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]

Core Viewpoint - Lazydays Holdings, Inc. has signed a letter of intent to divest three store locations to General RV Center, aiming to streamline operations and enhance shareholder value [1][2]. Group 1: Company Strategy - The divestiture is expected to add meaningful cash to Lazydays' balance sheet, reduce indebtedness, and decrease geographical redundancy [2]. - The transaction aligns with Lazydays' strategy to focus on operational improvements within a more concentrated dealership network [2]. Group 2: Partnership with General RV - General RV Center is recognized as an established dealership operator that aligns with Lazydays' brand and operational standards [2]. - The acquisition of the three locations will enhance General RV's reach in key markets, particularly in Arizona and Colorado, supporting their growth strategy [2][5]. Group 3: Company Background - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales and service [3]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories [4].

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]

Core Viewpoint - Lazydays Holdings, Inc. reported challenging financial results for Q3 2024, with a significant decline in revenue and increased net losses, but expressed optimism due to recent recapitalization efforts aimed at strengthening the company's financial position and operational focus [2]. Financial Performance - Total revenue for Q3 2024 was $213.5 million, down from $280.7 million in Q3 2023, representing a decrease of 23.9% [2][5]. - For the nine months ended September 30, 2024, total revenue was $722.7 million, compared to $884.7 million for the same period in 2023, a decline of 18.3% [2][5]. - The net loss for Q3 2024 was $17.7 million, compared to a net loss of $5.6 million in Q3 2023 [2][5]. - Adjusted net loss for Q3 2024 was $16.2 million, compared to an adjusted net loss of $2.9 million in Q3 2023 [2][5]. - For the nine months ended September 30, 2024, the net loss was $83.9 million, compared to a net loss of $2.3 million for the same period in 2023 [2][5]. Operational Highlights - The company completed recapitalization transactions that are expected to enhance liquidity and streamline its dealership network, positioning Lazydays for a more agile future in the RV industry [2]. - The average selling price for new vehicles decreased by 12.0% to $77,240 in Q3 2024 from $87,733 in Q3 2023 [10]. - Retail units sold for new vehicles decreased by 18.6% to 1,666 units in Q3 2024 compared to 2,046 units in Q3 2023 [8]. Cost and Profitability Metrics - Total cost applicable to revenues for Q3 2024 was $168.2 million, down from $226.2 million in Q3 2023, a decrease of 25.7% [6]. - Gross profit for Q3 2024 was $45.3 million, compared to $54.4 million in Q3 2023, reflecting a decline of 16.8% [6]. - The total gross profit margin for Q3 2024 was 21.2%, up from 19.4% in Q3 2023 [8]. Market Position and Strategy - Lazydays has been a significant player in the RV industry since 1976, focusing on exceptional RV sales, service, and ownership experiences [2]. - The company aims to leverage its streamlined balance sheet and enhanced liquidity to navigate the evolving RV landscape and maintain its commitment to industry leadership [2].