EX-99.1 2 gorvq12025er8-kexx991.htm EX-99.1 Document

Exhibit 99.1
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LAZYDAYS REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS
Tampa, FL (May 15, 2025) – Lazydays Holdings, Inc. (NasdaqCM: GORV) (“Lazydays,” the “Company” or “we”) today reports financial results for the first quarter ended March 31, 2025.

Ron Fleming, Interim CEO, said, “We made meaningful progress against our stated priorities in the first quarter of 2025. Our operating results were much improved as compared to our results in the fourth quarter and first quarter of 2024, with a notable increase in gross profit and greater gross profit margins across all product lines. Additionally, we completed the strategic divestiture of five dealership locations in the quarter, enabling us to enhance our cost structure and significantly de-lever our balance sheet by repaying approximately $145 million in debt. We are committed to continuing to execute our turnaround plan and to unlocking value for our shareholders.”

Total revenue for the first quarter 2025 was $165.8 million compared to $270.1 million for the same period in 2024. Loss from operations for the first quarter 2025 was $2.3 million compared to $16.6 million for the same period in 2024. We recognized impairment charges of $2.9 million related to indefinite-lived intangible assets during the first quarter 2025. First quarter 2025 net loss was $9.5 million compared to net loss of $22.0 million for the same period in 2024. First quarter 2025 Adjusted EBITDA, a non-GAAP measure, was $(4.0) million compared to Adjusted EBITDA of $(18.2) million for the same period in 2024.* Net loss per diluted share for the first quarter 2025 was $0.09 compared to net loss per diluted share of $1.67 for the same period in 2024.

*Refer to the reconciliation of net income to Adjusted EBITDA under “Reconciliation of Non-GAAP Measures” in this press release.

Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Thursday, May 15, 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 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.

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 Statements
This 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,”
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“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, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and other risks and uncertainties set forth throughout under the headers “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and in the notes to our financial statements in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and from time to time in our other filings with the U.S. Securities and Exchange Commission. 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.
Contact:
investors@lazydays.com
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Results of Operations
Three Months Ended March 31,
(In thousands, except share and per share data)20252024
Revenue
New vehicle retail$97,519 $152,691 
Pre-owned vehicle retail40,673 78,644 
Vehicle wholesale2,056 6,249 
Consignment vehicle1,489 466 
Finance and insurance11,502 18,329 
Service, body and parts and other12,576 13,741 
Total revenue165,815 270,120 
Cost applicable to revenue
New vehicle retail86,672 147,055 
Pre-owned vehicle retail31,994 69,733 
Vehicle wholesale2,120 8,460 
Finance and insurance434 693 
Service, body and parts and other5,698 6,287 
LIFO(4,945)126 
Total cost applicable to revenue121,973 232,354 
Gross profit43,842 37,766 
Depreciation and amortization4,582 5,461 
Selling, general, and administrative expenses38,629 48,886 
Impairment charges2,900 — 
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 liabilities4,282 — 
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:
Basic110,300,45214,368,677
Diluted110,300,45214,368,677
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Other Metrics and Highlights
Three Months Ended March 31,
20252024
Gross profit margins
New vehicle retail11.1 %3.7 %
Pre-owned vehicle retail21.3 %11.3 %
Vehicle wholesale(3.1)%(35.4)%
Consignment vehicle100.0 %100.0 %
Finance and insurance96.2 %96.2 %
Service, body and parts and other54.7 %54.2 %
Total gross profit margin26.4 %14.0 %
Total gross profit margin (excluding LIFO)23.5 %14.0 %
Retail units sold
New vehicle retail1,143 2,055 
Pre-owned vehicle retail805 1,460 
Consignment vehicle200 6 
Total retail units sold2,148 3,521 
Average selling price per retail unit
New vehicle retail$85,318 $74,263 
Pre-owned vehicle retail50,525 53,866 
Average gross profit per retail unit (excluding LIFO)
New vehicle retail$9,490 $2,704 
Pre-owned vehicle retail10,781 6,103 
Finance and insurance5,153 4,919 
Revenue mix
New vehicle retail58.8 %56.5 %
Pre-owned vehicle retail24.5 %29.1 %
Vehicle wholesale1.2 %2.3 %
Consignment vehicle0.9 %0.2 %
Finance and insurance6.9 %6.8 %
Service, body and parts and other7.7 %5.1 %
100.0 %100.0 %
Gross profit mix
New vehicle retail24.7 %14.9 %
Pre-owned vehicle retail19.8 %23.6 %
Vehicle wholesale(0.1)%(5.9)%
Consignment vehicle3.4 %1.2 %
Finance and insurance25.2 %46.7 %
Service, body and parts and other15.7 %19.7 %
LIFO11.3 %(0.2)%
100.0 %100.0 %

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Condensed Consolidated Balance Sheets
(In thousands)March 31, 2025December 31, 2024
ASSETS
Current assets:
Cash$19,727 $24,702 
Receivables, net of allowance for doubtful accounts26,363 22,318 
Inventories, net182,607 211,946 
Income tax receivable1,695 6,116 
Prepaid expenses and other6,066 1,823 
Current assets held for sale16,049 86,869 
Total current assets252,507 353,774 
Property and equipment, net171,033 174,324 
Operating lease right-of-use assets12,875 13,812 
Intangible assets, net50,806 54,957 
Other assets3,724 3,216 
Long-term assets held for sale18,563 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 liabilities31,780 31,211 
Floor plan notes payable, net of debt discount(1)
210,920 306,036 
Current portion of financing liability2,880 2,792 
Current portion of revolving credit facility10,000 10,000 
Current portion of long-term debt346 1,168 
Current portion of operating lease liability3,366 3,711 
Current liabilities related to assets held for sale220 1,530 
Total current liabilities282,964 378,874 
Long-term liabilities:
Financing liability, net of debt discount75,226 76,007 
Revolving credit facility17,844 20,344 
Long-term debt, net of debt discount12,338 27,417 
Related party debt, net of debt discount7,189 36,217 
Operating lease liability9,886 10,592 
Deferred income tax liability1,820 1,348 
Warrant liabilities1,427 5,709 
Other long-term liabilities6,721 6,721 
Long-term liabilities related to assets held for sale13,729 23,001 
Total liabilities429,144 586,230 
Stockholders’ Equity
Common stock10 10 
Additional paid-in capital261,762 261,465 
Treasury stock, at cost(57,128)(57,128)
Retained deficit(124,280)(114,747)
Total stockholders’ equity80,364 89,600 
Total liabilities and stockholders’ equity$509,508 $675,830 
(1) Includes floor plan notes payable associated with inventories classified as held for sale of $16.0 million as of March 31, 2025 and $86.8 million as of December 31, 2024.
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Statements of Cash Flows
Three Months Ended March 31,
(In thousands)20252024
Operating Activities
Net loss$(9,533)$(21,980)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation297 509 
Bad debt expense263 58 
Depreciation of property and equipment3,330 3,189 
Amortization of intangible assets1,252 2,271 
Amortization of debt discount1,701 74 
Non-cash operating lease expense(222)(30)
Loss on sale of businesses, property and equipment459 29 
Deferred income taxes472 (5,032)
Change in fair value of warrant liabilities(4,282)— 
Impairment charges2,900 — 
Changes in operating assets and liabilities:
Receivables(4,308)(4,608)
Inventories32,346 109,442 
Prepaid expenses and other(4,155)1,193 
Income tax receivable4,421 (1,612)
Other assets(504)(333)
Accounts payable, accrued expenses and other current liabilities1,595 (2,930)
Net cash provided by operating activities26,032 80,240 
Investing Activities
Net proceeds from sale of businesses, property and equipment113,947 — 
Purchases of property and equipment(15)(8,765)
Net cash provided by (used) in investing activities113,932 (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 period24,702 58,085 
Cash, end of period$19,727 $39,350 
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Reconciliation of Non-GAAP Measures

EBITDA and Adjusted EBITDA

EBITDA, which is a non-GAAP financial measure, is defined as net income (loss) excluding interest expense, income tax expense (benefit) and depreciation and amortization expense. Adjusted EBITDA, which is a non-GAAP financial measure, is further adjusted to include floor plan interest expense and excludes stock-based compensation expense; LIFO adjustment; impairment charges; loss (gain) on sale of businesses, property and equipment; and change in fair value of warrant liabilities.

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss), cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company’s results of operations. The Company’s EBITDA and Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA and Adjusted EBITDA in the same manner.

The Company believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company’s core operating results from period to period by removing (i) the impact of the Company’s capital structure (interest expense from outstanding debt); (ii) tax consequences; (iii) asset base (depreciation, amortization and LIFO adjustments); (iv) the non-cash charges from asset impairments, stock-based compensation expense and change in fair value of warrant liabilities; and (v) gains or losses on the sale of businesses, property and equipment. The Company uses Adjusted EBITDA internally to monitor operating results and to evaluate the performance of its business.

The following table presents a reconciliation of net income to EBITDA and adjusted EBITDA for the periods indicated:

Three Months Ended March 31,
(In thousands)20252024
Net loss$(9,533)$(21,980)
Interest expense, net10,759 12,199 
Depreciation and amortization4,582 5,461 
Income tax expense (benefit)328 (6,800)
EBITDA6,136 (11,120)
Floor plan interest expense(4,590)(7,676)
LIFO adjustment(4,945)126 
Loss on sale of businesses, property and equipment459 — 
Impairment charges2,900 — 
Gain on change in fair value of warrant liabilities(4,282)— 
Stock-based compensation expense297 509 
Adjusted EBITDA$(4,025)$(18,161)

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