tax expense 127,305 965 Tax receivable agreements liability adjustment (99,687) — Change in assets and liabilities, net of acquisitions: Prepaid income taxes and other assets (2,240) — Accounts payable and other accrued assets (1,798) (471) Payment pursuant to Tax Receivable Agreement (203) — Income taxes payable 651 684 Net cash used in operating activities (31,702) (113) Investing activities Purchases of LLC Interest from CWGS, LLC (124,150) (243,845) Distributions received from CWGS, LLC 66,092 3,889 Net cash used in investing activities (58,058) (239,956) Financing activities Proceeds from issuance of Class A common stock sold in an initial public offering net of underwriter discounts and commissions — 243,809 Proceeds from issuance of Class A common stock sold in a public offering net of underwriter discounts and commissions 122,544 — Proceeds from issuance of Class B common stock — 7 Dividends paid to Class A common stockholders (22,241) (1,515) Proceeds from exercise of stock options 1,728 — Net cash provided by financing activities 102,031 242,301 Increase in cash 12,271 2,232 Cash at beginning of year 2,232 — Cash at end of the year $ 14,503 $ 2,232 See accompanying Notes to Condensed Financial Statements Schedule I: Condensed Financial Information of Registrant (continued) Camping World Holdings, Inc. Notes to Condensed Financial Statements (Parent Company Only) December 31, 2017 1. Organization Camping World Holdings, Inc. (the “Parent Company”) was formed on March 8, 2016 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets consist primarily of cash and cash equivalents, its equity interest in CWGS Enterprises, LLC ("CWGS, LLC”), and certain deferred tax assets On October 13, 2016, the Parent Company completed an initial public offering ("IPO") of 11,872,200 shares of its Class A common stock at a public offering price of $22.00 per share, which includes 508,564 shares issued pursuant to the underwriters' over-allotment option on November 4, 2016. The Parent Company received $243.8 million in proceeds, net of underwriting discounts and commissions, which it used to purchase newly-issued common units from CWGS, LLC at a price per interest equal to the IPO price of its Class A common stock. The Parent Company's cash inflows are primarily from cash dividends or distributions and other transfers from CWGS, LLC. The amounts available to the Parent Company to fulfill cash commitments and pay cash dividends on its common stock are subject to certain restrictions in CWGS, LLC’s Senior Secured Credit Facilities. See Note 7 to the consolidated financial statements. 2. Basis of Presentation These condensed parent company financial statements should be read in conjunction with the consolidated financial statements of Camping World Holdings, Inc. and the accompanying notes thereto, included in this Form 10-K. For purposes of these condensed financial statements, the Parent Company's interest in CWGS, LLC is recorded based upon its proportionate share of CWGS, LLC's net assets (similar to presenting them on the equity method). The Parent Company is the sole managing member of CWGS, LLC, and pursuant to the Amended and Restated LLC Agreement of CWGS, LLC (the “LLC Agreement”), receives compensation in the form of reimbursements for all costs associated with being a public company. Intercompany revenue consists of these reimbursement payments and is recognized when the corresponding expense to which it relates is recognized. Certain intercompany balances presented in these condensed Parent Company financial statements are eliminated in the consolidated financial statements. $4.8 million and $84.1 million of intercompany revenue and equity in net income of subsidiaries, respectively, was eliminated in consolidation for the year ended December 31, 2017. $1.6 million and $2.9 million of intercompany revenue and equity in net income of subsidiaries, respectively, was eliminated in consolidation for the year ended December 31, 2016. $0.1 million of an intercompany payable to CWGS, LLC was included in accrued liabilities at December 31, 2017. Related party amounts that were not eliminated in the consolidated financial statements include the Parent Company's liabilities under the tax receivable agreement, which totaled $137.7 million and $19.2 million as of December 31, 2017 and 2016, respectively. 3. Restatement to Prior Periods Following the purchase of newly-issued common units from CWGS, LLC in connection with the IPO, the Parent Company’s deferred tax balances have reflected the differences in the book and tax basis of its investment in CWGS, LLC (i.e., outside basis) (the “Outside Basis Deferred Tax Asset”). In connection with preparing its financial statements for the year ended December 31, 2017, the Parent Company determined that a portion of the Outside Basis Deferred Tax Asset related to its acquisition of its direct interest in CWGS, LLC through newly issued LLC units is not expected to be realized unless the Parent Company were to dispose of its investment in CWGS, LLC, which the Parent Company has no current plan to do. Accordingly, the Parent Company has determined that it should have established a valuation allowance of $102.7 million against this portion of its deferred tax asset that was recorded through equity as of December 31, 2016. Following the establishment of the valuation allowance as of December 31, 2016, the Parent Company recognizes subsequent changes to the valuation allowance through the provision for income taxes or equity, in accordance with generally accepted accounting principles, and at December 31, 2017 the valuation allowance was $89.5 million, which includes the decrease of $47.0 million during the year ended December 31, 2017 for the remeasurement of this deferred tax asset under the U.S. Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). Because the Parent Company’s consolidated financial statements as of and for the year ended December 31, 2016 included the Outside Basis Deferred Tax Asset, the Parent Company has restated its condensed financial statements as of and for the year ended December 31, 2016 to reflect a valuation allowance against the portion of the deferred tax asset related to the outside basis difference of $102.7 million (the “Restatement”). There was no impact on net income or cash flows resulting from the Restatement. The Parent Company also corrected for errors that were immaterial to previously-reported condensed financial statements. These errors were also identified in connection with the preparation of the financial statements for the year ended December 31, 2017, and related to i) the lack of deferral of a portion of Good Sam roadside assistance policies sold through the finance and insurance process with the sale of new and used vehicles and ii) the application of a portion of certain vendor rebates against the related inventory balances. To quantify these errors, management performed an analysis of deferred roadside assistance policies and vendor rebates applicable to ending inventory for each period presented. The Parent Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108 and, determined the effect of these corrections was not material to the previously issued financial statements as of and for the year ended December 31, 2016. As a result of also correcting these errors, equity in net income of subsidiaries and net income have been revised (the “Immaterial Adjustments”). The following table presents the effect on the Parent Company’s condensed balance sheet for the period indicated. At December 31, 2016 ($ in thousands) As Reported Adjustment As Corrected Deferred tax asset $ 122,444 $ (101,446) $ 20,998 Investment in subsidiaries (30,139) (3,272) (33,411) Total assets 94,537 (104,718) (10,181) Additional paid-in capital 74,239 (104,245) (30,006) Retained earnings 544 (473) 71 Total stockholders' equity 74,978 (104,718) (29,740) Total liabilities and stockholders' equity 94,537 (104,718) (10,181) The following table presents the effect on the Parent Company’s condensed statement of income for the period indicated. Year Ended December 31, 2016 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Equity in net income of subsidiaries $ 3,350 $ (473) $ 2,877 Net income 2,059 (473) 1,586 4. Commitments and Contingencies On October 6, 2016, the Parent Company entered into a tax receivable agreement with certain holders of common units in CWGS, LLC (the "Continuing Equity Owners") that provides for the payment by the Parent Company to the Continuing Equity Owners of 85% of the amount of any tax benefits that the Parent Company actually realizes, or in some cases are deemed to realize, as a result of certain transactions. See Note 10 to the consolidated financial statements for more information regarding the Parent Company's tax receivable agreement. As described in Note 10 to the consolidated financial statements, amounts payable under the tax receivable agreement are contingent upon, among other things, (i) generation of future taxable income of Camping World Holdings, Inc. over the term of the tax receivable agreement and (ii) future changes in tax laws. As of December 31, 2017 and 2016, liabilities under the tax receivable agreement totaled $137.7 million and $19.2 million, respectively. 5. Statements of Cash Flows Supplemental disclosures of cash flow information for the years ended December 31, are as follows (in thousands): Year Ended Year Ended December 31, December 31, 2017 2016 Cash paid during the period for: Interest $ — $ — Income taxes 31,543 58 Non-cash investing activities: Portion of subsidiary's acquisition purchase price paid through issuance of Class A common stock 5,720 — Non-cash financing activities: Par value of Class A common stock issued in exchange for common units in CWGS, LLC 130 — Par value of Class A common stock issued for vested restricted stock units — — Par value of Class A common stock issued for acquisition 1 —

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	Schedule II: Valuation and Qualifying Accounts Balance at Additions Charged Charges Balance Beginning Charged to to Other Utilized at End (In Thousands) of Period Expense (1) Accounts (2) (Write-offs) of Period Accounts receivable allowance (3): Year ended December 31, 2017 $ 8,753 $ 838 $ 9,658 $ (10,590) $ 8,659 Year ended December 31, 2016 $ 8,370 $ 1,332 $ 12,960 $ (13,909) $ 8,753 Year ended December 31, 2015 $ 5,748 $ 2,180 $ 13,505 $ (13,063) $ 8,370 (1) Additions to allowance for doubtful accounts are charged to expense. (2) Additions to cancellations/returns allowances are credited against revenue. (3) Accounts receivable allowance includes the allowance for doubtful accounts and the allowance for cancellations /returns. Balance at Additions Charged Charges Balance Beginning Charged to to Other Utilized at End (In Thousands) of Period Expense Accounts (1) (Write-offs) of Period Noncurrent other assets allowance: Year ended December 31, 2017 $ 5,737 $ — $ 6,918 $ (5,468) $ 7,187 Year ended December 31, 2016 $ 4,554 $ — $ 3,209 $ (2,026) $ 5,737 Year ended December 31, 2015 $ 3,081 $ — $ 2,826 $ (1,353) $ 4,554 (1) Additions to cancellations /returns allowances are credited against revenue. Tax Valuation Tax Valuation Allowance Allowance Balance at Charged to Credited to Charged Balance Beginning Income Tax Income Tax to Other at End (In Thousands) of Period Provision Provision Accounts (1) of Period Valuation allowance for deferred tax assets: Year ended December 31, 2017 $ 146,259 $ 11,194 $ (64,535) $ 33,788 $ 126,706 Year ended December 31, 2016 (Restated) $ 42,504 $ 1,049 $ — $ 102,706 $ 146,259 Year ended December 31, 2015 $ 41,769 $ 735 $ — $ — $ 42,504 (1) Amounts charged to additional paid-in capital relating to the outside basis in the investment in CWGS, LLC.

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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”). 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 (see Note 18 — Stockholders’ Equity for a discussion of these transactions) 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 December 31, 2017 and 2016, CWH owned 41.5% and 22.6%, respectively, 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, discussed in Note 18 — Stockholders’ Equity, 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. All significant intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. Certain prior-period amounts have been reclassified to conform to the current period presentation. 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 CWH 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 primarily through its Camping World, Gander Outdoors and Overton’s brands. 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 December 31, 2017, the Company operated 140 Camping World retail locations, of which 124 locations sell new and used RV’s, and offer financing, and other ancillary services, protection plans, and products for the RV purchaser and outdoor enthusiasts; two Gander Outdoors locations offering outdoor products and services; two Overton’s locations offering marine and watersports products; two TheHouse.com locations offering skiing, snowboarding, bicycling, and skateboarding products; five Uncle Dan’s locations offering outdoor products and services, and one W82 location offering skiing, snowboarding, and skateboarding products.
Restatement to Prior Periods	Restatement to Prior Periods Following the purchase of newly-issued common units from CWGS, LLC in connection with the IPO, the Company’s deferred tax balances have reflected the differences in the book and tax basis of its investment in CWGS, LLC (i.e., outside basis) (the “Outside Basis Deferred Tax Asset”). In connection with preparing its financial statements for the year ended December 31, 2017, the Company determined that a portion of the Outside Basis Deferred Tax Asset related to its acquisition of the direct interest in CWGS, LLC through newly issued LLC units is not expected to be realized unless the Company were to dispose of its investment in CWGS, LLC, which the Company has no current plan to do. Accordingly, the Company has determined that it should have established a valuation allowance of $102.7 million against this portion of its Outside Basis Deferred Tax Asset that was recorded through equity as of December 31, 2016. Following the establishment of the valuation allowance as of December 31, 2016, the Company recognizes subsequent changes to the valuation allowance through the provision for income taxes or equity, in accordance with generally accepted accounting principles, and at December 31, 2017 the valuation allowance was $89.5 million, which includes the provisional decrease of $47.0 million during the year ended December 31, 2017 for the remeasurement of this deferred tax asset under the U.S. Tax Cuts and jobs Act of 2017 (“2017 Tax Act”). Because the Company’s consolidated financial statements as of and for the year ended December 31, 2016 included the Outside Basis Deferred Tax Asset, the Company has restated its consolidated financial statements as of and for the year ended December 31, 2016 to reflect a valuation allowance against the portion of the deferred tax asset related to the outside basis difference of $102.7 million (the “Restatement”). There was no impact on net income or cash flows for the related periods affected by the Restatement. The Company also corrected for errors that were immaterial to previously-reported consolidated financial statements. These errors were also identified in connection with the preparation of the financial statements for the year ended December 31, 2017, and related to i) the lack of deferral of a portion of Good Sam roadside assistance policies sold through the finance and insurance process with the sale of new and used vehicles, ii) the application of a portion of certain vendor rebates against the related inventory balances, iii) the elimination of intercompany allocation of certain revenue from new and used vehicles to consumer services and plans, and iv) the allocation of the intercompany markup between costs applicable to new and used vehicles. To quantify these errors, management performed an analysis of deferred roadside assistance policies and vendor rebates applicable to ending inventory for the years ended December 31, 2016, 2015, 2014, and 2013 and the interim periods in 2017 and 2016. The Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108 and, determined the effect of these corrections was not material to the previously issued financial statements as of and for the years ended December 31, 2016 and 2015. As a result of also correcting these errors, new vehicles revenue, used vehicles revenue, finance and insurance, net revenue, costs applicable to revenue – new vehicles, costs applicable to revenue – used vehicles, all within the retail segment, and net income attributable to non-controlling interests and earnings per share, basic and diluted have been revised (the “Immaterial Adjustments”). There was no effect on any per share amounts prior to the quarter ended December 31, 2016 as such periods were before the Company’s IPO, see Note 21 — Earnings Per Share. Additionally, as a result of these errors, the cumulative effect of the change on stockholders’ /members’ deficit as of January 1, 2015, the earliest date presented in these consolidated financial statements, was $8.1 million from an as reported amount of $242.6 million to an as corrected amount of $250.7 million. The following table presents the effect of the Restatement and the Immaterial Adjustments on the Company’s consolidated balance sheets for the periods indicated: As of December 31, 2016 As of December 31, 2015 ($ in thousands) As Reported Adjustment As Corrected As Reported Adjustment As Corrected Inventories $ 909,254 $ (6,543) $ 902,711 $ 861,847 $ (5,520) $ 856,327 Total current assets 1,132,705 (6,543) 1,126,162 1,050,981 (5,520) 1,045,461 Deferred tax asset 125,878 (101,445) 24,433 6,234 — 6,234 Total assets 1,563,765 (107,988) 1,455,777 1,338,105 (5,520) 1,332,585 Deferred revenues and gains, current portion 68,643 2,485 71,128 63,616 2,005 65,621 Total current liabilities 865,937 2,485 868,422 863,098 2,005 865,103 Deferred revenues and gains, long-term portion 52,210 5,449 57,659 52,151 4,774 56,925 Total liabilities 1,591,980 7,934 1,599,914 1,632,965 6,779 1,639,744 Additional paid-in capital 74,239 (104,245) (30,006) — — — Retained earnings 544 (473) 71 — — — Total stockholders' equity attributable to Camping World Holdings, Inc./ members' deficit 74,978 (104,718) (29,740) (294,860) (12,299) (307,159) Non-controlling interest (103,193) (11,204) (114,397) — — — Stockholders'/ members' equity (deficit) (28,215) (115,922) (144,137) (294,860) (12,299) (307,159) Total liabilities and stockholders' / members' equity (deficit) 1,563,765 (107,988) 1,455,777 1,338,105 (5,520) 1,332,585 The following table presents the effect of the Immaterial Adjustments on the Company’s consolidated statements of income for the periods indicated: Year Ended December 31, 2016 Year Ended December 31, 2015 ($ in thousands except per share amounts) As Reported Adjustment As Corrected As Reported Adjustment As Corrected Revenue: New vehicles $ 1,866,182 $ (3,987) $ 1,862,195 $ 1,606,465 $ (3,207) $ 1,603,258 Used vehicles 705,893 (2,567) 703,326 806,399 (2,520) 803,879 Finance and insurance, net 229,839 (1,155) 228,684 190,820 (1,550) 189,270 Retail segment revenues 3,341,933 (7,709) 3,334,224 3,111,494 (7,277) 3,104,217 Total revenue 3,526,706 (7,709) 3,518,997 3,286,094 (7,277) 3,278,817 Costs applicable to revenue- new vehicles 1,604,534 (7,671) 1,596,863 1,379,156 (3,993) 1,375,163 Costs applicable to revenue- used vehicles 555,113 2,140 557,253 646,936 953 647,889 Retail segment costs applicable to revenue 2,448,833 (5,531) 2,443,302 2,301,081 (3,040) 2,298,041 Total costs applicable to revenue 2,528,105 (5,531) 2,522,574 2,382,830 (3,040) 2,379,790 Income from operations 281,368 (2,178) 279,190 244,510 (4,237) 240,273 Income before income taxes 209,144 (2,178) 206,966 179,886 (4,237) 175,649 Net income 203,237 (2,178) 201,059 178,530 (4,237) 174,293 Net income attributable to non-controlling interests (11,576) 1,634 (9,942) — — — Net income attributable to Camping World Holdings, Inc. 191,661 (544) 191,117 178,530 (4,237) 174,293 Earnings per share of Class A common stock: Basic $ 0.11 $ (0.03) $ 0.08 n/a n/a n/a Diluted $ 0.09 $ (0.02) $ 0.07 n/a n/a n/a While the error corrections did not have an impact on cash provided by or used in operating, investing, or financing activities, the applicable line items on the above tables within cash provided by operating activities on the consolidated statements of cash flows have been appropriately revised for the periods presented. The impact of these error corrections to relevant segment and quarterly financial information is presented in Notes 22 and 23 to these consolidated financial statements, respectively.
Use of Estimates	Use of Estimates The preparation of 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 reported amounts of revenue and expenses during the reporting period. Actual results could differ from these 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 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short‑term, highly liquid investments purchased with a maturity date of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short‑term maturity of these instruments. Outstanding checks that are in excess of the cash balances at certain banks are included in accrued liabilities in the Consolidated Balance Sheets, and changes in the amounts are reflected in operating cash flows in the accompanying Consolidated Statement of Cash Flows.
Restricted Cash	Restricted Cash Restricted cash balances are pledged primarily in lieu of letters of credit. Restricted cash is expected to become available to the Company when the letters of credit are issued.
Contracts in Transit	Contracts in Transit Contracts in transit consist of amounts due from non-affiliated financing institutions on retail finance contracts from vehicle sales for the portion of the vehicle sales price financed by the Company’s customers.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s most significant industry concentration of credit risk is with financial institutions from which the Company has recorded receivables and contracts in transit. These financial institutions provide financing to Camping World’s customers for the purchase of a vehicle in the normal course of business. These receivables are short‑term in nature and are from various financial institutions located throughout the United States. The Company has cash deposited in various financial institutions that is in excess of the insurance limits provided by the Federal Deposit Insurance Corporation. The amount in excess of FDIC limits at December 31, 2017 and 2016 was approximately $227.9 million and $119.0 million, respectively. The Company is potentially subject to concentrations of credit risk in accounts receivable. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and their geographic dispersion.
Inventories, net	Inventories, net Retail inventories consist primarily of new and used recreational vehicles held for sale valued using the specific‑identification method and valued at the lower of cost or net realizable value. Cost includes purchase costs, reconditioning costs, dealer‑installed accessories, and freight. For vehicles accepted in trades, the cost is the fair value of such used vehicles at the time of the trade‑in. Parts and accessories are valued at the lower of cost or net realizable value. Retail parts, accessories, and other inventories primarily consist of retail travel and leisure specialty merchandise and are stated at lower of first‑in, first‑out cost or net realizable value.
Property and Equipment, net	Property and Equipment, net Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization, and, if applicable, impairment charges. Depreciation of property and equipment is provided using the straight‑line method over the following estimated useful lives of the assets: Years Building and improvements Leasehold improvements 3 - 40 Furniture, fixtures and equipment 3-12 Software 3-5 Leasehold improvements are amortized over the useful lives of the assets or the remaining term of the respective lease, whichever is shorter.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is reviewed at least annually for impairment, and more often when impairment indicators are present (see Note 5 — Goodwill and Intangible Assets). Finite‑lived intangibles are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Finite‑lived intangible assets consist of membership and customer lists with weighted‑average useful lives of approximately 11.2 years, trademarks and trade names with weighted average useful lives of approximately 15.0 years, and websites with weighted-average useful lives of approximately 10.0 years. The weighted-average useful life of all our finite-lived intangible assists is approximately 12.4 years.
Long-Lived Assets	Long‑Lived Assets Long‑lived assets included in property and equipment, net, including capitalized software costs to be held and used, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized to the extent the sum of the discounted estimated future cash flows from the use of the asset is less than the carrying value. For the Company’s major software systems, such as its accounting and membership systems, the Company’s capitalized costs may include some internal or external costs to configure, install and test the software during the application development stage. The Company does not capitalize preliminary project costs, nor does it capitalize training, data conversion costs, maintenance or post‑development stage costs.
Self-Insurance Program	Self‑Insurance Program Self‑insurance reserves represent amounts established as a result of insurance programs under which the Company self‑insures portions of the business risks. The Company carries substantial premium‑paid, traditional risk transfer insurance for various business risks. The Company self‑insures and establishes reserves for the retention on workers’ compensation insurance, general liability, automobile liability, professional errors and omission liability, and employee health claims. The self‑insured claims liability was approximately $16.1 million and $11.3 million at December 31, 2017 and 2016, respectively. The determination of such claims and expenses and the appropriateness of the related liability are continually reviewed and updated. The self‑insurance accruals are calculated by actuaries and are based on claims filed and include estimates for claims incurred but not yet reported. Projections of future losses, including incurred but not reported losses, are inherently uncertain because of the random nature of insurance claims and could be substantially affected if occurrences and claims differ significantly from these assumptions and historical trends. In addition, the Company has obtained letters of credit as required by insurance carriers. As of December 31, 2017 and 2016, these letters of credit were approximately $12.2 million and $10.8 million, respectively. This includes $8.9 million and $7.6 million as of December 31, 2017 and 2016, respectively, issued under the FreedomRoads, LLC Floor Plan Facility (see Note 3 — Inventories and Notes Payable — Floor Plan, net), and the balance issued under the Company’s Senior Secured Credit Facilities (see Note 7 — Long ‑ Term Debt).
Long-Term Debt	Long‑Term Debt The fair value of the Company’s long‑term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered for debt of the same or similar remaining maturities.
Revenue Recognition	Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customers, fees are fixed or determinable, and collectability is reasonably assured. Consumer Services and Plans revenue consists of revenue from membership clubs, publications, consumer shows, and marketing and royalty fees from various consumer services and plans. Certain Consumer Services and Plans revenue is generated from annual, multiyear and lifetime memberships. The revenue and expenses associated with these memberships are deferred and amortized over the membership period. Unearned revenue and profit are subject to revisions as the membership progresses to completion. Revisions to membership period estimates would change the amount of income and expense amortized in future accounting periods. For lifetime memberships, an 18‑year period is used, which is the actuarially determined estimated fulfillment period. Roadside Assistance (“RA”) revenues are deferred and recognized over the life of the membership. RA claim expenses are recognized when incurred. Certain Consumer Services and Plans memberships may be sold bundled with a merchandise certificate to a Camping World retail location. The selling price of the membership is typically determined based on vendor specific objective evidence (“VSOE”) or, in the absence of VSOE, the selling price is determined by management's best estimate of selling price, which considers market and economic conditions, internal costs, pricing, and discounting practices. The selling price of the merchandise certificate is determined based management’s best estimated selling price, which considers the face value of the discount provided by the merchandise certificate and adjusts for the likelihood that the merchandise certificate will be redeemed. The bundled price is then allocated between the membership and merchandise certificate based on their relative selling prices. Royalty revenue is earned under the terms of an arrangement with a third‑party credit card provider based on a percentage of the Company’s co‑branded credit card portfolio retail spend with such third‑party credit card provider. Marketing fees for finance, insurance, extended service and other similar products are recognized, net of a reserve for estimated cancellations, if applicable, when a product contract payment has been received or financing has been arranged. Promotional expenses, consisting primarily of direct‑mail advertising, are deferred and expensed over the period of expected future benefit, typically three months based on historical actual response rates. Renewal expenses are expensed at the time related materials are mailed. Newsstand sales of publications and related expenses are recorded at the time of delivery, net of an estimated provision for returns. Subscription sales of publications are reflected in income over the lives of the subscriptions. The related selling expenses are expensed as incurred. Advertising revenues and related expenses are recorded at the time of delivery. Subscription and newsstand revenues and expenses related to annual publications are deferred until the publications are distributed. Revenue and related expenses for consumer shows are recognized when the show occurs. Retail revenue consists of sales of new and used recreational vehicles, commissions on related finance and insurance contracts, and sales of parts, services and other products. Revenue from the sale of recreational vehicles is recognized upon completion of the sale to the customer. Conditions to completing a sale include having an agreement with the customer, including pricing, and the sales price must be reasonably expected to be collected and delivery has occurred. Revenue from parts, services and other products sales is recognized on the delivery of the part or completion of the service. Finance and insurance revenue is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The proceeds the Company receives for arranging financing contracts, and selling insurance and service contracts, are subject to chargebacks if the customer terminates the respective contract earlier than a stated period. A reserve for chargebacks is recorded as a reduction of revenues in the period in which the related revenue is recognized.
Parts and Service Internal Profit	Parts and Service Internal Profit The Company’s parts and service departments recondition the majority of used vehicles acquired by the Company’s used vehicle departments and perform minor preparatory work on new vehicles acquired by the Company’s new vehicle departments. The parts and service departments charge the new and used vehicle departments as if they were third parties in order to account for total activity performed by that department. The revenue and costs applicable to revenue associated with the internal work performed by the Company’s parts and service departments are eliminated in consolidation. Also in consolidation, the Company eliminates the internal profit on vehicles and parts inventory that have not been sold.
Advertising Expense	Advertising Expense At December 31, 2017 and 2016, $6.5 million and $6.9 million, respectively, of advertising expenses were capitalized as direct‑response advertising, of which $5.2 million and $5.5 million, respectively, were reported as assets and $1.2 million and $1.4 million, respectively, were reported net of related deferred revenue. Other advertising expenses are expensed as incurred. Advertising expenses for the years ended December 31, 2017, 2016, and 2015 were $86.6 million, $76.0 million, and $76.2 million, respectively.
Vendor Allowances	Vendor Allowances As a component of the Company’s consolidated procurement program, the Company frequently enters into contracts with vendors that provide for payments of rebates or other allowances. These vendor payments are reflected in the carrying value of the inventory when earned or as progress is made toward earning the rebate or allowance and as a component of cost of sales as the inventory is sold. Certain of these vendor contracts provide for rebates and other allowances that are contingent upon the Company meeting specified performance measures such as a cumulative level of purchases over a specified period of time. Such contingent rebates and other allowances are given accounting recognition at the point at which achievement of the specified performance measures are deemed to be probable and reasonably estimable.
Shipping and Handling Fees and Costs	Shipping and Handling Fees and Costs The Company reports shipping and handling costs billed to customers as a component of revenues, and related costs are reported as a component of costs applicable to revenues. For the years ended December 31, 2017, 2016, and 2015, $4.1 million, $2.3 million, and $5.6 million of shipping and handling fees, respectively, were included in the Retail segment as revenue.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities based on the liability method, which requires an adjustment to the deferred tax asset or liability to reflect income tax rates currently in effect. When income tax rates increase or decrease, a corresponding adjustment to income tax expense is recorded by applying the rate change to the cumulative temporary differences. The Company recognizes the tax benefit from an uncertain tax position in accordance with accounting guidance on accounting for uncertainty in income taxes. The Company classifies interest and penalties relating to income taxes as income tax expense. See Note 10 — Income Taxes.
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. 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 early adopted the amendments of this ASU as of October 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 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 Company has utilized a comprehensive approach to assess the impact of the guidance on its contract portfolio by reviewing its current accounting policies and practices to identify potential differences that would result from applying the new requirements to its revenue contracts, including evaluation of its performance obligations, principal versus agent considerations and variable consideration. The Company is substantially complete with its contract and business process reviews and implemented changes to its controls to support recognition and disclosures under the new guidance. Based on the foregoing, the Company currently does not expect this guidance to have a material impact on its consolidated financial statements or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The FASB has subsequently issued ASU No. 2018-01 that provides a practical expedient relating to land easements, which is effective upon the adoption of 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 by reporting a right-to-use lease asset and corresponding lease obligation, 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.

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Schedule of restatements	As of December 31, 2016 As of December 31, 2015 ($ in thousands) As Reported Adjustment As Corrected As Reported Adjustment As Corrected Inventories $ 909,254 $ (6,543) $ 902,711 $ 861,847 $ (5,520) $ 856,327 Total current assets 1,132,705 (6,543) 1,126,162 1,050,981 (5,520) 1,045,461 Deferred tax asset 125,878 (101,445) 24,433 6,234 — 6,234 Total assets 1,563,765 (107,988) 1,455,777 1,338,105 (5,520) 1,332,585 Deferred revenues and gains, current portion 68,643 2,485 71,128 63,616 2,005 65,621 Total current liabilities 865,937 2,485 868,422 863,098 2,005 865,103 Deferred revenues and gains, long-term portion 52,210 5,449 57,659 52,151 4,774 56,925 Total liabilities 1,591,980 7,934 1,599,914 1,632,965 6,779 1,639,744 Additional paid-in capital 74,239 (104,245) (30,006) — — — Retained earnings 544 (473) 71 — — — Total stockholders' equity attributable to Camping World Holdings, Inc./ members' deficit 74,978 (104,718) (29,740) (294,860) (12,299) (307,159) Non-controlling interest (103,193) (11,204) (114,397) — — — Stockholders'/ members' equity (deficit) (28,215) (115,922) (144,137) (294,860) (12,299) (307,159) Total liabilities and stockholders' / members' equity (deficit) 1,563,765 (107,988) 1,455,777 1,338,105 (5,520) 1,332,585 The following table presents the effect of the Immaterial Adjustments on the Company’s consolidated statements of income for the periods indicated: Year Ended December 31, 2016 Year Ended December 31, 2015 ($ in thousands except per share amounts) As Reported Adjustment As Corrected As Reported Adjustment As Corrected Revenue: New vehicles $ 1,866,182 $ (3,987) $ 1,862,195 $ 1,606,465 $ (3,207) $ 1,603,258 Used vehicles 705,893 (2,567) 703,326 806,399 (2,520) 803,879 Finance and insurance, net 229,839 (1,155) 228,684 190,820 (1,550) 189,270 Retail segment revenues 3,341,933 (7,709) 3,334,224 3,111,494 (7,277) 3,104,217 Total revenue 3,526,706 (7,709) 3,518,997 3,286,094 (7,277) 3,278,817 Costs applicable to revenue- new vehicles 1,604,534 (7,671) 1,596,863 1,379,156 (3,993) 1,375,163 Costs applicable to revenue- used vehicles 555,113 2,140 557,253 646,936 953 647,889 Retail segment costs applicable to revenue 2,448,833 (5,531) 2,443,302 2,301,081 (3,040) 2,298,041 Total costs applicable to revenue 2,528,105 (5,531) 2,522,574 2,382,830 (3,040) 2,379,790 Income from operations 281,368 (2,178) 279,190 244,510 (4,237) 240,273 Income before income taxes 209,144 (2,178) 206,966 179,886 (4,237) 175,649 Net income 203,237 (2,178) 201,059 178,530 (4,237) 174,293 Net income attributable to non-controlling interests (11,576) 1,634 (9,942) — — — Net income attributable to Camping World Holdings, Inc. 191,661 (544) 191,117 178,530 (4,237) 174,293 Earnings per share of Class A common stock: Basic $ 0.11 $ (0.03) $ 0.08 n/a n/a n/a Diluted $ 0.09 $ (0.02) $ 0.07 n/a n/a n/a
Schedule of Property and Equipment, estimated useful lives of the assets	Years Building and improvements Leasehold improvements 3 - 40 Furniture, fixtures and equipment 3-12 Software 3-5

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables
Summary of receivables	Receivables consisted of the following at December 31, (in thousands): 2017 2016 Consumer Services and Plans $ 28,130 $ 26,653 New and used vehicles 3,168 1,791 Parts, service and other 11,261 12,912 Trade accounts receivable 13,881 4,199 Due from manufacturers 18,746 13,950 Other 7,395 1,903 82,581 61,408 Allowance for doubtful accounts (2,700) (2,920) $ 79,881 $ 58,488

Inventories, net and Notes Pa35

Inventories, net and Notes Payable - Floor Plan, net (Tables)	12 Months Ended
	Dec. 31, 2017
Inventory
Schedule of inventories	Inventories consisted of the following at December 31, (in thousands): December 31, December 31, 2017 2016 New RV vehicles $ 1,113,178 $ 721,091 Used RV vehicles 106,210 78,787 Parts, accessories and miscellaneous 196,527 102,833 $ 1,415,915 $ 902,711
Floor Plan Facility
Inventory
Schedule of outstanding amounts and available borrowing	The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of December 31, (in thousands): 2017 2016 Floor Plan Facility Notes payable - floor plan: Total commitment $ 1,415,000 $ 1,165,000 Less: borrowings (974,043) (625,185) Less: flooring line aggregate interest reduction account (106,055) (68,469) Additional borrowing capacity 334,902 471,346 Less: accounts payable for sold inventory (31,311) (21,692) Less: purchase commitments (77,144) (38,765) Unencumbered borrowing capacity $ 226,447 $ 410,889

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2017
Property and Equipment, net
Property and Equipment, net	Property and equipment consisted of the following at December 31, (in thousands): 2017 2016 Land $ 12,243 $ 6,248 Buildings and improvements 17,791 7,669 Leasehold improvements - inclusive of right to use assets 106,681 92,168 Furniture and equipment 115,429 91,449 Software 73,310 71,509 Systems development and construction in progress 34,382 4,498 359,836 273,541 Less: accumulated depreciation and amortization (161,814) (142,781) Property and equipment, net $ 198,022 $ 130,760

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets
Changes in goodwill by business line	The following is a summary of changes in the Company’s goodwill by business line for the years ended December 31, 2017 and 2016 (in thousands): Consumer Services and Plans Retail Consolidated Balance as of January 1, 2016 $ 49,944 $ 62,996 $ 112,940 Acquisitions — 40,165 40,165 Balance as of December 31, 2016 49,944 103,161 153,105 Acquisitions — 195,282 195,282 Balance as of December 31, 2017 $ 49,944 $ 298,443 $ 348,387
Finite-lived intangible assets and related accumulated amortization	Finite‑lived intangible assets and related accumulated amortization consisted of the following at December 31, (in thousands): 2017 Cost or Accumulated Fair Value Amortization Net Trademarks and trade names $ 14,187 $ (312) $ 13,875 Membership and customer lists 28,988 (8,194) 20,794 Websites 4,174 (136) 4,038 $ 47,349 $ (8,642) $ 38,707 2016 Cost or Accumulated Fair Value Amortization Net Membership and customer lists $ 9,485 $ (6,099) $ 3,386 $ 9,485 $ (6,099) $ 3,386
Schedule of amortization of finite lived intangibles assets	Amortization expense of finite-lived intangibles for the years ended December 31, 2017, 2016, and 2015 was $2.6 million, $1.0 million, and $0.8 million, respectively. The aggregate future five‑year amortization of finite‑lived intangibles at December 31, 2017, was as follows (in thousands): 2018 $ 4,447 2019 4,366 2020 3,497 2021 3,076 2022 2,881 Thereafter 20,440 $ 38,707

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Accrued Liabilities
Schedule Of Accrued liabilities	Accrued liabilities consisted of the following at December 31, (in thousands): 2017 2016 Compensation and benefits $ 45,875 $ Other accruals 56,054 $ 101,929 $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Long-Term Debt.
Long-Term debt	The following reflects outstanding long‑term debt as of December 31 (in thousands): 2017 2016 Term Loan Facility (1) $ 916,902 $ 626,753 Less: current portion (9,465) (6,450) $ 907,437 $ 620,303 (1) Net of $6.0 million and $6.3 million original issue discount at December 31, 2017 and 2016, respectively, and $14.2 million and $11.9 million of finance costs at December 2017 and 2016, respectively.
Schedule of Aggregate Maturities of Long-term Debt	The aggregate future maturities of long‑term debt at December 31, 2017, were as follows (in thousands): 2018 $ 9,465 2019 9,465 2020 9,465 2021 9,465 2022 9,465 Thereafter 889,758 Total $ 937,083

Capital Lease Obligations (Tabl

Capital Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2017
Capital Lease Obligations.
Schedule of leases in property and equipment	The Company has included these leases in property and equipment, net at December 31, as follows (in thousands): 2017 2016 Furniture and equipment $ 5,741 $ Accumulated depreciation (4,379) $ 1,362 $
Schedule future minimum lease payments	The following is a schedule by year of future minimum lease payments (in thousands) under the capitalized leases, together with the present value of net minimum lease payments at December 31, 2017 (including current portion of $0.8 million): 2018 $ 863 2019 23 886 Interest (19) $ 867

Right to Use Liability (Tables)

Right to Use Liability (Tables)	12 Months Ended
	Dec. 31, 2017
Right to Use Liability
Schedule of right to use assets	The Company has included the right to use assets in property and equipment, net at December 31, as follows (in thousands): 2017 2016 Right to use assets $ 10,673 $ 10,673 Accumulated depreciation (926) (667) $ 9,747 $ 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 liability (in thousands): 2018 $ 583 2019 486 2020 486 2021 487 2022 487 Thereafter (1) 13,325 Total minimum lease payments 15,854 Amounts representing interest (5,661) Present value of net minimum right to use liability payments $ 10,193 (1) Includes $5.0 million of scheduled derecognition of right to use liability due to reductions in the lease deposit to less than two months’ rent .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Taxes.
Schedule of components of the Company's income tax expense	The components of the Company’s income tax expense from operations for the year ended December 31, consisted of (in thousands): 2017 2016 2015 Current: Federal $ 26,730 $ 468 $ 139 State 5,632 1,259 1,398 Deferred: Federal 92,441 4,045 (162) State 32,179 135 (19) Income tax expense $ 156,982 $ 5,907 $ 1,356
Schedule of reconciliation of income tax expense from operations to the federal statutory rate	A reconciliation of income tax expense from operations to the federal statutory rate for the year ended December 31, is as follows (in thousands): 2017 2016 2015 Income taxes computed at federal statutory rate (1) $ 136,485 $ $ State income taxes – net of federal benefit (1) 13,723 Other differences: Federal alternative minimum tax and state and local taxes on pass-through entities 1,072 1,013 1,179 Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax for the Company (2) (86,200) (76,702) (68,940) Increase in valuation allowance 11,194 735 Impact of 2017 Tax Act (3) 79,987 — — Other 721 — Income tax expense $ 156,982 $ $ (1) Federal and state tax for 2017 include the tax effect of $38,399 relating to the reduction in the Tax Receivable Agreement liability. (2) The related income is taxable to the noncontrolling interest for periods after the Company’s IPO and taxable to the holders of membership units prior to the Company’s IPO. (3) Excludes the tax effect of $38,399 for 2017 relating to the reduction in the Tax Receivable Agreement liability, which is included in federal and state tax.
Summary of significant items comprising the net deferred tax asset	Significant items comprising the net deferred tax assets at December 31, were (in thousands): 2017 2016 Restated Deferred tax liabilities Accelerated depreciation $ (8,227) $ Prepaid expenses (289) Other (293) (8,809) Deferred tax assets Investment impairment 20,674 Gift cards 710 Deferred revenues 304 Accrual for employee benefits and severance 1,166 Stock option expense 209 55 Investment in partnership 208,167 116,318 Tax Receivable Agreement liability 34,802 7,387 AMT credit 584 Net operating loss carryforward 16,733 Claims reserves 420 Intangible assets 108 Goodwill 996 Deferred book gain 813 Other reserves 5,380 291,066 Valuation allowance (126,706) (146,259) Net deferred tax assets $ 155,551 $ 24,433

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Measurements
Summary of aggregate carrying value and fair value of fixed rate debt	Fair Value 12/31/2017 12/31/2016 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility Level 2 $ 916,902 $ 953,269 $ 626,753 $ 649,838

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies.
Schedule of Future minimum annual fixed rentals under operating leases	Future minimum annual fixed rentals under operating leases having an original term of more than one year as of December 31, 2017, were as follows (in thousands): Third Party Related Party Total 2018 $ 99,145 $ 2,126 $ 101,271 2019 96,248 2,126 98,374 2020 89,334 2,126 91,460 2021 85,644 2,127 87,771 2022 81,820 2,024 83,844 Thereafter 691,385 20,770 712,155 Total $ 1,143,576 $ 31,299 $ 1,174,875

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Summary of the purchase price allocations	Year Ended December 31, Estimated ($ in thousands) 2017 2016 Life Tangible assets (liabilities) acquired (assumed): Accounts receivable $ 1,250 $ 944 Inventory 121,808 36,285 Property and equipment 1,450 823 Other assets 164 175 Accounts payable (569) (2,231) Accrued liabilities (2,480) (329) Total tangible net assets acquired 121,623 35,667 Intangible assets acquired: Membership and customer lists 793 2,774 4-7 years Total intangible assets acquired 793 2,774 Goodwill 158,815 40,165 Purchase price 281,231 78,606 Inventory purchases financed via floor plan (99,451) (28,942) Cash payment net of floor plan financing $ 181,780 $ 49,664
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 and cash paid for acquisition $ 36,599
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 36,320 Prepaid expenses and other assets 1,120 Property and equipment 548 Accounts payable (7,585) Accrued liabilities (827) Deferred tax liabilities (4,011) Total tangible net assets acquired 26,225 Intangible assets acquired: Trademarks and trade names 14,039 15 years Websites 4,090 10 years Total intangible assets acquired 18,129 Goodwill 26,678 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 & Uncle Dan's
Acquisitions
Summary of the purchase price allocations	Estimated Estimated ($ in thousands) Fair Value Life Tangible assets (liabilities) acquired (assumed): Cash and cash equivalents $ 90 Accounts receivable 15 Inventory 3,886 Prepaid expenses and other assets 100 Property and equipment 1,327 Accounts payable (2,380) Accrued liabilities (1,238) Other liabilities (87) Total tangible net assets acquired 1,713 Intangible assets acquired: Trademarks and trade names 148 15 years Websites 84 10 years Total intangible assets acquired 232 Goodwill 8,460 Purchase price 10,405 Cash and cash equivalents acquired (90) Cash paid for acquisition, net of cash acquired $ 10,315

Cash Flows (Tables)

Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2017
Statements of Cash Flows
Supplemental disclosures of cash flow information	Supplemental disclosures of cash flow information for the years ended December 31, are as follows (in thousands): Year Ended December 31, December 31, December 31, 2017 2016 2015 Cash paid (received) during the period for: Interest $ 65,202 $ 61,889 $ 54,843 Income taxes 35,432 1,622 1,119 Non-cash investing activities: Property and equipment for leases capitalized as a right to use asset — — 50,587 Derecognized property and equipment for leases that qualified as operating leases after completion of construction — (19,958) (122,360) 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 1,555 530 3,703 Portion of acquisition purchase price paid through issuance of Class A common stock 5,720 — — Landlord paid tenant improvements on behalf of the Company 749 — — Non-cash financing activities: Lease obligations recognized as right to use liabilities — — 50,587 Derecognized right to use liabilities for leases that qualified as operating leases after completion of construction — (20,056) (126,971) 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) — Non-cash distribution of a prepaid marketing deposit with Adams Outdoor Advertising Marketing Company — — (1,000) Non-cash distribution of receivable due to CWGS Holding, LLC — — (883) Par value of Class A common stock issued in exchange for common units in CWGS, LLC 130 — — Par value of Class A common stock issued for vested restricted stock units — — — Par value of Class A common stock issued for acquisition 1 — —

Non-Controlling Interest (Table

Non-Controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2017
Non-Controlling Interests
Schedule of effects of change in ownership	Year Ended December 31, ($ in thousands) 2017 2016 2015 Restated Net income (loss) attributable to Camping World Holdings, Inc. $ 28,362 $ 191,117 $ 174,293 Transfers to non-controlling interests: Decrease in additional paid-in capital as a result of the Reorganization Transactions — (21,887) — Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from a public offering (87,203) (234,486) — 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 (3,678) — — Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options (970) — — Increase in additional paid-in capital as a result of the vesting of restricted stock units 257 — — Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC 175,487 — — Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ 112,255 $ (65,256) $ 174,293

Equity-based Compensation Pla48

Equity-based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Equity-based Compensation Plans
Schedule of equity-based compensation expense classified with the consolidated statements of operations	Year Ended December 31, ($ in thousands) 2017 2016 2015 Equity-based compensation expense: Costs applicable to revenue $ 386 $ 90 $ — Selling, general, and administrative 4,723 1,507 — Total equity-based compensation expense $ 5,109 $ 1,597 $ — Total income tax benefit recognized related to equity-based compensation $ 619 $ 125 $ —
Schedule of valuation assumptions used	2016 Expected term (years) (1) Expected volatility (2) % Risk-free interest rate (3) % Dividend yield (4) % (1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method. (2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term. (3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) The dividend yield was based on the Company’s expectation at the time of grant to declare quarterly dividends of $0.06 per share.
Summary of stock option activity	Weighted Average Aggregate Remaining Stock Options Weighted Average Intrinsic Value Contractual Life (in thousands) Exercise Price (in thousands) (years) Outstanding at December 31, 2016 1,118 $ 21.86 Granted — Exercised (80) $ 21.70 Forfeited (85) $ 22.00 Cancelled — Outstanding at December 31, 2017 953 $ 21.86 $ 21,789 8.7 Options exercisable at December 31, 2017 185 $ 21.91 $ 4,232 8.5
Summary of restricted stock unit activity	Restricted Weighted Average Stock Units Grant Date (in thousands) Fair Value Outstanding at December 31, 2016 144 $ 21.37 Granted 1,145 $ 39.10 Vested (33) $ 21.37 Forfeited (9) $ 21.40 Outstanding at December 31, 2017 1,247 $ 37.65

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	12 Months Ended
	Dec. 31, 2017
Class A common stock
Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings	Year Ended December 31, (In thousands except per share amounts) 2017 2016 Numerator: Net income $ 232,974 $ 11,528 Less: net income attributable to non-controlling interests (204,612) (9,942) Net income (loss) attributable to Camping World Holdings, Inc. — basic 28,362 1,586 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 — 4,164 Net income (loss) attributable to Camping World Holdings, Inc. — diluted $ 28,362 $ 5,750 Denominator: Weighted-average shares of Class A common stock outstanding — basic 26,622 18,766 Dilutive common units of CWGS, LLC that are convertible into Class A common stock — 64,836 Weighted-average shares of Class A common stock outstanding — diluted 26,622 83,602 Earnings (loss) per share of Class A common stock — basic $ 1.07 $ 0.08 Earnings (loss) per share of Class A common stock — diluted $ 1.07 $ 0.07

Segments Information (Tables)

Segments Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Information
Reportable segment revenue	Year Ended December 31, ($ in thousands) 2017 2016 2015 Revenue: Consumer Services and Plans $ 195,614 $ 184,773 $ 174,600 Retail (1) 4,089,641 3,334,224 3,104,217 Total consolidated revenue $ 4,285,255 $ 3,518,997 $ 3,278,817 (1) The Company has adjusted certain prior period amounts for the correction of errors. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods.
Reportable segment income	Year Ended December 31, ($ in thousands) 2017 2016 2015 Segment income (1) : Consumer Services and Plans $ 98,371 $ 89,046 $ 80,522 Retail (2) 272,624 201,585 175,293 Total segment income 370,995 290,631 255,815 Corporate & other (5,373) (4,382) (2,689) Depreciation and amortization (31,545) (24,695) (24,101) Other interest expense, net (42,959) (48,318) (53,377) Tax Receivable Agreement liability adjustment 99,687 — — Loss and expense on debt restructure (849) (6,270) — Other expense, net — — 1 Income from operations before income taxes $ 389,956 $ 206,966 $ 175,649 (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense. (2) The Company has adjusted certain prior period amounts for the correction of errors. For the years ended December 31, 2016 and 2015, segment income for the Company’s Retail segment was originally reported as $203.8 million and $179.5 million, respectively. After correction of the errors totaling $2.2 million and $4.2 million for the years ended December 31, 2016 and 2015, respectively, segment income for the Company’s Retail segment was $201.6 million and $175.3 million, respectively. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods.
Reportable depreciation and amortization and other interest expense, net	Year Ended December 31, ($ in thousands) 2017 2016 2015 Depreciation and amortization: Consumer Services and Plans $ 3,688 $ 3,780 $ 3,627 Retail 27,857 20,915 18,243 Total 31,545 24,695 21,870 Corporate & other — — 2,231 Total depreciation and amortization $ 31,545 $ 24,695 $ 24,101 Years ended December 31, ($ in thousands) 2017 2016 2015 Other interest expense, net: Consumer Services and Plans $ (2) $ 19 $ 32 Retail 5,883 5,395 16,015 Total 5,881 5,414 16,047 Corporate & other 37,078 42,904 37,330 Total interest expense $ 42,959 $ 48,318 $ 53,377
Reportable segment assets	As of December 31, ($ in thousands) 2017 2016 2015 Restated Assets: Consumer Services and Plans $ 180,295 $ $ Retail (1) 2,078,535 Total 2,258,830 Corporate & other 302,647 Total assets $ 2,561,477 $ $ (1) The Company has adjusted certain prior period amounts for the correction of errors. Retail segment assets decreased $5.3 million and $5.5 million as of December 31, 2016 and 2015, respectively. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods. Year Ended December 31, ($ in thousands) 2017 2016 2015 Capital expenditures: Consumer Services and Plans $ 3,366 $ 2,951 $ Retail 63,414 36,831 Total capital expenditures $ 66,780 $ $

Quarterly Financial Informati51

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information (Unaudited)
Schedule of quarterly financial information	Three Months Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, ($ in thousands) 2017 2017 2017 2017 2016 2016 2016 2016 Revenue (1) $ 888,992 $ 1,235,602 $ 1,279,026 $ 881,635 $ 668,903 $ 988,804 $ 1,065,259 $ 796,031 Income from operations (1) 44,291 110,664 136,521 69,904 32,128 87,572 104,053 55,437 Net income (loss) (1) (5,494) 83,752 105,093 49,623 11,528 68,247 84,108 37,176 Net income (loss) attributable to Camping World Holdings, Inc. (1) (18,093) 19,589 19,344 7,522 1,586 68,247 84,108 37,176 Earnings (loss) per share of Class A common stock (1) (2): Basic $ (0.52) 0.66 0.84 0.40 $ 0.08 $ — $ — $ — Diluted $ (0.52) 0.66 0.84 0.38 $ 0.07 $ — $ — $ — (1) The Company has adjusted certain prior period amounts for the correction of errors. See Note 1 — Summary of Significant Accounting Policies — Restatement to Prior Periods. Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 21 — Earnings Per Share.

Summary of Significant Accoun52

Summary of Significant Accounting Policies - Description of Business (Details)	Oct. 06, 2016	Dec. 31, 2017segmentstore	Dec. 31, 2016segment	Dec. 31, 2015segment
Segments Information
Number of primary businesses | segment		2	2	2
Number of Camping World retail locations		140
Number of locations related to marine and water sports products		2
Number of locations related to skiing, snowboarding, bicycling and skateboarding products		2
Number of stores related to skiing, snowboarding, and skateboarding products		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		124
Gander Mountain
Segments Information
Number of locations related to outdoor products and services		2
Uncle Dan's
Segments Information
Number of locations related to outdoor products and services		5
CWH | CWGS, LLC
Segments Information
Ownership interest	22.60%	41.50%	22.60%

Summary of Significant Accoun53

Summary of Significant Accounting Policies - Reclassifications and Revisions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restatement
Valuation allowance on the outside basis deferred tax asset related to CWGS, LLC	$ 89,500				$ 102,700				$ 89,500		$ 102,700
Decrease in deferred tax asset due to remeasurement under the 2017 Tax Act									47,000
Assets
Inventories	1,415,915				902,711				1,415,915		902,711		$ 856,327
Total current assets	1,798,907				1,126,162				1,798,907		1,126,162		1,045,461
Deferred tax asset	155,551				24,433				155,551		24,433		6,234
Total assets	2,561,477				1,455,777				2,561,477		1,455,777		1,332,585
Liabilities and stockholders' equity
Deferred revenues and gains, current portion	77,669				71,128				77,669		71,128		65,621
Total current liabilities	1,320,169				868,422				1,320,169		868,422		865,103
Deferred revenues and gains, long-term portion	64,061				57,659				64,061		57,659		56,925
Total liabilities	2,470,640				1,599,914				2,470,640		1,599,914		1,639,744
Additional paid-in capital	49,941				(30,006)				49,941		(30,006)
Retained earnings	6,192				71				6,192		71
Stockholders'/members' equity (deficit) noncontrolling interest	90,837				(144,137)				90,837		(144,137)		(307,159)	$ (250,675)
Stockholders'/ members' equity (deficit)													(307,159)		$ 250,700
Total stockholders' equity attributable to Camping World Holdings, Inc.	56,505				(29,740)				56,505		(29,740)		(307,159)
Non-controlling interests	34,332				(114,397)				34,332		(114,397)
Total liabilities and stockholders' / members' equity (deficit)	2,561,477				1,455,777				2,561,477		1,455,777		1,332,585
Revenue:
Revenue	888,992	$ 1,235,602	$ 1,279,026	$ 881,635	668,903	$ 988,804	$ 1,065,259	$ 796,031	4,285,255		3,518,997		3,278,817
Costs applicable to revenue
Costs applicable to revenue									3,038,916		2,522,574		2,379,790
Income from operations	44,291	110,664	136,521	69,904	32,128	87,572	104,053	55,437	361,380		279,190		240,273
Income before taxes									389,956		206,966		175,649
Net income	(5,494)	83,752	105,093	49,623	11,528	68,247	84,108	37,176	232,974		201,059		174,293
Net income (loss) attributable to non-controlling interests									204,612		9,942
Net income attributable to Camping World Holdings, Inc.	(18,093)	$ 19,589	$ 19,344	$ 7,522	1,586	$ 68,247	$ 84,108	$ 37,176	28,362		191,117		174,293
Class A common stock
Liabilities and stockholders' equity
Stockholders'/members' equity (deficit) noncontrolling interest	$ 367				$ 189				367		189
Costs applicable to revenue
Net income									232,974		11,528
Net income (loss) attributable to non-controlling interests									$ 204,612		$ 9,942
Earnings (loss) per share of Class A common stock (1):
Basic	$ (0.52)	$ 0.66	$ 0.84	$ 0.40	$ 0.08				$ 1.07	[1]	$ 0.08	[1]
Diluted	$ (0.52)	$ 0.66	$ 0.84	$ 0.38	$ 0.07				$ 1.07	[1]	$ 0.07	[1]
Operating Segments
Assets
Total assets	$ 2,258,830				$ 1,381,396				$ 2,258,830		$ 1,381,396		1,277,460
Costs applicable to revenue
Income from operations									370,995		290,631		255,815
Retail
Revenue:
Revenue									4,089,641		3,334,224		3,104,217
Costs applicable to revenue
Costs applicable to revenue									2,957,094		2,443,302		2,298,041
Retail | New vehicles
Revenue:
Revenue									2,435,928		1,862,195		1,603,258
Costs applicable to revenue
Costs applicable to revenue									2,086,229		1,596,863		1,375,163
Retail | Used vehicles
Revenue:
Revenue									668,860		703,326		803,879
Costs applicable to revenue
Costs applicable to revenue									506,093		557,253		647,889
Retail | Finance and insurance, net
Revenue:
Revenue									332,034		228,684		189,270
Retail | Operating Segments
Assets
Total assets	$ 2,078,535				1,228,707				2,078,535		1,228,707		1,138,396
Revenue:
Revenue											3,334,224		3,104,217
Costs applicable to revenue
Costs applicable to revenue											2,443,302		2,298,041
Income from operations									$ 272,624		201,585		175,293
Retail | Operating Segments | New vehicles
Revenue:
Revenue											1,862,195		1,603,258
Costs applicable to revenue
Costs applicable to revenue											1,596,863		1,375,163
Retail | Operating Segments | Used vehicles
Revenue:
Revenue											703,326		803,879
Costs applicable to revenue
Costs applicable to revenue											557,253		647,889
Retail | Operating Segments | Finance and insurance, net
Revenue:
Revenue											228,684		189,270
As Reported
Assets
Inventories					909,254						909,254		861,847
Total current assets					1,132,705						1,132,705		1,050,981
Deferred tax asset					125,878						125,878		6,234
Total assets					1,563,765						1,563,765		1,338,105
Liabilities and stockholders' equity
Deferred revenues and gains, current portion					68,643						68,643		63,616
Total current liabilities					865,937						865,937		863,098
Deferred revenues and gains, long-term portion					52,210						52,210		52,151
Total liabilities					1,591,980						1,591,980		1,632,965
Additional paid-in capital					74,239						74,239
Retained earnings					544						544
Stockholders'/members' equity (deficit) noncontrolling interest					(28,215)						(28,215)
Stockholders'/ members' equity (deficit)													(294,860)	242,600
Total stockholders' equity attributable to Camping World Holdings, Inc.					74,978						74,978		(294,860)
Non-controlling interests					(103,193)						(103,193)
Total liabilities and stockholders' / members' equity (deficit)					1,563,765						1,563,765		1,338,105
Revenue:
Revenue											3,526,706		3,286,094
Costs applicable to revenue
Costs applicable to revenue											2,528,105		2,382,830
Income from operations											281,368		244,510
Income before taxes											209,144		179,886
Net income											203,237		178,530
Net income (loss) attributable to non-controlling interests											11,576
Net income attributable to Camping World Holdings, Inc.											$ 191,661		178,530
As Reported | Class A common stock
Earnings (loss) per share of Class A common stock (1):
Basic											$ 0.11
Diluted											$ 0.09
As Reported | Retail | Operating Segments
Revenue:
Revenue											$ 3,341,933		3,111,494
Costs applicable to revenue
Costs applicable to revenue											2,448,833		2,301,081
Income from operations											203,800		179,500
As Reported | Retail | Operating Segments | New vehicles
Revenue:
Revenue											1,866,182		1,606,465
Costs applicable to revenue
Costs applicable to revenue											1,604,534		1,379,156
As Reported | Retail | Operating Segments | Used vehicles
Revenue:
Revenue											705,893		806,399
Costs applicable to revenue
Costs applicable to revenue											555,113		646,936
As Reported | Retail | Operating Segments | Finance and insurance, net
Revenue:
Revenue											229,839		190,820
Adjustment
Assets
Inventories					(6,543)						(6,543)		(5,520)
Total current assets					(6,543)						(6,543)		(5,520)
Deferred tax asset					(101,445)						(101,445)
Total assets					(107,988)						(107,988)		(5,520)
Liabilities and stockholders' equity
Deferred revenues and gains, current portion					2,485						2,485		2,005
Total current liabilities					2,485						2,485		2,005
Deferred revenues and gains, long-term portion					5,449						5,449		4,774
Total liabilities					7,934						7,934		6,779
Additional paid-in capital					(104,245)						(104,245)
Retained earnings					(473)						(473)
Stockholders'/members' equity (deficit) noncontrolling interest					(115,922)						(115,922)
Stockholders'/ members' equity (deficit)													(12,299)	$ 8,100
Total stockholders' equity attributable to Camping World Holdings, Inc.					(104,718)						(104,718)		(12,299)
Non-controlling interests					(11,204)						(11,204)
Total liabilities and stockholders' / members' equity (deficit)					(107,988)						(107,988)		(5,520)
Revenue:
Revenue											(7,709)		(7,277)
Costs applicable to revenue
Costs applicable to revenue											(5,531)		(3,040)
Income from operations											(2,178)		(4,237)
Income before taxes											(2,178)		(4,237)
Net income											(2,178)		(4,237)
Net income (loss) attributable to non-controlling interests											(1,634)
Net income attributable to Camping World Holdings, Inc.											$ (544)		(4,237)
Adjustment | Class A common stock
Earnings (loss) per share of Class A common stock (1):
Basic											$ (0.03)
Diluted											$ (0.02)
Adjustment | Retail | Operating Segments
Assets
Total assets					$ (5,300)						$ (5,300)		5,500
Revenue:
Revenue											(7,709)		(7,277)
Costs applicable to revenue
Costs applicable to revenue											(5,531)		(3,040)
Income from operations											2,200		4,200
Adjustment | Retail | Operating Segments | New vehicles
Revenue:
Revenue											(3,987)		(3,207)
Costs applicable to revenue
Costs applicable to revenue											(7,671)		(3,993)
Adjustment | Retail | Operating Segments | Used vehicles
Revenue:
Revenue											(2,567)		(2,520)
Costs applicable to revenue
Costs applicable to revenue											2,140		953
Adjustment | Retail | Operating Segments | Finance and insurance, net
Revenue:
Revenue											$ (1,155)		$ (1,550)
[1]	Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 21 — Earnings Per Share.

Summary of Significant Accoun54

Summary of Significant Accounting Policies - Initial Public Offering (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration of Credit Risk
Amount in excess of FDIC limits	$ 227,900	$ 119,000
Goodwill and Other Intangible Assets
Useful lives (in years)	12 years 4 months 24 days
Self-Insurance Program
Self insured claims liability	$ 16,100	11,300
Letters of credit	$ 12,200	10,800
Revenue Recognition
Lifetime memberships period	18 years
Advertising Expense
Advertising costs capitalized	$ 6,500	6,900
Advertising expenses	86,600	76,000	$ 76,200
Shipping and Handling Fees and Costs
Shipping, Handling and Transportation Costs	4,100	2,300	5,600
New Accounting Pronouncements
Deferred tax asset, noncurrent	155,551	24,433	$ 6,234
Assets.
Advertising Expense
Advertising costs capitalized	5,200	5,500
Deferred revenue
Advertising Expense
Advertising costs capitalized	$ 1,200	$ 1,400
Building and improvements
Property and Equipment, net
Estimated useful lives	P40Y
Minimum | Leasehold improvements
Property and Equipment, net
Estimated useful lives	P3Y
Minimum | Furniture and equipment
Property and Equipment, net
Estimated useful lives	P3Y
Minimum | Software
Property and Equipment, net
Estimated useful lives	P3Y
Maximum | Leasehold improvements
Property and Equipment, net
Estimated useful lives	P40Y
Maximum | Furniture and equipment
Property and Equipment, net
Estimated useful lives	P12Y
Maximum | Software
Property and Equipment, net
Estimated useful lives	P5Y
Membership and customer lists
Goodwill and Other Intangible Assets
Useful lives (in years)	11 years 2 months 12 days
Trademarks and trade names
Goodwill and Other Intangible Assets
Useful lives (in years)	15 years
Websites
Goodwill and Other Intangible Assets
Useful lives (in years)	10 years

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Receivables
Gross receivables	$ 82,581	$ 61,408
Allowance for doubtful accounts	(2,700)	(2,920)
Receivables, net	79,881	58,488
Trade accounts receivable
Receivables
Gross receivables	13,881	4,199
Due from manufacturers
Receivables
Gross receivables	18,746	13,950
New and used vehicles
Receivables
Gross receivables	3,168	1,791
Parts, services and other
Receivables
Gross receivables	11,261	12,912
Other
Receivables
Gross receivables	7,395	1,903
Consumer services and plans
Receivables
Gross receivables	$ 28,130	$ 26,653

Inventories, net and Notes Pa56

Inventories, net and Notes Payable - Floor Plan, net - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventories
Inventories	$ 1,415,915	$ 902,711	$ 856,327
New RV vehicles
Inventories
Inventories	1,113,178	721,091
Used RV vehicles
Inventories
Inventories	106,210	78,787
Parts, accessories and miscellaneous
Inventories
Inventories	$ 196,527	$ 102,833

Inventories, net and Notes Pa57

Inventories, net and Notes Payable - Floor Plan, net - Floor Plan Payable (Details) $ in Thousands	Jul. 01, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015	Dec. 12, 2017USD ($)	Jun. 30, 2016USD ($)
Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		$ 1,415,000	$ 1,165,000		$ 1,415,000
Quarterly reduction in maximum borrowing capacity					1,750
Letters of credit | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity					15,000
Line of Credit | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity					$ 35,000
Line of Credit | Notes Payable to Banks | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	$ 1,180,000					$ 880,000
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR)
Floor Plan Payable
Variable rate spread (as a percent)		2.15%	2.05%	2.40%
Variable rate basis (as a percent)		1.36	0.62	0.36
Line of Credit | 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%
Line of Credit | 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%
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | Base Rate | Minimum
Floor Plan Payable
Variable rate spread (as a percent)	0.55%
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | Base Rate | Maximum
Floor Plan Payable
Variable rate spread (as a percent)	1.00%
Line of Credit | Letters of credit
Floor Plan Payable
Maximum borrowing capacity		$ 15,000

Inventories, net and Notes Pa58

Inventories, net and Notes Payable - Floor Plan, net - Floor Plan Outstanding (Details) - Floor Plan Facility - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 12, 2017
Floor Plan Payable
Total commitment	$ 1,415,000	$ 1,165,000	$ 1,415,000
Less: borrowings	(974,043)	(625,185)
Less: flooring line aggregate interest reduction account	(106,055)	(68,469)
Additional borrowing capacity	334,902	471,346
Less: accounts payable for sold inventory	(31,311)	(21,692)
Less: purchase commitments	(77,144)	(38,765)
Unencumbered borrowing capacity	$ 226,447	$ 410,889

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property and Equipment, net
Property, Plant and Equipment, Gross	$ 359,836	$ 273,541
Less: accumulated depreciation and amortization	(161,814)	(142,781)
Property and equipment, net	198,022	130,760
Lease incentives	24,700	10,400
Amortization of tenant improvements reimbursement	500	100
Depreciation expense	29,000	23,700	$ 23,300
Land
Property and Equipment, net
Property, Plant and Equipment, Gross	12,243	6,248
Buildings and improvements
Property and Equipment, net
Property, Plant and Equipment, Gross	17,791	7,669
Leasehold improvements - inclusive of right to use assets
Property and Equipment, net
Property, Plant and Equipment, Gross	106,681	92,168
Furniture and equipment
Property and Equipment, net
Property, Plant and Equipment, Gross	115,429	91,449
Software
Property and Equipment, net
Property, Plant and Equipment, Gross	73,310	71,509
Systems development and construction in progress
Property and Equipment, net
Property, Plant and Equipment, Gross	$ 34,382	$ 4,498

Goodwill and Intangible Asset60

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill
Balance	$ 153,105	$ 112,940
Acquisitions	195,282	40,165
Balance	348,387	153,105
Consumer services and plans
Goodwill
Balance	49,944	49,944
Balance	49,944	49,944
Retail
Goodwill
Balance	103,161	62,996
Acquisitions	195,282	40,165
Balance	$ 298,443	$ 103,161

Goodwill and Intangible Asset61

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets
Cost or Fair Value	$ 47,349	$ 9,485
Accumulated Amortization	(8,642)	(6,099)
Net	38,707	3,386
Amortization expense	$ 2,600	1,000	$ 800
Useful lives (in years)	12 years 4 months 24 days
Trademarks and trade names
Intangible Assets
Cost or Fair Value	$ 14,187
Accumulated Amortization	(312)
Net	$ 13,875
Useful lives (in years)	15 years
Membership and customer lists
Intangible Assets
Cost or Fair Value	$ 28,988	9,485
Accumulated Amortization	(8,194)	(6,099)
Net	$ 20,794	$ 3,386
Useful lives (in years)	11 years 2 months 12 days
Websites
Intangible Assets
Cost or Fair Value	$ 4,174
Accumulated Amortization	(136)
Net	$ 4,038
Useful lives (in years)	10 years

Goodwill and Intangible Asset62

Goodwill and Intangible Assets - Finite-lived Intangible Assets Weighted-average Useful Lives (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-lived intangible assets
2,018	$ 4,447
2,019	4,366
2,020	3,497
2,021	3,076
2,022	2,881
Thereafter	20,440
Net	$ 38,707	$ 3,386

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued Liabilities
Compensation and benefits	$ 45,875	$ 24,036
Other accruals	56,054	54,008
Total	$ 101,929	$ 78,044

Long-Term Debt - Tabular Disclo

Long-Term Debt - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-Term Debt
Term Loan Facility	$ 916,902	$ 626,753
Less: current portion	(9,465)	(6,450)
Long-term debt, net of current maturities	907,437	620,303
Unamortized discount	6,000	6,300
Finance costs	$ 14,200	$ 11,900

Long Term Debt - Future Maturit

Long Term Debt - Future Maturities (Details) $ in Thousands	Dec. 31, 2017USD ($)
Long-Term Debt.
2,018	$ 9,465
2,019	9,465
2,020	9,465
2,021	9,465
2,022	9,465
Thereafter	889,758
Total	$ 937,083

Long-Term Debt - Borrowings (De

Long-Term Debt - Borrowings (Details) - USD ($) $ in Millions	Oct. 06, 2017	Mar. 17, 2017	Nov. 08, 2016	Sep. 21, 2016	Nov. 20, 2013	Jun. 30, 2015	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Long-Term Debt
Unamortized discount							$ 6				$ 6.3
Secured Debt | Existing Senior Secured Credit Facility
Long-Term Debt
Maximum borrowing capacity		$ 740
Maximum borrowing capacity, increase in capacity		$ 95
Secured Debt | Line of Credit | Prior Senior Secured Credit Facility
Long-Term Debt
Maximum borrowing capacity					$ 545
Secured Debt | Line of Credit | Prior Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Maximum borrowing capacity				$ 828.2	525
Unamortized discount					$ 5.3
Original issue discount (as a percentage)					1.00%
Maximum borrowing capacity, increase in capacity				135		$ 95			$ 55	$ 117
Original issue discount from increase in capacity				$ 16.5
Principal payment frequency					quarterly
Secured Debt | Line of Credit | Existing Senior Secured Credit Facility
Long-Term Debt
Maximum borrowing capacity			$ 680
Secured Debt | Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Maximum borrowing capacity	$ 939.5		$ 645
Term			7 years
Maximum borrowing capacity, increase in capacity	205
Quarterly amortization payment	$ 2.4
Secured Debt | Revolving Credit Facility
Long-Term Debt
Principal payment frequency			quarterly
Quarterly amortization payment							$ 2.4	$ 1.9
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity					$ 20
Secured Debt | Revolving Credit Facility | Existing Senior Secured Credit Facility, Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity			$ 35
Term			5 years

Long-Term Debt - General Inform

Long-Term Debt - General Information (Details) - USD ($) $ in Thousands	Oct. 13, 2016	Dec. 31, 2017	Dec. 31, 2016	Nov. 08, 2016
Long-Term Debt
Amount outstanding		$ 916,902	$ 626,753
Prior Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Repayments of debt	$ 200,400
Secured Debt | Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Interest rate (as a percent)		4.39%
Amount outstanding		$ 937,100
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
Amount outstanding		0
Secured Debt | Letters of credit | Senior Secured Credit Facility, Letters of Credit
Long-Term Debt
Available borrowings		$ 3,200

Long-Term Debt - Interest, Fees

Long-Term Debt - Interest, Fees, and Principal Payments (Details) - USD ($) $ in Millions	Oct. 06, 2017	Nov. 08, 2016	Oct. 13, 2016	May 09, 2016	Nov. 20, 2013	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2015
Prior Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Repayments of debt			$ 200.4
Secured Debt | Line of Credit | Interest on Debt Instrument, Option One | London Interbank Offered Rate (LIBOR)
Long-Term Debt
Variable rate spread (as a percent)	3.00%					3.75%
Secured Debt | Line of Credit | Interest on Debt Instrument, Option Two
Long-Term Debt
Variable rate spread (as a percent)	2.00%					2.75%
Secured Debt | Line of Credit | Prior Senior Secured Credit Facility, Term Loan Facility
Long-Term Debt
Quarterly scheduled principal payment					$ 8.9
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%
Excess cash flow offer							$ 0	$ 16.1
Principal prepayment offered and paid				$ 12
Secured Debt | Line of Credit | Prior Senior Secured Credit Facility, Term Loan Facility | Minimum
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow, reduced amount, leverage ratio					2
Secured Debt | Line of Credit | Prior Senior Secured Credit Facility, Term Loan Facility | Maximum
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow, reduced amount, leverage ratio					2.50
Secured Debt | Line of Credit | Prior 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)					1.00%
Variable rate spread (as a percent)					4.75%
Secured Debt | Line of Credit | Prior Senior Secured Credit Facility, Term Loan Facility | Interest on Debt Instrument, Option Two
Long-Term Debt
Alternate base rate (as a percent)					3.75%
Base rate spread (as a percent)					2.00%
Secured Debt | Line of Credit | Prior 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%
Secured Debt | 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%
Secured Debt | 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
Secured Debt | 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
Secured Debt | 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)		3.00%
Secured Debt | Line of Credit | Existing Senior Secured Credit Facility, Term Loan Facility | Interest on Debt Instrument, Option Two
Long-Term Debt
Alternate base rate (as a percent)		2.00%
Secured Debt | 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%
Secured Debt | 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%
Secured Debt | Revolving Credit Facility
Long-Term Debt
Commitment fee (as a percent)		0.50%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility
Long-Term Debt
Commitment fee (as a percent)					0.50%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option One
Long-Term Debt
Variable rate basis floor (as a percent)					1.00%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option One | Minimum
Long-Term Debt
Alternate base rate (as a percent)					4.25%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option One | Maximum
Long-Term Debt
Alternate base rate (as a percent)					4.50%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two
Long-Term Debt
Base rate spread (as a percent)					2.00%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two | Minimum
Long-Term Debt
Alternate base rate (as a percent)					3.25%
Secured Debt | Revolving Credit Facility | Prior Senior Secured Credit Facility, Revolving Credit Facility | Interest on Debt Instrument, Option Two | Maximum
Long-Term Debt
Alternate base rate (as a percent)					3.50%
Secured Debt | Revolving Credit Facility | Prior 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%
Secured Debt | 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%
Secured Debt | 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%
Secured Debt | 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%
Secured Debt | 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%
Secured Debt | 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 - Enterprise Not

Long-Term Debt - Enterprise Notes (Details) $ in Thousands	Sep. 21, 2016USD ($)	Sep. 30, 2014USD ($)	Nov. 20, 2013USD ($)	Mar. 02, 2011USD ($)shares	Feb. 15, 2011USD ($)item	Nov. 30, 2013USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Long-term debt
Interest							$ 65,202	$ 61,889	$ 54,843
Cash distribution to members	$ 100,000						149,633	236,146	228,894
Outstanding notes							937,083
Unamortized discount							$ 6,000	6,300
Securities purchase agreement
Long-term debt
Interest Paid					$ 300
Repayments to related party					27,000
Cash distribution to members					$ 85,000
Number of preferred units available to purchase (in shares) | shares				70,000
Aggregate purchase price				$ 70,000
Number of freestanding instruments issued | item					2
Percentage of preferred return							3.00%
Preferred return payments paid								$ 6,400	$ 8,400
Equity interest				44.999%
Enterprise Notes | Securities purchase agreement
Long-term debt
Net proceeds from issuance of debt					$ 150,000
Series A Notes | Securities purchase agreement
Long-term debt
Payment of debt			$ 80,000
Debt issued					80,000
Outstanding notes					68,100
Unamortized discount			$ 5,400		$ 11,900
Quarterly interest rate (as a percent)					3.00%
Quarterly default interest rate (as a percent)					3.75%
Series B Notes | Securities purchase agreement
Long-term debt
Interest Paid						$ 31,400
Debt issued					$ 70,000
Outstanding notes					81,900
Unamortized premium		$ 3,400			$ 11,900
Quarterly interest rate (as a percent)					3.00%
Quarterly default interest rate (as a percent)					3.75%
Quarterly alternative interest rate (as a percent)					3.25%
Period for which company entitled to elect to not pay the accrued interest | item					12
Period for which company shall so elect or shall otherwise fail to pay all accrued interest | item					6
Amount of debt converted to equity		$ 70,000
Term Loan Note Payable | Securities purchase agreement
Long-term debt
Payment of debt					$ 27,000
Swap term loan | Securities purchase agreement
Long-term debt
Payment of debt					$ 4,600

Capital Lease Obligations (Deta

Capital Lease Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Capital Lease Obligations.
Capital lease obligation incurred	$ 0	$ 2,000	$ 0
Leases in property and equipment
Furniture and equipment	5,741	5,741
Accumulated depreciation	(4,379)	(3,449)
Total	$ 1,362	$ 2,292

Capital Lease Obligations - Lea

Capital Lease Obligations - Lease payment (Details) $ in Thousands	Dec. 31, 2017USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity
2,018	$ 863
2,019	23
Total gross amount	886
Interest	(19)
Present value of net minimum right to use liability payments	867
Current portion of present value of net minimum lease payments	$ 800

Right to Use Liability - Genera

Right to Use Liability - General Information (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2016leaseitem	Mar. 31, 2016lease	Dec. 31, 2015USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)item
Right to Use Liabilities
Number of operating leases	1	2				7
Number of leases, that had construction projects			25			25
Number of lease accounted for as finance leases			18			18
Number of leases accounted for as Capital leases			18			18
Percentage of land value of total real property value			25.00%			25.00%
Number of leases met the requirements to be reported as operating leases			30
Right to use assets derecognized | $			$ 122,400	$ 20,100	$ 19,958	$ 122,360
Derecognition resulted in the removal of right to use liabilities | $			127,000	20,000	$ 20,056	126,971
Derecognition resulted in deferred gain | $			$ 4,600	$ 100		$ 4,600
Number of month's rent the lease deposit is less than	2

Right to Use Liability - Right

Right to Use Liability - Right to Use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Right to Use Assets
Right to use assets	$ 5,741	$ 5,741
Accumulated depreciation	(4,379)	(3,449)
Total	1,362	2,292
Right To Use Assets
Right to Use Assets
Right to use assets	10,673	10,673
Accumulated depreciation	(926)	(667)
Total	$ 9,747	$ 10,006

Right to Use Liability - Future

Right to Use Liability - Future Changes in the Right to Use Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Right to Use Liabilities
2,018	$ 863
2,019	23
Amounts representing interest	(19)
Present value of net minimum right to use liability payments	867
Scheduled derecognition of right to use liability due to reductions in the lease deposit to less than two months? rent	5,000
Right to Use Liabilities
Right to Use Liabilities
2,018	583
2,019	486
2,020	486
2,021	487
2,022	487
Thereafter	13,325
Total minimum lease payments	15,854
Amounts representing interest	(5,661)
Present value of net minimum right to use liability payments	$ 10,193

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 26,730	$ 468	$ 139
State	5,632	1,259	1,398
Deferred:
Federal	92,441	4,045	(162)
State	32,179	135	(19)
Income tax expense	$ 156,982	$ 5,907	$ 1,356

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of income tax expense from operations to the federal statutory rate
Income taxes computed at federal statutory rate	$ 136,485	$ 73,200	$ 61,161
State income taxes - net of federal benefit	13,723	7,347	7,196
Federal alternative minimum tax and state and local taxes on pass-through entities	1,072	1,013	1,179
Income taxes computed at the effective federal and state statutory rate for pass-through entities not subject to tax	(86,200)	(76,702)	(68,940)
Increase in valuation allowance	11,194	1,049	735
Impact of 2017 Tax Act	79,987
Other	721		25
Income tax expense	156,982	$ 5,907	$ 1,356
Tax Receivable Agreement liability adjustment	$ (38,399)

Income Taxes - Carrying amounts

Income Taxes - Carrying amounts of assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liabilities
Accelerated depreciation	$ (8,227)	$ (4,655)
Prepaid expenses	(289)	(358)
Other	(293)	(57)
Total deferred tax liabilities	(8,809)	(5,070)
Deferred tax assets
Investment impairment	20,674	30,680
Gift cards	710	969
Deferred revenues	304	355
Accrual for employee benefits and severance	1,166	1,246
Stock option expense	209	55
Investment in partnership	208,167	116,318
Tax Receivable Agreement liability	34,802	7,387
AMT credit	584	1,049
Net operating loss carryforward	16,733	8,512
Claims reserves	420	547
Intangible assets	108	70
Goodwill	996	1,898
Deferred book gain	813	1,337
Other reserves	5,380	5,339
Gross deferred tax assets	291,066	175,762
Valuation allowance	(126,706)	(146,259)
Net deferred tax assets	$ 155,551	$ 24,433

Income Taxes - Federal Tax purp

Income Taxes - Federal Tax purpose (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 06, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S. Federal income tax rate (as a percent)			35.00%
Deferred tax expense			$ 118,400
Decrease in valuation allowance for the outside basis in CWGS, LLC			13,200
Decrease in deferred tax asset due to remeasurement under the 2017 Tax Act			47,000
Uncertain tax positions			0	$ 0
Interest or penalties relating to income taxes			0	0	$ 0
Current portion of liabilities under tax receivable agreement			8,093	991
Decreased net income to a net loss			$ 18,600
Decreased basic and diluted earnings per share			$ 0.69
Forecast
U.S. Federal income tax rate (as a percent)		21.00%
CWGS, LLC
Interest (as a percent)			41.50%
Increase (decrease) in valuation allowance			$ 6,400	$ 1,000
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%
Tax receivable agreement | Crestview Partners II GP LP
Liability under tax receivable agreement			137,700
Current portion of liabilities under tax receivable agreement			$ 8,100
Tax receivable agreement | Crestview Partners II GP LP | CWGS, LLC
Units issued in exchange			12,945,419
Tax receivable agreement | IPO | Crestview Partners II GP LP | CWGS, LLC
Units issued in exchange				1,698,763
CWH | CWGS, LLC
Ownership interest	22.60%		41.50%	22.60%
Units held			36,749,072	18,935,916
Americas Road and Travel Club, Inc., CW, and FreedomRoads RV, Inc. and their wholly owned subsidiaries
Net operating loss carryforwards			$ 60,700

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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
Level 2 | Carrying Value
Fair Value Measurements
Term Loan Facility	916,902	626,753
Level 2 | Fair Value
Fair Value Measurements
Term Loan Facility	$ 953,269	$ 649,838

Commitments and Contingencies80

Commitments and Contingencies (Details) $ in Thousands	Dec. 05, 2001USD ($)subsidiarypropertyitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2006USD ($)	Feb. 28, 2014property	Dec. 31, 2012property	Dec. 28, 2012property	Jan. 09, 2012property	Dec. 29, 2011property
Future minimum annual fixed rentals under operating leases
2,018		$ 101,271
2,019		98,374
2,020		91,460
2,021		87,771
2,022		83,844
Thereafter		712,155
Total		1,174,875
Rent expense		86,500	$ 74,500	$ 61,500
Letters of credit		12,200	10,800
Cost of real property purchased		$ 359,836	273,541
Initial term of lease		20 years
Number of renewal options | item	2
Renewal term of lease	5 years
Net book value of Land and buildings removed from balance sheet	$ 45,800
Annual net average lease payments	$ 3,400
Derecognition resulted in deferred gain		$ 100		4,600
FreedomRoads, LLC Floor Plan Facility
Future minimum annual fixed rentals under operating leases
Letters of credit		8,900	7,600
Property sold in 2017
Future minimum annual fixed rentals under operating leases
Cost of real property purchased		6,000
Payments to Acquire Real Estate		6,000
Original purchase price		$ 6,000
Property sold in 2016
Future minimum annual fixed rentals under operating leases
Cost of real property purchased			13,200
Payments to Acquire Real Estate			11,900	1,200	$ 100
Original purchase price			11,900	1,200	100
Property sold in 2015
Future minimum annual fixed rentals under operating leases
Cost of real property purchased				19,000
Payments to Acquire Real Estate				18,100	900
Original purchase price				18,100	$ 900
Minimum
Future minimum annual fixed rentals under operating leases
Initial term of lease	25 years
Maximum
Future minimum annual fixed rentals under operating leases
Initial term of lease	27 years
Other agreements
Period for severance pay beyond termination date		1 year
Sponsorship agreements
Future minimum annual fixed rentals under operating leases
2,018		$ 9,800
2,019		10,200
2,020		9,200
2,021		9,500
2,022		9,900
2,023		1,500
2,024		1,500
Subscription agreement
Other agreements
2,014		1,700
2,015		1,600
2,016		1,800
2,017		2,100
2,018		2,200
Total		9,400
Amended Subscription Agreement
Other agreements
2,017		4,000
2,018		4,300
2,019		4,500
2,020		4,800
2,021		5,000
Third Party
Future minimum annual fixed rentals under operating leases
2,018		99,145
2,019		96,248
2,020		89,334
2,021		85,644
2,022		81,820
Thereafter		691,385
Total		1,143,576
Related Party
Future minimum annual fixed rentals under operating leases
2,018		2,126
2,019		2,126
2,020		2,126
2,021		2,127
2,022		2,024
Thereafter		20,770
Total		31,299
Subsidiary of FreedomRoads
Future minimum annual fixed rentals under operating leases
Gains (Losses) in sale leaseback arrangement			100	400
Initial term of lease						20 years
Derecognition resulted in deferred gain						$ 6,400
Income recognition (offset to rent expense) of the deferred credits		300	300	$ 300
Subsidiary of FreedomRoads | FreedomRoads, LLC Floor Plan Facility
Future minimum annual fixed rentals under operating leases
Letters of credit		400
Subsidiary of FreedomRoads | Maximum
Future minimum annual fixed rentals under operating leases
Gains (Losses) in sale leaseback arrangement		(100)
AGRP Holding Corp
Future minimum annual fixed rentals under operating leases
Number of real estate properties sold | property							2	2	1	1	6
Number of real estate properties owned | property											11
Number of separate wholly owned subsidiaries of related party | subsidiary	11
Derecognition resulted in deferred gain		$ 4,600	$ 5,100
GSE
Future minimum annual fixed rentals under operating leases
Number of real estate properties sold | property	11
Consideration received	$ 52,300
Gain from sale of land and building	6,100
Gain on certain properties	12,100
Loss on other properties	$ 6,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 21, 2016	Sep. 07, 2016	Jun. 17, 2016	Jun. 13, 2016	Jul. 01, 2010	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2014	Dec. 31, 2011
Related party transactions
Term of lease						20 years
Membership units
Non-cash distribution declared							$ 38,838,000
Cash distribution declared								$ 230,777,000
Cash distribution to members	$ 100,000,000					$ 149,633,000	236,146,000	228,894,000
AutoMatch Distribution
Membership units
Distribution declared				$ 42,700,000
Non-cash distribution declared				38,800,000
Cash distribution declared				$ 3,800,000
Cash distribution to members		$ 200,000	$ 3,600,000
FreedomRoads | AutoMatch Distribution
Membership units
Cash distribution declared		1,600,000
Cash distribution to members		$ 1,600,000
Monitoring Agreement | Crestview Advisors, L.L.C. and Stephen Adams
Related party transactions
Related party expense							1,700,000	2,000,000
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							200,000	500,000
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 | eNET IT Group
Related party transactions
Related party expense							100,000	600,000
Related Party Agreement | Precise Graphix
Related party transactions
Related party expense						2,700,000	3,300,000
Aircraft Agreement | Stephen Adams
Related party transactions
Related party expense								1,000,000
Put Agreement | Mr. Lemonis
Related party transactions
Pledged profit units									$ 12,000,000
Number of profits units									4,667
Advertising Agreement | Stephen Adams
Related party transactions
Non-cash distribution								1,000,000
Deposit made					$ 1,000,000
Advertising Agreement | Cumulus Media
Related party transactions
Related party expense						$ 400,000	$ 0	600,000
Precise Graphix | Related Party Agreement
Related party transactions
Related party expense								$ 1,700,000
Mr. Lemonis | eNET IT Group
Related party transactions
Economic interest (as a percent)							51.00%
Mr. Lemonis | Precise Graphix | Mr. Lemonis
Related party transactions
Economic interest (as a percent)						33.00%
Stephen Adams | AGI Holding Corp | Aircraft Agreement
Related party transactions
Economic interest (as a percent)								100.00%
FreedomRoads | Related Party Agreement | Stephen Adams
Related party transactions
Due to Related Parties										$ 900,000
FreedomRoads | Lease Agreement | Managers and Officers
Related party transactions
Related party expense						$ 2,000,000	$ 1,200,000	$ 2,000,000
FreedomRoads | Lease Agreement | Mr. Lemonis | Original Lease
Related party transactions
Term of lease						132 months
Base rent						$ 29,000
FreedomRoads | Lease Agreement | Mr. Lemonis | Expansion Lease
Related party transactions
Term of lease						132 months
Base rent						$ 2,500
AutoMatch | Transition Services Agreement | FreedomRoads
Related party transactions
Agreement period				120 days

Acquisitions - General Informat

Acquisitions - General Information (Details) - Assets Or Stock Of Multiple Dealership Locations Acquired - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Acquisitions
Real properties purchased	$ 17.1	$ 15.3
Real properties sold in sale-leaseback transactions	$ 6	$ 15.9

Acquisitions - Assets (Liabilit

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	Oct. 19, 2017	Aug. 17, 2017	May 26, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets (liabilities) acquired (assumed) at fair value:
Goodwill				$ 348,387	$ 153,105	$ 112,940
Cash paid for acquisition, net of cash acquired				$ 392,956	78,606	$ 125,189
Estimated life (in years)				12 years 4 months 24 days
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				$ 1,250	944
Inventory				121,808	36,285
Property and equipment				1,450	823
Other assets				164	175
Accounts payable				(569)	(2,231)
Accrued liabilities				(2,480)	(329)
Total tangible net assets acquired				121,623	35,667
Intangible assets acquired				793	2,774
Goodwill				158,815	40,165
Purchase price				281,231	78,606
Inventory purchases financed via floor plan				(99,451)	(28,942)
Cash payment net of floor plan financing				181,780	49,664
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
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 | 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 | 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		36,320
Prepaid expenses and other assets		1,120
Property and equipment		548
Accounts payable		(7,585)
Accrued liabilities		(827)
Deferred tax liabilities		(4,011)
Total tangible net assets acquired		26,225
Intangible assets acquired		18,129
Goodwill		26,678
Purchase price		71,032
Non-cash consideration - Class A shares issued		(5,720)
Cash paid for acquisition, net of cash acquired		64,811
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 & Uncle Dan's
Assets (liabilities) acquired (assumed) at fair value:
Cash and cash equivalents	$ 90
Accounts receivable	15
Inventory	3,886
Prepaid expenses and other assets	100
Property and equipment	1,327
Accounts payable	(2,380)
Accrued liabilities	(1,238)
Other liabilities	(87)
Total tangible net assets acquired	1,713
Intangible assets acquired	232
Goodwill	8,460
Purchase price	10,405
Cash paid for acquisition, net of cash acquired	10,315
W82 & Uncle Dan's | Trademarks and trade names
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired	$ 148
Estimated life (in years)	15 years
W82 & Uncle Dan's | Websites
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired	$ 84
Estimated life (in years)	10 years

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Revenue	$ 300.8	$ 75.1
Pre-tax income (loss)	14.2	$ 2.7
Gander Mountain and Overton's
Acquisitions
Revenue	27.5
Pre-tax income (loss)	33.8
TheHouse.com
Acquisitions
Revenue	32.7
Pre-tax income (loss)	4.7
W82 & Uncle Dan's
Acquisitions
Revenue	4.3
Pre-tax income (loss)	$ 0.3

Acquisitions - Purchase Price (

Acquisitions - Purchase Price (Details) $ in Thousands	Oct. 19, 2017USD ($)	Sep. 22, 2017USD ($)	Aug. 17, 2017USD ($)store	May 26, 2017USD ($)lease	Dec. 31, 2017USD ($)store	May 25, 2017store	Dec. 31, 2016USD ($)
Acquisitions
Number of locations | store					140
Letters of credit					$ 12,200		$ 10,800
Gander Mountain and Overton's
Acquisitions
Purchase Price				$ 35,400
Liability incurred/extinguished with acquisition				$ 1,100
Overton's
Acquisitions
Number of retail leases | lease				2
TheHouse.com
Acquisitions
Liability incurred/extinguished with acquisition			$ 35,300
Number of locations | store			2
Cash paid for acquisition			$ 30,000
Non-cash consideration - Class A shares issued			$ 5,720
Uncle Dan's
Acquisitions
Cash paid for acquisition	$ 7,500
Extinguishment of debt	$ 700
Letters of credit					$ 100
W82
Acquisitions
Cash paid for acquisition		$ 600
Extinguishment of debt		$ 1,500
Gander Mountain
Acquisitions
Number of locations | store						160
Overton's
Acquisitions
Number of locations | store						2
Minimum | Gander Mountain
Acquisitions
Number of retail leases | lease				15

Exit Activities (Details)

Exit Activities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Exit activities
Liability outstanding	$ 2.8	$ 2.8
Minimum sublease rental payments to be received	12.3
Other current liabilities | Facility closure
Exit activities
Current portion of the liability	$ 0.3	$ 0.3

Statements of Cash Flows - Supp

Statements of Cash Flows - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash paid during the period for:
Interest		$ 65,202	$ 61,889	$ 54,843
Income taxes		35,432	1,622	1,119
Non-cash investing activities:
Property and equipment for leases capitalized as a right to use asset				50,587
Derecognized property and equipment for leases that qualified as operating leases after completion of construction	$ (122,400)	(20,100)	(19,958)	(122,360)
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		1,555	530	3,703
Portion of acquisition purchase price paid through issuance of Class A common stock		5,720
Landlord paid tenant improvements on behalf of the Company		749
Non-cash financing activities:
Lease obligations recognized as right to use liabilities				50,587
Derecognized right to use liabilities for leases that qualified as operating leases after completion of construction	$ (127,000)	(20,000)	(20,056)	(126,971)
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)
Non-cash distribution of a prepaid marketing deposit with Adams Outdoor Advertising Marketing Company				(1,000)
Non-cash distribution of receivable due to CWGS Holding, LLC				$ (883)
Par value of Class A common stock issued in exchange for common units in CWGS, LLC		130
Par value of Class A common stock issued for acquisition		$ 1

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Minimum age to participate in 401(k) plan	18 years
Contribution expenses		$ 0.9	$ 1
Non-highly Compensated Employees
Portion of eligible compensation that may be deferred (as a percent)	75.00%
Highly Compensated Employees
Portion of eligible compensation that may be deferred (as a percent)	15.00%

Stockholder's Equity - Reorgani

Stockholder's Equity - Reorganization Transactions (Details) - shares	Oct. 06, 2016	Dec. 31, 2017	Dec. 31, 2016	Nov. 10, 2016
Merged Entity | CWGS, LLC
Common Stock
Units held	7,063,716
CWH | CWGS, LLC
Common Stock
Units held		36,749,072	18,935,916
Ownership interest	22.60%	41.50%	22.60%
Continuing Equity Owners | CWGS, LLC
Common Stock
Units held		51,890,495	64,835,914
Percentage of ownership	77.40%	58.50%	77.40%
Class A common stock
Common Stock
Common stock, outstanding		36,749,072	18,935,916	18,935,916
Class A common stock | CWH BR Merger
Common Stock
Shares issued in acquisition	7,063,716
Common stock, outstanding				7,063,716
Class B common stock
Common Stock
Common stock, outstanding		50,836,629	62,002,729	62,002,729
Class B common stock | Merged Entity | CWH
Common Stock
Common stock, outstanding	7,063,716
Class B common stock | CWH BR Merger
Common Stock
Shares cancelled	7,063,716

Stockholder's Equity - Amendmen

Stockholder's Equity - Amendment and Restatement of Certificate of Incorporation (Details)	Oct. 06, 2016Voteitem$ / sharesshares	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares
Common Stock
Board of directors, number of classes | item	3
Board of directors, term (in years)	3 years
Preferred Stock
Common Stock
Common stock, authorized	20,000,000
Class A common stock
Common Stock
Common stock, authorized	250,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01	$ 0.01
Votes per share | Vote	1
Class B common stock
Common Stock
Common stock, authorized	75,000,000	75,000,000	75,000,000
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Votes per share | Vote	1
Class C common stock
Common Stock
Common stock, authorized	1	1	1
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Voting power (as a percent)	5.00%
M L Related Parties | Class B common stock
Common Stock
Voting power (as a percent)	47.00%
M L Related Parties | Common Class A And Class B | CWGS, LLC | Minimum
Common Stock
Percentage of ownership	27.50%

Stockholder's Equity - Initial

Stockholder's Equity - Initial Public Offering (Details) - USD ($)	Nov. 01, 2017	Oct. 30, 2017	Jun. 09, 2017	Jun. 05, 2017	Nov. 09, 2016	Oct. 13, 2016	May 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Nov. 10, 2016
IPO
Proceeds from issuance of common stock			$ 16,000,000
CWGS, LLC
IPO
Purchase of newly-issued common units			600,000				4,000,000
Class A common stock
IPO
Number of shares issued							4,000,000	4,600,000	11,872,000
Offering price (in dollars per share)							$ 27.75
Proceeds from IPO									$ 234,185,000
Common stock, outstanding								36,749,072	18,935,916	18,935,916
Proceeds from issuance of common stock							$ 106,600,000	$ 121,395,000
Class A common stock | CWH BR Merger
IPO
Common stock, outstanding										7,063,716
Class A common stock | May 2017 Selling Stockholders
IPO
Offering price (in dollars per share)							$ 27.75
Shares issued by selling stockholders			825,000				5,500,000
Class A common stock | October 2017 Selling Stockholders
IPO
Number of shares issued		6,700,000
Offering price (in dollars per share)		$ 40.50
Shares issued by selling stockholders	963,799
Class A common stock | CWGS Holding, LLC and CVRV Acquisition LLC
IPO
Shares of common stock redeemed for shares of common stock	678,331
Redemption of common stock by selling shareholders	678,331
Class A common stock | CVRV Acquisition LLC
IPO
Shares of common stock redeemed for shares of common stock			648,462				4,323,083
Redemption of common stock by selling shareholders		4,715,529
Shares sold that were previously held			176,538
Class A common stock | CVRV Acquisition II LLC
IPO
Shares sold that were previously held	184,669	1,283,756					1,176,917
Class A common stock | Crestview Advisors LLC
IPO
Shares sold that were previously held	104	715
Class A common stock | CWGS, LLC | October 2017 Selling Stockholders
IPO
Redemption of common stock by selling shareholders		700,000
Class A common stock | CWGS, LLC | CWGS Holding, LLC and CVRV Acquisition LLC
IPO
Shares of common stock redeemed for shares of common stock	100,695
Redemption of common stock by selling shareholders	100,695	700,000
Class A common stock | CWGS, LLC | CVRV Acquisition LLC
IPO
Shares of common stock redeemed for shares of common stock		4,715,529
Redemption of common stock by selling shareholders							4,323,083
Class B common stock
IPO
Common stock, outstanding								50,836,629	62,002,729	62,002,729
Proceeds from issuance of common stock									$ 6,000
Consideration for redemption of shares	$ 0
Class B common stock | May 2017 Selling Stockholders
IPO
Consideration for redemption of shares			$ 0				$ 0
Class B common stock | October 2017 Selling Stockholders
IPO
Consideration for redemption of shares		$ 0
Class B common stock | CVRV Acquisition LLC
IPO
Number of common stock cancelled	678,331	4,715,529	648,462				4,323,083
Class B common stock | CWGS Holding LLC
IPO
Number of common stock cancelled	100,695	700,000
Class B common stock | CWGS, LLC | CVRV Acquisition LLC
IPO
Redemption of common stock by selling shareholders			648,462
Class C common stock
IPO
Common stock, outstanding								1	1	1
IPO | Class A common stock
IPO
Number of shares issued						11,363,636
Offering price (in dollars per share)						$ 22
Proceeds from IPO						$ 233,400,000
Common stock, outstanding										11,872,200
IPO | Class A common stock | CWGS, LLC
IPO
Units issued in exchange						11,363,636
Over allotment | October 2017 Selling Stockholders
IPO
Shares issued by selling stockholders		1,005,000
Over allotment | Class A common stock
IPO
Number of shares issued			600,000	600,000	508,564
Proceeds from IPO					$ 10,400,000
Over allotment | Class A common stock | May 2017 Selling Stockholders
IPO
Shares issued by selling stockholders				825,000
Over allotment | Class A common stock | October 2017 Selling Stockholders
IPO
Shares issued by selling stockholders		963,799
Over allotment | Class A common stock | CWGS, LLC
IPO
Units issued in exchange					508,564

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - USD ($) $ in Thousands	Oct. 06, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summarizes the effects of change in ownership:
Net income attributable to Camping World Holdings, Inc.		$ (18,093)	$ 19,589	$ 19,344	$ 7,522	$ 1,586	$ 68,247	$ 84,108	$ 37,176	$ 28,362	$ 191,117	$ 174,293
Transfers to non-controlling interests:
Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests										112,255	(65,256)	$ 174,293
Additional Paid-in Capital
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the Reorganization Transactions											(21,887)
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC										(87,203)	$ (234,486)
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										(3,678)
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options										(970)
Increase in additional paid-in capital as a result of the vesting of restricted stock units										257
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC										$ 175,487
CWGS, LLC
Non-Controlling Interests
LLC outstanding	70,000	88,639,567				83,771,830				88,639,567	83,771,830
CWH | CWGS, LLC
Non-Controlling Interests
Units held		36,749,072				18,935,916				36,749,072	18,935,916
Ownership interest	22.60%									41.50%	22.60%
Continuing Equity Owners | CWGS, LLC
Non-Controlling Interests
Units held		51,890,495				64,835,914				51,890,495	64,835,914
Percentage of ownership	77.40%	58.50%				77.40%				58.50%	77.40%

Equity-based Compensation Pla93

Equity-based Compensation Plans - Summary of Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity-based compensation expense:
Equity based compensation expense	$ 5,109	$ 1,597
Total income tax benefit recognized related to equity-based compensation	619	125
Costs applicable to revenue
Equity-based compensation expense:
Equity based compensation expense	386	90
Selling, general, and administrative
Equity-based compensation expense:
Equity based compensation expense	$ 4,723	$ 1,507

Equity-based Compensation Pla94

Equity-based Compensation Plans - CWGS LLC Plan (Details)	Oct. 06, 2016shares	Apr. 04, 2016USD ($)shares	Apr. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2012
Share-based Compensation Plans
Share based compensation expense				$ 5,109,000	$ 1,597,000
Profit Units redeemed					17,000,000
CWGS LLC Plan
Share-based Compensation Plans
Percentage of increase in the value of the Company (as a percent)							10.00%
Vesting period							4 years
Share based compensation expense						$ 0
CWGS LLC Plan | Class A common stock
Share-based Compensation Plans
Exchange ratio for converting common units	1
CWGS LLC Plan | Board of Directors Chairman
Share-based Compensation Plans
Share based compensation expense					$ 60,000
CWGS LLC Plan | Board of Directors Chairman | Notes Payable, Other Payables | Note Payable to Board of Directors Chairman and Chief Executive Officer
Share-based Compensation Plans
Profit Units redeemed, note payable portion		$ 4,000,000
Interest rate (as a percent)		3.00%
Principal payment		$ 1,500,000
Principal payment frequency		May 1, 2016 and June 1, 2016
Interest Paid			$ 6,250
CWGS LLC Plan | Profits Units
Share-based Compensation Plans
Authorized (in units) | shares						15,556
Granted/issued (in units) | shares					0	15,556
Outstanding (in units) | shares	13,793				0	15,556
Share based compensation expense					$ 900,000
Units issued in exchange | shares	5,877,513
Grant date fair value (per unit) | $ / shares						$ 317
Profit units available for grant | shares					0
CWGS LLC Plan | Profits Units | Board of Directors Chairman
Share-based Compensation Plans
Profit Units redeemed (in shares) | shares		1,763
Profit Units redeemed		$ 17,000,000
Profit Units redeemed, cash portion		$ 13,000,000

Equity-based Compensation Pla95

Equity-based Compensation Plans - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Plans
Actual tax benefit for the tax deductions from the exercise of stock options		$ 300
Stock options additional information
Aggregate Intrinsic Value - Outstanding		$ 1,700
2016 Plan
Share-based Compensation Plans
Number of awards available under the plan (in shares)	14,693,518
Weighted average grant date fair value (per share)			$ 7.24
Exercised (in shares)		80,000	0
Stock Options
Outstanding at December 31, 2016 (in shares)		1,118,000
Exercised (in shares)		(80,000)	0
Forfeited (in shares)		(85,000)
Outstanding at December 31, 2017 (in shares)		953,000	1,118,000
Options exercisable at December 31, 2017 (in shares)		185,000
Weighted Average Exercise Price
Outstanding at December 31, 2016 (per share)		$ 21.86
Exercised (per share)		21.70
Forfeited (per share)		22
Outstanding at December 31, 2017 (per share)		21.86	$ 21.86
Options exercisable at December 31, 2017 (per share)		$ 21.91
Stock options additional information
Aggregate Intrinsic Value - Outstanding		$ 21,789
Aggregate Intrinsic Value - Exercisable		$ 4,232
Weighted Average Remaining Contractual Life - Outstanding (in years)		8 years 8 months 12 days
Weighted Average Remaining Contractual Life - Exercisable (in years)		8 years 6 months
2016 Plan | Employees | Maximum
Share-based Compensation Plans
Vesting period		5 years
2016 Plan | Employees | Minimum
Share-based Compensation Plans
Vesting period	3 years
2016 Plan | Stock options
Share-based Compensation Plans
Term of awards	10 years
Unrecognized compensation costs		$ 5,100
Unrecognized compensation costs recognition period (in years)		2 years 9 months 18 days
Black-Scholes assumptions
Expected term (years)			6 years 3 months 18 days
Expected volatility			36.10%
Risk free interest rate			1.50%
Dividend yield			1.10%
Quarterly dividends expected to be declared (per share)	$ 0.06
2016 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Plans
Unrecognized compensation costs		$ 44,300
Unrecognized compensation costs recognition period (in years)		4 years
2016 Plan | Restricted Stock Units (RSUs) | Non-employee Directors
Share-based Compensation Plans
Vesting period	3 years

Equity-based Compensation Pla96

Equity-based Compensation Plans - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Share-based Compensation Plans
Intrinsic value of unvested units			$ 1.3
Actual tax benefit for the tax deductions from the vesting of restricted stock units	$ 0.3
2016 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Plans
Weighted average grand date fair value (per share)	$ 21.37	$ 21.37	$ 37.65
Intrinsic value of unvested units			$ 55.8
Unrecognized compensation costs			$ 44.3
Unrecognized compensation costs recognition period (in years)	4 years
Restricted Stock Units
Outstanding at December 31, 2016 (in shares)	144,000
Granted (in shares)	1,145,000
Vested (in shares)	(33,000)
Exercised (in shares)		0
Forfeited (in shares)	(9,000)
Outstanding at December 31, 2017 (in shares)	1,247,000	144,000
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016 (per share)	$ 21.37
Granted (per share)	39.10	$ 21.37
Vested (per share)	21.37
Forfeited (per share)	21.40
Outstanding at December 31, 2017 (per share)	$ 37.65	$ 21.37

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended					24 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Oct. 06, 2016
Numerator:
Net income		$ (5,494)	$ 83,752	$ 105,093	$ 49,623	$ 11,528	$ 68,247	$ 84,108	$ 37,176	$ 232,974		$ 201,059		$ 174,293
Less: net income attributable to non-controlling interests										(204,612)		(9,942)
Class A common stock
Numerator:
Net income										232,974		11,528
Less: net income attributable to non-controlling interests										(204,612)		(9,942)
Net income (loss) attributable to Camping World Holdings, Inc. ? basic										28,362		1,586
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												4,164
Net income (loss) attributable to Camping World Holdings, Inc. ? diluted										$ 28,362		$ 5,750
Denominator:
Weighted-average shares of Class A common stock outstanding -basic	[1]									26,622,000		18,766,000
Dilutive common units of CWGS, LLC that are convertible into Class A common stock												64,836,000
Weighted-average shares of Class A common stock outstanding - diluted	[1]									26,622,000		83,602,000
Earnings (loss) per share of Class A common stock ? basic		$ (0.52)	$ 0.66	$ 0.84	$ 0.40	$ 0.08				$ 1.07	[1]	$ 0.08	[1]
Earnings (loss) per share of Class A common stock ? diluted		$ (0.52)	$ 0.66	$ 0.84	$ 0.38	$ 0.07				$ 1.07	[1]	$ 0.07	[1]
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		100,000
CWGS, LLC
Preferred units outstanding (in units)		88,639,567				83,771,830				88,639,567		83,771,830			70,000
Quarterly preferred returns															$ 2,100
CWGS, LLC | Class A common stock
Antidilutive securities excluded from the computation of diluted earnings per share										60,000,000
[1]	Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 21 — Earnings Per Share.

Segment Information - General I

Segment Information - General Information (Details) - segment	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Number of reportable segments	2	2	2

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Revenue	$ 888,992	$ 1,235,602	$ 1,279,026	$ 881,635	$ 668,903	$ 988,804	$ 1,065,259	$ 796,031	$ 4,285,255	$ 3,518,997	$ 3,278,817
Consumer services and plans
Segments Information
Revenue									195,614	184,773	174,600
Retail
Segments Information
Revenue									$ 4,089,641	$ 3,334,224	$ 3,104,217

Segment Information - Segment I

Segment Information - Segment Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Total segment income	$ 44,291	$ 110,664	$ 136,521	$ 69,904	$ 32,128	$ 87,572	$ 104,053	$ 55,437	$ 361,380	$ 279,190	$ 240,273
Selling, general, and administrative expense									(853,160)	(691,884)	(634,890)
Depreciation and amortization									(31,545)	(24,695)	(24,101)
Other interest expense, net									(42,959)	(48,318)	(53,377)
Tax Receivable Agreement liability adjustment									99,687
Loss and expense on debt restructure									(849)	(6,270)
Other expense, net											1
Income before income taxes									389,956	206,966	175,649
As Reported
Segments Information
Total segment income										281,368	244,510
Income before income taxes										209,144	179,886
Adjustment
Segments Information
Total segment income										(2,178)	(4,237)
Income before income taxes										(2,178)	(4,237)
Operating Segments
Segments Information
Total segment income									370,995	290,631	255,815
Depreciation and amortization									(31,545)	(24,695)	(21,870)
Other interest expense, net									(5,881)	(5,414)	(16,047)
Corporate, Non-Segment
Segments Information
Selling, general, and administrative expense									(5,373)	(4,382)	(2,689)
Depreciation and amortization											(2,231)
Other interest expense, net									(37,078)	(42,904)	(37,330)
Consumer services and plans | Operating Segments
Segments Information
Total segment income									98,371	89,046	80,522
Depreciation and amortization									(3,688)	(3,780)	(3,627)
Other interest expense, net									2	(19)	(32)
Retail | Operating Segments
Segments Information
Total segment income									272,624	201,585	175,293
Depreciation and amortization									(27,857)	(20,915)	(18,243)
Other interest expense, net									$ (5,883)	(5,395)	(16,015)
Retail | Operating Segments | As Reported
Segments Information
Total segment income										203,800	179,500
Retail | Operating Segments | Adjustment
Segments Information
Total segment income										$ 2,200	$ 4,200

Segment Information - Depreciat

Segment Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Depreciation and amortization	$ 31,545	$ 24,695	$ 24,101
Operating Segments
Segments Information
Depreciation and amortization	31,545	24,695	21,870
Corporate, Non-Segment
Segments Information
Depreciation and amortization			2,231
Consumer services and plans | Operating Segments
Segments Information
Depreciation and amortization	3,688	3,780	3,627
Retail | Operating Segments
Segments Information
Depreciation and amortization	$ 27,857	$ 20,915	$ 18,243

Segment Information - Other Int

Segment Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Other interest expense, net	$ 42,959	$ 48,318	$ 53,377
Operating Segments
Segments Information
Other interest expense, net	5,881	5,414	16,047
Corporate, Non-Segment
Segments Information
Other interest expense, net	37,078	42,904	37,330
Consumer services and plans | Operating Segments
Segments Information
Other interest expense, net	(2)	19	32
Retail | Operating Segments
Segments Information
Other interest expense, net	$ 5,883	$ 5,395	$ 16,015

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Assets	$ 2,561,477	$ 1,455,777	$ 1,332,585
Adjustment
Segments Information
Assets		(107,988)	(5,520)
Operating Segments
Segments Information
Assets	2,258,830	1,381,396	1,277,460
Corporate, Non-Segment
Segments Information
Assets	302,647	74,381	55,125
Consumer services and plans | Operating Segments
Segments Information
Assets	180,295	152,689	139,064
Retail | Operating Segments
Segments Information
Assets	$ 2,078,535	1,228,707	1,138,396
Retail | Operating Segments | Adjustment
Segments Information
Assets		$ (5,300)	$ 5,500

Segment Information - Capital E

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segments Information
Capital expenditures	$ 66,780	$ 39,782	$ 41,437
Consumer services and plans
Segments Information
Capital expenditures	3,366	2,951	2,870
Retail
Segments Information
Capital expenditures	$ 63,414	$ 36,831	$ 38,567

Quarterly Financial Informat105

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Quarterly Financial Information
Revenue	$ 888,992	$ 1,235,602	$ 1,279,026	$ 881,635	$ 668,903	$ 988,804	$ 1,065,259	$ 796,031	$ 4,285,255		$ 3,518,997		$ 3,278,817
Income from operations	44,291	110,664	136,521	69,904	32,128	87,572	104,053	55,437	361,380		279,190		240,273
Net income (loss)	(5,494)	83,752	105,093	49,623	11,528	68,247	84,108	37,176	232,974		201,059		174,293
Net income attributable to Camping World Holdings, Inc.	$ (18,093)	$ 19,589	$ 19,344	$ 7,522	$ 1,586	$ 68,247	$ 84,108	$ 37,176	28,362		191,117		$ 174,293
Class A common stock
Quarterly Financial Information
Net income (loss)									$ 232,974		$ 11,528
Earnings (loss) per share of Class A common stock (1):
Basic	$ (0.52)	$ 0.66	$ 0.84	$ 0.40	$ 0.08				$ 1.07	[1]	$ 0.08	[1]
Diluted	$ (0.52)	$ 0.66	$ 0.84	$ 0.38	$ 0.07				$ 1.07	[1]	$ 0.07	[1]
[1]	Basic and diluted earnings per Class A common stock is applicable only for periods after the Company’s IPO. See Note 21 — Earnings Per Share.

Schedule I - Condensed Finan106

Schedule I - Condensed Financial Information of Registrant - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 224,163	$ 114,196	$ 92,025	$ 110,710
Total current assets	1,798,907	1,126,162	1,045,461
Deferred tax assets, net	155,551	24,433	6,234
Total assets	2,561,477	1,455,777	1,332,585
Current liabilities:
Accrued liabilities	101,929	78,044
Current portion of Tax Receivable Agreement liability	8,093	991
Total current liabilities	1,320,169	868,422	865,103
Liabilities under Tax Receivable Agreement, net of current portion	129,596	18,190
Total liabilities	2,470,640	1,599,914	1,639,744
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 December 31, 2016
Additional paid-in capital	49,941	(30,006)
Retained earnings	6,192	71
Total stockholders' equity (deficit) attributable to Camping World Holdings, Inc.	56,505	(29,740)	(307,159)
Total liabilities and stockholders' equity (deficit)	2,561,477	1,455,777	$ 1,332,585
Class A common stock
Stockholders' equity (deficit)
Common stock	367	189
Class B common stock
Stockholders' equity (deficit)
Common stock	5	6
Class C common stock
Stockholders' equity (deficit)
Common stock
Camping World Holdings, Inc
Assets
Cash and cash equivalents	14,503	2,232
Prepaid income taxes and other	2,244
Total current assets	16,747	2,232
Deferred tax assets, net	153,445	20,998
Investment in subsidiaries	24,315	(33,411)
Total assets	194,507	(10,181)
Current liabilities:
Accrued liabilities	313	110
Income tax payable		268
Current portion of Tax Receivable Agreement liability	8,093	991
Total current liabilities	8,406	1,369
Liabilities under Tax Receivable Agreement, net of current portion	129,596	18,190
Total liabilities	138,002	19,559
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 December 31, 2016
Additional paid-in capital	49,941	(30,006)
Retained earnings	6,192	71
Total stockholders' equity (deficit) attributable to Camping World Holdings, Inc.	56,505	(29,740)
Total liabilities and stockholders' equity (deficit)	194,507	(10,181)
Camping World Holdings, Inc | Class A common stock
Stockholders' equity (deficit)
Common stock	367	189
Camping World Holdings, Inc | Class B common stock
Stockholders' equity (deficit)
Common stock	5	6
Camping World Holdings, Inc | Class C common stock
Stockholders' equity (deficit)
Common stock

Schedule I - Condensed Finan107

Schedule I - Condensed Financial Information of Registrant - Balance Sheet Additional (Details) - $ / shares	Dec. 31, 2017	Dec. 31, 2016	Nov. 10, 2016	Oct. 06, 2016
Stockholders' equity (deficit)
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 (deficit)
Preferred stock authorized	250,000,000	250,000,000
Common stock, par value	$ 0.01	$ 0.01		$ 0.01
Common stock, authorized				250,000,000
Common stock, issued	36,758,233	18,935,916
Common stock, outstanding	36,749,072	18,935,916	18,935,916
Class B common stock
Stockholders' equity (deficit)
Common stock, par value	$ 0.0001	$ 0.0001		$ 0.0001
Common stock, authorized	75,000,000	75,000,000		75,000,000
Common stock, issued	69,066,445	69,066,445
Common stock, outstanding	50,836,629	62,002,729	62,002,729
Class C common stock
Stockholders' equity (deficit)
Common stock, par value	$ 0.0001	$ 0.0001		$ 0.0001
Common stock, authorized	1	1		1
Common stock, issued	1	1
Common stock, outstanding	1	1	1
Camping World Holdings, Inc
Stockholders' equity (deficit)
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
Camping World Holdings, Inc | Class A common stock
Stockholders' equity (deficit)
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	36,758,233	18,935,916
Common stock, outstanding	36,749,072	18,935,916
Camping World Holdings, Inc | Class B common stock
Stockholders' equity (deficit)
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	50,836,629	62,002,729
Camping World Holdings, Inc | Class C common stock
Stockholders' equity (deficit)
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1	1
Common stock, issued	1	1

Schedule I - Condensed Finan108

Schedule I - Condensed Financial Information of Registrant - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Total Revenue	$ 888,992	$ 1,235,602	$ 1,279,026	$ 881,635	$ 668,903	$ 988,804	$ 1,065,259	$ 796,031	$ 4,285,255	$ 3,518,997	$ 3,278,817
Operating expenses:
Selling, general, and administrative									853,160	691,884	634,890
Total operating expenses									884,959	717,233	658,754
Income from operations	44,291	110,664	136,521	69,904	32,128	87,572	104,053	55,437	361,380	279,190	240,273
Tax Receivable Agreement liability adjustment									99,687
Income before income taxes									389,956	206,966	175,649
Income tax expense									(156,982)	(5,907)	(1,356)
Net income attributable to Camping World Holdings, Inc.	$ (18,093)	$ 19,589	$ 19,344	$ 7,522	$ 1,586	$ 68,247	$ 84,108	$ 37,176	28,362	191,117	$ 174,293
Camping World Holdings, Inc
Revenue:
Intercompany revenue									4,768	1,564
Total Revenue									4,768	1,564
Operating expenses:
Selling, general, and administrative									4,770	1,564
Total operating expenses									4,770	1,564
Income from operations									(2)
Tax Receivable Agreement liability adjustment									99,687
Equity in net income of subsidiaries									84,092	2,877
Income before income taxes									183,777	2,877
Income tax expense									(155,415)	(1,291)
Net income attributable to Camping World Holdings, Inc.									$ 28,362	$ 1,586

Schedule I - Condensed Finan109

Schedule I - Condensed Financial Information of Registrant - Cash Flows (Details) - USD ($) $ in Thousands	Jun. 09, 2017	May 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income			$ (18,093)	$ 19,589	$ 19,344	$ 7,522	$ 1,586	$ 68,247	$ 84,108	$ 37,176	$ 28,362	$ 191,117	$ 174,293
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Deferred tax expense											124,622	3,765	(181)
Change in assets and liabilities, net of acquisitions:
Tax Receivable Agreement liability adjustment											(99,687)
Payment pursuant to tax receivable agreement											(203)
Net cash (used in) provided by operating activities											(9,094)	215,691	112,143
Investing activities
Net cash used in investing activities											(475,676)	(115,703)	(176,200)
Financing activities
Proceeds from issuance of common stock	$ 16,000
Dividends on Class A common stock											(22,241)	(1,515)
Proceeds from exercise of stock options											1,728
Net cash provided by (used in) financing activities											594,737	(77,817)	45,372
Increase in cash											109,967	22,171	(18,685)
Cash at beginning of the year						114,196				$ 92,025	114,196	92,025	110,710
Cash at end of the year			224,163				114,196				224,163	114,196	$ 92,025
Class A common stock
Financing activities
Proceeds from issuance of Class A common stock sold in an initial public offering net of underwriter discounts and commissions												234,185
Proceeds from issuance of common stock		$ 106,600									121,395
Class B common stock
Financing activities
Proceeds from issuance of common stock												6
Camping World Holdings, Inc
Operating activities
Net income											28,362	1,586
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in net income of subsidiaries											(84,092)	(2,877)
Deferred tax expense											127,305	965
Change in assets and liabilities, net of acquisitions:
Tax Receivable Agreement liability adjustment											(99,687)
Prepaid income taxes and other assets											(2,240)
Accounts payable and other accrued assets											(1,798)	(471)
Payment pursuant to tax receivable agreement											(203)
Income taxes payable											651	684
Net cash (used in) provided by operating activities											(31,702)	(113)
Investing activities
Purchases of LLC Interest from CWGS, LLC											(124,150)	(243,845)
Distributions received from CWGS, LLC											66,092	3,889
Net cash used in investing activities											(58,058)	(239,956)
Financing activities
Proceeds from issuance of Class A common stock sold in an initial public offering net of underwriter discounts and commissions												243,809
Dividends on Class A common stock											(22,241)	(1,515)
Proceeds from exercise of stock options											1,728
Net cash provided by (used in) financing activities											102,031	242,301
Increase in cash											12,271	2,232
Cash at beginning of the year						$ 2,232					2,232
Cash at end of the year			$ 14,503				$ 2,232				14,503	2,232
Camping World Holdings, Inc | Class A common stock
Financing activities
Proceeds from issuance of Class A common stock sold in an initial public offering net of underwriter discounts and commissions											$ 122,544
Camping World Holdings, Inc | Class B common stock
Financing activities
Proceeds from issuance of common stock												$ 7

Schedule I - Condensed Finan110

Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 09, 2017	Jun. 05, 2017	Nov. 09, 2016	Nov. 04, 2016	Oct. 13, 2016	Oct. 06, 2016	May 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restatement
Valuation allowance on the outside basis deferred tax asset related to CWGS, LLC								$ 89,500				$ 102,700				$ 89,500	$ 102,700
Decrease in deferred tax asset due to remeasurement under the 2017 Tax Act																47,000
Deferred tax asset								155,551				24,433				155,551	24,433	$ 6,234
Total assets								2,561,477				1,455,777				2,561,477	1,455,777	1,332,585
Additional paid-in capital								49,941				(30,006)				49,941	(30,006)
Retained earnings								6,192				71				6,192	71
Total stockholders' equity								56,505				(29,740)				56,505	(29,740)	(307,159)
Total liabilities and stockholders' equity								2,561,477				1,455,777				2,561,477	1,455,777	1,332,585
Net income								(18,093)	$ 19,589	$ 19,344	$ 7,522	1,586	$ 68,247	$ 84,108	$ 37,176	28,362	191,117	174,293
Cash paid during the period for:
Interest																65,202	61,889	54,843
Income taxes																(35,432)	(1,622)	(1,119)
Non-cash investing activities:
Portion of acquisition purchase price paid through issuance of Class A common stock																5,720
Non-cash financing activities:
Par value of Class A common stock issued in exchange for common units in CWGS, LLC																130
Par value of Class A common stock issued for acquisition																1
Camping World Holdings, Inc
IPO
Proceeds from IPO																	243,809
Basis of Presentation
Intercompany revenue																4,768	1,564
Intercompany payable								100								100
Amount due related to tax receivable agreement								137,700				19,200				137,700	19,200
Restatement
Valuation allowance on the outside basis deferred tax asset related to CWGS, LLC								89,500				102,700				89,500	102,700
Decrease in deferred tax asset due to remeasurement under the 2017 Tax Act																47,000
Deferred tax asset								153,445				20,998				153,445	20,998
Investment in subsidiaries								24,315				(33,411)				24,315	(33,411)
Total assets								194,507				(10,181)				194,507	(10,181)
Additional paid-in capital								49,941				(30,006)				49,941	(30,006)
Retained earnings								6,192				71				6,192	71
Total stockholders' equity								56,505				(29,740)				56,505	(29,740)
Total liabilities and stockholders' equity								$ 194,507				(10,181)				194,507	(10,181)
Equity in net income of subsidiaries																84,092	2,877
Net income																28,362	1,586
Commitments and Contingencies
Expected future payment, as percent of tax benefits (as a percent)						85.00%
Cash paid during the period for:
Income taxes																31,543	58
Non-cash investing activities:
Portion of acquisition purchase price paid through issuance of Class A common stock																5,720
Non-cash financing activities:
Par value of Class A common stock issued in exchange for common units in CWGS, LLC																130
Par value of Class A common stock issued for acquisition																$ 1
As Reported
Restatement
Deferred tax asset												125,878					125,878	6,234
Total assets												1,563,765					1,563,765	1,338,105
Additional paid-in capital												74,239					74,239
Retained earnings												544					544
Total stockholders' equity												74,978					74,978	(294,860)
Total liabilities and stockholders' equity												1,563,765					1,563,765	1,338,105
Net income																	191,661	178,530
As Reported | Camping World Holdings, Inc
Restatement
Deferred tax asset												122,444					122,444
Investment in subsidiaries												(30,139)					(30,139)
Total assets												94,537					94,537
Additional paid-in capital												74,239					74,239
Retained earnings												544					544
Total stockholders' equity												74,978					74,978
Total liabilities and stockholders' equity												94,537					94,537
Equity in net income of subsidiaries																	3,350
Net income																	2,059
Adjustment
Restatement
Deferred tax asset												(101,445)					(101,445)
Total assets												(107,988)					(107,988)	(5,520)
Additional paid-in capital												(104,245)					(104,245)
Retained earnings												(473)					(473)
Total stockholders' equity												(104,718)					(104,718)	(12,299)
Total liabilities and stockholders' equity												(107,988)					(107,988)	(5,520)
Net income																	(544)	$ (4,237)
Adjustment | Camping World Holdings, Inc
Restatement
Deferred tax asset												(101,446)					(101,446)
Investment in subsidiaries												(3,272)					(3,272)
Total assets												(104,718)					(104,718)
Additional paid-in capital												(104,245)					(104,245)
Retained earnings												(473)					(473)
Total stockholders' equity												(104,718)					(104,718)
Total liabilities and stockholders' equity												$ (104,718)					(104,718)
Equity in net income of subsidiaries																	(473)
Net income																	$ (473)
Class A common stock
IPO
Number of shares issued							4,000,000									4,600,000	11,872,000
Offering price (in dollars per share)							$ 27.75
Proceeds from IPO																	$ 234,185
Class A common stock | IPO
IPO
Number of shares issued					11,363,636
Offering price (in dollars per share)					$ 22
Proceeds from IPO					$ 233,400
Class A common stock | Over allotment
IPO
Number of shares issued	600,000	600,000	508,564
Proceeds from IPO			$ 10,400
Class A common stock | Camping World Holdings, Inc
IPO
Proceeds from IPO																$ 122,544
Class A common stock | Camping World Holdings, Inc | IPO
IPO
Number of shares issued					11,872,200
Offering price (in dollars per share)					$ 22
Proceeds from IPO					$ 243,800
Class A common stock | Camping World Holdings, Inc | Over allotment
IPO
Number of shares issued				508,564

Schedule II - Valuation and 111

Schedule II - Valuation and Qualifying Accounts - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable allowance
Valuation allowance and reserves
Balance at Beginning of Period	$ 8,753	$ 8,370	$ 5,748
Additions Charged to Expense	838	1,332	2,180
Charged to Other Accounts	9,658	12,960	13,505
Charges Utilized (Write-off)	(10,590)	(13,909)	(13,063)
Balance at End of Period	8,659	8,753	8,370
Noncurrent other assets allowance
Valuation allowance and reserves
Balance at Beginning of Period	5,737	4,554	3,081
Charged to Other Accounts	6,918	3,209	2,826
Charges Utilized (Write-off)	(5,468)	(2,026)	(1,353)
Balance at End of Period	$ 7,187	$ 5,737	$ 4,554

Schedule II - Valuation and 112

Schedule II - Valuation and Qualifying Accounts Deferred Tax Assets - (Details) - Valuation allowance for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation allowance and reserves
Balance at Beginning of Period	$ 146,259	$ 42,504	$ 41,769
Tax Valuation Allowance Charged to Income Tax Provision	11,194	1,049	735
Tax Valuation Allowance Credited to Income Tax Provision	(64,535)
Charged to Other Accounts	33,788	102,706
Balance at End of Period	$ 126,706	$ 146,259	$ 42,504