Camping World Holdings, Inc.

Good morning and welcome to the Camping World Holdings conference call to discuss financial results for the third quarter ended September 30th, 2025. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company. Joining on the call today are Marcus Leminis, Chairman and Chief Executive Officer, Matthew Wagner, President, Tom Kern, Chief Financial Officer, Lindsay Christian, Chief Administrative and Legal Officer, and Brett Endres, Senior Vice President, Investor Relations. I will turn the call over to Ms. Christian to get us started.

Thank you and good morning everyone. A press release covering the company's third quarter ended September 30th, 2025 financial results was issued yesterday afternoon and a copy of that press release can be found in the investor relations section on the company's website. Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks may include statements regarding our business plans and goals, macroeconomic industry and consumer trends, future growth of operations, capital allocation, and future financial results. Actual results may differ materially from those indicated by these remarks as a result of various important factors, including those discussed in the risk factor section in our Form 10-K, Form 10-Qs, and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them. Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as EBITDA, adjusted EBITDA, and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliations to these non-GAAP financial measures and the most directly comparable GAAP financial statements are included in our earnings release and on our website. All comparisons of our 2025 third quarter are made against the 2024 third quarter results, unless otherwise noted. I'll now turn the call over to Marcus.

Great. Thanks, Lindsay. Leading our company on today's call are Matt Wagner, our President, Lindsay Christen, Chief Administrative and Legal Officer Brett Andrus, Senior Vice President of Corporate Development, and Tom Kern, our Chief Financial Officer. On today's call, we're going to cover both the operational and financial highlights of the quarter while providing some initial insights on the year ahead. Look, our mandate remains clear, improve revenue and earnings while improving net leverage. I'm encouraged by our company's financial performance in the quarter. growing adjusted EBITDA by over 40% to 95.7 million. The team drove record volume on a year-to-date basis and sold nearly 14% of all new and used RVs in North America. This sales milestone further intensifies and proves out our thesis that consumers are focused on value and affordability across every single segment in the RV industry. Consumers build their monthly financial models around monthly payments, period. We anticipate entering 2026 with consumer sentiment and labor markets uneven and OEM new pricing rising on like-for-like models. While we see signs of resistance on the new side of the business with our proven track record to address affordability and unused, I believe we can have another record year of combined new and used unit volume growth. I'm extremely confident in our ability to once again outperform the RV industry in 2026 and grow our earnings, thus reducing leverage. Our business has made tremendous strides on improving our net leverage position over the last several quarters, reducing that leverage by nearly three turns since the beginning of the year. We accomplish this through a combination of debt pay down, earnings improvement, and cash generation. As we plan our cash flow for 2026, I believe it is appropriate to set expectations conservatively. Our company will continue to rely on our market-leading used sales, service, and good Sam businesses as our differentiators. Look, it's still early in our forecasting. and we see another consecutive year of earnings growth with an adjusted EBITDA floor of around $310 million. Now this floor deliberately does not incorporate several sources of cost takeouts upside, use unit upside, M&A upside, or upside that could come from our conservative new unit forecast. Now I'm going to turn the call over to my teammate, Matt Wagner.