Lazydays (US:LAZY)2025-05-15 11:13Financial Performance - Total revenue for Q1 2025 was $165.8 million, a decrease of 38.5% compared to $270.1 million in Q1 2024[2] - Gross profit for Q1 2025 increased to $43.8 million, with a gross profit margin of 26.4%, up from 14.0% in Q1 2024[11][12] - Net loss for Q1 2025 was $9.5 million, significantly improved from a net loss of $22.0 million in Q1 2024[2] - Adjusted EBITDA for Q1 2025 was $(4.0) million, an improvement from $(18.2) million in Q1 2024[2] - The company reported a net loss of $9,533,000 for the three months ended March 31, 2025, compared to a net loss of $21,980,000 in the same period of 2024, indicating an improvement in performance[14] - Adjusted EBITDA for Q1 2025 was $(4,025,000), an improvement from $(18,161,000) in Q1 2024, highlighting a positive trend in core operating results[18] Revenue Breakdown - New vehicle retail revenue was $97.5 million, down from $152.7 million in Q1 2024, with retail units sold decreasing from 2,055 to 1,143[11][12] - Pre-owned vehicle retail revenue was $40.7 million, down from $78.6 million in Q1 2024, with retail units sold decreasing from 1,460 to 805[11][12] - Average selling price for new vehicles increased to $85,318 in Q1 2025 from $74,263 in Q1 2024[12] Debt and Cash Management - The company repaid approximately $145 million in debt during the quarter, significantly de-leveraging its balance sheet[2] - Net cash provided by operating activities was $26,032,000 for Q1 2025, a decrease from $80,240,000 in Q1 2024, reflecting changes in working capital[14] - The company’s net repayments under the M&T bank floor plan were $95,136,000 in Q1 2025, compared to $89,016,000 in Q1 2024, indicating increased debt repayment activity[14] - Cash at the end of the period decreased to $19,727,000 in Q1 2025 from $39,350,000 in Q1 2024, reflecting a net decrease in cash of $4,975,000[14] Asset Management - Total assets decreased to $509.5 million as of March 31, 2025, down from $675.8 million at the end of 2024[13] - The company recorded $113,947,000 in net proceeds from the sale of businesses, property, and equipment during the investing activities for Q1 2025[14] - The company experienced a significant increase in inventories, with a change of $32,346,000 in Q1 2025 compared to a decrease of $109,442,000 in Q1 2024[14] Expenses - Total depreciation and amortization expenses for Q1 2025 amounted to $4,582,000, down from $5,461,000 in Q1 2024[18] - Interest expense, net for Q1 2025 was $10,759,000, compared to $12,199,000 in Q1 2024, indicating a reduction in financing costs[18] - The company reported impairment charges of $2,900,000 in Q1 2025, with no such charges reported in Q1 2024[18] Strategic Actions - The company completed the strategic divestiture of five dealership locations, enhancing its cost structure[2]