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.

• Claims to operate the world's largest RV dealership by on-site inventory near Tampa, Florida.

• Employs approximately 1,300 people and leverages centralized administrative functions for efficiency.

Financial performance and metrics

• Pro forma net tangible book value per share as of September 30, 2024, is $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, $(146.31) million.

• Pro forma revenues for the nine months ended September 30, 2024, were $558.4 million; for 2023, $839.9 million.

• Recent asset sales and capital raises have significantly altered the balance sheet and capital structure.

Use of proceeds and capital allocation

• Net proceeds from the rights offering will be used for working capital, general corporate purposes, and repayment of indebtedness.

• 50% of net proceeds are required to be used for mandatory repayment on the revolving credit facility.

• Management retains broad discretion over allocation of proceeds, with potential for further business development or capital needs.