Q1 2026 Camping World Holdings Inc Earnings Call Transcript
Key Points
- Camping World Holdings Inc (CWH) reduced SG&A expenses by over $29 million, improving SG&A as a percentage of gross profit by 135 basis points.
- The company outperformed the broader new RV sales market, particularly in the Fifth Wheel segment, which saw nearly a 10% increase year-to-date.
- CWH's inventory strategy resulted in a 10% year-over-year reduction in same-store RV unit inventory, with a 20% decrease in units purchased year-to-date.
- Good Sam continued its top-line growth and stabilized margins, with plans to complete an ERP overhaul to accelerate entry into adjacent marketplaces.
- The company improved its net debt leverage ratio to 5.6 times from 8.1 times year-over-year, and paid down $56 million of debt in the quarter.
- Same-store used sales were down 2.6% in the quarter, attributed to weather disruptions in January and February.
- New vehicle gross margin declined by 148 basis points to 12.2%, and used vehicle gross margin declined by 91 basis points to 17.7%.
- The company faced a challenging RV industry backdrop with market conditions softer than expected.
- Despite improvements, the first-quarter adjusted EBITDA of $28 million was lower than the $31.2 million reported in the first-quarter of 2025.
- The Costco partnership started slower than expected, requiring adjustments to lead flows and pricing algorithms.
Good morning, and welcome to the Camping World Holdings conference call to discuss financial results for the first-quarter ended March 31, 2026.
(Operator Instructions)
Please be advised that the call is being recorded and the reproduction of the call, in whole or part is not permitted without written authorization from the company.
Joining on the call today are Matthew Wagner, Chief Executive Officer and President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; Brett Andress, Senior Vice President and Investor Relations.
I will now turn the conference call over to Lindsey Christen, Chief Administrative and Legal Officer. Please go ahead.
Thank you, and good morning, everyone. A press release covering the company's first-quarter ended March 31, 2026, financial results was issued yesterday afternoon, and a copy of that press release can be found in the Investor Relations section on
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