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Lazydays Holdings, Inc. (GORV)
:GORV
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Lazydays Holdings
(NASDAQ:GORV)
43Neutral
Lazydays Holdings (GORV) vs. S&P 500 (SPY)
Market Cap
$51.52M
Dividend YieldN/A
Average Volume (3M)278.89K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth-18.39%
EPS Growth-2152.76%
CountryUS
Employees1,300
SectorConsumer Cyclical
Sector Strength49
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)-13.85
Shares Outstanding109,853,660
10 Day Avg. Volume640,898
30 Day Avg. Volume278,892
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.01
Price to Cash Flow (P/CF)-1.10
P/FCF Ratio0.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering0
Lazydays Holdings Business Overview & Revenue Model
Company DescriptionLazydays Holdings, Inc. (NASDAQ: GORV) is a leading recreational vehicle (RV) dealership company based in the United States. The company operates in the automotive retail sector and specializes in selling a wide range of new and used RVs, including motorhomes, travel trailers, and fifth wheels. Lazydays is known for its comprehensive suite of services, which includes RV maintenance, repairs, parts, accessories, and financing options. With several dealership locations across the country, Lazydays aims to provide an exceptional customer experience for RV enthusiasts.
How the Company Makes MoneyLazydays Holdings generates revenue primarily through the sale of new and pre-owned recreational vehicles. The company's key revenue streams include vehicle sales, which account for the majority of its income, alongside after-market services such as maintenance, repairs, and parts sales. Additionally, Lazydays offers financing and insurance products, providing another layer of revenue from interest and service fees. The company also earns income from its RV rental services and campground operations. Strategic partnerships with RV manufacturers and financial institutions enhance its product offerings and financing solutions, contributing to its earnings potential.
Lazydays Holdings Financial Statement Overview
Summary
Lazydays Holdings is experiencing significant challenges with declining revenue and profitability, high leverage, and negative returns on equity. While cash flow improvements provide some stability, the overall financial position remains strained, posing risks to operations and debt servicing.Income Statement
Lazydays Holdings has experienced a significant decline in revenue and profitability over the recent periods. The gross profit margin has decreased from 23.5% in 2022 to 17.1% in TTM (Trailing-Twelve-Months). Net profit margin turned negative in TTM with a net loss, indicating profitability challenges. Revenue has also declined by 15% compared to the previous year, reflecting a downward trend. The EBIT and EBITDA margins have deteriorated, with negative values in the most recent TTM period.35
Negative
Balance Sheet
The company maintains a high debt-to-equity ratio of 4.19 in TTM, indicating a leveraged balance sheet which poses financial risk. The equity ratio is 17.8%, reflecting a relatively low proportion of the company funded by equity. Return on Equity (ROE) has turned negative due to net losses, highlighting inefficiencies in generating returns for shareholders.40
Negative
Cash Flow
Lazydays Holdings has shown improvement in cash flow, with a positive operating cash flow of $119.6 million in TTM. Free cash flow has also improved to $96.1 million. The operating cash flow to net income ratio is strong due to net losses, indicating cash generation despite accounting losses. However, the company's cash flow is primarily needed to service debt, limiting flexibility.50
Neutral
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 920.77M | 1.08B | 1.33B | 1.24B | 817.11M | 644.91M | Gross Profit |
| 157.70M | 210.23M | 311.93M | 310.37M | 167.72M | 121.37M | EBIT |
| -38.66M | 14.20M | 90.00M | 125.84M | 48.47M | 14.21M | EBITDA |
| -155.46M | -87.33M | 118.93M | 133.25M | 47.93M | 26.70M | Net Income Common Stockholders |
| -191.83M | -110.27M | 45.42M | 55.27M | 14.63M | 4.46M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 58.09M | 58.09M | 61.69M | 98.12M | 63.51M | 31.46M | Total Assets |
| 975.91M | 937.74M | 850.61M | 719.23M | 463.74M | 425.36M | Total Debt |
| 736.44M | 680.25M | 537.34M | 402.84M | 288.30M | 290.90M | Net Debt |
| 678.35M | 622.16M | 475.65M | 304.72M | 224.79M | 259.44M | Total Liabilities |
| 818.91M | 724.55M | 613.60M | 513.10M | 378.22M | 350.68M | Stockholders Equity |
| 157.00M | 213.19M | 237.01M | 206.13M | 85.52M | 74.68M |
| Cash Flow | Free Cash Flow | ||||
| 96.10M | -131.72M | -111.84M | -18.49M | 92.43M | 22.05M | Operating Cash Flow |
| 119.64M | -36.48M | -71.96M | 2.77M | 111.07M | 38.92M | Investing Cash Flow |
| -17.65M | -192.96M | -54.54M | -84.13M | -30.32M | -19.41M | Financing Cash Flow |
| -143.87M | 225.84M | 90.07M | 115.96M | -48.69M | -14.66M |
Lazydays Holdings Technical Analysis
Negative
0.47
Price Trends
0.70
Negative
0.83
Negative
1.49
Negative
Market Momentum
-0.03
Positive
36.23
Neutral
3.48
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GORV, the sentiment is Negative. The current price of 0.47 is below the 20-day moving average (MA) of 0.62, below the 50-day MA of 0.70, and below the 200-day MA of 1.49, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 36.23 is Neutral, neither overbought nor oversold. The STOCH value of 3.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GORV.
Lazydays Holdings Risk Analysis
Lazydays Holdings disclosed 39 risk factors in its most recent earnings report. Lazydays Holdings reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lazydays Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $2.23B | 15.60 | 10.42% | 4.92% | -1.15% | 121.43% | |
66 Neutral | $2.82B | 20.43 | 12.73% | 1.83% | 7.14% | -4.01% | |
65 Neutral | $3.69B | 29.19 | 7.50% | 3.16% | -18.19% | -68.10% | |
62 Neutral | $4.10B | 20.45 | 5.13% | 2.42% | -8.45% | -25.41% | |
59 Neutral | $12.27B | 11.11 | -0.54% | 3.71% | 1.45% | -20.42% | |
44 Neutral | $1.67B | ― | -17.13% | 2.87% | -2.03% | -202.23% | |
43 Neutral | $51.52M | ― | -114.73% | ― | -18.39% | -2152.76% |
* Consumer Cyclical Sector Average
Performance Comparison
GORV
Lazydays Holdings
0.47
-3.59
-88.42%
BC
Brunswick
53.49
-40.22
-42.92%
CWH
Camping World Holdings
16.39
-10.86
-39.85%
LCII
LCI Industries
87.40
-27.89
-24.19%
PATK
Patrick Industries
83.90
6.25
8.05%
THO
Thor Industries
77.08
-36.87
-32.36%
Lazydays Holdings Earnings Call Summary
Earnings Call Date: Nov 19, 2024 | % Change Since: -58.41% | Next Earnings Date: Mar 31, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While there were significant strategic and financial restructuring efforts that strengthened the company's financial foundation and improved capital structure, these were offset by substantial revenue declines and operational challenges, particularly due to natural disasters and market headwinds. The sentiment reflects cautious optimism about the future, given the strengthened capital position, but acknowledges the current economic and operational difficulties.Highlights
Transformative Transactions
The company announced a series of transformative transactions, including changes to capital structure and sales of certain assets, providing a significantly strengthened financial foundation and a more focused dealership portfolio.
Strengthened Capital Structure
Lazydays closed a $30 million common equity PIPE, providing immediate additional liquidity. Plans to launch a $25 million rights offering are also underway, with further simplification of capital structure by eliminating preferred stock liquidation preference of $68 million and annual preferred dividend requirements of $9 million.
Financial Covenant Flexibility
Executed an amendment to the credit facility with M&T Bank, providing significant financial covenant flexibility through the first quarter of 2026, allowing the company to continue operational turnaround efforts.
Finance and Insurance Revenue Resilience
Finance and insurance revenue was slightly down by only 0.8% for the quarter, with F&I average gross profit per unit increasing by 15.9%.
Gross Profit Margin Increase
Gross profit margin increased to 21.2% during the quarter, an improvement of 180 basis points compared to last year's third quarter.
Removal of Going Concern
As a result of the recapitalization and asset sale transactions, the company is now able to remove the going concern warning, reflecting improved financial stability.
Lowlights
Revenue Decline
Total revenue for the quarter was $213.5 million, a decrease of 23.9% compared to the same period in 2023. For the 9-month period, total revenue was down 18.3%.
Impact of Hurricanes
The third quarter was negatively affected by Hurricane Helene, resulting in the loss of 10 sales days, and further impacted by Hurricane Milton, affecting all 3 Florida stores.
New Unit Sales and Gross Profit Decline
New unit sales declined 18.6% in the quarter, and gross profit per unit, excluding LIFO, decreased by 26.1%. Average selling price for new units declined 13.1%.
Pre-owned Unit Sales Challenges
Pre-owned retail unit sales were down 6.7% during the quarter, with gross profit per unit decreasing 23.6%, mainly due to supply constraints.
Total Gross Profit Decrease
Total gross profit for the quarter was $45.3 million, a decrease of $9.1 million or 16.8% versus last year.
Company Guidance
During the GORV earnings call for Q3 2024, several key metrics and strategic changes were highlighted to strengthen Lazydays Holdings' financial position and operational focus. The company reported a total revenue of $213.5 million for the quarter, marking a 23.9% decrease compared to the same period in 2023. New unit sales declined by 18.6%, while gross profit per unit excluding LIFO saw a 26.1% decrease. Despite these challenges, the company achieved a 15.9% increase in finance and insurance average gross profit per unit. Lazydays executed transformative transactions, including selling seven dealerships for $65.6 million and closing a $30 million common equity PIPE, which contributed to a significant liquidity improvement, raising available cash to approximately $35 million. Additionally, debt reduction measures are expected to save around $16 million annually in interest expenses and preferred dividends. These strategic moves have removed the going concern status from their financial reports, reflecting newfound stability and positioning the company for future growth.Lazydays Holdings Corporate Events
Executive/Board ChangesPrivate Placements and Financing
Lazydays Holdings Appoints Jeff Needles as CFO
Positive
Jan 6, 2025
Lazydays Holdings has appointed Jeff Needles as its new Chief Financial Officer, effective January 6, 2025. Needles, who brings over 20 years of financial management experience, will oversee the company’s financial operations. His appointment follows a series of recent financing transactions and is expected to support further transformational actions for the company’s future success. Jeff Huddleston, the previous Interim CFO, will continue to assist in the transition as a consultant for a limited period.
M&A TransactionsRegulatory Filings and Compliance
Lazydays Holdings Shares Recapitalization Disclosure Update
Neutral
Dec 19, 2024
Lazydays Holdings, Inc. has disclosed certain information previously shared with investors under confidentiality agreements as part of its recapitalization and asset sale transactions. This disclosure, termed as Cleansing Material, is meant to fulfill the company’s obligations under these agreements and should not be considered as reliable for making investment decisions.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.