Lazydays Hldgs Inc Stock Price, News & Analysis

Lazydays Holdings (NASDAQ: GORV) announced a leadership transition on September 14, 2024. Ronald Fleming has been appointed as Interim CEO and joined the Board of Directors, replacing John North, who stepped down on September 13, 2024. Fleming, with over four decades of experience in the RV industry, previously served as Lazydays' Senior Vice President of Operations until August 2023. He was instrumental in the company's public listing in 2018 and the acquisition of over 20 locations.

The Board expressed confidence in Fleming's ability to lead Lazydays out of the current downturn and return to growth. Fleming emphasized his commitment to building on the company's strong partnerships with OEMs and delivering an unparalleled customer experience. As part of his appointment, Fleming will receive a stock option to purchase 1,500,000 shares at $2.00 per share, subject to vesting conditions.

Lazydays (GORV) reported Q2 2024 results with total revenue of $238.7 million, down from $308.4 million in Q2 2023. The company posted a net loss of $44.2 million compared to a net income of $3.6 million in the same period last year. Adjusted net loss was $18.4 million, with a loss per diluted share of $3.22.

Key points:

• F&I per unit improved to over $5,300, up 6.9%
• Implemented cost reduction actions expected to save $25 million annually
• Closed Waller, Texas dealership and consolidated operations in Surprise, Arizona
• Received nonbinding commitment for additional $5 million in capital
• Executed temporary waiver for financial covenants

Lazydays Holdings, Inc. (NasdaqCM: GORV) has announced the schedule for releasing its second quarter 2024 financial results. The company will disclose the results before the market opens on August 16, 2024. Following the release, Lazydays will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the results.

Investors and interested parties can participate in the conference call by dialing 877-407-8029 (domestic) or +1 201-689-8029 (international). For those unable to join the live call, a replay will be available on the company's investor relations website at www.lazydays.com/investor-relations.

Lazydays Holdings (NasdaqCM: GORV) has appointed Robert DeVincenzi as Chairman of the Board, effective June 9, 2024. This follows the decision of Christopher Shackelton, the Managing Partner of Coliseum Capital Management, to step down after six years on the Board. DeVincenzi, who has served as lead independent director since October 2021 and as interim CEO from January to September 2022, will now lead the Board which consists of seven directors, six of whom are independent. Lazydays is one of the largest RV dealers in the U.S., and DeVincenzi aims to drive operational excellence and create sustainable value for shareholders.

Mr. DeVincenzi also serves as non-executive Chairman of Universal Technical Institute and is a principal partner in Lupine Venture Group. He has a rich background in leadership roles, including positions at Redflex Holdings and Lasercard The Board and Lazydays' management look forward to his strategic guidance as they navigate current economic challenges and position the business for long-term success.

Lazydays (NasdaqCM: GORV) reported its first-quarter results for 2024, reflecting a net loss of $22.0 million compared to a $0.3 million loss in Q1 2023. Revenue fell to $270.6 million, down from $295.7 million the previous year. Adjusted net loss was $21.4 million, contrasting with an adjusted net income of $1.2 million in Q1 2023. The company anticipates a pre-tax loss for the full year but expects positive EBITDA and adjusted operational cash flow.

CEO John North highlighted the company's focus on maintaining a healthy inventory with over 90% of units being 2024 and 2025 models. A $15 million increase in their mortgage loan facility was secured to provide financial flexibility. The company issued warrants for 2 million shares at $5.25 each as part of this funding. Cash on hand totals $39 million, with potential for an additional $45 million from refinancing.

Lazydays Holdings, Inc. (NasdaqCM: GORV) has delayed the filing of its Form 10-Q with the SEC, leading to the postponement of its first quarter 2024 earnings release and conference call. The company aims to file the Form 10-Q within the 5-day grace period provided by rule 12b-25.

Lazydays, a key player in the RV industry since 1976, is known for its exceptional RV sales, service, and ownership experiences. The company is focused on rapid expansion through acquisitions and new builds, offering a wide selection of RV brands, state-of-the-art service facilities, and a range of accessories and parts to cater to RV enthusiasts.

Lazydays Holdings, Inc. (NasdaqCM: GORV) will release its first quarter 2024 financial results on May 10, 2024, followed by a conference call at 8:30 a.m. Eastern Time. Investors can participate via telephone or online.