Camping World (CWH) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-37908
Entity Registrant Name	CAMPING WORLD HOLDINGS, INC.
Entity Central Index Key	0001669779
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1737145
Entity Address, Address Line One	250 Parkway Drive, Suite 270
Entity Address, City or Town	Lincolnshire
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60069
City Area Code	847
Local Phone Number	808-3000
Title of 12(b) Security	Class A Common Stock,
Trading Symbol	CWH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		41,690,087
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		41,466,964
Class C common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		1

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 139,480	$ 267,332
Contracts in transit	135,513	57,741
Accounts receivable, net	116,593	101,644
Inventories	2,152,400	1,792,865
Prepaid expenses and other assets	57,763	64,295
Total current assets	2,601,749	2,283,877
Property and equipment, net	636,500	599,324
Operating lease assets	748,893	750,876
Deferred tax assets, net	185,616	199,321
Intangible assets, net	21,450	30,970
Goodwill	506,954	483,634
Other assets	26,373	24,927
Total assets	4,727,535	4,372,929
Current liabilities:
Accounts payable	221,990	136,757
Accrued liabilities	224,995	189,595
Deferred revenues	92,747	95,467
Current portion of operating lease liabilities	63,490	62,217
Current portion of finance lease liabilities	10,393	4,964
Current portion of Tax Receivable Agreement liability	11,322	11,322
Current portion of long-term debt	15,825	15,822
Notes payable - floor plan, net	1,237,208	1,011,345
Other current liabilities	78,369	70,834
Total current liabilities	1,956,339	1,598,323
Operating lease liabilities, net of current portion	770,778	774,889
Finance lease liabilities, net of current portion	72,192	74,752
Tax Receivable Agreement liability, net of current portion	171,476	171,073
Revolving line of credit	20,885	20,885
Long-term debt, net of current portion	1,374,592	1,377,751
Deferred revenues	69,902	69,024
Other long-term liabilities	81,201	52,338
Total liabilities	4,517,365	4,139,035
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, 2022 and December 31, 2021
Additional paid-in capital	126,071	98,113
Treasury stock, at cost; 5,882,748 and 3,390,131 shares as of March 31, 2022 and December 31, 2021, respectively	(206,098)	(130,006)
Retained earnings	207,774	189,471
Total stockholders' equity attributable to Camping World Holdings, Inc.	128,227	158,057
Non-controlling interests	81,943	75,837
Total stockholders' equity	210,170	233,894
Total liabilities and stockholders' equity	4,727,535	4,372,929
Class A common stock
Stockholders' equity:
Common stock	476	475
Class B common stock
Stockholders' equity:
Common stock	4	4
Class C common stock
Stockholders' equity:
Common stock	$ 0	$ 0

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Treasury Stock, (In shares)	5,882,748	3,390,131
Class A common stock
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	47,855,259	47,805,259
Common stock, outstanding	41,688,339	44,130,956
Class B common stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	69,066,445	69,066,445
Common stock, outstanding	41,466,964	41,466,964
Class C common stock
Stockholders' equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1	1
Common stock, issued	1	1
Common stock, outstanding	1	1

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 1,662,396	$ 1,557,781
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,102,194	1,037,287
Operating expenses:
Selling, general, and administrative	385,315	337,034
Depreciation and amortization	25,535	12,701
Long-lived asset impairment	0	546
Lease termination	178	1,756
Loss (gain) on sale or disposal of assets	49	(99)
Total operating expenses	411,077	351,938
Income from operations	149,125	168,556
Other expense:
Floor plan interest expense	(6,266)	(3,390)
Other interest expense, net	(14,301)	(12,223)
Tax Receivable Agreement liability adjustment	0	3,520
Other (expense) income, net	(223)	45
Total other expense	(20,790)	(19,088)
Income before income taxes	128,335	149,468
Income tax expense	(21,036)	(2,043)
Net income	107,299	147,425
Less: net income attributable to non-controlling interests	(62,569)	(85,103)
Net income attributable to Camping World Holdings, Inc.	$ 44,730	$ 62,322
Earnings per share of Class A common stock:
Basic	$ 1.03	$ 1.43
Diluted	$ 1.02	$ 1.40
Weighted average shares of Class A common stock outstanding:
Basic	43,553	43,584
Diluted	44,215	90,238
Class A common stock
Earnings per share of Class A common stock:
Basic	$ 1.03	$ 1.43
Diluted	$ 1.02	$ 1.40
Weighted average shares of Class A common stock outstanding:
Basic	43,553	43,584
Diluted	44,215	90,238
Good Sam Services and Plans
Revenue:
Total revenue	$ 44,559	$ 40,871
New vehicles
Revenue:
Total revenue	834,959	821,976
Used vehicles
Revenue:
Total revenue	403,032	294,257
Products, service and other
Revenue:
Total revenue	214,973	251,270
Finance and insurance, net
Revenue:
Total revenue	153,378	138,254
Good Sam Club
Revenue:
Total revenue	11,495	11,153
Good Sam Club services and plans
Revenue:
Total revenue	44,559	40,871
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	16,703	14,424
RV and Outdoor Retail
Revenue:
Total revenue	1,617,837	1,516,910
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,085,491	1,022,863
RV and Outdoor Retail | New vehicles
Revenue:
Total revenue	834,959	821,976
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	644,370	643,680
RV and Outdoor Retail | Used vehicles
Revenue:
Total revenue	403,032	294,257
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	302,825	223,193
RV and Outdoor Retail | Products, service and other
Revenue:
Total revenue	214,973	251,270
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	136,160	154,146
RV and Outdoor Retail | Finance and insurance, net
Revenue:
Total revenue	153,378	138,254
RV and Outdoor Retail | Good Sam Club
Revenue:
Total revenue	11,495	11,153
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	$ 2,136	$ 1,844

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common StockClass A common stock	Common StockClass B common stock	Common StockClass C common stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings (Deficit)	Non-controlling Interest	Total
Balance at Dec. 31, 2020	$ 428	$ 5	$ 0	$ 63,342	$ (15,187)	$ (21,814)	$ (36,005)	$ (9,231)
Balance (in shares) at Dec. 31, 2020	42,799,000	45,999,000	0		(572,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	$ 0	$ 0	$ 0	2,988	$ 0	0	3,121	6,109
Exercise of stock options	$ 0	0	0	(417)	$ 2,407	0	0	1,990
Exercise of stock options (in shares)	0				91,000
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	$ 0	0	0	(1,012)	$ 0	0	1,012	0
Vesting of restricted stock units	$ 0	0	0	(1,220)	$ 1,318	0	(98)	0
Vesting of restricted stock units (in shares)	0				49,000
Repurchases of Class A common stock for withholding taxes on vested RSUs	$ 0	0	0	(25)	$ (189)	0	0	(214)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)	0				(7,000)
Redemption of LLC common units for Class A common stock	$ 30	$ (1)	0	22,926	$ 0	0	2,336	25,291
Redemption of LLC common units for Class A common stock (in shares)	3,029,000	(2,848,000)
Distributions to holders of LLC common units	$ 0	$ 0	0	0	0	0	(16,926)	(16,926)
Dividends	0	0	0	0	0	(10,353)	0	(10,353)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	0	0	0	(19,441)	0	0	0	(19,441)
Non-controlling interest adjustment	0	0	0	2,068	0	0	(2,068)	0
Net income	0	0	0	0	0	62,322	85,103	147,425
Balance at Mar. 31, 2021	$ 458	$ 4	$ 0	69,209	$ (11,651)	30,155	36,475	124,650
Balance (in shares) at Mar. 31, 2021	45,828,000	43,151,000	0		(439,000)
Balance at Dec. 31, 2021	$ 475	$ 4	$ 0	98,113	$ (130,006)	189,471	75,837	233,894
Balance (in shares) at Dec. 31, 2021	47,521,000	41,466,000	0		(3,390,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	$ 0	$ 0	$ 0	4,572	$ 0	0	5,735	10,307
Exercise of stock options	0	0	0	(166)	$ 397	0	0	231
Exercise of stock options (in shares)					11,000
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options	0	0	0	(111)	$ 0	0	111	0
Vesting of restricted stock units	0	0	0	(4,067)	$ 4,749	0	(682)	0
Vesting of restricted stock units (in shares)					130,000
Repurchases of Class A common stock for withholding taxes on vested RSUs	0	0	0	243	$ (1,481)	0	0	$ (1,238)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)					(41,000)
Stock award to employee (In shares)								99,907
Repurchases of Class A common stock to treasury stock	0	0	0	28,398	$ (79,757)	0	(37,774)	$ (89,133)
Repurchases of Class A common stock to treasury stock					(2,593,000)
Redemption of LLC common units for Class A common stock	$ 1	0	0	416	$ 0	0	(45)	372
Redemption of LLC common units for Class A common stock (in shares)	50,000
Distributions to holders of LLC common units	$ 0	0	0	0	0	0	(24,836)	(24,836)
Dividends	0	0	0	0	0	(26,427)	0	(26,427)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability	0	0	0	(299)	0	0	0	(299)
Non-controlling interest adjustment	0	0	0	(1,028)	0	0	1,028	0
Net income	0	0	0	0	0	44,730	62,569	107,299
Balance at Mar. 31, 2022	$ 476	$ 4	$ 0	$ 126,071	$ (206,098)	$ 207,774	$ 81,943	$ 210,170
Balance (in shares) at Mar. 31, 2022	47,571,000	41,466,000	0		(5,883,000)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class A common stock
Dividends declared per share	$ 0.625	$ 0.23

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 107,299	$ 147,425
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	25,535	12,701
Equity-based compensation	11,674	6,109
Loss on lease termination	178	1,756
Long-lived asset impairment	0	546
Loss (gain) on sale or disposal of assets	49	(99)
Provision for losses on accounts receivable	(74)	242
Non-cash lease expense	15,320	15,059
Accretion of original debt issuance discount	516	270
Non-cash interest	484	872
Deferred income taxes	3,438	(15,531)
Tax Receivable Agreement liability adjustment	0	3,520
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(92,645)	(123,902)
Inventories	(348,374)	(50,169)
Prepaid expenses and other assets	6,327	9,037
Accounts payable and other accrued expenses	78,091	94,366
Deferred revenue	(1,842)	2,544
Operating lease liabilities	(15,529)	(17,192)
Other, net	(501)	278
Net cash (used in) provided by operating activities	(210,054)	87,832
Investing activities
Purchases of property and equipment	(31,665)	(14,906)
Proceeds from sale of property and equipment	199	213
Purchase of real property	(17,018)	(21,366)
Proceeds from the sale of real property	0	600
Purchases of businesses, net of cash acquired	(34,808)	(10,406)
Purchase of other investments	0	(350)
Purchases of intangible assets	(715)	0
Net cash used in investing activities	(84,007)	(46,215)
Financing activities
Payments on long-term debt	(3,954)	(3,038)
Net proceeds on notes payable - floor plan, net	275,296	78,139
Payments on finance leases	(1,021)	(401)
Proceeds from sale-leaseback arrangement	27,951	0
Payments on sale-leaseback arrangement	(36)	0
Dividends on Class A common stock	(26,427)	(10,353)
Proceeds from exercise of stock options	231	1,974
RSU shares withheld for tax	(1,238)	(214)
Repurchases of Class A common stock to treasury stock	(79,757)	0
Distributions to holders of LLC common units	(24,836)	(16,926)
Net cash provided by financing activities	166,209	49,181
(Decrease) increase in cash and cash equivalents	(127,852)	90,798
Cash and cash equivalents at beginning of the period	267,332	166,072
Cash and cash equivalents at end of the period	$ 139,480	$ 256,870

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, 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 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, 2022 are unaudited. The condensed consolidated balance sheet as of December 31, 2021 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, 2021 filed with the SEC on February 24, 2022. Operating results for 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 IPO and other related transactions in order to carry on the business of 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 that occurred on October 6, 2016 resulted in CWH becoming the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC (see Note 14 — Stockholders’ Equity). CWH’s position as sole managing member of CWGS, LLC includes periods where CWH held a minority economic interest in CWGS, LLC. As of March 31, 2022 and December 31, 2021, CWH owned 49.8% and 51.2%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements. The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements. COVID-19 Within a few months of the initial significant outbreaks of COVID-19 in the U.S., the Company experienced elevated demand for recreational vehicles (“RV”) and many of its related products and services. The Company believes that consumers view RVs as a safer alternative to many other travel and recreational activities, in addition to an opportunity to enjoy the outdoors after many consumers spent much of their time at home during portions of the pandemic. The Company believes this led to an introduction of many new customers to the RV lifestyle and a greater appreciation of outdoor activities. For much of the COVID-19 pandemic, demand and interest in new and used vehicles outpaced vehicle supply. Beginning in September 2021, the Company was able to procure more new vehicles from its suppliers than were sold. During the height of the pandemic, and related government orders directing non-essential business closures or reductions, the majority of the Company’s retail locations continued to operate as essential businesses Historically, most of the Company’s consumer shows and events take place during the first quarter. As a consequence of COVID-19, the Company held one in-person consumer show in 2021, compared to 37 in- person consumer shows held prior to the pandemic in 2019, and plans to hold fewer than five in-person consumer shows in 2022. The Company has implemented preparedness plans consistent with government directives to keep its employees and customers safe. As case counts have risen and receded over the course of the pandemic, the Company has adjusted remote work and office schedules accordingly. Cybersecurity Incident The Company relies on the integrity, security and successful functioning of its information technology systems and network infrastructure (collectively, “IT Systems”) across its operations. In February 2022, the Company announced that it had experienced a cybersecurity incident that resulted in the encryption of certain IT Systems and theft of certain data and information (the “Cybersecurity Incident”). The Cybersecurity Incident resulted in the Company’s temporary inability to access certain of its IT Systems, caused by the disabling of some of its IT Systems by the threat actor and the Company temporarily taking certain other IT Systems offline as a precautionary measure. The Company engaged leading outside forensics and cybersecurity experts, launched containment and remediation efforts and a forensic investigation. The forensic investigation is now complete and the Company has restored and is taking measures to enhance its IT Systems. The Company is continuing to evaluate the full scope and content of its lost or stolen data but believes that certain personal information was stolen. The Company will assess and comply with any notification requirements to the extent applicable under federal or state law. The Company also is continuing to coordinate with law enforcement. The Company has incurred costs related to investigation, containment, and remediation and expects to continue to incur incremental costs for the investigation and remediation of the Cybersecurity Incident, including legal and other professional fees, and investments to enhance the security of its IT Systems. Other actual and potential consequences include, but are not limited to, negative publicity, reputational damage, lost trust with customers, regulatory enforcement action, and litigation that could result in financial judgments or the payment of settlement amounts and disputes with insurance carriers concerning coverage. The Company does not expect that the Cybersecurity Incident will cause future disruptions to its business and, based on the information currently known, the Company does not believe that the Cybersecurity Incident will have a material impact on its business, results of operations or financial condition. The Company, however, has not yet been able to estimate all incremental costs resulting from the Cybersecurity Incident, which may exceed insurance policy limits, and therefore no assurances can be given as the Company continues to assess the full impact from the Cybersecurity Incident. Description of the Business Camping World Holdings, Inc., together with its subsidiaries, is America’s largest retailer of RVs and related products and services. As noted above, CWGS, LLC is a holding company and operates through its subsidiaries. The Company has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. See Note 18 – Segments Information to the condensed consolidated financial statements for further information about the Company’s segments. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV service and collision work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of Good Sam Club memberships and co-branded credit cards. The Company operates a national network of RV dealerships and service centers as well as a comprehensive e-commerce platform primarily under the Camping World brand, and markets its products and services primarily to RV and outdoor enthusiasts. In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 4 – Restructuring and Long-lived Asset Impairment). A summary of the retail store openings, closings, divestitures, conversions and number of locations from March 31, 2021 to March 31, 2022, are in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & Other ​ ​ ​ Dealerships Retail Centers Retail Stores Total Number of store locations as of March 31, 2021 ​ 165 ​ 10 ​ 1 ​ 176 Opened ​ 15 ​ — ​ — ​ 15 Re-opened ​ 1 ​ — ​ — ​ 1 Converted (1) ​ (1) ​ — ​ 1 ​ — Closed (1) ​ (1) ​ — ​ (1) ​ (2) Number of store locations as of March 31, 2022 ​ 179 ​ 10 ​ 1 ​ 190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) One RV dealership was converted to a retail clearance center, which was subsequently closed. Reclassifications of Prior Period Amounts Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, for the three months ended March 31, 2021, the equity-based compensation and non-controlling interest adjustment line items in the accompanying consolidated statements of stockholders' equity have been reclassified to present the equity-based compensation allocated to the non-controlling interest in the non-controlling interest column with an offsetting reclassification to the non-controlling interest adjustment line item. Use of Estimates The preparation of these 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, including those uncertainties arising from COVID-19, 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 condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, long-lived asset impairments, program cancellation reserves, chargebacks, accruals related to estimated tax liabilities, product return reserves, and other liabilities. ​ Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This standard requires contract assets and contract liabilities, such as certain receivables and deferred revenue, acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree instead of recording those balances at fair value. This standard should be applied prospectively to acquisitions occurring after the effective date. The standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company early adopted ASU 2021-08 as of January 1, 2022 and the adoption did not materially impact its consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue
Revenue	2. Revenue Contract Assets As of March 31, 2022 and December 31, 2021, a contract asset of $16.6 million and $16.2 million, respectively, relating to RV service revenues was included in accounts receivable in the accompanying condensed consolidated balance sheets. Deferred Revenues As of March 31, 2022, the Company has unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligations for these revenue streams at March 31, 2022 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands): ​ ​ ​ ​ ​ As of ​ March 31, 2022 2022 $ 77,617 2023 ​ ​ 41,956 2024 ​ ​ 21,031 2025 ​ ​ 10,992 2026 ​ ​ 6,091 Thereafter ​ ​ 4,962 Total ​ $ 162,649 ​ ​ ​ ​ ​

Inventories and Floor Plan Paya

Inventories and Floor Plan Payables	3 Months Ended
	Mar. 31, 2022
Inventories and Floor Plan Payables
Inventories and Floor Plan Payables	3. Inventories and Floor Plan Payables Inventories consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 New RVs ​ ​ 1,420,136 ​ ​ 1,108,836 Used RVs ​ ​ 423,409 ​ ​ 406,398 Products, parts, accessories and other ​ ​ 308,855 ​ ​ 277,631 ​ ​ $ 2,152,400 ​ $ 1,792,865 ​ Substantially all of the Company’s new RV inventory and certain of its used RV inventory, included in the RV and Outdoor Retail segment, is financed by a floor plan credit agreement with a syndication of banks. The borrowings under the floor plan credit agreement are collateralized by substantially all of the assets of FreedomRoads, LLC (“FR”), a wholly-owned subsidiary of FreedomRoads, which operates the RV dealerships. The floor plan borrowings are tied to specific vehicles and principal is due upon the sale of the related vehicle or upon reaching certain aging criteria. As of March 31, 2022 and December 31, 2021, FR maintained floor plan financing through the Eighth Amended and Restated Credit Agreement (“Floor Plan Facility”). The Floor Plan Facility at March 31, 2022 allowed FR to borrow (a) up to $1.70 billion under a floor plan facility, (b) up to $30.0 million under a letter of credit facility and (c) up to a maximum amount outstanding of $70.0 million under the revolving line of credit. The Floor Plan Facility also includes an accordion feature allowing FR, at its option, to increase the aggregate amount of the floor plan notes payable in $50 million increments up to a maximum amount of $200 million. The lenders under the Floor Plan Facility are not under any obligation to provide commitments in respect of any such increase. The maturity date of the Floor Plan Facility is September 30, 2026. As of March 31, 2022 and December 31, 2021, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 2.18% and 1.96%, respectively. Under the Floor Plan Facility, at the Company’s option, the floor plan notes payable, and borrowings for letters of credit, in each case, bear interest at a rate per annum equal to the floating Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus the applicable rate of 1.90% to 2.50% determined based on FR’s consolidated current ratio, or, the base rate (as described below) plus the applicable rate of 0.40% to 1.00% determined based on FR’s consolidated current ratio. As of March 31, 2022 and December 31, 2021 the applicable interest rate for revolving line of credit borrowings under the Floor Plan Facility was 2.38% and 2.31%, respectively. Under the Floor Plan Facility, revolving line of credit borrowings bear interest at a rate per annum equal to, at the Company’s option, either: (a) a floating BSBY rate, plus 2.25%, in the case of floating BSBY rate loans, or (b) a base rate determined by reference to the greatest of: (i) the federal funds rate plus 0.50%, (ii) the prime rate published by Bank of America, N.A. and (iii) the floating BSBY rate plus 1.75%, plus 0.75%, in the case of base rate loans. Additionally, under the Floor Plan Facility, the revolving line of credit borrowings are limited by a borrowing base calculation. The Floor Plan Facility includes a flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash as an offset to the payables under the Floor Plan Facility. These transfers reduce the amount of liability outstanding under the floor plan borrowings that would otherwise accrue interest, while retaining the ability to withdraw amounts from the FLAIR offset account subject to the financial covenants under the Floor Plan Facility. As a result of using the FLAIR offset account, the Company experiences a reduction in floor plan interest expense in its consolidated statements of operations. As of March 31, 2022 and December 31, 2021, FR had $152.6 million and $92.1 million, respectively, in the FLAIR offset account. The maximum FLAIR percentage of outstanding floor plan borrowings is 35% under the Floor Plan Facility. Management has determined that the credit agreements governing the Floor Plan Facility include subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at March 31, 2022 that would trigger a subjective acceleration clause. Additionally, the credit agreements governing the Floor Plan Facility contain certain financial covenants. FR was in compliance with all debt covenants at March 31, 2022 and December 31, 2021. The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of March 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Floor Plan Facility ​ ​ ​ ​ ​ ​ Notes payable - floor plan: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 1,700,000 ​ $ 1,700,000 Less: borrowings, net ​ ​ (1,237,208) ​ ​ (1,011,345) Less: flooring line aggregate interest reduction account ​ ​ (152,619) ​ ​ (92,108) Additional borrowing capacity ​ ​ 310,173 ​ ​ 596,547 Less: accounts payable for sold inventory ​ ​ (77,468) ​ ​ (28,036) Less: purchase commitments ​ ​ (129,580) ​ ​ (34,612) Unencumbered borrowing capacity ​ $ 103,125 ​ $ 533,899 ​ ​ ​ ​ ​ ​ ​ Revolving line of credit: ​ $ 70,000 ​ $ 70,000 Less: borrowings ​ ​ (20,885) ​ ​ (20,885) Additional borrowing capacity ​ $ 49,115 ​ $ 49,115 ​ ​ ​ ​ ​ ​ ​ Letters of credit: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 30,000 ​ $ 30,000 Less: outstanding letters of credit ​ ​ (11,500) ​ ​ (11,500) Additional letters of credit capacity ​ $ 18,500 ​ $ 18,500 ​

Restructuring and Long-Lived As

Restructuring and Long-Lived Asset Impairment	3 Months Ended
	Mar. 31, 2022
Restructuring and Long-Lived Asset Impairment
Restructuring and Long-Lived Asset Impairment	4 . Restructuring and Long-Lived Asset Impairment Restructuring On September 3, 2019, the board of directors of CWH approved a plan to strategically shift its business away from locations where the Company does not have the ability or where it is not feasible to sell and/or service RVs at a sufficient capacity (the “Outdoor Lifestyle Locations”). Of the Outdoor Lifestyle Locations in the RV and Outdoor Retail segment operating at September 3, 2019, the Company has closed or divested 39 Outdoor Lifestyle Locations, three distribution centers, and 20 specialty retail locations relating to the 2019 Strategic Shift. One of the aforementioned closed distribution centers was reopened during the three months ended June 2020. As of December 31, 2020, the Company had completed the store closures and divestitures relating to the 2019 Strategic Shift. As part of the 2019 Strategic Shift, the Company evaluated the impact on its supporting infrastructure and operations, which included rationalizing inventory levels and composition, closing certain distribution centers, and realigning other resources. The Company had a reduction of headcount and labor costs for those locations that were closed or divested, and the Company incurred material charges associated with the activities contemplated under the 2019 Strategic Shift. During the year ended December 31, 2021, the Company completed its analysis of its retail product offerings that are not RV related. The information available at the inception of the 2019 Strategic Shift relating to these product categories was incomplete based on the relative immaturity of the locations offering these products and was further delayed by the impact of COVID-19 on consumer buying behavior (see Note 1 — Summary of Significant Accounting Policies — COVID-19). As of December 31, 2021, the Company had effectively finalized its 2019 Strategic Shift as it relates to closing locations, one-time termination benefits, and incremental reserve charges. The remaining potential ongoing charges under the 2019 Strategic Shift relate to lease termination costs and other associated costs relating to the leases of previously closed locations under the 2019 Strategic Shift. The process of identifying subtenants and negotiating lease terminations has been delayed in part due to the COVID-19 pandemic and is expected to continue. The timing of these negotiations will vary as both subleases and terminations are contingent on landlord approvals. The Company currently estimates the total restructuring costs associated with the 2019 Strategic Shift to be in the range of $113.6 million to $133.6 million. The breakdown of the estimated restructuring costs are as follows: ● one-time employee termination benefits relating to retail store or distribution center closures/divestitures of $1.2 million, all of which were incurred through December 31, 2020; ● lease termination costs of $19.0 million to $34.0 million, of which $14.1 million has been incurred through March 31, 2022; ● incremental inventory reserve charges of $57.4 million, all of which were incurred through December 31, 2021; and ● other associated costs of $36.0 million to $41.0 million, of which $33.9 million has been incurred through March 31, 2022. Through March 31, 2022, the Company has incurred $33.9 million of such other associated costs primarily representing labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. The additional amount of $2.1 million to $7.1 million represents similar costs that may be incurred through the year ending December 31, 2022 for locations that continue in a wind-down period, primarily comprised of lease costs accounted for under ASC 842, Leases, prior to lease termination. The Company intends to negotiate terminations of these leases where prudent and pursue sublease arrangements for the remaining leases. Lease costs may continue to be incurred after December 31, 2022 on these leases if the Company is unable to terminate the leases under acceptable terms or offset the lease costs through sublease arrangements. The foregoing lease termination cost estimate represents the expected cash payments to terminate certain leases but does not include the gain or loss from derecognition of the related operating lease assets and liabilities, which is dependent on the particular leases that will be terminated. The following table details the costs incurred during the three months ended March 31, 2022 and 2021 associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Restructuring costs: ​ ​ ​ ​ ​ Lease termination costs (1) ​ 178 ​ ​ 1,431 Other associated costs (2) ​ 2,023 ​ ​ 3,067 Total restructuring costs $ 2,201 ​ $ 4,498 ​ (1) These costs were included in lease termination charges in the condensed consolidated statements of operations. This reflects termination fees paid, net of any gain from derecognition of the related operating lease assets and liabilities. (2) Other associated costs primarily represent labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. For the three months ended March 31, 2022 and March 31, 2021, costs of approximately $2.0 million and $3.1 million, respectively, were included in selling, general, and administrative expenses in the condensed consolidated statements of operations. The following table details changes in the restructuring accrual associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One-time Lease Other ​ ​ Termination Termination Associated ​ ​ Benefits Costs (1) Costs Total Balance at June 30, 2019 ​ $ — ​ $ — ​ $ — ​ $ — Charged to expense ​ ​ 1,008 ​ ​ 1,350 ​ ​ 4,321 ​ ​ 6,679 Paid or otherwise settled ​ ​ (286) ​ ​ (1,350) ​ ​ (4,036) ​ ​ (5,672) Balance at December 31, 2019 ​ ​ 722 ​ ​ — ​ ​ 285 ​ ​ 1,007 Charged to expense ​ ​ 231 ​ ​ 10,532 ​ ​ 16,835 ​ ​ 27,598 Paid or otherwise settled ​ ​ (953) ​ ​ (10,532) ​ ​ (16,346) ​ ​ (27,831) Balance at December 31, 2020 ​ ​ — ​ ​ — ​ ​ 774 ​ ​ 774 Charged to expense ​ ​ — ​ ​ 1,650 ​ ​ 10,684 ​ ​ 12,334 Paid or otherwise settled ​ ​ — ​ ​ (1,650) ​ ​ (10,532) ​ ​ (12,182) Balance as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ 926 ​ ​ 926 Charged to expense ​ ​ — ​ ​ 723 ​ ​ 2,023 ​ ​ 2,746 Paid or otherwise settled ​ ​ — ​ ​ — ​ ​ (2,107) ​ ​ (2,107) Balance at March 31, 2022 ​ $ — ​ $ 723 ​ $ 842 ​ $ 1,565 (1) Lease termination costs exclude the $1.3 million, $6.1 million, $0.2 million and $0.5 million of gains from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the 2019 Strategic Shift for the six months ended December 31, 2019, for the years ended December 31, 2020 and 2021, and for the three months ended March 31, 2022, respectively. The Company evaluated the requirements of ASC No. 205-20, Presentation of Financial Statements – Discontinued Operations relative to the 2019 Strategic Shift and determined that discontinued operations treatment is not applicable. Accordingly, the results of operations of the locations impacted by the 2019 Strategic Shift are reported as part of continuing operations in the accompanying condensed consolidated financial statements. Long-Lived Asset Impairment During the three months ended March 31, 2022, the Company had no indicators of impairment of long-lived assets. During the three months ended March 31, 2021, the Company had indicators of impairment of the long-lived assets for certain of its closed locations relating to the 2019 Strategic Shift. As a result of updating certain assumptions in the long-lived asset impairment analysis for these closed locations, the Company determined that the fair value of the operating lease right-of-use assets were below their carrying value and were impaired. The long-lived asset impairment charge was calculated as the amount that the carrying value of the closed locations exceeded the estimated fair value, except that individual assets cannot be impaired below their individual fair values when that fair value can be determined without undue cost and effort. For these locations, the operating lease right-of-use assets were written down to their individual fair values with an impairment charge of $0.5 million for the three months ended March 31, 2021 and there were no other long-lived assets at those closed locations to allocate the remaining impairment charge.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets
Goodwill and Intangible Assets	5. 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, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam ​ ​ ​ ​ ​ ​ ​ Services and ​ RV and ​ ​ ​ ​ Plans Outdoor Retail Consolidated Balance as of December 31, 2021 (excluding impairment charges) ​ $ 70,713 ​ $ 654,758 ​ $ 725,471 Accumulated impairment charges ​ ​ (46,884) ​ ​ (194,953) ​ ​ (241,837) Balance as of December 31, 2021 ​ ​ 23,829 ​ ​ 459,805 ​ ​ 483,634 Acquisitions ​ ​ — ​ ​ 23,320 ​ ​ 23,320 Balance as of March 31, 2022 ​ $ 23,829 ​ $ 483,125 ​ $ 506,954 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2022 and 2021, the Company determined that there were no triggering events for an interim goodwill impairment test of its reporting units. Intangible Assets Finite-lived intangible assets and related accumulated amortization consisted of the following at March 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ ​ (8,776) ​ $ 364 Websites ​ ​ 3,050 ​ ​ (355) ​ ​ 2,695 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and domain names ​ ​ 5,626 ​ ​ (2,445) ​ ​ 3,181 Supplier lists ​ ​ 1,696 ​ ​ (509) ​ ​ 1,187 Trademarks and trade names ​ ​ 29,564 ​ ​ (18,756) ​ ​ 10,808 Websites ​ ​ 7,350 ​ ​ (4,135) ​ ​ 3,215 ​ ​ $ 56,426 ​ $ (34,976) ​ $ 21,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ $ (8,748) ​ $ 392 Websites ​ ​ 2,500 ​ ​ (253) ​ ​ 2,247 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and domain names ​ ​ 5,626 ​ ​ (2,298) ​ ​ 3,328 Supplier lists ​ ​ 1,696 ​ ​ (424) ​ ​ 1,272 Trademarks and trade names ​ ​ 29,564 ​ ​ (9,465) ​ ​ 20,099 Websites ​ ​ 7,185 ​ ​ (3,553) ​ ​ 3,632 ​ ​ $ 55,711 ​ $ (24,741) ​ $ 30,970 ​ During the three months ended March 31, 2022, the Company recorded $8.8 million of incremental accelerated amortization from the adjustment of the useful lives of certain trademark and trade name intangible assets relating to brands not traditionally associated with RVs that the Company is phasing out. These trademark and trade name intangible assets were fully amortized as of March 31, 2022.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Long-Term Debt.
Long-Term Debt	6. Long-Term Debt Outstanding long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Term Loan Facility (1) ​ $ 1,364,560 ​ $ 1,367,277 Real Estate Facilities (2) ​ ​ 22,486 ​ ​ 22,896 Other Long-Term Debt ​ ​ 3,371 ​ ​ 3,400 Subtotal ​ ​ 1,390,417 ​ ​ 1,393,573 Less: current portion ​ ​ (15,825) ​ ​ (15,822) Total ​ $ 1,374,592 ​ $ 1,377,751 ​ ​ ​ ​ ​ ​ ​ (1) Net of $16.3 million and $16.8 million of original issue discount at March 31, 2022 and December 31, 2021, respectively, and $6.6 million and $6.9 million of finance costs at March 31, 2022 and December 31, 2021, respectively. (2) Net of $0.2 million of finance costs at each of March 31, 2022 and December 31, 2021. ​ Senior Secured Credit Facilities As of March 31, 2022 and December 31, 2021, CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (the “Credit Agreement”) for a senior secured credit facility (the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities consist of a $1.4 billion term loan facility (the “Term Loan Facility”) and a $65.0 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 $25.0 million may be allocated to such letters of credit. The Revolving Credit Facility matures in June 2026 and the Term Loan Facility matures in June 2028. The Term Loan Facility requires mandatory principal payments in equal quarterly installments of $3.5 million. Additionally, the Company is required to prepay the term loan borrowings in an aggregate amount up to 50% of excess cash flow, as defined in the Credit Agreement, for such fiscal year depending on the Total Leverage Ratio (as defined by the Credit Agreement) beginning with the year ended December 31, 2022. The Company was not required to make an additional excess cash flow payment relating to 2021 and does not expect that an additional excess cash flow payment will be required relating to 2022. Under the Senior Secured Credit Facilities, the Company has the ability to increase the amount of term loans or revolving loans in an aggregate amount not to exceed the greater of (a) a “fixed” amount set at $725.0 million and (b) 100% of consolidated EBITDA for the most recent four consecutive fiscal quarters on a pro forma basis (as defined in the Credit Agreement). The lenders under the Senior Secured Credit Facilities are not under any obligation to provide commitments in respect of any such increase. As of March 31, 2022 and December 31, 2021, the average interest rate on the Term Loan Facility was 3.25%. The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Senior Secured Credit Facilities: ​ ​ ​ ​ ​ ​ Term Loan Facility: ​ ​ ​ ​ ​ ​ Principal amount of borrowings ​ $ 1,400,000 ​ $ 1,400,000 Less: cumulative principal payments ​ ​ (12,508) ​ ​ (9,004) Less: unamortized original issue discount ​ ​ (16,310) ​ ​ (16,826) Less: unamortized finance costs ​ ​ (6,622) ​ ​ (6,893) ​ ​ ​ 1,364,560 ​ ​ 1,367,277 Less: current portion ​ ​ (14,015) ​ ​ (14,015) Long-term debt, net of current portion ​ $ 1,350,545 ​ $ 1,353,262 Revolving Credit Facility: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 65,000 ​ $ 65,000 Less: outstanding letters of credit ​ ​ (4,930) ​ ​ (4,930) Additional borrowing capacity ​ $ 60,070 ​ $ 60,070 ​ ​ ​ ​ ​ ​ ​ ​ 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 payment 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, 2022 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 Net 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 is greater than 35% of the total commitment on the Revolving Credit Facility (excluding (i) up to $15.0 million attributable to any outstanding undrawn letters of credit and (ii) any cash collateralized or backstopped letters of credit), as defined in the Credit Agreement. As of March 31, 2022, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35% threshold. The Company was in compliance with all applicable debt covenants at March 31, 2022 and December 31, 2021. Real Estate Facilities In November 2018, September 2021 and December 2021, Camping World Property, Inc. (the ‘‘Real Estate Borrower’’), an indirect wholly-owned subsidiary of CWGS, LLC, and CIBC Bank USA (“Lender”), entered into loan and security agreements for real estate credit facilities (as amended from time to time, the “First Real Estate Facility”, the “Second Real Estate Facility”, and the “Third Real Estate Facility”, respectively, and collectively the “Real Estate Facilities”) with aggregate maximum principal capacities of $21.5 million, $9.0 million, and $10.1 million for the First Real Estate Facility, Second Real Estate Facility, and Third Real Estate Facility, respectively. Borrowings under the Real Estate Facilities are guaranteed by CWGS Group, LLC, a wholly-owned subsidiary of CWGS, LLC. The Real Estate Facilities may be used to finance the acquisition of real estate assets. The Real Estate Facilities are secured by a first priority security interest on the real estate assets acquired with the proceeds of the Real Estate Facilities (“Real Estate Facility Properties”). The First Real Estate Facility, Second Real Estate Facility, and Third Real Estate Facility mature in October 2023, September 2026, and December 2026, respectively. As of March 31, 2022, the First Real Estate Facility, Second Real Estate Facility, and the Third Real Estate Facility had outstanding principal balances of $4.1 million and $8.4 million, and $9.9 million, respectively, net of unamortized finance costs, and a weighted average interest rate of 2.91%. As of March 31, 2022, the Company had no available capacity under the Real Estate Facilities, since repaid amounts cannot be reborrowed under the Real Estate Facilities. Management has determined that the credit agreements governing the Real Estate Facilities include subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at March 31, 2022 that would trigger a subjective acceleration clause. Additionally, the Real Estate Facilities are 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, 2022 and December 31, 2021. Other Long-Term Debt In December 2021, FRHP Lincolnshire, LLC, an indirect wholly-owned subsidiary of CWGS, LLC, assumed a mortgage as part of a real estate acquisition. This mortgage is secured by the acquired property and is guaranteed by CWGS Group, LC, a wholly-owned subsidiary of CWGS, LLC. As of March 31, 2022, the outstanding principal balance of the mortgage was $3.4 million with an interest rate of 3.50%. The mortgage matures in December 2026.

Lease Obligations

Lease Obligations	3 Months Ended
	Mar. 31, 2022
Lease Obligations
Leases Obligations	7. Lease Obligations The following presents certain information related to the costs for leases where the Company is the lessee (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Operating lease cost ​ $ 28,496 ​ $ 29,159 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of finance lease assets ​ ​ 2,691 ​ ​ 928 Interest on finance lease liabilities ​ ​ 987 ​ ​ 491 Short-term lease cost ​ ​ 463 ​ ​ 485 Variable lease cost ​ ​ 6,194 ​ ​ 5,974 Sublease income ​ ​ (393) ​ ​ (466) Net lease costs ​ $ 38,438 ​ $ 36,571 ​ As of March 31, 2022 and December 31, 2021, finance lease assets of $76.9 million and $75.7 million, respectively, were included in property and equipment, net in the accompanying condensed consolidated balance sheets. The following presents supplemental cash flow information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 28,873 ​ $ 29,533 Operating cash flows for finance leases ​ ​ 962 ​ ​ 467 Financing cash flows for finance leases ​ ​ 1,021 ​ ​ 401 Lease assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ New, remeasured and terminated operating leases ​ $ 13,341 ​ $ 13,370 New, remeasured and terminated finance leases ​ ​ 3,875 ​ ​ 10,102 ​ Sale-Leaseback Arrangement On February 8, 2022, FRHP Lincolnshire, LLC sold three properties for a total sale price of $28.0 million. Concurrent with the sale of these properties, the Company entered into three separate twenty-year lease agreements, whereby the Company will lease back the properties from the acquiring company. Under each lease agreement, FR has four consecutive options to extend the lease term for additional periods of five years for each option. This transaction is accounted for as a financing transaction. The Company recorded a liability for the amount received, will continue to depreciate the non-land portion of the assets, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining assets will be zero at the end of the initial lease terms. The financial liability is included in other long-term liabilities in the condensed consolidated balance sheet as of March 31, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	8. 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 2022 and 2021 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, the Revolving Line of Credit, and the Real Estate Facilities 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 ​ March 31, 2022 ​ December 31, 2021 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility ​ Level 2 ​ $ 1,364,560 ​ $ 1,401,367 ​ $ 1,367,277 ​ $ 1,382,372 Floor Plan Facility Revolving Line of Credit ​ Level 2 ​ ​ 20,885 ​ ​ 18,624 ​ ​ 20,885 ​ ​ 20,885 Real Estate Facilities ​ Level 2 ​ ​ 22,486 ​ ​ 21,639 ​ ​ 22,896 ​ ​ 22,981 Other Long-Term Debt ​ Level 2 ​ ​ 3,371 ​ ​ 3,187 ​ ​ 3,400 ​ ​ 3,400 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	9. 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. On March 5, 2019, a shareholder derivative suit styled Hunnewell v. Camping World Holdings, Inc., et al. On April 17, 2019, a shareholder derivative suit styled Lincolnshire Police Pension Fund v. Camping World Holdings, Inc., et al. 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. On May 30, 2019, the Court granted the parties’ joint motion to consolidate the Hunnewell and LPPF Complaints (as well as any future filed actions relating to the subject matter). On January 31, 2022, the Court granted in full Defendants’ motion to dismiss the Plaintiffs’ Amended Complaint with prejudice. On February 14, 2022, Plaintiff filed a notice of appeal, appealing the Court’s order dismissing the Amended Complaint. Plaintiffs’ appeal is expected to be fully briefed on or before May 17, 2022. On August 6, 2019, two shareholder derivative suits, styled Janssen v. Camping World Holdings, Inc., et al., Sandler v. Camping World Holdings, Inc. et al., On June 22, 2021, FreedomRoads filed a one-count complaint captioned FreedomRoads Holding Company, LLC v. Steve Weissmann in the Circuit Court of Cook County, Illinois against Steve Weissmann (“Weissmann”) for breach of contractual obligation under note guarantee (the “Note”). On October 8, 2021, Weissmann brought a counterclaim against FreedomRoads and Third-Party Defendants Marcus Lemonis, NBCUniversal Media, LLC, the Consumer National Broadcasting Company, CWH, and Machete Productions (“Machete”) (the “Weissmann Counterclaim”), in which he alleges claims in connection with the Note and his appearance on the reality television show The Profit. Weissmann alleges the following causes of action against FreedomRoads and all third-party defendants, including CWH: (i) fraud; (ii) fraud in the inducement; (iii) fraudulent concealment; (iv) breach of fiduciary duty; (v) defamation; (vi) defamation per se; (vii) false light; (viii) intentional infliction of emotional distress; (ix) negligence; (v) unjust enrichment; and (vi) RICO § 1962. Weissmann seeks costs and damages in an amount to be proven at trial but no less than the amount in the Note (approximately $2.5 million); in connection with his RICO claim, Weissmann asserts he is entitled to damages in the amount of three times the Note. On February 18, 2022, NBCUniversal, CNBC, and Machete filed a motion to compel arbitration (the “NBC Arbitration Motion”) which was joined by all defendants, including FreedomRoads, Marcus Lemonis, and Camping World, Inc. As of April 11, 2022, the NBC Arbitration Motion has been fully briefed. On November 10, 2021, Tumbleweed Tiny House Company, Inc. filed a complaint regarding FreedomRoads, Marcus Lemonis, NBCUniversal Media, LLC, CWH, and Machete Productions in which Tumbleweed alleges claims in connection with the Note and its appearance on the reality television show The Profit. Tumbleweed alleges the following claims against the defendants, including FreedomRoads and CWH: (i) fraud; (ii) false promise; (iii) breach of fiduciary duty (and aiding and abetting the same); (iv) breach of contract; (v) breach of oral contract; (vi) tortious interference with prospective economic advantage; (vii) fraud in the inducement; (viii) negligent misrepresentation; (ix) fraudulent concealment; (x) conspiracy; (xi) unlawful business practices; (xii) defamation; and (xiii) declaratory judgment. On April 21, 2022, the Court granted a motion to compel arbitration filed by NBCUniversal and joined by all defendants, including FreedomRoads, CWH, and Marcus Lemonis. No assurance can be made that these or similar suits will not result in a material financial exposure in excess of insurance coverage, which could have a material adverse effect upon the Company’s financial condition and results of operations. From time to time, the Company is involved in other litigation arising in the normal course of business operations. Financial Assurances In the normal course of business, the Company obtains standby letters of credit and surety bonds from financial institutions and other third parties. These instruments guarantee the Company’s own future performance and provide third parties with financial and performance assurance in the event that the Company does not perform. These instruments support a wide variety of the Company’s business activities. As of March 31, 2022 and December 31, 2021, outstanding standby letters of credit issued through our Floor Plan Facility were $11.5 million and $11.5 million, respectively, and outstanding standby letters of credit issued through the Senior Secured Credit Facilities were $4.9 million and $4.9 million, respectively (see Note 4 — Inventories and Floor Plan Payables and Note 9 — Long-Term Debt). As of March 31, 2022 and December 31, 2021, outstanding surety bonds were $19.9 million and $19.1 million, respectively. The underlying liabilities insured by these instruments are reflected on the Company’s accompanying consolidated balance sheets, where applicable. Therefore, no additional liability is reflected for the letters of credit and surety bonds themselves. ​

Statement of Cash Flows

Statement of Cash Flows	3 Months Ended
	Mar. 31, 2022
Statement of Cash Flows
Statements of Cash Flows	10 . Statement of Cash Flows Supplemental disclosures of cash flow information for the following periods (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Cash paid during the period for: ​ ​ ​ ​ ​ ​ Interest ​ $ 18,894 ​ $ 14,530 Income taxes ​ ​ 1,412 ​ ​ 400 Non-cash investing activities: ​ ​ ​ ​ ​ ​ Leasehold improvements paid by lessor ​ ​ — ​ ​ 4 Vehicles transferred to property and equipment from inventory ​ ​ 255 ​ ​ 305 Capital expenditures in accounts payable and accrued liabilities ​ ​ 9,674 ​ ​ 6,491 Non-cash financing activities: ​ ​ ​ ​ ​ ​ Par value of Class A common stock issued in exchange for common units in CWGS, LLC ​ ​ 1 ​ ​ 30 Cost of treasury stock issued for vested restricted stock units ​ ​ 4,749 ​ ​ 1,318 ​

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Acquisitions
Acquisitions	11. Acquisitions During the three months ended March 31, 2022 and 2021, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under accounting rules. The Company used cash 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. 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. During the three months ended March 31, 2022, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of two locations for an aggregate purchase price of approximately $34.8 million plus real property of $12.1 million. During the three months ended March 31, 2021, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of three locations for an aggregate purchase price of approximately $10.4 million plus real property of $6.7 million. One of these acquired locations opened after March 31, 2021 once facility improvements were completed. The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Tangible assets (liabilities) acquired (assumed): ​ ​ ​ ​ ​ ​ Inventories, net ​ ​ 11,425 ​ ​ 3,318 Prepaid expenses and other assets ​ ​ 13 ​ ​ — Property and equipment, net ​ ​ 70 ​ ​ 188 Accrued liabilities ​ ​ (20) ​ ​ (112) Total tangible net assets acquired ​ ​ 11,488 ​ ​ 3,394 Goodwill ​ ​ 23,320 ​ ​ 7,012 Cash paid for acquisitions, net of cash acquired ​ ​ 34,808 ​ ​ 10,406 Inventory purchases financed via floor plan ​ ​ (5,876) ​ ​ — Cash payment net of floor plan financing ​ $ 28,932 ​ $ 10,406 ​ The fair values above for the three months ended March 31, 2022 are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date relating to the valuation of the acquired assets, primarily the acquired inventories. For the three months ended March 31, 2021, the fair values above represent measurement period adjustments for valuation of acquired inventories relating to dealership acquisitions during the year ended December 31, 2021. 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, 2022 and 2021, acquired goodwill of $23.3 million and $7.0 million, respectively, is expected to be deductible for tax purposes. Included in the three months ended March 31, 2022 condensed consolidated financial results were $4.9 million of revenue, and $0.3 million of pre-tax income, respectively of the acquired dealerships from the applicable acquisition dates. Included in the three months ended March 31, 2021 condensed consolidated financial results were $0.01 million of revenue, 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, 2022
Income Taxes
Income Taxes	12. Income Taxes CWH is organized as a Subchapter C corporation and, as of March 31, 2022, is a 49.8% owner of CWGS, LLC (see Note 14 — Stockholders’ Equity and Note 15 — Non-Controlling Interests). CWGS, LLC is organized as a limited liability company and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes with the exception of Americas Road and Travel Club, Inc., Camping World, Inc. (“CW”), and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, which are Subchapter C corporations. As further described in Note 1 — Summary of Significant Accounting Policies — COVID-19, in response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of income tax and payroll tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. For the three months ended March 31, 2022, there were no material tax impacts to the Company’s condensed consolidated financial statements as it relates to COVID-19 measures other than the deferral of non-income-based payroll taxes under the CARES Act of $14.6 million as of March 31, 2022 and December 31, 2021 which were included in accrued liabilities in the condensed consolidated balance sheets. The Company will continue to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others. Furthermore, on March 11, 2021 the American Rescue Plan Act, a $1.9 trillion tax-and-spending package aimed at addressing the continuing economic and health impacts of the coronavirus pandemic, was enacted. The American Rescue Plan Act provisions do not have a material impact on the Company’s income tax expense and effective tax rate. For the three months ended March 31, 2022, the Company's effective income tax rate was 16.4%, which differed from the federal statutory rate of 21.0% primarily due to 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, net of income tax benefits of $0.7 million related to current state combined unitary losses. For the three months ended March 31, 2021, the Company’s effective income tax rate was 1.4% due to 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 and income tax benefits of $14.9 million recorded in the three months ended March 31, 2021 related to the release of the valuation allowance on deferred tax assets at CW that can now be included in state combined unitary income tax returns and $4.1 million for the revaluation of deferred tax assets as a result of increased state tax rates. Also for the three months ended March 31, 2022, the Company reduced its deferred tax asset by $9.4 million relating to CWH’s investment in CWGS, LLC for the change in ownership of CWGS, LLC from the treasury stock repurchase of 2.6 million shares of Class A common stock (see Note 14 — Stockholders’ Equity). These treasury stock repurchases result in a commensurate reduction in common units in CWGS, LLC held by CWH. The Company is party to 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. During the three months ended March 31, 2022 and 2021, 50,000 and 3,029,328 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, 2022 and December 31, 2021, the amount of Tax Receivable Agreement payments due under the Tax Receivable Agreement was $182.8 million and $182.4 million, respectively, of which $11.3 million at each of March 31, 2022 and December 31, 2021 was included in the current portion of the Tax Receivable Agreement liability in the condensed consolidated balance sheets. The Tax Receivable Agreement liability and the related Deferred Tax Assets for the Tax Receivable Agreement liability and the investment in CWGS, LLC increased $0.4 million and $0.5 million, respectively, as a result of a Continuing Equity Owner’s redemption of 50,000 common units in CWGS, LLC for 50,000 shares of the Company’s Class A common stock during the three months ended March 31, 2022 and were recorded to additional paid-in capital (see the condensed consolidated statements of stockholders’ equity). Payments pursuant to the Tax Receivable Agreement relating to this redemption would begin during the year ending December 31, 2023. The Tax Receivable Agreement liability and the related Deferred Tax Assets for the Tax Receivable Agreement liability and the investment in CWGS, LLC increased $26.1 million and $30.7 million, respectively, as a result of Continuing Equity Owner’s, primarily Crestview Partners II GP, L.P., combined redemption of 3.0 million common units in CWGS, LLC for 3.0 million shares of the Company’s Class A common stock during the three months ended March 31, 2021 and were recorded to additional paid-in capital (see the condensed consolidated statements of stockholders’ equity). Payments pursuant to the Tax Receivable Agreement relating to these redemptions began during the year ending December 31, 2022.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions
Related Party Transactions	13. 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, 2022 and 2021, the related party lease expense for these locations were $0.6 million and $0.5 million, respectively. In January 2012, FreedomRoads entered into a lease for the offices in Lincolnshire, Illinois, which was amended in March 2013 and November 2019 (the “Lincolnshire Lease”). For the three months ended March 31, 2022 and 2021, rental payments for the Lincolnshire Lease, including common area maintenance charges, were each $0.2 million. The Company’s Chairman and Chief Executive Officer has personally guaranteed the Lincolnshire Lease. As of March 31, 2022 and December 31, 2021, the Company had an expense reimbursement payable to Mr. Lemonis of $0.1 million and $0.1 million, respectively, relating primarily to advertising expenses for the Company that were processed through Mr. Lemonis’ social media accounts. 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. Mr. Lemonis has had a 67% economic interest in Precise Graphix, which is currently in dispute. The Company is not a party to the dispute. The Company received refunds from Precise Graphix totaling $0.2 million in the three months ended March 31, 2021. The Company paid Kaplan, Strangis and Kaplan, P.A., of which Andris A. Baltins is a member, and a member of the Company’s board of directors, $0.1 million and $0.1 million during the three months ended March 31, 2022 and 2021, respectively, for legal services. ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	14. 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 CWH has had and continues to have the sole voting power in, and controls the management of, CWGS, LLC. CWH’s position as sole managing member of CWGS, LLC includes periods where CWH held a minority economic interest in 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 Continuing Equity Owners with 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 Stock Repurchase Program In October 2020, the Company’s Board of Directors initially authorized a stock repurchase program for the repurchase of up to $100.0 million of the Company’s Class A common stock, expiring on October 31, 2022. In August 2021 and January 2022, the Company’s Board of Directors authorized increases to the stock repurchase program for the repurchase of up to an additional $125.0 million and $152.7 million, respectively, of the Company’s Class A common stock and extended the stock repurchase program to expire on August 31, 2023 and December 31, 2025, respectively. Repurchases under the program are subject to any applicable limitations on the availability of funds to be distributed to the Company by CWGS, LLC to fund repurchases and may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Class A common stock and the program may be extended, modified, suspended or discontinued at any time at the Board’s discretion. The Company expects to fund the repurchases using cash on hand. During the three months ended March 31, 2022, the Company repurchased 2,592,524 shares of Class A common stock under this program for approximately $79.8 million, including commissions paid, at a weighted average price per share of $30.76, which is recorded as treasury stock on the condensed consolidated balance sheets. Class A common stock held as treasury stock is not considered outstanding. During the three months ended March 31, 2022, the Company reissued 99,907 shares of Class A common stock from treasury stock to settle the exercises of stock options and vesting of restricted stock units. As of March 31, 2022, the remaining approved amount for repurchases of Class A common stock under the share repurchase program was approximately $120.2 million.

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2022
Non-Controlling Interests
Non-Controlling Interests	15. Non-Controlling Interests As described in Note 14 — 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 or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when CWGS, LLC has positive or negative net assets, respectively. At the end of each period, the Company will record a non-controlling interest adjustment to additional paid-in capital such that the non-controlling interest on the condensed consolidated balance sheet is equal to the non-controlling interest’s ownership share of the underlying CWGS, LLC net assets (see the condensed consolidated statement of stockholders’ equity). The following table summarizes the CWGS, LLC common unit ownership by CWH and the Continuing Equity Owners: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ As of December 31, 2021 ​ ​ Common Units Ownership % Common Units Ownership % CWH ​ ​ 41,688,339 ​ ​ 49.8% ​ ​ 44,130,956 ​ ​ 51.2% Continuing Equity Owners ​ ​ 42,044,536 ​ ​ 50.2% ​ ​ 42,094,536 ​ ​ 48.8% Total ​ ​ 83,732,875 ​ ​ 100.0% ​ ​ 86,225,492 ​ ​ 100.0% ​ 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) 2022 2021 Net income attributable to Camping World Holdings, Inc. ​ ​ $ 44,730 ​ $ 62,322 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 ​ ​ ​ (111) ​ ​ (1,012) Decrease in additional paid-in capital as a result of the vesting of restricted stock units ​ ​ ​ (4,067) ​ ​ (1,220) Increase (decrease) in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs ​ ​ ​ 243 ​ ​ (25) Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock ​ ​ ​ 28,398 ​ ​ — Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC ​ ​ ​ 416 ​ ​ 22,926 Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests ​ ​ $ 69,609 ​ $ 82,991 ​

Equity-Based Compensation Plans

Equity-Based Compensation Plans	3 Months Ended
	Mar. 31, 2022
Equity-Based Compensation Plans
Equity-Based Compensation Plans	16. 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, ($ in thousands) 2022 2021 Equity-based compensation expense: ​ ​ ​ ​ ​ Costs applicable to revenue $ 141 ​ $ 158 Selling, general, and administrative ​ 11,533 ​ ​ 5,951 Total equity-based compensation expense $ 11,674 ​ $ 6,109 ​ The following table summarizes stock option activity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ (in thousands) Outstanding at December 31, 2021 ​ ​ 272 Exercised ​ ​ (11) Forfeited ​ ​ (1) Outstanding at March 31, 2022 ​ ​ 260 Options exercisable at March 31, 2022 ​ ​ 260 ​ The following table summarizes restricted stock unit activity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ Restricted ​ ​ Stock Units ​ (in thousands) Outstanding at December 31, 2021 ​ ​ 4,177 Granted ​ ​ 150 Vested ​ ​ (130) Forfeited ​ ​ (161) Outstanding at March 31, 2022 ​ ​ 4,036 ​ ​ ​ ​ ​ During the three months ended March 31, 2022, the Company granted 149,833 RSUs to employees with an aggregate grant date fair value of $3.3 million and weighted-average grant date fair value of $22.29 per RSU, which will be recognized, net of forfeitures, over a vesting period of five years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Earnings Per Share	17. 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) 2022 2021 Numerator: ​ ​ ​ ​ ​ Net income $ 107,299 ​ $ 147,425 Less: net income attributable to non-controlling interests ​ (62,569) ​ ​ (85,103) Net income attributable to Camping World Holdings, Inc. — $ 44,730 ​ $ 62,322 Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs ​ 332 ​ ​ — Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock ​ — ​ ​ 63,980 Net income attributable to Camping World Holdings, Inc. — $ 45,062 ​ $ 126,302 Denominator: ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding — basic ​ 43,553 ​ ​ 43,584 Dilutive options to purchase Class A common stock ​ 88 ​ ​ 165 Dilutive restricted stock units ​ 574 ​ ​ 955 Dilutive common units of CWGS, LLC that are convertible into Class A common stock ​ — ​ ​ 45,534 Weighted-average shares of Class A common stock outstanding — diluted ​ 44,215 ​ ​ 90,238 ​ ​ ​ ​ ​ ​ Earnings per share of Class A common stock — basic $ 1.03 ​ $ 1.43 Earnings per share of Class A common stock — diluted $ 1.02 ​ $ 1.40 ​ ​ ​ ​ ​ ​ Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: ​ ​ ​ ​ ​ Restricted stock units ​ 1,632 ​ ​ 1 Common units of CWGS, LLC that are convertible into Class A common stock ​ 42,045 ​ ​ — ​ 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Information
Segment Information	18. Segments Information The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle refinancing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV service and collision work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of 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. Segment revenue includes intersegment revenue. Segment income includes intersegment allocations for subsidiaries and shared resources. Reportable segment revenue; segment income; floor plan interest expense; depreciation and amortization; other interest expense, net; and total assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail ​ Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 44,829 ​ $ — ​ $ (270) ​ $ 44,559 New vehicles ​ — ​ ​ 836,572 ​ ​ (1,613) ​ ​ 834,959 Used vehicles ​ — ​ ​ 403,818 ​ ​ (786) ​ ​ 403,032 Products, service and other ​ — ​ ​ 215,218 ​ ​ (245) ​ ​ 214,973 Finance and insurance, net ​ — ​ ​ 157,783 ​ ​ (4,405) ​ ​ 153,378 Good Sam Club ​ — ​ ​ 11,495 ​ ​ — ​ ​ 11,495 Total consolidated revenue $ 44,829 ​ $ 1,624,886 ​ $ (7,319) ​ $ 1,662,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail ​ Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 40,912 ​ $ — ​ $ (41) ​ $ 40,871 New vehicles ​ — ​ ​ 823,775 ​ ​ (1,799) ​ ​ 821,976 Used vehicles ​ — ​ ​ 295,029 ​ ​ (772) ​ ​ 294,257 Products, service and other ​ — ​ ​ 251,590 ​ ​ (320) ​ ​ 251,270 Finance and insurance, net ​ — ​ ​ 141,620 ​ ​ (3,366) ​ ​ 138,254 Good Sam Club ​ — ​ ​ 11,153 ​ ​ — ​ ​ 11,153 Total consolidated revenue $ 40,912 ​ $ 1,523,167 ​ $ (6,298) ​ $ 1,557,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Segment income: (1) ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 21,172 ​ $ 21,183 RV and Outdoor Retail ​ ​ 151,499 ​ ​ 159,036 Total segment income ​ ​ 172,671 ​ ​ 180,219 Corporate & other ​ ​ (4,277) ​ ​ (2,352) Depreciation and amortization ​ ​ (25,535) ​ ​ (12,701) Other interest expense, net ​ ​ (14,301) ​ ​ (12,223) Tax Receivable Agreement liability adjustment ​ ​ — ​ ​ (3,520) Other income, net ​ ​ (223) ​ ​ 45 Income (loss) before income taxes ​ $ 128,335 ​ $ 149,468 ​ ​ ​ — ​ ​ — (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Depreciation and amortization: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 790 ​ $ 809 RV and Outdoor Retail ​ ​ 24,745 ​ ​ 11,892 Total depreciation and amortization ​ $ 25,535 ​ $ 12,701 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Other interest expense, net: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ — ​ $ — RV and Outdoor Retail ​ ​ 2,751 ​ ​ 1,802 Subtotal ​ ​ 2,751 ​ ​ 1,802 Corporate & other ​ ​ 11,550 ​ ​ 10,421 Total other interest expense, net ​ $ 14,301 ​ $ 12,223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ($ in thousands) 2022 2021 Assets: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 77,791 ​ $ 158,988 RV and Outdoor Retail ​ ​ 4,355,236 ​ ​ 3,849,217 Subtotal ​ ​ 4,433,027 ​ ​ 4,008,205 Corporate & other ​ ​ 294,508 ​ ​ 364,724 Total assets ​ $ 4,727,535 ​ $ 4,372,929 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, 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 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, 2022 are unaudited. The condensed consolidated balance sheet as of December 31, 2021 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, 2021 filed with the SEC on February 24, 2022. Operating results for 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 IPO and other related transactions in order to carry on the business of 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 that occurred on October 6, 2016 resulted in CWH becoming the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC (see Note 14 — Stockholders’ Equity). CWH’s position as sole managing member of CWGS, LLC includes periods where CWH held a minority economic interest in CWGS, LLC. As of March 31, 2022 and December 31, 2021, CWH owned 49.8% and 51.2%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements. The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements.
COVID-19	COVID-19 Within a few months of the initial significant outbreaks of COVID-19 in the U.S., the Company experienced elevated demand for recreational vehicles (“RV”) and many of its related products and services. The Company believes that consumers view RVs as a safer alternative to many other travel and recreational activities, in addition to an opportunity to enjoy the outdoors after many consumers spent much of their time at home during portions of the pandemic. The Company believes this led to an introduction of many new customers to the RV lifestyle and a greater appreciation of outdoor activities. For much of the COVID-19 pandemic, demand and interest in new and used vehicles outpaced vehicle supply. Beginning in September 2021, the Company was able to procure more new vehicles from its suppliers than were sold. During the height of the pandemic, and related government orders directing non-essential business closures or reductions, the majority of the Company’s retail locations continued to operate as essential businesses Historically, most of the Company’s consumer shows and events take place during the first quarter. As a consequence of COVID-19, the Company held one in-person consumer show in 2021, compared to 37 in- person consumer shows held prior to the pandemic in 2019, and plans to hold fewer than five in-person consumer shows in 2022. The Company has implemented preparedness plans consistent with government directives to keep its employees and customers safe. As case counts have risen and receded over the course of the pandemic, the Company has adjusted remote work and office schedules accordingly.
Cybersecurity Incident	Cybersecurity Incident The Company relies on the integrity, security and successful functioning of its information technology systems and network infrastructure (collectively, “IT Systems”) across its operations. In February 2022, the Company announced that it had experienced a cybersecurity incident that resulted in the encryption of certain IT Systems and theft of certain data and information (the “Cybersecurity Incident”). The Cybersecurity Incident resulted in the Company’s temporary inability to access certain of its IT Systems, caused by the disabling of some of its IT Systems by the threat actor and the Company temporarily taking certain other IT Systems offline as a precautionary measure. The Company engaged leading outside forensics and cybersecurity experts, launched containment and remediation efforts and a forensic investigation. The forensic investigation is now complete and the Company has restored and is taking measures to enhance its IT Systems. The Company is continuing to evaluate the full scope and content of its lost or stolen data but believes that certain personal information was stolen. The Company will assess and comply with any notification requirements to the extent applicable under federal or state law. The Company also is continuing to coordinate with law enforcement. The Company has incurred costs related to investigation, containment, and remediation and expects to continue to incur incremental costs for the investigation and remediation of the Cybersecurity Incident, including legal and other professional fees, and investments to enhance the security of its IT Systems. Other actual and potential consequences include, but are not limited to, negative publicity, reputational damage, lost trust with customers, regulatory enforcement action, and litigation that could result in financial judgments or the payment of settlement amounts and disputes with insurance carriers concerning coverage. The Company does not expect that the Cybersecurity Incident will cause future disruptions to its business and, based on the information currently known, the Company does not believe that the Cybersecurity Incident will have a material impact on its business, results of operations or financial condition. The Company, however, has not yet been able to estimate all incremental costs resulting from the Cybersecurity Incident, which may exceed insurance policy limits, and therefore no assurances can be given as the Company continues to assess the full impact from the Cybersecurity Incident.
Description of the Business	Description of the Business Camping World Holdings, Inc., together with its subsidiaries, is America’s largest retailer of RVs and related products and services. As noted above, CWGS, LLC is a holding company and operates through its subsidiaries. The Company has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. See Note 18 – Segments Information to the condensed consolidated financial statements for further information about the Company’s segments. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV service and collision work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of Good Sam Club memberships and co-branded credit cards. The Company operates a national network of RV dealerships and service centers as well as a comprehensive e-commerce platform primarily under the Camping World brand, and markets its products and services primarily to RV and outdoor enthusiasts. In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 4 – Restructuring and Long-lived Asset Impairment). A summary of the retail store openings, closings, divestitures, conversions and number of locations from March 31, 2021 to March 31, 2022, are in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & Other ​ ​ ​ Dealerships Retail Centers Retail Stores Total Number of store locations as of March 31, 2021 ​ 165 ​ 10 ​ 1 ​ 176 Opened ​ 15 ​ — ​ — ​ 15 Re-opened ​ 1 ​ — ​ — ​ 1 Converted (1) ​ (1) ​ — ​ 1 ​ — Closed (1) ​ (1) ​ — ​ (1) ​ (2) Number of store locations as of March 31, 2022 ​ 179 ​ 10 ​ 1 ​ 190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) One RV dealership was converted to a retail clearance center, which was subsequently closed.
Reclassifications of Prior Period Amounts	Reclassifications of Prior Period Amounts Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, for the three months ended March 31, 2021, the equity-based compensation and non-controlling interest adjustment line items in the accompanying consolidated statements of stockholders' equity have been reclassified to present the equity-based compensation allocated to the non-controlling interest in the non-controlling interest column with an offsetting reclassification to the non-controlling interest adjustment line item.
Use of Estimates	Use of Estimates The preparation of these 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, including those uncertainties arising from COVID-19, 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 condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, long-lived asset impairments, program cancellation reserves, chargebacks, accruals related to estimated tax liabilities, product return reserves, and other liabilities.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This standard requires contract assets and contract liabilities, such as certain receivables and deferred revenue, acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree instead of recording those balances at fair value. This standard should be applied prospectively to acquisitions occurring after the effective date. The standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company early adopted ASU 2021-08 as of January 1, 2022 and the adoption did not materially impact its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Schedule of store locations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & Other ​ ​ ​ Dealerships Retail Centers Retail Stores Total Number of store locations as of March 31, 2021 ​ 165 ​ 10 ​ 1 ​ 176 Opened ​ 15 ​ — ​ — ​ 15 Re-opened ​ 1 ​ — ​ — ​ 1 Converted (1) ​ (1) ​ — ​ 1 ​ — Closed (1) ​ (1) ​ — ​ (1) ​ (2) Number of store locations as of March 31, 2022 ​ 179 ​ 10 ​ 1 ​ 190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) One RV dealership was converted to a retail clearance center, which was subsequently closed.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue
Summary of total unsatisfied performance obligation for these revenue streams, that the Company expects to recognize the amounts as revenue	​ ​ ​ ​ ​ As of ​ March 31, 2022 2022 $ 77,617 2023 ​ ​ 41,956 2024 ​ ​ 21,031 2025 ​ ​ 10,992 2026 ​ ​ 6,091 Thereafter ​ ​ 4,962 Total ​ $ 162,649 ​ ​ ​ ​

Inventories and Floor Plan Pa_2

Inventories and Floor Plan Payables (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory
Schedule of inventories	Inventories consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 New RVs ​ ​ 1,420,136 ​ ​ 1,108,836 Used RVs ​ ​ 423,409 ​ ​ 406,398 Products, parts, accessories and other ​ ​ 308,855 ​ ​ 277,631 ​ ​ $ 2,152,400 ​ $ 1,792,865 ​
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, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Floor Plan Facility ​ ​ ​ ​ ​ ​ Notes payable - floor plan: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 1,700,000 ​ $ 1,700,000 Less: borrowings, net ​ ​ (1,237,208) ​ ​ (1,011,345) Less: flooring line aggregate interest reduction account ​ ​ (152,619) ​ ​ (92,108) Additional borrowing capacity ​ ​ 310,173 ​ ​ 596,547 Less: accounts payable for sold inventory ​ ​ (77,468) ​ ​ (28,036) Less: purchase commitments ​ ​ (129,580) ​ ​ (34,612) Unencumbered borrowing capacity ​ $ 103,125 ​ $ 533,899 ​ ​ ​ ​ ​ ​ ​ Revolving line of credit: ​ $ 70,000 ​ $ 70,000 Less: borrowings ​ ​ (20,885) ​ ​ (20,885) Additional borrowing capacity ​ $ 49,115 ​ $ 49,115 ​ ​ ​ ​ ​ ​ ​ Letters of credit: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 30,000 ​ $ 30,000 Less: outstanding letters of credit ​ ​ (11,500) ​ ​ (11,500) Additional letters of credit capacity ​ $ 18,500 ​ $ 18,500

Restructuring and Long-Lived _2

Restructuring and Long-Lived Asset Impairment (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Long-Lived Asset Impairment
Schedule of expenses associated with the 2019 Strategic Shift	The following table details the costs incurred during the three months ended March 31, 2022 and 2021 associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Restructuring costs: ​ ​ ​ ​ ​ Lease termination costs (1) ​ 178 ​ ​ 1,431 Other associated costs (2) ​ 2,023 ​ ​ 3,067 Total restructuring costs $ 2,201 ​ $ 4,498 ​ (1) These costs were included in lease termination charges in the condensed consolidated statements of operations. This reflects termination fees paid, net of any gain from derecognition of the related operating lease assets and liabilities. (2) Other associated costs primarily represent labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. For the three months ended March 31, 2022 and March 31, 2021, costs of approximately $2.0 million and $3.1 million, respectively, were included in selling, general, and administrative expenses in the condensed consolidated statements of operations.
Schedule of changes in the restructuring accrual associated with the 2019 Strategic Shift	The following table details changes in the restructuring accrual associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One-time Lease Other ​ ​ Termination Termination Associated ​ ​ Benefits Costs (1) Costs Total Balance at June 30, 2019 ​ $ — ​ $ — ​ $ — ​ $ — Charged to expense ​ ​ 1,008 ​ ​ 1,350 ​ ​ 4,321 ​ ​ 6,679 Paid or otherwise settled ​ ​ (286) ​ ​ (1,350) ​ ​ (4,036) ​ ​ (5,672) Balance at December 31, 2019 ​ ​ 722 ​ ​ — ​ ​ 285 ​ ​ 1,007 Charged to expense ​ ​ 231 ​ ​ 10,532 ​ ​ 16,835 ​ ​ 27,598 Paid or otherwise settled ​ ​ (953) ​ ​ (10,532) ​ ​ (16,346) ​ ​ (27,831) Balance at December 31, 2020 ​ ​ — ​ ​ — ​ ​ 774 ​ ​ 774 Charged to expense ​ ​ — ​ ​ 1,650 ​ ​ 10,684 ​ ​ 12,334 Paid or otherwise settled ​ ​ — ​ ​ (1,650) ​ ​ (10,532) ​ ​ (12,182) Balance as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ 926 ​ ​ 926 Charged to expense ​ ​ — ​ ​ 723 ​ ​ 2,023 ​ ​ 2,746 Paid or otherwise settled ​ ​ — ​ ​ — ​ ​ (2,107) ​ ​ (2,107) Balance at March 31, 2022 ​ $ — ​ $ 723 ​ $ 842 ​ $ 1,565 (1) Lease termination costs exclude the $1.3 million, $6.1 million, $0.2 million and $0.5 million of gains from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the 2019 Strategic Shift for the six months ended December 31, 2019, for the years ended December 31, 2020 and 2021, and for the three months ended March 31, 2022, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam ​ ​ ​ ​ ​ ​ ​ Services and ​ RV and ​ ​ ​ ​ Plans Outdoor Retail Consolidated Balance as of December 31, 2021 (excluding impairment charges) ​ $ 70,713 ​ $ 654,758 ​ $ 725,471 Accumulated impairment charges ​ ​ (46,884) ​ ​ (194,953) ​ ​ (241,837) Balance as of December 31, 2021 ​ ​ 23,829 ​ ​ 459,805 ​ ​ 483,634 Acquisitions ​ ​ — ​ ​ 23,320 ​ ​ 23,320 Balance as of March 31, 2022 ​ $ 23,829 ​ $ 483,125 ​ $ 506,954 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Finite-lived intangible assets and related accumulated amortization	Finite-lived intangible assets and related accumulated amortization consisted of the following at March 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ ​ (8,776) ​ $ 364 Websites ​ ​ 3,050 ​ ​ (355) ​ ​ 2,695 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and domain names ​ ​ 5,626 ​ ​ (2,445) ​ ​ 3,181 Supplier lists ​ ​ 1,696 ​ ​ (509) ​ ​ 1,187 Trademarks and trade names ​ ​ 29,564 ​ ​ (18,756) ​ ​ 10,808 Websites ​ ​ 7,350 ​ ​ (4,135) ​ ​ 3,215 ​ ​ $ 56,426 ​ $ (34,976) ​ $ 21,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ $ (8,748) ​ $ 392 Websites ​ ​ 2,500 ​ ​ (253) ​ ​ 2,247 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and domain names ​ ​ 5,626 ​ ​ (2,298) ​ ​ 3,328 Supplier lists ​ ​ 1,696 ​ ​ (424) ​ ​ 1,272 Trademarks and trade names ​ ​ 29,564 ​ ​ (9,465) ​ ​ 20,099 Websites ​ ​ 7,185 ​ ​ (3,553) ​ ​ 3,632 ​ ​ $ 55,711 ​ $ (24,741) ​ $ 30,970

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Long-Term Debt.
Long-Term debt	Outstanding long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Term Loan Facility (1) ​ $ 1,364,560 ​ $ 1,367,277 Real Estate Facilities (2) ​ ​ 22,486 ​ ​ 22,896 Other Long-Term Debt ​ ​ 3,371 ​ ​ 3,400 Subtotal ​ ​ 1,390,417 ​ ​ 1,393,573 Less: current portion ​ ​ (15,825) ​ ​ (15,822) Total ​ $ 1,374,592 ​ $ 1,377,751 ​ ​ ​ ​ ​ ​ ​ (1) Net of $16.3 million and $16.8 million of original issue discount at March 31, 2022 and December 31, 2021, respectively, and $6.6 million and $6.9 million of finance costs at March 31, 2022 and December 31, 2021, respectively. (2) Net of $0.2 million of finance costs at each of March 31, 2022 and December 31, 2021. ​
Schedule of outstanding amounts and available borrowings under the Senior Secured Credit Facilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Senior Secured Credit Facilities: ​ ​ ​ ​ ​ ​ Term Loan Facility: ​ ​ ​ ​ ​ ​ Principal amount of borrowings ​ $ 1,400,000 ​ $ 1,400,000 Less: cumulative principal payments ​ ​ (12,508) ​ ​ (9,004) Less: unamortized original issue discount ​ ​ (16,310) ​ ​ (16,826) Less: unamortized finance costs ​ ​ (6,622) ​ ​ (6,893) ​ ​ ​ 1,364,560 ​ ​ 1,367,277 Less: current portion ​ ​ (14,015) ​ ​ (14,015) Long-term debt, net of current portion ​ $ 1,350,545 ​ $ 1,353,262 Revolving Credit Facility: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 65,000 ​ $ 65,000 Less: outstanding letters of credit ​ ​ (4,930) ​ ​ (4,930) Additional borrowing capacity ​ $ 60,070 ​ $ 60,070 ​ ​ ​ ​ ​ ​ ​ ​

Lease Obligations (Tables)

Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Lease Obligations
Summary of lease cost	The following presents certain information related to the costs for leases where the Company is the lessee (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Operating lease cost ​ $ 28,496 ​ $ 29,159 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of finance lease assets ​ ​ 2,691 ​ ​ 928 Interest on finance lease liabilities ​ ​ 987 ​ ​ 491 Short-term lease cost ​ ​ 463 ​ ​ 485 Variable lease cost ​ ​ 6,194 ​ ​ 5,974 Sublease income ​ ​ (393) ​ ​ (466) Net lease costs ​ $ 38,438 ​ $ 36,571
Schedule of cash flow supplemental information	The following presents supplemental cash flow information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 28,873 ​ $ 29,533 Operating cash flows for finance leases ​ ​ 962 ​ ​ 467 Financing cash flows for finance leases ​ ​ 1,021 ​ ​ 401 Lease assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ New, remeasured and terminated operating leases ​ $ 13,341 ​ $ 13,370 New, remeasured and terminated finance leases ​ ​ 3,875 ​ ​ 10,102

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Summary of aggregate carrying value and fair value of fixed rate debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ March 31, 2022 ​ December 31, 2021 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility ​ Level 2 ​ $ 1,364,560 ​ $ 1,401,367 ​ $ 1,367,277 ​ $ 1,382,372 Floor Plan Facility Revolving Line of Credit ​ Level 2 ​ ​ 20,885 ​ ​ 18,624 ​ ​ 20,885 ​ ​ 20,885 Real Estate Facilities ​ Level 2 ​ ​ 22,486 ​ ​ 21,639 ​ ​ 22,896 ​ ​ 22,981 Other Long-Term Debt ​ Level 2 ​ ​ 3,371 ​ ​ 3,187 ​ ​ 3,400 ​ ​ 3,400

Statement of Cash Flows (Tables

Statement of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2022
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, ​ 2022 2021 Cash paid during the period for: ​ ​ ​ ​ ​ ​ Interest ​ $ 18,894 ​ $ 14,530 Income taxes ​ ​ 1,412 ​ ​ 400 Non-cash investing activities: ​ ​ ​ ​ ​ ​ Leasehold improvements paid by lessor ​ ​ — ​ ​ 4 Vehicles transferred to property and equipment from inventory ​ ​ 255 ​ ​ 305 Capital expenditures in accounts payable and accrued liabilities ​ ​ 9,674 ​ ​ 6,491 Non-cash financing activities: ​ ​ ​ ​ ​ ​ Par value of Class A common stock issued in exchange for common units in CWGS, LLC ​ ​ 1 ​ ​ 30 Cost of treasury stock issued for vested restricted stock units ​ ​ 4,749 ​ ​ 1,318

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Assets Or Stock Of Multiple Dealership Locations Acquired [Member]
Acquisitions
Summary of the purchase price allocations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Tangible assets (liabilities) acquired (assumed): ​ ​ ​ ​ ​ ​ Inventories, net ​ ​ 11,425 ​ ​ 3,318 Prepaid expenses and other assets ​ ​ 13 ​ ​ — Property and equipment, net ​ ​ 70 ​ ​ 188 Accrued liabilities ​ ​ (20) ​ ​ (112) Total tangible net assets acquired ​ ​ 11,488 ​ ​ 3,394 Goodwill ​ ​ 23,320 ​ ​ 7,012 Cash paid for acquisitions, net of cash acquired ​ ​ 34,808 ​ ​ 10,406 Inventory purchases financed via floor plan ​ ​ (5,876) ​ ​ — Cash payment net of floor plan financing ​ $ 28,932 ​ $ 10,406

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2022
Non-Controlling Interests
Schedule of ownership in CWGS, LLC	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ As of December 31, 2021 ​ ​ Common Units Ownership % Common Units Ownership % CWH ​ ​ 41,688,339 ​ ​ 49.8% ​ ​ 44,130,956 ​ ​ 51.2% Continuing Equity Owners ​ ​ 42,044,536 ​ ​ 50.2% ​ ​ 42,094,536 ​ ​ 48.8% Total ​ ​ 83,732,875 ​ ​ 100.0% ​ ​ 86,225,492 ​ ​ 100.0%
Schedule of effects of change in ownership	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Net income attributable to Camping World Holdings, Inc. ​ ​ $ 44,730 ​ $ 62,322 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 ​ ​ ​ (111) ​ ​ (1,012) Decrease in additional paid-in capital as a result of the vesting of restricted stock units ​ ​ ​ (4,067) ​ ​ (1,220) Increase (decrease) in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs ​ ​ ​ 243 ​ ​ (25) Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock ​ ​ ​ 28,398 ​ ​ — Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC ​ ​ ​ 416 ​ ​ 22,926 Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests ​ ​ $ 69,609 ​ $ 82,991

Equity-Based Compensation Pla_2

Equity-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Equity-Based Compensation Plans
Schedule of equity-based compensation expense classified with the consolidated statements of operations	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Equity-based compensation expense: ​ ​ ​ ​ ​ Costs applicable to revenue $ 141 ​ $ 158 Selling, general, and administrative ​ 11,533 ​ ​ 5,951 Total equity-based compensation expense $ 11,674 ​ $ 6,109
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ (in thousands) Outstanding at December 31, 2021 ​ ​ 272 Exercised ​ ​ (11) Forfeited ​ ​ (1) Outstanding at March 31, 2022 ​ ​ 260 Options exercisable at March 31, 2022 ​ ​ 260
Summary of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ Restricted ​ ​ Stock Units ​ (in thousands) Outstanding at December 31, 2021 ​ ​ 4,177 Granted ​ ​ 150 Vested ​ ​ (130) Forfeited ​ ​ (161) Outstanding at March 31, 2022 ​ ​ 4,036 ​ ​ ​ ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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) 2022 2021 Numerator: ​ ​ ​ ​ ​ Net income $ 107,299 ​ $ 147,425 Less: net income attributable to non-controlling interests ​ (62,569) ​ ​ (85,103) Net income attributable to Camping World Holdings, Inc. — $ 44,730 ​ $ 62,322 Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs ​ 332 ​ ​ — Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock ​ — ​ ​ 63,980 Net income attributable to Camping World Holdings, Inc. — $ 45,062 ​ $ 126,302 Denominator: ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding — basic ​ 43,553 ​ ​ 43,584 Dilutive options to purchase Class A common stock ​ 88 ​ ​ 165 Dilutive restricted stock units ​ 574 ​ ​ 955 Dilutive common units of CWGS, LLC that are convertible into Class A common stock ​ — ​ ​ 45,534 Weighted-average shares of Class A common stock outstanding — diluted ​ 44,215 ​ ​ 90,238 ​ ​ ​ ​ ​ ​ Earnings per share of Class A common stock — basic $ 1.03 ​ $ 1.43 Earnings per share of Class A common stock — diluted $ 1.02 ​ $ 1.40 ​ ​ ​ ​ ​ ​ Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: ​ ​ ​ ​ ​ Restricted stock units ​ 1,632 ​ ​ 1 Common units of CWGS, LLC that are convertible into Class A common stock ​ 42,045 ​ ​ —

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Reportable segment revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail ​ Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 44,829 ​ $ — ​ $ (270) ​ $ 44,559 New vehicles ​ — ​ ​ 836,572 ​ ​ (1,613) ​ ​ 834,959 Used vehicles ​ — ​ ​ 403,818 ​ ​ (786) ​ ​ 403,032 Products, service and other ​ — ​ ​ 215,218 ​ ​ (245) ​ ​ 214,973 Finance and insurance, net ​ — ​ ​ 157,783 ​ ​ (4,405) ​ ​ 153,378 Good Sam Club ​ — ​ ​ 11,495 ​ ​ — ​ ​ 11,495 Total consolidated revenue $ 44,829 ​ $ 1,624,886 ​ $ (7,319) ​ $ 1,662,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail ​ Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 40,912 ​ $ — ​ $ (41) ​ $ 40,871 New vehicles ​ — ​ ​ 823,775 ​ ​ (1,799) ​ ​ 821,976 Used vehicles ​ — ​ ​ 295,029 ​ ​ (772) ​ ​ 294,257 Products, service and other ​ — ​ ​ 251,590 ​ ​ (320) ​ ​ 251,270 Finance and insurance, net ​ — ​ ​ 141,620 ​ ​ (3,366) ​ ​ 138,254 Good Sam Club ​ — ​ ​ 11,153 ​ ​ — ​ ​ 11,153 Total consolidated revenue $ 40,912 ​ $ 1,523,167 ​ $ (6,298) ​ $ 1,557,781
Reportable segment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Segment income: (1) ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 21,172 ​ $ 21,183 RV and Outdoor Retail ​ ​ 151,499 ​ ​ 159,036 Total segment income ​ ​ 172,671 ​ ​ 180,219 Corporate & other ​ ​ (4,277) ​ ​ (2,352) Depreciation and amortization ​ ​ (25,535) ​ ​ (12,701) Other interest expense, net ​ ​ (14,301) ​ ​ (12,223) Tax Receivable Agreement liability adjustment ​ ​ — ​ ​ (3,520) Other income, net ​ ​ (223) ​ ​ 45 Income (loss) before income taxes ​ $ 128,335 ​ $ 149,468 ​ ​ ​ — ​ ​ — (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense.
Reportable depreciation and amortization and other interest expense, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Depreciation and amortization: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 790 ​ $ 809 RV and Outdoor Retail ​ ​ 24,745 ​ ​ 11,892 Total depreciation and amortization ​ $ 25,535 ​ $ 12,701 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2022 2021 Other interest expense, net: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ — ​ $ — RV and Outdoor Retail ​ ​ 2,751 ​ ​ 1,802 Subtotal ​ ​ 2,751 ​ ​ 1,802 Corporate & other ​ ​ 11,550 ​ ​ 10,421 Total other interest expense, net ​ $ 14,301 ​ $ 12,223
Reportable segment assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ($ in thousands) 2022 2021 Assets: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 77,791 ​ $ 158,988 RV and Outdoor Retail ​ ​ 4,355,236 ​ ​ 3,849,217 Subtotal ​ ​ 4,433,027 ​ ​ 4,008,205 Corporate & other ​ ​ 294,508 ​ ​ 364,724 Total assets ​ $ 4,727,535 ​ $ 4,372,929

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Description of Business (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022locationsegment	Dec. 31, 2022item	Mar. 31, 2022location	Dec. 31, 2021item	Dec. 31, 2019item
Segments Information
Number of reportable segments | segment	2
Number of in-person consumer shows during the period | item				1	37
Number of stores, beginning of period			176
Opened			15
Re-open			(1)
Closed			(2)
Number of stores, end of period	190		190
RV Dealerships
Segments Information
Number of stores, beginning of period			165
Opened			15
Re-open			(1)
Converted			(1)
Closed			(1)
Number of stores, end of period	179		179
RV Service And Retail Centers
Segments Information
Number of stores, beginning of period			10
Number of stores, end of period	10		10
Other Retail Stores
Segments Information
Number of stores, beginning of period			1
Converted			1
Closed			(1)
Number of stores, end of period	1		1
Forecast | Maximum
Segments Information
Number of in-person consumer shows during the period | item		5
CWGS, LLC
Segments Information
Ownership interest	100.00%			100.00%
CWH | CWGS, LLC
Segments Information
Ownership interest	49.80%			51.20%

Revenue - Contract Assets (Deta

Revenue - Contract Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable | RV Service
Revenue
Contract asset	$ 16.6	$ 16.2

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Mar. 31, 2022USD ($)
Performance obligation
Revenue expected to be recognized	$ 162,649
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Performance obligation
Revenue expected to be recognized	$ 77,617
Unsatisfied performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligation
Revenue expected to be recognized	$ 41,956
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	$ 21,031
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Performance obligation
Revenue expected to be recognized	$ 10,992
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Performance obligation
Revenue expected to be recognized	$ 6,091
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Performance obligation
Revenue expected to be recognized	$ 4,962
Unsatisfied performance obligation, period

Inventories and Floor Plan Pa_3

Inventories and Floor Plan Payables - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventories
Inventories	$ 2,152,400	$ 1,792,865
New RV vehicles
Inventories
Inventories	1,420,136	1,108,836
Used RV vehicles
Inventories
Inventories	423,409	406,398
Products, service and other
Inventories
Inventories	$ 308,855	$ 277,631

Inventories and Floor Plan Pa_4

Inventories and Floor Plan Payables - Floor Plan Payable (Details) - Floor Plan Facility - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Floor Plan Payable
Maximum borrowing capacity	$ 1,700,000	$ 1,700,000
Increase in aggregate amount	$ 50,000
Applicable interest rate (as a percent)	2.18%	1.96%
FLAIR offset account amount	$ 152,600	$ 92,100
FLAIR Maximum Percentage	35.00%	35.00%
Maximum
Floor Plan Payable
Increase in aggregate amount	$ 200,000
BSBY Rate | Minimum
Floor Plan Payable
Variable rate spread (as a percent)	1.90%	1.90%
BSBY Rate | Maximum
Floor Plan Payable
Variable rate spread (as a percent)	2.50%	2.50%
Base Rate | Minimum
Floor Plan Payable
Variable rate spread (as a percent)	0.40%	0.40%
Base Rate | Maximum
Floor Plan Payable
Variable rate spread (as a percent)	1.00%	1.00%
Letters of credit
Floor Plan Payable
Maximum borrowing capacity	$ 30,000
Line of Credit
Floor Plan Payable
Maximum borrowing capacity	$ 70,000	$ 70,000
Applicable interest rate (as a percent)	2.38%	2.31%
Line of Credit | BSBY Rate
Floor Plan Payable
Variable rate spread (as a percent)	2.25%	2.25%
Line of Credit | BSBY Rate | In Case of BSBY Rate Loan
Floor Plan Payable
Variable rate spread (as a percent)	1.75%	1.75%
Line of Credit | Base Rate | In Case of Base Rate Loan
Floor Plan Payable
Variable rate spread (as a percent)	0.75%	0.75%
Line of Credit | Federal Funds Rate
Floor Plan Payable
Variable rate spread (as a percent)	0.50%	0.50%

Inventories and Floor Plan Pa_5

Inventories and Floor Plan Payables - Floor Plan Outstanding (Details) - Floor Plan Facility - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Floor Plan Payable
Total commitment	$ 1,700,000	$ 1,700,000
Less: borrowings, net	(1,237,208)	(1,011,345)
Less: outstanding letters of credit	(11,500)	(11,500)
Less: flooring line aggregate interest reduction account	(152,619)	(92,108)
Additional borrowing capacity	310,173	596,547
Less: accounts payable for sold inventory	(77,468)	(28,036)
Less: purchase commitments	129,580	34,612
Unencumbered borrowing capacity	103,125	533,899
Line of Credit
Floor Plan Payable
Total commitment	70,000	70,000
Less: borrowings, net	(20,885)	(20,885)
Additional borrowing capacity	49,115	49,115
Letters of credit
Floor Plan Payable
Total commitment	30,000	30,000
Less: outstanding letters of credit	(11,500)	(11,500)
Additional letters of credit capacity	$ 18,500	$ 18,500

Restructuring and Long-Lived _3

Restructuring and Long-Lived Asset Impairment - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended			16 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2022USD ($)location	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)location	Dec. 31, 2020USD ($)location	Jun. 30, 2020location
2019 Strategic Shift
Closed/divested | location				2
2019 Strategic Shift
2019 Strategic Shift
Number of distribution centers closed | location							3
Number of distribution centers reopened and repurposed | location									1
Restructuring charges	$ 2,201	$ 4,498
2019 Strategic Shift | Minimum
2019 Strategic Shift
Expected incurred costs	113,600			$ 113,600
Additional costs to be incurred	2,100			2,100
2019 Strategic Shift | Maximum
2019 Strategic Shift
Expected incurred costs	133,600			133,600
Additional costs to be incurred	7,100			7,100
2019 Strategic Shift | One-time termination benefits
2019 Strategic Shift
Restructuring charges			$ 1,008			$ 231
Expected incurred costs						1,200	$ 1,200	$ 1,200
2019 Strategic Shift | Lease termination costs
2019 Strategic Shift
Restructuring charges	723		1,350		$ 1,650	10,532
Incurred costs	14,100			14,100
2019 Strategic Shift | Lease termination costs | Minimum
2019 Strategic Shift
Expected incurred costs	19,000			19,000
2019 Strategic Shift | Lease termination costs | Maximum
2019 Strategic Shift
Expected incurred costs	34,000			34,000
2019 Strategic Shift | Incremental inventory reserve charges
2019 Strategic Shift
Expected incurred costs					57,400
2019 Strategic Shift | Other associated costs
2019 Strategic Shift
Restructuring charges	2,023	$ 3,067	4,321		10,684	16,835
Incurred costs	33,900			33,900
2019 Strategic Shift | Other associated costs | Minimum
2019 Strategic Shift
Expected incurred costs	36,000			36,000
2019 Strategic Shift | Other associated costs | Maximum
2019 Strategic Shift
Expected incurred costs	41,000			$ 41,000
2019 Strategic Shift | Restructuring costs excluding incremental inventory reserve charges
2019 Strategic Shift
Restructuring charges	$ 2,746		$ 6,679		$ 12,334	$ 27,598
2019 Strategic Shift | Outdoor Lifestyle Locations
2019 Strategic Shift
Closed/divested | location								39
2019 Strategic Shift | Specialty Retail locations
2019 Strategic Shift
Closed/divested | location								20

Restructuring and Long-Lived _4

Restructuring and Long-Lived Asset Impairment - 2019 Strategic Shift Costs (Details) - 2019 Strategic Shift - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Restructuring Costs
Charged to expense	$ 2,201	$ 4,498
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases	500		$ 1,300	$ 200	$ 6,100
One-time termination benefits
Restructuring Costs
Beginning balance					722
Charged to expense			1,008		231
Paid or otherwise settled			(286)		(953)
Ending balance			722
Lease termination costs
Restructuring Costs
Charged to expense	723		1,350	1,650	10,532
Paid or otherwise settled			(1,350)	(1,650)	(10,532)
Ending balance	723
Other associated costs
Restructuring Costs
Beginning balance	926	774		774	285
Charged to expense	2,023	3,067	4,321	10,684	16,835
Paid or otherwise settled	(2,107)		(4,036)	(10,532)	(16,346)
Ending balance	842		285	926	774
Restructuring costs excluding incremental inventory reserve charges
Restructuring Costs
Beginning balance	926	774		774	1,007
Charged to expense	2,746		6,679	12,334	27,598
Paid or otherwise settled	(2,107)		(5,672)	(12,182)	(27,831)
Ending balance	1,565		$ 1,007	$ 926	$ 774
Selling, general, and administrative
Restructuring Costs
Charged to expense	2,000
Selling, general, and administrative | Other associated costs
Restructuring Costs
Charged to expense		3,100
Lease termination charges | Lease termination costs
Restructuring Costs
Charged to expense	$ 178	$ 1,431

Restructuring and Long-Lived _5

Restructuring and Long-Lived Asset Impairment - Long-Lived Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Long-lived Asset Impairment
Long-lived asset impairment	$ 0	$ 546
Operating lease right-of-use assets
Long-lived Asset Impairment
Long-lived asset impairment		$ 500

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill
Balance (excluding impairment charges)		$ 725,471
Accumulated impairment charges		(241,837)
Balance	$ 483,634
Acquisitions	23,320
Balance	506,954
Good Sam Services and Plans
Goodwill
Balance (excluding impairment charges)		70,713
Accumulated impairment charges		(46,884)
Balance	23,829
Acquisitions	0
Balance	23,829
RV and Outdoor Retail
Goodwill
Balance (excluding impairment charges)		654,758
Accumulated impairment charges		$ (194,953)
Balance	459,805
Acquisitions	23,320
Balance	$ 483,125

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets
Cost or Fair Value	$ 56,426	$ 55,711
Accumulated Amortization	(34,976)	(24,741)
Net	21,450	30,970
Good Sam Club services and plans | Membership and customer lists
Intangible Assets
Cost or Fair Value	9,140	9,140
Accumulated Amortization	(8,776)	(8,748)
Net	364	392
Good Sam Club services and plans | Websites
Intangible Assets
Cost or Fair Value	3,050	2,500
Accumulated Amortization	(355)	(253)
Net	2,695	2,247
RV and Outdoor Retail | Customer lists and domain names
Intangible Assets
Cost or Fair Value	5,626	1,696
Accumulated Amortization	(2,445)	(424)
Net	3,181	1,272
RV and Outdoor Retail | Supplier Lists
Intangible Assets
Cost or Fair Value	1,696	5,626
Accumulated Amortization	(509)	(2,298)
Net	1,187	3,328
RV and Outdoor Retail | Trademarks and trade names
Intangible Assets
Cost or Fair Value	29,564	29,564
Accumulated Amortization	(18,756)	(9,465)
Net	10,808	20,099
Incremental accelerated amortization expense	8,800
RV and Outdoor Retail | Websites
Intangible Assets
Cost or Fair Value	7,350	7,185
Accumulated Amortization	(4,135)	(3,553)
Net	$ 3,215	$ 3,632

Long-Term Debt - Outstanding lo

Long-Term Debt - Outstanding long term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt
Long-term debt	$ 1,390,417	$ 1,393,573
Less: current portion	(15,825)	(15,822)
Long-term debt, net of current portion	1,374,592	1,377,751
Term Loan Facility
Long-Term Debt
Long-term debt	1,364,560	1,367,277
Less: current portion	(14,015)	(14,015)
Long-term debt, net of current portion	1,350,545	1,353,262
Unamortized discount	16,310	16,826
Finance costs	6,622	6,893
Real Estate Facilities
Long-Term Debt
Long-term debt	22,486	22,896
Finance costs	200	200
Other Long-Term Debt
Long-Term Debt
Long-term debt	$ 3,371	$ 3,400

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021
Long-Term Debt
Total outstanding	$ 20,885		$ 20,885
Payment on secured debt	3,954	$ 3,038
Senior Secured Credit Facilities
Long-Term Debt
Maximum borrowing capacity, increase in capacity	$ 725,000		$ 725,000
Amount of EBITDA that can be used to increase credit facility (as a percent)	100.00%		100.00%
Term Loan Facility.
Long-Term Debt
Maximum borrowing capacity	$ 1,400,000		$ 1,400,000
Interest rate (as a percent)	3.25%		3.25%
Principle payment on Term Loan Facility	$ 3,500
Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity	$ 65,000		$ 65,000
Line of Credit | Term Loan Facility.
Long-Term Debt
Prepayment requirement as a percentage of excess cash flow (as a percent)	50.00%
Letters of credit | Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity	$ 15,000			$ 25,000
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	35.00%
Secured Debt | Letters of credit | Revolving Credit Facility
Long-Term Debt
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments	35.00%

Long-Term Debt - Outstanding am

Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Long-term debt
Long-term Debt	$ 1,390,417	$ 1,393,573
Less: current portion	(15,825)	(15,822)
Long-term debt, net of current portion	1,374,592	1,377,751
Senior Secured Credit Facilities
Long-term debt
Less: outstanding letters of credit	(4,900)	(4,900)
Term Loan Facility.
Long-term debt
Maximum borrowing capacity	1,400,000	1,400,000
Less: cumulative principal payments	(12,508)	(9,004)
Less: unamortized original issue discount	(16,310)	(16,826)
Less: unamortized finance costs	(6,622)	(6,893)
Long-term Debt	1,364,560	1,367,277
Less: current portion	(14,015)	(14,015)
Long-term debt, net of current portion	$ 1,350,545	$ 1,353,262
Interest rate (as a percent)	3.25%	3.25%
Revolving Credit Facility
Long-term debt
Maximum borrowing capacity	$ 65,000	$ 65,000
Less: outstanding letters of credit	(4,930)	(4,930)
Additional borrowing capacity	$ 60,070	$ 60,070

Long-Term Debt - Real Estate Fa

Long-Term Debt - Real Estate Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Nov. 30, 2018
Long-term debt
Revolving line of credit	$ 20,885	$ 20,885
Real Estate Facilities | Secured Debt
Long-term debt
Interest rate (as a percent)	2.91%
Additional borrowing capacity	$ 0
First Real Estate Facility | Secured Debt
Long-term debt
Maximum borrowing capacity				$ 21,500
Revolving line of credit	4,100
Second Real Estate Facility | Secured Debt
Long-term debt
Maximum borrowing capacity			$ 9,000
Revolving line of credit	8,400
Third Real Estate Facility | Secured Debt
Long-term debt
Maximum borrowing capacity		$ 10,100
Revolving line of credit	$ 9,900

Long-Term Debt - Other Long-Ter

Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt
Long-term debt	$ 1,390,417	$ 1,393,573
Other Long-Term Debt
Long-Term Debt
Long-term debt	$ 3,371	$ 3,400
Interest rate (as a percent)	3.50%

Lease Obligations - Lease Costs

Lease Obligations - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease costs
Operating lease cost	$ 28,496	$ 29,159
Amortization of finance lease assets	2,691	928
Interest on finance lease liabilities	987	491
Short-term lease cost	463	485
Variable lease cost	6,194	5,974
Sublease income	(393)	(466)
Net lease costs	$ 38,438	$ 36,571

Lease Obligations - Financial S

Lease Obligations - Financial Statement Line Items (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Lease Obligations
Finance lease assets	$ 76.9	$ 75.7

Lease Obligations - Supplementa

Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease Obligations
Operating cash flows for operating leases	$ 28,873	$ 29,533
Operating cash flows for finance leases	962	467
Financing cash flows for finance leases	1,021	401
New, remeasured, and terminated operating leases	13,341	13,370
New, remeasured and terminated finance leases	$ 3,875	$ 10,102

Lease Obligations - Sale-Leaseb

Lease Obligations - Sale-Leaseback Arrangement (Details) $ in Millions	Feb. 08, 2022USD ($)agreementpropertyOptions
Lease Obligations
Number of properties associated in sale leaseback transaction | property	3
Sale price of properties	$ 28
Number of sale-leaseback agreements | agreement	3
Term of sale leaseback transaction	20 years
Number of options to extend sale-leaseback term | Options	4
Extension term of sale leaseback	5 years
Net carrying amount of the financial liability and remaining assets	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	1,364,560	1,367,277
Level 2 | Carrying Value | Floor Plan Facility
Fair Value Measurements
Debt instrument	20,885	20,885
Level 2 | Carrying Value | Real Estate Facilities
Fair Value Measurements
Debt instrument	22,486	22,896
Level 2 | Carrying Value | Other Long-Term Debt
Fair Value Measurements
Debt instrument	3,371	3,400
Level 2 | Fair Value | Term Loan Facility
Fair Value Measurements
Debt instrument	1,401,367	1,382,372
Level 2 | Fair Value | Floor Plan Facility
Fair Value Measurements
Debt instrument	18,624	20,885
Level 2 | Fair Value | Real Estate Facilities
Fair Value Measurements
Debt instrument	21,639	22,981
Level 2 | Fair Value | Other Long-Term Debt
Fair Value Measurements
Debt instrument	$ 3,187	$ 3,400

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in Millions	Oct. 08, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Jun. 22, 2021lawsuit	Aug. 06, 2019lawsuit
Commitments and Contingencies
Surety bonds outstanding		$ 19.9	$ 19.1
Floor Plan Facility
Commitments and Contingencies
Letters of Credit Outstanding, Amount		11.5	11.5
Senior Secured Credit Facilities
Commitments and Contingencies
Letters of Credit Outstanding, Amount		$ 4.9	$ 4.9
U S District Court of Delaware Cases
Commitments and Contingencies
Number of lawsuits | lawsuit					2
Weissmann
Commitments and Contingencies
Number of lawsuits | lawsuit				1
Minimum | Weissmann
Commitments and Contingencies
Damages sought by plaintiff	$ 2.5

Statement of Cash Flows (Detail

Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid during the period for:
Interest	$ 18,894	$ 14,530
Income taxes	1,412	400
Non-cash investing activities:
Leasehold improvements paid by lessor	0	4
Vehicles transferred to property and equipment from inventory	255	305
Capital expenditures in accounts payable and accrued liabilities	9,674	6,491
Non-cash financing activities:
Par value of Class A common stock issued in exchange for common units in CWGS, LLC	1	30
Cost of treasury stock issued for vested restricted stock units	$ 4,749	$ 1,318

Acquisitions - General Informat

Acquisitions - General Information (Details) - RV Dealership Groups $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)location	Mar. 31, 2021USD ($)location
Acquisitions
Cash paid for acquisition | $	$ 34.8	$ 10.4
Number of locations acquired | location	2	3
Real properties purchased | $	$ 12.1	$ 6.7
Number of locations to be open after current reporting period | location		1

Acquisitions - Assets (Liabilit

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Tangible assets (liabilities) acquired (assumed):
Goodwill	$ 506,954		$ 483,634
Cash paid for acquisitions, net of cash acquired	34,808	$ 10,406
2022 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net	11,425
Prepaid expenses and other assets	13
Property and equipment, net	70
Accrued liabilities	(20)
Total tangible net assets acquired	11,488
Goodwill	23,320
Cash paid for acquisitions, net of cash acquired	34,808
Inventory purchases financed via floor plan	(5,876)
Cash payment net of floor plan financing	$ 28,932
2021 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net		3,318
Prepaid expenses and other assets		0
Property and equipment, net		188
Accrued liabilities		(112)
Total tangible net assets acquired		3,394
Goodwill		7,012
Cash paid for acquisitions, net of cash acquired		10,406
Inventory purchases financed via floor plan		0
Cash payment net of floor plan financing		$ 10,406

Acquisitions - Goodwill, Revenu

Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Acquisitions
Goodwill for tax purposes	$ 23,300	$ 7,000
Revenue	4,900	10
Pre-tax income (loss)	$ 300	$ 200

Income Taxes - Federal Tax purp

Income Taxes - Federal Tax purpose (Details) - USD ($) $ in Thousands	Oct. 06, 2016	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Effective tax rate (as a percent)		16.40%	1.40%
Valuation allowance on deferred tax assets		$ 700	$ 14,900
Current portion of liabilities under tax receivable agreement		11,322		$ 11,322
Decrease in deferred tax assets		$ 9,400
Shares repurchased (in shares)		2,592,524
Increase (decrease) in valuation allowance			$ 4,100
Class A common stock
Shares issued		47,855,259		47,805,259
Shares repurchased (in shares)		2,600,000
Tax receivable agreement | CWGS, LLC
Units issued in exchange		50,000	3,029,328
Tax receivable agreement | Continuing Equity Owners and Crestview partners II GP LP
Payment, as percent of tax benefits (as a percent)	85.00%
Tax receivable agreement | Crestview Partners II GP LP
Liability under tax receivable agreement		$ 182,800		$ 182,400
Current portion of liabilities under tax receivable agreement		11,300		$ 11,300
Increase in tax receivable agreement liability		400	$ 26,100
Increase Decrease In Deferred Tax Asset Due To Tax Receivable Agreement.		$ 500	$ 30,700
CWGS, LLC
Ownership interest		100.00%		100.00%
COVID-19
Deferral of non-income-based payroll taxes		$ 14,600		$ 14,600
Federal
Effective tax rate (as a percent)		21.00%
CWH | CWGS, LLC
Ownership interest		49.80%		51.20%
Crestview Partners II GP LP | CWGS, LLC
Common units redemption		50,000	3,000,000
Number of units redeemed		50,000	3,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Reimbursable Fees | Mr. Lemonis
Related party transactions
Due To Related Parties	$ 0.1		$ 0.1
Related Party Agreement | Andris A. Baltins
Related party transactions
Related party expense	0.1	$ 0.1
Related Party Agreement | Precise Graphix
Related party transactions
Refund received		0.2
FreedomRoads | Lease Agreement | Managers and Officers
Related party transactions
Related party expense	0.6	0.5
FreedomRoads | Lease Agreement | Mr. Lemonis
Related party transactions
Related party expense	$ 0.2	$ 0.2
Mr. Lemonis | Precise Graphix
Related party transactions
Economic interest (as a percent)			67.00%

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)class$ / sharesshares	Mar. 31, 2021USD ($)	Jan. 31, 2022USD ($)	Aug. 31, 2021USD ($)	Oct. 31, 2020USD ($)
Common Stock
Number of classes of common stock | class	3
Stock Repurchase Program
Authorized amount for stock repurchase program	$ 120,200				$ 100,000
Additional amount authorized under stock repurchase program			$ 152,700	$ 125,000
Shares repurchased (in shares) | shares	2,592,524
Payment for share repurchased	$ 79,757	$ 0
Weighted average price (per share) | $ / shares	$ 30.76
Stock award to employee (In shares) | shares	99,907
Class A common stock
Stock Repurchase Program
Shares repurchased (in shares) | shares	2,600,000
Class B common stock
Common Stock
Consideration for redemption of shares	$ 0

Non-Controlling Interests - Own

Non-Controlling Interests - Ownership In CWGS, LLC (Details) - CWGS, LLC - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Non-Controlling Interests
Units held	83,732,875	86,225,492
Ownership interest	100.00%	100.00%
CWH
Non-Controlling Interests
Units held	41,688,339	44,130,956
Ownership interest	49.80%	51.20%
Continuing Equity Owners
Non-Controlling Interests
Units held	42,044,536	42,094,536
Ownership interest	50.20%	48.80%

Non-Controlling Interests - Cha

Non-Controlling Interests - Changes in Ownership in CWGS, LLC (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summarizes the effects of change in ownership:
Net income (loss) attributable to Camping World Holdings, Inc.	$ 44,730	$ 62,322
Transfers to non-controlling interests:
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	69,609	82,991
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	(111)	(1,012)
Decrease in additional paid-in capital as a result of the vesting of restricted stock units	(4,067)	(1,220)
Increase (decrease) in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs	243	(25)
Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock	28,398
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC	$ 416	$ 22,926

Equity-Based Compensation Pla_3

Equity-Based Compensation Plans - Summary of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity-based compensation expense:
Equity based compensation expense	$ 11,674	$ 6,109
Costs applicable to revenue
Equity-based compensation expense:
Equity based compensation expense	141	158
Selling, general, and administrative
Equity-based compensation expense:
Equity based compensation expense	$ 11,533	$ 5,951

Equity-Based Compensation Pla_4

Equity-Based Compensation Plans - Stock Options (Details) - Stock options shares in Thousands	3 Months Ended
	Mar. 31, 2022shares
Stock Options
Outstanding at December 31, 2021 (in shares)	272
Exercised (in shares)	(11)
Forfeited (in shares)	(1)
Outstanding at March 31, 2022 (in shares)	260
Options exercisable at March 31, 2022 (in shares)	260

Equity-Based Compensation Pla_5

Equity-Based Compensation Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Restricted Stock Units
Outstanding at December 31, 2021 (in shares)	4,177,000
Granted (in shares)	149,833
Vested (in shares)	(130,000)
Forfeited (in shares)	(161,000)
Outstanding at March 31, 2022 (shares)	4,036,000
Grant date fair value (in dollars) | $	$ 3.3
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021 (per share) | $ / shares	$ 22.29
Employees | Maximum
Restricted Stock Units
Vesting period	5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 107,299	$ 147,425
Less: net income attributable to non-controlling interests	(62,569)	(85,103)
Net income attributable to Camping World Holdings, Inc. - basic	44,730	62,322
Add: reallocation of net income (loss) attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs	332
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock		63,980
Net income attributable to Camping World Holdings, Inc. - diluted	$ 45,062	$ 126,302
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	43,553,000	43,584,000
Dilutive options to purchase Class A common stock	88,000	165,000
Dilutive restricted stock units	574,000	955,000
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		45,534,000
Weighted-average shares of Class A common stock outstanding - diluted	44,215,000	90,238,000
Earnings per share of Class A common stock - basic	$ 1.03	$ 1.43
Earnings per share of Class A common stock - diluted	$ 1.02	$ 1.40
Restricted Stock Units (RSUs)
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share	1,632	1
Common Units
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share	42,045
Class A common stock
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	43,553,000	43,584,000
Weighted-average shares of Class A common stock outstanding - diluted	44,215,000	90,238,000
Earnings per share of Class A common stock - basic	$ 1.03	$ 1.43
Earnings per share of Class A common stock - diluted	$ 1.02	$ 1.40

Segment Information - General I

Segment Information - General Information (Details)	3 Months Ended
	Mar. 31, 2022segment
Segments Information
Number of reportable segments	2

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segments Information
Revenue	$ 1,662,396	$ 1,557,781
Intersegment Eliminations
Segments Information
Revenue	(7,319)	(6,298)
Good Sam Services and Plans
Segments Information
Revenue	44,559	40,871
Good Sam Services and Plans | Intersegment Eliminations
Segments Information
Revenue	(270)	(41)
New vehicles
Segments Information
Revenue	834,959	821,976
New vehicles | Intersegment Eliminations
Segments Information
Revenue	(1,613)	(1,799)
Used vehicles
Segments Information
Revenue	403,032	294,257
Used vehicles | Intersegment Eliminations
Segments Information
Revenue	(786)	(772)
Products, service and other
Segments Information
Revenue	214,973	251,270
Products, service and other | Intersegment Eliminations
Segments Information
Revenue	(245)	(320)
Finance and insurance, net
Segments Information
Revenue	153,378	138,254
Finance and insurance, net | Intersegment Eliminations
Segments Information
Revenue	(4,405)	(3,366)
Good Sam Club
Segments Information
Revenue	11,495	11,153
Good Sam Services and Plans | Operating Segments
Segments Information
Revenue	44,829	40,912
Good Sam Services and Plans | Good Sam Services and Plans | Operating Segments
Segments Information
Revenue	44,829	40,912
RV and Outdoor Retail
Segments Information
Revenue	1,617,837	1,516,910
RV and Outdoor Retail | Operating Segments
Segments Information
Revenue	1,624,886	1,523,167
RV and Outdoor Retail | New vehicles
Segments Information
Revenue	834,959	821,976
RV and Outdoor Retail | New vehicles | Operating Segments
Segments Information
Revenue	836,572	823,775
RV and Outdoor Retail | Used vehicles
Segments Information
Revenue	403,032	294,257
RV and Outdoor Retail | Used vehicles | Operating Segments
Segments Information
Revenue	403,818	295,029
RV and Outdoor Retail | Products, service and other
Segments Information
Revenue	214,973	251,270
RV and Outdoor Retail | Products, service and other | Operating Segments
Segments Information
Revenue	215,218	251,590
RV and Outdoor Retail | Finance and insurance, net
Segments Information
Revenue	153,378	138,254
RV and Outdoor Retail | Finance and insurance, net | Operating Segments
Segments Information
Revenue	157,783	141,620
RV and Outdoor Retail | Good Sam Club
Segments Information
Revenue	11,495	11,153
RV and Outdoor Retail | Good Sam Club | Operating Segments
Segments Information
Revenue	$ 11,495	$ 11,153

Segment Information - Segment I

Segment Information - Segment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segments Information
Total segment income	$ 149,125	$ 168,556
Selling, general, and administrative expense	(385,315)	(337,034)
Depreciation and amortization	(25,535)	(12,701)
Other interest expense, net	(14,301)	(12,223)
Tax Receivable Agreement liability adjustment	0	(3,520)
Other (expense) income, net	(223)	45
Income before income taxes	128,335	149,468
Operating Segments
Segments Information
Total segment income	172,671	180,219
Other interest expense, net	(2,751)	(1,802)
Corporate, Non-Segment
Segments Information
Total segment income	(4,277)	(2,352)
Other interest expense, net	(11,550)	(10,421)
Good Sam Services and Plans | Operating Segments
Segments Information
Total segment income	21,172	21,183
Depreciation and amortization	(790)	(809)
RV and Outdoor Retail | Operating Segments
Segments Information
Total segment income	151,499	159,036
Depreciation and amortization	(24,745)	(11,892)
Other interest expense, net	$ (2,751)	$ (1,802)

Segment Information - Depreciat

Segment Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segments Information
Depreciation and amortization	$ 25,535	$ 12,701
Good Sam Services and Plans | Operating Segments
Segments Information
Depreciation and amortization	790	809
RV and Outdoor Retail | Operating Segments
Segments Information
Depreciation and amortization	$ 24,745	$ 11,892

Segment Information - Other Int

Segment Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segments Information
Other interest expense, net	$ 14,301	$ 12,223
Operating Segments
Segments Information
Other interest expense, net	2,751	1,802
Corporate, Non-Segment
Segments Information
Other interest expense, net	11,550	10,421
RV and Outdoor Retail | Operating Segments
Segments Information
Other interest expense, net	$ 2,751	$ 1,802

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segments Information
Assets	$ 4,727,535	$ 4,372,929
Operating Segments
Segments Information
Assets	4,433,027	4,008,205
Corporate, Non-Segment
Segments Information
Assets	294,508	364,724
Good Sam Services and Plans | Operating Segments
Segments Information
Assets	77,791	158,988
RV and Outdoor Retail | Operating Segments
Segments Information
Assets	$ 4,355,236	$ 3,849,217