Lazydays (LAZY) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $159.9 million, a decrease of 19.1% from $198.0 million in Q4 2023[2] - Total revenue for the fiscal year 2024 was $871.6 million, down 19.5% from $1,082.7 million in 2023[2] - Q4 2024 net loss was $96.1 million, an improvement from a net loss of $108.0 million in Q4 2023[3] - 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] - The Company reported a net loss of $96,097,000 for the three months ended December 31, 2024, compared to a net loss of $107,965,000 for the same period in 2023[24] - The Company’s EBITDA for the three months ended December 31, 2024, was $(79,802,000), an improvement from $(121,963,000) in the same period of 2023[24] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $(24.3) million, compared to $(10.7) million in Q4 2023[3] - Adjusted EBITDA for the fiscal year 2024 was $(58.7) million, down from $11.6 million in 2023[4] - Adjusted EBITDA for the three months ended December 31, 2024, was $(24,287,000), a decline from $(10,664,000) in the same period of 2023[24] Revenue and Sales Metrics - Gross profit margin for new vehicle retail decreased to 11.2% in Q4 2024 from 12.8% in Q4 2023[18] - Total retail units sold decreased to 2,068 in Q4 2024 from 2,428 in Q4 2023, representing a decline of 14.8%[18] - Average selling price for new vehicle retail increased to $80,801 in Q4 2024 from $78,600 in Q4 2023[18] - Average gross profit per retail unit for new vehicle retail decreased to $9,052 in Q4 2024 from $10,044 in Q4 2023[18] Assets and Liabilities - Total current assets decreased to $353,774,000 as of December 31, 2024, from $546,896,000 in 2023[19] - Total liabilities decreased to $602,481,000 as of December 31, 2024, from $724,549,000 in 2023[19] - Cash at the end of the period decreased to $24,702,000 in 2024 from $58,085,000 in 2023[20] - The company reported a significant increase in inventories, with a net value of $211,946,000 in 2024 compared to $456,087,000 in 2023[19] Impairment and Charges - The company recognized impairment charges of $39.1 million related to assets held for sale in Q4 2024[3] - The Company incurred impairment charges of $39,093,000 for both the three months and year ended December 31, 2024, consistent with the previous year[24] Other Financial Metrics - Interest expense, net, increased to $11,245,000 for the three months ended December 31, 2024, from $10,774,000 in 2023[24] - Depreciation and amortization expenses remained stable at approximately $5,038,000 for the three months ended December 31, 2024, compared to $5,048,000 in 2023[24] - The Company experienced a significant change in income tax expense, reporting $12,000 for the three months ended December 31, 2024, compared to a benefit of $(29,820,000) in 2023[24] - The loss on the sale of property and equipment was $1,438,000 for the three months ended December 31, 2024, compared to $10,000 in 2023[24] - The Company reported a LIFO adjustment of $3,765,000 for the three months ended December 31, 2024, compared to a negative adjustment of $(297,000) in 2023[24] - Stock-based compensation expense was $256,000 for the three months ended December 31, 2024, up from $183,000 in 2023[24] Strategic Actions - The company plans to divest three store locations to strengthen its balance sheet and reduce indebtedness[6] - Recent sales of facilities to Camping World included locations in Elkhart, Indiana, and Surprise, Arizona, among others[7]