Camping World (CWH) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Entity Registrant Name	Camping World Holdings, Inc.
Entity Central Index Key	0001669779
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Class A common stock
Entity Common Stock, Shares Outstanding		37,215,759
Class B common stock
Entity Common Stock, Shares Outstanding		50,706,629
Class C common stock
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 69,985	$ 138,557
Contracts in transit	117,226	53,214
Accounts receivable, net	87,006	85,711
Inventories	1,622,964	1,558,970
Prepaid expenses and other assets	46,338	51,710
Total current assets	1,943,519	1,888,162
Property and equipment, net	343,946	359,855
Operating lease assets	820,090
Deferred tax assets, net	128,695	145,943
Intangible assets, net	34,144	35,284
Goodwill	371,098	359,117
Other assets	20,931	18,326
Total assets	3,662,423	2,806,687
Current liabilities:
Accounts payable	224,821	144,808
Accrued liabilities	130,949	124,619
Deferred revenues and gains	81,463	88,054
Current portion of finance lease liabilities	9	23
Current portion of operating lease liabilities	54,878
Current portion of Tax Receivable Agreement liability	9,376	9,446
Current portion of long-term debt	12,976	12,977
Notes payable - floor plan, net	882,346	885,980
Other current liabilities	41,573	39,211
Total current liabilities	1,438,391	1,305,118
Right to use liability		5,147
Operating lease liabilities, net of current portion	822,543
Tax Receivable Agreement liability, net of current portion	116,368	124,763
Revolving line of credit	42,610	38,739
Long-term debt, net of current portion	1,150,605	1,152,888
Deferred revenues and gains	57,393	67,157
Other long-term liabilities	26,879	79,958
Total liabilities	3,654,789	2,773,770
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share - 20,000,000 shares authorized; none issued and outstanding as of March 31, 2019 and December 31, 2018
Additional paid-in capital	48,573	47,531
Retained deficit	(24,759)	(3,370)
Total stockholders' equity attributable to Camping World Holdings, Inc.	24,191	44,538
Non-controlling interests	(16,557)	(11,621)
Total stockholders' equity	7,634	32,917
Total liabilities and stockholders' equity	3,662,423	2,806,687
Class A common stock
Stockholders' equity:
Common stock	372	372
Total stockholders' equity	372	372
Class B common stock
Stockholders' equity:
Common stock	5	5
Total stockholders' equity	$ 5	$ 5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	37,285,248	37,278,690
Common stock, outstanding	37,198,920	37,192,364
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	50,706,629	50,706,629
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Total revenue	$ 1,064,769,000	$ 1,058,661,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	766,442,000	756,768,000
Operating expenses:
Selling, general, and administrative	268,065,000	246,313,000
Debt restructure expense		424,000
Depreciation and amortization	13,594,000	9,400,000
(Gain) loss on sale of assets	(214,000)	85,000
Total operating expenses	281,445,000	256,222,000
Income from operations	16,882,000	45,671,000
Other income (expense):
Floor plan interest expense	(11,610,000)	(10,743,000)
Other interest expense, net	(17,643,000)	(12,839,000)
Loss on debt restructure		(1,676,000)
Tax Receivable Agreement liability adjustment	8,477,000
Total other income (expense)	(20,776,000)	(25,258,000)
(Loss) income before income taxes	(3,894,000)	20,413,000
Income tax expense	(22,913,000)	(6,865,000)
Net (loss) income	(26,807,000)	13,548,000
Less: net (loss) income attributable to non-controlling interests	7,412,000	(11,727,000)
Net (loss) income attributable to Camping World Holdings, Inc.	$ (19,395,000)	$ 1,821,000
(Loss) earnings per share of Class A common stock:
Basic	$ (0.52)	$ 0.05
Diluted	$ (0.52)	$ 0.05
Weighted average shares of Class A common stock outstanding:
Basic	37,195	36,816
Diluted	37,195	37,320
Class A common stock
Other income (expense):
(Loss) income before income taxes		$ (20,413)
Income tax expense		$ (6,865)
(Loss) earnings per share of Class A common stock:
Basic	$ (0.52)	$ 0.05
Diluted	$ (0.52)	$ 0.05
Weighted average shares of Class A common stock outstanding:
Basic	37,195	36,816
Diluted	37,195	37,320
New vehicles
Revenue:
Total revenue	$ 529,577,000	$ 579,510,000
Used vehicles
Revenue:
Total revenue	180,008,000	172,091,000
Products, service and other
Revenue:
Total revenue	204,876,000	164,152,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		95,802,000
Finance and insurance, net
Revenue:
Total revenue	91,891,000	89,100,000
Good Sam Club
Revenue:
Total revenue	11,451,000	8,983,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue		2,329,000
Good Sam Services and Plans
Revenue:
Total revenue	46,966,000	44,825,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	20,731,000	20,460,000
RV and Outdoor Retail
Revenue:
Total revenue	1,017,803,000	1,013,836,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	745,711,000	736,308,000
RV and Outdoor Retail | New vehicles
Revenue:
Total revenue	529,577,000	579,510,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	463,044,000	503,884,000
RV and Outdoor Retail | Used vehicles
Revenue:
Total revenue	180,008,000	172,091,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	142,846,000	134,293,000
RV and Outdoor Retail | Products, service and other
Revenue:
Total revenue	204,876,000	164,152,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	136,104,000	95,802,000
RV and Outdoor Retail | Finance and insurance, net
Revenue:
Total revenue	91,891,000	89,100,000
RV and Outdoor Retail | Good Sam Club
Revenue:
Total revenue	11,451,000	8,983,000
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	$ 3,717,000	$ 2,329,000

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	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, 2017	$ 42,520	$ 7,619	$ 21,252	$ 367	$ 5		$ 71,763
Balance (in shares) at Dec. 31, 2017				36,749,000	50,837,000
Increase (Decrease) in Members' Equity (Deficit)
Equity-based compensation	3,218						3,218
Exercise of stock options	137						137
Exercise of stock options (in shares)				6,000
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	(77)		77
Vesting of restricted stock units (in shares)				2,000
Redemption of LLC common units for Class A common stock	1,848		(115)	$ 2			1,735
Redemption of LLC common units for Class A common stock (in shares)				173,000	(130,000)
Distributions to holders of LLC common units			(19,938)				(19,938)
Dividends		(5,662)					(5,662)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	(1,414)						(1,414)
Non-controlling interest adjustment	(1,592)		1,592
Net (loss) income		1,821	11,727				13,548
Balance at Mar. 31, 2018	44,640	5,088	17,071	$ 369	$ 5		67,173
Balance (in shares) at Mar. 31, 2018				36,930,000	50,707,000
Increase (Decrease) in Members' Equity (Deficit)
Adoption of accounting standard (see Note 1 - Summary of Significant Accounting Policies) | ASU 2014-09		1,310	2,476				3,786
Balance at Dec. 31, 2018	47,531	(3,370)	(11,621)	$ 372	$ 5		32,917
Balance (in shares) at Dec. 31, 2018				37,192,364	50,706,629	1
Increase (Decrease) in Members' Equity (Deficit)
Equity-based compensation	2,716						2,716
Vesting of restricted stock units (in shares)				1,000
Redemption of LLC common units for Class A common stock	12						12
Redemption of LLC common units for Class A common stock (in shares)				6,000
Distributions to holders of LLC common units			(5,534)				(5,534)
Dividends		(5,699)					(5,699)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	(8)						(8)
Non-controlling interest adjustment	(1,678)		1,678
Net (loss) income		(19,395)	(7,412)				(26,807)
Balance at Mar. 31, 2019	$ 48,573	(24,759)	(16,557)	$ 372	$ 5		7,634
Balance (in shares) at Mar. 31, 2019				37,198,920	50,706,629	1
Increase (Decrease) in Members' Equity (Deficit)
Adoption of accounting standard (see Note 1 - Summary of Significant Accounting Policies) | ASU 2016-02		$ 3,705	$ 6,332				$ 10,037

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net (loss) income	$ (26,807)	$ 13,548
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,594	9,400
Equity-based compensation	2,716	3,218
Loss on debt restructure		1,676
(Gain) loss on sale of assets	(214)	85
Provision for losses on accounts receivable	186	106
Non-cash lease expense	13,495
Accretion of original debt issuance discount	267	229
Amortization of deferred financing costs	1,162	1,274
Deferred income taxes	16,412	2,426
Tax Receivable Agreement liability adjustment	(8,477)
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(65,493)	(63,567)
Inventories	(54,496)	(153,637)
Prepaid expenses and other assets	4,976	5,619
Accounts payable and other accrued expenses	55,392	122,806
Payment pursuant to Tax Receivable Agreement		(7)
Accrued rent for cease-use locations	542	(416)
Deferred revenue and gains	(5,805)	(1,986)
Operating lease liability	(13,941)
Other, net	(7,529)	2,256
Net cash used in operating activities	(74,020)	(56,970)
Investing activities
Purchases of property and equipment	(11,761)	(43,269)
Purchase of real property	(665)	(24,426)
Proceeds from the sale of real property	10,226
Purchases of businesses, net of cash acquired	(21,169)	(12,484)
Proceeds from sale of property and equipment	453	513
Net cash used in investing activities	(22,916)	(79,666)
Financing activities
Proceeds from long-term debt		319,913
Payments on long-term debt	(3,232)	(70,714)
Net borrowings (payments) on notes payable - floor plan, net	38,972	(962)
Borrowings on revolving line of credit	3,871	24,403
Payments of principal on finance lease obligations	(14)	(250)
Payments of principal on right to use liability		(38)
Payment of debt issuance costs		(3,115)
Dividends on Class A common stock	(5,699)	(5,662)
Proceeds from exercise of stock options		137
Members' distributions	(5,534)	(19,938)
Net cash provided by financing activities	28,364	243,774
Increase (decrease) in cash and cash equivalents	(68,572)	107,138
Cash and cash equivalents at beginning of the period	138,557	224,163
Cash and cash equivalents at end of period	$ 69,985	$ 331,301

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Camping World Holdings, Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements March 31, 2019 1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Camping World Holdings, Inc. (“CWH”) and its subsidiaries (collectively, the “Company”), and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three months ended March 31, 2019 are unaudited. The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “Annual Report”) filed with the SEC on March 15, 2019. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an initial public offering (the “IPO”) and other related transactions in order to carry on the business of CWGS Enterprises, LLC (“CWGS, LLC”). CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions (the “Reorganization Transactions”) that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, CWH has a minority economic interest in CWGS, LLC. As of March 31, 2019, CWH owned 41.9% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. The Company does not have any components of other comprehensive income recorded within its consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its consolidated financial statements. Description of the Business CWGS, LLC is a holding company and operates through its subsidiaries. The Company realigned the structure of its internal organization during the three months ended March 31, 2019. The Company previously had three reportable segments: (i) Consumer Services and Plans; (ii) Dealership, and (iii) Retail. Following the realignment, the Company now has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. In conjunction with the first quarter 2019 realignment of our reporting structure, the company combined our prior Dealership and Retail segments into the RV and Outdoor Retail segment. The Company has also reclassified a portion of the former Consumer Services and Plans segment, the Good Sam Club and co-branded credit card operations, to the RV and Outdoor Retail segment which reflects the synergies of those two programs with the RV and Outdoor Retail locations. The remaining portion of the former Consumer Services and Plans segment is now called the Good Sam Services and Plans segment. The Company’s reportable segment financial information has been recast to reflect the updated reportable segment structure for all periods presented. See Note 17 – Segments Information to Consolidated Financial Statements for further information about the Company’s segments. The Company primarily provides Good Sam Services and Plans offerings under its Good Sam brand and provides RV and Outdoor Retail offerings primarily under its Camping World and Gander Outdoors brands. Within the Good Sam 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; vehicle financing and refinancing; shows and events; and publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used recreational vehicles (“RVs”); the sale of RV products and services, including the sale of parts, accessories, supplies and services for RVs; equipment, gear and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport and other outdoor activities; commissions on the finance and insurance contracts related to the sale of RVs; and Good Sam Club memberships and co-branded credit cards. The Company primarily operates in various regions throughout the United States and markets its products and services to RV owners and outdoor enthusiasts. Through retail acquisitions and retail expansions, we have expanded our number of retail locations to 226 on March 31, 2019 from 183 on March 31, 2018. The table below summarizes our store locations as of March 31, 2019 and March 31, 2018: March 31, 2019 2018 Co-habited RV and Outdoor Retail locations 131 117 Stand-alone RV locations 16 9 Stand-alone Outdoor Retail locations 79 57 Total locations 226 183 Reclassifications of Prior Period Amounts Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, as discussed in Note 17 — Segment Information, the Company has made changes to its operating segments and transferred certain assets relating to the Good Sam Club and co-branded credit card from its Good Sam Services and Plans segment to its RV and Outdoor Retail segment. Additionally, as a result of these changes, the Company has updated its disaggregated revenue categories to the following: · Good Sam services and plans – includes extended vehicle service contracts, emergency roadside assistance, property and casualty insurance programs, vehicle financing and refinancing, travel protection, consumer shows, directories, consumer magazines, and the Coast to Coast Club; · New vehicles – represents the sale of new RVs; · Used vehicles – represents the sale of used RVs; · Products, service and other – includes repair and maintenance, installation of parts and accessories, collision repair, sales of RV equipment and accessories, sales of outdoor lifestyle products and apparel, and other; · Finance and insurance, net – includes vehicle financing and protection plans typically sold in conjunction with the sale of new and used vehicles; and · Good Sam Club – includes the Good Sam Club and co-branded credit card. Revisions for Correction of Immaterial Errors Subsequent to the issuance of the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2018, errors were identified in connection with the preparation of the financial statements for the year ended December 31, 2018, and related primarily to i) the cancellation reserve for certain of its finance and insurance offerings within the former Dealership segment in other current liabilities and other long-term liabilities, ii) the calculation of the Tax Receivable Agreement liability that arose from transactions in 2017, iii) the classification in the condensed consolidated statement of cash flows of non-cash capital expenditures included in accounts payable and non-cash leasehold improvements paid by lessor in other, net, and iv) the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers (“ASC 606”) on January 1, 2018. The Company corrected the errors in the accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2018. The Company believes the correction of the errors is immaterial to the previously issued Condensed Consolidated Financial Statements. The Company revised stockholders’ equity as of January 1, 2018 to correct these errors as of the beginning of the earliest year presented in these condensed consolidated financial statements, resulting in a decrease of $19.1 million from the previously reported amount of $90.8 million to the correct amount of $71.8 million. The following table presents the effect of the error corrections on the condensed consolidated statement of operations for the period indicated: Three Months Ended March 31, 2018 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Revenue - Products, service and other $ 164,308 $ (156) $ 164,152 Revenue - Finance and insurance, net 91,849 (2,749) 89,100 Total revenue 1,061,566 (2,905) 1,058,661 Costs applicable to revenue - Good Sam services and plans (1) 20,423 37 20,460 Costs applicable to revenue - Products, service and other 95,888 (86) 95,802 Costs applicable to revenue - Good Sam Club (1) 2,302 27 2,329 Total costs applicable to revenue 756,790 (22) 756,768 Selling, general and administrative expenses 245,114 1,199 246,313 Total operating expenses 255,023 1,199 256,222 Income from operations 49,753 (4,082) 45,671 Income before income taxes 24,495 (4,082) 20,413 Income tax expense (7,219) 354 (6,865) Net income 17,276 (3,728) 13,548 Net income attributable to non-controlling interests (14,095) 2,368 (11,727) Net income attributable to Camping World Holdings, Inc. 3,181 (1,360) 1,821 Earnings per share of Class A common stock: Basic $ 0.09 $ (0.04) $ 0.05 Diluted $ 0.08 $ (0.03) $ 0.05 (1) Amounts were combined and previously reported as costs applicable to revenue - consumer services and plans prior to reclassifications made for changes in segment reporting as disclosed in Note 17 – Segments Information. The following table presents the effect of the error corrections on the condensed consolidated statement of cash flows for the period indicated: Three Months Ended March 31, 2018 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Net income $ 17,276 $ (3,728) $ 13,548 Deferred income taxes 2,736 (310) 2,426 Receivables and contracts in transit (56,104) (7,463) (63,567) Inventories (150,918) (2,719) (153,637) Prepaid expenses and other assets 1,675 3,944 5,619 Accounts payable and other accrued expenses 123,987 (1,181) 122,806 Deferred revenue and gains (2,959) 973 (1,986) Other 524 1,732 2,256 Net cash used in operating activities (48,218) (8,752) (56,970) Purchases of property and equipment (52,021) 8,752 (43,269) Net cash used in investing activities (88,418) 8,752 (79,666) Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying unaudited condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, program cancellation reserves, and accruals related to self-insurance programs, estimated tax liabilities and other liabilities. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”). The FASB had subsequently issued several related ASUs that clarified the implementation guidance for certain aspects of ASU 2016-02, which were effective upon the adoption of ASU 2016-02. The amendments in this ASU related to the accounting for leasing transactions. ASC 842 requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases (with the exception of short-term leases) at the lease commencement date and recognize expenses on the income statement in a similar manner to the previous guidance in Accounting Standards Codification (“ASC”) 840, Leases ("ASC 840"). The lease liability is measured as the present value of the unpaid lease payments and the right-of-use asset is derived from the calculation of the lease liability adjusted for initial direct costs, prepaid lease payments, and lease incentives. Lease payments include fixed and in-substance fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties where the lease term reflects the election of a termination option, fees paid by the lessee to the owners of a special-purpose entity for restructuring the transaction, and probable amounts the lessee will owe under a residual value guarantee. Lease payments do not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components. The discount rate used to derive the present value of unpaid lease payments is based on the rates implicit in the lease, or if not available, the incremental borrowing rate. The most significant impact of ASC 842 on the Company’s accounting was the balance sheet impact of its real estate operating leases, which significantly increased assets and liabilities. In addition, ASC 842 eliminated the previous build-to-suit lease accounting guidance and resulted in derecognition of build-to-suit assets and liabilities that remained on the balance sheet after the end of the construction period, including any related deferred taxes. Also, ASC 842 made changes to sale-leaseback accounting to result in the recognition of the gain on the transaction at the time of the sale instead of recognizing over the leaseback period, when the transaction is deemed to be a sale instead of a financing arrangement. ASC 842 further changes the assessment of sale accounting from a transfer of risk and rewards assessment to a transfer of control assessment. The Company elected the package of practical expedients available under the transition provisions of ASC 842, including (i) not reassessing whether expired or existing contracts contain leases, (ii) lease classification, and (iii) not revaluing initial direct costs for existing leases. Also, the Company elected the practical expedient which allows aggregation of non-lease components with the related lease components when evaluating accounting treatment for equipment and billboard leases. Lastly, the Company applied the modified retrospective adoption method, utilizing the simplified transition option available in ASC 842, which allows entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. The Company adopted ASC 842 on January 1, 2019. The impact of applying ASC 842 effective as of January 1, 2019, to the Company’s condensed consolidated statements of operations and cash flows was not significant. The major impacts to the balance sheet were 1) the addition of $809.7 million in operating lease assets, 2) the addition of $867.5 million of operating lease liabilities, 3) the removal of approximately $4.9 million, $10.6 million, $7.6 million, and $54.5 million of property and equipment, net; deferred revenues and gains; accrued liabilities; and other liabilities, respectively, and 4) a cumulative-effect adjustment for the adoption of ASC 842 of $3.7 million and $6.3 million was recorded to retained earnings and non-controlling interests, respectively. The adoption of ASC 842 did not impact any of its existing debt covenants. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires the use of a forward-looking expected loss impairment model for trade and other receivables, held-to-maturity debt securities, loans and other instruments. This standard also requires impairments and recoveries for available-for-sale debt securities to be recorded through an allowance account and revises certain disclosure requirements. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company does not expect that the adoption of the provisions of this ASU will have a material impact on its consolidated financial statements In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). This standard aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service arrangement (i.e., hosting arrangement) with the guidance on capitalizing costs in ASC 350-40, Internal-Use Software. The ASU permits either a prospective or retrospective transition approach. The standard will be effective for fiscal years beginning after December 15, 2019. The Company will adopt ASU 2018-15 on January 1, 2020. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue
Revenue	2. Revenue Contract Assets As of March 31, 2019 and December 31, 2018, a contract asset of $5.7 million and $6.3 million, respectively, relating to RV service revenues was included in accounts receivable in the accompanying unaudited condensed consolidated balance sheet. Deferred Revenues As of March 31, 2019, the Company has unsatisfied performance obligations relating to multi-year plans for its Good Sam Club, roadside assistance, Coast to Coast memberships, and magazine publication revenue streams. The total unsatisfied performance obligation for these revenue streams at March 31, 2019 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands): As of March 31, 2019 2019 $ 68,897 2020 34,475 2021 16,324 2022 8,057 2023 4,115 Thereafter 6,988 Total $ 138,856

Inventories and Floor Plan Paya

Inventories and Floor Plan Payable	3 Months Ended
	Mar. 31, 2019
Inventories and Floor Plan Payable
Inventories, net and Notes Payable - Floor Plan, net	3. Inventories and Floor Plan Payable Inventories consisted of the following (in thousands): March 31, December 31, 2019 2018 Good Sam services and plans $ 401 $ 459 New RVs 1,062,448 1,017,910 Used RVs 120,418 124,527 Products, parts, accessories and miscellaneous 439,697 416,074 $ 1,622,964 $ 1,558,970 New and used RV inventory, included in RV and Outdoor Retail segment, are primarily financed by floor plan arrangements through a syndication of banks. The arrangements are collateralized by substantially all of the assets of FreedomRoads, LLC (“FR”), a wholly owned subsidiary of FreedomRoads, which operates the dealerships, and bear interest at one-month London Interbank Offered Rate (“LIBOR”) plus 2.50% as of March 31, 2019 and 2.15% as of December 31, 2018. LIBOR was 2.49% at March 31, 2019 and 2.35% as of December 31, 2018. Borrowings are tied to specific vehicles and principal is due upon the sale of the related vehicle. As of March 31, 2019 and December 31, 2018, FR maintained floor plan financing through the Seventh Amended and Restated Credit Agreement (“Floor Plan Facility”) with a maturity date of December 12, 2020 and an 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. The Floor Plan Facility allows FR 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 $60.0 million under the revolving line of credit, which maximum amount outstanding will decrease by $3.0 million on the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 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 March 31, 2019 and December 31, 2018. The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of March 31, 2019 and December 31, 2018 (in thousands): March 31, December 31, 2019 2018 Floor Plan Facility Notes payable - floor plan: Total commitment $ 1,415,000 $ 1,415,000 Less: borrowings, net (882,346) (885,980) Less: flooring line aggregate interest reduction account (152,346) (97,757) Additional borrowing capacity 380,308 431,263 Less: accounts payable for sold inventory (76,534) (33,928) Less: purchase commitments (37,671) (22,530) Unencumbered borrowing capacity $ 266,103 $ 374,805 Revolving line of credit: $ 60,000 $ 60,000 Less borrowings (42,610) (38,739) Additional borrowing capacity $ 17,390 $ 21,261 Letters of credit: Total commitment $ 15,000 $ 15,000 Less: outstanding letters of credit (10,380) (10,380) Additional letters of credit capacity $ 4,620 $ 4,620

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets
Goodwill and Intangible Assets	4. Goodwill and Intangible Assets Goodwill The following is a summary of changes in the Company’s goodwill by segment for the three months ended March 31, 2019 (in thousands): Good Sam Services and RV and Plans Outdoor Retail Consolidated Balance as of December 31, 2018 50,320 308,797 359,117 Acquisitions (1) — 11,981 11,981 Transfers of assets between reporting units (26,491) 26,491 — Balance as of March 31, 2019 $ 23,829 $ 347,269 $ 371,098 (1) See Note 10 — Acquisitions. The Company evaluates goodwill 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 records an impairment of goodwill equal to the amount that the carrying amount of a reporting unit exceeds its fair value. As of January 1, 2019, the Company transferred certain assets related to the Good Sam Club and co-branded credit card from GSS Enterprises, LLC (“GSS”) within the Good Sam Services and Plans segment to CWI, Inc. (“CWI”) within the RV and Outdoor Retail segment. This resulted in a transfer of $26.5 million of goodwill from the Good Sam Services and Plans segment to the RV and Outdoor Retail segment based on relative fair value as of January 1, 2019 of the portion of the reporting unit transferred. Intangible Assets Finite–lived intangible assets and related accumulated amortization consisted of the following at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Cost or Accumulated Fair Value Amortization Net Good Sam Services and Plans: Membership and customer lists $ 9,140 $ (7,374) $ 1,766 RV and Outdoor Retail: Customer lists and domain names 3,415 (1,811) 1,604 Trademarks and trade names 29,304 (3,342) 25,962 Websites 6,074 (1,262) 4,812 $ 47,933 $ (13,789) $ 34,144 December 31, 2018 Cost or Accumulated Fair Value Amortization Net Good Sam Services and Plans: Membership and customer lists $ 9,140 $ (7,174) $ 1,966 RV and Outdoor Retail: Customer lists and domain names 3,415 (1,559) 1,856 Trademarks and trade names 29,304 (2,853) 26,451 Websites 6,074 (1,063) 5,011 $ 47,933 $ (12,649) $ 35,284

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Long-Term Debt
Long-Term Debt	5. Long-Term Debt Outstanding long-term debt consisted of the following (in thousands): March 31, December 31, 2019 2018 Term Loan Facility (1) $ 1,154,295 $ 1,156,345 Real Estate Facility (2) 9,286 9,520 Subtotal 1,163,581 1,165,865 Less: current portion (12,976) (12,977) Total $ 1,150,605 $ 1,152,888 (1) Net of $5.1 million and $5.4 million of original issue discount at March 31, 2019 and December 31, 2018, respectively, and $12.7 million and $13.4 million of finance costs at March 31, 2019 and December 31, 2018, respectively. (2) Net of $0.2 million and $0.2 million of finance costs at March 31, 2019 and December 31, 2018, respectively. Senior Secured Credit Facilities As of March 31, 2019 and December 31, 2018, CWGS Group, LLC (the “Borrower”), a wholly owned subsidiary of CWGS, LLC, was party to a credit agreement (as amended from time to time, the “Credit Agreement”) for a senior secured credit facility (the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities consists of a term loan facility (the “Term Loan Facility”) and a $35.0 million revolving credit facility (the “Revolving Credit Facility”). The funds available under the 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. The Revolving Credit Facility matures on November 8, 2021, and the Term Loan Facility matures on November 8, 2023. The Term Loan Facility requires mandatory principal payments in equal quarterly installments of $3.0 million. Additionally, 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 Credit Agreement, for such fiscal year depending on the Total Leverage Ratio. No excess cash flow payment was required relating to the year ended December 31, 2018. As of March 31, 2019, the average interest rate on the Term Loan Facility was 5.24%. As of March 31, 2019, the Company had $9.4 million available for borrowing and letters of credit in the aggregate amount of $3.7 million outstanding under the Revolving Credit Facility, as a result of the 30% threshold described below. As of March 31, 2019, a principal balance of $1.2 billion was outstanding under the Term Loan Facility and no amounts were outstanding on the Revolving Credit Facility. The Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and future domestic restricted subsidiaries with the exception of FreedomRoads Intermediate Holdco, LLC, the direct parent of FR, and FR and its subsidiaries. The Credit Agreement contains certain restrictive covenants pertaining to, 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 Senior Secured Credit Facilities include subjective acceleration clauses which could impact debt classification. Management has determined that no events have occurred at March 31, 2019, including the internal control material weaknesses, that would trigger a subjective acceleration clause. The Credit Agreement requires the Borrower and its subsidiaries to comply on a quarterly basis with a maximum Total Leverage Ratio (as defined in the Credit Agreement), which covenant is in effect only if, as of the end of each calendar quarter, the aggregate amount of borrowings under the revolving credit facility (including swingline loans), letters of credit and unreimbursed letter of credit disbursements outstanding at such time (minus the lesser of (a) $5.0 million and (b) letters of credit outstanding) is greater than 30% of the aggregate amount of the Revolving Lenders’ Revolving Commitments (minus the lesser of (a) $5.0 million and (b) letters of credit outstanding), as defined in the Credit Agreement. As of March 31, 2019, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 30% threshold. At March 31, 2019, the Company would not have met this covenant if the Company had exceeded the 30% threshold. As such, the Company’s borrowing capacity under the Revolving Credit Facility at March 31, 2019 was limited to $9.4 million of additional borrowings. The Company was in compliance with all applicable debt covenants at March 31, 2019 and December 31, 2018. Real Estate Facility As of March 31, 2019 and December 31, 2018, Camping World Property, Inc. (the ‘‘Real Estate Borrower’’), an indirect wholly-owned subsidiary of CWGS, LLC, and CIBC Bank USA (“Lender”), was party to a loan and security agreement for a real estate credit facility with an aggregate maximum principal amount of $21.5 million (“Real Estate Facility”). Borrowings under the Real Estate Facility are guaranteed by CWGS Group, LLC, a wholly-owned subsidiary of CWGS, LLC. The Real Estate Facility may be used to finance the acquisition of real estate assets. The Real Estate Facility is secured by first priority security interest on the real estate assets acquired with the proceeds of the Real Estate Facility (“Real Estate Facility Properties”). The Real Estate Facility matures on October 31, 2023. As of March 31, 2019, the average interest rate on the Real Estate Facility was 5.42% with a commitment fee of 0.50% of the aggregate principal amount of the Real Estate Facility. As of March 31, 2019, the Company had available borrowings of $11.7 million under the Real Estate Facility. As of March 31, 2019, a principal balance of $9.5 million was outstanding under the Real Estate Facility. The Real Estate Facility is subject to certain cross default provisions, a debt service coverage ratio, and other customary covenants. The Company was in compliance with all debt covenants at March 31, 2019 and December 31, 2018.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases
Leases	6. Leases The Company leases property and equipment throughout the United States primarily under operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. The Company aggregates non-lease components with the related lease components when evaluating the accounting treatment for equipment and billboard leases. Many of the Company’s lease agreements include fixed rental payments. Certain of its lease agreements include fixed rental payments that are adjusted periodically for changes in the Consumer Price Index (“CPI”). Payments based on a change in an index or a rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments are incurred. Most of the Company’s real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the operating lease assets and operating lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company leases most of the properties for its RV and outdoor retail locations through 291 operating leases. The Company also leases billboards and certain of its equipment primarily through operating leases. The related right-of-use (“ROU”) assets for these operating leases are included in operating lease assets. The Company has one finance lease for equipment, which is not material. As of March 31, 2019, the weighted-average remaining lease term and weighted-average discount rate of operating leases was 13.1 years and 7.8%, respectively. The following presents certain information related to the costs for operating leases during 2019: Three Months Ended March 31, 2019 Operating lease cost $ 30,202 Short-term lease cost 713 Variable lease cost 552 Sublease income (305) Net lease costs $ 31,162 The following presents supplemental cash flow information related to leases during 2019: Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 30,044 ROU assets obtained in exchange for lease liabilities: Operating leases $ 23,403 The following reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities on the balance sheet as of March 31, 2019: Operating Leases 2019 $ 90,408 2020 119,411 2021 119,061 2022 114,092 2023 110,552 Thereafter 868,754 Total lease payments 1,422,278 Less: Imputed interest (544,857) Total lease obligations 877,421 Less: Current portion (54,878) Noncurrent lease obligations $ 822,543 Disclosures related to periods prior to the adoption of ASC 842 The Company leases operating facilities throughout the United States. Prior to January 1, 2019, the Company analyzed all leases in accordance with ASC 840 — Leases. The Company has included the right to use assets in property and equipment, net, as follows (in thousands): December 31, 2018 Right to use assets $ 5,400 Accumulated depreciation (540) $ 4,860 The following is a schedule by year of the future changes in the right to use liabilities as of December 31, 2018 (in thousands): 2019 $ 486 2020 486 2021 486 2022 486 2023 486 Thereafter 7,889 Total minimum lease payments 10,319 Amounts representing interest (5,172) Present value of net minimum right to use liability payments $ 5,147 Future minimum annual fixed rentals under operating leases having an original term of more than one year as of December 31, 2018, were as follows (in thousands): Third Party Related Party Total 2019 $ 116,131 $ 2,248 $ 118,379 2020 111,008 2,248 113,256 2021 106,740 2,248 108,988 2022 102,496 2,145 104,641 2023 99,594 1,930 101,524 Thereafter 811,228 18,951 830,179 Total $ 1,347,197 $ 29,770 $ 1,376,967 For the three months ended March 31, 2018, $25.7 million of rent expense was charged to costs and expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Fair Value Measurements	7. 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. 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 2019 and 2018 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 Term Loan Facility, as applicable, are based on quoted prices in the inactive market for identical assets (Level 2) and the fair values shown below for the Floor Plan Facility Revolving Line of Credit and the Real Estate Facility are estimated by discounting the future contractual cash flows at the current market interest rate that is available based on similar financial instruments. Fair Value 3/31/2019 12/31/2018 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility Level 2 $ 1,154,295 $ 1,056,292 $ 1,156,345 $ 1,116,338 Floor Plan Facility Revolving Line of Credit Level 2 42,610 44,107 38,739 40,139 Real Estate Facility Level 2 9,286 10,599 9,520 10,850

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Litigation On October 19, 2018, a purported stockholder of the Company filed a putative class action lawsuit, captioned Ronge v. Camping World Holdings, Inc. et al. , in the United States District Court for the Northern District of Illinois against the Company, certain of its officers and directors, and Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C. (the “Ronge Complaint”). On October 25, 2018, a different purported stockholder of the Company filed a putative class action lawsuit, captioned Strougo v. Camping World Holdings, Inc. et al. , in the United States District Court for the Northern District of Illinois against the Company, certain of its officers and directors, and Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C. (the “Strougo Complaint”). The Ronge and Strougo Complaints were consolidated and lead plaintiffs appointed by the court. On February 27, 2019, lead plaintiffs filed a consolidated complaint against the Company, certain of its officers, directors, Crestview Partners II GP, L.P. and Crestview Advisors, L.L.C., and the underwriters of the May and October 2017 secondary offerings of the Company’s Class A common stock. The consolidated complaint alleges violations of Sections 11 and 12(a)(2) of the Securities Act of 1933, as well as Section 10(b) of the Securities Exchange Act of 1934, as amended, and rule 10b-5 thereunder, based on allegedly materially misleading statements or omissions of material facts necessary to make certain statements not misleading related to the business, operations, and management of the Company. Additionally, it alleges that certain of the Company’s officers and directors, Crestview Partners II GP, L.P., and Crestview Advisors, L.L.C. violated Section 15 of the Securities Act of 1933 and Section 20(a) of the Securities Exchange Act of 1934, as amended, by allegedly acting as controlling persons of the Company. The lawsuit brings claims on behalf of a putative class of purchasers of the Company’s Class A common stock between March 8, 2017 and August 7, 2018, and seeks compensatory damages, rescission, attorneys’ fees and costs, and any equitable or injunctive relief the court deems just and proper. The Company believes it has meritorious defenses to the claims of the plaintiffs and members of the putative class, and any liability for the alleged claims is not currently probable or reasonably estimable. On December 12, 2018, a putative class action complaint styled International Union of Operating Engineers Benefit Funds of Eastern Pennsylvania and Delaware v. Camping World Holdings Inc., et al. was filed in the Supreme Court of the State of New York, New York County, on behalf of all purchasers of Camping World Class A common stock issued pursuant and/or traceable to a secondary offering of such securities in October 2017 (“IUOE Complaint”). The IUOE Complaint names as defendants the Company, and certain of its officers and directors, among others, and alleges violations of Sections 11, 12(a), and 15 of the Securities Act of 1933 based on allegedly materially misleading statements or omissions of material facts necessary to make certain statements not misleading and seeks compensatory damages, including prejudgment and post-judgement interest, attorneys’ fees and costs, and any equitable or injunctive relief the court deems just and proper, including rescission. On February 28, 2019. the Company, along with the other defendants, moved to dismiss this action. The Company believes it has meritorious defenses to the claims of the plaintiffs and members of the putative class, and any liability for the alleged claims is not currently probable or reasonably estimable. On February 22, 2019, a putative class action complaint styled Daniel Geis v. Camping World Holdings, Inc., et al. was filed in the Circuit Court of Cook County, Illinois, Chancery Division, on behalf of all purchasers of Camping World Class A common stock in and/or traceable to the Company’s initial public offering on October 6, 2016 (“Geis Complaint”). The Geis Complaint names as defendants the Company, certain of our officers and directors, and the underwriters of the offering, and alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 based on allegedly materially misleading statements or omissions of material facts necessary to make certain statements not misleading. The Geis Complaint seeks compensatory damages, prejudgment and post-judgment interest, attorneys’ fees and costs, and any other and further relief the court deems just and proper. On April 19, 2019, the Company, along with the other defendants, moved to dismiss this action. The Company believes it has meritorious defenses to the claims of the plaintiff and members of the putative class, and any liability for the alleged claims is not currently probable or reasonably estimable. On March 5, 2019, a shareholder derivative suit styled Hunnewell v. Camping World Holdings, Inc., et al. , was filed in the Court of Chancery of the State of Delaware, alleging breaches of fiduciary duty for alleged failure to implement effective disclosure controls and internal controls over financial reporting and to properly oversee certain acquisitions and for alleged insider trading (the “Hunnewell Complaint”). The Hunnewell Complaint names the Company as nominal defendant, and names certain of the Company’s officers and directors, among others, as defendants and seeks restitutionary and/or compensatory damages, disgorgement of all management fees, advisory fees, expenses and other fees paid by Camping World during the period in question, disgorgement of profits pursuant to the alleged insider trading, attorneys’ fees and costs, and any other and further relief the court deems just and proper. On April 29, 2019, the Company, along with the other defendants, moved to stay the action pending the resolution of the putative class action in the United States District Court for the Northern District of Illinois. The Company believes it has meritorious defenses to the claims of the plaintiffs, and any liability for the alleged claims is not currently probable or reasonably estimable. On April 17, 2019, a shareholder derivative suit styled Lincolnshire Police Pension Fund v. Camping World Holdings, Inc., et al. , was filed in the Court of Chancery of the State of Delaware, alleging breaches of fiduciary duty for alleged failure to implement effective disclosure controls and internal controls over financial reporting and to properly oversee certain acquisitions and for alleged insider trading and unjust enrichment for compensation received during that time (the “LPPF Complaint”). The LPPF Complaint names the Company as nominal defendant, and names certain of the Company’s officers and directors, among others, as defendants and seeks compensatory damages, extraordinary equitable and/or injunctive relief, restitution and disgorgement, attorneys’ fees and costs, and any other and further relief the court deems just and proper. The Company believes it has meritorious defenses to the claims of the plaintiff, and any liability for the alleged claims is not currently probable or reasonably estimable. The Company is also engaged in various other legal actions, claims and proceedings arising in the ordinary course of business, including claims related to employment-related matters, breach of contracts, products liabilities, consumer protection and intellectual property matters resulting from the Company’s business activities. The Company does not believe that the ultimate resolution of such matters will have a material adverse effect on its business, financial condition or results of operations. However, litigation is subject to many uncertainties, and the outcome of certain of such individual litigated matters may not be reasonably predictable and any related damages may not be estimable. Certain of these litigation matters could result in an adverse outcome to the Company, and any such adverse outcome could have a material adverse effect on the Company’s business, financial condition and results of operations.

Statement of Cash Flows

Statement of Cash Flows	3 Months Ended
	Mar. 31, 2019
Statement of Cash Flows
Statements of Cash Flows	9. Statement of Cash Flows Supplemental disclosures of cash flow information for the following periods (in thousands) were as follows: Three Months Ended March 31, March 31, 2019 2018 Cash paid during the period for: Interest $ 26,977 $ 20,333 Income taxes 119 830 Non-cash investing activities: Leasehold improvements paid by lessor 1,540 16,259 Vehicles transferred to property and equipment from inventory 402 617 Capital expenditures in accounts payable and accrued liabilities 6,634 15,676 Non-cash financing activities: Par value of Class A common stock issued in exchange for common units in CWGS, LLC — 2

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Acquisitions
Acquisitions	10. Acquisitions During the three months ended March 31, 2019 and 2018, subsidiaries of the Company acquired the assets or stock of multiple RV dealerships that constituted businesses under accounting rules. The Company used a combination of cash and floor plan financing to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new retail locations to expand its business and grow its customer base. Additionally, the Company believes that its experience and scale allow it to operate these acquired dealerships more efficiently. 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 three months ended March 31, 2019 and 2018, the Company purchased real property of $0.7 million and $0, respectively, from parties related to the sellers of the dealership businesses. The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships consist of the following: Three Months Ended March 31, Estimated ($ in thousands) 2019 2018 Life Tangible assets (liabilities) acquired (assumed): Inventory, net $ 9,096 $ 6,609 Prepaid expenses and other assets 87 — Property and equipment, net 105 281 Other assets — 55 Accrued liabilities (100) (148) Total tangible net assets acquired 9,188 6,797 Intangible assets acquired: Membership and customer lists — 116 4-7 years Total intangible assets acquired — 116 Goodwill 11,981 5,571 Cash paid for acquisitions, net of cash acquired 21,169 12,484 Inventory purchases financed via floor plan (8,416) (4,222) Cash payment net of floor plan financing $ 12,753 $ 8,262 The fair values above are preliminary relating to the three months ended March 31, 2019 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 relating to the valuation of the acquired assets. The primary items that generated the goodwill are the value of the expected synergies between the acquired businesses and the Company and the acquired assembled workforce, neither of which qualify for recognition as a separately identified intangible asset. For the three months ended March 31, 2019 and 2018, all of the acquired goodwill is expected to be deductible for tax purposes. Included in the three months ended March 31, 2019 and 2018 consolidated financial results were $4.8 million and $0.9 million of revenue, respectively, and $0.3 million and $0.2 million of pre-tax loss, respectively, of the acquired dealerships from the applicable acquisition dates. Pro forma information on these acquisitions has not been included, because the Company has deemed them to not be individually or cumulatively material.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes
Income Taxes	11. Income Taxes CWH is organized as a Subchapter C corporation and, as of March 31, 2019, is a 41.9% owner of CWGS, LLC (see Note 13 — Stockholders’ Equity and Note 14 — Non-Controlling Interests). CWGS, LLC is organized as a limited liability company and treated as a partnership for federal tax purposes. On January 1, 2019, the Company transferred certain assets relating to its Good Sam Club and co-branded credit card from its indirect wholly-owned subsidiary, GSS, a LLC, to its indirect wholly-owned subsidiary, CWI, a corporation. As a result of this transfer, the Company recorded $16.3 million of deferred income tax expense pertaining to changes in certain deferred tax assets and related changes in valuation allowance. Additionally, unrelated to the transfer described above, the Company recorded $1.1 million of deferred income tax expense resulting from an estimated decrease in its state income tax rates. For the three months ended March 31, 2019 and 2018, the Company’s effective income tax rate was (588.4)% and 33.6%, respectively. The amount of income tax expense and the effective income tax rate increased in 2019 primarily due to the reasons stated above, operating losses recorded by CWI for which no tax benefit can be recognized, and an increased ownership percentage of CWGS, LLC for which the Company is subject to U.S., federal and state taxes on its allocable share of income of CWGS, LLC. The Company's effective tax rate for the three months ended March 31, 2019 was higher than the federal statutory rate of 21.0% primarily due to the reasons discussed above, offset by a portion of the Company’s earnings being attributable to non-controlling interests in limited liability companies which are not subject to corporate level taxes. 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 March 31, 2019 and December 31, 2018, the Company determined that all of its deferred tax assets, except those pertaining to CWI and the direct investment in CWGS, LLC, are more likely than not to be realized. The Company maintains a full valuation allowance against the deferred tax assets of CWI, since it was determined that it is more likely than not, based on available objective evidence, that CWI would have insufficient taxable income in the current or carryforward periods under the tax laws to realize the future tax benefits of its deferred tax assets. The Company also maintains a valuation allowance against the portion of the deferred tax asset pertaining to its direct investment in CWGS, LLC. 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. The above payments are predicated on CWGS, LLC making an election under Section 754 of the Internal Revenue Code effective for each tax year in which a redemption or exchange (including a deemed exchange) of common units for cash or stock occur. These tax benefit payments are not conditioned upon one or more of the Continuing Equity Owners or Crestview Partners II GP, L.P. maintaining a continued ownership interest in CWGS, LLC. In general, the Continuing Equity Owners’ or Crestview Partners II GP, L.P.’s rights under the Tax Receivable Agreement are assignable, including to transferees of its common units in CWGS, LLC (other than the Company as transferee pursuant to a redemption or exchange of common units in CWGS, LLC). The Company expects to benefit from the remaining 15% of the tax benefits, if any, which may be realized. During the three months ended March 31, 2019 and 2018, 5,725 and 173,286 common units in CWGS, LLC, respectively, were exchanged for Class A common stock subject to the provisions of the Tax Receivable Agreement. The Company recognized a liability for the Tax Receivable Agreement payments due to those parties that redeemed common units, representing 85% of the aggregate tax benefits the Company expects to realize from the tax basis increases related to the exchange, after concluding it was probable that the Tax Receivable Agreement payments would be paid based on estimates of future taxable income. As of March 31, 2019 and December 31, 2018, the amount of Tax Receivable Agreement payments due under the Tax Receivable Agreement was $125.7 million and $134.2 million, respectively, of which $9.4 million was included in current portion of the Tax Receivable Agreement liability in the Condensed Consolidated Balance Sheets. As a result of transferring certain assets relating to its Good Sam Club and co-branded credit card from GSS to CWI, as described above, the Company re-evaluated the impact on its Tax Receivable Agreement liability related to the reduction of future expected tax amortization. The reduction in future expected tax amortization reduced the Tax Receivable Agreement liability by $7.2 million during the three months ended March 31, 2019. Unrelated to the transfer described above, the Tax Receivable Agreement liability was reduced by an additional $1.1 million during the three months ended March 31, 2019 for changes in estimated state income tax rates applicable to CWH. As a result of these adjustments to the Tax Receivable Agreement liability, the Company recorded approximately $8.5 million of other income in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2019.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions
Related Party Transactions	12. Related Party Transactions Transactions with Directors, Equity Holders and Executive Officers FreedomRoads leases various retail locations from managers and officers. During the three months ended March 31, 2019 and 2018, the related party lease expense for these locations was $0.5 million and $0.4 million, respectively. In January 2012, FreedomRoads entered into a lease (the “Original Lease”) with respect to the Company’s Lincolnshire, Illinois offices, which was amended in March 2013 in connection with the Company’s leasing of additional premises within the same office building (the “Expansion Lease”). The Original Lease is payable in 132 monthly payments of base rent equal to approximately $29,000, commencing April 2013, subject to annual increases. The Expansion Lease is payable in 132 monthly payments of base rent equal to approximately $2,500, commencing May 2013, subject to annual increases. Marcus A. Lemonis, the Company’s Chairman and Chief Executive Officer, has personally guaranteed both leases. During the three months ended March 31, 2019 and 2018, the Company made payments of approximately $180,000 and $178,000, respectively, in connection with the Original Lease, which included approximately $78,000 and $79,000, respectively, for common area maintenance charges on the Original Lease, and the Company made payments of approximately $9,000 and $8,000, respectively, in connection with the Expansion Lease. The Company paid Kaplan, Strangis and Kaplan, P.A., of which Andris A. Baltins is a member, $0.1 million and $0.1 million during the three months ended March 31, 2019 and 2018, respectively, for legal services. Other Transactions The Company does business with certain companies in which Mr. Lemonis has a direct or indirect material interest. The Company purchased fixtures for interior store sets at the Company’s retail locations from Precise Graphix, LLC (“Precise Graphix”). Mr. Lemonis has a 33% economic interest in Precise Graphix and the Company paid Precise Graphix $0.2 million and $1.6 million for the three months ended March 31, 2019 and 2018, respectively. The Company purchased point of purchase and visual merchandise displays from JD Custom Design (“JD Custom”) for use in Camping World’s retail store operations. Mr. Lemonis is a holder of 52% of the combined voting power in JD Custom and the Company paid JD Custom $0 million and $0.1 million for the three months ended March 31, 2019 and 2018, respectively. The Company does business with certain companies in which Stephen Adams, a member of the Company’s board of directors, has a direct or indirect material interest. The Company from time to time purchases advertising services from Adams Radio of Fort Wayne LLC (“Adams Radio”), in which Mr. Adams has an indirect 90% interest. The Company paid Adams Radio $0.2 million and $0.1 million for the three months ended March 31, 2019 and 2018, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity
Stockholders' Equity	13. Stockholders’ Equity CWH has authorized preferred stock and three classes of common stock. The Class A common stock entitles the holders to receive dividends; distributions upon the liquidation, dissolution, or winding up of the Company; and have voting rights. The Class B common stock and Class C common stock entitles the holders to voting rights, which in certain cases are disproportionate to the voting rights of the Class A common stock; however, the holders of Class B common stock and Class C common stock are not entitled to receive dividends or distributions upon the liquidation, dissolution, or winding up of the Company. CWH is the sole managing member of CWGS, LLC and, although CWH has a minority economic interest in CWGS, LLC, CWH has the sole voting power in, and controls 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. In accordance with the amended and restated limited liability company agreement of CWGS, LLC (the “LLC Agreement””), the holders of the common units in CWGS, LLC may elect to exchange or redeem the common units for newly-issued shares of the Company’s Class A common stock or cash at the Company’s election, subject to certain restrictions. If the redeeming or exchanging party also holds Class B common stock, then simultaneously with the payment of cash or newly-issued shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units, a number of shares of the Company’s Class B common stock will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged. As required by the LLC Agreement, 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).

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2019
Non-Controlling Interests
Non-Controlling Interests	14. Non-Controlling Interests As described in Note 13 — Stockholders’ Equity, CWH is the sole managing member of CWGS, LLC and, as a result, consolidates the financial results of CWGS, LLC. The Company reports a non-controlling interest representing the common units of CWGS, LLC held by Continuing Equity Owners. Changes in CWH’s ownership interest in CWGS, LLC while CWH retains its controlling interest in CWGS, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of common units of CWGS, LLC by the Continuing Equity Owners will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital. As of March 31, 2019 and December 31, 2018, there were 88,868,204 and 88,867,373 common units of CWGS, LLC outstanding, respectively, of which CWH owned 37,198,920 and 37,192,364 common units of CWGS, LLC, respectively, representing 41.9% ownership interests in CWGS, LLC and the Continuing Equity Owners owned 51,669,284 and 51,675,009 common units of CWGS, LLC, respectively, representing 58.1% ownership interests in CWGS, LLC. The following table summarizes the effects of changes in ownership in CWGS, LLC on the Company’s equity: Three Months Ended March 31, ($ in thousands) 2019 2018 Net income attributable to Camping World Holdings, Inc. $ (19,395) $ 1,821 Transfers to non-controlling interests: 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 — (77) Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC 12 1,848 Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ (19,383) $ 3,592

Equity-based Compensation Plans

Equity-based Compensation Plans	3 Months Ended
	Mar. 31, 2019
Equity-based Compensation Plans
Equity-based Compensation Plans	15. Equity-based Compensation Plans The following table summarizes the equity-based compensation that has been included in the following line items within the consolidated statements of operations during: Three Months Ended March 31, March 31, ($ in thousands) 2019 2018 Equity-based compensation expense: Costs applicable to revenue $ 207 $ 175 Selling, general, and administrative 2,509 3,043 Total equity-based compensation expense $ 2,716 $ 3,218 The following table summarizes stock option activity for the three months ended March 31, 2019: Stock Options (in thousands) Outstanding at December 31, 2018 885 Forfeited (55) Outstanding at March 31, 2019 830 Options exercisable at March 31, 2019 402 The following table summarizes restricted stock unit activity for the three months ended March 31, 2019: Restricted Stock Units (in thousands) Outstanding at December 31, 2018 1,426 Granted 63 Vested (1) Forfeited (60) Outstanding at March 31, 2019 1,428 The weighted-average grant date fair value of restricted stock units granted during the three months ended March 31, 2019 was $14.87.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share
Earnings Per Share	16. Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended March 31, (In thousands except per share amounts) 2019 2018 Numerator: Net (loss) income $ (26,807) $ 13,548 Less: net (loss) income attributable to non-controlling interests 7,412 (11,727) Net (loss) income attributable to Camping World Holdings, Inc. — basic (19,395) 1,821 Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs — 15 Net (loss) income attributable to Camping World Holdings, Inc. — diluted $ (19,395) $ 1,836 Denominator: Weighted-average shares of Class A common stock outstanding — basic 37,195 36,816 Dilutive options to purchase Class A common stock — 315 Dilutive restricted stock units — 189 Weighted-average shares of Class A common stock outstanding — diluted 37,195 37,320 (Loss) earnings per share of Class A common stock — basic $ (0.52) $ 0.05 (Loss) earnings per share of Class A common stock — diluted $ (0.52) $ 0.05 Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: Stock options to purchase Class A common stock 859 — Restricted stock units 1,444 — Common units of CWGS, LLC that are convertible into Class A common stock 51,673 51,830 Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.

Segments Information

Segments Information	3 Months Ended
	Mar. 31, 2019
Segments Information
Segments Information	17. Segments Information Following the resignation of Roger Nuttall from his position as President of Camping World on December 21, 2018, the Company took steps during the quarter ended March 31, 2019 to realign the reporting structure of the Company including management and internal reporting. As a result of these changes, the Company has determined that its reportable segments have changed. The Company’s new reportable segments have been identified based on various commonalities amongst the Company’s individual product lines, which is consistent with the Company’s operating structure and associated management structure and management evaluates the performance of and allocates resources to these segments based on segment revenues and segment profit. The segment reporting for prior comparative periods have been recasted to conform to the current period presentation. As previously discussed, the Company previously had three reportable segments: (i) Consumer Services and Plans; (ii) Dealership and, (iii) Retail. Following the realignment, the Company now has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. In conjunction with the first quarter 2019 realignment of our reporting structure, the Company combined our prior Dealership and Retail segments into the RV and Outdoor Retail segment. The Company has also reclassified a portion of the former Consumer Services and Plans segment, the Good Sam Club and co-branded credit card operations, to the RV and Outdoor Retail segment, which reflects the synergies of those two programs with the RV and Outdoor Retail locations. Within the Good Sam 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; vehicle financing and refinancing; shows and events; and publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; the sale of RV products and services, including the sale of parts, accessories, supplies and services for RVs, and equipment, gear and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport and other outdoor activities; commissions on the finance and insurance contracts related to the sale of RVs; and Good Sam Club memberships and co-branded credit cards. 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 a group comprised of the Chief Executive Officer and the President. Reportable segment revenue, segment income, floor plan interest expense, depreciation and amortization, other interest expense, total assets, and capital expenditures are as follows: Three Months Ended March 31, 2019 Good Sam RV and Services Outdoor Intersegment ($ in thousands) and Plans (1) Retail (1) Eliminations Total Revenue: Good Sam services and plans $ 48,298 $ — $ (1,332) $ 46,966 New vehicles — 530,749 (1,172) 529,577 Used vehicles — 180,605 (597) 180,008 Products, service and other — 210,198 (5,322) 204,876 Finance and insurance, net — 94,280 (2,389) 91,891 Good Sam Club — 11,451 — 11,451 Total consolidated revenue $ 48,298 $ 1,027,283 $ (10,812) $ 1,064,769 Three Months Ended March 31, 2018 Good Sam RV and Services Outdoor Intersegment ($ in thousands) and Plans (1) (2) Retail (1)(2) Eliminations Total Revenue: Good Sam services and plans $ 46,178 $ — $ (1,353) $ 44,825 New vehicles — 580,674 (1,164) 579,510 Used vehicles — 172,583 (492) 172,091 Products, service and other — 168,968 (4,816) 164,152 Finance and insurance, net — 91,619 (2,519) 89,100 Good Sam Club — 8,983 — 8,983 Total consolidated revenue $ 46,178 $ 1,022,827 $ (10,344) $ 1,058,661 (1) Segment revenue includes intersegment revenue. (2) The Company has adjusted certain prior period amounts for the immaterial correction of errors. See Note 1 – Summary of Significant Accounting Policies – Revisions for Correction of Immaterial Errors. Three Months Ended March 31, ($ in thousands) 2019 2018 Segment income: (1) Good Sam Services and Plans (2) $ 22,414 $ 21,717 RV and Outdoor Retail (2) (375) 24,519 Total segment income 22,039 46,236 Corporate & other (3,173) (1,484) Depreciation and amortization (13,594) (9,400) Other interest expense, net (17,643) (12,839) Tax Receivable Agreement liability adjustment 8,477 — Loss and expense on debt restructure — (2,100) Income before income taxes $ (3,894) $ 20,413 (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 immaterial correction of errors. See Note 1 – Summary of Significant Accounting Policies – Revisions for Correction of Immaterial Errors. Three Months Ended March 31, ($ in thousands) 2019 2018 Depreciation and amortization: Good Sam Services and Plans $ 852 $ 731 RV and Outdoor Retail 12,742 8,669 Total depreciation and amortization $ 13,594 $ 9,400 Three Months Ended March 31, ($ in thousands) 2019 2018 Other interest expense, net: Good Sam Services and Plans $ — $ (1) RV and Outdoor Retail 2,148 1,819 Subtotal 2,148 1,818 Corporate & other 15,495 11,021 Total interest expense $ 17,643 $ 12,839 March 31, December 31, ($ in thousands) 2019 2018 Assets: Good Sam Services and Plans $ 93,215 $ RV and Outdoor Retail 3,407,429 Subtotal 3,500,644 2,613,531 Corporate & other 161,779 Total assets $ 3,662,423 $

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Camping World Holdings, Inc. (“CWH”) and its subsidiaries (collectively, the “Company”), and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three months ended March 31, 2019 are unaudited. The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “Annual Report”) filed with the SEC on March 15, 2019. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an initial public offering (the “IPO”) and other related transactions in order to carry on the business of CWGS Enterprises, LLC (“CWGS, LLC”). CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions (the “Reorganization Transactions”) that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, CWH has a minority economic interest in CWGS, LLC. As of March 31, 2019, CWH owned 41.9% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. The Company does not have any components of other comprehensive income recorded within its consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its consolidated financial statements.
Description of the Business	Description of the Business CWGS, LLC is a holding company and operates through its subsidiaries. The Company realigned the structure of its internal organization during the three months ended March 31, 2019. The Company previously had three reportable segments: (i) Consumer Services and Plans; (ii) Dealership, and (iii) Retail. Following the realignment, the Company now has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. In conjunction with the first quarter 2019 realignment of our reporting structure, the company combined our prior Dealership and Retail segments into the RV and Outdoor Retail segment. The Company has also reclassified a portion of the former Consumer Services and Plans segment, the Good Sam Club and co-branded credit card operations, to the RV and Outdoor Retail segment which reflects the synergies of those two programs with the RV and Outdoor Retail locations. The remaining portion of the former Consumer Services and Plans segment is now called the Good Sam Services and Plans segment. The Company’s reportable segment financial information has been recast to reflect the updated reportable segment structure for all periods presented. See Note 17 – Segments Information to Consolidated Financial Statements for further information about the Company’s segments. The Company primarily provides Good Sam Services and Plans offerings under its Good Sam brand and provides RV and Outdoor Retail offerings primarily under its Camping World and Gander Outdoors brands. Within the Good Sam 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; vehicle financing and refinancing; shows and events; and publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used recreational vehicles (“RVs”); the sale of RV products and services, including the sale of parts, accessories, supplies and services for RVs; equipment, gear and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersport and other outdoor activities; commissions on the finance and insurance contracts related to the sale of RVs; and Good Sam Club memberships and co-branded credit cards. The Company primarily operates in various regions throughout the United States and markets its products and services to RV owners and outdoor enthusiasts. Through retail acquisitions and retail expansions, we have expanded our number of retail locations to 226 on March 31, 2019 from 183 on March 31, 2018. The table below summarizes our store locations as of March 31, 2019 and March 31, 2018: March 31, 2019 2018 Co-habited RV and Outdoor Retail locations 131 117 Stand-alone RV locations 16 9 Stand-alone Outdoor Retail locations 79 57 Total locations 226 183
Reclassification of Prior Period Amounts/Revisions for Correction of Immaterial Errors	Reclassifications of Prior Period Amounts Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, as discussed in Note 17 — Segment Information, the Company has made changes to its operating segments and transferred certain assets relating to the Good Sam Club and co-branded credit card from its Good Sam Services and Plans segment to its RV and Outdoor Retail segment. Additionally, as a result of these changes, the Company has updated its disaggregated revenue categories to the following: · Good Sam services and plans – includes extended vehicle service contracts, emergency roadside assistance, property and casualty insurance programs, vehicle financing and refinancing, travel protection, consumer shows, directories, consumer magazines, and the Coast to Coast Club; · New vehicles – represents the sale of new RVs; · Used vehicles – represents the sale of used RVs; · Products, service and other – includes repair and maintenance, installation of parts and accessories, collision repair, sales of RV equipment and accessories, sales of outdoor lifestyle products and apparel, and other; · Finance and insurance, net – includes vehicle financing and protection plans typically sold in conjunction with the sale of new and used vehicles; and · Good Sam Club – includes the Good Sam Club and co-branded credit card. Revisions for Correction of Immaterial Errors Subsequent to the issuance of the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2018, errors were identified in connection with the preparation of the financial statements for the year ended December 31, 2018, and related primarily to i) the cancellation reserve for certain of its finance and insurance offerings within the former Dealership segment in other current liabilities and other long-term liabilities, ii) the calculation of the Tax Receivable Agreement liability that arose from transactions in 2017, iii) the classification in the condensed consolidated statement of cash flows of non-cash capital expenditures included in accounts payable and non-cash leasehold improvements paid by lessor in other, net, and iv) the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers (“ASC 606”) on January 1, 2018. The Company corrected the errors in the accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2018. The Company believes the correction of the errors is immaterial to the previously issued Condensed Consolidated Financial Statements. The Company revised stockholders’ equity as of January 1, 2018 to correct these errors as of the beginning of the earliest year presented in these condensed consolidated financial statements, resulting in a decrease of $19.1 million from the previously reported amount of $90.8 million to the correct amount of $71.8 million. The following table presents the effect of the error corrections on the condensed consolidated statement of operations for the period indicated: Three Months Ended March 31, 2018 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Revenue - Products, service and other $ 164,308 $ (156) $ 164,152 Revenue - Finance and insurance, net 91,849 (2,749) 89,100 Total revenue 1,061,566 (2,905) 1,058,661 Costs applicable to revenue - Good Sam services and plans (1) 20,423 37 20,460 Costs applicable to revenue - Products, service and other 95,888 (86) 95,802 Costs applicable to revenue - Good Sam Club (1) 2,302 27 2,329 Total costs applicable to revenue 756,790 (22) 756,768 Selling, general and administrative expenses 245,114 1,199 246,313 Total operating expenses 255,023 1,199 256,222 Income from operations 49,753 (4,082) 45,671 Income before income taxes 24,495 (4,082) 20,413 Income tax expense (7,219) 354 (6,865) Net income 17,276 (3,728) 13,548 Net income attributable to non-controlling interests (14,095) 2,368 (11,727) Net income attributable to Camping World Holdings, Inc. 3,181 (1,360) 1,821 Earnings per share of Class A common stock: Basic $ 0.09 $ (0.04) $ 0.05 Diluted $ 0.08 $ (0.03) $ 0.05 (1) Amounts were combined and previously reported as costs applicable to revenue - consumer services and plans prior to reclassifications made for changes in segment reporting as disclosed in Note 17 – Segments Information. The following table presents the effect of the error corrections on the condensed consolidated statement of cash flows for the period indicated: Three Months Ended March 31, 2018 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Net income $ 17,276 $ (3,728) $ 13,548 Deferred income taxes 2,736 (310) 2,426 Receivables and contracts in transit (56,104) (7,463) (63,567) Inventories (150,918) (2,719) (153,637) Prepaid expenses and other assets 1,675 3,944 5,619 Accounts payable and other accrued expenses 123,987 (1,181) 122,806 Deferred revenue and gains (2,959) 973 (1,986) Other 524 1,732 2,256 Net cash used in operating activities (48,218) (8,752) (56,970) Purchases of property and equipment (52,021) 8,752 (43,269) Net cash used in investing activities (88,418) 8,752 (79,666)
Use of Estimates	Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying unaudited condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, program cancellation reserves, and accruals related to self-insurance programs, estimated tax liabilities and other liabilities.
Recently Adopted and Issued Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”). The FASB had subsequently issued several related ASUs that clarified the implementation guidance for certain aspects of ASU 2016-02, which were effective upon the adoption of ASU 2016-02. The amendments in this ASU related to the accounting for leasing transactions. ASC 842 requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases (with the exception of short-term leases) at the lease commencement date and recognize expenses on the income statement in a similar manner to the previous guidance in Accounting Standards Codification (“ASC”) 840, Leases ("ASC 840"). The lease liability is measured as the present value of the unpaid lease payments and the right-of-use asset is derived from the calculation of the lease liability adjusted for initial direct costs, prepaid lease payments, and lease incentives. Lease payments include fixed and in-substance fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties where the lease term reflects the election of a termination option, fees paid by the lessee to the owners of a special-purpose entity for restructuring the transaction, and probable amounts the lessee will owe under a residual value guarantee. Lease payments do not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components. The discount rate used to derive the present value of unpaid lease payments is based on the rates implicit in the lease, or if not available, the incremental borrowing rate. The most significant impact of ASC 842 on the Company’s accounting was the balance sheet impact of its real estate operating leases, which significantly increased assets and liabilities. In addition, ASC 842 eliminated the previous build-to-suit lease accounting guidance and resulted in derecognition of build-to-suit assets and liabilities that remained on the balance sheet after the end of the construction period, including any related deferred taxes. Also, ASC 842 made changes to sale-leaseback accounting to result in the recognition of the gain on the transaction at the time of the sale instead of recognizing over the leaseback period, when the transaction is deemed to be a sale instead of a financing arrangement. ASC 842 further changes the assessment of sale accounting from a transfer of risk and rewards assessment to a transfer of control assessment. The Company elected the package of practical expedients available under the transition provisions of ASC 842, including (i) not reassessing whether expired or existing contracts contain leases, (ii) lease classification, and (iii) not revaluing initial direct costs for existing leases. Also, the Company elected the practical expedient which allows aggregation of non-lease components with the related lease components when evaluating accounting treatment for equipment and billboard leases. Lastly, the Company applied the modified retrospective adoption method, utilizing the simplified transition option available in ASC 842, which allows entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. The Company adopted ASC 842 on January 1, 2019. The impact of applying ASC 842 effective as of January 1, 2019, to the Company’s condensed consolidated statements of operations and cash flows was not significant. The major impacts to the balance sheet were 1) the addition of $809.7 million in operating lease assets, 2) the addition of $867.5 million of operating lease liabilities, 3) the removal of approximately $4.9 million, $10.6 million, $7.6 million, and $54.5 million of property and equipment, net; deferred revenues and gains; accrued liabilities; and other liabilities, respectively, and 4) a cumulative-effect adjustment for the adoption of ASC 842 of $3.7 million and $6.3 million was recorded to retained earnings and non-controlling interests, respectively. The adoption of ASC 842 did not impact any of its existing debt covenants. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires the use of a forward-looking expected loss impairment model for trade and other receivables, held-to-maturity debt securities, loans and other instruments. This standard also requires impairments and recoveries for available-for-sale debt securities to be recorded through an allowance account and revises certain disclosure requirements. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company does not expect that the adoption of the provisions of this ASU will have a material impact on its consolidated financial statements In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). This standard aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service arrangement (i.e., hosting arrangement) with the guidance on capitalizing costs in ASC 350-40, Internal-Use Software. The ASU permits either a prospective or retrospective transition approach. The standard will be effective for fiscal years beginning after December 15, 2019. The Company will adopt ASU 2018-15 on January 1, 2020. 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 Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Schedule of store locations	March 31, 2019 2018 Co-habited RV and Outdoor Retail locations 131 117 Stand-alone RV locations 16 9 Stand-alone Outdoor Retail locations 79 57 Total locations 226 183
Schedule of restatements	Three Months Ended March 31, 2018 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Revenue - Products, service and other $ 164,308 $ (156) $ 164,152 Revenue - Finance and insurance, net 91,849 (2,749) 89,100 Total revenue 1,061,566 (2,905) 1,058,661 Costs applicable to revenue - Good Sam services and plans (1) 20,423 37 20,460 Costs applicable to revenue - Products, service and other 95,888 (86) 95,802 Costs applicable to revenue - Good Sam Club (1) 2,302 27 2,329 Total costs applicable to revenue 756,790 (22) 756,768 Selling, general and administrative expenses 245,114 1,199 246,313 Total operating expenses 255,023 1,199 256,222 Income from operations 49,753 (4,082) 45,671 Income before income taxes 24,495 (4,082) 20,413 Income tax expense (7,219) 354 (6,865) Net income 17,276 (3,728) 13,548 Net income attributable to non-controlling interests (14,095) 2,368 (11,727) Net income attributable to Camping World Holdings, Inc. 3,181 (1,360) 1,821 Earnings per share of Class A common stock: Basic $ 0.09 $ (0.04) $ 0.05 Diluted $ 0.08 $ (0.03) $ 0.05 (1) Amounts were combined and previously reported as costs applicable to revenue - consumer services and plans prior to reclassifications made for changes in segment reporting as disclosed in Note 17 – Segments Information. The following table presents the effect of the error corrections on the condensed consolidated statement of cash flows for the period indicated: Three Months Ended March 31, 2018 ($ in thousands except per share amounts) As Reported Adjustment As Corrected Net income $ 17,276 $ (3,728) $ 13,548 Deferred income taxes 2,736 (310) 2,426 Receivables and contracts in transit (56,104) (7,463) (63,567) Inventories (150,918) (2,719) (153,637) Prepaid expenses and other assets 1,675 3,944 5,619 Accounts payable and other accrued expenses 123,987 (1,181) 122,806 Deferred revenue and gains (2,959) 973 (1,986) Other 524 1,732 2,256 Net cash used in operating activities (48,218) (8,752) (56,970) Purchases of property and equipment (52,021) 8,752 (43,269) Net cash used in investing activities (88,418) 8,752 (79,666)

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue
Summary of total unsatisfied performance obligation for these revenue streams, that the Company expects to recognize the amounts as revenue	The total unsatisfied performance obligation for these revenue streams at March 31, 2019 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands): As of March 31, 2019 2019 $ 68,897 2020 34,475 2021 16,324 2022 8,057 2023 4,115 Thereafter 6,988 Total $ 138,856

Inventories and Floor Plan Pa_2

Inventories and Floor Plan Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory
Schedule of inventories	Inventories consisted of the following (in thousands): March 31, December 31, 2019 2018 Good Sam services and plans $ 401 $ 459 New RVs 1,062,448 1,017,910 Used RVs 120,418 124,527 Products, parts, accessories and miscellaneous 439,697 416,074 $ 1,622,964 $ 1,558,970
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 March 31, 2019 and December 31, 2018 (in thousands): March 31, December 31, 2019 2018 Floor Plan Facility Notes payable - floor plan: Total commitment $ 1,415,000 $ 1,415,000 Less: borrowings, net (882,346) (885,980) Less: flooring line aggregate interest reduction account (152,346) (97,757) Additional borrowing capacity 380,308 431,263 Less: accounts payable for sold inventory (76,534) (33,928) Less: purchase commitments (37,671) (22,530) Unencumbered borrowing capacity $ 266,103 $ 374,805 Revolving line of credit: $ 60,000 $ 60,000 Less borrowings (42,610) (38,739) Additional borrowing capacity $ 17,390 $ 21,261 Letters of credit: Total commitment $ 15,000 $ 15,000 Less: outstanding letters of credit (10,380) (10,380) Additional letters of credit capacity $ 4,620 $ 4,620

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets
Changes in goodwill by business line	The following is a summary of changes in the Company’s goodwill by segment for the three months ended March 31, 2019 (in thousands): Good Sam Services and RV and Plans Outdoor Retail Consolidated Balance as of December 31, 2018 50,320 308,797 359,117 Acquisitions (1) — 11,981 11,981 Transfers of assets between reporting units (26,491) 26,491 — Balance as of March 31, 2019 $ 23,829 $ 347,269 $ 371,098 (1) See Note 10 — Acquisitions.
Finite-lived intangible assets and related accumulated amortization	Finite–lived intangible assets and related accumulated amortization consisted of the following at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Cost or Accumulated Fair Value Amortization Net Good Sam Services and Plans: Membership and customer lists $ 9,140 $ (7,374) $ 1,766 RV and Outdoor Retail: Customer lists and domain names 3,415 (1,811) 1,604 Trademarks and trade names 29,304 (3,342) 25,962 Websites 6,074 (1,262) 4,812 $ 47,933 $ (13,789) $ 34,144 December 31, 2018 Cost or Accumulated Fair Value Amortization Net Good Sam Services and Plans: Membership and customer lists $ 9,140 $ (7,174) $ 1,966 RV and Outdoor Retail: Customer lists and domain names 3,415 (1,559) 1,856 Trademarks and trade names 29,304 (2,853) 26,451 Websites 6,074 (1,063) 5,011 $ 47,933 $ (12,649) $ 35,284

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Long-Term Debt
Long-Term debt	Outstanding long-term debt consisted of the following (in thousands): March 31, December 31, 2019 2018 Term Loan Facility (1) $ 1,154,295 $ 1,156,345 Real Estate Facility (2) 9,286 9,520 Subtotal 1,163,581 1,165,865 Less: current portion (12,976) (12,977) Total $ 1,150,605 $ 1,152,888 (1) Net of $5.1 million and $5.4 million of original issue discount at March 31, 2019 and December 31, 2018, respectively, and $12.7 million and $13.4 million of finance costs at March 31, 2019 and December 31, 2018, respectively. (2) Net of $0.2 million and $0.2 million of finance costs at March 31, 2019 and December 31, 2018, respectively.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases
Summary of lease cost	Three Months Ended March 31, 2019 Operating lease cost $ 30,202 Short-term lease cost 713 Variable lease cost 552 Sublease income (305) Net lease costs $ 31,162
Schedule of cash flow supplemental information	Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 30,044 ROU assets obtained in exchange for lease liabilities: Operating leases $ 23,403
Schedule of future lease obligations	Operating Leases 2019 $ 90,408 2020 119,411 2021 119,061 2022 114,092 2023 110,552 Thereafter 868,754 Total lease payments 1,422,278 Less: Imputed interest (544,857) Total lease obligations 877,421 Less: Current portion (54,878) Noncurrent lease obligations $ 822,543
Schedule of right to use assets	The Company has included the right to use assets in property and equipment, net, as follows (in thousands): December 31, 2018 Right to use assets $ 5,400 Accumulated depreciation (540) $ 4,860
Schedule of future changes in the right to use liabilities	The following is a schedule by year of the future changes in the right to use liabilities as of December 31, 2018 (in thousands): 2019 $ 486 2020 486 2021 486 2022 486 2023 486 Thereafter 7,889 Total minimum lease payments 10,319 Amounts representing interest (5,172) Present value of net minimum right to use liability payments $ 5,147
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, 2018, were as follows (in thousands): Third Party Related Party Total 2019 $ 116,131 $ 2,248 $ 118,379 2020 111,008 2,248 113,256 2021 106,740 2,248 108,988 2022 102,496 2,145 104,641 2023 99,594 1,930 101,524 Thereafter 811,228 18,951 830,179 Total $ 1,347,197 $ 29,770 $ 1,376,967

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Summary of aggregate carrying value and fair value of fixed rate debt	Fair Value 3/31/2019 12/31/2018 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility Level 2 $ 1,154,295 $ 1,056,292 $ 1,156,345 $ 1,116,338 Floor Plan Facility Revolving Line of Credit Level 2 42,610 44,107 38,739 40,139 Real Estate Facility Level 2 9,286 10,599 9,520 10,850

Statement of Cash Flows (Tables

Statement of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2019
Statement of Cash Flows
Supplemental disclosures of cash flow information	Supplemental disclosures of cash flow information for the following periods (in thousands) were as follows: Three Months Ended March 31, March 31, 2019 2018 Cash paid during the period for: Interest $ 26,977 $ 20,333 Income taxes 119 830 Non-cash investing activities: Leasehold improvements paid by lessor 1,540 16,259 Vehicles transferred to property and equipment from inventory 402 617 Capital expenditures in accounts payable and accrued liabilities 6,634 15,676 Non-cash financing activities: Par value of Class A common stock issued in exchange for common units in CWGS, LLC — 2

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2019
Assets Or Stock Of Multiple Dealership Locations Acquired
Acquisitions
Summary of the purchase price allocations	Three Months Ended March 31, Estimated ($ in thousands) 2019 2018 Life Tangible assets (liabilities) acquired (assumed): Inventory, net $ 9,096 $ 6,609 Prepaid expenses and other assets 87 — Property and equipment, net 105 281 Other assets — 55 Accrued liabilities (100) (148) Total tangible net assets acquired 9,188 6,797 Intangible assets acquired: Membership and customer lists — 116 4-7 years Total intangible assets acquired — 116 Goodwill 11,981 5,571 Cash paid for acquisitions, net of cash acquired 21,169 12,484 Inventory purchases financed via floor plan (8,416) (4,222) Cash payment net of floor plan financing $ 12,753 $ 8,262

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2019
Non-Controlling Interests
Schedule of effects of change in ownership	Three Months Ended March 31, ($ in thousands) 2019 2018 Net income attributable to Camping World Holdings, Inc. $ (19,395) $ 1,821 Transfers to non-controlling interests: 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 — (77) Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC 12 1,848 Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ (19,383) $ 3,592

Equity-based Compensation Pla_2

Equity-based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Equity-based Compensation Plans
Schedule of equity-based compensation expense classified with the consolidated statements of operations	Three Months Ended March 31, March 31, ($ in thousands) 2019 2018 Equity-based compensation expense: Costs applicable to revenue $ 207 $ 175 Selling, general, and administrative 2,509 3,043 Total equity-based compensation expense $ 2,716 $ 3,218
Summary of stock option activity	Stock Options (in thousands) Outstanding at December 31, 2018 885 Forfeited (55) Outstanding at March 31, 2019 830 Options exercisable at March 31, 2019 402
Summary of restricted stock unit activity	Restricted Stock Units (in thousands) Outstanding at December 31, 2018 1,426 Granted 63 Vested (1) Forfeited (60) Outstanding at March 31, 2019 1,428

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share
Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings	Three Months Ended March 31, (In thousands except per share amounts) 2019 2018 Numerator: Net (loss) income $ (26,807) $ 13,548 Less: net (loss) income attributable to non-controlling interests 7,412 (11,727) Net (loss) income attributable to Camping World Holdings, Inc. — basic (19,395) 1,821 Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs — 15 Net (loss) income attributable to Camping World Holdings, Inc. — diluted $ (19,395) $ 1,836 Denominator: Weighted-average shares of Class A common stock outstanding — basic 37,195 36,816 Dilutive options to purchase Class A common stock — 315 Dilutive restricted stock units — 189 Weighted-average shares of Class A common stock outstanding — diluted 37,195 37,320 (Loss) earnings per share of Class A common stock — basic $ (0.52) $ 0.05 (Loss) earnings per share of Class A common stock — diluted $ (0.52) $ 0.05 Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: Stock options to purchase Class A common stock 859 — Restricted stock units 1,444 — Common units of CWGS, LLC that are convertible into Class A common stock 51,673 51,830

Segments Information (Tables)

Segments Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segments Information
Reportable segment revenue	Three Months Ended March 31, 2019 Good Sam RV and Services Outdoor Intersegment ($ in thousands) and Plans (1) Retail (1) Eliminations Total Revenue: Good Sam services and plans $ 48,298 $ — $ (1,332) $ 46,966 New vehicles — 530,749 (1,172) 529,577 Used vehicles — 180,605 (597) 180,008 Products, service and other — 210,198 (5,322) 204,876 Finance and insurance, net — 94,280 (2,389) 91,891 Good Sam Club — 11,451 — 11,451 Total consolidated revenue $ 48,298 $ 1,027,283 $ (10,812) $ 1,064,769 Three Months Ended March 31, 2018 Good Sam RV and Services Outdoor Intersegment ($ in thousands) and Plans (1) (2) Retail (1)(2) Eliminations Total Revenue: Good Sam services and plans $ 46,178 $ — $ (1,353) $ 44,825 New vehicles — 580,674 (1,164) 579,510 Used vehicles — 172,583 (492) 172,091 Products, service and other — 168,968 (4,816) 164,152 Finance and insurance, net — 91,619 (2,519) 89,100 Good Sam Club — 8,983 — 8,983 Total consolidated revenue $ 46,178 $ 1,022,827 $ (10,344) $ 1,058,661 (1) Segment revenue includes intersegment revenue. (2) The Company has adjusted certain prior period amounts for the immaterial correction of errors. See Note 1 – Summary of Significant Accounting Policies – Revisions for Correction of Immaterial Errors.
Reportable segment income	Three Months Ended March 31, ($ in thousands) 2019 2018 Segment income: (1) Good Sam Services and Plans (2) $ 22,414 $ 21,717 RV and Outdoor Retail (2) (375) 24,519 Total segment income 22,039 46,236 Corporate & other (3,173) (1,484) Depreciation and amortization (13,594) (9,400) Other interest expense, net (17,643) (12,839) Tax Receivable Agreement liability adjustment 8,477 — Loss and expense on debt restructure — (2,100) Income before income taxes $ (3,894) $ 20,413 (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 immaterial correction of errors. See Note 1 – Summary of Significant Accounting Policies – Revisions for Correction of Immaterial Errors.
Reportable depreciation and amortization and other interest expense, net	Three Months Ended March 31, ($ in thousands) 2019 2018 Depreciation and amortization: Good Sam Services and Plans $ 852 $ 731 RV and Outdoor Retail 12,742 8,669 Total depreciation and amortization $ 13,594 $ 9,400 Three Months Ended March 31, ($ in thousands) 2019 2018 Other interest expense, net: Good Sam Services and Plans $ — $ (1) RV and Outdoor Retail 2,148 1,819 Subtotal 2,148 1,818 Corporate & other 15,495 11,021 Total interest expense $ 17,643 $ 12,839
Reportable segment assets	March 31, December 31, ($ in thousands) 2019 2018 Assets: Good Sam Services and Plans $ 93,215 $ RV and Outdoor Retail 3,407,429 Subtotal 3,500,644 2,613,531 Corporate & other 161,779 Total assets $ 3,662,423 $

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Description of Business (Details)	Jun. 30, 2018	Mar. 31, 2019locationsegmentitem	Dec. 31, 2018segment	Mar. 31, 2018location
Segments Information
Number of reportable segments | segment		2	3
Total locations		226		183
RV and Outdoor Retail
Segments Information
Number of programs | item		2
Co-habited RV and Outdoor Retail locations
Segments Information
Total locations		131		117
Stand-alone RV locations
Segments Information
Total locations		16		9
Stand-alone Outdoor Retail locations
Segments Information
Total locations		79		57
CWH | CWGS, LLC
Segments Information
Ownership interest	41.90%	41.90%	41.90%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reclassifications and Revisions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Restatement
Stockholders equity	$ 7,634,000	$ 67,173,000	$ 32,917,000	$ 71,800,000	$ 71,763,000
Revenue:
Revenue	1,064,769,000	1,058,661,000
Costs applicable to revenue:
Costs applicable to revenue	766,442,000	756,768,000
Selling, general, and administrative	268,065,000	246,313,000
Total operating expenses	281,445,000	256,222,000
Income from operations	16,882,000	45,671,000
Income before income taxes	(3,894,000)	20,413,000
Income tax expense	(22,913,000)	(6,865,000)
Net income (loss)	(26,807,000)	13,548,000
Net income attributable to non-controlling interests	7,412,000	(11,727,000)
Net income attributable to Camping World Holdings, Inc.	$ (19,395,000)	$ 1,821,000
(Loss) earnings per share of Class A common stock:
Basic	$ (0.52)	$ 0.05
Diluted	$ (0.52)	$ 0.05
Effect of the error corrections on the consolidated statements of cash flows
Net (loss) income	$ (26,807,000)	$ 13,548,000
Deferred income taxes	16,412,000	2,426,000
Receivables and contracts in transit	(65,493,000)	(63,567,000)
Inventories	(54,496,000)	(153,637,000)
Prepaid expenses and other assets	4,976,000	5,619,000
Accounts payable and other accrued expenses	55,392,000	122,806,000
Deferred revenue and gains	(5,805,000)	(1,986,000)
Other	(7,529,000)	2,256,000
Net cash used in operating activities	(74,020,000)	(56,970,000)
Purchases of property and equipment	(11,761,000)	(43,269,000)
Net cash used in investing activities	(22,916,000)	(79,666,000)
Class A common stock
Restatement
Stockholders equity	$ 372,000	369,000	$ 372,000		$ 367,000
Costs applicable to revenue:
Income before income taxes		(20,413)
Income tax expense		$ (6,865)
(Loss) earnings per share of Class A common stock:
Basic	$ (0.52)	$ 0.05
Diluted	$ (0.52)	$ 0.05
Good Sam Club
Revenue:
Revenue	$ 11,451,000	$ 8,983,000
Costs applicable to revenue:
Costs applicable to revenue		2,329,000
Products, service and other
Revenue:
Revenue	204,876,000	164,152,000
Costs applicable to revenue:
Costs applicable to revenue		95,802,000
Finance and insurance, net
Revenue:
Revenue	91,891,000	89,100,000
Operating Segments
Costs applicable to revenue:
Income from operations	22,039,000	46,236,000
Good Sam services and plans
Costs applicable to revenue:
Costs applicable to revenue		20,460,000
Good Sam services and plans | Operating Segments
Revenue:
Revenue	48,298,000	46,178,000
Costs applicable to revenue:
Income from operations	$ 22,414,000	21,717,000
As Reported
Restatement
Stockholders equity				90,800,000
Revenue:
Revenue		1,061,566,000
Costs applicable to revenue:
Costs applicable to revenue		756,790,000
Selling, general, and administrative		245,114,000
Total operating expenses		255,023,000
Income from operations		49,753,000
Net income (loss)		17,276,000
Net income attributable to non-controlling interests		(14,095,000)
Net income attributable to Camping World Holdings, Inc.		3,181,000
Effect of the error corrections on the consolidated statements of cash flows
Net (loss) income		17,276,000
Deferred income taxes		2,736,000
Receivables and contracts in transit		(56,104,000)
Inventories		(150,918,000)
Prepaid expenses and other assets		1,675,000
Accounts payable and other accrued expenses		123,987,000
Deferred revenue and gains		(2,959,000)
Other		524,000
Net cash used in operating activities		(48,218,000)
Purchases of property and equipment		(52,021,000)
Net cash used in investing activities		(88,418,000)
As Reported | Class A common stock
Costs applicable to revenue:
Income before income taxes		(24,495)
Income tax expense		$ (7,219)
(Loss) earnings per share of Class A common stock:
Basic		$ 0.09
Diluted		$ 0.08
As Reported | Good Sam Club
Costs applicable to revenue:
Costs applicable to revenue		$ 2,302,000
As Reported | Products, service and other
Revenue:
Revenue		164,308,000
Costs applicable to revenue:
Costs applicable to revenue		95,888,000
As Reported | Finance and insurance, net
Revenue:
Revenue		91,849,000
As Reported | Good Sam services and plans
Costs applicable to revenue:
Costs applicable to revenue		20,423,000
Adjustment
Restatement
Stockholders equity				$ (19,100,000)
Revenue:
Revenue		(2,905,000)
Costs applicable to revenue:
Costs applicable to revenue		(22,000)
Selling, general, and administrative		1,199,000
Total operating expenses		1,199,000
Income from operations		(4,082,000)
Net income (loss)		(3,728,000)
Net income attributable to non-controlling interests		2,368,000
Net income attributable to Camping World Holdings, Inc.		(1,360,000)
Effect of the error corrections on the consolidated statements of cash flows
Net (loss) income		(3,728,000)
Deferred income taxes		(310,000)
Receivables and contracts in transit		(7,463,000)
Inventories		(2,719,000)
Prepaid expenses and other assets		3,944,000
Accounts payable and other accrued expenses		(1,181,000)
Deferred revenue and gains		973,000
Other		1,732,000
Net cash used in operating activities		(8,752,000)
Purchases of property and equipment		8,752,000
Net cash used in investing activities		8,752,000
Adjustment | Class A common stock
Costs applicable to revenue:
Income before income taxes		4,082,000
Income tax expense		$ 354,000
(Loss) earnings per share of Class A common stock:
Basic		$ (0.04)
Diluted		$ (0.03)
Adjustment | Good Sam Club
Costs applicable to revenue:
Costs applicable to revenue		$ 27,000
Adjustment | Products, service and other
Revenue:
Revenue		(156,000)
Costs applicable to revenue:
Costs applicable to revenue		(86,000)
Adjustment | Finance and insurance, net
Revenue:
Revenue		(2,749,000)
Adjustment | Good Sam services and plans
Costs applicable to revenue:
Costs applicable to revenue		$ 37,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements
Practical Expedients Package	true
Operating lease assets	$ 820,090
Operating lease liabilities	877,421
Property and equipment, net	343,946		$ 359,855
Deferred revenues and gains, current portion	81,463		88,054
Accrued liabilities	130,949		124,619
Other long-term liabilities	$ 26,879		$ 79,958
ASU 2016-02 | Adjustment
New Accounting Pronouncements
Operating lease assets		$ 809,700
Operating lease liabilities		867,500
Property and equipment, net		(4,900)
Deferred revenues and gains, current portion		(10,600)
Accrued liabilities		(7,600)
Other long-term liabilities		(54,500)
ASU 2016-02 | Adjustment | Retained Earnings (Deficit)
New Accounting Pronouncements
Cumulative-effect adjustment		3,700
ASU 2016-02 | Adjustment | Non-controlling Interest
New Accounting Pronouncements
Cumulative-effect adjustment		$ 6,300

Revenue - Contract Assets (Deta

Revenue - Contract Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accounts Receivable | RV Service
Revenue
Contract asset	$ 5.7	$ 6.3

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Mar. 31, 2019USD ($)
Performance obligation
Revenue expected to be recognized	$ 138,856
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Performance obligation
Revenue expected to be recognized	$ 68,897
Unsatisfied performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Performance obligation
Revenue expected to be recognized	$ 34,475
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Performance obligation
Revenue expected to be recognized	$ 16,324
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance obligation
Revenue expected to be recognized	$ 8,057
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligation
Revenue expected to be recognized	$ 4,115
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Performance obligation
Revenue expected to be recognized	$ 6,988
Unsatisfied performance obligation, period

Inventories and Floor Plan Pa_3

Inventories and Floor Plan Payable - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventories
Inventories	$ 1,622,964	$ 1,558,970
Good Sam Services and Plans
Inventories
Inventories	401	459
New RVs
Inventories
Inventories	1,062,448	1,017,910
Used RVs
Inventories
Inventories	120,418	124,527
Products, service and other
Inventories
Inventories	$ 439,697	$ 416,074

Inventories and Floor Plan Pa_4

Inventories and Floor Plan Payable - Floor Plan Payable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	$ 1,415,000	$ 1,415,000
Quarterly reduction in maximum borrowing capacity	3,000	3,000
Letters of credit | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	15,000	15,000
Line of Credit | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity	$ 60,000	$ 60,000
Line of Credit | Notes Payable to Banks | Floor Plan Facility | London Interbank Offered Rate (LIBOR)
Floor Plan Payable
Variable rate spread (as a percent)		2.15%
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)	2.50%
Variable rate basis (as a percent)	2.49	2.35
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%	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%	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%	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%	1.00%

Inventories and Floor Plan Pa_5

Inventories and Floor Plan Payable - Floor Plan Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Floor Plan Payable
Less: borrowings	$ (42,610)	$ (38,739)
Floor Plan Facility
Floor Plan Payable
Total commitment	1,415,000	1,415,000
Less: borrowings, net	(882,346)	(885,980)
Less: flooring line aggregate interest reduction account	(152,346)	(97,757)
Additional borrowing capacity	380,308	431,263
Less: accounts payable for sold inventory	(76,534)	(33,928)
Less: purchase commitments	(37,671)	(22,530)
Unencumbered borrowing capacity	266,103	374,805
Line of Credit | Floor Plan Facility
Floor Plan Payable
Total commitment	60,000	60,000
Less: borrowings	(42,610)	(38,739)
Additional borrowing capacity	17,390	21,261
Letters of credit | Floor Plan Facility
Floor Plan Payable
Total commitment	15,000	15,000
Less: outstanding letters of credit	(10,380)	(10,380)
Additional letters of credit capacity	$ 4,620	$ 4,620

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019
Goodwill
Balance	$ 359,117	$ 359,117
Acquisitions		11,981
Balance		371,098
Good Sam services and plans
Goodwill
Balance	50,320	50,320
Transfers of assets between reporting units		(26,491)
Balance		23,829
Good Sam services and plans | GSS
Goodwill
Transfers of assets between reporting units	(26,500)
RV and Outdoor Retail
Goodwill
Balance	308,797	308,797
Acquisitions		11,981
Transfers of assets between reporting units		26,491
Balance		$ 347,269
RV and Outdoor Retail | CWI
Goodwill
Transfers of assets between reporting units	$ 26,500

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Intangible Assets
Cost or Fair Value	$ 47,933	$ 47,933
Accumulated Amortization	(13,789)	(12,649)
Net	34,144	35,284
Good Sam Services and Plans | Membership and customer lists
Intangible Assets
Cost or Fair Value	9,140	9,140
Accumulated Amortization	(7,374)	(7,174)
Net	1,766	1,966
RV and Outdoor Retail | Customer lists and domain names
Intangible Assets
Cost or Fair Value	3,415	3,415
Accumulated Amortization	(1,811)	(1,559)
Net	1,604	1,856
RV and Outdoor Retail | Trademarks and trade names
Intangible Assets
Cost or Fair Value	29,304	29,304
Accumulated Amortization	(3,342)	(2,853)
Net	25,962	26,451
RV and Outdoor Retail | Websites
Intangible Assets
Cost or Fair Value	6,074	6,074
Accumulated Amortization	(1,262)	(1,063)
Net	$ 4,812	$ 5,011

Long-Term Debt - Tabular Disclo

Long-Term Debt - Tabular Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long-Term Debt
Long-term debt	$ 1,163,581	$ 1,165,865
Less: current portion	(12,976)	(12,977)
Long-term debt, net of current maturities	1,150,605	1,152,888
Term Loan Facility
Long-Term Debt
Long-term debt	1,154,295	1,156,345
Unamortized discount	5,100	5,400
Finance costs	12,700	13,400
Real Estate Facility
Long-Term Debt
Long-term debt	9,286	9,520
Finance costs	$ 200	$ 200

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Long-Term Debt
Amount outstanding	$ 1,163,581	$ 1,165,865
Term Loan Facility
Long-Term Debt
Amount outstanding	$ 1,154,295	$ 1,156,345
Secured Debt | Line of Credit | Term Loan Facility
Long-Term Debt
Principal payment frequency	quarterly	quarterly
Quarterly amortization payment	$ 3,000	$ 3,000
Prepayment requirement as a percentage of excess cash flow (as a percent)	50.00%
Excess cash flow payment		0
Interest rate (as a percent)	5.24%
Amount outstanding	$ 1,200,000
Secured Debt | Line of Credit | Revolving Credit Facility
Long-Term Debt
Amount subtracted from aggregate borrowings in determining compliance with the total leverage ratio	$ 5,000
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	30.00%
Maximum amount to borrow	$ 9,400
Secured Debt | Revolving Credit Facility | Revolving Credit Facility
Long-Term Debt
Line of Credit Facility, Maximum Borrowing Capacity	35,000	35,000
Available borrowings	9,400
Amount outstanding	0
Secured Debt | Letters of credit | Senior Secured Credit Facility, Letters of Credit
Long-Term Debt
Available borrowings	3,700
Secured Debt | Letters of credit | Revolving Credit Facility
Long-Term Debt
Maximum amount allocated to letters of credit	$ 15,000	$ 15,000

Long-Term Debt - Real Estate Fa

Long-Term Debt - Real Estate Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Amount outstanding	$ 1,163,581	$ 1,165,865
Real Estate Facility
Debt Instrument [Line Items]
Amount outstanding	9,286	9,520
Line of Credit | Real Estate Facility | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 21,500	$ 21,500
Interest rate (as a percent)	5.42%
Commitment fee (as a percent)	0.50%
Available borrowings	$ 11,700
Amount outstanding	$ 9,500

Leases - General Information (D

Leases - General Information (Details)	3 Months Ended
	Mar. 31, 2019lease
Leases
Existence of option to extend	true
Existence of option to terminate	true
Number of operating leases	291
Number of finance leases	1
Weighted-average remaining lease term of operating lease	13 years 1 month 6 days
Weighted-average discount rate of operating leases	7.80%
Minimum
Leases
Renewal term of lease	1 year
Maximum
Leases
Renewal term of lease	5 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease costs
Operating lease cost	$ 30,202
Short-term lease cost	713
Variable lease cost	552
Sublease income	(305)
Net lease costs	$ 31,162

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases
Operating cash flows for operating leases	$ 30,044
ROU assets obtained in exchange for lease liabilities: Operating leases	$ 23,403

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating lease liabilities
2019	$ 90,408
2020	119,411
2021	119,061
2022	114,092
2023	110,552
Thereafter	868,754
Total lease payments	1,422,278
Less: Imputed interest	(544,857)
Total lease obligations	877,421
Less:Current portion	(54,878)
Noncurrent lease obligations	$ 822,543

Leases - Right to Use Assets (D

Leases - Right to Use Assets (Details) - Right To Use Assets $ in Thousands	Dec. 31, 2018USD ($)
Right to Use Assets
Right to use assets	$ 5,400
Accumulated depreciation	(540)
Total	$ 4,860

Leases - Future Changes in the

Leases - Future Changes in the Right to Use Liabilities (Details) - Right to Use Liabilities $ in Thousands	Dec. 31, 2018USD ($)
Right to Use Liabilities
2019	$ 486
2020	486
2021	486
2022	486
2023	486
Thereafter	7,889
Total minimum lease payments	10,319
Amounts representing interest	(5,172)
Present value of net minimum right to use liability payments	$ 5,147

Leases - Future Minimum Annual

Leases - Future Minimum Annual Fixed Rentals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2018
Future minimum annual fixed rentals under operating leases
2019		$ 118,379
2020		113,256
2021		108,988
2022		104,641
2023		101,524
Thereafter		830,179
Total		1,376,967
Rent expense	$ 25,700
Third Party
Future minimum annual fixed rentals under operating leases
2019		116,131
2020		111,008
2021		106,740
2022		102,496
2023		99,594
Thereafter		811,228
Total		1,347,197
Related Party
Future minimum annual fixed rentals under operating leases
2019		2,248
2020		2,248
2021		2,248
2022		2,145
2023		1,930
Thereafter		18,951
Total		$ 29,770

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 | Term Loan Facility
Fair Value Measurements
Debt instrument	1,154,295	1,156,345
Level 2 | Carrying Value | Floor Plan Facility
Fair Value Measurements
Debt instrument	42,610	38,739
Level 2 | Carrying Value | Real Estate Facility
Fair Value Measurements
Debt instrument	9,286	9,520
Level 2 | Fair Value | Term Loan Facility
Fair Value Measurements
Debt instrument	1,056,292	1,116,338
Level 2 | Fair Value | Floor Plan Facility
Fair Value Measurements
Debt instrument	44,107	40,139
Level 2 | Fair Value | Real Estate Facility
Fair Value Measurements
Debt instrument	$ 10,599	$ 10,850

Statement of Cash Flows (Detail

Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash paid during the period for:
Interest	$ 26,977	$ 20,333
Income taxes	(119)	(830)
Non-cash investing activities:
Leasehold improvements paid by lessor	1,540	16,259
Vehicles transferred to property and equipment from inventory	402	617
Capital expenditures in accounts payable and accrued liabilities	$ 6,634	15,676
Non-cash financing activities:
Par value of Class A common stock issued in exchange for common units in CWGS, LLC		$ 2

Acquisitions - General Informat

Acquisitions - General Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Acquisitions
Real properties purchased	$ 0.7	$ 0

Acquisitions - Assets (Liabilit

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Assets (liabilities) acquired (assumed) at fair value:
Goodwill	$ 371,098		$ 359,117
Cash paid for acquisition, net of cash acquired	$ 21,169	$ 12,484
Membership and customer lists | Minimum
Assets (liabilities) acquired (assumed) at fair value:
Estimated Life (in years)	4 years
Membership and customer lists | Maximum
Assets (liabilities) acquired (assumed) at fair value:
Estimated Life (in years)	7 years
Assets Or Stock Of Multiple Dealership Locations Acquired
Assets (liabilities) acquired (assumed) at fair value:
Inventory, net	$ 9,096	6,609
Prepaid expenses and other assets	87
Property and equipment, net	105	281
Other assets		55
Accrued liabilities	(100)	(148)
Total tangible net assets acquired	9,188	6,797
Intangible assets acquired		116
Goodwill	11,981	5,571
Cash paid for acquisition, net of cash acquired	21,169	12,484
Inventory purchases financed via floor plan	(8,416)	(4,222)
Cash payment net of floor plan financing	$ 12,753	8,262
Assets Or Stock Of Multiple Dealership Locations Acquired | Membership and customer lists
Assets (liabilities) acquired (assumed) at fair value:
Intangible assets acquired		$ 116

Acquisitions - Goodwill, Revenu

Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - Assets Or Stock Of Multiple Dealership Locations Acquired - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Acquisitions
Revenue	$ 4.8	$ 0.9
Pre-tax income (loss)	$ (0.3)	$ (0.2)

Income Taxes - Federal Tax purp

Income Taxes - Federal Tax purpose (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Oct. 06, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
U.S. Federal income tax rate (as a percent)			21.00%
Deferred income taxes due to transfer of assets			$ 16,300
Deferred income tax expense from blended statutory income tax rates			$ 1,100
Effective tax rate			(588.40%)	33.60%
Current portion of liabilities under tax receivable agreement			$ 9,376		$ 9,446
Tax Receivable Agreement liability adjustment			8,477
Tax receivable agreement
Expected future tax benefits retained by the Company (as a percent)		15.00%
Reduction in tax receivable agreement liability due to reduction of future expected tax amortization			7,200
Reduction in tax receivable agreement liability due to change in state income tax rates			$ 1,100
Tax receivable agreement | CWGS, LLC
Units issued in exchange			5,725	173,286
Tax receivable agreement | Continuing Equity Owners and Crestview partners II GP LP
Payment, as percent of tax benefits (as a percent)		85.00%
CWH | CWGS, LLC
Ownership interest	41.90%		41.90%		41.90%
Units held			37,198,920		37,192,364
Crestview Partners II GP LP | Tax receivable agreement
Liability under tax receivable agreement			$ 125,700		$ 134,200
Current portion of liabilities under tax receivable agreement			$ 9,400

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related party transactions
Cash distribution to members	$ 5,534,000	$ 19,938,000
Stephen Adams
Related party transactions
Payments to related party for purchasing advertising services	200,000	100,000
Kaplan, Strangis and Kaplan, P.A.
Related party transactions
Related party expense	100,000	100,000
Related Party Agreement | Precise Graphix
Related party transactions
Related party expense	200,000	1,600,000
FreedomRoads | Lease Agreement | Managers and Officers
Related party transactions
Related party expense	$ 500,000	400,000
FreedomRoads | Lease Agreement | Mr. Lemonis | Original Lease
Related party transactions
Initial term of lease	132 months
Base rent	$ 29,000
Lease payments	180,000	178,000
Common area maintenance payments	$ 78,000	79,000
FreedomRoads | Lease Agreement | Mr. Lemonis | Expansion Lease
Related party transactions
Initial term of lease	132 months
Base rent	$ 2,500
Lease payments	$ 9,000	8,000
Mr. Lemonis | Precise Graphix
Related party transactions
Economic interest (as a percent)	33.00%
Mr. Lemonis | JD Custom | Mr. Lemonis
Related party transactions
Related party expense	$ 0	$ 100,000
Economic interest (as a percent)	52.00%
Stephen Adams | Adams Radio | Stephen Adams
Related party transactions
Indirect interest	90.00%

Stockholder's Equity (Details)

Stockholder's Equity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)class
Stockholders' Equity
Number of classes of common stock | class	3
Class B common stock
Stockholders' Equity
Consideration for redemption of shares | $	$ 0

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Summarizes the effects of change in ownership:
Net income attributable to Camping World Holdings, Inc.		$ (19,395)	$ 1,821
Transfers to non-controlling interests:
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests		(19,383)	3,592
Additional Paid-in Capital
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options			(77)
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC		$ 12	$ 1,848
CWGS, LLC
Non-Controlling Interests
LLC outstanding		88,868,204		88,867,373
CWH | CWGS, LLC
Non-Controlling Interests
Units held		37,198,920		37,192,364
Ownership interest	41.90%	41.90%		41.90%
Continuing Equity Owners | CWGS, LLC
Non-Controlling Interests
Units held		51,669,284		51,675,009
Percentage of ownership		58.10%		58.10%

Equity-based Compensation Pla_3

Equity-based Compensation Plans - Summary of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity-based compensation expense:
Equity based compensation expense	$ 2,716	$ 3,218
Costs applicable to revenue
Equity-based compensation expense:
Equity based compensation expense	207	175
Selling, general, and administrative
Equity-based compensation expense:
Equity based compensation expense	$ 2,509	$ 3,043

Equity-based Compensation Pla_4

Equity-based Compensation Plans - Stock Options (Details) - Stock options shares in Thousands	3 Months Ended
	Mar. 31, 2019shares
Stock Options
Outstanding at December 31, 2018 (in shares)	885
Forfeited (in shares)	(55)
Outstanding at March 31, 2019 (in shares)	830
Options exercisable at March 31, 2019 (in shares)	402

Equity-based Compensation Pla_5

Equity-based Compensation Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted Stock Units
Outstanding at December 31, 2018 (in shares)	1,426
Granted (in shares)	63
Vested (in shares)	(1)
Forfeited (in shares)	(60)
Outstanding at March 31, 2019 (in shares)	1,428
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (per share) | $ / shares	$ 14.87

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net (loss) income	$ (26,807)	$ 13,548
Less: net (loss) income attributable to non-controlling interests	7,412	(11,727)
Net (loss) income attributable to Camping World Holdings, Inc. - basic	(19,395)	1,821
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs		15
Net (loss) income attributable to Camping World Holdings, Inc. - diluted	$ (19,395)	$ 1,836
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	37,195	36,816
Weighted-average shares of Class A common stock outstanding - diluted	37,195	37,320
(Loss) earnings per share of Class A common stock - basic	$ (0.52)	$ 0.05
(Loss) earnings per share of Class A common stock - diluted	$ (0.52)	$ 0.05
Restricted Stock Units (RSUs)
Denominator:
Dilutive		189
Stock Option
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share	859
Restricted Stock Units (RSUs)
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share	1,444
Class A common stock
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	37,195	36,816
Weighted-average shares of Class A common stock outstanding - diluted	37,195	37,320
(Loss) earnings per share of Class A common stock - basic	$ (0.52)	$ 0.05
(Loss) earnings per share of Class A common stock - diluted	$ (0.52)	$ 0.05
Class A common stock | Stock Option
Denominator:
Dilutive		315
CWGS, LLC | Common Units
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share	51,673	51,830

Segments Information - General

Segments Information - General Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019segmentitem	Dec. 31, 2018segment
Segments Information
Number of reportable segments | segment	2	3
RV and Outdoor Retail
Segments Information
Number of programs | item	2

Segments Information - Revenue

Segments Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segments Information
Revenue	$ 1,064,769	$ 1,058,661
Intersegment Eliminations
Segments Information
Revenue	(10,812)	(10,344)
Good Sam services and plans
Segments Information
Revenue	46,966	44,825
Good Sam services and plans | Intersegment Eliminations
Segments Information
Revenue	(1,332)	(1,353)
New vehicles
Segments Information
Revenue	529,577	579,510
New vehicles | Intersegment Eliminations
Segments Information
Revenue	(1,172)	(1,164)
Used vehicles
Segments Information
Revenue	180,008	172,091
Used vehicles | Intersegment Eliminations
Segments Information
Revenue	(597)	(492)
Products, service and other
Segments Information
Revenue	204,876	164,152
Products, service and other | Intersegment Eliminations
Segments Information
Revenue	(5,322)	(4,816)
Finance and insurance, net
Segments Information
Revenue	91,891	89,100
Finance and insurance, net | Intersegment Eliminations
Segments Information
Revenue	(2,389)	(2,519)
Good Sam Club
Segments Information
Revenue	11,451	8,983
Good Sam services and plans | Operating Segments
Segments Information
Revenue	48,298	46,178
Good Sam services and plans | Good Sam services and plans | Operating Segments
Segments Information
Revenue	48,298	46,178
RV and Outdoor Retail
Segments Information
Revenue	1,017,803	1,013,836
RV and Outdoor Retail | Operating Segments
Segments Information
Revenue	1,027,283	1,022,827
RV and Outdoor Retail | New vehicles
Segments Information
Revenue	529,577	579,510
RV and Outdoor Retail | New vehicles | Operating Segments
Segments Information
Revenue	530,749	580,674
RV and Outdoor Retail | Used vehicles
Segments Information
Revenue	180,008	172,091
RV and Outdoor Retail | Used vehicles | Operating Segments
Segments Information
Revenue	180,605	172,583
RV and Outdoor Retail | Products, service and other
Segments Information
Revenue	204,876	164,152
RV and Outdoor Retail | Products, service and other | Operating Segments
Segments Information
Revenue	210,198	168,968
RV and Outdoor Retail | Finance and insurance, net
Segments Information
Revenue	91,891	89,100
RV and Outdoor Retail | Finance and insurance, net | Operating Segments
Segments Information
Revenue	94,280	91,619
RV and Outdoor Retail | Good Sam Club
Segments Information
Revenue	11,451	8,983
RV and Outdoor Retail | Good Sam Club | Operating Segments
Segments Information
Revenue	$ 11,451	$ 8,983

Segments Information - Segment

Segments Information - Segment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segments Information
Total segment income	$ 16,882	$ 45,671
Selling, general, and administrative expense	(268,065)	(246,313)
Depreciation and amortization	(13,594)	(9,400)
Other interest expense, net	(17,643)	(12,839)
Tax Receivable Agreement liability adjustment	8,477
Loss and expense on debt restructure		(2,100)
(Loss) income before income taxes	(3,894)	20,413
Operating Segments
Segments Information
Total segment income	22,039	46,236
Other interest expense, net	(2,148)	(1,818)
Corporate & other
Segments Information
Selling, general, and administrative expense	(3,173)	(1,484)
Other interest expense, net	(15,495)	(11,021)
Good Sam services and plans | Operating Segments
Segments Information
Total segment income	22,414	21,717
Depreciation and amortization	(852)	(731)
Other interest expense, net		1
RV and Outdoor Retail | Operating Segments
Segments Information
Total segment income	(375)	24,519
Depreciation and amortization	(12,742)	(8,669)
Other interest expense, net	$ (2,148)	$ (1,819)

Segments Information - Deprecia

Segments Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segments Information
Depreciation and amortization	$ 13,594	$ 9,400
Good Sam services and plans | Operating Segments
Segments Information
Depreciation and amortization	852	731
RV and Outdoor Retail | Operating Segments
Segments Information
Depreciation and amortization	$ 12,742	$ 8,669

Segments Information - Other In

Segments Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segments Information
Other interest expense, net	$ 17,643	$ 12,839
Operating Segments
Segments Information
Other interest expense, net	2,148	1,818
Corporate & other
Segments Information
Other interest expense, net	15,495	11,021
Good Sam services and plans | Operating Segments
Segments Information
Other interest expense, net		(1)
RV and Outdoor Retail | Operating Segments
Segments Information
Other interest expense, net	$ 2,148	$ 1,819

Segments Information - Assets (

Segments Information - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segments Information
Assets	$ 3,662,423	$ 2,806,687
Operating Segments
Segments Information
Assets	3,500,644	2,613,531
Corporate & other
Segments Information
Assets	161,779	193,156
Good Sam services and plans | Operating Segments
Segments Information
Assets	93,215	174,623
RV and Outdoor Retail | Operating Segments
Segments Information
Assets	$ 3,407,429	$ 2,438,908