Capstone Project Assignment

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Balance Sheet_Horizontal

CAMPING WORLD HOLDINGS, INC.
Annual Report
Consolidated Balance Sheet - USD ($) Increase or Decrease
$ in Thousands Dec. 31, 2018 Dec. 31, 2017 Amount %
Current assets:
Cash and cash equivalents $ 138,557 $ 224,163 $ (85,606) -38.2%
Contracts in transit 53,214 46,227 6,987 15.1%
Accounts receivable, less allowance for doubtful accounts 85,711 79,881 5,830 7.3%
of $4,398 and $2,700 in 2018 and 2017, respectively
Inventories 1,558,970 1,415,915 143,055 10.1%
Prepaid expenses and other assets 51,710 41,138 10,572 25.7%
Total current assets $ 1,888,162 $ 1,807,324 $ 80,838 4.5%
Property and equipment, net 359,855 198,022 161,833 81.7%
Deferred tax assets, net 145,943 152,683 (6,740) -4.4%
Intangible assets, net 35,284 38,707 (3,423) -8.8%
Goodwill 359,117 348,387 10,730 3.1%
Other assets 18,326 21,903 (3,577) -16.3%
Total assets $ 2,806,687 $ 2,567,026 $ 239,661 9.3%
Current liabilities:
Accounts payable 144,808 125,616 19,192 15.3%
Accrued liabilities 124,619 101,929 22,690 22.3%
Deferred revenues and gains 88,054 77,669 10,385 13.4%
Current portion of capital lease obligations 23 844 (821) -97.3%
Current portion of Tax Receivable Agreement liability 9,446 8,906 540 6.1%
Current portion of long-term debt 12,977 9,465 3,512 37.1%
Notes payable - floor plan, net 885,980 974,043 (88,063) -9.0%
Other current liabilities 39,211 32,662 6,549 20.1%
Total current liabilities 1,305,118 1,331,134 (26,016) -2.0%
Capital lease obligations, net of current portion - 0 23 (23) -100.0%
Right to use liability 5,147 10,193 (5,046) -49.5%
Tax Receivable Agreement liability, net of current portion 124,763 130,826 (6,063) -4.6%
Revolving line of credit 38,739 - 0 38,739 ERROR:#DIV/0!
Long-term debt, net of current portion 1,152,888 907,437 245,451 27.0%
Deferred revenues and gains 67,157 64,061 3,096 4.8%
Other long-term liabilities 79,958 51,589 28,369 55.0%
Total liabilities 2,773,770 2,495,263 278,507 11.2%
Commitments and contingencies
Stockholder's equity
Additional paid-in capital - 0 42,520 (42,520) -100.0%
Retained (deficit) earnings (3,370) 7,619 (10,989) -144.2%
Total stockholders' equity attributable to Camping World Holdings, Inc. 44,538 50,511 (5,973) -11.8%
Non-controlling interests (11,621) 21,252 (32,873) -154.7%
Total stockholders' equity 32,917 71,763 (38,846) -54.1%
Total liabilities and stockholders' equity 2,806,687 2,567,026 239,661 9.3%
Class A common stock
Common stock 372 367 5 1.4%
Total stockholders' equity 372 367 5 1.4%
Class B common stock
Common stock 5 5 - 0 0.0%
Total stockholders' equity 5 5 - 0 0.0%
Class C common stock
Stockholders' equity:
Common stock
Additional paid-in capital $ 47,531 $ 42,520 $ 5,011 11.8%

Balance Sheet_Component %

CAMPING WORLD HOLDINGS, INC.
Annual Report
Consolidated Balance Sheet - USD ($) Component Percentages
$ in Thousands Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017
Current assets:
Cash and cash equivalents $ 138,557 $ 224,163 4.9% 8.7%
Contracts in transit 53,214 46,227 1.9% 1.8%
Accounts receivable, less allowance for doubtful accounts 85,711 79,881 3.1% 3.1%
of $4,398 and $2,700 in 2018 and 2017, respectively 0.0% 0.0%
Inventories 1,558,970 1,415,915 55.5% 55.2%
Prepaid expenses and other assets 51,710 41,138 1.8% 1.6%
Total current assets $ 1,888,162 $ 1,807,324 67.3% 70.4%
Property and equipment, net 359,855 198,022 12.8% 7.7%
Deferred tax assets, net 145,943 152,683 5.2% 5.9%
Intangible assets, net 35,284 38,707 1.3% 1.5%
Goodwill 359,117 348,387 12.8% 13.6%
Other assets 18,326 21,903 0.7% 0.9%
Total assets $ 2,806,687 $ 2,567,026 100.0% 100.0%
Current liabilities:
Accounts payable 144,808 125,616 5.2% 4.9%
Accrued liabilities 124,619 101,929 4.4% 4.0%
Deferred revenues and gains 88,054 77,669 3.1% 3.0%
Current portion of capital lease obligations 23 844 0.0% 0.0%
Current portion of Tax Receivable Agreement liability 9,446 8,906 0.3% 0.3%
Current portion of long-term debt 12,977 9,465 0.5% 0.4%
Notes payable - floor plan, net 885,980 974,043 31.6% 37.9%
Other current liabilities 39,211 32,662 1.4% 1.3%
Total current liabilities 1,305,118 1,331,134 46.5% 51.9%
Capital lease obligations, net of current portion - 0 23 0.0% 0.0%
Right to use liability 5,147 10,193 0.2% 0.4%
Tax Receivable Agreement liability, net of current portion 124,763 130,826 4.4% 5.1%
Revolving line of credit 38,739 - 0 1.4% 0.0%
Long-term debt, net of current portion 1,152,888 907,437 41.1% 35.3%
Deferred revenues and gains 67,157 64,061 2.4% 2.5%
Other long-term liabilities 79,958 51,589 2.8% 2.0%
Total liabilities 2,773,770 2,495,263 98.8% 97.2%
Commitments and contingencies
Stockholder's equity
Additional paid-in capital - 0 42,520 0.0% 1.7%
Retained (deficit) earnings (3,370) 7,619 -0.1% 0.3%
Total stockholders' equity attributable to Camping World Holdings, Inc. 44,538 50,511 1.6% 2.0%
Non-controlling interests (11,621) 21,252 -0.4% 0.8%
Total stockholders' equity 32,917 71,763 1.2% 2.8%
Total liabilities and stockholders' equity 2,806,687 2,567,026 100.0% 100.0%
Class A common stock
Common stock 372 367
Total stockholders' equity 372 367
Class B common stock
Common stock 5 5
Total stockholders' equity 5 5
Class C common stock
Stockholders' equity:
Common stock
Additional paid-in capital $ 47,531 $ 42,520

Operations_Horizontal

CAMPING WORLD HOLDINGS, INC.
Annual Report
Increase or Decrease Increase or Decrease
Consolidated Statement of Operations - USD ($) 2017 to 2018 2016 to 2017
shares in Thousands, $ in Thousands Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Amount % Amount %
Revenue
Total revenue $ 4,792,017 $ 4,279,830 $ 3,516,307 $ 512,187 12.0% $ 763,523 21.7%
Costs applicable to revenue (exclusive of
depreciation and amortization shown
separately below):
Total costs applicable to revenue 3,429,085 3,038,916 2,522,574 390,169 12.8% 516,342 20.5%
Operating expenses:
Selling, general, and administrative 1,069,359 853,160 691,884 216,199 25.3% 161,276 23.3%
Debt restructure expense 380 387 1,218 (7) -1.8% (831) -68.2%
Depreciation and amortization 49,322 31,545 24,695 17,777 56.4% 6,850 27.7%
Goodwill impairment 40,046 - 0 - 0 40,046 ERROR:#DIV/0! - 0 ERROR:#DIV/0!
Loss (gain) on sale of assets 2,810 (133) (564) 2,943 -2212.8% 431 -76.4%
Total operating expenses 1,161,917 884,959 717,233 276,958 31.3% 167,726 23.4%
Income from operations 201,015 355,955 276,500 (154,940) -43.5% 79,455 28.7%
Other income (expense):
Floor plan interest expense (38,315) (27,690) (18,854) 10,625 -38.4% 8,836 -46.9%
Other interest expense, net (63,329) (42,959) (48,318) 20,370 -47.4% (5,359) 11.1%
Loss on debt restructure (1,676) (462) (5,052) 1,214 -262.8% (4,590) 90.9%
Tax Receivable Agreement liability adjustment (1,324) 100,758 - 0 102,082 101.3% 100,758 ERROR:#DIV/0!
Total other income (expense) (104,644) 29,647 (72,224) 134,291 453.0% (101,871) 141.0%
Income before income taxes 96,371 385,602 204,276 (289,231) -75.0% 181,326 88.8%
Income tax expense (30,790) (154,910) (5,800) (124,120) 80.1% 149,110 -2570.9%
Net income 65,581 230,692 198,476 (165,111) -71.6% 32,216 16.2%
Less: net income attributable to non-controlling interests (55,183) (200,839) (9,591) (145,656) 72.5% 191,248 -1994.0%
Net income attributable to Camping World Holdings, Inc,. 10,398 29,853 188,885 (19,455) -65.2% (159,032) -84.2%
Earnings per share of Class A common stock:
Basic $ 1.12 $ 0.08
Diluted $ 1.12 $ 0.07
Class A Common stock
Other income (expense):
Net income 65,581 230,692 11,113
Less: net income attributable to non-controlling interests (55,183) (200,839) (9,591)
Earnings per share of Class A common stock:
Basic $ 0.28 $ 1.12 $ 0.08
Diluted $ 0.28 $ 1.12 $ 0.07
Weighted average shares of Class A common stock outstanding
Basic 36,985 26,622 18,766
Diluted 88,878 26,622 83,602

Operations_Component %

CAMPING WORLD HOLDINGS, INC.
Annual Report
Consolidated Statement of Operations - USD ($) Component Percentages
shares in Thousands, $ in Thousands Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016
Revenue
Total revenue $ 4,792,017 $ 4,279,830 $ 3,516,307 100.0% 100.0% 100.0%
Costs applicable to revenue (exclusive of
depreciation and amortization shown
separately below):
Total costs applicable to revenue 3,429,085 3,038,916 2,522,574 71.6% 71.0% 71.7%
Operating expenses:
Selling, general, and administrative 1,069,359 853,160 691,884 22.3% 19.9% 19.7%
Debt restructure expense 380 387 1,218 0.0% 0.0% 0.0%
Depreciation and amortization 49,322 31,545 24,695 1.0% 0.7% 0.7%
Goodwill impairment 40,046 - 0 - 0 0.8% 0.0% 0.0%
Loss (gain) on sale of assets 2,810 (133) (564) 0.1% -0.0% -0.0%
Total operating expenses 1,161,917 884,959 717,233 24.2% 20.7% 20.4%
Income from operations 201,015 355,955 276,500 4.2% 8.3% 7.9%
Other income (expense):
Floor plan interest expense (38,315) (27,690) (18,854) -0.8% -0.6% -0.5%
Other interest expense, net (63,329) (42,959) (48,318) -1.3% -1.0% -1.4%
Loss on debt restructure (1,676) (462) (5,052) -0.0% -0.0% -0.1%
Tax Receivable Agreement liability adjustment (1,324) 100,758 - 0 -0.0% 2.4% 0.0%
Total other income (expense) (104,644) 29,647 (72,224) -2.2% 0.7% -2.1%
Income before income taxes 96,371 385,602 204,276 2.0% 9.0% 5.8%
Income tax expense (30,790) (154,910) (5,800) -0.6% -3.6% -0.2%
Net income 65,581 230,692 198,476 1.4% 5.4% 5.6%
Less: net income attributable to non-controlling interests (55,183) (200,839) (9,591) -1.2% -4.7% -0.3%
Net income attributable to Camping World Holdings, Inc,. 10,398 29,853 188,885 0.2% 0.7% 5.4%
Earnings per share of Class A common stock:
Basic $ 1.12 $ 0.08
Diluted $ 1.12 $ 0.07
Class A Common stock
Other income (expense):
Net income 65,581 230,692 11,113
Less: net income attributable to non-controlling interests (55,183) (200,839) (9,591)
Earnings per share of Class A common stock:
Basic $ 0.28 $ 1.12 $ 0.08
Diluted $ 0.28 $ 1.12 $ 0.07
Weighted average shares of Class A common stock outstanding
Basic 36,985 26,622 18,766
Diluted 88,878 26,622 83,602

Ratio Analysis

2018 2017 2016 2018 2017 2016
Net Income 65,581 230,692 11,113 Net Income 65,581 230,692 11,113
Return on Equity (ROE) = Average Total Stockholders' Equity 52,340 (36,187) (219,499) Avg SE 52,340 (36,187) (219,499)
Ending SE 32,917 71,763 (144,137)
= 125.3% 637.5% 5.1% Beginning SE 71,763 (144,137) (294,860)
Year 2018 2017 2016
ROE 125.3% 637.5% 5.1%

ROE 1.2529805120366833 6.3749965457208386 5.0629047578912838E-2