Lazydays (LAZY) - 2023 Q4 - Annual Results

Financial Performance - Fourth quarter 2023 revenue decreased to $198.0 million, down from$243.5 million in the same quarter of 2022, representing a decline of approximately 18.7%[2] - Fourth quarter 2023 net loss was $108.0 million, compared to a net loss of$1.4 million for the same period in 2022, indicating a significant increase in losses[3] - Adjusted net loss for 2023 was $11.5 million, compared to adjusted net income of$64.1 million in 2022, reflecting a substantial decline in profitability[5] - Net loss for the year ended December 31, 2023, was $110,266,000 compared to a net income of$66,393,000 in 2022[23] - The company reported a net loss of $110.266 million for the latest quarter, with a diluted net loss per share of$8.45[32] - The income tax benefit for the latest quarter was $30.462 million, contributing positively to the net income[32] Goodwill Impairment - The company recorded a non-cash goodwill impairment charge of$118.0 million in the fourth quarter of 2023 due to a decline in the price of common equity[2] - The company reported a goodwill impairment of $117,970,000 in Q4 2023, which significantly impacted the income from operations[23] - The company experienced a significant goodwill impairment charge of$117.970 million in Q4 2023[31] - The company experienced a goodwill impairment charge of $117.970 million during the latest quarter[32] Revenue and Sales - Total revenue for Q4 2023 was$198,029,000, a decrease of 18.7% compared to $243,490,000 in Q4 2022[23] - New vehicle retail revenue decreased by 27.9$99,351,000 in Q4 2023 from $137,729,000 in Q4 2022[23] - Retail units sold for new vehicles decreased by 15.8$169.724 million, a decrease of 26.9% compared to $232.193 million in Q4 2022[28] - New vehicle retail revenue decreased by 34.7$84.837 million in Q4 2023 from $129.866 million in Q4 2022[28] - Retail units sold for new vehicles decreased by 26.0$110.0 million in annual revenues at steady state[8] - The company opened a new dealership in Surprise, Arizona, expected to generate estimated annual revenues of $50.0 million at steady state, bringing the total to 25 locations nationwide[9] Financial Position - As of the end of the fourth quarter, the company had cash of$58.1 million and expects to generate an additional $47.5 million in mortgage loan proceeds through refinancing[12] - The company received a waiver of financial covenants for the fourth quarter of 2023 and the first two quarters of 2024, with relaxed covenants in the third quarter[13] - Total assets increased to$937.742 million as of December 31, 2023, from $830.718 million in 2022[29] - Current liabilities rose to$499.980 million in 2023, up from $399.625 million in 2022[29] Cost and Profitability Metrics - Gross profit margin for new vehicle retail dropped to 12.8$854,005,000, down 14.5% from $998,270,000 in 2022[23] - Selling, general and administrative expenses amounted to$222.218 million, reflecting a reduction of $0.286 million[32] - The adjusted income from operations for the twelve months was$103.284 million, indicating a strong operational performance[32]