Date of Report (Date of earliest event reported): | May 15, 2025 |
Delaware | 001-38424 | 82-4183498 | ||||||||||||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
4042 Park Oaks Blvd., Suite 350, Tampa, Florida |
33610 | |||||||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (813) 246-4999 |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock | GORV | Nasdaq Capital Market |
Exhibit No. | Description | |||||||
Press Release, dated May 15, 2025, announcing Lazydays’ financial results for the first quarter ended March 31, 2025 |
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104 | Cover Page Interactive Data File (formatted as inline XBRL). |
LAZYDAYS HOLDINGS, INC. | |||||
Date: May 15, 2025 |
/s/ Jeff Needles |
||||
Jeff Needles
Chief Financial Officer
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Three Months Ended March 31, | |||||||||||
(In thousands, except share and per share data) | 2025 | 2024 | |||||||||
Revenue | |||||||||||
New vehicle retail | $ | 97,519 | $ | 152,691 | |||||||
Pre-owned vehicle retail | 40,673 | 78,644 | |||||||||
Vehicle wholesale | 2,056 | 6,249 | |||||||||
Consignment vehicle | 1,489 | 466 | |||||||||
Finance and insurance | 11,502 | 18,329 | |||||||||
Service, body and parts and other | 12,576 | 13,741 | |||||||||
Total revenue | 165,815 | 270,120 | |||||||||
Cost applicable to revenue | |||||||||||
New vehicle retail | 86,672 | 147,055 | |||||||||
Pre-owned vehicle retail | 31,994 | 69,733 | |||||||||
Vehicle wholesale | 2,120 | 8,460 | |||||||||
Finance and insurance | 434 | 693 | |||||||||
Service, body and parts and other | 5,698 | 6,287 | |||||||||
LIFO | (4,945) | 126 | |||||||||
Total cost applicable to revenue | 121,973 | 232,354 | |||||||||
Gross profit | 43,842 | 37,766 | |||||||||
Depreciation and amortization | 4,582 | 5,461 | |||||||||
Selling, general, and administrative expenses | 38,629 | 48,886 | |||||||||
Impairment charges | 2,900 | — | |||||||||
Loss from operations | (2,269) | (16,581) | |||||||||
Other income (expense): | |||||||||||
Floor plan interest expense | (4,590) | (7,676) | |||||||||
Other interest expense | (6,169) | (4,523) | |||||||||
Change in fair value of warrant liabilities | 4,282 | — | |||||||||
Loss on sale of businesses, property and equipment | (459) | — | |||||||||
Total other expense, net | (6,936) | (12,199) | |||||||||
Loss before income taxes | (9,205) | (28,780) | |||||||||
Income tax (expense) benefit | (328) | 6,800 | |||||||||
Net loss | (9,533) | (21,980) | |||||||||
Dividends on Series A convertible preferred stock | — | (1,984) | |||||||||
Net loss and comprehensive loss attributable to common stock and participating securities | $ | (9,533) | $ | (23,964) | |||||||
Loss per share: | |||||||||||
Basic | $ | (0.09) | $ | (1.67) | |||||||
Diluted | $ | (0.09) | $ | (1.67) | |||||||
Weighted average shares used for EPS calculations: | |||||||||||
Basic | 110,300,452 | 14,368,677 | |||||||||
Diluted | 110,300,452 | 14,368,677 |
Three Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
Gross profit margins | |||||||||||
New vehicle retail | 11.1 | % | 3.7 | % | |||||||
Pre-owned vehicle retail | 21.3 | % | 11.3 | % | |||||||
Vehicle wholesale | (3.1) | % | (35.4) | % | |||||||
Consignment vehicle | 100.0 | % | 100.0 | % | |||||||
Finance and insurance | 96.2 | % | 96.2 | % | |||||||
Service, body and parts and other | 54.7 | % | 54.2 | % | |||||||
Total gross profit margin | 26.4 | % | 14.0 | % | |||||||
Total gross profit margin (excluding LIFO) | 23.5 | % | 14.0 | % | |||||||
Retail units sold | |||||||||||
New vehicle retail | 1,143 | 2,055 | |||||||||
Pre-owned vehicle retail | 805 | 1,460 | |||||||||
Consignment vehicle | 200 | 6 | |||||||||
Total retail units sold | 2,148 | 3,521 | |||||||||
Average selling price per retail unit | |||||||||||
New vehicle retail | $ | 85,318 | $ | 74,263 | |||||||
Pre-owned vehicle retail | 50,525 | 53,866 | |||||||||
Average gross profit per retail unit (excluding LIFO) | |||||||||||
New vehicle retail | $ | 9,490 | $ | 2,704 | |||||||
Pre-owned vehicle retail | 10,781 | 6,103 | |||||||||
Finance and insurance | 5,153 | 4,919 | |||||||||
Revenue mix | |||||||||||
New vehicle retail | 58.8 | % | 56.5 | % | |||||||
Pre-owned vehicle retail | 24.5 | % | 29.1 | % | |||||||
Vehicle wholesale | 1.2 | % | 2.3 | % | |||||||
Consignment vehicle | 0.9 | % | 0.2 | % | |||||||
Finance and insurance | 6.9 | % | 6.8 | % | |||||||
Service, body and parts and other | 7.7 | % | 5.1 | % | |||||||
100.0 | % | 100.0 | % | ||||||||
Gross profit mix | |||||||||||
New vehicle retail | 24.7 | % | 14.9 | % | |||||||
Pre-owned vehicle retail | 19.8 | % | 23.6 | % | |||||||
Vehicle wholesale | (0.1) | % | (5.9) | % | |||||||
Consignment vehicle | 3.4 | % | 1.2 | % | |||||||
Finance and insurance | 25.2 | % | 46.7 | % | |||||||
Service, body and parts and other | 15.7 | % | 19.7 | % | |||||||
LIFO | 11.3 | % | (0.2) | % | |||||||
100.0 | % | 100.0 | % |
(In thousands) | March 31, 2025 | December 31, 2024 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | 19,727 | $ | 24,702 | |||||||
Receivables, net of allowance for doubtful accounts | 26,363 | 22,318 | |||||||||
Inventories, net | 182,607 | 211,946 | |||||||||
Income tax receivable | 1,695 | 6,116 | |||||||||
Prepaid expenses and other | 6,066 | 1,823 | |||||||||
Current assets held for sale | 16,049 | 86,869 | |||||||||
Total current assets | 252,507 | 353,774 | |||||||||
Property and equipment, net | 171,033 | 174,324 | |||||||||
Operating lease right-of-use assets | 12,875 | 13,812 | |||||||||
Intangible assets, net | 50,806 | 54,957 | |||||||||
Other assets | 3,724 | 3,216 | |||||||||
Long-term assets held for sale | 18,563 | 75,747 | |||||||||
Total assets | $ | 509,508 | $ | 675,830 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 23,452 | $ | 22,426 | |||||||
Accrued expenses and other current liabilities | 31,780 | 31,211 | |||||||||
Floor plan notes payable, net of debt discount(1) |
210,920 | 306,036 | |||||||||
Current portion of financing liability | 2,880 | 2,792 | |||||||||
Current portion of revolving credit facility | 10,000 | 10,000 | |||||||||
Current portion of long-term debt | 346 | 1,168 | |||||||||
Current portion of operating lease liability | 3,366 | 3,711 | |||||||||
Current liabilities related to assets held for sale | 220 | 1,530 | |||||||||
Total current liabilities | 282,964 | 378,874 | |||||||||
Long-term liabilities: | |||||||||||
Financing liability, net of debt discount | 75,226 | 76,007 | |||||||||
Revolving credit facility | 17,844 | 20,344 | |||||||||
Long-term debt, net of debt discount | 12,338 | 27,417 | |||||||||
Related party debt, net of debt discount | 7,189 | 36,217 | |||||||||
Operating lease liability | 9,886 | 10,592 | |||||||||
Deferred income tax liability | 1,820 | 1,348 | |||||||||
Warrant liabilities | 1,427 | 5,709 | |||||||||
Other long-term liabilities | 6,721 | 6,721 | |||||||||
Long-term liabilities related to assets held for sale | 13,729 | 23,001 | |||||||||
Total liabilities | 429,144 | 586,230 | |||||||||
Stockholders’ Equity | |||||||||||
Common stock | 10 | 10 | |||||||||
Additional paid-in capital | 261,762 | 261,465 | |||||||||
Treasury stock, at cost | (57,128) | (57,128) | |||||||||
Retained deficit | (124,280) | (114,747) | |||||||||
Total stockholders’ equity | 80,364 | 89,600 | |||||||||
Total liabilities and stockholders’ equity | $ | 509,508 | $ | 675,830 |
Three Months Ended March 31, | |||||||||||
(In thousands) | 2025 | 2024 | |||||||||
Operating Activities | |||||||||||
Net loss | $ | (9,533) | $ | (21,980) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Stock-based compensation | 297 | 509 | |||||||||
Bad debt expense | 263 | 58 | |||||||||
Depreciation of property and equipment | 3,330 | 3,189 | |||||||||
Amortization of intangible assets | 1,252 | 2,271 | |||||||||
Amortization of debt discount | 1,701 | 74 | |||||||||
Non-cash operating lease expense | (222) | (30) | |||||||||
Loss on sale of businesses, property and equipment | 459 | 29 | |||||||||
Deferred income taxes | 472 | (5,032) | |||||||||
Change in fair value of warrant liabilities | (4,282) | — | |||||||||
Impairment charges | 2,900 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (4,308) | (4,608) | |||||||||
Inventories | 32,346 | 109,442 | |||||||||
Prepaid expenses and other | (4,155) | 1,193 | |||||||||
Income tax receivable | 4,421 | (1,612) | |||||||||
Other assets | (504) | (333) | |||||||||
Accounts payable, accrued expenses and other current liabilities | 1,595 | (2,930) | |||||||||
Net cash provided by operating activities | 26,032 | 80,240 | |||||||||
Investing Activities | |||||||||||
Net proceeds from sale of businesses, property and equipment | 113,947 | — | |||||||||
Purchases of property and equipment | (15) | (8,765) | |||||||||
Net cash provided by (used) in investing activities | 113,932 | (8,765) | |||||||||
Financing Activities | |||||||||||
Net repayments under M&T bank floor plan | (95,136) | (89,016) | |||||||||
Principal repayments on revolving credit facility | (2,500) | — | |||||||||
Principal repayments on long-term debt and finance liabilities | (47,303) | (1,176) | |||||||||
Loan issuance costs | — | (18) | |||||||||
Net cash used in financing activities | (144,939) | (90,210) | |||||||||
Net decrease in cash | (4,975) | (18,735) | |||||||||
Cash, beginning of period | 24,702 | 58,085 | |||||||||
Cash, end of period | $ | 19,727 | $ | 39,350 |
Three Months Ended March 31, | |||||||||||
(In thousands) | 2025 | 2024 | |||||||||
Net loss | $ | (9,533) | $ | (21,980) | |||||||
Interest expense, net | 10,759 | 12,199 | |||||||||
Depreciation and amortization | 4,582 | 5,461 | |||||||||
Income tax expense (benefit) | 328 | (6,800) | |||||||||
EBITDA | 6,136 | (11,120) | |||||||||
Floor plan interest expense | (4,590) | (7,676) | |||||||||
LIFO adjustment | (4,945) | 126 | |||||||||
Loss on sale of businesses, property and equipment | 459 | — | |||||||||
Impairment charges | 2,900 | — | |||||||||
Gain on change in fair value of warrant liabilities | (4,282) | — | |||||||||
Stock-based compensation expense | 297 | 509 | |||||||||
Adjusted EBITDA | $ | (4,025) | $ | (18,161) |