Lazydays (GORV) 10-Q15 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38424
Entity Registrant Name	Lazydays Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4183498
Entity Address, Address Line One	4042 Park Oaks Blvd
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33610
City Area Code	813
Local Phone Number	246-4999
Title of 12(b) Security	Common stock
Trading Symbol	GORV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,073,018
Entity Central Index Key	0001721741
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 39,350	$ 58,085
Receivables, net of allowance for doubtful accounts of $479 and $479	27,244	22,694
Inventories	346,645	456,087
Income tax receivable	9,031	7,416
Prepaid expenses and other	1,421	2,614
Total current assets	423,691	546,896
Property and equipment, net of accumulated depreciation of $49,282 and $46,098	271,273	265,726
Operating lease right-of-use assets	24,949	26,377
Intangible assets, net	78,276	80,546
Other assets	3,082	2,750
Deferred income tax asset	20,476	15,444
Total assets	821,747	937,739
Current liabilities:
Accounts payable	15,847	15,144
Accrued expenses and other current liabilities	25,530	29,160
Floor plan notes payable, net of debt discount	357,832	446,783
Financing liability, current portion	2,559	2,473
Revolving line of credit, current portion	10,000	0
Long-term debt, current portion	1,201	1,141
Operating lease liability, current portion	5,008	5,276
Total current liabilities	417,977	499,977
Long-term liabilities:
Financing liability, non-current portion, net of debt discount	90,722	91,401
Revolving line of credit, non-current portion	39,500	49,500
Long term debt, non-current portion, net of debt discount	60,777	61,429
Operating lease liability, non-current portion	21,052	22,242
Total liabilities	630,028	724,549
Commitments and contingencies - see Note 10
Series A Convertible Preferred Stock; $600,000 shares, designated, issued, and outstanding; liquidation preference of $60,000	58,177	56,193
Stockholders’ Equity
Preferred stock, $0.0001 par value; $5,000,000 shares authorized	0	0
Common stock, $0.0001 par value; $100,000,000 shares authorized; $17,485,240 and $17,477,019 shares issued and $14,073,018 and $14,064,797 shares outstanding	0	0
Additional paid-in capital	166,497	165,988
Treasury stock, at cost, $3,412,222 and $3,412,222 shares	(57,128)	(57,128)
Retained earnings	24,173	48,137
Total stockholders’ equity	133,542	156,997
Total liabilities and stockholders’ equity	821,747	937,739
Related Party
Current liabilities:
Long-term debt, current portion	409	400
Long-term liabilities:
Long term debt, non-current portion, net of debt discount	32,917	33,354
Nonrelated Party
Current liabilities:
Long-term debt, current portion	792	741
Long-term liabilities:
Long term debt, non-current portion, net of debt discount	$ 27,860	$ 28,075

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 479,000	$ 479,000
Accumulated depreciation	$ 49,282,000	$ 46,098,000
Series A convertible preferred stock, shares designated (in shares)	600,000	600,000
Series A convertible preferred stock, shares issued (in shares)	600,000	600,000
Series A convertible preferred stock, shares outstanding (in shares)	600,000	600,000
Series A convertible preferred stock, liquidation preference, value	$ 60,000	$ 60,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	17,485,240	17,477,019
Common stock, shares outstanding (in shares)	14,073,018	14,064,797
Treasury stock (in shares)	3,412,222	3,412,222

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenues	$ 270,586	$ 295,656
Cost applicable to revenues
Cost applicable to revenues	232,820	231,765
Gross profit	37,766	63,891
Depreciation and amortization	5,461	4,403
Selling, general, and administrative expenses	48,886	53,532
(Loss) income from operations	(16,581)	5,956
Other income (expense):
Floor plan interest expense	(7,676)	(5,531)
Other interest expense	(4,523)	(1,700)
Change in fair value of warrant liabilities	0	856
Total other expense, net	(12,199)	(6,375)
Loss before income taxes	(28,780)	(419)
Income tax benefit	6,800	143
Net loss	(21,980)	(276)
Dividends on Series A Convertible Preferred Stock	(1,984)	(1,184)
Net loss attributable to common stock and participating securities, basic	(23,964)	(1,460)
Net loss attributable to common stock and participating securities, diluted	(23,964)	(1,460)
Comprehensive loss attributable to common stock and participating securities	$ (23,964)	$ (1,460)
Loss per share:
Basic (in dollars per share)	$ (1.67)	$ (0.12)
Diluted (in dollars per share)	$ (1.67)	$ (0.17)
Weighted average shares outstanding:
Basic (in shares)	14,368,677	11,988,899
Diluted (in shares)	14,368,677	11,988,899
New vehicle retail
Revenues
Revenues	$ 152,691	$ 176,747
Cost applicable to revenues
Cost applicable to revenues	147,055	153,331
Pre-owned vehicle retail
Revenues
Revenues	79,576	84,775
Cost applicable to revenues
Cost applicable to revenues	70,199	67,528
Vehicle wholesale
Revenues
Revenues	6,249	1,708
Cost applicable to revenues
Cost applicable to revenues	8,460	1,721
Finance and insurance
Revenues
Revenues	18,329	16,881
Cost applicable to revenues
Cost applicable to revenues	693	693
Service, body and parts and other
Revenues
Revenues	13,741	15,545
Cost applicable to revenues
Cost applicable to revenues	6,287	7,181
LIFO
Cost applicable to revenues
Cost applicable to revenues	$ 126	$ 1,311

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		14,515,000	3,403,000
Beginning balance at Dec. 31, 2022	$ 237,012	$ 0	$ (57,019)	$ 130,828	$ 163,203
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	797			797
Repurchase of treasury stock (in shares)			9,000
Repurchase of treasury stock	(109)		$ (109)
Exercise of warrants and options (in shares)		2,740,000
Exercise of warrants and options	31,238			31,238
Dividends on Series A preferred stock	(1,184)				(1,184)
Disgorgement of short-swing profits	622			622
Net loss	(276)				(276)
Ending balance (in shares) at Mar. 31, 2023		17,255,000	3,412,000
Ending balance at Mar. 31, 2023	$ 268,100	$ 0	$ (57,128)	163,485	161,743
Beginning balance (in shares) at Dec. 31, 2023	14,064,797	17,477,000	3,412,000
Beginning balance at Dec. 31, 2023	$ 156,997	$ 0	$ (57,128)	165,988	48,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	509			509
Repurchase of treasury stock	0
Issuance of restricted stock units, net of shares withheld for taxes (in shares)		8,000
Issuance of vested restricted stock units, net of shares withheld for taxes	0
Dividends on Series A preferred stock	(1,984)				(1,984)
Net loss	$ (21,980)				(21,980)
Ending balance (in shares) at Mar. 31, 2024	14,073,018	17,485,000	3,412,000
Ending balance at Mar. 31, 2024	$ 133,542	$ 0	$ (57,128)	$ 166,497	$ 24,173

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net loss	$ (21,980)	$ (276)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	509	797
Bad debt expense	58	7
Depreciation and amortization of property and equipment	3,189	2,570
Amortization of intangible assets	2,271	1,833
Amortization of debt discount	74	91
Non-cash operating lease (benefit) expense	(30)	22
Loss on sale of property and equipment	29	0
Deferred income taxes	(5,032)	0
Change in fair value of warrant liabilities	0	(856)
Impairment charges	0	538
Changes in operating assets and liabilities:
Receivables	(4,608)	(3,359)
Inventories	109,442	(33,650)
Prepaid expenses and other	1,193	(2,766)
Income tax receivable/payable	(1,612)	(146)
Other assets	(333)	(603)
Accounts payable, accrued expenses and other current liabilities	(2,930)	6,966
Total adjustments	102,220	(28,556)
Net cash provided by (used in) operating activities	80,240	(28,832)
Investing Activities
Cash paid for acquisitions, net of cash received	0	(19,730)
Proceeds from sales of property and equipment	0	22
Purchases of property and equipment	(8,765)	(13,936)
Net cash used in investing activities	(8,765)	(33,644)
Financing Activities
Net repayments under M&T bank floor plan	(89,016)	(6,495)
Borrowings under revolving line of credit	0	30,000
Principal payments on long-term debt and finance liabilities	(1,176)	(12,747)
Proceeds from issuance of long-term debt and finance liabilities	0	1,384
Loan issuance costs	(18)	(821)
Payment of dividends on Series A preferred stock	0	(1,184)
Repurchase of Treasury Stock	0	(109)
Proceeds from exercise of warrants	0	30,543
Proceeds from exercise of stock options	0	645
Disgorgement of short-swing profits	0	622
Net cash (used in) provided by financing activities	(90,210)	41,838
Net decrease in cash	(18,735)	(20,638)
Cash, beginning of period	58,085	61,687
Cash, end of period	39,350	41,049
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	9,205	5,144
Cash paid during the period for income taxes net of refunds received	55	2
Cash paid for amounts included in the measurement of lease liability:
Operating cash outflows from operating leases	1,773	1,630
Right-of use assets obtained in exchange for lease liabilities:
Operating leases	0	142
Dividends accrued on Series A Preferred Stock	1,984	1,184
Decrease in PIPE warrant liability due to expiration of warrants	$ 0	$ 50

BUSINESS ORGANIZATION AND NATUR

BUSINESS ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
BUSINESS ORGANIZATION AND NATURE OF OPERATIONS	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS ORGANIZATION AND NATURE OF OPERATIONS	BUSINESS ORGANIZATION AND NATURE OF OPERATIONS Lazydays RV Center, Inc., the operating subsidiary of Lazydays Holdings, Inc. ("Lazydays," "we," "us," "our," or the "Company") is a recreational vehicle ("RV") company engaged in managing and operating RV dealerships across the United States. Our operations primarily consist of selling and servicing new and pre-owned RVs, arranging financing and extended service contracts for vehicle sales through third-party financing sources and extended warranty providers, and selling related parts and accessories. As of March 31, 2024, we had 25 dealerships in the following locations: Location Number of Dealerships Arizona 4 Colorado 3 Florida 3 Tennessee 3 Minnesota 2 Indiana 1 Iowa 1 Nevada 1 Ohio 1 Oklahoma 1 Oregon 1 Texas 1 Utah 1 Washington 1 Wisconsin 1

BASIS OF PRESENTATION AND CRITI

BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES	3 Months Ended
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES	BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES Basis of Presentation These Condensed Consolidated Financial Statements contain unaudited information as of March 31, 2024, and for the three months ended March 31, 2024 and 2023. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2023 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2023 is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Financial Statements include the accounts of Lazydays Holdings, Inc. and Lazy Days RV Center, Inc. and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Critical Accounting Policies Our critical accounting policies have not materially changed during the three months ended March 31, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no effect on the previously reported net income (loss).

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Mar. 31, 2024
Accounting Policies [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS Adopted Accounting Standards ASU 2020-06 In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and limiting the number of embedded conversion features separately recognized from the primary contract. The guidance also includes targeted improvements to the disclosures for convertible instruments and earnings per share. We adopted ASU 2020-06 effective January 1, 2024 and it did not have a material effect on our Condensed Consolidated Financial Statements. Accounting Standards Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid and is effective for fiscal years and interim periods beginning after December 15, 2024. The guidance is to be applied prospectively, although retrospective application is permitted. The impact of adoption of ASU 2023-09 is expected to impact disclosures only and not have a material impact on our Condensed Consolidated Financial Statements. ASU 2023-07

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Vehicle and parts inventories are recorded at the lower of cost or net realizable value, with cost determined by the last-in, first-out (“LIFO”) method. Cost includes purchase costs, reconditioning costs, dealer-installed accessories and freight. For vehicles accepted as trade-ins, the cost is the fair value of such pre-owned vehicles at the time of the trade-in. Other inventory includes parts and accessories, as well as retail travel and leisure specialty merchandise, and is recorded at the lower of cost or net realizable value with cost determined by LIFO method. The current replacement costs of LIFO inventories exceeded their recorded values by $24.7 million and $24.6 million as of March 31, 2024 and December 31, 2023, respectively. Inventories consist of the following: (In thousands) March 31, 2024 December 31, 2023 New recreational vehicles $ 313,469 $ 385,001 Pre-owned recreational vehicles 49,329 86,517 Parts, accessories and other 8,547 9,144 371,345 480,662 Less: excess of current cost over LIFO (24,700) (24,575) Total $ 346,645 $ 456,087

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
INTANGIBLE ASSETS	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Intangible assets and related accumulated amortization were as follows: March 31, 2024 December 31, 2023 (In thousands) Gross Carrying Amount Accumulated Amortization Net Asset Value Gross Carrying Amount Accumulated Amortization Net Asset Value Amortizable intangible assets: Manufacturer relationships $ 71,849 $ 29,003 $ 42,846 $ 71,849 $ 26,968 $ 44,881 Customer relationships 10,395 5,117 5,278 10,395 4,893 5,502 Non-compete agreements 230 178 52 230 167 63 82,474 34,298 48,176 82,474 32,028 50,446 Non-amortizable intangible assets: Trade names and trademarks 30,100 — 30,100 30,100 — 30,100 Total $ 112,574 $ 34,298 $ 78,276 $ 112,574 $ 32,028 $ 80,546 Amortization expense on intangible assets was $2.3 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively. Future amortization of intangible assets is as follows: (In thousands) Remainder of 2024 $ 6,104 2025 8,070 2026 7,391 2027 7,080 2028 7,004 Thereafter 12,527 Total $ 48,176

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2024
Lessee, Operating Lease, Description [Abstract]
LEASES	LEASES Financing Leases We have operations at several properties that were previously sold and then leased back from the purchasers over a non-cancellable period of 20 years. The leases contain renewal options at lease termination, with three options to renew for 10 additional years each and contain a right of first offer in the event the property owner intends to sell any portion or all of the property to a third party. These rights and obligations constitute continuing involvement, which resulted in failed sale-leaseback (financing) accounting. The financing liabilities have implied interest rates ranging from 5.0% to 7.9% and have original expiration dates between June 1, 2025 and September 1, 2042. At the conclusion of the 20-year lease period, the financing liability residual will correspond to the carrying value of the land. There were no significant financing lease additions or terminations during the three months ended March 31, 2024. Operating Leases We lease property, equipment and billboards throughout the United States primarily under operating leases. The related right-of-use (“ROU”) assets for these operating leases are included in operating lease right-of-use assets. Leases with lease terms of 12 months or less are expensed on a straight-line basis over the lease term and are not recorded in the Condensed Consolidated Balance Sheets. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to 50 years (some leases include multiple renewal periods). The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain any residual value guarantees nor impose any significant restrictions or covenants. There were no new significant operating lease additions or terminations during the three months ended March 31, 2024.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT M&T Financing Agreement Our Senior Secured Credit Facility with M&T Bank provides a $525 million Floor Plan Line of Credit and a $50 million Revolving Credit Facility, both of which expire February 21, 2027. On March 8, 2024, we entered into the First Amendment to the Second Amended and Restated Credit Agreement and Consent with M&T to waive and modify certain covenants. This included waiving the net leverage ratio from the fourth quarter of 2023 through the second quarter of 2024, the current ratio for the fourth quarter of 2023, and the fixed charge coverage ratio for the first and second quarters of 2024. Additionally, an additional tier was added to the definition of applicable margin of the M&T credit facilities, setting forth the applicable interest rates corresponding to a total net leverage ratio of 3.00 ≤ X. This new tier became applicable as of March 8, 2024. As of March 31, 2024, we were not in compliance with all of the M&T Bank financing agreement covenants as we did not meet our minimum trailing twelve-month EBITDA requirement. On May 14, 2024, we entered into the Second Amendment to the Second Amended and Restated Credit Agreement and Consent (the "Second Amendment") with M&T to modify certain covenants through the first quarter of 2025, including those covenants that we were out of compliance with at March 31, 2024. As part of the Second Amendment, we agreed to pay down $10 million on our Revolving Credit Facility by December 31, 2024. The Second Amendment also modifies certain covenants, including the net leverage ratio, the current ratio and the fixed charged ratio. Additionally, the definition of applicable margin was modified, to set forth the applicable interest rates from May 14, 2024 through June 30, 2025. At March 31, 2024, there was $357.8 million outstanding on the Floor Plan Line of Credit at an interest rate of 7.9% and $49.5 million outstanding on the Revolving Credit Facility at an interest rate of 8.4%. Following the Second Amendment, the Floor Plan Line of Credit bears interest at: (a) 30-day SOFR plus an applicable margin of 1.90% to 2.55% based on the total net leverage ratio (as defined in the new M&T Facility) or (b) the Base Rate plus a margin of 0.90% to 1.55% based on the total net leverage ratio (as defined in the new M&T Facility). Base Rate means, for any day, the fluctuating rate per annum equal to the highest of: (a) the Prime Rate for such day, (b) the Federal Funds Rate in effect on such day plus 50 Basis Points, and (c) the one-month Adjusted Term SOFR Rate, determined on a daily basis, plus 100 Basis Points. The Floor Plan Line of Credit is also subject to an annual unused commitment fee at 0.15% of the average daily unused portion of the Floor Plan. The Revolving Credit Facility bears interest at: (a) 30-day SOFR plus an applicable margin of 2.15% to 3.40% based on the total net leverage ratio (as defined in the new M&T Facility) or (b) the Base Rate plus a margin of 1.15% to 2.40% based on the total net leverage ratio (as defined in the new M&T Facility). Base Rate means, for any day, the fluctuating rate per annum equal to the highest of: (a) the Prime Rate for such day, (b) the Federal Funds Rate in effect on such day plus 50 Basis Points, and (c) the one-month Adjusted Term SOFR Rate, determined on a daily basis, plus 100 Basis Points. The Revolving Credit Facility is also subject to a quarterly unused commitment fee at 0.15% of the average daily unused portion of the Revolving Credit Facility. Borrowings under the M&T Financing Agreement are secured by a first priority lien on substantially all of our assets. The Floor Plan Line of Credit consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Floor plan notes payable, gross $ 359,491 $ 447,647 Debt discount (1,659) (864) Floor plan notes payable, net of debt discount $ 357,832 $ 446,783 Long-Term Debt Other outstanding long-term debt consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Gross Debt Discount Total Debt, Gross Debt Total Debt, Term loan and mortgages $ 64,273 $ (2,295) $ 61,978 $ 64,870 $ (2,300) $ 62,570 Less: current portion 1,201 — 1,201 1,141 — 1,141 Long-term debt, non-current $ 63,072 $ (2,295) $ 60,777 $ 63,729 $ (2,300) $ 61,429 Mortgages In July 2023, we entered into two mortgages with First Horizon Bank for total proceeds of $29.3 million secured by certain real estate assets at our Murfreesboro and Knoxville locations. The loans bear interest between 6.85% and 7.10% per annum and mature in July 2033. Term Loan On December 29, 2023, we entered into a $35 million term loan (the "Loan") with Coliseum Holdings I, LLC as lender (the “Lender”). The Lender is an affiliate of Coliseum Capital Management, LLC ("Coliseum") and Christopher Shackelton, the chairman of our Board. The Loan has a maturity date of December 29, 2026. Certain funds and accounts managed by Coliseum held 59% of Lazydays common stock (calculated as if the preferred stock has been converted into common stock) as of March 31, 2024 and is therefore considered a related party. The Loan bears interest at a rate of 12% per annum, payable monthly in cash on the outstanding loan balance. For any quarterly period during the Loan term, we have the option at the beginning of each quarter to make pay-in-kind elections, whereby the entire outstanding balance would be charged interest at 14% per annum and interest amounts will be added to the outstanding principal. The Loan is secured by certain of our assets. Issuance costs of $2 million were recorded as debt discount and are being amortized over the term of the Loan to interest expense using the effective interest method. The Loan is carried at the outstanding principal balance, less debt issuance costs and is included in Related party debt, current portion and Related party debt, non-current portion, net of debt discount in our Condensed Consolidated Balance Sheets. Under the terms of the Loan, for any repayments and prepayments that occur prior to January 1, 2025, we will owe a prepayment penalty of 1% on the outstanding principal balance being repaid and a make whole premium equal to the remaining interest owed on such balance repaid from date of repayment through January 1, 2025. For repayments and prepayments that occur after January 1, 2025 through maturity, we will owe a prepayment penalty of 2% on the outstanding principal balance being repaid. The Loan contains certain reporting and compliance-related covenants. The Loan contains negative covenants, among other things, related to borrowing and events of default. It also includes certain non-financial covenants and covenants limiting our ability to dispose of assets, undergo a change in control, merge with, acquire stock, or make investments in other companies, in each case subject to certain exceptions. Upon the occurrence of an event of default, in addition to the lender being able to declare amounts outstanding under the Loan due and payable or foreclose on the collateral, the lender can elect to increase the interest rate by 7% per annum during the period of default. In addition, the Loan contains a cross default with M&T Bank. As of March 31, 2024, we were not in compliance with all of the M&T Bank financing agreement covenants as we did not meet our minimum trailing twelve-month EBITDA requirement, however the cross default was waived for the period ended March 31, 2024. On May 15, 2024, we increased the Loan by an additional $15 million (the "Advance"). The terms of the Advance are substantially similar to the terms on the Loan, and the Advance is secured by the inclusion of another dealership facility in the collateral. Future maturities of long-term debt are as follows: (In thousands) Remainder of 2024 $ 978 2025 771 2026 35,826 2027 886 2028 950 Thereafter 24,862 Total $ 64,273

REVENUE AND CONCENTRATIONS

REVENUE AND CONCENTRATIONS	3 Months Ended
REVENUE AND CONCENTRATIONS	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE AND CONCENTRATIONS	REVENUE AND CONCENTRATIONS Revenue Recognition Revenue from the sale of vehicle contracts is recognized at a point in time on delivery, transfer of title, and completion of financing arrangements. Revenue from the sale of parts, accessories, and related service is recognized as services and parts are delivered or as a customer approves elements of the completion of service. We receive commissions from the sale of insurance and vehicle service contracts to customers. In addition, we arrange financing for customers through various financial institutions and receive commissions. We may be charged back (“charge-backs”) for financing fees, insurance, or vehicle service contract commissions in the event of early termination of the contracts by our customers. The revenues from financing fees and commissions are recorded at the time of the sale of the vehicle and an allowance for future charge-backs is established based on historical operating results and the termination provision of the applicable contracts. The estimates for future chargebacks require judgment by management, and as a result, there is an element of risk associated with these revenue streams. We have an accrual for charge-backs which totaled $8.1 million and $8.8 million at March 31, 2024 and December 31, 2023, respectively, and is included in Accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets. Revenues by State Revenues by state that generated 10% or more of total revenues were as follows (unaudited): Three Months Ended March 31, 2024 2023 Florida 44 % 50 % Tennessee 10 % 11 % These geographic concentrations increase the exposure to adverse developments related to competition, as well as economic, demographic, and weather conditions. Supplier Concentrations Suppliers representing 10% or more of our total RV and replacement parts purchases were as follows: Three Months Ended March 31, 2024 2023 Thor Industries, Inc. 40 % 38 % Winnebago Industries, Inc. 29 % 34 % Forest River, Inc. 24 % 24 % We are subject to dealer agreements with each manufacturer. The manufacturer is entitled to terminate the dealer agreement if we are in material breach of the agreement’s terms.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
EARNINGS (LOSS) PER SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE We compute basic and diluted earnings (loss) per share (“EPS”) by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. We are required in periods in which we have net income to calculate EPS using the two-class method. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders but does not require the presentation of basic and diluted EPS for securities other than common stock. The two-class method is required because our Series A convertible preferred stock (“Series A Preferred Stock”) has the right to receive dividends or dividend equivalents should we declare dividends on our common stock as if such holder of the Preferred Stock had been converted to common stock. Under the two-class method, earnings for the period are allocated to the common and preferred stockholders taking into consideration Series A preferred stockholders participation in dividends on an as converted basis. The weighted-average number of common and preferred shares outstanding during the period is then used to calculate basic EPS for each class of shares. Diluted EPS is computed in the same manner as basic EPS except that the denominator is increased to include the number of contingently issuable share-based compensation awards that would have been outstanding unless those additional shares would have been anti-dilutive. Dilutive common stock equivalents include the dilutive effect of in-the-money stock equivalents, excluding any common stock equivalents if their effect would be anti-dilutive. For the diluted EPS calculation, the if-converted method is applied and compared to the two-class method and whichever method results in a more dilutive impact is utilized to calculate diluted EPS. In periods in which we have a net loss, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. In periods in which we have a net loss, basic loss per share is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. The two-class method is not used because the Preferred Stock does not participate in losses. As such, the net loss was attributed entirely to common stockholders. The following table summarizes net loss attributable to common stockholders and participating securities used in the calculation of basic and diluted loss per common share: Three Months Ended March 31, (In thousands except share and per share amounts) 2024 2023 Basic loss per share: Net loss attributable to common stock and participating securities used to calculate basic loss per share $ (23,964) $ (1,460) Weighted average common shares outstanding 14,068,320 11,688,542 Dilutive effect of pre-funded warrants 300,357 300,357 Weighted average shares outstanding 14,368,677 11,988,899 Basic loss per share $ (1.67) $ (0.12) Diluted loss per share: Net loss attributable to common stock and participating securities $ (23,964) $ (1,460) Change in fair value of warrant liabilities, net of tax — (564) Net loss attributable to common stock and participating securities used to calculate diluted loss per share $ (23,964) $ (2,024) Weighted average common shares outstanding 14,068,320 11,688,542 Weighted average pre-funded warrants 300,357 300,357 Weighted average shares outstanding 14,368,677 11,988,899 Diluted loss per share $ (1.67) $ (0.17) The following common stock equivalent shares were excluded from the calculation of diluted loss per share since their inclusion would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2024 2023 Stock options 295,038 295,061 Restricted stock units 215,646 237,249 Shares issuable under the Employee Stock Purchase Plan 31,938 18,805 Share equivalents excluded from EPS 542,622 551,115

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Obligations See Note 6 - Leases to our Condensed Consolidated Financial Statements for lease obligations. Legal Proceedings We are a party to multiple legal proceedings that arise in the ordinary course of business. We have certain insurance coverage and rights of indemnification. We do not believe that the ultimate resolution of these matters will have a material adverse effect on our business, results of operations, financial condition, or cash flows. However, the results of these matters cannot be predicted with certainty and an unfavorable resolution of one or more of these or other matters could have a material adverse effect on our business, results of operations, financial condition, or cash flows. We record legal expenses as incurred in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

PREFERRED STOCK

PREFERRED STOCK	3 Months Ended
PREFERRED STOCK	Mar. 31, 2024
Equity [Abstract]
PREFERRED STOCK	PREFERRED STOCK Our Series A Preferred Stock is cumulative redeemable convertible preferred stock. Accordingly, it is classified as temporary equity and is shown net of issuance costs and the fair value of warrants issued in conjunction with the issuance of the Series A Preferred Stock. We did not declare a dividend payment on the Series A Preferred Stock totaling $2.0 million for the quarter ended March 31, 2024. As a result, the amount was added to the carrying amount of the Series A Preferred Stock and the dividend rate is currently at 13% until such dividends are paid. Total undeclared and unpaid dividends were $3.2 million at March 31, 2024.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock-based compensation expense is included in Selling, general and administrative expense on our Condensed Consolidated Statements of Operations and Comprehensive Loss. We recognized stock-based compensation expense of $0.5 million and $0.8 million for the three months ended March 31, 2024 and 2023, respectively. 2018 Long-Term Incentive Equity Plan Our 2018 Long-Term Incentive Equity Plan, as amended (the “2018 Plan”) provides for awards of options, stock appreciation rights, restricted stock, restricted stock units, warrants or other securities which may be convertible, exercisable or exchangeable for or into our common stock. As of March 31, 2024, there were 1,068,905 shares of common stock available to be issued under the 2018 Plan. Stock Options Stock option activity was as follows: Shares Underlying Weighted Average Per Share Weighted Average Remaining Aggregate Intrinsic Options outstanding at December 31, 2023 376,940 $ 11.21 1.91 years $ (1,566) Cancelled or terminated (81,902) 8.83 Options outstanding at March 31, 2024 295,038 11.87 2.99 years (2,312) Options outstanding and vested at March 31, 2024 248,290 11.54 1.27 years (2,895) Restricted Stock Units Restricted stock unit activity was as follows: Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 238,275 $ 13.35 Granted 15,267 4.38 Vested (22,019) 10.99 Forfeited (4,426) 12.38 Outstanding at March 31, 2024 227,097 13.03 Prefunded Warrants As of March 31, 2024, there were 300,357 perpetual non-redeemable prefunded warrants outstanding with an exercise price of $0.01 per share. There was no activity during the three months ended March 31, 2024. Unrecognized Stock-Based Compensation As of March 31, 2024, unrecognized stock-based compensation costs for unvested awards was approximately $0.1 million, which is expected to be recognized over a weighted average period of 1.8 years.

RELATED PARTY

RELATED PARTY	3 Months Ended
RELATED PARTY	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY	RELATED PARTY We have a $50 million term loan outstanding with Coliseum, a related party, with a maturity date of December 29, 2026. See Note 7 - Debt to our Condensed Consolidated Financial Statements for additional information.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 14, 2024, we entered into the Second Amendment with M&T to waive certain covenants. See Note 7 - Debt to our Condensed Consolidated Financial Statements for additional information. Additionally, on May 15, 2024, we entered into a First Amendment to Loan Agreement (the "Amendment") with Coliseum. The Amendment provides for an additional $15 million mortgage loan (the "Advance"). As additional security for the Advance, we delivered to Coliseum an assignment of mortgage, leases and rents (and related security documents) for real property located in Fort Pierce, Florida.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (21,980)	$ (276)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND CRI_2

BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These Condensed Consolidated Financial Statements contain unaudited information as of March 31, 2024, and for the three months ended March 31, 2024 and 2023. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2023 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2023 is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Principles of Consolidation	The Condensed Consolidated Financial Statements include the accounts of Lazydays Holdings, Inc. and Lazy Days RV Center, Inc. and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no effect on the previously reported net income (loss).
Adopted and Not Yet Adopted Accounting Standards	Adopted Accounting Standards ASU 2020-06 In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and limiting the number of embedded conversion features separately recognized from the primary contract. The guidance also includes targeted improvements to the disclosures for convertible instruments and earnings per share. We adopted ASU 2020-06 effective January 1, 2024 and it did not have a material effect on our Condensed Consolidated Financial Statements. Accounting Standards Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid and is effective for fiscal years and interim periods beginning after December 15, 2024. The guidance is to be applied prospectively, although retrospective application is permitted. The impact of adoption of ASU 2023-09 is expected to impact disclosures only and not have a material impact on our Condensed Consolidated Financial Statements. ASU 2023-07

BUSINESS ORGANIZATION AND NAT_2

BUSINESS ORGANIZATION AND NATURE OF OPERATIONS (Tables)	3 Months Ended
BUSINESS ORGANIZATION AND NATURE OF OPERATIONS (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Product Information	As of March 31, 2024, we had 25 dealerships in the following locations: Location Number of Dealerships Arizona 4 Colorado 3 Florida 3 Tennessee 3 Minnesota 2 Indiana 1 Iowa 1 Nevada 1 Ohio 1 Oklahoma 1 Oregon 1 Texas 1 Utah 1 Washington 1 Wisconsin 1

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
INVENTORIES (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: (In thousands) March 31, 2024 December 31, 2023 New recreational vehicles $ 313,469 $ 385,001 Pre-owned recreational vehicles 49,329 86,517 Parts, accessories and other 8,547 9,144 371,345 480,662 Less: excess of current cost over LIFO (24,700) (24,575) Total $ 346,645 $ 456,087

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
INTANGIBLE ASSETS (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets and related accumulated amortization were as follows: March 31, 2024 December 31, 2023 (In thousands) Gross Carrying Amount Accumulated Amortization Net Asset Value Gross Carrying Amount Accumulated Amortization Net Asset Value Amortizable intangible assets: Manufacturer relationships $ 71,849 $ 29,003 $ 42,846 $ 71,849 $ 26,968 $ 44,881 Customer relationships 10,395 5,117 5,278 10,395 4,893 5,502 Non-compete agreements 230 178 52 230 167 63 82,474 34,298 48,176 82,474 32,028 50,446 Non-amortizable intangible assets: Trade names and trademarks 30,100 — 30,100 30,100 — 30,100 Total $ 112,574 $ 34,298 $ 78,276 $ 112,574 $ 32,028 $ 80,546
Schedule of Indefinite-Lived Intangible Assets	Intangible assets and related accumulated amortization were as follows: March 31, 2024 December 31, 2023 (In thousands) Gross Carrying Amount Accumulated Amortization Net Asset Value Gross Carrying Amount Accumulated Amortization Net Asset Value Amortizable intangible assets: Manufacturer relationships $ 71,849 $ 29,003 $ 42,846 $ 71,849 $ 26,968 $ 44,881 Customer relationships 10,395 5,117 5,278 10,395 4,893 5,502 Non-compete agreements 230 178 52 230 167 63 82,474 34,298 48,176 82,474 32,028 50,446 Non-amortizable intangible assets: Trade names and trademarks 30,100 — 30,100 30,100 — 30,100 Total $ 112,574 $ 34,298 $ 78,276 $ 112,574 $ 32,028 $ 80,546
Schedule of Estimated Future Amortization Expense	Future amortization of intangible assets is as follows: (In thousands) Remainder of 2024 $ 6,104 2025 8,070 2026 7,391 2027 7,080 2028 7,004 Thereafter 12,527 Total $ 48,176

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes payable	The Floor Plan Line of Credit consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Floor plan notes payable, gross $ 359,491 $ 447,647 Debt discount (1,659) (864) Floor plan notes payable, net of debt discount $ 357,832 $ 446,783
Schedule of Long Term Debt	Other outstanding long-term debt consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Gross Debt Discount Total Debt, Gross Debt Total Debt, Term loan and mortgages $ 64,273 $ (2,295) $ 61,978 $ 64,870 $ (2,300) $ 62,570 Less: current portion 1,201 — 1,201 1,141 — 1,141 Long-term debt, non-current $ 63,072 $ (2,295) $ 60,777 $ 63,729 $ (2,300) $ 61,429
Schedule of Maturities of Long-Term Debt	Future maturities of long-term debt are as follows: (In thousands) Remainder of 2024 $ 978 2025 771 2026 35,826 2027 886 2028 950 Thereafter 24,862 Total $ 64,273

REVENUE AND CONCENTRATIONS (Tab

REVENUE AND CONCENTRATIONS (Tables)	3 Months Ended
REVENUE AND CONCENTRATIONS (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Concentration Risk Percentages	Revenues by state that generated 10% or more of total revenues were as follows (unaudited): Three Months Ended March 31, 2024 2023 Florida 44 % 50 % Tennessee 10 % 11 % Suppliers representing 10% or more of our total RV and replacement parts purchases were as follows: Three Months Ended March 31, 2024 2023 Thor Industries, Inc. 40 % 38 % Winnebago Industries, Inc. 29 % 34 % Forest River, Inc. 24 % 24 %

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
EARNINGS (LOSS) PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) Attribute To Common Stockholders	The following table summarizes net loss attributable to common stockholders and participating securities used in the calculation of basic and diluted loss per common share: Three Months Ended March 31, (In thousands except share and per share amounts) 2024 2023 Basic loss per share: Net loss attributable to common stock and participating securities used to calculate basic loss per share $ (23,964) $ (1,460) Weighted average common shares outstanding 14,068,320 11,688,542 Dilutive effect of pre-funded warrants 300,357 300,357 Weighted average shares outstanding 14,368,677 11,988,899 Basic loss per share $ (1.67) $ (0.12) Diluted loss per share: Net loss attributable to common stock and participating securities $ (23,964) $ (1,460) Change in fair value of warrant liabilities, net of tax — (564) Net loss attributable to common stock and participating securities used to calculate diluted loss per share $ (23,964) $ (2,024) Weighted average common shares outstanding 14,068,320 11,688,542 Weighted average pre-funded warrants 300,357 300,357 Weighted average shares outstanding 14,368,677 11,988,899 Diluted loss per share $ (1.67) $ (0.17)
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	The following common stock equivalent shares were excluded from the calculation of diluted loss per share since their inclusion would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2024 2023 Stock options 295,038 295,061 Restricted stock units 215,646 237,249 Shares issuable under the Employee Stock Purchase Plan 31,938 18,805 Share equivalents excluded from EPS 542,622 551,115

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity was as follows: Shares Underlying Weighted Average Per Share Weighted Average Remaining Aggregate Intrinsic Options outstanding at December 31, 2023 376,940 $ 11.21 1.91 years $ (1,566) Cancelled or terminated (81,902) 8.83 Options outstanding at March 31, 2024 295,038 11.87 2.99 years (2,312) Options outstanding and vested at March 31, 2024 248,290 11.54 1.27 years (2,895)
Schedule of Schedule of Restricted Stock Unit Activity	Restricted stock unit activity was as follows: Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 238,275 $ 13.35 Granted 15,267 4.38 Vested (22,019) 10.99 Forfeited (4,426) 12.38 Outstanding at March 31, 2024 227,097 13.03

BUSINESS ORGANIZATION AND NAT_3

BUSINESS ORGANIZATION AND NATURE OF OPERATIONS (Details )	Mar. 31, 2024 location
Product Information [Line Items]
Number of locations	25
Arizona
Product Information [Line Items]
Number of locations	4
Colorado
Product Information [Line Items]
Number of locations	3
Florida
Product Information [Line Items]
Number of locations	3
Tennessee
Product Information [Line Items]
Number of locations	3
Minnesota
Product Information [Line Items]
Number of locations	2
Indiana
Product Information [Line Items]
Number of locations	1
Iowa
Product Information [Line Items]
Number of locations	1
Nevada
Product Information [Line Items]
Number of locations	1
Ohio
Product Information [Line Items]
Number of locations	1
Oklahoma
Product Information [Line Items]
Number of locations	1
Oregon
Product Information [Line Items]
Number of locations	1
Texas
Product Information [Line Items]
Number of locations	1
Utah
Product Information [Line Items]
Number of locations	1
Washington
Product Information [Line Items]
Number of locations	1
Wisconsin
Product Information [Line Items]
Number of locations	1

INVENTORIES- Additional Informa

INVENTORIES- Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
LIFO inventories	$ 24.7	$ 24.6

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventory, gross	$ 371,345	$ 480,662
Less: excess of current cost over LIFO	(24,700)	(24,575)
Total	346,645	456,087
New recreational vehicles
Inventory [Line Items]
Inventory, gross	313,469	385,001
Pre-owned recreational vehicles
Inventory [Line Items]
Inventory, gross	49,329	86,517
Parts, accessories and other
Inventory [Line Items]
Inventory, gross	$ 8,547	$ 9,144

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortizable intangible assets:
Gross Carrying Amount	$ 82,474	$ 82,474
Accumulated Amortization	34,298	32,028
Net Asset Value	48,176	50,446
Non-amortizable intangible assets:
Intangible assets, gross	112,574	112,574
Intangible assets, net	78,276	80,546
Trade names and trademarks
Non-amortizable intangible assets:
Carrying amount	30,100	30,100
Manufacturer relationships
Amortizable intangible assets:
Gross Carrying Amount	71,849	71,849
Accumulated Amortization	29,003	26,968
Net Asset Value	42,846	44,881
Customer relationships
Amortizable intangible assets:
Gross Carrying Amount	10,395	10,395
Accumulated Amortization	5,117	4,893
Net Asset Value	5,278	5,502
Non-compete agreements
Amortizable intangible assets:
Gross Carrying Amount	230	230
Accumulated Amortization	178	167
Net Asset Value	$ 52	$ 63

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,271	$ 1,833

INTANGIBLE ASSETS - Schedule _2

INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 6,104
2025	8,070
2026	7,391
2027	7,080
2028	7,004
Thereafter	12,527
Net Asset Value	$ 48,176	$ 50,446

LEASES (Details)

LEASES (Details)	3 Months Ended
LEASES (Details)	Mar. 31, 2024 lease_renewal_option
Lessee, Lease, Description [Line Items]
Lease term	20 years
Number of finance lease renewal options	3
Lease renewal term	10 years
Lessee, operating lease, number of renewal options	1
Minimum
Lessee, Lease, Description [Line Items]
Lease implied interest rate	5%
Maximum
Lessee, Lease, Description [Line Items]
Lease implied interest rate	7.90%
Lessee, operating lease, renewal term (in years)	50 years

DEBT - Additional Information (

DEBT - Additional Information (Details)	May 15, 2024	Dec. 29, 2023 USD ($)	Jul. 24, 2023 USD ($) mortgage	May 14, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 08, 2024	Dec. 31, 2023 USD ($)	Jul. 18, 2023
Debt Instrument [Line Items]
Revolving line of credit, current portion					$ 10,000,000		$ 0
Coliseum
Debt Instrument [Line Items]
Related party, ownership percentage					0.59
Term Loan Agreement
Debt Instrument [Line Items]
Number of mortgages \| mortgage			2
Proceeds from term loan			$ 29,300,000
Term Loan Agreement \| Knoxville
Debt Instrument [Line Items]
Interest at a fixed rate , per annum			6.85%
Term Loan Agreement \| Murfreesboro
Debt Instrument [Line Items]
Interest at a fixed rate , per annum								7.10%
Term Loan
Debt Instrument [Line Items]
Interest at a fixed rate , per annum		12%
Debt instrument principal amount		$ 35,000,000
Debt instrument, paid-in-kind interest rate		14%
Debt issuance costs		$ 2,000,000
Debt instrument, prepayment penalty percentage one		1%
Debt instrument, prepayment penalty percentage two		2%
Debt instrument, event of default, increase in interest rate		7%
Subsequent Event \| Term Loan, Advance
Debt Instrument [Line Items]
Debt instrument principal amount				$ 15,000,000
M&T Floor Plan Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 525,000,000
Long term line of credit					$ 357,800,000
Line of credit facility, interest rate (as a percent)					7.90%
M&T Floor Plan Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, commitment fee (as a percent)	0.15%
M&T Floor Plan Line of Credit \| Subsequent Event \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	50%
M&T Floor Plan Line of Credit \| Subsequent Event \| Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	100%
M&T Floor Plan Line of Credit \| Subsequent Event \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.90%
M&T Floor Plan Line of Credit \| Subsequent Event \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.90%
M&T Floor Plan Line of Credit \| Subsequent Event \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	2.55%
M&T Floor Plan Line of Credit \| Subsequent Event \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.55%
M&T Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 50,000,000
Long term line of credit					$ 49,500,000
Line of credit facility, interest rate (as a percent)					8.40%
M&T Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, commitment fee (as a percent)	0.15%
M&T Revolving Credit Facility \| Subsequent Event \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	50%
M&T Revolving Credit Facility \| Subsequent Event \| Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	100%
M&T Revolving Credit Facility \| Subsequent Event \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	2.15%
M&T Revolving Credit Facility \| Subsequent Event \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.15%
M&T Revolving Credit Facility \| Subsequent Event \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	3.40%
M&T Revolving Credit Facility \| Subsequent Event \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	2.40%
M&T First Amendment to the Second Amended and Restated Credit Agreement and Consent
Debt Instrument [Line Items]
Total net leverage ratio						3
M&T Second Amendment to the Second Amended and Restated Credit Agreement and Consent \| Subsequent Event
Debt Instrument [Line Items]
Revolving line of credit, current portion				$ 10,000,000

Debt - Schedule of Floor Plan N

Debt - Schedule of Floor Plan Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Floor plan notes payable, gross	$ 64,273	$ 64,870
Debt discount	(2,295)	(2,300)
Floor plan notes payable, net of debt discount	61,978	62,570
M&T Floor Plan Line of Credit \| Notes Payable to Banks
Debt Instrument [Line Items]
Floor plan notes payable, gross	359,491	447,647
Debt discount	(1,659)	(864)
Floor plan notes payable, net of debt discount	$ 357,832	$ 446,783

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Gross Principal Amount	$ 64,273	$ 64,870
Debt Discount	(2,295)	(2,300)
Floor plan notes payable, net of debt discount	61,978	62,570
Gross Principal Amount, current portion	1,201	1,141
Debt Discount, current portion	0	0
Total Debt, Net of Debt Discount, current portion	1,201	1,141
Gross Principal Amount, Long term debt, non-current	63,072	63,729
Debt Discount, Long term debt, non-current	(2,295)	(2,300)
Total Debt, Net of Debt Discount, Long term debt, non-current	$ 60,777	$ 61,429

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 978
2025	771
2026	35,826
2027	886
2028	950
Thereafter	24,862
Gross Principal Amount	$ 64,273	$ 64,870

REVENUE AND CONCENTRATIONS- Add

REVENUE AND CONCENTRATIONS- Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accrued charge-backs	$ 8.1	$ 8.8

REVENUE AND CONCENTRATIONS- Sch

REVENUE AND CONCENTRATIONS- Schedules of Concentration Risk Percentages (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Florida \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	44%	50%
Tennessee \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%	11%
Thor Industries, Inc. \| Cost of Goods and Service \| Supplier Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	40%	38%
Winnebago Industries, Inc. \| Cost of Goods and Service \| Supplier Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	29%	34%
Forest River, Inc. \| Cost of Goods and Service \| Supplier Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	24%	24%

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Net Income (Loss) Attribute To Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stock and participating securities used to calculate basic loss per share	$ (23,964)	$ (1,460)
Net loss attributable to common stock and participating securities	(23,964)	(1,460)
Change in fair value of warrant liabilities, net of tax	0	(564)
Net loss attributable to common stock and participating securities used to calculate diluted loss per share	$ (23,964)	$ (2,024)
Weighted average common shares outstanding (in shares)	14,068,320	11,688,542
Dilutive effect of pre-funded warrants (in shares)	300,357	300,357
Weighted average common shares outstanding - basic (in shares)	14,368,677	11,988,899
Weighted average pre-funded warrants (in shares)	300,357	300,357
Weighted average shares outstanding - diluted (in shares)	14,368,677	11,988,899
Basic (loss) per share (in dollars per share)	$ (1.67)	$ (0.12)
Diluted (loss) per share (in dollars per share)	$ (1.67)	$ (0.17)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents excluded from EPS (in shares)	542,622	551,115
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents excluded from EPS (in shares)	295,038	295,061
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents excluded from EPS (in shares)	215,646	237,249
Shares issuable under the Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents excluded from EPS (in shares)	31,938	18,805

PREFERRED STOCK (Details)

PREFERRED STOCK (Details) $ in Millions	3 Months Ended
PREFERRED STOCK (Details) $ in Millions	Mar. 31, 2024 USD ($)
Subsidiary, Sale of Stock [Line Items]
Dividends added to carrying amount of preferred stock	$ 2
Dividends on Series A Convertible Preferred Stock	$ 3.2
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock dividend rate percentage	13%

STOCK-BASED COMPENSATION-Additi

STOCK-BASED COMPENSATION-Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Warrant or Right [Line Items]
Stock-based compensation expense	$ 0.5	$ 0.8
Unrecognized stock based compensation	$ 0.1
Unrecognized weighted period (in years)	1 year 9 months 18 days
Non-Redeemable Pre-Funded Warrant
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	300,357
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.01
2018 Long-Term Incentive Equity Plan
Class of Warrant or Right [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	1,068,905

STOCK-BASED COMPENSATION- Sched

STOCK-BASED COMPENSATION- Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares Underlying Options
Options, outstanding at the beginning of the period (in shares)	376,940
Cancelled or terminated (in shares)	(81,902)
Options, outstanding at the end of the period (in shares)	295,038	376,940
Options outstanding and vested (in shares)	248,290
Weighted Average Per Share Exercise Price
Options, outstanding at the beginning of the period (in dollars per share)	$ 11.21
Cancelled or terminated (in dollars per share)	8.83
Options, outstanding at the end of the period (in dollars per share)	11.87	$ 11.21
Options outstanding and vested (in dollars per share)	$ 11.54
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life, options outstanding (in years)	2 years 11 months 26 days	1 year 10 months 28 days
Weighted Average Remaining Contractual Life, options outstanding and vested (in years)	1 year 3 months 7 days
Aggregate Intrinsic Value, options outstanding	$ (2,312)	$ (1,566)
Aggregate intrinsic value, options outstanding and vested	$ (2,895)

STOCK-BASED COMPENSATION- Sch_2

STOCK-BASED COMPENSATION- Schedule of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Weighted-Average Grant Date Fair Value
Forfeited (in dollars per share) \| $ / shares	$ 12.38
Restricted stock units
Number of Restricted Stock Units
Outstanding at the beginning of the period (in shares) \| shares	238,275
Granted (in shares) \| shares	15,267
Vested (in shares) \| shares	(22,019)
Forfeited (in shares) \| shares	(4,426)
Outstanding at the end of the period (in shares) \| shares	227,097
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 13.35
Granted (in dollars per share) \| $ / shares	4.38
Vested (in dollars per share) \| $ / shares	10.99
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 13.03

RELATED PARTY (Details)

RELATED PARTY (Details) - Term Loan - USD ($)	May 14, 2024	Dec. 29, 2023
Related Party Transaction [Line Items]
Debt instrument principal amount		$ 35,000,000
Related Party \| Subsequent Event
Related Party Transaction [Line Items]
Debt instrument principal amount	$ 50,000,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Term Loan, Advance	May 14, 2024 USD ($) $ / shares shares
Subsequent Event [Line Items]
Debt instrument principal amount \| $	$ 15,000,000
Class of warrant or right (in shares) \| shares	2,000,000
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 5.25