Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Lazydays Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 82-4183498 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Employer | | Incorporation or Organization) | Identification No.) | | 4042 Park Oaks Blvd, Tampa, Florida | 33610 | | (Address of Principal Executive Offices) | (Zip Code) | FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI ...

Exhibit 99.1 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 de ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ________ Commission file number: 001-38424 Lazydays Holdings, Inc. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-K | Delaware ...

Lazydays Holdings, Inc. (LAZY) Q4 2024 Earnings Conference Call March 31, 2025 08:30 AM ET Company Participants Operator - Conference Call OperatorJeff Needles - Chief Financial OfficerRon Fleming - CEOAmber Dillard - Chief Operating Officer Operator Greetings and welcome to the Lazy Day RV Holdings 2024 Earnings Release Conference Call. At this time, all participants are on a listen-only mode. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As ...

Financial Performance - Total revenue for Q4 2024 was $159.9 million, a decrease of 19.1% from $198.0 million in Q4 2023[2] - Total revenue for the fiscal year 2024 was $871.6 million, down 19.5% from $1,082.7 million in 2023[2] - Q4 2024 net loss was $96.1 million, an improvement from a net loss of $108.0 million in Q4 2023[3] - 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] - The Company reported a net loss of $96,097,000 for the three months ended December 31, 2024, compared to a net loss of $107,965,000 for the same period in 2023[24] - The Company’s EBITDA for the three months ended December 31, 2024, was $(79,802,000), an improvement from $(121,963,000) in the same period of 2023[24] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $(24.3) million, compared to $(10.7) million in Q4 2023[3] - Adjusted EBITDA for the fiscal year 2024 was $(58.7) million, down from $11.6 million in 2023[4] - Adjusted EBITDA for the three months ended December 31, 2024, was $(24,287,000), a decline from $(10,664,000) in the same period of 2023[24] Revenue and Sales Metrics - Gross profit margin for new vehicle retail decreased to 11.2% in Q4 2024 from 12.8% in Q4 2023[18] - Total retail units sold decreased to 2,068 in Q4 2024 from 2,428 in Q4 2023, representing a decline of 14.8%[18] - Average selling price for new vehicle retail increased to $80,801 in Q4 2024 from $78,600 in Q4 2023[18] - Average gross profit per retail unit for new vehicle retail decreased to $9,052 in Q4 2024 from $10,044 in Q4 2023[18] Assets and Liabilities - Total current assets decreased to $353,774,000 as of December 31, 2024, from $546,896,000 in 2023[19] - Total liabilities decreased to $602,481,000 as of December 31, 2024, from $724,549,000 in 2023[19] - Cash at the end of the period decreased to $24,702,000 in 2024 from $58,085,000 in 2023[20] - The company reported a significant increase in inventories, with a net value of $211,946,000 in 2024 compared to $456,087,000 in 2023[19] Impairment and Charges - The company recognized impairment charges of $39.1 million related to assets held for sale in Q4 2024[3] - The Company incurred impairment charges of $39,093,000 for both the three months and year ended December 31, 2024, consistent with the previous year[24] Other Financial Metrics - Interest expense, net, increased to $11,245,000 for the three months ended December 31, 2024, from $10,774,000 in 2023[24] - Depreciation and amortization expenses remained stable at approximately $5,038,000 for the three months ended December 31, 2024, compared to $5,048,000 in 2023[24] - The Company experienced a significant change in income tax expense, reporting $12,000 for the three months ended December 31, 2024, compared to a benefit of $(29,820,000) in 2023[24] - The loss on the sale of property and equipment was $1,438,000 for the three months ended December 31, 2024, compared to $10,000 in 2023[24] - The Company reported a LIFO adjustment of $3,765,000 for the three months ended December 31, 2024, compared to a negative adjustment of $(297,000) in 2023[24] - Stock-based compensation expense was $256,000 for the three months ended December 31, 2024, up from $183,000 in 2023[24] Strategic Actions - The company plans to divest three store locations to strengthen its balance sheet and reduce indebtedness[6] - Recent sales of facilities to Camping World included locations in Elkhart, Indiana, and Surprise, Arizona, among others[7]

Core Viewpoint - Lazydays Holdings, Inc. has appointed Jeff Needles as the new Chief Financial Officer, effective January 6, 2025, succeeding Interim CFO Jeff Huddleston [1][2] Group 1: Leadership Changes - Jeff Needles brings over 20 years of financial management experience, having previously served as CFO at Warbird Marine Holdings and held positions at United Enertech Holdings, Schnellecke Logistics USA, Mastercraft Boat Company, and Harley Davidson Motor Company [4] - The transition comes at a crucial time for Lazydays, which has recently completed a series of financing transactions and is pursuing further transformational actions [3][4] Group 2: Company Background - Lazydays RV has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences [6] - 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 [7]

Core Viewpoint - Lazydays Holdings, Inc. reported disappointing third-quarter 2024 results, with both earnings and revenues missing expectations, leading to a 5.3% decline in share price during after-hours trading [1]. Financial Performance - The company reported an adjusted loss per share of $1.27, which was wider than the Zacks Consensus Estimate of a loss of 89 cents, compared to a loss of 29 cents per share in the same quarter last year [3]. - Total revenues for the quarter were $213.5 million, falling short of the Zacks Consensus Estimate of $228 million, and representing a year-over-year decline of 23.9% [4]. - New vehicle retail sales decreased by 29.3% year over year to $122.3 million, driven by a 13.1% drop in average selling price per retail unit and an 18.6% decrease in units sold [5]. - Pre-owned vehicle retail revenues declined by 19.8% to $60.2 million, while service, body, and parts revenues fell by 9.5% to $12.9 million [5]. Gross Margin and Balance Sheet - The company's gross margin improved by 180 basis points year over year to 21.2%, although gross margins for new and pre-owned vehicle retail decreased by 160 and 230 basis points to 9.2% and 18.2%, respectively [6]. - As of September 30, 2024, cash reserves were $13.5 million, down from $58.1 million at the end of fiscal 2023, while long-term debt slightly decreased to $27.6 million from $28.1 million [7]. Market Position - Lazydays Holdings, Inc. currently holds a Zacks Rank of 2 (Buy) [8].

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 for the nine months ended September 30, 2024 was $62.1 million, compared to adjusted net income of $2.2 million for the same period in 2023[5] 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 thousand compared to $264,306 thousand in 2023[24] - New vehicle retail sales dropped by 35.6% to $105,432 thousand from $163,622 thousand year-over-year[24] - Pre-owned vehicle retail sales decreased by 25.7% to $52,166 thousand compared to $70,236 thousand 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 thousand, down 23.2% from $50,690 thousand in 2023[24] - The gross profit margin for new vehicle retail was 7.2%, down from 12.5% in 2023, while pre-owned vehicle retail margin decreased to 15.8% from 20.4%[19] - The gross profit margin for new vehicle retail was 8.9%, down from 10.5% in the previous year, a decline of 160 basis points[24] Expenses and Liabilities - Selling, general, and administrative expenses decreased by 3.7% to $146,698,000 compared to $152,262,000 in 2023[15] - The company experienced a 52.2% increase in total other expenses, net, amounting to $35,424,000 compared to $23,273,000 in 2023[15] - Total current assets decreased to $358,570,000 as of September 30, 2024, down from $546,896,000 at December 31, 2023, representing a decline of approximately 34.4%[27] - Total liabilities decreased to $605,018,000 as of September 30, 2024, down from $724,549,000 at December 31, 2023, a reduction of approximately 16.5%[27] Inventory and Sales Units - Total retail units sold decreased by 14.3% to 2,750 units, with new vehicle retail units sold down by 18.6% to 1,666[18] - Total retail units sold decreased by 22.4% to 2,278 units from 2,936 units year-over-year[24] - New vehicle inventory decreased to 235 units from 380 units, indicating a tighter supply[22] - The company’s inventories decreased to $310,671,000 as of September 30, 2024, from $456,087,000 at December 31, 2023, a decline of about 31.9%[27] Cash Flow and Equity - The company generated net cash provided by operating activities of $98,567,000 for the nine months ended September 30, 2024, compared to $40,434,000 for the same period in 2023, an increase of 143.5%[28] - Adjusted net cash used in operating activities was $(30,602,000) for the nine months ended September 30, 2024, compared to $6,741,000 for the same period in 2023[28] - The company’s total stockholders' equity decreased to $68,565,000 as of September 30, 2024, down from $156,997,000 at December 31, 2023, a decline of approximately 56.4%[27] Other Financial Metrics - 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’s diluted loss per share was $1.37 for the three months ended September 30, 2024, compared to $1.27 for the same period in 2023[30] - The company reported total assets of $735,946,000 as of September 30, 2024, down from $937,739,000 at December 31, 2023, a decrease of approximately 21.5%[27] - The company reported a significant increase in depreciation and amortization expenses, totaling $15,587,000 for the nine months ended September 30, 2024, compared to $13,493,000 for the same period in 2023[28]

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 in the same period of 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 of 2023, 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 in the same period of 2023, indicating a significant increase in losses[16] - Total revenues for the nine months ended September 30, 2024, were $722,745,000, a decrease of 18.3% from $884,718,000 in 2023[153] - Net loss for the nine months ended September 30, 2024, was $83,866, compared to a net loss of $2,301 for the same period in 2023[26] - Total gross profit for the three months was $45,313,000, down 16.8% from $54,441,000 in the same period last year[150] - Total gross profit for Q3 2024 was $108.5 million, down $64.3 million, or 37.2%, from $172.7 million in Q3 2023[161] Assets and Liabilities - Total assets decreased to $735.946 million as of September 30, 2024, down from $937.739 million as of December 31, 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 as of December 31, 2023, representing a decline of about 16%[10] - Current liabilities totaled $392.018 million as of September 30, 2024, a decrease from $499.977 million as of December 31, 2023, indicating a reduction of approximately 22%[10] - The company’s cash position decreased to $13.536 million as of September 30, 2024, down from $58.085 million as of December 31, 2023[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 as of December 31, 2023[10] - As of September 30, 2024, total stockholders' equity was $68,565, a decrease from $87,998 as of June 30, 2024[18] Revenue Breakdown - New vehicle retail revenue decreased by 29.3% to $122,291,000 from $172,898,000 year-over-year[150] - Pre-owned vehicle retail revenue declined by 19.8% to $60,177,000 compared to $75,059,000 in the previous year[150] - Florida generated 29% of total revenues for the three months ended September 30, 2024, down from 33% in the same period of 2023[84] - Thor Industries, Inc. accounted for 50% of total RV and replacement parts purchases for the nine months ended September 30, 2024, up from 38% in 2023[87] Expenses and Costs - Cash paid for interest during the nine months ended September 30, 2024, was $24,783, significantly higher than $7,402 in 2023[28] - Floor plan interest expense increased to $6.361 million in Q3 2024 from $6.258 million in Q3 2023, reflecting higher average borrowing rates[204] - Other interest expense for the three months ended September 30, 2024, was $5,564,000, an increase of 106.0% from $2,701,000 in 2023[205] - For the nine months ended September 30, 2024, other interest expense totaled $15,924,000, up 145.6% from $6,484,000 in 2023[205] Stock and Equity - The company had 2,421,841 common stock equivalent shares excluded from the calculation of diluted loss per share due to their anti-dilutive effect for the three months ended September 30, 2024[93] - 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] - The Company agreed to exchange 600,000 shares of Preferred Stock for 66,488,948 shares of Common Stock, resulting in a loss of liquidation preference of approximately $68.5 million[127] Operational Highlights - As of September 30, 2024, Lazydays Holdings, Inc. operated 23 RV dealerships across various states, including Arizona, Colorado, and Florida[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] Future Outlook and Agreements - The Company expects the Asset Purchase Agreement and Real Estate Purchase Agreement to likely result in a net loss after taxes, but cannot estimate the range of loss at this time[120] - The company is currently evaluating the effects of new accounting standards on its disclosures, including ASU 2023-07 related to reportable segment disclosures[39] - The Company will eliminate testing of certain financial covenants until March 31, 2026, and change performance targets for compliance with financial covenants[133] Tax Information - Income tax benefit for the three months ended September 30, 2024, was $381,000, a decrease of $1,424,000 from $1,805,000 in 2023[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 of $17,282,000 from a benefit of $642,000 in 2023[206]

Core Viewpoint - Camping World Holdings, Inc. is acquiring seven dealerships from Lazydays Holdings, Inc., enhancing its market presence and product offerings in the RV sector [1][2]. Acquisition Details - The acquisition includes locations in Surprise, AZ, Murfreesboro, TN, Sturtevant, WI, Council Bluffs, IA, Elkhart, IN, Portland, OR, and Woodland, WA [1]. - The transaction is valued at approximately book value, with a net cash outlay expected to be between $10 million and $20 million after real estate financing [1]. Market Opportunity - The market within a 50-mile radius of each dealership accounts for over 65,000 new and used RV units sold annually, indicating significant growth potential for market share expansion [3]. - The acquired locations generated nearly $200 million in revenues over the trailing twelve months, showcasing their financial viability despite a challenging RV market [3]. Company Performance - Camping World shares have increased by 15.9% in the past six months, outperforming the Zacks Leisure and Recreation Services industry's growth of 11% [4]. - The company benefits from strong same-store sales and ongoing acquisitions, although it faces challenges from high costs and price fluctuations [4]. Strategic Focus - Camping World is focused on strategic investments in acquisitions to expand its footprint and maximize working capital returns [6]. - In the first nine months of 2024, the company acquired nine locations for approximately $69.4 million [6]. Future Plans - For 2025, Camping World plans to rebuild its used vehicle business and maintain its leadership in the RV market, with a Zacks Consensus Estimate indicating 7% sales growth and 357.5% EPS growth year-over-year [7].