LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS
PR Newswire
TAMPA, Fla., March 31, 2025
TAMPA, Fla., March 31, 2025 /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: GORV) ("Lazydays," the "Company" or "we") today reported financial results for the fourth quarter and fiscal year ended December 31, 2024.
Ron Fleming, Interim CEO, said, "2024 was a year of significant transformation for Lazydays, marked by our leadership transition and the execution of a series of transactions designed to strengthen our balance sheet and streamline our operational footprint. While our fourth quarter and full year 2024 results were challenging, we believe the steps we have taken, and continue to take, will create a more durable and agile company that is positioned for the future. As we look ahead, we remain laser focused on ensuring we have the right dealership footprint -- as evidenced by our announced letter of intent to further divest three store locations -- while maximizing the operational performance of the stores within our footprint to drive long-term shareholder value."
Total revenue for the fourth quarter 2024 was $159.9 million compared to $198.0 million for the same period in 2023. Total revenue for the year ended December 31, 2024 was $871.6 million compared to $1,082.7 million for the same period in 2023.
Fourth quarter 2024 net loss was $96.1 million compared to net loss of $108.0 million for the same period in 2023. Fourth quarter 2024 Adjusted EBITDA, a non-GAAP measure, was $(24.3) million compared to Adjusted EBITDA of $(10.7) million for the same period in 2023.* We recognized impairment charges of $39.1 million related to assets held for sale during the fourth quarter 2024 and $118.6 million related to goodwill during the fourth quarter 2023. The results for the fourth quarter 2024 were also negatively impacted by a non-cash loss on change in fair value of warrant liabilities of $16.3 million.
Net loss for the year ended December 31, 2024 was $180.0 million compared to net loss of $110.3 million for the same period in 2023. Adjusted EBITDA for the year ended December 31, 2024 was $(58.7) million compared to Adjusted EBITDA of $11.6 million for the same period in 2023.* Net loss per diluted share for the year ended December 31, 2024 was $8.90 compared to net loss per diluted share of $8.45 for the same period in 2023.
*Refer to the reconciliation of net income to Adjusted EBITDA under "Reconciliation of Non-GAAP Measures" in this press release.
Recent Developments
Lazydays today announced that it has signed a letter of intent with General RV Center to divest three store locations from the Company's footprint: Ft. Pierce, Florida; Longmont, Colorado; and Mesa, Arizona. If completed, this transaction will add meaningful cash to the Company's balance sheet, reduce our indebtedness and decrease geographic redundancy in its footprint. The letter of intent is generally nonbinding, with the exception of a 75-day exclusivity provision relating to the three stores.
Additionally, during February 2025 and March 2025, the Company completed the sales of the following facilities and any associated owned real estate to subsidiaries of Camping World Holdings, Inc. (collectively, "Camping World") under an asset purchase agreement and a real estate purchase agreement: Elkhart, Indiana; Surprise, Arizona; Murfreesboro, Tennessee; Sturtevant, Wisconsin; and Woodland, Washington. In March 2025, Camping World elected to not close on the purchase of two of the Company's dealerships located in Portland, Oregon and Council Bluffs, Iowa.
The Company delivered written notice to Camping World to exercise its remedy under the asset purchase agreement for its failure to complete the Portland, Oregon and Council Bluffs, Iowa closings (namely to relieve the Company from any obligation to issue 9,708,737 shares of its common stock to Camping World) and to terminate the asset purchase agreement effective on March 31, 2025, the outside date under the asset purchase agreement.
In March 2025, we entered into a Limited Waiver and Consent with Respect to Credit Agreement (the "Waiver") with Manufacturers and Traders Trust Company, as Administrative Agent, and certain lenders under the Second Amended and Restated Credit Agreement dated as of February 21, 2023. For more information on the Waiver, please see our Current Report on Form 8-K filed on March 28, 2025 with the U.S. Securities and Exchange Commission.
Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Monday, March 31, 2025 that will also be broadcast live over the internet.
The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations.
About Lazydays
Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.
Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.
Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV."
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as "project," "outlook," "expect, " "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including our ability to obtain further waivers or amendments to credit agreements, available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms or at all), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth in the Company's filings with the U.S. Securities and Exchange Commission, including those described in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
Contact:
investors@lazydays.com
Results of Operations
Three Months Ended December 31, Year Ended December 31,
------------------------------------------------- ---------------------------------------
(In thousands
except share and
per share
amounts) 2024 2023 2024 2023
----------------------- ------------------------ ------------------ -------------------
Revenue
New vehicle
retail $ 94,699 $ 99,351 $ 513,014 $ 631,748
Pre-owned
vehicle
retail 37,233 72,433 224,855 323,258
Vehicle
wholesale 1,809 2,526 13,127 8,006
Consignment
vehicle 1,316 -- 3,293 --
Finance and
insurance 12,691 11,054 63,394 62,139
Service, body
and parts and
other 12,131 12,665 53,879 57,596
----------------------- ------------------------ ------------------ -------------------
Total revenue 159,879 198,029 871,562 1,082,747
Cost applicable
to revenue
New vehicle
retail 84,090 86,655 472,315 552,311
Pre-owned
vehicle
retail 33,267 59,848 191,070 259,494
Vehicle
wholesale 1,782 2,746 15,803 8,178
Finance and
insurance 371 475 2,252 2,547
Service, body
and parts and
other 6,232 5,916 25,411 27,723
LIFO 3,765 (297) 3,856 3,752
----------------------- ------------------------ ------------------ -------------------
Total cost
applicable
to revenue 129,507 155,343 710,707 854,005
----------------------- ------------------------ ------------------ -------------------
Gross profit 30,372 42,686 160,855 228,742
Depreciation
and
amortization 5,038 5,048 20,625 18,512
Selling,
general, and
administrative
expenses 53,389 46,040 200,087 198,305
Impairment
charges 39,093 118,599 39,093 118,599
----------------------- ------------------------ ------------------ -------------------
Net loss from
operations (67,148) (127,001) (98,950) (106,674)
Other income
(expense):
Floor plan
interest
expense (5,291) (7,196) (25,036) (24,820)
Other interest
expense (5,954) (3,578) (21,878) (10,062)
Change in fair
value of
warrant
liabilities (16,254) -- (17,053) 856
Loss on sale of
property and
equipment (1,438) (10) (394) (28)
----------------------- ------------------------ ------------------ -------------------
Total other
expense,
net (28,937) (10,784) (64,361) (34,054)
----------------------- ------------------------ ------------------ -------------------
Loss before
income taxes (96,085) (137,785) (163,311) (140,728)
Income tax
(expense)
benefit (12) 29,820 (16,652) 30,462
----------------------- ------------------------ ------------------ -------------------
Net loss $ (96,097) $ (107,965) $ (179,963) $ (110,266)
Dividends on
Series A
Convertible
Preferred
Stock (1,080) (1,210) (7,254) (4,800)
----------------------- ------------------------ ------------------ -------------------
Net loss and
comprehensive
loss
attributable to
common stock
and
participating
securities $ (97,177) $ (109,175) $ (187,217) $ (115,066)
======================= ======================== ================== ===================
Loss per share:
Basic $ (2.39) $ (7.59) $ (8.90) $ (8.41)
Diluted $ (2.39) $ (7.59) $ (8.90) $ (8.45)
Weighted average
shares
outstanding:
Basic 39,532,129 14,384,961 20,713,356 13,689,001
Diluted 39,532,129 14,384,961 20,713,356 13,689,001
Other Metrics and Highlights
Three Months Ended December 31, Year Ended December 31,
----------------------------------- -------------------------
2024 2023 2024 2023
----------------- ---------------- ------------ -----------
Gross profit
margins
New vehicle
retail 11.2 % 12.8 % 7.9 % 12.6 %
Pre-owned vehicle
retail 10.7 % 17.4 % 15.0 % 19.7 %
Vehicle wholesale 1.5 % (8.7) % (20.4) % (2.1) %
Consignment
vehicle 100.0 % -- % 100.0 % -- %
Finance and
insurance 97.1 % 95.7 % 96.4 % 95.9 %
Service, body and
parts and other 48.6 % 53.3 % 52.8 % 51.9 %
Total gross
profit margin 19.0 % 21.6 % 18.5 % 21.1 %
Total gross
profit margin
(excluding
LIFO) 21.4 % 21.4 % 18.9 % 21.5 %
Retail units sold
New vehicle
retail 1,172 1,264 6,914 7,269
Pre-owned vehicle
retail 741 1,164 4,238 5,018
Consignment
vehicle 155 -- 349 --
----------------- ---------------- ------------ -----------
Total retail
units sold 2,068 2,428 11,501 12,287
Average selling
price per retail
unit
New vehicle
retail $ 80,801 $ 78,600 $ 74,199 $ 86,910
Pre-owned vehicle
retail 50,247 62,228 53,057 64,420
Average gross
profit per retail
unit (excluding
LIFO)
New vehicle
retail $ 9,052 $ 10,044 $ 5,886 $ 10,928
Pre-owned vehicle
retail 5,352 10,812 7,972 12,707
Finance and
insurance 5,957 4,357 5,316 4,850
Revenue mix
New vehicle
retail 59.2 % 50.2 % 58.9 % 58.3 %
Pre-owned vehicle
retail 23.3 % 36.6 % 25.8 % 29.9 %
Vehicle wholesale 1.1 % 1.3 % 1.5 % 0.7 %
Consignment
vehicle 0.8 % -- % 0.4 % -- %
Finance and
insurance 7.9 % 5.6 % 7.3 % 5.7 %
Service, body and
parts and other 7.7 % 6.3 % 6.1 % 5.4 %
----------------- ---------------- ------------ -----------
100.0 % 100.0 % 100.0 % 100.0 %
Gross profit mix
New vehicle
retail 34.9 % 29.7 % 25.3 % 34.7 %
Pre-owned vehicle
retail 13.1 % 29.5 % 21.0 % 27.9 %
Vehicle wholesale 0.1 % (0.5) % (1.7) % (0.1) %
Consignment
vehicle 4.3 % -- % 2.0 % -- %
Finance and
insurance 40.6 % 24.8 % 38.0 % 26.1 %
Service, body and
parts and other 19.4 % 15.8 % 17.7 % 13.1 %
LIFO (12.4) % 0.7 % (2.3) % (1.7) %
----------------- ---------------- ------------ -----------
100.0 % 100.0 % 100.0 % 100.0 %
Balance Sheets
December 31,
-------------------------------------------------------------------
(In thousands) 2024 2023
------------------------------- ----------------------------------
ASSETS
Current assets:
Cash $ 24,702 $ 58,085
Receivables, net
of allowance
for doubtful
accounts 22,318 22,694
Inventories, net 211,946 456,087
Income tax
receivable 6,116 7,416
Prepaid expenses
and other 1,823 2,614
Assets held for
sale, current
portion 86,869 --
------------------------------- ----------------------------------
Total current
assets 353,774 546,896
Property and
equipment, net 174,324 265,726
Operating lease
right-of-use
assets 13,812 26,377
Intangible
assets, net 54,957 80,546
Deferred income
tax asset -- 15,444
Other assets 3,216 2,750
Assets held for
sale, non-current
portion 75,747 $ --
------------------------------- ----------------------------------
Total assets $ 675,830 $ 937,739
=============================== ==================================
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts payable $ 22,426 $ 15,144
Accrued expenses
and other
current
liabilities 31,211 29,160
Floor plan notes
payable, net of
debt discount 306,036 446,783
Financing
liability,
current
portion 2,792 2,473
Revolving line
of credit,
current portion 10,000 --
Long-term debt,
current
portion, net of
debt discount 1,168 1,141
Operating lease
liability,
current
portion 3,711 5,276
Liabilities
related to
assets held for
sale, current
portion 1,530 --
------------------------------- ----------------------------------
Total current
liabilities 378,874 499,977
Long-term
liabilities:
Financing
liability,
non-current
portion, net of
debt discount 76,007 91,401
Revolving line
of credit,
non-current
portion 20,344 49,500
Long term debt,
non-current
portion, net of
debt discount 27,417 28,075
Related party
debt,
non-current
portion, net of
debt discount 36,217 33,354
Operating lease
liability,
non-current
portion 10,592 22,242
Deferred income
tax liability 1,348 --
Warrant
liabilities 21,960 --
Other long-term
liabilities 6,721 --
Liabilities
related to
assets held for
sale,
non-current
portion 23,001 --
------------------------------- ----------------------------------
Total
liabilities 602,481 724,549
Series A
Convertible
Preferred Stock -- 56,193
Stockholders'
Equity
Common stock 10 --
Additional
paid-in capital 261,465 165,988
Treasury stock,
at cost (57,128) (57,128)
Retained
(deficit)
earnings (130,998) 48,137
------------------------------- ----------------------------------
Total
stockholders'
equity 73,349 156,997
------------------------------- ----------------------------------
Total
liabilities
and
stockholders'
equity $ 675,830 $ 937,739
=============================== ==================================
Statements of Cash Flows
Year Ended December 31,
------------------------------------------------------
(In thousands) 2024 2023
-------------------------- --------------------------
Operating Activities
Net loss $ (179,963) $ (110,266)
Adjustments to
reconcile net loss to
net cash provided by
(used in) operating
activities:
Stock-based
compensation 1,751 2,249
Bad debt expense 407 12
Depreciation of
property and
equipment 12,716 10,954
Amortization of
intangible assets 7,909 7,558
Amortization of debt
discount 3,808 312
Non-cash operating
lease expense (515) 296
Loss on sale of
property and
equipment 394 28
Deferred income taxes 16,792 (30,980)
Change in fair value
of warrant
liabilities 17,053 (856)
Impairment charges 39,093 118,599
Changes in operating
assets and
liabilities, net of
acquisitions:
Receivables (31) 2,347
Inventories 157,359 (42,901)
Prepaid expenses
and other 703 450
Income tax
receivable/payable 1,300 492
Other assets (476) (199)
Accounts payable,
accrued expenses
and other current
liabilities 16,054 5,425
-------------------------- --------------------------
Net cash provided by
(used in) operating
activities 94,354 (36,480)
Investing Activities
Cash paid for
acquisitions, net of
cash received -- (97,727)
Net proceeds from sales
of property and
equipment 10,893 --
Purchases of property
and equipment (19,021) (95,237)
-------------------------- --------------------------
Net cash used in
investing
activities (8,128) (192,964)
Financing Activities
Net (repayments)
borrowings under M&T
bank floor plan (141,110) 98,530
Principal (repayments)
borrowings on
revolving line of
credit (19,156) 49,500
Principal repayments on
long-term debt and
finance liabilities (11,713) (11,130)
Proceeds from issuance
of long-term debt and
finance liabilities 16,429 64,005
Loan issuance costs (2,431) (3,015)
Payment of dividends on
Series A preferred
stock -- (4,800)
Repurchase of Treasury
Stock -- (109)
Proceeds from shares
issued pursuant to the
Employee Stock
Purchase Plan 113 413
Proceeds from exercise
of warrants -- 30,543
Proceeds from exercise
of stock options -- 1,283
Disgorgement of
short-swing profits -- 622
Net proceeds from the
issuance of common
stock 28,259 --
Cash received as
nonrefundable deposit
pursuant to the Asset
Purchase Agreement 10,000 --
-------------------------- --------------------------
Net cash (used in)
provided by
financing
activities (119,609) 225,842
-------------------------- --------------------------
Net decrease in cash (33,383) (3,602)
Cash, beginning of
period 58,085 61,687
-------------------------- --------------------------
Cash, end of period $ 24,702 $ 58,085
========================== ==========================
Reconciliation of Non-GAAP Measures
EBITDA and Adjusted EBITDA
EBITDA, which is a non-GAAP financial measure, is defined as net income (loss) excluding interest expense, income tax expense (benefit) and depreciation and amortization expense. Adjusted EBITDA, which is a non-GAAP financial measure, is further adjusted to include floor plan interest expense and exclude stock-based compensation expense, LIFO adjustment, impairment charges, loss (gain) on sale of property and equipment, and change in fair value of warrant liabilities.
EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss), cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company's results of operations. The Company's EBITDA and Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA and Adjusted EBITDA in the same manner.
The Company believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company's core operating results from period to period by removing (i) the impact of the Company's capital structure (interest expense from outstanding debt), (ii) tax consequences, (iii) asset base (depreciation and amortization and LIFO adjustments), (iv) the non-cash charges from asset impairments, stock-based compensation expense and change in fair value of warrant liabilities and (v) gains or losses on the sale of property, plant and equipment. The Company uses Adjusted EBITDA internally to monitor operating results and to evaluate the performance of its business.
The following table presents a reconciliation of net income to EBITDA and adjusted EBITDA for the periods indicated:
Three Months Ended December 31, Year Ended December 31,
----------------------------------------
(In thousands) 2024 2023 2024 2023
-------------------- -------------------- ------------------- -------------------
Net loss $ (96,097) $ (107,965) $ (179,963) $ (110,266)
Interest expense,
net 11,245 10,774 46,914 34,882
Depreciation and
amortization 5,038 5,048 20,625 18,512
Income tax
expense
(benefit) 12 (29,820) 16,652 (30,462)
-------------------- -------------------- ------------------- -------------------
EBITDA (79,802) (121,963) (95,772) (87,334)
-------------------- -------------------- ------------------- -------------------
Floor plan
interest
expense (5,291) (7,196) (25,036) (24,820)
LIFO
adjustment 3,765 (297) 3,856 3,752
Loss on sale
of property
and
equipment 1,438 10 394 28
Impairment
charges 39,093 118,599 39,093 118,599
Loss (gain)
on change in
fair value
of warrant
liabilities 16,254 -- 17,053 (856)
Stock-based
compensation
expense 256 183 1,751 2,249
-------------------- -------------------- ------------------- -------------------
Adjusted
EBITDA $ (24,287) $ (10,664) $ (58,661) $ 11,618
==================== ==================== =================== ===================
View original content to download multimedia:https://www.prnewswire.com/news-releases/lazydays-reports-fourth-quarter-and-fiscal-year-2024-financial-results-302415169.html
SOURCE Lazydays RV
(END) Dow Jones Newswires
March 31, 2025 07:00 ET (11:00 GMT)
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。