EX-99.1 2 gorvq32024er8-kexx991.htm EX-99.1

Exhibit 99.1

LAZYDAYS REPORTS THIRD QUARTER 2024 RESULTS

Tampa, FL (November 18, 2024) – Lazydays Holdings, Inc. (Nasdaq: GORV) today announced its third quarter 2024 earnings results.

Ron Fleming, Interim CEO, said, "Despite challenging financial results during the third quarter, which continued to be impacted by economic and other industry-wide demand headwinds, we are very encouraged by the completion of last week’s recapitalization transactions. These transformative transactions have fortified the Company’s financial foundation and operational focus and mark a turning point for Lazydays as we position ourselves for a stronger, more agile future. With a streamlined balance sheet, enhanced liquidity, and a simplified dealership network, we are better equipped to navigate the evolving RV landscape and deliver on our commitment to industry leadership."

Total revenue for the third quarter was $213.5 million compared to $280.7 million for the same period in 2023. Total revenue for the nine months ended September 30, 2024 was $722.7 million compared to $884.7 million for the same period in 2023.

Net loss for the third quarter was $17.7 million compared to net loss of $5.6 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $16.2 million compared to adjusted net loss of $2.9 million for the same period in 2023. Net loss per diluted share was $1.37 compared to net loss per diluted share of $0.48 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $1.27 compared to adjusted net loss per diluted share of $0.29 for the same period in 2023.

Net loss for the nine months ended September 30, 2024 was $83.9 million compared to net loss of $2.3 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $62.1 million compared to adjusted net income of $2.2 million for the same period in 2023. Net loss per diluted share was $6.24 compared to net loss per diluted share of $0.49 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $4.73 compared to adjusted net loss per diluted share of $0.07 for the same period in 2023.

See Reconciliation of Non-GAAP Measures for additional details regarding our adjusted results of operations.

Conference Call Information

We have scheduled a conference call at 8:30 AM Eastern Time on Tuesday, November 19, 2024 that will also be broadcast live over the internet.

The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations.

About Lazydays

Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.

Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.

Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV."

1

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Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as “project,” “outlook,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “may,” “seek,” “would,” “should,” “likely,” “goal,” “strategy,” “future,” “maintain,” “continue,” “remain,” “target” or “will” and similar references to future periods.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including our ability to obtain further waivers or amendments to credit agreements, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout under the headers "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and in the notes to our financial statements, in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-Kand from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures such as adjusted cash flow from operations, adjusted costs applicable to revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted income (loss) before income taxes, adjusted SG&A, and adjusted income (loss) from operations. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, and also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the following tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

Contact:

investors@lazydays.com

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Results of Operations

			Three Months Ended September 30,									Variance
(In thousands except share and per share amounts)			2024						2023			%
Revenues
New vehicle retail			$	122,291					$	172,898		(29.3)		%
Pre-owned vehicle retail			60,177						75,059			(19.8)		%
Vehicle wholesale			1,801						2,056			(12.4)		%
Finance and insurance			16,333						16,462			(0.8)		%
Service, body and parts and other			12,863						14,207			(9.5)		%
Total revenues			213,465						280,682			(23.9)		%
Cost applicable to revenues
New vehicle retail			111,032						154,181			(28.0)		%
Pre-owned vehicle retail			49,220						59,693			(17.5)		%
Vehicle wholesale			1,964						2,026			(3.1)		%
Finance and insurance			544						569			(4.4)		%
Service, body and parts and other			5,742						7,109			(19.2)		%
LIFO			(350)						2,663			(113.1)		%
Total cost applicable to revenues			168,152						226,241			(25.7)		%
Gross profit			45,313						54,441			(16.8)		%
Depreciation and amortization			5,170						4,602			12.3		%
Selling, general, and administrative expenses			45,802						48,250			(5.1)		%
(Loss) income from operations			(5,659)						1,589			NM
Other income (expense):
Floor plan interest expense			(6,361)						(6,258)			1.6		%
Other interest expense			(5,564)						(2,701)			106.0		%
Change in fair value of warrant liabilities			(462)						—			NM
(Loss) gain on sale of property and equipment			—						(21)			NM
Total other expense, net			(12,387)						(8,980)			37.9		%
Loss before income taxes			(18,046)						(7,391)			NM
Income tax benefit (expense)			381						1,805			(78.9)		%
Net loss			(17,665)						(5,586)			NM
Dividends on Series A Convertible Preferred Stock			(2,159)						(1,210)			78.4		%
Net loss and comprehensive loss attributable to common stock and participating securities			$	(19,824)					$	(6,796)		NM
Loss per share:
Basic			$	(1.37)					$	(0.48)		NM
Diluted			$	(1.37)					$	(0.48)		NM
Weighted average shares used for EPS calculations:
Basic			14,439,861						14,263,367
Diluted			14,439,861						14,263,367

*NM - not meaningful

			Nine Months Ended September 30,									Variance
(In thousands except share and per share amounts)			2024						2023			%
Revenues
New vehicle retail			$	418,315					$	532,397		(21.4)		%
Pre-owned vehicle retail			200,661						250,825			(20.0)		%
Vehicle wholesale			11,318						5,480			106.5		%
Finance and insurance			50,703						51,085			(0.7)		%
Service, body and parts and other			41,748						44,931			(7.1)		%
Total revenues			722,745						884,718			(18.3)		%
Cost applicable to revenues
New vehicle retail			388,225						465,656			(16.6)		%
Pre-owned vehicle retail			168,865						199,646			(15.4)		%
Vehicle wholesale			14,021						5,432			158.1		%
Finance and insurance			1,881						2,072			(9.2)		%
Service, body and parts and other			19,179						21,807			(12.1)		%
LIFO			91						4,049			(97.8)		%
Total cost applicable to revenues			592,262						698,662			(15.2)		%
Gross profit			130,483						186,056			(29.9)		%
Depreciation and amortization			15,587						13,464			15.8		%
Selling, general, and administrative expenses			146,698						152,262			(3.7)		%
(Loss) income from operations			(31,802)						20,330			NM
Other income (expense):
Floor plan interest expense			(19,745)						(17,624)			12.0		%
Other interest expense			(15,924)						(6,484)			145.6		%
Change in fair value of warrant liabilities			(799)						856			NM
(Loss) gain on sale of property and equipment			1,044						(21)			NM
Total other expense, net			(35,424)						(23,273)			52.2		%
Loss before income taxes			(67,226)						(2,943)			NM
Income tax benefit (expense)			(16,640)						642			NM
Net loss			(83,866)						(2,301)			NM
Dividends on Series A Convertible Preferred Stock			(6,174)						(3,590)			72.0		%
Net loss and comprehensive loss attributable to common stock and participating securities			$	(90,040)					$	(5,891)		NM
Loss per share:
Basic			$	(6.24)					$	(0.44)		NM
Diluted			$	(6.24)					$	(0.49)		NM
Weighted average shares used for EPS calculations:
Basic			14,418,692						13,470,219
Diluted			14,418,692						13,470,219

*NM - not meaningful

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Total Results Summary

			Three Months Ended September 30,									Variance
			2024						2023
Gross profit margins
New vehicle retail			9.2		%				10.8		%	(160)			bps
Pre-owned vehicle retail			18.2		%				20.5		%	(230)			bps
Vehicle wholesale			(9.1)		%				1.5		%	NM
Finance and insurance			96.7		%				96.5		%	20			bps
Service, body and parts and other			55.4		%				50.0		%	540			bps
Total gross profit margin			21.2		%				19.4		%	180			bps
Total gross profit margin (excluding LIFO)			21.1		%				20.3		%	80			bps
Retail units sold
New vehicle retail			1,666						2,046			(18.6)		%
Pre-owned vehicle retail			1,084						1,162			(6.7)		%
Total retail units sold			2,750						3,208			(14.3)		%
Average selling price per retail unit
New vehicle retail			$	73,404					$	84,505		(13.1)		%
Pre-owned vehicle retail			55,514						64,595			(14.1)		%
Average gross profit per retail unit (excluding LIFO)
New vehicle retail			$	6,758					$	9,148		(26.1)		%
Pre-owned vehicle retail			10,108						13,224			(23.6)		%
Finance and insurance			5,741						4,954			15.9		%
Revenue mix
New vehicle retail			57.3		%				61.6		%
Pre-owned vehicle retail			28.2		%				26.7		%
Vehicle wholesale			0.8		%				0.7		%
Finance and insurance			7.7		%				5.9		%
Service, body and parts and other			6.0		%				5.1		%
			100.0		%				100.0		%
Gross profit mix
New vehicle retail			24.8		%				34.4		%
Pre-owned vehicle retail			24.2		%				28.2		%
Vehicle wholesale			(0.4)		%				0.1		%
Finance and insurance			34.8		%				29.2		%
Service, body and parts and other			15.7		%				13.0		%
LIFO			0.9		%				(4.9)		%
			100.0		%				100.0		%

*NM - not meaningful

			Nine Months Ended September 30,									Variance
			2024						2023
Gross profit margins
New vehicle retail			7.2		%				12.5		%	(530)			bps
Pre-owned vehicle retail			15.8		%				20.4		%	(460)			bps
Vehicle wholesale			(23.9)		%				0.9		%	NM
Finance and insurance			96.3		%				95.9		%	40			bps
Service, body and parts and other			54.1		%				51.5		%	260			bps
Total gross profit margin			18.1		%				21.0		%	(290)			bps
Total gross profit margin (excluding LIFO)			18.1		%				21.5		%	(340)			bps
Retail units sold
New vehicle retail			5,742						6,005			(4.4)		%
Pre-owned vehicle retail			3,692						3,854			(4.2)		%
Total retail units sold			9,434						9,859			(4.3)		%
Average selling price per retail unit
New vehicle retail			$	72,852					$	88,659		(17.8)		%
Pre-owned vehicle retail			54,350						65,082			(16.5)		%
Average gross profit per retail unit (excluding LIFO)
New vehicle retail			$	5,240					$	11,114		(52.9)		%
Pre-owned vehicle retail			8,612						13,279			(35.1)		%
Finance and insurance			5,175						4,972			4.1		%
Revenue mix
New vehicle retail			57.9		%				60.2		%
Pre-owned vehicle retail			27.8		%				28.4		%
Vehicle wholesale			1.6		%				0.6		%
Finance and insurance			7.0		%				5.8		%
Service, body and parts and other			5.7		%				5.0		%
			100.0		%				100.0		%
Gross profit mix
New vehicle retail			23.1		%				35.9		%
Pre-owned vehicle retail			24.4		%				27.5		%
Vehicle wholesale			(2.1)		%				—		%
Finance and insurance			37.4		%				26.3		%
Service, body and parts and other			17.3		%				12.4		%
LIFO			(0.1)		%				(2.1)		%
			100.0		%				100.0		%

*NM - not meaningful

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Other Metrics

			Adjusted												As Reported
			Three Months Ended September 30,												Three Months Ended September 30,
			2024						2023						2024						2023
SG&A as a % of revenue			20.8		%				16.7		%				21.5		%				17.2		%
SG&A as % of gross profit, excluding LIFO			98.8		%				82.1		%				101.9		%				84.5		%
(Loss) income from operations as a % of revenue			(2.2)		%				2.0		%				(2.7)		%				0.6		%
(Loss) income from operations as a % of gross profit, excluding LIFO			(10.3)		%				9.8		%				(12.6)		%				2.8		%
(Loss) income before income taxes as % of revenue			(7.7)		%				(1.2)		%				(8.5)		%				(2.6)		%
Net (loss) income as a % of revenue			(7.6)		%				(1.0)		%				(8.3)		%				(2.0)		%

			Adjusted												As Reported
			Nine Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
SG&A as a % of revenue			19.8		%				16.8		%				20.3		%				17.2		%
SG&A as % of gross profit, excluding LIFO			109.6		%				78.3		%				112.3		%				80.1		%
(Loss) income from operations as a % of revenue			(3.9)		%				3.1		%				(4.4)		%				2.3		%
(Loss) income from operations as a % of gross profit, excluding LIFO			(21.5)		%				14.6		%				(24.4)		%				10.7		%
(Loss) income before income taxes as % of revenue			(8.7)		%				0.4		%				(9.3)		%				(0.3)		%
Net (loss) income as a % of revenue			(8.6)		%				0.3		%				(11.6)		%				(0.3)		%

Other Highlights

			September 30, 2024						December 31, 2023
Store Count
Dealerships			23						24
Days Supply*
New vehicle inventory			235						380
Pre-owned vehicle inventory			76						132

*Days supply calculated based on current inventory levels and a 90-day historical average cost of sales level.

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Same-Store Results Summary

			Three Months Ended September 30,												Variance
($ in thousands, except per vehicle data)			2024						2023
Revenues
New vehicle retail			$	105,432					$	163,622					(35.6)		%
Pre-owned vehicle retail			52,166						70,236						(25.7)		%
Vehicle wholesale			1,340						2,055						(34.8)		%
Finance and insurance			14,127						15,552						(9.2)		%
Service, body and parts and other			11,279						12,841						(12.2)		%
Total revenues			$	184,344					$	264,306					(30.3)		%
Gross profit
New vehicle retail			$	9,385					$	17,208					(45.5)		%
Pre-owned vehicle retail			9,334						14,435						(35.3)		%
Vehicle wholesale			49						31						58.1		%
Finance and insurance			13,655						15,017						(9.1)		%
Service, body and parts and other			6,166						6,662						(7.4)		%
LIFO			350						(2,663)						(113.1)		%
Total gross profit			$	38,939					$	50,690					(23.2)		%
Gross profit margins
New vehicle retail			8.9		%				10.5		%				(160)			bps
Pre-owned vehicle retail			17.9		%				20.6		%				(270)			bps
Vehicle wholesale			3.7		%				1.5		%				220			bps
Finance and insurance			96.7		%				96.6		%				10			bps
Service, body and parts and other			54.7		%				51.9		%				280			bps
Total gross profit margin			21.1		%				19.2		%				190			bps
Total gross profit margin (excluding LIFO)			20.9		%				20.2		%				70			bps
Retail units sold
New vehicle retail			1,365						1,865						(26.8)		%
Pre-owned vehicle retail			913						1,071						(14.8)		%
Total retail units sold			2,278						2,936						(22.4)		%
Average selling price per retail unit
New vehicle retail			$	77,240					$	87,733					(12.0)		%
Pre-owned vehicle retail			57,137						65,580						(12.9)		%
Average gross profit per retail unit (excluding LIFO)
New vehicle retail			$	6,875					$	9,227					(25.5)		%
Pre-owned vehicle retail			10,223						13,478						(24.2)		%
Finance and insurance			5,994						5,115						17.2		%

*NM - not meaningful

			Nine Months Ended September 30,												Variance
(In thousands, except per vehicle data)			2024						2023
Revenues
New vehicle retail			$	354,704					$	504,127					(30)		%
Pre-owned vehicle retail			166,013						232,452						(29)		%
Vehicle wholesale			8,861						5,222						70		%
Finance and insurance			42,357						48,330						(12)		%
Service, body and parts and other			34,737						39,852						(13)		%
Total revenues			$	606,672					$	829,983					(27)		%
Gross profit
New vehicle retail			$	24,666					$	62,636					(61)		%
Pre-owned vehicle retail			25,986						47,682						(46)		%
Vehicle wholesale			(1,438)						44						NM
Finance and insurance			40,728						46,354						(12)		%
Service, body and parts and other			18,637						20,075						(7)		%
LIFO			(91)						(4,049)						(98)		%
Total gross profit			$	108,488					$	172,742					(37)		%
Gross profit margins
New vehicle retail			7.0		%				12.4		%				(540)			bps
Pre-owned vehicle retail			15.7		%				20.5		%				(480)			bps
Vehicle wholesale			(16.2)		%				0.8		%				NM
Finance and insurance			96.2		%				95.9		%				30			bps
Service, body and parts and other			53.7		%				50.4		%				330			bps
Total gross profit margin			17.9		%				20.8		%				(290)			bps
Total gross profit margin (excluding LIFO)			17.9		%				21.3		%				(340)			bps
Retail units sold
New vehicle retail			4,511						5,543						(19)		%
Pre-owned vehicle retail			2,950						3,534						(17)		%
Total retail units sold			7,461						9,077						(18)		%
Average selling price per retail unit
New vehicle retail			$	78,631					$	90,948					(14)		%
Pre-owned vehicle retail			56,276						65,776						(14)		%
Average gross profit per retail unit (excluding LIFO)
New vehicle retail			$	5,468					$	11,300					(52)		%
Pre-owned vehicle retail			8,809						13,492						(35)		%
Finance and insurance			5,459						5,107						7		%

*NM - not meaningful

6

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Condensed Consolidated Balance Sheets

(In thousands)			September 30, 2024						December 31, 2023
Current assets
Cash			$	13,536					$	58,085
Receivables, net of allowance for doubtful accounts			23,642						22,694
Inventories			310,671						456,087
Income tax receivable			7,254						7,416
Prepaid expenses and other			3,467						2,614
Total current assets			358,570						546,896
Long-term assets
Property and equipment, net			273,733						265,726
Operating lease assets			25,571						26,377
Intangible assets, net			74,442						80,546
Other assets			3,630						2,750
Deferred income tax asset			—						15,444
Total assets			$	735,946					$	937,739
Current liabilities
Floor plan notes payable			$	316,551					$	446,783
Revolving line of credit, current portion			17,500						—
Other current liabilities			57,967						53,194
Total current liabilities			392,018						499,977
Long-term liabilities
Financing liability, non-current portion, net			90,540						91,401
Revolving line of credit, non-current portion			23,500						49,500
Long-term debt, non-current portion, net			27,590						28,075
Related party debt, non-current portion, net			43,152						33,354
Warrant liabilities			5,706						—
Other long-term liabilities			22,512						22,242
Total liabilities			605,018						724,549
Series A Convertible Preferred Stock			62,363						56,193
Stockholders' Equity			68,565						156,997
Total liabilities and stockholders' equity			$	735,946					$	937,739

7

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Condensed Consolidated Statements of Cash Flows

			Nine Months Ended September 30,
(In thousands)			2024						2023
Operating Activities
Net loss			$	(83,866)					$	(2,301)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation			1,495						2,067
Bad debt expense			46						9
Depreciation and amortization of property and equipment			9,481						7,992
Amortization of intangible assets			6,106						5,501
Amortization of debt discount			1,508						327
Non-cash operating lease (benefit) expense			(497)						201
(Gain) loss on sale of property and equipment			(1,044)						21
Deferred income taxes			16,700						(116)
Change in fair value of warrant liabilities			799						(856)
Impairment charges			—						629
Changes in operating assets and liabilities:
Receivables			(994)						3,221
Inventories			145,416						18,427
Prepaid expenses and other			(853)						(1,196)
Income tax receivable/payable			165						(621)
Other assets			(882)						(169)
Accounts payable			(1,601)						5,511
Accrued expenses and other current liabilities			6,588						1,787
Total adjustments			182,433						42,735
Net cash provided by operating activities			$	98,567					$	40,434
			Nine Months Ended September 30,
(In thousands)			2024						2023
Net cash provided by operating activities, as reported			$	98,567					$	40,434
Net repayments on floor plan notes payable			(129,169)						(13,967)
Minus borrowings on floor plan notes payable associated with acquired new inventory			—						(19,726)
Adjusted net cash (used in) provided by operating activities			$	(30,602)					$	6,741

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Reconciliation of Non-GAAP Measures

			Three Months Ended September 30, 2024
($ in thousands, except per share amounts)			As reported			Loss on change in fair value of warrant liabilities			LIFO			Transaction costs			Severance and transition costs			Deferred tax valuation allowance						Adjusted
Costs applicable to revenue			$	168,152		$	—		$	350		$	—		$	—		$	—					$	168,502
Selling, general and administrative expenses			45,802			—			—			(1,296)			(100)			—						44,406
(Loss) income from operations			(5,659)			—			(350)			1,296			100			—						(4,613)
Change in fair value of warrant liabilities			(462)			462			—			—			—			—						—
(Loss) income before income taxes			(18,046)			462			(350)			1,296			100			—						(16,538)
Income tax (expense) benefit			381			2			(1)			5			—			1						388
Net (loss) income			(17,665)			464			(351)			1,301			100			1						(16,150)
Dividends on Series A Convertible Preferred Stock			(2,159)			—			—			—			—			—						(2,159)
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities			$	(19,824)		$	464		$	(351)		$	1,301		$	100		$	1					$	(18,309)
Diluted loss per share			$	(1.37)																				$	(1.27)
Shares used for diluted calculation			14,439,861																					14,439,861

			Three Months Ended September 30, 2023
($ in thousands, except per share amounts)			As reported						LIFO			Transaction costs			Severance and transition costs									Adjusted
Costs applicable to revenue			$	226,241					$	(2,663)		$	—		$	—								$	223,578
Selling, general and administrative expenses			48,250						—			(727)			(625)									46,898
Income from operations			1,589						2,663			727			625									5,604
(Loss) income before income taxes			(7,391)						2,663			727			625									(3,376)
Income tax benefit (expense)			1,805						(873)			(238)			(205)									489
Net (loss) income			(5,586)						1,790			489			420									(2,887)
Dividends on Series A Convertible Preferred Stock			(1,210)						—			—			—									(1,210)
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities			$	(6,796)					$	1,790		$	489		$	420								$	(4,097)
Diluted loss per share			$	(0.48)																				$	(0.29)
Shares used for diluted calculation			14,263,367																					14,263,367

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			Nine Months Ended September 30, 2024
($ in thousands, except per share amounts)			As reported			Loss on change in fair value of warrant liabilities			LIFO			Transaction costs			Severance and transition costs			Deferred tax valuation allowance			Uninsured loss			Adjusted
Costs applicable to revenue			$	592,262		$	—		$	(91)		$	—		$	—		$	—		$	—		$	592,171
Selling, general and administrative expenses			146,698			—			—			(2,925)			(199)			—			(481)			143,093
(Loss) income from operations			(31,802)			—			91			2,925			199			—			481			(28,106)
Change in fair value of warrant liabilities			(799)			799			—			—			—			—			—			—
(Loss) income before income taxes			(67,226)			799			91			2,925			199			—			481			(62,731)
Income tax (expense) benefit			(16,640)			5			1			20			1			17,262			3			652
Net (loss) income			(83,866)			804			92			2,945			200			17,262			484			(62,079)
Dividends on Series A Convertible Preferred Stock			(6,174)			—			—			—			—			—			—			(6,174)
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities			$	(90,040)		$	804		$	92		$	2,945		$	200		$	17,262		$	484		$	(68,253)
Diluted loss per share			$	(6.24)																				$	(4.73)
Shares used for diluted calculation			14,418,692																					14,418,692

			Nine Months Ended September 30, 2023
($ in thousands, except per share amounts)			As reported			Gain on change in fair value of warrant liabilities			LIFO			Transaction costs			Severance and transition costs			Impairment charge			Uninsured loss			Adjusted
Costs applicable to revenue			$	698,662		$	—		$	(4,049)		$	—		$	—		$	—		$	—		$	694,613
Selling, general and administrative expenses			152,262			—			—			(1,198)			(1,278)			(629)			(300)			148,857
Income from operations			20,330			—			4,049			1,198			1,278			629			300			27,784
Gain on change in fair value of warrant liabilities			856			(856)			—			—			—			—			—			—
(Loss) income before income taxes			(2,943)			(856)			4,049			1,198			1,278			629			300			3,655
Income tax benefit (expense)			642			—			(1,140)			(337)			(360)			(119)			(106)			(1,420)
Net (loss) income			(2,301)			(856)			2,909			861			918			510			194			2,235
Dividends on Series A Convertible Preferred Stock			(3,590)			—			—			—			—			—			—			(3,590)
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities			$	(5,891)		$	(856)		$	2,909		$	861		$	918		$	510		$	194		$	(1,355)
Diluted loss per share			$	(0.49)																				$	(0.07)
Shares used for diluted calculation			13,470,219																					13,470,219

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