Core Viewpoint - Lazydays Holdings, Inc. has announced a rights offering to raise capital, with a record date set for January 13, 2025, and an expected gross proceeds of $25 million if fully subscribed [1][4]. Group 1: Rights Offering Details - Holders of Common Stock will receive one non-transferable right for every share owned as of the record date, allowing them to purchase 1.27 shares at a subscription price of $1.03 per share [2]. - The rights consist of a Basic Subscription Right and an Over-Subscription Right, with the Basic Subscription Rights distributed in proportion to holdings on the record date [3]. - The rights will expire on February 5, 2025, unless exercised earlier, and the company may extend this period [5]. Group 2: Use of Proceeds - The net proceeds from the rights offering are expected to be used for working capital and general corporate purposes, including repayment of indebtedness [6]. Group 3: Trading and Listing Information - Shares issued upon exercise of the rights will be listed for trading on Nasdaq under the symbol "GORV," while the rights themselves will not be transferable or listed on any exchange [7]. Group 4: Company Background - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences [12]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a range of accessories, making it a go-to destination for RV enthusiasts [13].

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $213.5 million, a decrease of 23.9% compared to the same period in 2023, with a nine-month period decline of 18.3% [16] - Total gross profit for the quarter was $45.3 million, a decrease of $9.1 million or 16.8% year-over-year, with a gross profit margin of 21.2%, an increase of 180 basis points from last year [23] - The company ended the quarter with $13.5 million in cash, but expects to have approximately $35 million available after the recapitalization and asset sale transactions [24] Business Line Data and Key Metrics Changes - New unit sales declined by 18.6% in the quarter, with gross profit per unit (excluding LIFO) down by 26.1% [19] - Average selling price (ASP) for new units decreased by 13.1%, reflecting a shift towards towable units rather than motorized units [19] - Pre-owned retail unit sales were down 6.7%, with gross profit per unit decreasing by 23.6%, indicating a supply issue rather than a demand headwind [20][21] - Finance and insurance (F&I) revenue slightly decreased by 0.8%, but average gross profit per unit increased by 15.9% [22] Market Data and Key Metrics Changes - The third quarter was negatively impacted by Hurricane Helene and Hurricane Milton, resulting in an estimated loss of 10 sales days [17][18] - The company noted that the demand for pre-owned units is expected to improve as supply conditions change [21] Company Strategy and Development Direction - The company is undergoing a significant transformation, including the sale of seven dealerships for $65.6 million and a planned rights offering of $25 million [8][10] - A recapitalization plan was executed to strengthen the financial foundation and streamline the dealership portfolio, which includes eliminating preferred stock liquidation preferences and annual dividend requirements [11][12] - The company aims to return to profitability with a focus on operational performance and a simplified balance sheet [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of the recent recapitalization and asset sales in positioning the company for long-term growth [13][26] - The management acknowledged the challenges posed by recent hurricanes but highlighted the resilience of the team and the support from lenders and investors [26] Other Important Information - The company will not hold a Q&A session during this call, with plans to resume Q&A in the next investor call after year-end earnings in March 2025 [6] Summary of Q&A Session - There were no questions or answers during this call as the Q&A session was omitted [29]

Financial Performance - Total revenue for Q3 2024 was $213.5 million, a decrease of 23.9% compared to $280.7 million in Q3 2023[3] - Net loss for Q3 2024 was $17.7 million, compared to a net loss of $5.6 million in Q3 2023, representing a significant increase in losses[4] - Adjusted net loss for Q3 2024 was $16.2 million, compared to an adjusted net loss of $2.9 million in Q3 2023[4] - Total revenue for the nine months ended September 30, 2024 was $722.7 million, down from $884.7 million for the same period in 2023[3] - Net loss for the nine months ended September 30, 2024 was $83.9 million, compared to a net loss of $2.3 million for the same period in 2023[5] - Adjusted net loss per diluted share for Q3 2024 was $1.27, compared to $0.29 in Q3 2023[4] - Total revenues for the nine months ended September 30, 2024, decreased by 18.3% to $722,745,000 compared to $884,718,000 in 2023[15] - The net loss for the nine months ended September 30, 2024, was $83,866,000, compared to a net loss of $2,301,000 in 2023[15] - The company reported a net loss as a percentage of revenue of (7.6)% for the three months ended September 30, 2024, compared to (1.0)% in 2023[24] - The company reported a diluted loss per share of $1.37 for the three months ended September 30, 2024, compared to a diluted loss per share of $1.27 for the same period in 2023[30] Revenue Breakdown - New vehicle retail revenue decreased by 29.3% to $122.3 million in Q3 2024 from $172.9 million in Q3 2023[14] - Pre-owned vehicle retail revenue decreased by 19.8% to $60.2 million in Q3 2024 from $75.1 million in Q3 2023[14] - New vehicle retail revenue declined by 21.4% to $418,315,000, while pre-owned vehicle retail revenue fell by 20.0% to $200,661,000[15] - Total revenues for the three months ended September 30, 2024, decreased by 30.3% to $184,344,000 compared to $264,306,000 in 2023[24] - New vehicle retail sales dropped by 35.6% to $105,432,000 from $163,622,000 year-over-year[24] - Pre-owned vehicle retail sales decreased by 25.7% to $52,166,000 compared to $70,236,000 in the same period last year[24] Profitability Metrics - Gross profit for the nine months ended September 30, 2024, was $130,483,000, representing a decrease of 29.9% from $186,056,000 in 2023[15] - Gross profit for the three months ended September 30, 2024, was $38,939,000, down 23.2% from $50,690,000 in 2023[24] - The gross profit margin for new vehicle retail was 8.9%, a decline of 160 basis points from 10.5% in the previous year[24] - Total gross profit margin for the nine months ended September 30, 2024, was 18.1%, down from 21.0% in 2023[19] - The average gross profit per new vehicle retail unit (excluding LIFO) was $5,240, a decrease of 52.9% from $11,114 in 2023[19] Operational Changes - The company completed recapitalization transactions aimed at strengthening its financial foundation and operational focus[3] - The company anticipates a more agile future with a streamlined balance sheet and enhanced liquidity[3] - Selling, general, and administrative expenses decreased by 3.7% to $146,698,000 compared to $152,262,000 in 2023[15] - The company had 23 dealerships as of September 30, 2024, down from 24 dealerships at the end of 2023[22] - New vehicle inventory decreased to 235 units from 380 units, indicating a tighter supply[22] Asset and Liability Management - Total current assets decreased from $546,896,000 in December 31, 2023 to $358,570,000 as of September 30, 2024, a decline of approximately 34.4%[27] - Total liabilities decreased from $724,549,000 in December 31, 2023 to $605,018,000 as of September 30, 2024, a reduction of approximately 16.5%[27] - Total assets decreased from $937,739,000 in December 31, 2023 to $735,946,000 as of September 30, 2024, a decline of approximately 21.5%[27] - The company’s inventories decreased significantly from $456,087,000 to $310,671,000, a reduction of about 31.9%[27] Cash Flow and Adjustments - Net cash provided by operating activities increased to $98,567,000 for the nine months ended September 30, 2024, up from $40,434,000 in 2023, indicating improved cash flow management[28] - Adjusted net cash used in operating activities for the nine months ended September 30, 2024 was $(30,602,000), compared to $6,741,000 in 2023, indicating a shift towards cash outflow[28] - The company reported total adjustments of $182,433,000 in the reconciliation of net loss to net cash provided by operating activities for the nine months ended September 30, 2024, compared to $42,735,000 in 2023[28] Other Financial Metrics - The company experienced a significant increase in vehicle wholesale revenue, which rose by 106.5% to $11,318,000[15] - Average selling price per new vehicle retail unit decreased by 13.1% to $73,404, while pre-owned vehicle retail unit price dropped by 14.1% to $55,514[18] - Retail units sold for new vehicles decreased by 18.6% to 1,666 units, and pre-owned vehicles sold decreased by 6.7% to 1,084 units[18] - The company experienced a gain on the change in fair value of warrant liabilities amounting to $856,000[34] - Income tax benefit was recorded at $642,000, with an adjusted expense of $(1,420,000)[34]

Core Viewpoint - Lazydays Holdings, Inc. reported challenging financial results for Q3 2024, with a significant decline in revenue and increased net losses, but expressed optimism due to recent recapitalization efforts aimed at strengthening the company's financial position and operational focus [2]. Financial Performance - Total revenue for Q3 2024 was $213.5 million, down from $280.7 million in Q3 2023, representing a decrease of 23.9% [2][5]. - For the nine months ended September 30, 2024, total revenue was $722.7 million, compared to $884.7 million for the same period in 2023, a decline of 18.3% [2][5]. - The net loss for Q3 2024 was $17.7 million, compared to a net loss of $5.6 million in Q3 2023 [2][5]. - Adjusted net loss for Q3 2024 was $16.2 million, compared to an adjusted net loss of $2.9 million in Q3 2023 [2][5]. - For the nine months ended September 30, 2024, the net loss was $83.9 million, compared to a net loss of $2.3 million for the same period in 2023 [2][5]. Operational Highlights - The company completed recapitalization transactions that are expected to enhance liquidity and streamline its dealership network, positioning Lazydays for a more agile future in the RV industry [2]. - The average selling price for new vehicles decreased by 12.0% to $77,240 in Q3 2024 from $87,733 in Q3 2023 [10]. - Retail units sold for new vehicles decreased by 18.6% to 1,666 units in Q3 2024 compared to 2,046 units in Q3 2023 [8]. Cost and Profitability Metrics - Total cost applicable to revenues for Q3 2024 was $168.2 million, down from $226.2 million in Q3 2023, a decrease of 25.7% [6]. - Gross profit for Q3 2024 was $45.3 million, compared to $54.4 million in Q3 2023, reflecting a decline of 16.8% [6]. - The total gross profit margin for Q3 2024 was 21.2%, up from 19.4% in Q3 2023 [8]. Market Position and Strategy - Lazydays has been a significant player in the RV industry since 1976, focusing on exceptional RV sales, service, and ownership experiences [2]. - The company aims to leverage its streamlined balance sheet and enhanced liquidity to navigate the evolving RV landscape and maintain its commitment to industry leadership [2].

Financial Performance - Total revenues for the three months ended September 30, 2024, were $213.465 million, a decrease of 24% compared to $280.682 million for the same period in 2023[16] - Gross profit for the three months ended September 30, 2024, was $45.313 million, down from $54.441 million in the same period last year, representing a decline of 17%[16] - Net loss for the three months ended September 30, 2024, was $17.665 million, compared to a net loss of $5.586 million for the same period in 2023, indicating a significant increase in losses[16] - Total revenues for the nine months ended September 30, 2024, were $722,745, a decrease of 18.3% from $884,718 in 2023[153] - New vehicle retail revenue for the nine months was $418,315, down 21.4% from $532,397 in the previous year[153] - Net loss for the nine months ended September 30, 2024, was $83,866, significantly higher than the net loss of $2,301 for the same period in 2023[26] Assets and Liabilities - Total assets decreased to $735.946 million as of September 30, 2024, down from $937.739 million at the end of 2023, reflecting a reduction of approximately 21%[10] - Total liabilities decreased to $605.018 million as of September 30, 2024, down from $724.549 million at the end of 2023, a reduction of about 16%[10] - Current liabilities totaled $392.018 million as of September 30, 2024, compared to $499.977 million at the end of 2023, showing a decrease of approximately 22%[10] - The company’s retained earnings showed a deficit of $37.713 million as of September 30, 2024, compared to retained earnings of $48.137 million at the end of 2023[10] Cash Flow and Expenses - The company’s cash position decreased to $13.536 million as of September 30, 2024, down from $58.085 million at the end of 2023, indicating a decline of about 77%[10] - Cash provided by operating activities for the nine months ended September 30, 2024, was $98,567, compared to $40,434 for the same period in 2023, indicating improved operational cash flow[26] - Cash paid for interest during the nine months ended September 30, 2024, was $24,783, a substantial increase from $7,402 in 2023, indicating higher borrowing costs[28] - SG&A expenses decreased by $2.4 million, or 5.1%, in Q3 2024 compared to Q3 2023, primarily due to decreased marketing expenses and reduced headcount[200] Inventory and Sales - Inventories increased significantly to $145,416 for the nine months ended September 30, 2024, compared to $18,427 in 2023, suggesting potential overstocking or increased production[26] - Total inventory value as of September 30, 2024, was $310.7 million, down from $456.1 million as of December 31, 2023, reflecting a decrease of approximately 31.9%[42] - New vehicle retail revenue decreased by 29.3% to $122,291 from $172,898 year-over-year[150] - Pre-owned vehicle retail revenue declined by 19.8% to $60,177 compared to $75,059 in the previous year[150] Debt and Financing - As of September 30, 2024, Lazydays had $316.6 million outstanding on the Floor Plan Credit Facility at an interest rate of 7.43% and $41.0 million on the Revolving Credit Facility at an interest rate of 8.75%[60] - The M&T Credit Facilities include a $400 million Floor Plan Credit Facility and a $41 million Revolving Credit Facility, maturing on February 21, 2027[53] - The company was not in compliance with certain financial covenants under the M&T Credit Agreement during July, August, and September 2024, leading to temporary waiver agreements[57] - The outstanding balance of the Revolving Credit Facility is $31.0 million after the repayment of a portion of the principal[135] Stock and Equity - The weighted average shares used for EPS calculations were 14,439,861 for the three months ended September 30, 2024, compared to 14,263,367 for the same period in 2023[16] - As of September 30, 2024, total stockholders' equity was $68,565, a decrease from $87,998 as of June 30, 2024, reflecting a net loss of $17,665 for the quarter[18] - The company granted a performance-based stock option for 1,500,000 shares with a strike price of $2.00 per share in September 2024[110] - The Company raised gross proceeds of $30 million from the sale of PIPE Shares at a price of $1.03 per share[125] Taxation - Income tax benefit for the three months ended September 30, 2024, was $381,000, down from $1,805,000 in 2023, resulting in a variance of $(1,424,000)[206] - The effective tax rate for the three months ended September 30, 2024, was (2.1)%, compared to (24.4)% in 2023[206] - For the nine months ended September 30, 2024, the income tax expense was $(16,640,000), a decrease from $642,000 in 2023, resulting in a variance of $(17,282,000)[206] Business Operations - As of September 30, 2024, Lazydays Holdings, Inc. operated 23 RV dealerships across various states, including Arizona, Colorado, and Florida, each with 3 locations[31][32] - The Company operates 23 dealerships in 14 states, with a significant portion of new RV units sold annually in the U.S.[144] - The Company employs approximately 1,300 people across its dealership locations, providing extensive RV expertise to customers[145] - The Company utilizes customer relationship management tools and analytics to engage and market to its customer database[146]

Core Viewpoint - Lazydays Holdings, Inc. is set to release its third-quarter fiscal year 2024 results on November 18, 2024, followed by a conference call on November 19, 2024, to discuss the results and recent strategic asset sales [1][2]. Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences [3]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories and parts, positioning itself as a go-to destination for RV enthusiasts [4]. Upcoming Events - The third-quarter results will be publicly available after market close on November 18, 2024, with an SEC Form 10-Q filing on the same day [1]. - A conference call is scheduled for November 19, 2024, at 8:30 a.m. Eastern Time to discuss the results and the comprehensive recapitalization and strategic asset sales [2].

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Lazydays Holdings, Inc. (NASDAQ:GORV) Q2 2024 Earnings Conference Call August 16, 2024 8:30 AM ET Company Participants Kelly Porter - Chief Financial Officer John North - Chief Executive Officer Amber Dillard - Vice President, Operations Conference Call Participants Daniel Moore - CJS Securities Griffin Brian - D.A. Davidson Operator Greetings and welcome to the Lazydays Holdings Second Quarter 2024 Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your ho ...

Exhibit 99.1 Tampa, FL (August 15, 2024) – Lazydays (NasdaqCM: GORV) today reports results for the second quarter ended June 30, 2024. John North, Chief Executive Officer, commented, "Our team has focused on maintaining healthy vehicle inventory, improving F&I per unit and achieving substantial total gross margin improvement sequentially. However, the seasonal improvement in sales volume we had anticipated to occur in the second quarter did not materialize. On a same-store basis, we saw a decline in both ne ...

TAMPA, Fla., Aug. 15, 2024 /PRNewswire/ -- Lazydays (NasdaqCM: GORV) today reports results for the second quarter ended June 30, 2024. John North, Chief Executive Officer, commented, "Our team has focused on maintaining healthy vehicle inventory, improving F&I per unit and achieving substantial total gross margin improvement sequentially. However, the seasonal improvement in sales volume we had anticipated to occur in the second quarter did not materialize. On a same-store basis, we saw a decline in both ne ...