Lazydays (LAZY) - 2023 Q3 - Quarterly Report

Financial Performance - Total revenue for Q3 2023 was $280.7 million, a decrease of 16$333.8 million in Q3 2022[12] - Net loss for Q3 2023 was $5.6 million, compared to a net income of$7.7 million in Q3 2022, resulting in a diluted EPS of $(0.48) versus$0.35[12] - Gross profit for Q3 2023 was $54.4 million, down 28$75.6 million in Q3 2022[12] - Revenue for the three months ended September 30, 2023, was $280,563,000, a decrease of 20.7$353,578,000 for the same period in 2022[32] - Net loss for the three months ended September 30, 2023, was $(6,298,000), compared to net income of$8,677,000 for the same period in 2022[32] - Total revenues decreased by $65.8 million, or 21.2$235.1 million, or 22.9%, in the first nine months of 2023 compared to the same period in 2022[103] Assets and Liabilities - Total assets increased to $915.5 million as of September 30, 2023, up from$830.7 million at the end of 2022, reflecting a growth of 10.2%[9] - Current liabilities decreased slightly to $390.3 million from$399.6 million at the end of 2022, a reduction of 0.8%[9] - Cash and cash equivalents decreased to $32.9 million from$61.7 million at the end of 2022, a decline of 46.5%[9] - The total stockholders' equity increased to $265.8 million as of September 30, 2023, compared to$237.0 million at the end of 2022, an increase of 12.1%[9] Acquisitions and Growth - Total consideration for acquisitions in 2023 amounted to $72,064,000, with net assets acquired valued at the same amount[28] - Revenue from the 2023 acquisitions for the three months ended September 30, 2023, was$10,164,000, contributing $17,912,000 for the nine months[28] - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[12] Cash Flow and Financing - Cash provided by operating activities for the nine months ended September 30, 2023, was$40,434,000, a significant increase from a cash used of $7,508,000 in the prior year[16] - Cash paid for interest during the nine months ended September 30, 2023, was$7,402,000, compared to $10,481,000 in the previous year[17] - The ending cash balance as of September 30, 2023, was$32,922,000, down from $100,774,000 at the same time in 2022[16] - As of September 30, 2023, total estimated liquidity was$67.8 million, including cash of $32.9 million and$30.2 million available from undrawn floor plan capacity[138] Inventory and Sales - Total inventories as of September 30, 2023, amounted to $385,329,000, an increase from$378,881,000 as of December 31, 2022[34] - New vehicle retail sales dropped to $172.9 million, down 15.0$203.5 million year-over-year[98] - Pre-owned vehicle retail sales decreased by 17.3% to $75.1 million from$90.7 million in the same quarter last year[98] - Retail units sold in Q3 2023 totaled 3,208, a decrease of 13.6% from 3,712 units sold in Q3 2022[98] Expenses and Losses - The company incurred impairment charges of $629,000 during the nine months ended September 30, 2023[16] - The company reported stock-based compensation of$2,067,000 for the nine months ended September 30, 2023, slightly down from 2,083,000 in 2022[16] - SG&A expenses decreased by 7.3 million, or 13.1%, in Q3 2023, and $20.9 million, or 12.1$1.2 million for each quarter in the nine-month period ended September 30, 2023[69] Compliance and Reporting - Lazydays Holdings, Inc. filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023[101] - The report includes condensed consolidated financial statements, including balance sheets and statements of operations[101] - The report is signed by Kelly A. Porter, Chief Financial Officer, affirming the accuracy of the financial data[176] - The company is subject to the requirements of the Securities Exchange Act of 1934, ensuring compliance with regulatory standards[174]