Lazydays (US:LAZY)2024-08-16 00:59Financial Performance - Total revenue for Q2 2024 was $238.7 million, a decrease of 22.6% compared to $308.4 million in Q2 2023[3]. - Net loss for Q2 2024 was $44.2 million, compared to a net income of $3.6 million in Q2 2023, resulting in a net loss per diluted share of $3.22[4]. - Total gross profit for Q2 2024 was $47.4 million, down 30.0% from $67.7 million in Q2 2023[15]. - Total revenues for the six months ended June 30, 2024, decreased by 15.7% to $509,280,000 compared to $604,036,000 in 2023[16]. - The company reported a net loss of $66,201,000 for the six months ended June 30, 2024, compared to a net income of $3,284,000 in 2023[16]. - Total revenues for Q2 2024 decreased by 31.7% to $199.3 million compared to $291.9 million in Q2 2023[21]. - Net loss as a percentage of revenue was (7.7)% in Q2 2024, compared to 1.3% in Q2 2023[19]. - Diluted loss per share for the six months ended June 30, 2024, was $4.89, compared to a diluted loss per share of $3.51 for the same period in 2023[29]. - Net income attributable to common stock and participating securities is $904 thousand, with a comprehensive income of $2,742 thousand[30]. - Diluted income per share stands at $0.13, calculated using 13,188,135 shares[30]. Revenue Breakdown - New vehicle retail revenue decreased by 21.6% to $143.3 million, while pre-owned vehicle retail revenue fell by 33.1% to $60.9 million[15]. - New vehicle retail revenue declined by 17.7% to $296,024,000, while pre-owned vehicle retail revenue fell by 20.1% to $140,484,000[16]. - New vehicle retail revenue fell by 30.3% to $120.0 million in Q2 2024 from $172.2 million in Q2 2023[21]. - Pre-owned vehicle retail revenue decreased by 42.4% to $50.0 million in Q2 2024 compared to $86.9 million in Q2 2023[21]. - Same-store finance and insurance (F&I) revenue was over $5,300 per unit, an increase of 6.9%, despite average selling prices being approximately 17% lower[1]. Cost and Expenses - The company anticipates annual cost savings of approximately $25 million due to recent cost reduction actions[2]. - Selling, general, and administrative expenses decreased by 4.0% to $99,852,000[16]. - SG&A as a percentage of revenue increased to 20.9% in Q2 2024 from 16.2% in Q2 2023[19]. - Total gross profit margin dropping to 16.7% from 21.8% in the previous year[18]. - The average gross profit per retail unit for new vehicles (excluding LIFO) fell by 62.5% to $4,569[18]. Inventory and Assets - As of now, 26% of the new inventory consists of model year 2025 units, and 69% are model year 2024 units[2]. - Total current assets decreased from $546,896 thousand as of December 31, 2023, to $396,792 thousand as of June 30, 2024, a decline of approximately 27.4%[23]. - Inventory levels decreased from $456,087 thousand as of December 31, 2023, to $314,382 thousand as of June 30, 2024, a decline of approximately 31.0%[23]. - Total assets decreased from $937,739 thousand as of December 31, 2023, to $772,368 thousand as of June 30, 2024, a decline of approximately 17.6%[23]. - The company’s stockholders' equity decreased from $156,997 thousand as of December 31, 2023, to $87,998 thousand as of June 30, 2024, a drop of approximately 43.9%[23]. Debt and Financing - Future maturities of long-term debt total $73,869 thousand, with the majority due in 2026 at $45,326 thousand[24]. - Lazydays received a nonbinding commitment for an additional $5 million in capital from Coliseum Capital Management, which will increase the mortgage loan facility established in December 2023[7]. - The company is not currently considering significant store divestitures or business combinations[3]. Operational Metrics - Retail units sold for new vehicles increased by 2.9% to 2,036, while pre-owned vehicle sales decreased by 17.2% to 1,149[17]. - Total retail units sold in Q2 2024 decreased by 21.6% to 2,457 units compared to 3,134 units in Q2 2023[21]. - The company experienced a significant increase in floor plan interest expense by 17.8% to $13,384,000[16]. - The average selling price for new vehicles decreased by 23.7% to $70,458, while pre-owned vehicles saw a 19.1% drop to $53,009[17]. - Average selling price for new vehicles decreased by 17.6% to $77,147 in Q2 2024 from $93,580 in Q2 2023[21]. Impairments and Other Charges - The company experienced an impairment charge of $(1,387) thousand, impacting overall income[30]. - The company reported a significant increase in bad debt expense, rising to $76 thousand for the six months ended June 30, 2024, compared to $9 thousand in 2023[26].