| Segments Information |
19. Segments Information The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. The Company evaluates performance for all of its reportable segments based on Segment Adjusted EBITDA. The Company defines “Segment Adjusted EBITDA” as the reportable segments’ total revenue less segment expenses which are comprised of (i) adjusted costs applicable to revenue, (ii) intersegment costs applicable to revenues, (iii) adjusted SG&A expense, (iv) floor plan interest expense, and (v) other segment items. Segment expenses exclude depreciation and amortization and certain noncash and other items that the Chief Operating Decision Maker (“CODM”) does not consider in his evaluation of ongoing operating performance. These excluded items include (a) SBC and (b) loss and/or impairment on investments in equity securities. As of June 30, 2026, the Company’s CODM was Matthew D. Wagner, the Company’s Chief Executive Officer and President. Reportable segment revenue; segment adjusted EBITDA; depreciation and amortization; other interest expense, net; total assets; and capital expenditures are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | Good Sam | | RV and | | Good Sam | | RV and | | Good Sam | | RV and | | Good Sam | | RV and | | | Services | | Outdoor | | Services | | Outdoor | | Services | | Outdoor | | Services | | Outdoor | ($ in thousands) | | and Plans | | Retail | | and Plans | | Retail | | and Plans | | Retail | | and Plans | | Retail | Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | Good Sam Services and Plans | | $ | 54,629 | | $ | — | | $ | 54,213 | | $ | — | | $ | 103,087 | | $ | — | | $ | 100,421 | | $ | — | New vehicles | | | — | | | 869,047 | | | — | | | 915,106 | | | — | | | 1,456,741 | | | — | | | 1,536,538 | Used vehicles | | | — | | | 580,322 | | | — | | | 572,271 | | | — | | | 984,102 | | | — | | | 994,622 | Products, service and other | | | — | | | 217,563 | | | — | | | 222,890 | | | — | | | 375,983 | | | — | | | 387,882 | Finance and insurance, net | | | — | | | 201,677 | | | — | | | 201,198 | | | — | | | 347,777 | | | — | | | 349,865 | Good Sam Club | | | — | | | 10,801 | | | — | | | 10,270 | | | — | | | 20,954 | | | — | | | 20,144 | Intersegment revenue(1) | | | 127 | | | 1,538 | | | 88 | | | 4,256 | | | 1,019 | | | 2,920 | | | 896 | | | 6,660 | Total revenue before intersegment eliminations | | | 54,756 | | | 1,880,948 | | | 54,301 | | | 1,925,991 | | | 104,106 | | | 3,188,477 | | | 101,317 | | | 3,295,711 | | | | | | | | | | | | | | | | | | | | | | | | | | Segment expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Adjusted costs applicable to revenue(2) | | | 20,839 | | | 1,374,692 | | | 21,936 | | | 1,361,657 | | | 39,701 | | | 2,306,966 | | | 39,613 | | | 2,327,751 | Intersegment costs applicable to revenue(3) | | | 56 | | | 2,694 | | | 40 | | | 3,792 | | | 672 | | | 4,741 | | | 627 | | | 6,417 | Adjusted selling, general, and administrative(4) | | | 8,952 | | | 394,013 | | | 7,167 | | | 417,513 | | | 16,741 | | | 736,935 | | | 14,809 | | | 787,245 | Floor plan interest expense | | | — | | | 19,852 | | | — | | | 20,989 | | | — | | | 41,671 | | | — | | | 39,295 | Other segment items(5) | | | — | | | (138) | | | — | | | 20 | | | — | | | (236) | | | — | | | (20) | Segment Adjusted EBITDA | | $ | 24,909 | | $ | 89,835 | | $ | 25,158 | | $ | 122,020 | | $ | 46,992 | | $ | 98,400 | | $ | 46,268 | | $ | 135,023 | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Intersegment revenue consists of segment revenue that is eliminated in our condensed consolidated statements of operations. |
| (2) | Adjusted costs applicable to revenue exclude SBC expense and intersegment costs applicable to revenue. |
| (3) | Intersegment costs applicable to revenue consist of segment costs applicable to revenue that are eliminated in our condensed consolidated statements of operations. |
| (4) | Adjusted SG&A expenses exclude SBC expense and intersegment operating expenses. |
| (5) | Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities. |
| | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Revenue: | | | | | | | | | | | | | Good Sam Services and Plans Segment | | $ | 54,756 | | $ | 54,301 | | $ | 104,106 | | $ | 101,317 | RV and Outdoor Retail Segment | | | 1,880,948 | | | 1,925,991 | | | 3,188,477 | | | 3,295,711 | Total segment revenue | | | 1,935,704 | | | 1,980,292 | | | 3,292,583 | | | 3,397,028 | Intersegment eliminations | | | (1,665) | | | (4,344) | | | (3,939) | | | (7,556) | Total revenue | | | 1,934,039 | | | 1,975,948 | | | 3,288,644 | | | 3,389,472 | Segment Adjusted EBITDA: | | | | | | | | | | | | | Good Sam Services and Plans Segment | | | 24,909 | | | 25,158 | | | 46,992 | | | 46,268 | RV and Outdoor Retail Segment | | | 89,835 | | | 122,020 | | | 98,400 | | | 135,023 | Total Segment Adjusted EBITDA | | | 114,744 | | | 147,178 | | | 145,392 | | | 181,291 | Corporate SG&A excluding SBC(1) | | | (3,641) | | | (4,465) | | | (6,590) | | | (7,391) | Depreciation and amortization | | | (24,634) | | | (23,419) | | | (47,352) | | | (45,963) | Long-lived asset impairment | | | (13,099) | | | — | | | (13,099) | | | (620) | Gain (loss) on lease termination and/or remeasurement | | | 8 | | | 107 | | | (56) | | | 107 | Gain (loss) on sale or disposal of assets | | | 2,055 | | | (1,185) | | | 1,887 | | | 638 | Stock-based compensation(2) | | | (4,384) | | | (8,444) | | | (9,158) | | | (15,714) | Loss and impairment on investments in equity securities(3) | | | — | | | (2,600) | | | (162) | | | (2,757) | Other interest expense, net | | | (26,912) | | | (30,836) | | | (53,761) | | | (61,367) | Intersegment eliminations(4) | | | 947 | | | (492) | | | 1,238 | | | (533) | Income before income taxes | | $ | 45,084 | | $ | 75,844 | | $ | 18,339 | | $ | 47,691 | | | | | | | | | | | | | |
| (1) | Corporate SG&A excluding SBC represents corporate SG&A expenses that are not allocated to the segments and are comprised primarily of the costs associated with being a public company. This amount excludes the SBC relating to the Board of Directors for their service as board members that is not allocated to the segments, since it is presented as part of the SBC reconciling line item in this table. |
| (2) | This SBC amount includes SBC allocated to the segments and SBC relating to the Board of Directors for their service as board members that is not allocated to the segments (See Note 17 — Stock-Based Compensation Plans). |
| (3) | Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. These amounts are included in other expense, net in the condensed consolidated statements of operations. |
| (4) | Represents the net impact of intersegment eliminations on income (loss) before income taxes. |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Depreciation and amortization: | | | | | | | | | | | | | Good Sam Services and Plans | | $ | 2,053 | | $ | 1,125 | | $ | 3,170 | | $ | 2,026 | RV and Outdoor Retail | | | 22,581 | | | 22,294 | | | 44,182 | | | 43,937 | Total depreciation and amortization | | $ | 24,634 | | $ | 23,419 | | $ | 47,352 | | $ | 45,963 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Other interest expense, net: | | | | | | | | | | | | | Good Sam Services and Plans | | $ | (196) | | $ | (21) | | $ | (233) | | $ | (73) | RV and Outdoor Retail | | | 5,491 | | | 6,300 | | | 10,683 | | | 12,709 | Subtotal | | | 5,295 | | | 6,279 | | | 10,450 | | | 12,636 | Corporate & other | | | 21,617 | | | 24,557 | | | 43,311 | | | 48,731 | Total other interest expense, net | | $ | 26,912 | | $ | 30,836 | | $ | 53,761 | | $ | 61,367 | | | | | | | | | | | | | |
| | | | | | | | | | | | June 30, | | December 31, | | June 30, | ($ in thousands) | | 2026 | | 2025 | | 2025 | Assets: | | | | | | | | | | Good Sam Services and Plans | | $ | 94,810 | | $ | 127,282 | | $ | 87,911 | RV and Outdoor Retail | | | 4,755,642 | | | 4,906,137 | | | 4,881,045 | Subtotal | | | 4,850,452 | | | 5,033,419 | | | 4,968,956 | Corporate & other | | | 8,341 | | | 10,915 | | | 222,891 | Total assets | | $ | 4,858,793 | | $ | 5,044,334 | | $ | 5,191,847 | | | | | | | | | | |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Capital expenditures: | | | | | | | | | | | | | Good Sam Services and Plans | | $ | 4,517 | | $ | 2,213 | | $ | 9,156 | | $ | 5,118 | RV and Outdoor Retail | | | 25,045 | | | 47,774 | | | 56,441 | | | 116,964 | Total capital expenditures | | $ | 29,562 | | $ | 49,987 | | $ | 65,597 | | $ | 122,082 | | | | | | | | | | | | | |
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