Earnings ·
Reports Q3 net loss of $320.1M, including $286.7M goodwill impairment
CWHCamping World Holdings, Inc.
Camping World Holdings reported a third-quarter net loss of $320.1 million, driven by a $286.7 million non-cash goodwill impairment charge related to its RV and Outdoor Retail reporting unit. Revenue declined 12.4% year-over-year to $1.58 billion as new vehicle unit sales fell 25.4%. Adjusted EBITDA dropped 62.4% to $36.0 million, impacted by a $12.7 million unfavorable adjustment to finance and insurance chargeback liabilities. The company accelerated cost-cutting measures, bringing its efficiency program's anticipated annualized savings above $150 million, while maintaining full-year Adjusted EBITDA guidance below the previous low end of $230 million. Camping World Holdings is America’s largest retailer of recreational vehicles and related products and services.