Lazydays’ Q1 Performance Report Reflects Current Market – RVBusiness – Breaking RV Industry News

TAMPA, Fla. — Lazydays (NasdaqCM: GORV) reported its results for the first quarter ended March 31, 2024.

“As we discussed in March, we expected our results for the first quarter to reflect a focus on both reducing the quantity and improving the health of vehicle inventory on hand. To that end, we made significant progress in these areas and finished the first quarter with approximately 85% of our new inventory model year 2024,” stated CEO John North.

“However, our expectation to see increasing unit volumes in March and April as we entered the summer selling season did not materialize as we had hoped,” he continued. “We have continued to focus on maintaining our healthy inventory position as model year 2025 units arrive while increasing our efforts to procure more used units to augment our trade-ins and drive additional revenue opportunities. As of today, our new inventory is comprised of more than 90% 2024 and 2025 model year units, and we believe it is among the healthiest in the industry.”

John North

Commenting on 2024, North stated, “Given the current market conditions and the larger than expected losses in the first quarter, for the full year we anticipate a pre-tax loss but both positive EBITDA and adjusted operational cash flow. I want to personally thank our operational team in the field for remaining upbeat and focused on pursuing every opportunity we can identify in the market today. While we are navigating the current economic environment alongside our OEM partners and competing dealers, we strongly believe in the earnings power of our store base and look forward to unlocking its full earnings potential as the industry recovers.”

Total revenue for the first quarter was $270.6 million compared to $295.7 million for the same period in 2023.

Net loss for the first quarter was $22.0 million compared to a net loss of $0.3 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $21.4 million compared to adjusted net income of $1.2 million for the same period in 2023. Net loss per diluted share was $1.67 compared to net loss per diluted share of $0.17 for the same period in 2023. Adjusted net loss per diluted share was $1.63 compared to net income per diluted share of $0.00 for the same period in 2023.

Adjusted results for the first quarter of 2024 exclude a net non-core charge of $0.04 per diluted share related to our LIFO adjustment, transaction costs, and severance and transition costs. Adjusted results for the first quarter of 2023 exclude a net non-core charge of $0.17 per diluted share related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, an impairment charge, acquisition expenses and severance and transition costs.

Balance Sheet Update

Earlier this week, the company executed an amendment to our syndicated credit facility providing us with additional covenant flexibility through the first quarter of 2025.

Kelly Poirter

To facilitate the amendment, Lazydays agreed to raise an additional $15 million. Following the process outlined below, the company negotiated a $15 million increase in the mortgage loan facility it established in December, funded by clients of Coliseum Capital Management. The terms of the incremental advance are substantially similar to the terms of the existing mortgage loan facility and is secured by the inclusion of another dealership facility into the collateral pool. Lazydays intends to use $5 million of the proceeds from the advance to pay down a portion of the revolver under its syndicated credit facility, with the remaining $10 million available for general corporate purposes. In connection with the incremental advance, Lazydays issued warrants to clients of Coliseum Capital Management to purchase 2,000,000 shares of common stock at a price of $5.25 per share, subject to certain adjustments.

The company’s board of directors established a special committee of independent directors and delegated to the special committee authority to evaluate and negotiate financing options as part of the amendment process. The special committee was advised by Richards Layton & Finger, P.A. and Holland & Knight LLP, and also obtained certain external financial market advice. Upon reviewing available alternatives, the special committee unanimously approved the increase to the size of the mortgage loan facility and related warrant issuance.

“We appreciate the continued flexibility from our syndicated lenders, as well as the increased support we received from Coliseum,” stated CFO Kelly Porter. “With cash on hand of $39 million as of today, inclusive of the additional funding provided by Coliseum, and the capacity to generate an estimated $45 million of additional mortgage loan proceeds as we refinance locations at a 75% loan-to-value, we believe we have a strong foundation on which to navigate the current macroeconomic environment.”

Conference Call Information
A conference call was scheduled for 8:30 a.m. Eastern Time on Thursday, May 16, 2024 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

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.

With a strategic approach to rapid expansion, we are growing our network through both acquisitions and new builds. 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.”