- **$145M Debt Reduction**: Dealer sales and cost cuts slashed debt, enabling focus on profitable operations.
- **26% Gross Margin**: Sequential improvement in used and new unit margins, driven by inventory optimization.
- **39% Gross Profit Growth**: Unit-level profitability surged despite lower sales, reflecting strategic inventory management.
- **$4M EBITDA Improvement**: Year-over-year loss reduction, signaling financial stabilization post-restructuring.


**【Ron Fleming - Strategic Updates】**
- **Dealerfootprint Optimization**: Sold 5 dealerships to Camping World, reducing SG&A by $10M YoY and repaying $145M debt. Entered LOI to divest 3 more stores, aiming to streamline operations and reduce overhead.
- **Operational Improvements**: Q1 gross profit margins increased across all product lines, despite 36% decline in new unit sales. Used unit sales up 19% QoQ, driven by consignment inventory program and improved market conditions.
- **Tariff Impact**: Monitoring potential price changes, but optimistic about tariff relief. Believes RV affordability will sustain demand despite macro challenges.

**【Amber Dillard - Operational Highlights】**
- **Sales Growth**: New unit sales +18% QoQ, used unit sales +19% QoQ. Gross profit per unit up 39% QoQ, total gross margin 26% vs. 19% in Q4.
- **Inventory Health**: 82% of new inventory is 2025/2026 models. Motorized sales up 11% QoQ, balancing demand for towables and first-time buyers.
- **F&I Performance**: F&I revenue >$5,000/unit, finance penetration 70%, reflecting strong lender partnerships.

**【Jeff Needles - Financial Performance】**
- **Top Line**: Net sales $166M (-39% YoY), driven by store divestitures. New unit ASP +15%, used unit gross margin 21% (+10% YoY).
- **Cost Control**: SG&A $39M (-20% YoY), debt reduced by $145M (including $95M floor plan). Adjusted EBITDA loss $4M vs. $18M YoY.
- **Balance Sheet**: $145M debt repayment, focusing on long-term stability and operational performance improvement.

**【Key Takeaways】**
- **Strategic Restructuring**: Dealer divestitures and inventory optimization drove $145M debt reduction and 20% SG&A decline YoY.
- **Operational Efficiency**: 39% QoQ gross profit per unit growth, 26% total gross margin, despite lower sales volume.
- **Financial Resilience**: $4M EBITDA loss vs. $18M YoY, with focus on balance sheet strength and operational turnaround.


Lazydays (GORV)-15 May 25-2025 Q1 Earnings call transcript

- **Balance Sheet Restructuring**: $30M equity raise, preferred stock conversion, and $17M debt reduction strengthened liquidity.
- **Asset Optimization**: Sold 8 dealerships for $73.5M, retained $10M deposit from Camping World, and signed LOI to divest 3 more stores.
- **Operational Efficiency**: 23% gross margin (excl. adjustments), 73% F&I penetration, and 77% towable inventory focus driving margin improvement.
- **Turnaround Momentum**: Reduced transaction costs, improved inventory management, and $24M EBITDA loss vs. $11M prior year, signaling progress despite macro challenges.

**【Management Opening Remarks】**
- **Balance Sheet Strengthening**: Completed $30M equity raise, exchanged preferred stock for common shares, and amended credit facility with M&T Bank, reducing debt and enhancing flexibility.
- **Asset Rightsizing**: Sold 1 dealership for $8M, agreed to sell 7 to Camping World for $65.5M (including $10M non-refundable deposit), with 2 locations (Portland, Council Bluffs) retained post-buyer default.
- **Future Divestitures**: Signed LOI to sell 3 additional stores (Fort Pierce, Longmont, Mesa) to General RV Center, aiming to reduce redundancy and improve cash flow.

**【CEO Ron Fleming’s Strategic Update】**
- **Turnaround Progress**: 2024 marked leadership transition and operational streamlining, with Q4 2024 net sales $160M (-19% YoY) reflecting planned volume reductions.
- **Financial Health**: Reduced floor plan debt by $11M and term loan by $6M, with adjusted EBITDA loss of $24M vs. $11M prior year, driven by transaction costs.
- **Shareholder Value**: Focus on dealer network optimization, operational efficiency, and risk mitigation (e.g., retaining $10M deposit from Camping World deal).

**【COO Amber Dillard’s Operational Highlights】**
- **Gross Margin Improvement**: Excluding $6.8M inventory/LIFO adjustments, Q4 gross margin 23% vs. 21% Q3, driven by better inventory management.
- **Sales Mix Shift**: 77% new inventory in towables (vs. 73% prior year), 44% decline in motorized inventory, targeting first-time buyers.
- **F&I Strength**: Revenue $6,000+ per unit (+3% QoQ), finance penetration 73%, with 76% pre-owned units acquired via consignment.
- **Inventory Health**: 75% new inventory is 2025 model year, reduced trade-ins due to consumer caution.

**【CFO Jeff Needles’ Financial Recap】**
- **Topline Performance**: Q4 net sales $160M (-19% YoY), new unit sales -7% (-92 units), pre-owned -23% (-268 units), towables up 3% (new) and 5% (pre-owned).
- **Cost Control**: SG&A $53M (+15% YoY) due to transaction costs, with outlook for future reductions post-divestitures.
- **Liquidity**: $10M deposit retained from Camping World, $30M equity inflow, and $17M debt reduction.
- **Margins**: Gross margin 19% (21% excluding adjustments), adjusted EBITDA loss $24M (vs. $11M prior year).

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