露营世界控股 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period ended June 30, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period from _____________ to _______________Commission File Number: 001-37908 CAMPING WORLD HOLDINGS, INC.(Exact name of registrant as specified in its charter) Delaware81-1737145(State or other jurisdiction of incorporation ororganization)(I.R.S. Employer Identification No.) 2 Marriott DriveLincolnshire, IL 60069(Address of principal executive offices) (Zip Code) Telephone: (847) 808-3000(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period thatthe registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days.Yes⌧No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during thepreceding12 months(or for such shorter period that the registrant was required to submit suchfiles).Yes⌧No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer⌧ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No⌧ As of July 24, 2026, the registrant had 63,827,952 shares of Class A common stock, 39,466,964 shares ofClass B common stock and one share of Class C common stock outstanding. Camping World Holdings, Inc.Quarterly Report on Form 10-QFor the Quarterly Period Ended June 30, 2026 TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1Financial Statements (unaudited)4Unaudited Condensed Consolidated Balance Sheets – June 30, 2026,December 31, 2025, and June 30, 20254Unaudited Condensed Consolidated Statements of Operations – Three and SixMonths Ended June 30, 2026 and 20255Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Threeand Six Months Ended June 30, 2026 and 20256Unaudited Condensed Consolidated Statements of Cash Flows – Six MonthsEnded June 30, 2026 and 20257Notes to Unaudited Condensed Consolidated Financial Statements9Item 2Management’s Discussion and Analysis of Financial Condition and Results ofOperations32Item 3Quantitative and Qualitative Disclosures About Market Risk56Item 4Controls and Procedures56 PART II. OTHER INFORMATION Item 1Legal Proceedings57Item 1ARisk Factors57Item 2Unregistered Sales of Equity Securities and Use of Proceeds59Item 3Defaults Upon Senior Securities60Item 4Mine Safety Disclosures60Item 5Other Information60Item 6Exhibits61 Signatures63 BASIS OF PRESENTATION As used in this Quarterly Report on Form 10-Q (this “Form 10-Q”), unless the contextotherwise requires, references to: ●“we,”“us,”“our,”“CWH,”the“Company,”“Camping World”and similarreferences refer to Camping World Holdings, Inc., and, unless referenced as“CWH” or otherwise stated, all of its subsidiaries, including CWGS Enterprises,LLC, which we refer to as “CWGS, LLC” and, unless otherwise stated, all of itssubsidiaries.●"Active Customer" refers to a customer who has transacted with us in any of theeight most recently completed fiscal quarters prior to the date of measurement.Unless otherwise indicated, the date of measurement is June 30, 2026, our mostrecently completed fiscal quarter.●“Annual Report” refers to our Annual Report on Form 10-K for the year endedDecember 31, 2025 filed with the Securities and Exchange Commission (“SEC”)on February 27, 2026.●“Continuing Equity Owners” refers collectively to ML Acquisition, funds controlledby Crestview Partners II GP, L.P. and the Former Profits Unit Holders and eachof their permitted transferees that own common units in CWGS, LLC and whomay redeem at each of their options their common units for, at our election(determined solely by our independent directors within the meaning of the rulesof the New York Stock Exchange who are disinterested), cash or newly-issuedshares of our Class A common s