Camping World Holdings, Inc. Goodwill & Intangibles Disclosure
8. Goodwill and Intangible Assets
Goodwill
The following is a summary of changes in the Company’s goodwill by business line for the years ended December 31, 2025 and 2024:
Good Sam | |||||||||
Services and | RV and | ||||||||
($ in thousands) | | Plans | | Outdoor Retail | | Consolidated | |||
Balance at December 31, 2023 (excluding impairment charges) | $ | 71,118 | $ | 881,941 | $ | 953,059 | |||
Accumulated impairment charges | (46,884) | (194,953) | (241,837) | ||||||
Balance at December 31, 2023 | 24,234 | 686,988 | 711,222 | ||||||
Acquisitions | 1,561 | 30,140 | 31,701 | ||||||
Divestiture (1) | — | (8,900) | (8,900) | ||||||
Balance at December 31, 2024 | 25,795 | 708,228 | 734,023 | ||||||
Acquisitions | — | 18,712 | 18,712 | ||||||
Divestiture (1) | — | (3,414) | (3,414) | ||||||
Balance at December 31, 2025 | $ | 25,795 | $ | 723,526 | $ | 749,321 | |||
| (1) | See Note 6 ― Assets Held for Sale and Business Divestiture. |
In the fourth quarter of 2025 and 2024, the Company performed its annual goodwill impairment test of the RV and Outdoor Retail, the Good Sam Show, Good Sam Media, GSS Enterprises and Good Sam RA and Tire Rescue reporting units by performing a quantitative analysis. The RV and Outdoor Retail reporting unit is comprised of the entire RV and Outdoor Retail segment. The Good Sam Show, Good Sam Media, GSS Enterprise, and the Good Sam RA and Tire Rescue reporting units are comprised of a portion of the Good Sam Services and Plans segment. As of December 31, 2025 and 2024, the Good Sam RA and Tire Rescue reporting unit had allocated goodwill of $1.6 million and this reporting unit had a negative carrying value as of the date of these annual goodwill impairment tests. These annual goodwill impairment tests resulted in the determination that the estimated fair value of these reporting units exceeded their carrying value. Therefore, no impairment charge was recorded during the years ended December 31, 2025 and 2024.
The RV and Outdoor Retail reporting unit’s fair value exceeded its carrying value by 11% and the remaining reporting units’ fair values exceeded their carrying values by a significant amount. The Company estimated the fair value of these reporting units using a combination of the guideline public company method under the market approach and the discounted cash flow analysis method under the income approach. Of the key assumptions to the determination of fair value for the RV and Outdoor Retail reporting unit, (i) revenue and EBITDA projections, (ii) discount rate, and (iii) market multiples of comparable public companies are subject to the most uncertainty and it is reasonably possible that changes in the estimates underlying those, or other, assumptions could negatively impact the fair value of the RV and Outdoor Retail reporting unit and result in an impairment of goodwill in the near term.
Intangible Assets
Finite-lived intangible assets and related accumulated amortization consisted of the following:
December 31, 2025 | |||||||||||
Carrying | Accumulated | Useful Life | |||||||||
($ in thousands) | | Value | | Amortization | | Net | | (in years) | |||
Good Sam Services and Plans: | |||||||||||
Membership, customer lists and other | $ | 9,194 | $ | (9,140) | $ | 54 | 4.0 | ||||
Trademarks and trade names | 2,132 | (521) | 1,611 | 15.0 | |||||||
Websites and developed technology | 3,650 | (2,169) | 1,481 | 6.7 | |||||||
RV and Outdoor Retail: | |||||||||||
Customer lists, domain names and other | 4,154 | (3,152) | 1,002 | 5.1 | |||||||
Supplier lists and agreements | 9,500 | (1,484) | 8,016 | 11.0 | |||||||
Trademarks and trade names | 26,526 | (23,345) | 3,181 | 10.7 | |||||||
Websites and developed technology | 6,151 | (5,672) | 479 | 10.1 | |||||||
$ | 61,307 | $ | (45,483) | $ | 15,824 | 10.2 | |||||
December 31, 2024 | |||||||||||
Carrying | Accumulated | Useful Life | |||||||||
($ in thousands) | | Value | | Amortization | | Net | | (in years) | |||
Good Sam Services and Plans: | |||||||||||
Membership, customer lists and other | $ | 9,740 | $ | (9,537) | $ | 203 | 5.3 | ||||
Trademarks and trade names | 2,132 | (379) | 1,753 | 15.0 | |||||||
Websites and developed technology | 3,650 | (1,614) | 2,036 | 6.7 | |||||||
RV and Outdoor Retail: | |||||||||||
Customer lists and domain names | 4,154 | (2,752) | 1,402 | 5.5 | |||||||
Supplier lists and agreements | 9,500 | (594) | 8,906 | 11.0 | |||||||
Trademarks and trade names | 26,526 | (22,005) | 4,521 | 15.0 | |||||||
Websites and developed technology | 6,348 | (5,700) | 648 | 10.1 | |||||||
$ | 62,050 | $ | (42,581) | $ | 19,469 | 11.6 | |||||
Amortization expense related to finite-lived intangibles for the years ended December 31, 2025, 2024, and 2023 was $3.6 million, $3.6 million and $3.8 million, respectively. The aggregate future five-year amortization of finite-lived intangibles as of December 31, 2025, was as follows:
As of | ||||
($ in thousands) | December 31, 2025 | |||
2026 | | $ | 3,519 | |
2027 | 3,479 | |||
2028 | 1,950 | |||
2029 | 1,175 | |||
2030 | 1,086 | |||
Thereafter | 4,615 | |||
$ | 15,824 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 13, 2017 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.