Company Operations - As of December 31, 2024, Lazydays Holdings operated 22 RV dealerships across the United States, employing approximately 1,100 people[17][19]. - The company has over 400 service bays and employs more than 270 skilled technicians, focusing on service, body, and parts as a strategic growth area[167]. - The company employs approximately 1,100 people across its 22 dealership locations, providing extensive RV expertise to customers[159]. - The company leases 17 of the 22 real properties where it operates, with leases generally ranging from three to twenty years[82]. Financial Performance - Total revenue for the year ended December 31, 2024, was $871.6 million, a decrease of $211.2 million or 19.5% compared to 2023[182]. - New vehicle retail revenue decreased by $118.7 million, or 18.8%, primarily due to a 4.9% decrease in units sold and a 14.6% decrease in average selling price[184]. - Pre-owned vehicle retail revenue decreased by $98.4 million, or 30.4%, due to a 15.5% decrease in retail units sold and a 17.6% decrease in average selling price[187]. - Total gross profit for 2024 was $160.9 million, down $67.9 million or 29.7% from 2023[182]. - SG&A expenses increased to $200.1 million, a rise of $1.8 million or 0.9%, with SG&A as a percentage of revenue increasing to 23.0% from 18.3%[195]. - The company incurred a net loss of $180.0 million for the year ended December 31, 2024, with an accumulated deficit of $131.0 million[58]. - Adjusted EBITDA for 2024 was -$58,661 thousand, a decline from $11,618 thousand in 2023, reflecting operational challenges[206]. - Net cash provided by operating activities was $94,354 thousand in 2024, a significant improvement from -$36,480 thousand in 2023[212]. - Adjusted net cash used in operating activities was -$46,756 thousand in 2024, compared to $33,299 thousand in 2023, reflecting changes in floor plan notes payable[215]. Market and Industry Insights - The RV industry is characterized by a strong commitment from approximately 11.2 million U.S. households that own an RV, indicating a stable market for RV-related products and services[30]. - The RV industry is cyclical, influenced by economic conditions, which may lead to fluctuations in sales and operating results[78]. - Competition in the RV market is fragmented, and the company faces challenges from both existing and new competitors[76]. - Economic uncertainties, including rising interest rates and inflation, could adversely affect consumer spending and, consequently, the company's financial performance[73]. Strategic Initiatives - Lazydays launched a rebranding effort in January 2024, including a new stock symbol "GORV" and enhancements to its digital retail experience, which is crucial as over 80% of website traffic comes from mobile devices[22]. - Lazydays aims to improve operational performance and profitability through an entrepreneurial model and performance-based action plans at each dealership location[25]. - The company has identified material weaknesses in its internal control over financial reporting, particularly in information technology general controls[61]. - The company’s success is dependent on maintaining strong brand value, which requires substantial investments in marketing and customer experience[71]. Debt and Compliance - As of December 31, 2024, the company had cash and cash equivalents of $24.7 million and total debt obligations of $495.1 million, which includes $306.0 million in floor plan notes payable[58]. - The company received a notice from Nasdaq on January 23, 2025, indicating that its common stock bid price had been below the minimum $1.00 requirement for 30 consecutive business days[49]. - The company has until July 22, 2025, to regain compliance with the Nasdaq bid price requirement, with the possibility of an additional 180-day period if necessary[50][51]. - The company must maintain a minimum liquidity of $7.5 million under the M&T Credit Agreement, which is subject to monthly compliance[127]. - The company has eliminated its ability to borrow new loans under the revolving credit facility, limiting its access to general working capital[123]. Risks and Challenges - The company faces substantial doubt about its ability to continue as a going concern due to its financial condition and reliance on generating positive cash inflows[58][60]. - The company must effectively manage inventory to align with changing consumer preferences, or it risks excess inventory and declining revenues[72]. - Disruptions in relationships with third-party service providers could negatively impact the company's ability to market and sell its products[89]. - The company may face product liability claims related to the products sold, which could negatively impact its brand image and financial condition[119]. - The company is subject to complex federal and state regulations regarding the sale of extended service contracts, which could affect revenue recognition and operational compliance[107]. Asset Management - The company entered into an Asset Purchase Agreement to sell RV sales and service businesses for approximately $1.0 million per facility, plus additional cash for RV inventory and service work in process[23]. - The company sold certain real estate for approximately $48.5 million in cash as part of the Camping World Sales[168]. - The company recorded impairment charges of $17.7 million for definite-lived intangible assets associated with dealerships held for sale during the year ended December 31, 2024[104]. - The company recognized a goodwill impairment charge of $118.0 million in 2023[197]. Cybersecurity and Compliance - The company has a comprehensive cybersecurity program with a governance structure led by the Chief Technical Officer, who provides quarterly reports to the Board of Directors[143][144]. - The company has not identified any material risks from cybersecurity threats that could affect its business strategy or financial condition[142]. - The company is currently in compliance with the Payment Card Industry Data Security Standard, but future compliance is uncertain and breaches could have serious repercussions[101]. Shareholder Information - As of December 31, 2024, the company had outstanding warrants to purchase 10,194,174 shares of common stock at an exercise price of $3.83 per share, which may dilute existing stockholders[130]. - Coliseum Holdings owns 72% of the company’s common stock, which may influence management decisions and future capital raising efforts[133].

Financial Data and Key Metrics Changes - In the fourth quarter, net sales were $160 million, a decrease of $38 million or 19% compared to the same period in 2023, aligning with planned lower volumes [25] - New unit sales declined by 7% or approximately 92 units, while the average selling price for new units grew by 3% [24] - Pre-owned retail unit sales, including consigned vehicles, were down 23% or 268 units during the quarter [25] - SG&A expenses increased to $53 million for the quarter from $46 million in the prior year, primarily due to higher transaction and legal expenses related to restructuring [26] - Adjusted EBITDA loss was $24 million compared to a loss of $11 million in the prior year period [27] Business Line Data and Key Metrics Changes - On a same-store basis, there was a decline in both new and used unit volume, partially offset by improved gross profit per unit sold [15] - Total gross margin was 19% in the fourth quarter compared to 21% in the third quarter of 2024; excluding inventory and LIFO adjustments, gross margin was 23% [16] - Finance and Insurance (F&I) revenue was over $6,000 per unit, up 3% relative to the third quarter [16] Market Data and Key Metrics Changes - The company’s new inventory is comprised of 75% model year 2025 units and 25% prior model year units, with over 77% of new inventory being towable products [17] - Motorized inventory decreased by 44% from the prior year's period due to aggressive inventory management [18] Company Strategy and Development Direction - The company is focused on rightsizing its dealership portfolio to de-lever its balance sheet and improve earnings power [9] - A letter of intent has been signed to divest three locations, which will add cash to the balance sheet and reduce indebtedness [11] - The company aims to improve operational performance across all functional areas of its dealerships, including inventory, sales, service, F&I, and marketing [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 was a year of significant transformation and that the company is executing a turnaround plan [7] - There is optimism that the company is near the bottom of a prolonged market down cycle, with expectations for future retail demand for RVs to return to historical levels [21] - Management expressed confidence in the company’s ability to drive improved results for stakeholders [27] Other Important Information - The company completed a comprehensive recapitalization, including a $30 million common equity investment and the exchange of convertible preferred stock for common stock [7] - The company reduced floor plan debt by $11 million and term loan debt by $6 million during the quarter [27] Q&A Session Summary - No questions were fielded following the prepared remarks, and the call concluded without a Q&A session [5][30]

Financial Performance - Total revenue for Q4 2024 was $159.9 million, a decrease of 19.1% from $198.0 million in Q4 2023[2] - Net loss for Q4 2024 was $96.1 million, an improvement from a net loss of $108.0 million in Q4 2023[3] - Adjusted EBITDA for Q4 2024 was $(24.3) million, compared to $(10.7) million in Q4 2023[3] - Total revenue for the fiscal year 2024 was $871.6 million, down 19.5% from $1,082.7 million in 2023[2] - Net loss for the fiscal year 2024 was $180.0 million, compared to a net loss of $110.3 million in 2023[4] - Net loss per diluted share for the fiscal year 2024 was $8.90, compared to $8.45 in 2023[4] - Net loss for the year ended December 31, 2024, was $(179,963) thousand, an increase from $(110,266) thousand in 2023[24] Operational Metrics - New vehicle retail gross profit margin decreased to 11.2% in Q4 2024 from 12.8% in Q4 2023, while pre-owned vehicle retail gross profit margin fell to 10.7% from 17.4%[18] - Total retail units sold decreased to 2,068 in Q4 2024 from 2,428 in Q4 2023, with new vehicle retail units sold at 1,172 compared to 1,264 in the prior year[18] - Average selling price per new vehicle retail increased to $80,801 in Q4 2024 from $78,600 in Q4 2023, while average selling price for pre-owned vehicles decreased to $50,247 from $62,228[18] Asset and Liability Management - Total assets decreased to $675.83 million in 2024 from $937.74 million in 2023, with current assets dropping to $353.77 million from $546.90 million[19] - Total liabilities decreased to $602.48 million in 2024 from $724.55 million in 2023, with current liabilities dropping to $378.87 million from $499.98 million[19] - Cash at the end of the period decreased to $24.70 million in 2024 from $58.09 million in 2023[20] Impairment and Charges - The company recognized impairment charges of $39.1 million in Q4 2024 related to assets held for sale[3] - Impairment charges for the year were $39,093 thousand, consistent with the previous year[24] Interest and Expenses - Interest expense, net, increased to $46,914 thousand for the year ended December 31, 2024, up from $34,882 thousand in 2023[24] - Depreciation and amortization expenses rose to $20,625 thousand in 2024, compared to $18,512 thousand in 2023[24] - The company reported a significant increase in floor plan interest expense, totaling $25,036 thousand for 2024, compared to $24,820 thousand in 2023[24] - Stock-based compensation expense decreased to $1,751 thousand in 2024 from $2,249 thousand in 2023[24] Cash Flow and Recovery - The company experienced a net cash provided by operating activities of $94.35 million in 2024, a significant recovery from a net cash used of $36.48 million in 2023[20] Strategic Initiatives - Lazydays signed a letter of intent to divest three store locations, which is expected to strengthen the balance sheet and reduce indebtedness[6] - The company completed sales of several facilities to Camping World, although two dealership closings were not completed[7] - The company is focused on maximizing operational performance and ensuring the right dealership footprint for long-term shareholder value[2] - The company aims to use Adjusted EBITDA to monitor operating results and evaluate business performance moving forward[23]

Strategic divestiture further streamlines Lazydays' operational footprint TAMPA, Fla., March 31, 2025 /PRNewswire/ -- Lazydays Holdings, Inc. (NASDAQCM: GORV) ("Lazydays" or the "Company") announced today that it has signed a letter of intent (the "LOI") to divest three store locations to General RV Center ("General RV"). The LOI is generally nonbinding, with the exception of a 75- day exclusivity provision relating to the three stores. The stores are located in Ft. Pierce, Florida, Longmont, Colorado, and ...

Company Overview - Lazydays Holdings, Inc. has been a significant player in the RV industry since its establishment in 1976, known for exceptional RV sales, service, and ownership experiences [3] - The company has built strong relationships with RV enthusiasts and their families, who depend on Lazydays for their RV needs [3] Product and Service Offering - Lazydays offers a wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and a comprehensive range of accessories and parts [4] - The company aims to be the primary destination for RV enthusiasts, providing outstanding support and guidance for both seasoned RVers and newcomers [4] Financial Reporting - Lazydays will announce its fourth quarter and fiscal year 2024 financial results before the market opens on March 31, 2025 [1] - A conference call to discuss these results is scheduled for the same day at 8:30 a.m. Eastern Time [1]

Core Points - Lazydays Holdings, Inc. has successfully closed its rights offering, issuing a total of 35,882 shares of common stock at a subscription price of $1.03 per share [2][3] - The company raised approximately $36,958.46 in gross proceeds from the rights offering, which will be used for working capital and general corporate purposes, including repayment of indebtedness [3] - The rights that were not exercised by the deadline expired and the offering is terminated for those shares [4] Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences [7] - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories, making it a go-to destination for RV enthusiasts [8] - Lazydays is publicly listed on the Nasdaq stock exchange under the ticker "GORV" [9]

Core Viewpoint - Lazydays Holdings, Inc. has announced the effectiveness of its rights offering, allowing existing shareholders to purchase additional shares at a specified price, with the aim of raising approximately $23.64 million for working capital and debt repayment [1][4]. Rights Offering Details - The rights offering will distribute one non-transferable right for every share of common stock owned as of January 13, 2025, allowing holders to purchase 1.27 shares at a subscription price of $1.03 per share [2][4]. - Holders who fully exercise their basic subscription rights may also participate in an over-subscription right to purchase any unsubscribed shares, subject to pro rata allocation [3]. Financial Projections - If fully subscribed, the company expects to issue approximately 24,271,844 shares of common stock and receive net proceeds of about $23,639,500 after deducting estimated offering expenses [4]. Subscription Process - Rights certificates and a prospectus will be mailed to eligible holders starting January 14, 2025, with the subscription period ending on February 5, 2025 [5][6]. - Shares issued from the rights offering will be listed on Nasdaq under the symbol "GORV," while the rights themselves will not be transferable or listed on any exchange [7]. Company Background - Lazydays has been a significant player in the RV industry since 1976, known for its exceptional RV sales and services, and aims to maintain strong relationships with RV enthusiasts [12][13].

Core Viewpoint - Lazydays Holdings, Inc. has announced a rights offering to raise capital, with a record date set for January 13, 2025, and an expected gross proceeds of $25 million if fully subscribed [1][4]. Group 1: Rights Offering Details - Holders of Common Stock will receive one non-transferable right for every share owned as of the record date, allowing them to purchase 1.27 shares at a subscription price of $1.03 per share [2]. - The rights consist of a Basic Subscription Right and an Over-Subscription Right, with the Basic Subscription Rights distributed in proportion to holdings on the record date [3]. - The rights will expire on February 5, 2025, unless exercised earlier, and the company may extend this period [5]. Group 2: Use of Proceeds - The net proceeds from the rights offering are expected to be used for working capital and general corporate purposes, including repayment of indebtedness [6]. Group 3: Trading and Listing Information - Shares issued upon exercise of the rights will be listed for trading on Nasdaq under the symbol "GORV," while the rights themselves will not be transferable or listed on any exchange [7]. Group 4: Company Background - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences [12]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a range of accessories, making it a go-to destination for RV enthusiasts [13].

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $213.5 million, a decrease of 23.9% compared to the same period in 2023, with a nine-month period decline of 18.3% [16] - Total gross profit for the quarter was $45.3 million, a decrease of $9.1 million or 16.8% year-over-year, with a gross profit margin of 21.2%, an increase of 180 basis points from last year [23] - The company ended the quarter with $13.5 million in cash, but expects to have approximately $35 million available after the recapitalization and asset sale transactions [24] Business Line Data and Key Metrics Changes - New unit sales declined by 18.6% in the quarter, with gross profit per unit (excluding LIFO) down by 26.1% [19] - Average selling price (ASP) for new units decreased by 13.1%, reflecting a shift towards towable units rather than motorized units [19] - Pre-owned retail unit sales were down 6.7%, with gross profit per unit decreasing by 23.6%, indicating a supply issue rather than a demand headwind [20][21] - Finance and insurance (F&I) revenue slightly decreased by 0.8%, but average gross profit per unit increased by 15.9% [22] Market Data and Key Metrics Changes - The third quarter was negatively impacted by Hurricane Helene and Hurricane Milton, resulting in an estimated loss of 10 sales days [17][18] - The company noted that the demand for pre-owned units is expected to improve as supply conditions change [21] Company Strategy and Development Direction - The company is undergoing a significant transformation, including the sale of seven dealerships for $65.6 million and a planned rights offering of $25 million [8][10] - A recapitalization plan was executed to strengthen the financial foundation and streamline the dealership portfolio, which includes eliminating preferred stock liquidation preferences and annual dividend requirements [11][12] - The company aims to return to profitability with a focus on operational performance and a simplified balance sheet [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of the recent recapitalization and asset sales in positioning the company for long-term growth [13][26] - The management acknowledged the challenges posed by recent hurricanes but highlighted the resilience of the team and the support from lenders and investors [26] Other Important Information - The company will not hold a Q&A session during this call, with plans to resume Q&A in the next investor call after year-end earnings in March 2025 [6] Summary of Q&A Session - There were no questions or answers during this call as the Q&A session was omitted [29]

Financial Performance - Total revenue for Q3 2024 was $213.5 million, a decrease of 23.9% compared to $280.7 million in Q3 2023[3] - Net loss for Q3 2024 was $17.7 million, compared to a net loss of $5.6 million in Q3 2023, representing a significant increase in losses[4] - Adjusted net loss for Q3 2024 was $16.2 million, compared to an adjusted net loss of $2.9 million in Q3 2023[4] - Total revenue for the nine months ended September 30, 2024 was $722.7 million, down from $884.7 million for the same period in 2023[3] - Net loss for the nine months ended September 30, 2024 was $83.9 million, compared to a net loss of $2.3 million for the same period in 2023[5] - Adjusted net loss per diluted share for Q3 2024 was $1.27, compared to $0.29 in Q3 2023[4] - Total revenues for the nine months ended September 30, 2024, decreased by 18.3% to $722,745,000 compared to $884,718,000 in 2023[15] - The net loss for the nine months ended September 30, 2024, was $83,866,000, compared to a net loss of $2,301,000 in 2023[15] - The company reported a net loss as a percentage of revenue of (7.6)% for the three months ended September 30, 2024, compared to (1.0)% in 2023[24] - The company reported a diluted loss per share of $1.37 for the three months ended September 30, 2024, compared to a diluted loss per share of $1.27 for the same period in 2023[30] Revenue Breakdown - New vehicle retail revenue decreased by 29.3% to $122.3 million in Q3 2024 from $172.9 million in Q3 2023[14] - Pre-owned vehicle retail revenue decreased by 19.8% to $60.2 million in Q3 2024 from $75.1 million in Q3 2023[14] - New vehicle retail revenue declined by 21.4% to $418,315,000, while pre-owned vehicle retail revenue fell by 20.0% to $200,661,000[15] - Total revenues for the three months ended September 30, 2024, decreased by 30.3% to $184,344,000 compared to $264,306,000 in 2023[24] - New vehicle retail sales dropped by 35.6% to $105,432,000 from $163,622,000 year-over-year[24] - Pre-owned vehicle retail sales decreased by 25.7% to $52,166,000 compared to $70,236,000 in the same period last year[24] Profitability Metrics - Gross profit for the nine months ended September 30, 2024, was $130,483,000, representing a decrease of 29.9% from $186,056,000 in 2023[15] - Gross profit for the three months ended September 30, 2024, was $38,939,000, down 23.2% from $50,690,000 in 2023[24] - The gross profit margin for new vehicle retail was 8.9%, a decline of 160 basis points from 10.5% in the previous year[24] - Total gross profit margin for the nine months ended September 30, 2024, was 18.1%, down from 21.0% in 2023[19] - The average gross profit per new vehicle retail unit (excluding LIFO) was $5,240, a decrease of 52.9% from $11,114 in 2023[19] Operational Changes - The company completed recapitalization transactions aimed at strengthening its financial foundation and operational focus[3] - The company anticipates a more agile future with a streamlined balance sheet and enhanced liquidity[3] - Selling, general, and administrative expenses decreased by 3.7% to $146,698,000 compared to $152,262,000 in 2023[15] - The company had 23 dealerships as of September 30, 2024, down from 24 dealerships at the end of 2023[22] - New vehicle inventory decreased to 235 units from 380 units, indicating a tighter supply[22] Asset and Liability Management - Total current assets decreased from $546,896,000 in December 31, 2023 to $358,570,000 as of September 30, 2024, a decline of approximately 34.4%[27] - Total liabilities decreased from $724,549,000 in December 31, 2023 to $605,018,000 as of September 30, 2024, a reduction of approximately 16.5%[27] - Total assets decreased from $937,739,000 in December 31, 2023 to $735,946,000 as of September 30, 2024, a decline of approximately 21.5%[27] - The company’s inventories decreased significantly from $456,087,000 to $310,671,000, a reduction of about 31.9%[27] Cash Flow and Adjustments - Net cash provided by operating activities increased to $98,567,000 for the nine months ended September 30, 2024, up from $40,434,000 in 2023, indicating improved cash flow management[28] - Adjusted net cash used in operating activities for the nine months ended September 30, 2024 was $(30,602,000), compared to $6,741,000 in 2023, indicating a shift towards cash outflow[28] - The company reported total adjustments of $182,433,000 in the reconciliation of net loss to net cash provided by operating activities for the nine months ended September 30, 2024, compared to $42,735,000 in 2023[28] Other Financial Metrics - The company experienced a significant increase in vehicle wholesale revenue, which rose by 106.5% to $11,318,000[15] - Average selling price per new vehicle retail unit decreased by 13.1% to $73,404, while pre-owned vehicle retail unit price dropped by 14.1% to $55,514[18] - Retail units sold for new vehicles decreased by 18.6% to 1,666 units, and pre-owned vehicles sold decreased by 6.7% to 1,084 units[18] - The company experienced a gain on the change in fair value of warrant liabilities amounting to $856,000[34] - Income tax benefit was recorded at $642,000, with an adjusted expense of $(1,420,000)[34]