Lazydays Holdings, Inc.

Greetings and welcome to the Lazy Day RV Holdings 2024 Earnings Release Conference Call. At this time, all participants are on a listen-only mode. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jeff Needles, Chief Financial Officer. Mr. Needles, please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to Lazy Day's fourth quarter and fiscal 2024 earnings conference call. Before we begin, I would like to remind everyone that we will be discussing forward-looking information, including potential future financial performance, which is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from such forward-looking statements and information. Such risks, uncertainties, assumptions, and other factors are identified in our earnings release and other periodic filings with the SEC as well as on the investor relations section of our website. Accordingly, forward-looking statements should be relied upon as prediction of actual results and any or all of our forward-looking statements may prove to be inaccurate. We can make no guarantees about future performance and we undertake no obligation to update or revise our forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings press release, which is available on our website, for how we define these measures and reconciliations to the closest comparable GAAP measures. Today's call is being webcast live and will also be archived on our website for future listening. Before we begin, please note that we will not be fielding questions following the conclusion of prepared remarks. We encourage you to refer to our earnings release and SEC filings for further information. With that, I'll turn the call over to Ron Fleming, our internal CEO, who is joined by Amber Dillard, our Chief Operating Officer.

Ron? Thank you, Jeff. Good morning, everyone, and thank you for joining us today. 2024 was a year of significant transformation for Lazy Days. This began in the third quarter with our leadership transition, accelerated in the fourth quarter with a series of transactions designed to strengthen our balance sheet and streamline our operational footprint, and has continued into 2025 as we execute our turnaround plan to reshape Lazy Days for the future. While the fourth quarter and full year 2024 were undoubtedly challenging, we believe the steps we have taken and continue to take will create a more durable, agile, and higher-performing company and ultimately drive long-term shareholder value. Reflecting on our progress to date, in the fourth quarter, we completed a comprehensive recapitalization inclusive of a $30 million common equity pipe from two of our investors, an exchange of all our outstanding convertible preferred stock for common stock, and an amendment of our credit facility led by M&T Bank. These transactions added immediate cash to our balance sheet, enhanced our capital structure through the elimination of our preferred stock liquidation preference and annual preferred dividend requirements, and reduced our debt while providing financial covenant flexibility. During the quarter, we also began the process of rightsizing our dealership portfolio to further delever our balance sheet, simplify our operational footprint, and improve the underlining earnings power of the business. We completed the sale of one dealership asset for $8 million and agreed to sell seven additional dealerships to certain subsidiaries of Camping World for $65.5 million, $10 million of which was comprised of a non-refundable deposit. We completed the sale of five dealerships to Camping World in February and March 2025, with the buyer electing not to close on the remaining two, our locations in Portland, Oregon, and Council Bluffs, Iowa. we remain well equipped to continue operating both stores. Importantly, due to the way in which our transaction with Camping World was structured, we retained the $10 million deposit and have exercised our remedy for their refusal to close on these two stores, which relieves us of any obligation to issue any common stock to the buyer and avoids diluting our stockholders. Taken together, These actions fortified our financial foundation and provided us with a more focused dealership footprint, allowing us to better navigate the evolving RV landscape to the benefit of our shareholders and other stakeholders. As we look ahead, we remain laser focused on ensuring we have the right dealership footprint and maximizing the operational performance of the stores within that footprint. To that end, this morning we announced that we have signed a letter of intent with General RV Center to divest three of our locations, our Fort Pierce, Florida, Longmont, Colorado, and Mesa, Arizona stores. If completed, this transaction will add meaningful cash to our balance sheet, reduce our indebtedness, and decrease geographical redundancy in our footprint. The letter of intent is generally non-binding with the exception of a 75-day exclusivity provision for these three stores. With respect to maximizing the operational performance of the stores within our footprint, as Amber will discuss, we have made encouraging initial progress in this respect, and we believe that continuing to improve our operations will unlock significant shareholder value in the quarters to come. In closing, I want to thank our employees as well as our shareholders, lenders, customers, and OEM partners for their support of Lazy Days. As we continue to execute our turnaround plan, we are committed to acting in the best interest of all of our stakeholders and upholding Lazy Day's hard-earned reputation for delivering the best RV sales and service experience in the industry. While there remains much work to be done, we are confident Lazy Day's best days are ahead, and we look forward to continuing to forge this new promising future for the business together. With that, I'll turn the call over to Amber to discuss our operational performance in more detail.