Company Overview - Lazydays Holdings, Inc. has been a significant player in the RV industry since its inception in 1976, known for exceptional RV sales, service, and ownership experiences [3] - The company operates a legacy store in Loveland, Colorado, which has been in operation for nearly 10 years [2] Recent Developments - Lazydays has completed the asset sale of its Longmont, Colorado location to General R.V. Center, marking the final transaction of three stores sold to General RV [1][2] - This transaction allows Lazydays to focus on a streamlined footprint and enhance its operational efficiency [2] General RV Center - General RV has nearly doubled its number of Supercenters nationwide in the past three years, now operating 23 locations across nine states [2] - The acquisition of the Longmont location represents General RV's first presence in Colorado, expanding its footprint and commitment to customer service [2][5]

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 [27] - New unit sales declined by 7% or approximately 92 units, while average selling price for new units grew by 3% [25][26] - Pre-owned retail unit sales, including consigned vehicles, were down 23% or 268 units during the quarter [26] - SG&A expenses were $53 million for the quarter, up from $46 million in the prior year, primarily due to higher transaction and legal expenses [28] - Adjusted EBITDA loss was $24 million compared to a loss of $11 million in the prior year period [28] 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 [16] - Total gross margin was 19% in the fourth quarter compared to 21% in the third quarter, but excluding inventory and LIFO adjustments, it was 23% [17] - Finance and Insurance (F&I) revenue was over $6,000 per unit, up 3% relative to the third quarter [17] - The company launched a consignment program, with 76% of units acquired from customers during the fourth quarter being consignment [21] 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% being towable products [19] - Motorized inventory decreased by 44% from the prior year's period due to aggressive inventory management [20] - Economic and demand headwinds, along with hurricane season, negatively impacted fourth quarter and full year results [22] Company Strategy and Development Direction - The company is focused on executing a turnaround plan to reshape its operations and strengthen its balance sheet [8] - A comprehensive recapitalization was completed, including a $30 million common equity investment and the sale of dealership assets [9][11] - The company is rightsizing its dealership portfolio to improve operational performance and reduce debt [10][12] - A letter of intent was signed to divest three locations, which will add cash to the balance sheet and reduce geographical redundancy [13] Management's Comments on Operating Environment and Future Outlook - Management believes they are near the bottom of the market down cycle and expects future retail demand for RVs to return to historical levels [22] - There are substantial opportunities for improvement across all functional areas of the dealerships, including inventory and service [23] - Management remains optimistic about the company's prospects and is committed to driving improved results for stakeholders [29] Other Important Information - The company completed the sale of one dealership asset for $8 million and agreed to sell seven additional dealerships for $65.5 million [11] - The company reduced floor plan debt by $11 million and term loan debt by $6 million during the quarter [29] Q&A Session Summary - No questions were fielded following the prepared remarks, and participants were encouraged to refer to the earnings release and SEC filings for further information [6]