0001721741false00017217412024-03-082024-03-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):March 8, 2024
LAZYDAYS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3842482-4183498
(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
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockGORV
Nasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.
On March 8, 2024, Lazydays Holdings, Inc. issued a press release announcing its financial results for the fourth quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Lazydays Holdings, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No.Description
99.1
104Cover Page Interactive Data File (formatted as inline XBRL).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LAZYDAYS HOLDINGS, INC.
March 8, 2024By/s/ Kelly Porter
Date
Kelly Porter
Chief Financial Officer


Exhibit 99.1

image.jpg
LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 FINANCIAL RESULTS, PROVIDES UPDATE ON 2024 PERFORMANCE
Tampa, FL (March 8, 2024) – Lazydays (NasdaqCM: GORV) today reported financial results for the fourth quarter ended December 31, 2023.

John North, Chief Executive Officer, commented, "The fourth quarter of 2023 proved to be a challenging operating environment, in particular due to industry wide economic pressures. However, after increasing our marketing budget and aggressively discounting 2022 and 2023 inventory our unit volumes increased meaningfully both sequentially and year-over-year in December, January and February. More importantly, we have seen gross profit on vehicle sales improve from December to February and an increasing percentage mix of current model year units sold relative to the total, generating more gross profit dollars. As of today, our new inventory is comprised of more than 80% current model year units, and we believe is among the healthiest in the industry. Additionally, our adjusted cash flow from operations is positive this quarter to date.”

Commenting on 2024, John stated, “We anticipate a pre-tax loss in the first quarter and a return to profitability thereafter. Given the significant corporate development actions taken in 2023, the first six months of this year will be focused on improving volume and store performance. For the full year 2024, we anticipate both positive net income and operational cash flow. The quality of our locations, the partnerships we have with our OEMs and the operational improvements we have made to our leadership team give me confidence in our future results and we look forward to demonstrating the earnings power of the company in the future.”

Fourth quarter 2023 revenue decreased to $198.0 million from $243.5 million in the fourth quarter of 2022. As a result of the decline in the price of our common equity in the fourth quarter of 2023, we determined a triggering event had occurred relative to the carrying value of goodwill, and, as a result, we recorded a non-cash goodwill impairment charge of $118.0 million in the quarter.

Fourth quarter 2023 net loss was $108.0 million compared to net loss of $1.4 million for the same period in 2022. Fourth quarter 2023 adjusted net loss, a non-GAAP measure, was $13.8 million compared to net income of $0.9 million for the same period in 2022. Fourth quarter 2023 net loss per diluted share was $7.59 compared to net loss per diluted share of $0.24 for the same period in 2022. Adjusted fourth quarter 2023 net loss per diluted share was $1.09 compared to net loss per diluted share of $0.02 for the same period in 2022.

The fourth quarter 2023 adjusted results exclude a net non-core charge of $6.50 per diluted share related to our non-cash goodwill impairment charge, LIFO adjustment, and acquisition expenses. The fourth quarter of 2022 adjusted results exclude a net non-core charge of $0.22 per diluted share related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and severance and transition costs.

Net loss for 2023 was $110.3 million compared to net income of $66.4 million for the same period in 2022. Adjusted net loss for 2023 was $11.5 million compared to net income of $64.1 million for the same period in 2022. Net loss per diluted share for 2023 was $8.45 compared to net income per diluted share of $2.42 for the same period in 2022, and adjusted net loss per diluted share was $1.24 compared to adjusted net income per diluted share of $3.05 for the same period in 2022.

The adjusted results for full year 2023 exclude a net non-core charge of $7.21 per diluted share related to the effects of a non-cash goodwill impairment charge, changes in the fair value of warrant liabilities, our LIFO adjustment, acquisition expenses, severance and transition costs and a storm reserve. The adjusted results for the same period in 2022 exclude a net non-core charge of $0.63 per diluted share related to the effects of changes in the fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and severance and transition costs.


Corporate Developments
As previously announced, during the fourth quarter we acquired Orangewood RV in Surprise, Arizona and RVzz in St. George, Utah. We also opened our Ft. Pierce, Florida greenfield location. We estimate these stores will add $110.0 million in annual revenues at steady state.

Earlier this week we announced the opening of our Surprise, Arizona dealership, the fourth and final greenfield location we began development on in 2021. This marks our third location in the Phoenix metropolitan area is expected to generate estimated annual revenues of $50.0 million at steady state. As of today, we operate 25 locations nationwide.

In January 2024, we launched a comprehensive rebranding effort, including an all-new website, new logos, fonts and colors, and changed our stock symbol to "GORV." These actions are designed to enhance our digital retailing efforts as well as improve our customer experience on mobile devices, which account for over 80% of our website traffic today.
Balance Sheet Update
In the fourth quarter, we cancelled our planned rights offering to stockholders. We subsequently secured a $35.0 million mortgage facility collateralized by seven of our owned locations with a cost basis of approximately $109.9 million. The facility closed on December 29, 2023 and has a three-year term. It is structured to allow us to obtain alternative financing on a location-by-location basis at an increased loan-to-value advance rate with other lending partners including regional and national banks.

We ended the fourth quarter 2023 with cash of $58.1 million. We estimate we can generate an additional $47.5 million in mortgage loan proceeds as we refinance locations at a 75% loan-to-value, in line with advance rates obtained on other mortgage financing secured earlier in 2023. We also have other unencumbered real estate that we estimate can generate additional liquidity of approximately $18 million through financing transactions.

As a result of our financial performance in the fourth quarter of 2023 and overall market conditions, we received a waiver of our financial covenants associated with our syndicated credit facility for the fourth quarter of 2023 and the first two quarters of 2024, with relaxed covenants in the third quarter and a return to our standard covenant package as of the end of 2024.

As of March 7, 2024, we had cash and cash equivalents of approximately $45 million. The reduction in our cash balance from year end is primarily a function of capital expenditures associated with corporate development efforts that are substantially complete as of today.

Kelly Porter, Chief Financial Officer, stated, “With cash on hand of $45 million as of today, we believe we have a strong foundation on which to build. We have generated positive operational cash flow for the first 70 days of 2024 while continuing to make significant operational improvements and we expect to be operationally cash flow positive for the remainder of the year. I’d like to thank our syndicated lenders, lead by M&T Bank, for facilitating the modification to our credit facility to relax our financial covenants and provide room to navigate the current macroeconomic environment and prepare us for a strong 2024.”

Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Friday, March 8, 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 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.

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."
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 acquisitions and business strategy, and often contain words such as “project,” “outlook,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “may,” “seek,” “would,” “should,” “likely,” “goal,” “strategy,” “future,” “maintain,” “continue,” “remain,” “target” or “will” and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements regarding:
•Our anticipated financial condition and liquidity
•Sufficient working capital
•Full year 2024 results
•Anticipated revenues from acquired and open point stores; and
•Anticipated availability of liquidity from our credit facility and unfinanced operating real estate.

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 available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures such as adjusted cash flow from operations, adjsuetd net loss, adjusted net income, adjusted diluted earnings per share, adjusted cost applicable to revenues, adjusted income before income taxes, adjusted income tax benefit, adjusted SG&A, adjusted SG&A as a percentage of revenue, adjusted SG&A as a percentage of gross profit, adjusted income from operations as a percentage of revenue, adjusted income from operations as a percentage of gross profit, adjusted income before income taxes as a percentage of revenue and adjusted net income as a percentage of revenue. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, and also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the following tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
Contact:
investors@lazydays.com


Results of Operations
Three Months Ended December 31,Year Ended December 31,
(In thousands except share and per share amounts)20232022Change20232022% Change
Revenues
New vehicle retail$99,351 $137,729 (27.9)%$631,748 $777,807 (18.8)%
Pre-owned vehicle retail72,433 74,927 (3.3)%323,258 394,582 (18.1)%
Vehicle wholesale2,526 2,416 4.5 %8,006 21,266 (62.4)%
Finance and insurance11,054 13,891 (20.4)%62,139 75,482 (17.7)%
Service, body and parts and other12,665 14,527 (12.8)%57,596 57,824 (0.4)%
Total revenue198,029 243,490 (18.7)%1,082,747 1,326,961 (18.4)%
Cost applicable to revenue
New vehicle retail86,655 115,155 (24.7)%552,311 632,316 (12.7)%
Pre-owned vehicle retail59,848 59,186 1.1 %259,494 301,565 (14.0)%
Vehicle wholesale2,746 2,395 14.7 %8,178 21,620 (62.2)%
Finance and insurance475 513 (7.5)%2,547 2,729 (6.7)%
Service, body and parts, other5,916 7,714 (23.3)%27,723 27,657 0.2 %
LIFO(297)4,153 NM3,752 12,383 (69.7)%
Total cost applicable to revenue155,343 189,116 (17.9)%854,005 998,270 (14.5)%
Gross profit42,686 54,374 (21.5)%228,742 328,691 (30.4)%
Depreciation and amortization5,048 4,420 14.2 %18,512 16,758 10.5 %
Selling, general, and administrative expenses46,679 47,649 (2.0)%198,962 222,218 (10.5)%
Goodwill impairment117,970 — NM117,970 — NM
(Loss) income from operations(127,011)2,305 NM(106,702)89,715 NM
Other income (expense)
Floor plan interest expense(7,196)(3,534)103.6 %(24,820)(8,596)188.7 %
Other interest expense(3,578)(2,158)65.8 %(10,062)(7,996)25.8 %
Change in fair value of warrant liabilities— 1,782 (100.0)%856 12,453 (93.1)%
Total other expense, net(10,774)(3,910)175.5 %(34,026)(4,139)NM
(Loss) income before income tax expense(137,785)(1,605)NM(140,728)85,576 NM
Income tax benefit (expense)29,820 205 NM30,462 (19,183)NM
Net (loss) income(107,965)(1,400)NM(110,266)66,393 NM
Dividends on Series A convertible preferred stock(1,210)(1,210)— %(4,800)(4,801)— %
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities$(109,175)$(2,610)NM$(115,066)$61,592 NM
EPS:
Basic$(7.59)$(0.24)NM$(8.41)$3.47 NM
Diluted$(7.59)$(0.24)NM$(8.45)$2.42 NM
Weighted average shares outstanding:
Basic14,384,96110,928,36231.6 %13,689,00111,701,30217.0 %
Diluted14,384,96110,928,36231.6 %13,689,00112,797,7967.0 %
NM - not Meaningful


Total Results Summary
Three Months Ended December 31,Year Ended December 31,
20232022Change20232022Change
Gross profit margins
New vehicle retail12.8 %16.4 %(360)bps12.6 %18.7 %(610)bps
Pre-owned vehicle retail17.4 %21.0 %(360)bps19.7 %23.6 %(390)bps
Vehicle wholesale(8.7)%0.9 %(960)bps(2.2)%(1.7)%(50)bps
Finance and insurance95.7 %96.3 %(60)bps95.9 %96.4 %(50)bps
Service, body and parts and other53.3 %46.9 %640 bps51.9 %52.2 %(30)bps
Total gross profit margin21.6 %22.3 %(70)bps21.1 %24.8 %(370)bps
Total gross profit margin (excluding LIFO)21.4 %24.0 %(260)bps21.5 %25.7 %(420)bps
Retail units sold
New vehicle retail1,264 1,501 (15.8)%7,269 8,603 (15.5)%
Pre-owned vehicle retail1,164 999 16.5 %5,018 5,409 (7.2)%
Total retail units sold2,428 2,500 (2.9)%12,287 14,012 (12.3)%
Average selling price per retail unit
New vehicle retail$78,600 $91,758 (14.3)%$86,910 $90,411 (3.9)%
Pre-owned vehicle retail62,228 75,001 (17.0)%64,420 72,949 (11.7)%
Average gross profit per retail unit (excluding LIFO)
New vehicle retail$10,044 $15,040 (33.2)%$10,928 $16,912 (35.4)%
Pre-owned vehicle retail10,812 15,756 (31.4)%12,707 17,197 (26.1)%
Finance and insurance4,357 5,351 (18.6)%4,850 5,192 (6.6)%
Revenue mix
New vehicle retail50.2 %56.6 %58.3 %58.6 %
Pre-owned vehicle retail36.6 %30.8 %29.9 %29.7 %
Vehicle wholesale1.3 %1.0 %0.7 %1.6 %
Finance and insurance5.6 %5.7 %5.7 %5.7 %
Service, body and parts and other6.3 %5.9 %5.4 %4.4 %
100.0 %100.0 %100.0 %100.0 %
Gross profit mix
New vehicle retail29.7 %41.5 %34.7 %44.3 %
Pre-owned vehicle retail29.5 %28.9 %27.9 %28.3 %
Vehicle wholesale(0.5)%— %(0.1)%(0.1)%
Finance and insurance24.8 %24.6 %26.1 %22.1 %
Service, body and parts and other15.8 %12.5 %13.1 %9.2 %
LIFO0.7 %(7.6)%(1.6)%(3.8)%
100.0 %100.0 %100.0 %100.0 %


Other Metrics

AdjustedAs ReportedAdjustedAs Reported
Three Months Ended December 31,Three Months Ended December 31,Year Ended December 31, Year Ended December 31,
20232022202320222023202220232022
SG&A as a % of revenue23.0 %19.4 %23.6 %19.6 %18.0 %16.7 %18.4 %16.7 %
SG&A as % of gross profit, excluding LIFO107.4 %80.6 %110.1 %81.4 %83.6 %64.8 %85.6 %65.2 %
Income from operations as a % of revenueNM2.9 %NM0.9 %1.8 %7.8 %NM6.8 %
Income from operations as a % of gross profit, excluding LIFONM11.9 %NM3.9 %8.4 %30.3 %NM26.3 %
Income (loss) before income taxes as % of revenueNM0.5 %NMNMNM6.5 %NM6.4 %
Net income (loss) as a % of revenueNM0.4 %NMNMNM4.8 %NM5.0 %
NM - not meaningful

Other Highlights

As of December 31,
20232022
Store Count
Dealerships2418
Days Supply*
New vehicle inventory380 250 
Pre-owned vehicle inventory13278
*Days supply calculated based on current inventory levels and a 90 day historical average cost of sales level.
Financial Covenants

As of
RequirementDecember 31, 2023
Fixed charge coverage ratioNot less than 1.25 to 11.27
Leverage ratioWaivedNM
Current ratioWaivedNM
NM - not meaningful


Same-Store Results Summary
Three Months Ended December 31,Year Ended December 31,
(In thousands except share and per share amounts)20232022Change20232022Change
Revenues
New vehicle retail$84,837 $129,866 (34.7)%$557,176 $731,572 (23.8)%
Pre-owned vehicle retail62,307 72,739 (14.3)%290,242 378,117 (23.2)%
Vehicle wholesale2,334 2,377 (1.8)%7,567 21,167 (64.2)%
Finance and insurance9,138 13,310 (31.3)%54,395 71,899 (24.3)%
Service, body and parts and other11,108 13,901 (20.1)%51,392 55,603 (7.6)%
Total revenue169,724 232,193 (26.9)%960,772 1,258,358 (23.6)%
Gross profit
New vehicle retail10,811 21,355 (49.4)%69,710 137,015 (49.1)%
Pre-owned vehicle retail10,664 15,170 (29.7)%56,773 88,854 (36.1)%
Vehicle wholesale(223)19 NM(171)(354)NM
Finance and insurance8,733 12,823 (31.9)%52,132 69,285 (24.8)%
Service, body and parts and other5,941 8,059 (26.3)%26,593 29,109 (8.6)%
LIFO298 (4,153)NM(3,752)(12,383)NM
Total gross profit36,224 53,273 (32.0)%201,285 311,526 (35.4)%
Gross profit margins
New vehicle retail12.7 %16.4 %(370)bps12.5 %18.7 %(460)bps
Pre-owned vehicle retail17.1 %20.9 %(380)bps19.6 %23.5 %(390)bps
Vehicle wholesale(9.5)%0.8 %NMbps(2.3)%(1.7)%(60)bps
Finance and insurance95.6 %96.3 %(70)bps95.8 %96.4 %(60)bps
Service, body and parts and other53.5 %58.0 %(450)bps51.7 %52.4 %(70)bps
Total gross profit margin21.3 %22.9 %(170)bps21.0 %24.8 %(190)bps
Total gross profit margin (excluding LIFO)21.2 %24.7 %(350)bps21.3 %25.7 %(440)bps
Retail units sold
New vehicle retail1,033 1,396 (26.0)%6,142 7,867 (21.9)%
Pre-owned vehicle retail958 951 0.7 %4,362 5,049 (13.6)%
Total retail units sold1,991 2,347 (15.2)%10,504 12,916 (18.7)%
Average selling price per retail unit
New vehicle retail$82,127 $93,027 (11.7)%$90,716 $92,993 (2.4)%
Pre-owned vehicle retail65,039 76,487 (15.0)%66,539 74,889 (11.2)%
Average gross profit per retail unit (excluding LIFO)
New vehicle retail$10,465 $15,297 (31.6)%$11,350 $17,417 (34.8)%
Pre-owned vehicle retail11,132 15,951 (30.2)%13,015 17,598 (26.0)%
Finance and insurance4,386 5,464 (19.7)%4,963 5,364 (7.5)%
Total vehicle retail15,172 21,026 (28)%17,004 22,852 (25.6)%
NM - not meaningful


Condensed Consolidated Balance Sheets

As of December 31,
(In thousands)20232022
Current assets
Cash$58,085 $61,687 
Receivables, net of allowance for doubtful accounts 22,694 25,053 
Inventories456,087 378,881 
Income tax receivable7,419 7,912 
Prepaid expenses and other2,614 3,316 
Total current assets546,899 476,849 
Long-term assets
Property and equipment, net265,726 158,991 
Operating lease assets26,377 26,984 
Goodwill— 83,460 
Intangible assets, net80,546 81,665 
Other assets2,750 2,769 
Deferred income tax asset15,444 — 
Total assets$937,742 $830,718 
Current liabilities
  Floor plan notes payable446,783 348,735 
  Other current liabilities53,197 50,890 
    Total current liabilities499,980 399,625 
Long-term liabilities
  Financing liability, non-current portion, net91,401 89,770 
  Revolving line of credit49,500 — 
  Long-term debt, non-current portion, net61,429 10,131 
  Other long-term liabilities22,242 39,197 
    Total liabilities724,552 538,723 
  Series A Convertible Preferred Stock56,193 54,983 
  Stockholders' Equity156,997 237,012 
    Total liabilities and stockholders' equity$937,742 $830,718 


Condensed Statements of Cash Flows
Year Ended December 31,
(In thousands)20232022
Cash Flows From Operating Activities
Net (loss) income$(110,266)$66,393 
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation2,249 2,813 
Bad debt expense12 (526)
Depreciation and amortization of property and equipment10,954 9,480 
Amortization of intangible assets7,558 7,278 
Amortization of debt discount312 431 
Non-cash lease expense296 173 
Loss (gain) on sale of property and equipment28 (20)
Goodwill Impairment117,970 — 
Deferred income taxes(30,980)1,872 
Change in fair value of warrant liabilities(856)(12,453)
Impairment charges629 — 
Changes in operating assets and liabilities:— 
Receivables2,347 6,512 
Inventories(42,901)(127,594)
Prepaid expenses and other450 (613)
Income tax receivable/payable492 (6,725)
Other assets(199)(1,146)
Accounts payable and Accrued expenses and other current liabilities5,425 (17,835)
Total Adjustments73,786 (138,353)
Net Cash Used In Operating Activities$(36,480)$(71,960)
Year Ended December 31,
(In thousands)20232022
Net cash provided by operating activities, as reported$(36,480)$(71,960)
Net borrowings on floor plan notes payable98,530 148,180 
Minus borrowings on floor plan notes payable associated with acquired new inventory(28,751)— 
Net cash provided by operating activities, as adjusted$33,299 $76,220 



Reconciliation of Non-GAAP Measures
Three Months Ended December 31, 2023
($ in thousands, except per share amounts)As reportedLIFOAcquisition expenseImpairment chargeAdjusted
Costs applicable to revenues$155,343 $298 $— $— $155,642 
Selling, general and administrative expenses46,679 (1,142)— 45,537 
Goodwill impairment117,970 — — (117,970)— 
(Loss) income from operations(127,011)(298)1,142 117,970 (8,197)
(Loss) income before income tax expense$(137,785)$(298)$1,142 $117,970 $(18,971)
Income tax benefit (expense)29,820 62 (236)(24,427)5,219 
Net (loss) income$(107,965)$(236)$906 $93,543 $(13,752)
Diluted net loss per share$(7.59)$(1.09)
Shares used for diluted calculation14,384,961
Three Months Ended December 31, 2022
($ in thousands, except per share amounts)As reportedGain on change in fair value of warrant liabilitiesLIFOAcquisition expenseSeverance and transition costsAdjusted
Costs applicable to revenues$189,116 $— $(4,153)$— $— $184,963 
Selling, general and administrative expenses47,649 — — (203)(299)47,147 
Income from operations2,305 — 4,153 203 299 6,960 
Gain on change in fair value of warrant liabilities1,782 (1,782)— — — — 
(Loss) income before income taxes$(1,605)$(1,782)$4,153 $203 $299 1,268 
Income tax benefit (expense)205 — (458)(46)(33)(332)
Net (loss) income$(1,400)$(1,782)$3,695 $157 $266 $936 
Diluted net loss per share$(0.24)$(0.02)
Shares used for diluted calculation10,928,362 


Twelve Months Ended December 31, 2023
($ in thousands, except per share amounts)As reportedGain on change in fair value of warrant liabilitiesLIFOAcquisition expenseSeverance and transition costs Impairment charge Storm ReserveAdjusted
Costs applicable to revenues$854,005 $— $(3,752)$— $— $— $— $850,253 
Selling, general and administrative expenses198,962 — — (2,340)(1,278)(629)(300)194,415 
Goodwill impairment117,970 (117,970)— 
(Loss) income from operations(106,702)— 3,752 2,340 1,278 118,599 300 19,567 
Gain on change in fair value of warrant liabilities856 (856)— — — — — — 
(Loss) income before income taxes$(140,728)$(856)$3,752 $2,340 $1,278 $118,599 $300 $(15,315)
Income tax benefit (expense)30,462 — (788)(492)(360)(24,920)(106)3,796 
Net (loss) income$(110,266)$(856)$2,964 $1,848 $918 $93,679 $194 $(11,519)
Diluted net loss per share$(8.45)$(1.24)
Shares used for diluted calculation13,689,001
Twelve Months Ended December 31, 2022
($ in thousands, except per share amounts)As reportedGain on change in fair value of warrant liabilitiesLIFOAcquisition expenseSeverance and transition costsAdjusted
Costs applicable to revenues$998,270 $— (12,383)$— $— $985,887 
Selling, general and administrative expenses222,218 — — (286)(900)221,032 
Income from operations89,715 — 12,383 286 900 103,284 
Gain on change in fair value of warrant liabilities12,453 (12,453)— — — — 
Income (loss) before income taxes$85,576 $(12,453)$12,383 $286 $900 $86,692 
Income tax expense(19,183)— (3,143)(73)(228)(22,627)
Net income (loss)$66,393 $(12,453)$9,240 $213 $672 $64,065 
Diluted earnings per share$2.42 $3.05 
Shares used for diluted calculation12,797,796
* In periods where the change in fair value of warrants is a gain, the diluted EPS calculation is not affected by this line item.
###
v3.24.0.1
Cover
Mar. 08, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 08, 2024
Entity Registrant Name LAZYDAYS HOLDINGS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38424
Entity Tax Identification Number 82-4183498
Entity Address, Address Line One 4042 Park Oaks Blvd.
Entity Address, Address Line Two Suite 350
Entity Address, City or Town Tampa
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33610
City Area Code 813
Local Phone Number 246-4999
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock
Trading Symbol GORV
Entity Emerging Growth Company false
Entity Central Index Key 0001721741
Amendment Flag false
Security Exchange Name NASDAQ
Lazydays (NASDAQ:LAZY)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Lazydays.
Lazydays (NASDAQ:LAZY)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Lazydays.