Lazydays Holdings Inc (GORV) 2024 Q3 法說會逐字稿

Greetings and welcome to the Lazydays Holdings Incorporated third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Lazydays management. Thank you. You may begin.

問候並歡迎參加 Lazydays Holdings Incorporated 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給 Lazydays 管理層。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us. On the call with me today is Ron Fleming, our interim CEO.

大家早安，感謝大家的收看。今天與我一起通話的是我們的臨時執行長 Ron Fleming。

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 with the Investor Relations section of our website.

在我們開始之前，我想提醒大家，我們將討論前瞻性訊息，包括潛在的未來財務業績，這些資訊受風險、不確定性和假設的影響，可能導致實際結果與此類前瞻性陳述和資訊有重大差異。此類風險、不確定性、假設和其他因素均在我們的收益報告和向美國證券交易委員會提交的其他定期文件中以及我們網站的投資者關係部分中列出。

Accordingly, forward-looking statements should not be relied upon as prediction of actual results in 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.

因此，不應依賴前瞻性陳述，因為我們的任何或所有前瞻性陳述對實際結果的預測都可能被證明是不準確的。我們無法對未來的表現做出任何保證，我們也不承擔更新或修改前瞻性陳述的義務。

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.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。請參閱我們網站上的收益新聞稿，了解我們如何定義這些指標以及與最接近的可比較 GAAP 指標的調整。

On this call, we will briefly mention a planned rights offering but such offering is subject to the SEC declaring a registration statement on Form S-1 effective. Nothing in this discussion constitutes an offer to sell or a solicitation of an offer to buy any rights, common stock, or any other securities.

在本次電話會議中，我們將簡要提及計劃中的配股，但此類配股須經美國證券交易委員會宣布 S-1 表格上的註冊聲明生效。本討論的任何內容均不構成出售要約或購買任何權利、普通股或任何其他證券的要約邀請。

At the conclusion of this call, we will not be doing Q&A as we normally do. We will resume Q&A on our next investor call after reporting year-end earnings in March of 2025.

在本次電話會議結束時，我們不會像往常一樣進行問答。我們將在 2025 年 3 月報告年終收益後，在下一次投資者電話會議上恢復問答。

With that, I'd like to turn the call over to Ron, our CEO.

說到這裡，我想把電話轉給我們的執行長羅恩。

Thank you, Jeff. Good morning, everyone, and thank you for joining us today. I'm pleased to be speaking with you all for the first time since my appointment just two months ago. As a prior 11-year executive at the company where I managed our flagship Tampa dealership before overseeing all Lazydays' locations, I have deep familiarity with and admiration for Lazydays' story, history, and brand.

謝謝你，傑夫。大家早安，感謝大家今天的參與。我很高興自兩個月前上任以來第一次與大家交談。在負責監管所有 Lazydays 門市之前，我曾在該公司擔任了 11 年的高管，負責管理我們的旗艦坦帕經銷店，因此，我對 Lazydays 的故事、歷史和品牌非常熟悉和欽佩。

I am excited to be working with my colleagues to return the company to its industry leadership position. To that end, as you know, we've embarked on a significant journey to reshape Lazydays for the future. We kick-started this journey last Friday with the announcement of a series of transformative transactions including changes to our capital structure and sales of certain assets, which together, provide the company with a significantly strengthened financial foundation and more focused dealership portfolio.

我很高興能與我的同事們一起努力，讓公司重回業界領先地位。為此，如您所知，我們已經踏上了重塑 Lazydays 未來的重要旅程。我們在上週五啟動了這一旅程，宣布了一系列變革性交易，包括改變我們的資本結構和出售某些資產，這些交易共同為公司提供了顯著加強的財務基礎和更專注的經銷商組合。

Specifically, we agreed to sell seven dealerships and issue common stock to certain indirect subsidiaries of Camping World Holdings Inc. for a combined $65.6 million plus additional cash for inventory and service work in progress. We also agreed to sell one additional asset of a previously closed dealership to a separate buyer for $8 million.

具體來說，我們同意出售七家經銷店並向 Camping World Holdings Inc. 的某些間接子公司發行普通股，總價值為 6,560 萬美元，外加用於庫存和在製品服務工作的額外現金。我們也同意以 800 萬美元的價格將先前關閉的經銷店的另一項資產出售給另一位買家。

These sales and the associated delevering of our balance sheet, when finalized, will streamline our operational footprint and in turn, improve the underlying earnings power of the business. With respect to our capital structure, we closed a $30 million common equity pipe and $1.03 per share with two of our supportive investors, Alta Fundamental Advisers and Coliseum Capital Management and accounts each of them manages, providing the company with immediate additional liquidity to support operations.

這些銷售和相關的資產負債表去槓桿一旦完成，將簡化我們的營運足跡，進而提高業務的潛在獲利能力。就我們的資本結構而言，我們與兩大支持投資者 Alta Fundamental Advisers 和 Coliseum Capital Management 以及他們各自管理的帳戶達成了 3000 萬美元的普通股融資，每股價格為 1.03 美元，為公司提供了即時的額外流動性以支持運營。

We also announced plans to launch a $25 million rights offering at $1.03 per share, allowing all of our shareholders as of a future record date, the opportunity to purchase common stock at the same price as the pipe investors in Camping World. We will soon be filing a registration statement on Form S-1 with the US Security Exchange Commission, and after it is declared effective and we set a record date, we will be contacting shareholders of record with additional information.

我們還宣布計劃以每股 1.03 美元的價格發行 2500 萬美元的配股，讓我們所有的股東在未來的記錄日期有機會以與 Camping World 的管道投資者相同的價格購買普通股。我們很快就會向美國證券交易委員會提交 S-1 表格註冊聲明，在該聲明宣布生效並設定記錄日期後，我們將聯繫記錄股東並提供更多資訊。

Importantly, we also agreed to exchange all of our outstanding convertible preferred stock for common stock at $1.03 per share. This is an important enhancement to our capital structure as it eliminates our preferred stock liquidation preference of $68 million, annual preferred dividend requirements of $9 million, and other preferred stockholder rights. We will now have one class of common stock with all shareholders having the same rights.

重要的是，我們還同意以每股 1.03 美元的價格將我們所有流通在外的可轉換優先股兌換為普通股。這是對我們資本結構的一個重要增強，因為它消除了我們的 6800 萬美元的優先股清算優先權、900 萬美元的年度優先股股息要求以及其他優先股股東權利。我們現在將擁有一類普通股，所有股東享有相同的權利。

Lastly, we executed an amendment to our credit facility with our lender group led by M&T Bank, providing significant financial covenant flexibility through the first quarter of 2026. In addition to a meaningful paydown of our revolver balance, this amendment gives us the flexibility we need to continue to execute our operational turnaround.

最後，我們與 M&T 銀行牽頭的貸方集團對信貸安排進行了修訂，為 2026 年第一季提供了重大的財務契約彈性。除了有意義地償還我們的循環信貸餘額之外，這項修正案還為我們提供了繼續執行營運扭虧為盈所需的靈活性。

Collectively, we believe that these transactions mark a turning point for the trajectory of Lazydays. To be sure, these steps were taken with careful consideration for all stakeholders including our shareholders, lenders, creditors, customers, OEM partners, and especially our dedicated employees.

總的來說，我們認為這些交易標誌著 Lazydays 發展軌蹟的轉折點。可以肯定的是，這些措施都是經過深思熟慮後才採取的，考慮到了所有利益相關者，包括我們的股東、貸方、債權人、客戶、OEM合作夥伴，特別是我們敬業的員工。

I know change can be challenging, but I'm incredibly optimistic about the future of our business. This recapitalization allows us to emerge stronger, more agile, and better equipped to navigate the evolving RV landscape. Today, we begin a new chapter in building a stronger Lazydays, one that's poised for long-term growth and success.

我知道改變會很有挑戰性，但我對我們業務的未來非常樂觀。此次資本重組使我們更強大、更靈活，並能更好地應對不斷變化的 RV 格局。今天，我們開啟了打造更強大的 Lazydays 的新篇章，為長期發展和成功做好準備。

We continue to be committed to investing in our people, fostering a culture of innovation, deepening our relationships with our valued OEM partners, and providing the best RV experience in the industry from sales and service to financing and beyond. Looking ahead with a streamlined and simplified balance sheet and dealership network and an acute focus on our operational performance, we believe we can do just that while charting a path back to profitability.

我們將繼續致力於投資我們的員工，培養創新文化，深化與我們尊貴的 OEM 合作夥伴的關係，並提供業內最佳的 RV 體驗，從銷售、服務到融資等等。展望未來，透過精簡和簡化的資產負債表和經銷商網路以及高度關注我們的營運績效，我們相信我們可以做到這一點，同時規劃出一條恢復盈利的道路。

I want to thank our entire team for their hard work, resilience, and unwavering commitment to Lazydays. Your dedication is the driving force behind our success. And to our partners, investors, and lenders, thank you for your continued confidence and support. We're excited to embark on this journey together.

我要感謝我們整個團隊的辛勤工作、堅韌不拔以及對 Lazydays 的堅定承諾。您的奉獻是我們成功的動力。謝謝我們的合作夥伴、投資者和貸款人一直以來的信任和支持。我們很高興能一起踏上這段旅程。

With that, I'd like to turn the call back to Jeff who will provide more details on our most recent quarterly results and the financial impacts of our strategic transactions.

說到這裡，我想把電話轉回給傑夫，他將提供有關我們最新季度業績以及戰略交易的財務影響的更多詳細資訊。

Thank you, Ron. Please note that unless stated otherwise, the 2024 third-quarter comparisons are versus the same period in 2023.

謝謝你，羅恩。請注意，除非另有說明，2024 年第三季的比較是與 2023 年同期進行的。

Total revenue for the quarter was $213.5 million, a decrease of 23.9%. By comparison, total revenue for the nine-month period was down 18.3%. The third quarter continued to be impacted by economic and other demand headwinds in 2024 that we have discussed before and that are being experienced both by (inaudible) and others in the industry.

本季總營收為 2.135 億美元，下降 23.9%。相比之下，前九個月的總收入下降了 18.3%。第三季繼續受到 2024 年經濟和其他需求逆風的影響，我們之前已經討論過，並且 (聽不清楚) 和行業中的其他企業都在經歷這些逆風。

Additionally, from the perspective of an RV dealer that has six stores in the Southeastern US, including our largest store located in Tampa, the third quarter was also negatively affected by Hurricane Helene during the closing days of September and the third quarter. Most people familiar with the industry know that the final days of any month tend to be the strongest sales days for dealers. So the timing of that event in terms of sales days was unfortunate.

此外，從在美國東南部擁有六家門市（包括我們位於坦帕的最大門市）的房車經銷商的角度來看，9 月底和第三季末的颶風海倫也對第三季產生了負面影響。大多數熟悉該行業的人都知道，每個月的最後幾天往往是經銷商銷售最旺盛的日子。因此，從銷售日的角度來看，這次活動的時機不太好。

And then not long after the quarter ended in just about two weeks after Helene, the Greater Tampa area and all of Central Florida took a direct hit from Hurricane Milton, which impacted all three of our Florida stores to varying degrees. The combined impact of both storms, we estimate, was a loss of 10 sales days with effects both before and after the storms.

在本季結束後不久，即海倫颶風過後僅兩週，大坦帕地區和整個中佛羅裡達州都受到了颶風米爾頓的直接襲擊，對我們佛羅裡達州的三家商店都產生了不同程度的影響。我們估計，兩場風暴的綜合影響是，風暴前後都造成了 10 天的銷售損失。

However, we did not suffer any serious casualty losses from either storms, and we are very proud of how our team pulled together to help our affected stores as well as helping our employees, partners, and their families and communities recover from the impacts of these storms.

然而，這兩場風暴都沒有給我們造成嚴重的傷亡，我們非常自豪我們的團隊齊心協力幫助受影響的商店，並幫助我們的員工、合作夥伴、他們的家人和社區從風暴的影響中恢復過來。

New unit sales declined 18.6% in the quarter and gross profit per unit excluding LIFO declined 26.1%. Average selling price or ASP for new units declined 13.1% for the quarter, a result of the continued shift in 2024 towards towables with the bigger ticket motorized units being on less customer shopping lists in 2024.

本季新單位銷售額下降 18.6%，不包括後進先出法的每單位毛利潤下降 26.1%。本季新車平均售價或 ASP 下降 13.1%，這是由於 2024 年消費者繼續轉向牽引車，而 2024 年大宗機動車在客戶購物清單上的比例會降低。

Pre-owned retail unit sales were down 6.7% during the quarter and gross profit per unit decreased 23.6%. Demand for the quarter and the year has continued to trend towards pre-owned units. And the primary limiting factor for us as a dealer in capturing more sales has been the availability of pre-owned units in the market.

本季二手零售單位銷售額下降 6.7%，每單位毛利下降 23.6%。本季和今年的需求持續趨向於二手房。作為經銷商，我們獲得更多銷售的主要限制因素是市場上二手車的供應。

In other words, we feel there's less of a demand headwind for pre-owned and it's a bit more of an issue of supply. We do expect the supply picture to improve in the future and with our announced transactions and having better access to capital, we see a margin improvement opportunity here as that market shifts to more of a buyer's market for dealers with more customers ready and able to sell their pre-owned units.

換句話說，我們認為二手車的需求阻力較小，供應問題較大。我們確實預計未來供應狀況會有所改善，而且隨著我們宣布交易以及獲得資本的管道更加便利，我們看到了利潤率提升的機會，因為對於經銷商而言，市場正在轉向買方市場，越來越多的客戶願意並能夠出售他們的二手車。

Finance and insurance or F&I revenue was slightly down with a reduction of only 0.8% for the quarter and F&I average gross profit per unit increased by 15.9% for the quarter. We are very encouraged to have achieved almost flat revenue and strong per unit margin growth in this category, particularly with the unfavorable trends and unit volumes. And we credit our sales team in gaining customers' trust and demonstrating the value that Lazydays and its finance and insurance partners can bring when a customer purchases their RV.

金融和保險或 F&I 收入略有下降，本季僅減少 0.8%，本季 F&I 每單位平均毛利成長 15.9%。我們非常高興能夠實現這一類別的收入幾乎持平以及單位利潤率強勁增長，特別是在不利的趨勢和單位數量的情況下。我們感謝我們的銷售團隊贏得了客戶的信任，並展示了 Lazydays 及其金融和保險合作夥伴在客戶購買房車時可以帶來的價值。

Total gross profit for the quarter was $45.3 million, a decrease of $9.1 million or 16.8% versus last year. Gross profit margin was 21.2% during the quarter, an increase of 180 basis points compared to last year's third quarter. Excluding LIFO adjustment, the improvement in gross margin was slightly less at 80 basis points over last year.

本季總毛利為 4,530 萬美元，較去年同期減少 910 萬美元，或 16.8%。本季毛利率為21.2%，較去年第三季增加180個基點。不計入後進先出法調整，毛利率的改善幅度較去年同期略有減少，為 80 個基點。

Moving on to liquidity and capital structure, we ended the quarter with $13.5 million in cash. However, as Ron just discussed this past Friday, we closed a comprehensive recapitalization in asset sale transactions that upon full funding of the initial equity investments, the company will have approximately $35 million of available cash on its balance sheet with additional cash expected as the real estate divestitures and the rights offering are finalized.

關於流動性和資本結構，我們在本季末擁有 1,350 萬美元的現金。然而，正如羅恩上週五剛剛討論的那樣，我們完成了資產出售交易中的全面資本重組，在初始股權投資全部融資後，公司資產負債表上將有大約 3500 萬美元的可用現金，預計隨著房地產資產剝離和配股最終完成，公司還將有更多現金。

The transactions, when finalized, will also result in debt reduction of approximately $65 million and a reduction of interest expense and preferred dividends of approximately $16 million annually. And that excludes the floor plan debt and interest.

交易完成後，還將減少約 6,500 萬美元的債務，並減少每年約 1,600 萬美元的利息支出和優先股股息。這還不包括平面圖債務和利息。

When we reported results in the second quarter, we made the decision that our financial condition at the time warranted presenting our financials in such a form that reflected doubt in the company's ability to continue as a going concern. As a result of the recapitalization and asset sale transactions, we are now able to remove that going concern as we report results from the third quarter, which includes reclassifying some of our debt balances, including a portion of the revolving credit facility balance from current liabilities back to long-term liabilities.

當我們報告第二季度的業績時，我們決定，我們當時的財務狀況有必要以這樣一種形式呈現我們的財務狀況，以反映出人們對公司繼續經營能力的懷疑。由於資本重組和資產出售交易，我們現在能夠在報告第三季業績時消除持續經營，其中包括將我們的部分債務餘額（包括部分循環信貸餘額）從流動負債重新分類為長期負債。

In closing, we are very encouraged by the completion of the recapitalization transactions. Despite challenging financial results during the quarter, which included one Hurricane Helene impact in the end of the quarter and another Milton showing up in Tampa just two weeks later, we are very grateful for the support we received from our lenders and the strong build of confidence in the form of the new equity capital we received from our investors.

最後，我們對資本重組交易的完成感到非常鼓舞。儘管本季的財務業績充滿挑戰，包括季度末的颶風海倫 (Hurricane Helene) 和兩週後在坦帕登陸的颶風米爾頓 (Milton)，但我們非常感謝貸方給予我們的支持，以及投資者給予我們的新股本強勁的信心。

We look forward to continuing to build on the strong legacy of the Lazydays brand in achieving the success that we know the company is capable of.

我們期待繼續發揚 Lazydays 品牌的優良傳統，並取得公司所能取得的成功。

Thank you for your time. That is all we have for today.

感謝您的時間。今天我們要講的就是這些。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路。祝你剩餘的時光愉快。