Camping World Holdings, Inc. reported revenue increased 9.0 percent, or $132.4 million, to $1.61 billion for the second quarter ended June 30. Gross margin increased 260 basis points to 30.4 percent and selling, general and administrative (SG&A) expenses decreased 10.5 percent to $271.6 million. SG&A expenses as a percentage of gross profit were 56 percent for the second quarter and 68 percent for the six-month period ended June 30, 2020. Net income increased 210.2 percent to $163.2 million and net income margin was 10.2 percent for the second quarter. Adjusted EBITDA increased 122.5 percent to $220.7 million in Q2 and the adjusted EBITDA margin was 13.7 percent for the second quarter.
Cash and cash equivalents, maintained in the company’s primary cash accounts, was $227.9 million at quarter-end and CWH also maintained an additional $216.9 million of cash in its floorplan interest offset account on June 30.
Marcus Lemonis, chairman and CEO of Camping World Holdings, Inc. stated, “I am extremely proud of the way our team has evolved their processes to changing business conditions. Over the past 24 months, we have made significant investments and enhancements in our digital capabilities, which has allowed us to quickly pivot and handle the surge in web traffic, call center volume and lead volume that we have seen since mid-April for our products and services. Through our enhanced platform, we have been successful in engaging new and existing customers in all areas of our business, including customer service, tech support, RV unit selection and demonstration, RV service assistance, retail product selection and installation, and the sale of Good Sam protection plans and services such as roadside assistance, extended warranties, insurance and travel assistance. In addition, our team has done an amazing job of managing our supply chain and replenishing inventory levels in key products and categories. As a result, we are very pleased with our year-to-date and quarterly results, and the prospects for the future.”
Photo courtesy Camping World