LAZYDAYS REPORTS THIRD QUARTER 2024 RESULTS

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Nov 19, 2024

PR Newswire

TAMPA, Fla., Nov. 18, 2024 /PRNewswire/ -- Lazydays Holdings, Inc. (Nasdaq: GORV) today announced its third quarter 2024 earnings results.

Lazydays_RV_Logo.jpg

Ron Fleming, Interim CEO, said, "Despite challenging financial results during the third quarter, which continued to be impacted by economic and other industry-wide demand headwinds, we are very encouraged by the completion of last week's recapitalization transactions. These transformative transactions have fortified the Company's financial foundation and operational focus and mark a turning point for Lazydays as we position ourselves for a stronger, more agile future. With a streamlined balance sheet, enhanced liquidity, and a simplified dealership network, we are better equipped to navigate the evolving RV landscape and deliver on our commitment to industry leadership."

Total revenue for the third quarter was $213.5 million compared to $280.7 million for the same period in 2023. Total revenue for the nine months ended September 30, 2024 was $722.7 million compared to $884.7 million for the same period in 2023.

Net loss for the third quarter was $17.7 million compared to net loss of $5.6 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $16.2 million compared to adjusted net loss of $2.9 million for the same period in 2023. Net loss per diluted share was $1.37 compared to net loss per diluted share of $0.48 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $1.27 compared to adjusted net loss per diluted share of $0.29 for the same period in 2023.

Net loss for the nine months ended September 30, 2024 was $83.9 million compared to net loss of $2.3 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $62.1 million compared to adjusted net income of $2.2 million for the same period in 2023. Net loss per diluted share was $6.24 compared to net loss per diluted share of $0.49 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $4.73 compared to adjusted net loss per diluted share of $0.07 for the same period in 2023.

See Reconciliation of Non-GAAP Measures for additional details regarding our adjusted results of operations.

Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Tuesday, November 19, 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.

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," "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 others 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-Kand 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, adjusted costs applicable to revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted income (loss) before income taxes, adjusted SG&A, and adjusted income (loss) from operations. 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:
[email protected]

Results of Operations

Three Months Ended September 30,

Variance

(In thousands except share and per share amounts)

2024

2023

%

Revenues

New vehicle retail

$ 122,291

$ 172,898

(29.3) %

Pre-owned vehicle retail

60,177

75,059

(19.8) %

Vehicle wholesale

1,801

2,056

(12.4) %

Finance and insurance

16,333

16,462

(0.8) %

Service, body and parts and other

12,863

14,207

(9.5) %

Total revenues

213,465

280,682

(23.9) %

Cost applicable to revenues

New vehicle retail

111,032

154,181

(28.0) %

Pre-owned vehicle retail

49,220

59,693

(17.5) %

Vehicle wholesale

1,964

2,026

(3.1) %

Finance and insurance

544

569

(4.4) %

Service, body and parts and other

5,742

7,109

(19.2) %

LIFO

(350)

2,663

(113.1) %

Total cost applicable to revenues

168,152

226,241

(25.7) %

Gross profit

45,313

54,441

(16.8) %

Depreciation and amortization

5,170

4,602

12.3 %

Selling, general, and administrative expenses

45,802

48,250

(5.1) %

(Loss) income from operations

(5,659)

1,589

NM

Other income (expense):

Floor plan interest expense

(6,361)

(6,258)

1.6 %

Other interest expense

(5,564)

(2,701)

106.0 %

Change in fair value of warrant liabilities

(462)

β€”

NM

(Loss) gain on sale of property and equipment

β€”

(21)

NM

Total other expense, net

(12,387)

(8,980)

37.9 %

Loss before income taxes

(18,046)

(7,391)

NM

Income tax benefit (expense)

381

1,805

(78.9) %

Net loss

(17,665)

(5,586)

NM

Dividends on Series A Convertible Preferred Stock

(2,159)

(1,210)

78.4 %

Net loss and comprehensive loss attributable to common
stock and participating securities

$ (19,824)

$ (6,796)

NM

Loss per share:

Basic

$ (1.37)

$ (0.48)

NM

Diluted

$ (1.37)

$ (0.48)

NM

Weighted average shares used for EPS calculations:

Basic

14,439,861

14,263,367

Diluted

14,439,861

14,263,367

*NM - not meaningful

Nine Months Ended September 30,

Variance

(In thousands except share and per share amounts)

2024

2023

%

Revenues

New vehicle retail

$ 418,315

$ 532,397

(21.4) %

Pre-owned vehicle retail

200,661

250,825

(20.0) %

Vehicle wholesale

11,318

5,480

106.5 %

Finance and insurance

50,703

51,085

(0.7) %

Service, body and parts and other

41,748

44,931

(7.1) %

Total revenues

722,745

884,718

(18.3) %

Cost applicable to revenues

New vehicle retail

388,225

465,656

(16.6) %

Pre-owned vehicle retail

168,865

199,646

(15.4) %

Vehicle wholesale

14,021

5,432

158.1 %

Finance and insurance

1,881

2,072

(9.2) %

Service, body and parts and other

19,179

21,807

(12.1) %

LIFO

91

4,049

(97.8) %

Total cost applicable to revenues

592,262

698,662

(15.2) %

Gross profit

130,483

186,056

(29.9) %

Depreciation and amortization

15,587

13,464

15.8 %

Selling, general, and administrative expenses

146,698

152,262

(3.7) %

(Loss) income from operations

(31,802)

20,330

NM

Other income (expense):

Floor plan interest expense

(19,745)

(17,624)

12.0 %

Other interest expense

(15,924)

(6,484)

145.6 %

Change in fair value of warrant liabilities

(799)

856

NM

(Loss) gain on sale of property and equipment

1,044

(21)

NM

Total other expense, net

(35,424)

(23,273)

52.2 %

Loss before income taxes

(67,226)

(2,943)

NM

Income tax benefit (expense)

(16,640)

642

NM

Net loss

(83,866)

(2,301)

NM

Dividends on Series A Convertible Preferred Stock

(6,174)

(3,590)

72.0 %

Net loss and comprehensive loss attributable to common
stock and participating securities

$ (90,040)

$ (5,891)

NM

Loss per share:

Basic

$ (6.24)

$ (0.44)

NM

Diluted

$ (6.24)

$ (0.49)

NM

Weighted average shares used for EPS calculations:

Basic

14,418,692

13,470,219

Diluted

14,418,692

13,470,219

*NM - not meaningful

Total Results Summary

Three Months Ended September 30,

Variance

2024

2023

Gross profit margins

New vehicle retail

9.2 %

10.8 %

(160)

bps

Pre-owned vehicle retail

18.2 %

20.5 %

(230)

bps

Vehicle wholesale

(9.1) %

1.5 %

NM

Finance and insurance

96.7 %

96.5 %

20

bps

Service, body and parts and other

55.4 %

50.0 %

540

bps

Total gross profit margin

21.2 %

19.4 %

180

bps

Total gross profit margin (excluding LIFO)

21.1 %

20.3 %

80

bps

Retail units sold

New vehicle retail

1,666

2,046

(18.6) %

Pre-owned vehicle retail

1,084

1,162

(6.7) %

Total retail units sold

2,750

3,208

(14.3) %

Average selling price per retail unit

New vehicle retail

$ 73,404

$ 84,505

(13.1) %

Pre-owned vehicle retail

55,514

64,595

(14.1) %

Average gross profit per retail unit (excluding LIFO)

New vehicle retail

$ 6,758

$ 9,148

(26.1) %

Pre-owned vehicle retail

10,108

13,224

(23.6) %

Finance and insurance

5,741

4,954

15.9 %

Revenue mix

New vehicle retail

57.3 %

61.6 %

Pre-owned vehicle retail

28.2 %

26.7 %

Vehicle wholesale

0.8 %

0.7 %

Finance and insurance

7.7 %

5.9 %

Service, body and parts and other

6.0 %

5.1 %

100.0 %

100.0 %

Gross profit mix

New vehicle retail

24.8 %

34.4 %

Pre-owned vehicle retail

24.2 %

28.2 %

Vehicle wholesale

(0.4) %

0.1 %

Finance and insurance

34.8 %

29.2 %

Service, body and parts and other

15.7 %

13.0 %

LIFO

0.9 %

(4.9) %

100.0 %

100.0 %

*NM - not meaningful

Nine Months Ended September 30,

Variance

2024

2023

Gross profit margins

New vehicle retail

7.2 %

12.5 %

(530)

bps

Pre-owned vehicle retail

15.8 %

20.4 %

(460)

bps

Vehicle wholesale

(23.9) %

0.9 %

NM

Finance and insurance

96.3 %

95.9 %

40

bps

Service, body and parts and other

54.1 %

51.5 %

260

bps

Total gross profit margin

18.1 %

21.0 %

(290)

bps

Total gross profit margin (excluding LIFO)

18.1 %

21.5 %

(340)

bps

Retail units sold

New vehicle retail

5,742

6,005

(4.4) %

Pre-owned vehicle retail

3,692

3,854

(4.2) %

Total retail units sold

9,434

9,859

(4.3) %

Average selling price per retail unit

New vehicle retail

$ 72,852

$ 88,659

(17.8) %

Pre-owned vehicle retail

54,350

65,082

(16.5) %

Average gross profit per retail unit (excluding LIFO)

New vehicle retail

$ 5,240

$ 11,114

(52.9) %

Pre-owned vehicle retail

8,612

13,279

(35.1) %

Finance and insurance

5,175

4,972

4.1 %

Revenue mix

New vehicle retail

57.9 %

60.2 %

Pre-owned vehicle retail

27.8 %

28.4 %

Vehicle wholesale

1.6 %

0.6 %

Finance and insurance

7.0 %

5.8 %

Service, body and parts and other

5.7 %

5.0 %

100.0 %

100.0 %

Gross profit mix

New vehicle retail

23.1 %

35.9 %

Pre-owned vehicle retail

24.4 %

27.5 %

Vehicle wholesale

(2.1) %

β€” %

Finance and insurance

37.4 %

26.3 %

Service, body and parts and other

17.3 %

12.4 %

LIFO

(0.1) %

(2.1) %

100.0 %

100.0 %

*NM - not meaningful

Other Metrics

Adjusted

As Reported

Three Months Ended
September 30,

Three Months Ended
September 30,

2024

2023

2024

2023

SG&A as a % of revenue

20.8 %

16.7 %

21.5 %

17.2 %

SG&A as % of gross profit, excluding LIFO

98.8 %

82.1 %

101.9 %

84.5 %

(Loss) income from operations as a % of revenue

(2.2) %

2.0 %

(2.7) %

0.6 %

(Loss) income from operations as a % of gross profit,
excluding LIFO

(10.3) %

9.8 %

(12.6) %

2.8 %

(Loss) income before income taxes as % of revenue

(7.7) %

(1.2) %

(8.5) %

(2.6) %

Net (loss) income as a % of revenue

(7.6) %

(1.0) %

(8.3) %

(2.0) %

Adjusted

As Reported

Nine Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

SG&A as a % of revenue

19.8 %

16.8 %

20.3 %

17.2 %

SG&A as % of gross profit, excluding LIFO

109.6 %

78.3 %

112.3 %

80.1 %

(Loss) income from operations as a % of revenue

(3.9) %

3.1 %

(4.4) %

2.3 %

(Loss) income from operations as a % of gross profit,
excluding LIFO

(21.5) %

14.6 %

(24.4) %

10.7 %

(Loss) income before income taxes as % of revenue

(8.7) %

0.4 %

(9.3) %

(0.3) %

Net (loss) income as a % of revenue

(8.6) %

0.3 %

(11.6) %

(0.3) %

Other Highlights

September 30, 2024

December 31, 2023

Store Count

Dealerships

23

24

Days Supply*

New vehicle inventory

235

380

Pre-owned vehicle inventory

76

132

*Days supply calculated based on current inventory levels and a 90-day historical average cost of sales level.

Same-Store Results Summary

Three Months Ended September 30,

Variance

($ in thousands, except per vehicle data)

2024

2023

Revenues

New vehicle retail

$ 105,432

$ 163,622

(35.6) %

Pre-owned vehicle retail

52,166

70,236

(25.7) %

Vehicle wholesale

1,340

2,055

(34.8) %

Finance and insurance

14,127

15,552

(9.2) %

Service, body and parts and other

11,279

12,841

(12.2) %

Total revenues

$ 184,344

$ 264,306

(30.3) %

Gross profit

New vehicle retail

$ 9,385

$ 17,208

(45.5) %

Pre-owned vehicle retail

9,334

14,435

(35.3) %

Vehicle wholesale

49

31

58.1 %

Finance and insurance

13,655

15,017

(9.1) %

Service, body and parts and other

6,166

6,662

(7.4) %

LIFO

350

(2,663)

(113.1) %

Total gross profit

$ 38,939

$ 50,690

(23.2) %

Gross profit margins

New vehicle retail

8.9 %

10.5 %

(160)

bps

Pre-owned vehicle retail

17.9 %

20.6 %

(270)

bps

Vehicle wholesale

3.7 %

1.5 %

220

bps

Finance and insurance

96.7 %

96.6 %

10

bps

Service, body and parts and other

54.7 %

51.9 %

280

bps

Total gross profit margin

21.1 %

19.2 %

190

bps

Total gross profit margin (excluding LIFO)

20.9 %

20.2 %

70

bps

Retail units sold

New vehicle retail

1,365

1,865

(26.8) %

Pre-owned vehicle retail

913

1,071

(14.8) %

Total retail units sold

2,278

2,936

(22.4) %

Average selling price per retail unit

New vehicle retail

$ 77,240

$ 87,733

(12.0) %

Pre-owned vehicle retail

57,137

65,580

(12.9) %

Average gross profit per retail unit (excluding LIFO)

New vehicle retail

$ 6,875

$ 9,227

(25.5) %

Pre-owned vehicle retail

10,223

13,478

(24.2) %

Finance and insurance

5,994

5,115

17.2 %

*NM - not meaningful

Nine Months Ended September 30,

Variance

(In thousands, except per vehicle data)

2024

2023

Revenues

New vehicle retail

$ 354,704

$ 504,127

(30) %

Pre-owned vehicle retail

166,013

232,452

(29) %

Vehicle wholesale

8,861

5,222

70 %

Finance and insurance

42,357

48,330

(12) %

Service, body and parts and other

34,737

39,852

(13) %

Total revenues

$ 606,672

$ 829,983

(27) %

Gross profit

New vehicle retail

$ 24,666

$ 62,636

(61) %

Pre-owned vehicle retail

25,986

47,682

(46) %

Vehicle wholesale

(1,438)

44

NM

Finance and insurance

40,728

46,354

(12) %

Service, body and parts and other

18,637

20,075

(7) %

LIFO

(91)

(4,049)

(98) %

Total gross profit

$ 108,488

$ 172,742

(37) %

Gross profit margins

New vehicle retail

7.0 %

12.4 %

(540)

bps

Pre-owned vehicle retail

15.7 %

20.5 %

(480)

bps

Vehicle wholesale

(16.2) %

0.8 %

NM

Finance and insurance

96.2 %

95.9 %

30

bps

Service, body and parts and other

53.7 %

50.4 %

330

bps

Total gross profit margin

17.9 %

20.8 %

(290)

bps

Total gross profit margin (excluding LIFO)

17.9 %

21.3 %

(340)

bps

Retail units sold

New vehicle retail

4,511

5,543

(19) %

Pre-owned vehicle retail

2,950

3,534

(17) %

Total retail units sold

7,461

9,077

(18) %

Average selling price per retail unit

New vehicle retail

$ 78,631

$ 90,948

(14) %

Pre-owned vehicle retail

56,276

65,776

(14) %

Average gross profit per retail unit (excluding LIFO)

New vehicle retail

$ 5,468

$ 11,300

(52) %

Pre-owned vehicle retail

8,809

13,492

(35) %

Finance and insurance

5,459

5,107

7 %

*NM - not meaningful

Condensed Consolidated Balance Sheets

(In thousands)

September 30, 2024

December 31, 2023

Current assets

Cash

$ 13,536

$ 58,085

Receivables, net of allowance for doubtful accounts

23,642

22,694

Inventories

310,671

456,087

Income tax receivable

7,254

7,416

Prepaid expenses and other

3,467

2,614

Total current assets

358,570

546,896

Long-term assets

Property and equipment, net

273,733

265,726

Operating lease assets

25,571

26,377

Intangible assets, net

74,442

80,546

Other assets

3,630

2,750

Deferred income tax asset

β€”

15,444

Total assets

$ 735,946

$ 937,739

Current liabilities

Floor plan notes payable

$ 316,551

$ 446,783

Revolving line of credit, current portion

17,500

β€”

Other current liabilities

57,967

53,194

Total current liabilities

392,018

499,977

Long-term liabilities

Financing liability, non-current portion, net

90,540

91,401

Revolving line of credit, non-current portion

23,500

49,500

Long-term debt, non-current portion, net

27,590

28,075

Related party debt, non-current portion, net

43,152

33,354

Warrant liabilities

5,706

β€”

Other long-term liabilities

22,512

22,242

Total liabilities

605,018

724,549

Series A Convertible Preferred Stock

62,363

56,193

Stockholders' Equity

68,565

156,997

Total liabilities and stockholders' equity

$ 735,946

$ 937,739

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30,

(In thousands)

2024

2023

Operating Activities

Net loss

$ (83,866)

$ (2,301)

Adjustments to reconcile net loss to net cash provided by operating
activities:

Stock-based compensation

1,495

2,067

Bad debt expense

46

9

Depreciation and amortization of property and equipment

9,481

7,992

Amortization of intangible assets

6,106

5,501

Amortization of debt discount

1,508

327

Non-cash operating lease (benefit) expense

(497)

201

(Gain) loss on sale of property and equipment

(1,044)

21

Deferred income taxes

16,700

(116)

Change in fair value of warrant liabilities

799

(856)

Impairment charges

β€”

629

Changes in operating assets and liabilities:

Receivables

(994)

3,221

Inventories

145,416

18,427

Prepaid expenses and other

(853)

(1,196)

Income tax receivable/payable

165

(621)

Other assets

(882)

(169)

Accounts payable

(1,601)

5,511

Accrued expenses and other current liabilities

6,588

1,787

Total adjustments

182,433

42,735

Net cash provided by operating activities

$ 98,567

$ 40,434

Nine Months Ended September 30,

(In thousands)

2024

2023

Net cash provided by operating activities, as reported

$ 98,567

$ 40,434

Net repayments on floor plan notes payable

(129,169)

(13,967)

Minus borrowings on floor plan notes payable associated with acquired new
inventory

β€”

(19,726)

Adjusted net cash (used in) provided by operating activities

$ (30,602)

$ 6,741

Reconciliation of Non-GAAP Measures

Three Months Ended September 30, 2024

($ in thousands, except per share amounts)

As reported

Loss on
change in fair
value of
warrant
liabilities

LIFO

Transaction
costs

Severance
and transition
costs

Deferred tax
valuation
allowance

Adjusted

Costs applicable to revenue

$ 168,152

$ β€”

$ 350

$ β€”

$ β€”

$ β€”

$ 168,502

Selling, general and administrative expenses

45,802

β€”

β€”

(1,296)

(100)

β€”

44,406

(Loss) income from operations

(5,659)

β€”

(350)

1,296

100

β€”

(4,613)

Change in fair value of warrant liabilities

(462)

462

β€”

β€”

β€”

β€”

β€”

(Loss) income before income taxes

(18,046)

462

(350)

1,296

100

β€”

(16,538)

Income tax (expense) benefit

381

2

(1)

5

β€”

1

388

Net (loss) income

(17,665)

464

(351)

1,301

100

1

(16,150)

Dividends on Series A Convertible Preferred Stock

(2,159)

β€”

β€”

β€”

β€”

β€”

(2,159)

Net (loss) income and comprehensive (loss) income
attributable to common stock and participating securities

$ (19,824)

$ 464

$ (351)

$ 1,301

$ 100

$ 1

$ (18,309)

Diluted loss per share

$ (1.37)

$ (1.27)

Shares used for diluted calculation

14,439,861

14,439,861

Three Months Ended September 30, 2023

($ in thousands, except per share amounts)

As reported

LIFO

Transaction costs

Severance and
transition costs

Adjusted

Costs applicable to revenue

$ 226,241

$ (2,663)

$ β€”

$ β€”

$ 223,578

Selling, general and administrative expenses

48,250

β€”

(727)

(625)

46,898

Income from operations

1,589

2,663

727

625

5,604

(Loss) income before income taxes

(7,391)

2,663

727

625

(3,376)

Income tax benefit (expense)

1,805

(873)

(238)

(205)

489

Net (loss) income

(5,586)

1,790

489

420

(2,887)

Dividends on Series A Convertible Preferred Stock

(1,210)

β€”

β€”

β€”

(1,210)

Net (loss) income and comprehensive (loss) income
attributable to common stock and participating securities

$ (6,796)

$ 1,790

$ 489

$ 420

$ (4,097)

Diluted loss per share

$ (0.48)

$ (0.29)

Shares used for diluted calculation

14,263,367

14,263,367

Nine Months Ended September 30, 2024

($ in thousands, except per share amounts)

As reported

Loss on
change in
fair value of
warrant
liabilities

LIFO

Transaction
costs

Severance
and
transition
costs

Deferred
tax
valuation
allowance

Uninsured
loss

Adjusted

Costs applicable to revenue

$ 592,262

$ β€”

$ (91)

$ β€”

$ β€”

$ β€”

$ β€”

$ 592,171

Selling, general and administrative expenses

146,698

β€”

β€”

(2,925)

(199)

β€”

(481)

143,093

(Loss) income from operations

(31,802)

β€”

91

2,925

199

β€”

481

(28,106)

Change in fair value of warrant liabilities

(799)

799

β€”

β€”

β€”

β€”

β€”

β€”

(Loss) income before income taxes

(67,226)

799

91

2,925

199

β€”

481

(62,731)

Income tax (expense) benefit

(16,640)

5

1

20

1

17,262

3

652

Net (loss) income

(83,866)

804

92

2,945

200

17,262

484

(62,079)

Dividends on Series A Convertible Preferred Stock

(6,174)

β€”

β€”

β€”

β€”

β€”

β€”

(6,174)

Net (loss) income and comprehensive (loss) income
attributable to common stock and participating securities

$ (90,040)

$ 804

$ 92

$ 2,945

$ 200

$ 17,262

$ 484

$ (68,253)

Diluted loss per share

$ (6.24)

$ (4.73)

Shares used for diluted calculation

14,418,692

14,418,692

Nine Months Ended September 30, 2023

($ in thousands, except per share amounts)

As reported

Gain on
change in
fair value of
warrant liabilities

LIFO

Transaction
costs

Severance
and
transition
costs

Impairment
charge

Uninsured
loss

Adjusted

Costs applicable to revenue

$ 698,662

$ β€”

$ (4,049)

$ β€”

$ β€”

$ β€”

$ β€”

$ 694,613

Selling, general and administrative expenses

152,262

β€”

β€”

(1,198)

(1,278)

(629)

(300)

148,857

Income from operations

20,330

β€”

4,049

1,198

1,278

629

300

27,784

Gain on change in fair value of warrant liabilities

856

(856)

β€”

β€”

β€”

β€”

β€”

β€”

(Loss) income before income taxes

(2,943)

(856)

4,049

1,198

1,278

629

300

3,655

Income tax benefit (expense)

642

β€”

(1,140)

(337)

(360)

(119)

(106)

(1,420)

Net (loss) income

(2,301)

(856)

2,909

861

918

510

194

2,235

Dividends on Series A Convertible Preferred Stock

(3,590)

β€”

β€”

β€”

β€”

β€”

β€”

(3,590)

Net (loss) income and comprehensive (loss) income
attributable to common stock and participating securities

$ (5,891)

$ (856)

$ 2,909

$ 861

$ 918

$ 510

$ 194

$ (1,355)

Diluted loss per share

$ (0.49)

$ (0.07)

Shares used for diluted calculation

13,470,219

13,470,219

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SOURCE Lazydays RV

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