Lazydays (LAZY) Registration Filing summary

Company overview and business model

• Operates RV dealerships offering new and pre-owned vehicles, parts, accessories, and related services since 1976.

• Revenue streams include RV sales, repair and service, financing, insurance, and aftermarket products.

• Operates 23 dealerships in 14 states, with plans to sell seven locations and reduce to nine states.

• Leverages scale for operational efficiencies, centralizing administrative functions and optimizing inventory.

Financial performance and metrics

• Pro forma net tangible book value per share as of September 30, 2024, was $0.50, up from $(0.41) historically.

• Pro forma net loss for the nine months ended September 30, 2024, was $(69.98) million; for 2023, $(146.27) million.

• Pro forma cash as of September 30, 2024, would be $72.9 million after the offering and related transactions.

• Recent asset sales and credit amendments reduced debt and improved liquidity.

Use of proceeds and capital allocation

• Net proceeds of approximately $23.6 million expected if fully subscribed, after $1.36 million in offering expenses.

• At least 50% of proceeds to repay revolving credit loans under the M&T Credit Agreement.

• Remaining proceeds for working capital, general corporate purposes, and potential business development.

• Management retains broad discretion over allocation of proceeds.