Lazydays (US:LAZY)2023-11-03 21:00Financial Performance - Total revenue for Q3 2023 was $280.7 million, a decrease of 16% compared to $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% from $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% compared to $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%, in Q3 2023 compared to Q3 2022, and by $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% from $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%, in the first nine months of 2023 compared to the same periods in 2022[126] Stock and Shareholder Information - The company reported a total of 17,440,259 common shares outstanding as of September 30, 2023, an increase from 14,515,253 shares at the end of 2022[13] - The company declared dividend payments on the Preferred Stock of approximately $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]