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]
Lazydays Holdings(GORV) - 2024 Q4 - Annual Results