Core Viewpoint - Lazydays Holdings, Inc. reported challenging financial results for Q3 2024, with a significant decline in revenue and increased net losses, but expressed optimism due to recent recapitalization efforts aimed at strengthening the company's financial position and operational focus [2]. Financial Performance - Total revenue for Q3 2024 was 280.7 million in Q3 2023, representing a decrease of 23.9% [2][5]. - For the nine months ended September 30, 2024, total revenue was 884.7 million for the same period in 2023, a decline of 18.3% [2][5]. - The net loss for Q3 2024 was 5.6 million in Q3 2023 [2][5]. - Adjusted net loss for Q3 2024 was 2.9 million in Q3 2023 [2][5]. - For the nine months ended September 30, 2024, the net loss was 2.3 million for the same period in 2023 [2][5]. Operational Highlights - The company completed recapitalization transactions that are expected to enhance liquidity and streamline its dealership network, positioning Lazydays for a more agile future in the RV industry [2]. - The average selling price for new vehicles decreased by 12.0% to 87,733 in Q3 2023 [10]. - Retail units sold for new vehicles decreased by 18.6% to 1,666 units in Q3 2024 compared to 2,046 units in Q3 2023 [8]. Cost and Profitability Metrics - Total cost applicable to revenues for Q3 2024 was 226.2 million in Q3 2023, a decrease of 25.7% [6]. - Gross profit for Q3 2024 was 54.4 million in Q3 2023, reflecting a decline of 16.8% [6]. - The total gross profit margin for Q3 2024 was 21.2%, up from 19.4% in Q3 2023 [8]. Market Position and Strategy - Lazydays has been a significant player in the RV industry since 1976, focusing on exceptional RV sales, service, and ownership experiences [2]. - The company aims to leverage its streamlined balance sheet and enhanced liquidity to navigate the evolving RV landscape and maintain its commitment to industry leadership [2].
LAZYDAYS REPORTS THIRD QUARTER 2024 RESULTS