Q4 2024 Camping World Holdings Inc Earnings Call Transcript
Key Points
- Camping World Holdings Inc (CWH) successfully raised $330 million of growth capital and extended its RV floor plan facility by $300 million, providing a total of $2.150 billion in runway.
- The company achieved record combined new and used market share of 11.2% in 2024 and expects to reach 12% in 2025, with plans to sell over 130,000 units.
- CWH anticipates significant improvement in total gross profit and a 600 to 700 basis point improvement in SG&A for 2025.
- The used procurement process is in full swing, with January and February setting records, and the company expects purchase volume to accelerate.
- CWH is experiencing solid momentum in both new and used businesses, with used same store sales increasing in the high teens in January and new same store unit sales up in low single digits.
- The company faced erratic weather patterns in February, which impacted sales, although pent-up demand was observed once the weather improved.
- CWH had an adjusted EBITDA loss of $2.5 million in the fourth quarter, although this was an improvement from the previous year's loss.
- Higher than expected insurance claim costs affected SG&A for the quarter.
- The macroeconomic environment remains uncertain, with potential impacts from tariffs and interest rate fluctuations.
- CWH's leverage is a concern, and the company is focused on reducing it by the end of 2025 through various measures, including deleveraging and improving earnings.
Good morning, and welcome to the Camping World Holdings conference call to discuss financial results for the fourth quarter and the year ended December 31, 2024. (Operator Instructions) Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company.
Joining on the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Matthew Wagner, President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer and Brett Andress, Senior Vice President, Investor Relations. I will turn the call over to Ms. Christen to get us started.
Thank you, and good morning, everyone. A press release covering the company's fourth quarter and year ended December 31, 2024, financial results was issued yesterday afternoon and a copy of that press release can be found in the Investor Relations section on the company's website.
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