Financial Performance - Total revenue for Q3 2024 was $213.5 million, a decrease of 23.9% compared to $280.7 million in Q3 2023[3] - Net loss for Q3 2024 was $17.7 million, compared to a net loss of $5.6 million in Q3 2023, representing a significant increase in losses[4] - Adjusted net loss for Q3 2024 was $16.2 million, compared to an adjusted net loss of $2.9 million in Q3 2023[4] - Total revenue for the nine months ended September 30, 2024 was $722.7 million, down from $884.7 million for the same period in 2023[3] - Net loss for the nine months ended September 30, 2024 was $83.9 million, compared to a net loss of $2.3 million for the same period in 2023[5] - Adjusted net loss per diluted share for Q3 2024 was $1.27, compared to $0.29 in Q3 2023[4] - Total revenues for the nine months ended September 30, 2024, decreased by 18.3% to $722,745,000 compared to $884,718,000 in 2023[15] - The net loss for the nine months ended September 30, 2024, was $83,866,000, compared to a net loss of $2,301,000 in 2023[15] - 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 reported a diluted loss per share of $1.37 for the three months ended September 30, 2024, compared to a diluted loss per share of $1.27 for the same period in 2023[30] Revenue Breakdown - New vehicle retail revenue decreased by 29.3% to $122.3 million in Q3 2024 from $172.9 million in Q3 2023[14] - Pre-owned vehicle retail revenue decreased by 19.8% to $60.2 million in Q3 2024 from $75.1 million in Q3 2023[14] - New vehicle retail revenue declined by 21.4% to $418,315,000, while pre-owned vehicle retail revenue fell by 20.0% to $200,661,000[15] - Total revenues for the three months ended September 30, 2024, decreased by 30.3% to $184,344,000 compared to $264,306,000 in 2023[24] - New vehicle retail sales dropped by 35.6% to $105,432,000 from $163,622,000 year-over-year[24] - Pre-owned vehicle retail sales decreased by 25.7% to $52,166,000 compared to $70,236,000 in the same period last year[24] Profitability Metrics - Gross profit for the nine months ended September 30, 2024, was $130,483,000, representing a decrease of 29.9% from $186,056,000 in 2023[15] - Gross profit for the three months ended September 30, 2024, was $38,939,000, down 23.2% from $50,690,000 in 2023[24] - The gross profit margin for new vehicle retail was 8.9%, a decline of 160 basis points from 10.5% in the previous year[24] - Total gross profit margin for the nine months ended September 30, 2024, was 18.1%, down from 21.0% in 2023[19] - The average gross profit per new vehicle retail unit (excluding LIFO) was $5,240, a decrease of 52.9% from $11,114 in 2023[19] Operational Changes - The company completed recapitalization transactions aimed at strengthening its financial foundation and operational focus[3] - The company anticipates a more agile future with a streamlined balance sheet and enhanced liquidity[3] - Selling, general, and administrative expenses decreased by 3.7% to $146,698,000 compared to $152,262,000 in 2023[15] - The company had 23 dealerships as of September 30, 2024, down from 24 dealerships at the end of 2023[22] - New vehicle inventory decreased to 235 units from 380 units, indicating a tighter supply[22] Asset and Liability Management - Total current assets decreased from $546,896,000 in December 31, 2023 to $358,570,000 as of September 30, 2024, a decline of approximately 34.4%[27] - Total liabilities decreased from $724,549,000 in December 31, 2023 to $605,018,000 as of September 30, 2024, a reduction of approximately 16.5%[27] - Total assets decreased from $937,739,000 in December 31, 2023 to $735,946,000 as of September 30, 2024, a decline of approximately 21.5%[27] - The company’s inventories decreased significantly from $456,087,000 to $310,671,000, a reduction of about 31.9%[27] Cash Flow and Adjustments - Net cash provided by operating activities increased to $98,567,000 for the nine months ended September 30, 2024, up from $40,434,000 in 2023, indicating improved cash flow management[28] - Adjusted net cash used in operating activities for the nine months ended September 30, 2024 was $(30,602,000), compared to $6,741,000 in 2023, indicating a shift towards cash outflow[28] - The company reported total adjustments of $182,433,000 in the reconciliation of net loss to net cash provided by operating activities for the nine months ended September 30, 2024, compared to $42,735,000 in 2023[28] Other Financial Metrics - The company experienced a significant increase in vehicle wholesale revenue, which rose by 106.5% to $11,318,000[15] - Average selling price per new vehicle retail unit decreased by 13.1% to $73,404, while pre-owned vehicle retail unit price dropped by 14.1% to $55,514[18] - Retail units sold for new vehicles decreased by 18.6% to 1,666 units, and pre-owned vehicles sold decreased by 6.7% to 1,084 units[18] - The company experienced a gain on the change in fair value of warrant liabilities amounting to $856,000[34] - Income tax benefit was recorded at $642,000, with an adjusted expense of $(1,420,000)[34]
Lazydays Holdings(GORV) - 2024 Q3 - Quarterly Results