Annual Report (Form 10-K) for the fiscal year ended December 31, 2024
This is a Form 10-K annual report filed with the Securities and Exchange Commission (SEC) by a company for the fiscal year ended December 31, 2024. The report provides an overview of the company’s financial performance, including revenue of $X billion, net income of $Y billion, and earnings per share (EPS) of $Z. The company’s total assets increased by $X billion to $Y billion, while total liabilities decreased by $X billion to $Y billion. The report also highlights significant events and developments, such as the acquisition of Company A for $X billion and the launch of new product X. Additionally, the report provides information on the company’s cash flow, financial position, and management’s discussion and analysis of the company’s financial performance.
Overview of the Company’s Financial Performance
Lazydays Holdings, Inc. (the “Company”) operates recreational vehicle (RV) dealerships and offers a comprehensive portfolio of products and services for RV owners and outdoor enthusiasts. The Company’s financial performance in 2024 was impacted by a contracting RV market, leading to decreases in both new and pre-owned vehicle retail revenue and gross profit.
Revenue and Profit Trends
New vehicle retail revenue decreased 18.8% in 2024 compared to 2023, due to a 4.9% decrease in new units sold and a 14.6% decrease in average selling price per new retail unit. New vehicle gross profit decreased 48.8% due to fewer units sold and a 46.1% decrease in gross profit per unit.
Pre-owned vehicle retail revenue decreased 30.4% in 2024 compared to 2023, due to a 15.5% decrease in retail units sold and a 17.6% decrease in average selling price per retail unit. Pre-owned vehicle retail gross profit decreased 47.0% due to fewer units sold and lower gross profit per unit.
Vehicle wholesale revenue increased 64.0% in 2024 as the Company strategically right-sized its RV inventory, but wholesale gross profit decreased $2.5 million.
Finance and insurance (F&I) revenue increased 2.0% due to a 9.6% increase in average F&I gross profit per unit, driven by higher warranty product sales.
Service, body and parts and other revenue and gross profit decreased 6.5% and 4.7%, respectively, due to lower demand.
Strengths and Weaknesses
Strengths:
- Diversified revenue streams beyond just vehicle sales, including F&I, service, and parts/accessories
- Established strategic alliances with leading RV manufacturers
- Extensive service capabilities with over 400 service bays and certified technicians
Weaknesses:
- Significant reliance on new and pre-owned vehicle sales, which were impacted by a contracting RV market
- Impairment charges of $39.1 million related to assets held for sale and definite-lived intangible assets
- Substantial net loss of $180.0 million and accumulated deficit of $131.0 million, raising substantial doubt about the Company’s ability to continue as a going concern
Outlook
The Company faces a challenging outlook, with substantial doubt about its ability to continue as a going concern over the next year. Its ability to meet future liquidity needs will depend on its ability to generate positive cash flows from operations and/or secure other sources of outside capital. The Company has taken steps to reduce its footprint and focus on its core operations, but the contracting RV market and impairment charges have significantly impacted its financial performance. Continued execution of its strategic initiatives and securing additional financing will be critical to the Company’s future.
