Lazydays (LAZY)2024-11-19 00:39Financial Performance - Total revenue for Q3 2024 was 280.7 million in Q3 2023[3] - Net loss for Q3 2024 was 5.6 million in Q3 2023, representing a significant increase in losses[4] - Adjusted net loss for Q3 2024 was 2.9 million in Q3 2023[4] - Total revenue for the nine months ended September 30, 2024 was 884.7 million for the same period in 2023[3] - Net loss for the nine months ended September 30, 2024 was 2.3 million for the same period in 2023[5] - Adjusted net loss for the nine months ended September 30, 2024 was 2.2 million for the same period in 2023[5] Revenue Breakdown - New vehicle retail revenue decreased by 29.3% to 172.9 million in Q3 2023[14] - Pre-owned vehicle retail revenue decreased by 19.8% to 75.1 million in Q3 2023[14] - New vehicle retail revenue declined by 21.4% to 200,661,000[15] - Total revenues for the three months ended September 30, 2024, decreased by 30.3% to 264,306 thousand in 2023[24] - New vehicle retail sales dropped by 35.6% to 163,622 thousand year-over-year[24] - Pre-owned vehicle retail sales decreased by 25.7% to 70,236 thousand in the same period last year[24] Profitability Metrics - Gross profit for the nine months ended September 30, 2024, was 186,056,000 in 2023[15] - Gross profit for the three months ended September 30, 2024, was 50,690 thousand in 2023[24] - The gross profit margin for new vehicle retail was 7.2%, down from 12.5% in 2023, while pre-owned vehicle retail margin decreased to 15.8% from 20.4%[19] - The gross profit margin for new vehicle retail was 8.9%, down from 10.5% in the previous year, a decline of 160 basis points[24] Expenses and Liabilities - Selling, general, and administrative expenses decreased by 3.7% to 152,262,000 in 2023[15] - The company experienced a 52.2% increase in total other expenses, net, amounting to 23,273,000 in 2023[15] - Total current assets decreased to 546,896,000 at December 31, 2023, representing a decline of approximately 34.4%[27] - Total liabilities decreased to 724,549,000 at December 31, 2023, a reduction of approximately 16.5%[27] Inventory and Sales Units - Total retail units sold decreased by 14.3% to 2,750 units, with new vehicle retail units sold down by 18.6% to 1,666[18] - Total retail units sold decreased by 22.4% to 2,278 units from 2,936 units year-over-year[24] - New vehicle inventory decreased to 235 units from 380 units, indicating a tighter supply[22] - The company’s inventories decreased to 456,087,000 at December 31, 2023, a decline of about 31.9%[27] Cash Flow and Equity - The company generated net cash provided by operating activities of 40,434,000 for the same period in 2023, an increase of 143.5%[28] - Adjusted net cash used in operating activities was 6,741,000 for the same period in 2023[28] - The company’s total stockholders' equity decreased to 156,997,000 at December 31, 2023, a decline of approximately 56.4%[27] Other Financial Metrics - The company reported a net loss as a percentage of revenue of (7.6)% for the three months ended September 30, 2024, compared to (1.0)% in 2023[24] - The company’s diluted loss per share was 1.27 for the same period in 2023[30] - The company reported total assets of 937,739,000 at December 31, 2023, a decrease of approximately 21.5%[27] - The company reported a significant increase in depreciation and amortization expenses, totaling 13,493,000 for the same period in 2023[28]