LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS
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 DevelopmentsLazydays 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 InformationWe 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 LazydaysLazydays 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 StatementsThis 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.
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)
