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Overview of Lazydays Holdings Inc
Lazydays Holdings Inc (GORV) is recognized as a premier destination for recreational vehicle (RV) enthusiasts. With roots established in 1976, Lazydays has evolved into the nation’s largest RV dealership network, known for its extensive inventory and exceptional customer service. Strategically located in key markets such as Tampa, Florida and Tucson, Arizona, the company offers an unparalleled range of products and services that cater to both seasoned RVers and newcomers looking to embrace the RV lifestyle.
Comprehensive Product and Service Offering
Lazydays operates a full-service business model that spans the entire RV ownership lifecycle. The company’s operations include:
- New and Pre-Owned RV Sales: Boasting one of the widest selections in the market, Lazydays offers an extensive array of RV brands and models. This broad selection ensures that every customer finds a product that fits their lifestyle and budget.
- After-Sales Service and Support: With state-of-the-art service facilities and a commitment to superior customer care, the company provides maintenance, aftermarket parts, and accessory services designed to enhance the RV ownership experience.
- Financial Services: Lazydays supports its customers with a suite of financial solutions including financing, insurance products, and third-party protection plans, ensuring a seamless and supportive buying process.
- RV Lifestyle and Community: More than just a dealership, Lazydays serves as a community hub where RV enthusiasts can connect, relax, and recharge, further strengthening its brand as a "home away from home" for nearly one million RVers and their families annually.
Market Position and Business Model
Positioned within a competitive and dynamic industry, Lazydays leverages its expansive dealership network to maintain a robust market presence. The company differentiates itself by focusing on a healthy mix of current model year units and an evolving inventory strategy that includes both new and used vehicles. Its multi-faceted revenue streams are supported by a well-developed service network and financial products designed to cater to the diverse needs of the RV community.
Operational Excellence and Strategic Expansion
Through a combination of strategic acquisitions and new dealership builds, Lazydays continues to optimize its operational footprint. The company is adept at managing its extensive inventory, which plays a crucial role in driving sales and service revenue. Its operational strategy emphasizes quality inventory, customer experience, and continuous process improvements, ensuring it remains a strong competitor in the industry.
Industry Expertise and Trusted Brand
Underpinned by decades of industry experience, Lazydays has developed a reputation for excellence. This is reflected in its deep product knowledge, enduring relationships with RV manufacturers, and a track record of delivering superior customer service. The company’s authority within the RV market is further enhanced by its community-focused approach, attracting a loyal customer base that values both the product range and the immersive service experience.
Key Takeaways
Lazydays Holdings Inc exemplifies a robust business model structured around comprehensive RV solutions. Its expansive network, multi-revenue streams, and unwavering commitment to customer satisfaction position the company as an essential entity within the recreational vehicle industry. Whether through sales, service, financial offerings, or community engagement, Lazydays consistently demonstrates an informed approach to meeting the evolving needs of RV enthusiasts.
Lazydays Holdings, Inc. (NasdaqCM: GORV) has announced the promotion of Amber Dillard to Chief Operating Officer, effective September 17, 2024. Dillard, previously Vice President of Operations, will report to Interim CEO Ron Fleming. With over 13 years of experience at Lazydays, Dillard has worked across various functions including accounting, supply chain, and dealership operations. In her new role, she will lead collaborations with OEM partners and dealership General Managers to enhance operational performance and customer satisfaction.
Dillard joined Lazydays in 2011 and has a background in public and non-profit accounting. She holds a bachelor's degree in Accounting from Florida State University and was named to the inaugural class of the RVIA 40 under 40 award winners in 2017. Lazydays, founded in 1976, is a prominent RV industry player known for exceptional sales, service, and ownership experiences.
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.
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