The following is a summary of the Lazydays Holdings, Inc. (GORV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lazydays Holdings reported a total revenue of $270.6 million for Q1 2024, showing an 8.5% decrease.

• Lazydays Holdings expects a pre-tax loss for the rest of 2024 but predicts positive EBITDA and adjusted free cash flow.

• New unit sales fell 11.1%, and gross profit per unit declined 75.7% due to aggressive discounting.

• Used retail unit sales reduced by 4.6% and gross profit per unit dropped by 51.4%.

• The company posted an adjusted net loss of $21.4 million for the quarter.

• The company raised $15 million through an expansion of mortgage financing.

Business Progress:

• Despite sales softness, Lazydays focused on inventory health, procurement, finance, and insurance performance as well as cost control.

• Over 90% of the company's inventory is now 2024 or 2025 model year, and they have increased the acquisition of used units.

• Finance and insurance per unit increased $170 per unit year-over-year despite a 13% drop in average selling prices on units.

• The company is managing inventory to meet demand and profitability targets while monitoring changing regional demands for its motorized and towable units.

• Lazydays is managing used inventory on a case-by-case basis, focusing on older models in demand.

• The company continues its partnership with Grand Design and is optimistic about retail improvements as the season heads into Spring and Summer.

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