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Lazydays Holdings (GORV)
NASDAQ:GORV
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Lazydays Holdings
(NASDAQ:GORV)
33Underperform
Lazydays Holdings (GORV) vs. S&P 500 (SPY)
Market Cap
$26.47M
Dividend YieldN/A
Average Volume (3M)318.08K
Price to Earnings (P/E)―
Beta (1Y)1.76
Revenue Growth-18.48%
EPS Growth-8.67%
CountryUS
Employees1,300
SectorConsumer Cyclical
Sector Strength61
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)-8.72
Shares Outstanding110,125,755
10 Day Avg. Volume310,125
30 Day Avg. Volume318,080
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. (GORV) is a prominent player in the recreational vehicle (RV) industry, providing a comprehensive range of services and products. The company operates multiple RV dealerships across the United States, offering a wide selection of new and pre-owned RVs from leading manufacturers. Lazydays is renowned for its extensive inventory, exceptional customer service, and state-of-the-art facilities. The company also provides RV-related services, including maintenance, repairs, parts, and accessories, catering to the diverse needs of RV enthusiasts.
How the Company Makes MoneyLazydays Holdings generates revenue primarily through the sale of new and pre-owned recreational vehicles. The company's dealerships serve as the primary sales channels, where customers can explore and purchase a variety of RV models. In addition to vehicle sales, Lazydays earns significant revenue from its service and parts departments, offering maintenance, repairs, and a wide range of accessories to enhance the RV ownership experience. The company also benefits from finance and insurance offerings, providing customers with financing options and insurance products tailored for RVs. Strategic partnerships with leading RV manufacturers and financial institutions further bolster Lazydays' revenue streams, allowing the company to offer competitive pricing and financing solutions.
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
0.24
Price Trends
0.65
Negative
0.78
Negative
1.41
Negative
Market Momentum
-0.07
Positive
29.10
Positive
6.76
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 0.24 is below the 20-day moving average (MA) of 0.57, below the 50-day MA of 0.65, and below the 200-day MA of 1.41, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 29.10 is Positive, neither overbought nor oversold. The STOCH value of 6.76 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 | $2.07B | 14.66 | 10.42% | 5.36% | -1.15% | 121.43% | |
66 Neutral | $2.64B | 19.14 | 12.73% | 1.95% | 7.14% | -4.01% | |
65 Neutral | $3.08B | 24.18 | 7.50% | 3.62% | -18.19% | -68.10% | |
62 Neutral | $3.80B | 18.96 | 5.13% | 2.74% | -8.45% | -25.41% | |
59 Neutral | $11.22B | 10.13 | -1.22% | 3.96% | 1.32% | -18.57% | |
44 Neutral | $1.32B | ― | -17.13% | 3.86% | -2.03% | -202.23% | |
33 Underperform | $26.47M | ― | -156.25% | ― | -18.48% | -8.67% |
* Consumer Cyclical Sector Average
Performance Comparison
GORV
Lazydays Holdings
0.24
-3.52
-93.62%
BC
Brunswick
46.68
-44.48
-48.79%
CWH
Camping World Holdings
12.94
-12.31
-48.75%
LCII
LCI Industries
82.12
-31.22
-27.55%
PATK
Patrick Industries
78.60
3.29
4.37%
THO
Thor Industries
71.44
-39.31
-35.49%
Lazydays Holdings Earnings Call Summary
Earnings Call Date: Mar 31, 2025 | % Change Since: -48.94% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant strategic moves to strengthen the company's financial position and streamline operations. However, these positive developments were overshadowed by declining sales, increased expenses, and a substantial adjusted EBITDA loss, indicating ongoing challenges in the market.Highlights
Recapitalization and Financial Restructuring
Completed a comprehensive recapitalization that included a $30 million common equity pipe, exchange of convertible preferred stock for common, and an amendment of the credit facility, enhancing the capital structure and reducing debt.
Strategic Divestitures
Sold one dealership asset for $8 million and agreed to sell seven additional dealerships to Camping World for $65.5 million, retaining a $10 million deposit from Camping World.
Operational Improvements
Improved gross profit per unit sold and increased F&I revenue to over $6,000 per unit, up 3% from the previous quarter, with strong finance penetration at approximately 73%.
Towable Inventory Demand
Towable products now make up 77% of new inventory, up from 73% last year, reflecting consumer demand for affordable options.
Lowlights
Decline in Unit Sales
New unit sales declined by 7% and pre-owned retail unit sales, including consigned vehicles, were down 23%.
Overall Revenue Decline
Net sales for the quarter were $160 million, a decrease of $38 million or 19% compared to the same period in 2023.
Increased SG&A Expenses
SG&A expenses increased to $53 million from $46 million due to higher transaction and legal expenses.
Adjusted EBITDA Loss
Reported an adjusted EBITDA loss of $24 million compared to a loss of $11 million in the prior year period.
Company Guidance
During the Lazydays RV Holdings fourth quarter and fiscal 2024 earnings call, significant guidance was provided on the company's strategic initiatives and financial performance. The call highlighted a comprehensive recapitalization, including a $30 million common equity pipe and the sale of eight dealerships, generating $73.5 million, with $10 million retained as a non-refundable deposit. The company focused on reducing debt, and improving its balance sheet, resulting in a reduced floor plan debt by $11 million, and a $6 million decrease in term loan debt. Operationally, the company experienced a decline in new and used unit sales by 7% and 23%, respectively, but managed to improve gross profit per unit sold. Gross margin, excluding LIFO adjustments, was 23%, up from 21% in the previous quarter. Finance and insurance (F&I) revenue per unit increased by 3% to over $6,000, and finance penetration remained strong at approximately 73%. The inventory strategy shifted towards more affordable towable products, comprising over 77% of new inventory. The company launched a consignment program, with 76% of customer-acquired units on consignment. Despite a challenging economic environment, Lazydays remains optimistic about future RV demand and is focused on enhancing operational performance across dealerships to drive long-term shareholder value.Lazydays Holdings Corporate Events
Private Placements and FinancingM&A TransactionsBusiness Operations and Strategy
Lazydays Holdings Modifies Credit Agreement with Lenders
Negative
Mar 28, 2025
On March 27, 2025, Lazydays Holdings, Inc. entered into a Limited Waiver and Consent with M&T and other lenders, modifying their Credit Agreement to extend deadlines and reduce loan commitments. This agreement reflects Lazydays’ ongoing efforts to manage its financial obligations and restructure its operations following the partial completion of asset sales to Camping World Holdings, Inc. The company also terminated an Asset Purchase Agreement due to Camping World’s decision not to complete certain asset sales, impacting Lazydays’ strategic plans.
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.
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.