Camping World : Investor Presentation


INVESTOR PRESENTATION

September 2022

SAFEHARBOR

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about our business plans and goals, including statements regarding the strength of our business, and our long-term plan. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic, which has had, and could have in the future, certain negative impacts on our business; risks related to the cybersecurity incident announced in February 2022; our ability to execute and achieve the expected benefits of our 2019 Strategic Shift; the availability of financing to us and our customers; fuel shortages or high prices for fuel; the success of our manufacturers; general economic conditions in our markets; changes in consumer preferences; competition in our industry; risks related to acquisitions and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our reliance on six fulfillment and distribution centers; natural disasters, including epidemic outbreaks; risks associated with selling goods manufactured abroad; our dependence on our relationships with third party suppliers and lending institutions; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; regulatory risk; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; and risks related to our organizational structure.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2021 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward-looking statements represent management’s estimates as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation.

Market and Industry Data

This presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as Camping World’s own estimates and research. Camping World’s estimates are derived from publicly available information released by third party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Company’s behalf. While the Company is not aware of any misstatements regarding any information in this presentation, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors.

CAMPSITE WORLD IS AN OUTDOOR LIFESTYLE ENABLER THAT MAKES

THE PURSUIT OF THE OUTDOOR LIFESTYLE FUN AND EASY!

Membership Roadside Assistance

Extended Service Plan Insurance

Finance Center RV Valuator

Campground RV Rentals

AT-A-GLANCE AS OF JUNE 30, 2022

1966

$7.1B

10.4%

5.5M

FOUNDED

TTM REVENUE

TTM DIVIDEND YIELD 5

ACTIVE CUSTOMERS 4

$3.2B

$879M

190

2.1M

ENTERPRISE VALUE 1.2

TTM Adj. EBITDA 3

# of RETAIL LOCATIONS

GOOD SAM MEMBERS

$1.8B

1.57

42

~13.5K

MARKET CAP.1

NET DEBT LEVERAGE RATIO 6

# of STATES

# of EMPLOYEES

  • Based on 41,789,323 shares of Class A and 42,044,536 shares of common units, closing stock price of $21.59 as of June 30, 2022, and Net Debt of $1.4 billion as of June 30, 2022. Net Debt is defined as the sum of long-term debt, finance lease liabilities and revolving line of credit balance outstanding, less cash and cash equivalents. For a reconciliation to the nearest GAAP metrics, see the Appendix on Slide 17.
    2 Enterprise value equals to market capitalization of $1.8 billion, plus net debt of $1.4 billion, as of June 30, 2022.
    3 We define “EBITDA” as net income before other interest expense, net (excluding floor plan interest expense), provision for income tax expense, and depreciation and amortization. “Adjusted EBITDA” is defined as EBITDA further adjusted for the impact of certain non-cash and other items that are not considered as ongoing operating performance. These items include, among other things, loss and expense on debt restructure, goodwill impairment, long-lived asset impairment, lease termination loss, gains and losses on disposals and sales of assets, equity-based compensation, Tax Receivable Agreement
    liability adjustment, acquisitions transaction expense, Gander pre-opening costs, restructuring costs related to the 2019 Strategic Shift, and other unusual or one-time items. For a reconciliation to the nearest GAAP metrics, see the Appendix on Slide 17. 4 An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement.
    5 Based on trailing-twelve-month dividends ending as of June 30, 2022, divided by the closing stock price of $21.59 as of June 30, 2022.46 Net Debt as of June 30, 2022, divided by TTM Adjusted EBITDA.

190

RETAIL LOCATIONS in

42 STATES2

2.613

SERVICE BAYS2

EXPANSION NATIONAL FOOTPRINT AND INFRASTRUCTURE

1 Source: Statistical Surveys, Inc. (15 largest RV markets)

RV Retail Locations

Coming Soon Locations

15 Largest RV Markets1

5

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Disclaimer

Camping World Holdings Inc. published this content on September 28, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 28, 2022 12:15:05 UTC.

Publicnow 2022

All news about CAMPING WORLD HOLDINGS, INC.

Analyst Recommendations on CAMPING WORLD HOLDINGS, INC.

Sales 2022 6 935 M

Net income 2022 329 M

Net Debt 2022 1 291 M

P/E ratio 2022 5.16x
Yield 2022 3.15%
Capitalization 997 M
997 M
EV / Sales 2022 0.33x
EV / Sales 2023 0.30x
Nbr or Employees 12 834
Free-Float 32.8%

Chart CAMPING WORLD HOLDINGS, INC.
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Camping World Holdings, Inc.  Technical Analysis Chart |  MarketScreener

Technical analysis trends CAMPING WORLD HOLDINGS, INC.

Short Term Mid-Term Long Term
Trends bearish Neutral Neutral

Income Statement Evolution

Sell

Buy

mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price $23.81
Average target price $35.11
Spread / Average Target 47.5%

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