LAZYDAYS REPORTS THIRD QUARTER 2024 RESULTS
TAMPA, Fla., Nov. 18, 2024 /PRNewswire/ -- Lazydays Holdings, Inc. (NASDAQ:GORV) today announced its third quarter 2024 earnings results.
Ron Fleming, Interim CEO, said, "Despite challenging financial results during the third quarter, which continued to be impacted by economic and other industry-wide demand headwinds, we are very encouraged by the completion of last week's recapitalization transactions. These transformative transactions have fortified the Company's financial foundation and operational focus and mark a turning point for Lazydays as we position ourselves for a stronger, more agile future. With a streamlined balance sheet, enhanced liquidity, and a simplified dealership network, we are better equipped to navigate the evolving RV landscape and deliver on our commitment to industry leadership."
Total revenue for the third quarter was $213.5 million compared to $280.7 million for the same period in 2023. Total revenue for the nine months ended September 30, 2024 was $722.7 million compared to $884.7 million for the same period in 2023.
Net loss for the third quarter was $17.7 million compared to net loss of $5.6 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $16.2 million compared to adjusted net loss of $2.9 million for the same period in 2023. Net loss per diluted share was $1.37 compared to net loss per diluted share of $0.48 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $1.27 compared to adjusted net loss per diluted share of $0.29 for the same period in 2023.
Net loss for the nine months ended September 30, 2024 was $83.9 million compared to net loss of $2.3 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $62.1 million compared to adjusted net income of $2.2 million for the same period in 2023. Net loss per diluted share was $6.24 compared to net loss per diluted share of $0.49 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $4.73 compared to adjusted net loss per diluted share of $0.07 for the same period in 2023.
See Reconciliation of Non-GAAP Measures for additional details regarding our adjusted results of operations.
Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Tuesday, November 19, 2024 that will also be broadcast live over the internet.
The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations.
About Lazydays
Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.
Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.
Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV."
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including our ability to obtain further waivers or amendments to credit agreements, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout under the headers "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and in the notes to our financial statements, in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-Kand from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures such as adjusted cash flow from operations, adjusted costs applicable to revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted income (loss) before income taxes, adjusted SG&A, and adjusted income (loss) from operations. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, and also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the following tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
Contact:
[email protected]
Results of Operations | ||||
Three Months Ended September 30, | Variance | |||
(In thousands except share and per share amounts) | 2024 | 2023 | % | |
Revenues | ||||
New vehicle retail | $ 122,291 | $ 172,898 | (29.3) % | |
Pre-owned vehicle retail | 60,177 | 75,059 | (19.8) % | |
Vehicle wholesale | 1,801 | 2,056 | (12.4) % | |
Finance and insurance | 16,333 | 16,462 | (0.8) % | |
Service, body and parts and other | 12,863 | 14,207 | (9.5) % | |
Total revenues | 213,465 | 280,682 | (23.9) % | |
Cost applicable to revenues | ||||
New vehicle retail | 111,032 | 154,181 | (28.0) % | |
Pre-owned vehicle retail | 49,220 | 59,693 | (17.5) % | |
Vehicle wholesale | 1,964 | 2,026 | (3.1) % | |
Finance and insurance | 544 | 569 | (4.4) % | |
Service, body and parts and other | 5,742 | 7,109 | (19.2) % | |
LIFO | (350) | 2,663 | (113.1) % | |
Total cost applicable to revenues | 168,152 | 226,241 | (25.7) % | |
Gross profit | 45,313 | 54,441 | (16.8) % | |
Depreciation and amortization | 5,170 | 4,602 | 12.3 % | |
Selling, general, and administrative expenses | 45,802 | 48,250 | (5.1) % | |
(Loss) income from operations | (5,659) | 1,589 | NM | |
Other income (expense): | ||||
Floor plan interest expense | (6,361) | (6,258) | 1.6 % | |
Other interest expense | (5,564) | (2,701) | 106.0 % | |
Change in fair value of warrant liabilities | (462) | — | NM | |
(Loss) gain on sale of property and equipment | — | (21) | NM | |
Total other expense, net | (12,387) | (8,980) | 37.9 % | |
Loss before income taxes | (18,046) | (7,391) | NM | |
Income tax benefit (expense) | 381 | 1,805 | (78.9) % | |
Net loss | (17,665) | (5,586) | NM | |
Dividends on Series A Convertible Preferred Stock | (2,159) | (1,210) | 78.4 % | |
Net loss and comprehensive loss attributable to common | $ (19,824) | $ (6,796) | NM | |
Loss per share: | ||||
Basic | $ (1.37) | $ (0.48) | NM | |
Diluted | $ (1.37) | $ (0.48) | NM | |
Weighted average shares used for EPS calculations: | ||||
Basic | 14,439,861 | 14,263,367 | ||
Diluted | 14,439,861 | 14,263,367 | ||
*NM - not meaningful | ||||
Nine Months Ended September 30, | Variance | |||
(In thousands except share and per share amounts) | 2024 | 2023 | % | |
Revenues | ||||
New vehicle retail | $ 418,315 | $ 532,397 | (21.4) % | |
Pre-owned vehicle retail | 200,661 | 250,825 | (20.0) % | |
Vehicle wholesale | 11,318 | 5,480 | 106.5 % | |
Finance and insurance | 50,703 | 51,085 | (0.7) % | |
Service, body and parts and other | 41,748 | 44,931 | (7.1) % | |
Total revenues | 722,745 | 884,718 | (18.3) % | |
Cost applicable to revenues | ||||
New vehicle retail | 388,225 | 465,656 | (16.6) % | |
Pre-owned vehicle retail | 168,865 | 199,646 | (15.4) % | |
Vehicle wholesale | 14,021 | 5,432 | 158.1 % | |
Finance and insurance | 1,881 | 2,072 | (9.2) % | |
Service, body and parts and other | 19,179 | 21,807 | (12.1) % | |
LIFO | 91 | 4,049 | (97.8) % | |
Total cost applicable to revenues | 592,262 | 698,662 | (15.2) % | |
Gross profit | 130,483 | 186,056 | (29.9) % | |
Depreciation and amortization | 15,587 | 13,464 | 15.8 % | |
Selling, general, and administrative expenses | 146,698 | 152,262 | (3.7) % | |
(Loss) income from operations | (31,802) | 20,330 | NM | |
Other income (expense): | ||||
Floor plan interest expense | (19,745) | (17,624) | 12.0 % | |
Other interest expense | (15,924) | (6,484) | 145.6 % | |
Change in fair value of warrant liabilities | (799) | 856 | NM | |
(Loss) gain on sale of property and equipment | 1,044 | (21) | NM | |
Total other expense, net | (35,424) | (23,273) | 52.2 % | |
Loss before income taxes | (67,226) | (2,943) | NM | |
Income tax benefit (expense) | (16,640) | 642 | NM | |
Net loss | (83,866) | (2,301) | NM | |
Dividends on Series A Convertible Preferred Stock | (6,174) | (3,590) | 72.0 % | |
Net loss and comprehensive loss attributable to common | $ (90,040) | $ (5,891) | NM | |
Loss per share: | ||||
Basic | $ (6.24) | $ (0.44) | NM | |
Diluted | $ (6.24) | $ (0.49) | NM | |
Weighted average shares used for EPS calculations: | ||||
Basic | 14,418,692 | 13,470,219 | ||
Diluted | 14,418,692 | 13,470,219 | ||
*NM - not meaningful | ||||
Total Results Summary | |||||
Three Months Ended September 30, | Variance | ||||
2024 | 2023 | ||||
Gross profit margins | |||||
New vehicle retail | 9.2 % | 10.8 % | (160) | bps | |
Pre-owned vehicle retail | 18.2 % | 20.5 % | (230) | bps | |
Vehicle wholesale | (9.1) % | 1.5 % | NM | ||
Finance and insurance | 96.7 % | 96.5 % | 20 | bps | |
Service, body and parts and other | 55.4 % | 50.0 % | 540 | bps | |
Total gross profit margin | 21.2 % | 19.4 % | 180 | bps | |
Total gross profit margin (excluding LIFO) | 21.1 % | 20.3 % | 80 | bps | |
Retail units sold | |||||
New vehicle retail | 1,666 | 2,046 | (18.6) % | ||
Pre-owned vehicle retail | 1,084 | 1,162 | (6.7) % | ||
Total retail units sold | 2,750 | 3,208 | (14.3) % | ||
Average selling price per retail unit | |||||
New vehicle retail | $ 73,404 | $ 84,505 | (13.1) % | ||
Pre-owned vehicle retail | 55,514 | 64,595 | (14.1) % | ||
Average gross profit per retail unit (excluding LIFO) | |||||
New vehicle retail | $ 6,758 | $ 9,148 | (26.1) % | ||
Pre-owned vehicle retail | 10,108 | 13,224 | (23.6) % | ||
Finance and insurance | 5,741 | 4,954 | 15.9 % | ||
Revenue mix | |||||
New vehicle retail | 57.3 % | 61.6 % | |||
Pre-owned vehicle retail | 28.2 % | 26.7 % | |||
Vehicle wholesale | 0.8 % | 0.7 % | |||
Finance and insurance | 7.7 % | 5.9 % | |||
Service, body and parts and other | 6.0 % | 5.1 % | |||
100.0 % | 100.0 % | ||||
Gross profit mix | |||||
New vehicle retail | 24.8 % | 34.4 % | |||
Pre-owned vehicle retail | 24.2 % | 28.2 % | |||
Vehicle wholesale | (0.4) % | 0.1 % | |||
Finance and insurance | 34.8 % | 29.2 % | |||
Service, body and parts and other | 15.7 % | 13.0 % | |||
LIFO | 0.9 % | (4.9) % | |||
100.0 % | 100.0 % | ||||
*NM - not meaningful | |||||
Nine Months Ended September 30, | Variance | ||||
2024 | 2023 | ||||
Gross profit margins | |||||
New vehicle retail | 7.2 % | 12.5 % | (530) | bps | |
Pre-owned vehicle retail | 15.8 % | 20.4 % | (460) | bps | |
Vehicle wholesale | (23.9) % | 0.9 % | NM | ||
Finance and insurance | 96.3 % | 95.9 % | 40 | bps | |
Service, body and parts and other | 54.1 % | 51.5 % | 260 | bps | |
Total gross profit margin | 18.1 % | 21.0 % | (290) | bps | |
Total gross profit margin (excluding LIFO) | 18.1 % | 21.5 % | (340) | bps | |
Retail units sold | |||||
New vehicle retail | 5,742 | 6,005 | (4.4) % | ||
Pre-owned vehicle retail | 3,692 | 3,854 | (4.2) % | ||
Total retail units sold | 9,434 | 9,859 | (4.3) % | ||
Average selling price per retail unit | |||||
New vehicle retail | $ 72,852 | $ 88,659 | (17.8) % | ||
Pre-owned vehicle retail | 54,350 | 65,082 | (16.5) % | ||
Average gross profit per retail unit (excluding LIFO) | |||||
New vehicle retail | $ 5,240 | $ 11,114 | (52.9) % | ||
Pre-owned vehicle retail | 8,612 | 13,279 | (35.1) % | ||
Finance and insurance | 5,175 | 4,972 | 4.1 % | ||
Revenue mix | |||||
New vehicle retail | 57.9 % | 60.2 % | |||
Pre-owned vehicle retail | 27.8 % | 28.4 % | |||
Vehicle wholesale | 1.6 % | 0.6 % | |||
Finance and insurance | 7.0 % | 5.8 % | |||
Service, body and parts and other | 5.7 % | 5.0 % | |||
100.0 % | 100.0 % | ||||
Gross profit mix | |||||
New vehicle retail | 23.1 % | 35.9 % | |||
Pre-owned vehicle retail | 24.4 % | 27.5 % | |||
Vehicle wholesale | (2.1) % | — % | |||
Finance and insurance | 37.4 % | 26.3 % | |||
Service, body and parts and other | 17.3 % | 12.4 % | |||
LIFO | (0.1) % | (2.1) % | |||
100.0 % | 100.0 % | ||||
*NM - not meaningful | |||||
Other Metrics | |||||||
Adjusted | As Reported | ||||||
Three Months Ended | Three Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
SG&A as a % of revenue | 20.8 % | 16.7 % | 21.5 % | 17.2 % | |||
SG&A as % of gross profit, excluding LIFO | 98.8 % | 82.1 % | 101.9 % | 84.5 % | |||
(Loss) income from operations as a % of revenue | (2.2) % | 2.0 % | (2.7) % | 0.6 % | |||
(Loss) income from operations as a % of gross profit, | (10.3) % | 9.8 % | (12.6) % | 2.8 % | |||
(Loss) income before income taxes as % of revenue | (7.7) % | (1.2) % | (8.5) % | (2.6) % | |||
Net (loss) income as a % of revenue | (7.6) % | (1.0) % | (8.3) % | (2.0) % | |||
Adjusted | As Reported | ||||||
Nine Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
SG&A as a % of revenue | 19.8 % | 16.8 % | 20.3 % | 17.2 % | |||
SG&A as % of gross profit, excluding LIFO | 109.6 % | 78.3 % | 112.3 % | 80.1 % | |||
(Loss) income from operations as a % of revenue | (3.9) % | 3.1 % | (4.4) % | 2.3 % | |||
(Loss) income from operations as a % of gross profit, | (21.5) % | 14.6 % | (24.4) % | 10.7 % | |||
(Loss) income before income taxes as % of revenue | (8.7) % | 0.4 % | (9.3) % | (0.3) % | |||
Net (loss) income as a % of revenue | (8.6) % | 0.3 % | (11.6) % | (0.3) % | |||
Other Highlights | |||
September 30, 2024 | December 31, 2023 | ||
Store Count | |||
Dealerships | 23 | 24 | |
Days Supply* | |||
New vehicle inventory | 235 | 380 | |
Pre-owned vehicle inventory | 76 | 132 | |
*Days supply calculated based on current inventory levels and a 90-day historical average cost of sales level. | |||
Same-Store Results Summary | ||||||
Three Months Ended September 30, | Variance | |||||
($ in thousands, except per vehicle data) | 2024 | 2023 | ||||
Revenues | ||||||
New vehicle retail | $ 105,432 | $ 163,622 | (35.6) % | |||
Pre-owned vehicle retail | 52,166 | 70,236 | (25.7) % | |||
Vehicle wholesale | 1,340 | 2,055 | (34.8) % | |||
Finance and insurance | 14,127 | 15,552 | (9.2) % | |||
Service, body and parts and other | 11,279 | 12,841 | (12.2) % | |||
Total revenues | $ 184,344 | $ 264,306 | (30.3) % | |||
Gross profit | ||||||
New vehicle retail | $ 9,385 | $ 17,208 | (45.5) % | |||
Pre-owned vehicle retail | 9,334 | 14,435 | (35.3) % | |||
Vehicle wholesale | 49 | 31 | 58.1 % | |||
Finance and insurance | 13,655 | 15,017 | (9.1) % | |||
Service, body and parts and other | 6,166 | 6,662 | (7.4) % | |||
LIFO | 350 | (2,663) | (113.1) % | |||
Total gross profit | $ 38,939 | $ 50,690 | (23.2) % | |||
Gross profit margins | ||||||
New vehicle retail | 8.9 % | 10.5 % | (160) | bps | ||
Pre-owned vehicle retail | 17.9 % | 20.6 % | (270) | bps | ||
Vehicle wholesale | 3.7 % | 1.5 % | 220 | bps | ||
Finance and insurance | 96.7 % | 96.6 % | 10 | bps | ||
Service, body and parts and other | 54.7 % | 51.9 % | 280 | bps | ||
Total gross profit margin | 21.1 % | 19.2 % | 190 | bps | ||
Total gross profit margin (excluding LIFO) | 20.9 % | 20.2 % | 70 | bps | ||
Retail units sold | ||||||
New vehicle retail | 1,365 | 1,865 | (26.8) % | |||
Pre-owned vehicle retail | 913 | 1,071 | (14.8) % | |||
Total retail units sold | 2,278 | 2,936 | (22.4) % | |||
Average selling price per retail unit | ||||||
New vehicle retail | $ 77,240 | $ 87,733 | (12.0) % | |||
Pre-owned vehicle retail | 57,137 | 65,580 | (12.9) % | |||
Average gross profit per retail unit (excluding LIFO) | ||||||
New vehicle retail | $ 6,875 | $ 9,227 | (25.5) % | |||
Pre-owned vehicle retail | 10,223 | 13,478 | (24.2) % | |||
Finance and insurance | 5,994 | 5,115 | 17.2 % | |||
*NM - not meaningful | ||||||
Nine Months Ended September 30, | Variance | |||||
(In thousands, except per vehicle data) | 2024 | 2023 | ||||
Revenues | ||||||
New vehicle retail | $ 354,704 | $ 504,127 | (30) % | |||
Pre-owned vehicle retail | 166,013 | 232,452 | (29) % | |||
Vehicle wholesale | 8,861 | 5,222 | 70 % | |||
Finance and insurance | 42,357 | 48,330 | (12) % | |||
Service, body and parts and other | 34,737 | 39,852 | (13) % | |||
Total revenues | $ 606,672 | $ 829,983 | (27) % | |||
Gross profit | ||||||
New vehicle retail | $ 24,666 | $ 62,636 | (61) % | |||
Pre-owned vehicle retail | 25,986 | 47,682 | (46) % | |||
Vehicle wholesale | (1,438) | 44 | NM | |||
Finance and insurance | 40,728 | 46,354 | (12) % | |||
Service, body and parts and other | 18,637 | 20,075 | (7) % | |||
LIFO | (91) | (4,049) | (98) % | |||
Total gross profit | $ 108,488 | $ 172,742 | (37) % | |||
Gross profit margins | ||||||
New vehicle retail | 7.0 % | 12.4 % | (540) | bps | ||
Pre-owned vehicle retail | 15.7 % | 20.5 % | (480) | bps | ||
Vehicle wholesale | (16.2) % | 0.8 % | NM | |||
Finance and insurance | 96.2 % | 95.9 % | 30 | bps | ||
Service, body and parts and other | 53.7 % | 50.4 % | 330 | bps | ||
Total gross profit margin | 17.9 % | 20.8 % | (290) | bps | ||
Total gross profit margin (excluding LIFO) | 17.9 % | 21.3 % | (340) | bps | ||
Retail units sold | ||||||
New vehicle retail | 4,511 | 5,543 | (19) % | |||
Pre-owned vehicle retail | 2,950 | 3,534 | (17) % | |||
Total retail units sold | 7,461 | 9,077 | (18) % | |||
Average selling price per retail unit | ||||||
New vehicle retail | $ 78,631 | $ 90,948 | (14) % | |||
Pre-owned vehicle retail | 56,276 | 65,776 | (14) % | |||
Average gross profit per retail unit (excluding LIFO) | ||||||
New vehicle retail | $ 5,468 | $ 11,300 | (52) % | |||
Pre-owned vehicle retail | 8,809 | 13,492 | (35) % | |||
Finance and insurance | 5,459 | 5,107 | 7 % | |||
*NM - not meaningful | ||||||
Condensed Consolidated Balance Sheets | |||
(In thousands) | September 30, 2024 | December 31, 2023 | |
Current assets | |||
Cash | $ 13,536 | $ 58,085 | |
Receivables, net of allowance for doubtful accounts | 23,642 | 22,694 | |
Inventories | 310,671 | 456,087 | |
Income tax receivable | 7,254 | 7,416 | |
Prepaid expenses and other | 3,467 | 2,614 | |
Total current assets | 358,570 | 546,896 | |
Long-term assets | |||
Property and equipment, net | 273,733 | 265,726 | |
Operating lease assets | 25,571 | 26,377 | |
Intangible assets, net | 74,442 | 80,546 | |
Other assets | 3,630 | 2,750 | |
Deferred income tax asset | — | 15,444 | |
Total assets | $ 735,946 | $ 937,739 | |
Current liabilities | |||
Floor plan notes payable | $ 316,551 | $ 446,783 | |
Revolving line of credit, current portion | 17,500 | — | |
Other current liabilities | 57,967 | 53,194 | |
Total current liabilities | 392,018 | 499,977 | |
Long-term liabilities | |||
Financing liability, non-current portion, net | 90,540 | 91,401 | |
Revolving line of credit, non-current portion | 23,500 | 49,500 | |
Long-term debt, non-current portion, net | 27,590 | 28,075 | |
Related party debt, non-current portion, net | 43,152 | 33,354 | |
Warrant liabilities | 5,706 | — | |
Other long-term liabilities | 22,512 | 22,242 | |
Total liabilities | 605,018 | 724,549 | |
Series A Convertible Preferred Stock | 62,363 | 56,193 | |
Stockholders' Equity | 68,565 | 156,997 | |
Total liabilities and stockholders' equity | $ 735,946 | $ 937,739 | |
Condensed Consolidated Statements of Cash Flows | |||
Nine Months Ended September 30, | |||
(In thousands) | 2024 | 2023 | |
Operating Activities | |||
Net loss | $ (83,866) | $ (2,301) | |
Adjustments to reconcile net loss to net cash provided by operating | |||
Stock-based compensation | 1,495 | 2,067 | |
Bad debt expense | 46 | 9 | |
Depreciation and amortization of property and equipment | 9,481 | 7,992 | |
Amortization of intangible assets | 6,106 | 5,501 | |
Amortization of debt discount | 1,508 | 327 | |
Non-cash operating lease (benefit) expense | (497) | 201 | |
(Gain) loss on sale of property and equipment | (1,044) | 21 | |
Deferred income taxes | 16,700 | (116) | |
Change in fair value of warrant liabilities | 799 | (856) | |
Impairment charges | — | 629 | |
Changes in operating assets and liabilities: | |||
Receivables | (994) | 3,221 | |
Inventories | 145,416 | 18,427 | |
Prepaid expenses and other | (853) | (1,196) | |
Income tax receivable/payable | 165 | (621) | |
Other assets | (882) | (169) | |
Accounts payable | (1,601) | 5,511 | |
Accrued expenses and other current liabilities | 6,588 | 1,787 | |
Total adjustments | 182,433 | 42,735 | |
Net cash provided by operating activities | $ 98,567 | $ 40,434 | |
Nine Months Ended September 30, | |||
(In thousands) | 2024 | 2023 | |
Net cash provided by operating activities, as reported | $ 98,567 | $ 40,434 | |
Net repayments on floor plan notes payable | (129,169) | (13,967) | |
Minus borrowings on floor plan notes payable associated with acquired new | — | (19,726) | |
Adjusted net cash (used in) provided by operating activities | $ (30,602) | $ 6,741 | |
Reconciliation of Non-GAAP Measures | |||||||
Three Months Ended September 30, 2024 | |||||||
($ in thousands, except per share amounts) | As reported | Loss on | LIFO | Transaction | Severance | Deferred tax | Adjusted |
Costs applicable to revenue | $ 168,152 | $ — | $ 350 | $ — | $ — | $ — | $ 168,502 |
Selling, general and administrative expenses | 45,802 | — | — | (1,296) | (100) | — | 44,406 |
(Loss) income from operations | (5,659) | — | (350) | 1,296 | 100 | — | (4,613) |
Change in fair value of warrant liabilities | (462) | 462 | — | — | — | — | — |
(Loss) income before income taxes | (18,046) | 462 | (350) | 1,296 | 100 | — | (16,538) |
Income tax (expense) benefit | 381 | 2 | (1) | 5 | — | 1 | 388 |
Net (loss) income | (17,665) | 464 | (351) | 1,301 | 100 | 1 | (16,150) |
Dividends on Series A Convertible Preferred Stock | (2,159) | — | — | — | — | — | (2,159) |
Net (loss) income and comprehensive (loss) income | $ (19,824) | $ 464 | $ (351) | $ 1,301 | $ 100 | $ 1 | $ (18,309) |
Diluted loss per share | $ (1.37) | $ (1.27) | |||||
Shares used for diluted calculation | 14,439,861 | 14,439,861 | |||||
Three Months Ended September 30, 2023 | |||||
($ in thousands, except per share amounts) | As reported | LIFO | Transaction costs | Severance and | Adjusted |
Costs applicable to revenue | $ 226,241 | $ (2,663) | $ — | $ — | $ 223,578 |
Selling, general and administrative expenses | 48,250 | — | (727) | (625) | 46,898 |
Income from operations | 1,589 | 2,663 | 727 | 625 | 5,604 |
(Loss) income before income taxes | (7,391) | 2,663 | 727 | 625 | (3,376) |
Income tax benefit (expense) | 1,805 | (873) | (238) | (205) | 489 |
Net (loss) income | (5,586) | 1,790 | 489 | 420 | (2,887) |
Dividends on Series A Convertible Preferred Stock | (1,210) | — | — | — | (1,210) |
Net (loss) income and comprehensive (loss) income | $ (6,796) | $ 1,790 | $ 489 | $ 420 | $ (4,097) |
Diluted loss per share | $ (0.48) | $ (0.29) | |||
Shares used for diluted calculation | 14,263,367 | 14,263,367 | |||
Nine Months Ended September 30, 2024 | ||||||||
($ in thousands, except per share amounts) | As reported | Loss on | LIFO | Transaction | Severance | Deferred | Uninsured | Adjusted |
Costs applicable to revenue | $ 592,262 | $ — | $ (91) | $ — | $ — | $ — | $ — | $ 592,171 |
Selling, general and administrative expenses | 146,698 | — | — | (2,925) | (199) | — | (481) | 143,093 |
(Loss) income from operations | (31,802) | — | 91 | 2,925 | 199 | — | 481 | (28,106) |
Change in fair value of warrant liabilities | (799) | 799 | — | — | — | — | — | — |
(Loss) income before income taxes | (67,226) | 799 | 91 | 2,925 | 199 | — | 481 | (62,731) |
Income tax (expense) benefit | (16,640) | 5 | 1 | 20 | 1 | 17,262 | 3 | 652 |
Net (loss) income | (83,866) | 804 | 92 | 2,945 | 200 | 17,262 | 484 | (62,079) |
Dividends on Series A Convertible Preferred Stock | (6,174) | — | — | — | — | — | — | (6,174) |
Net (loss) income and comprehensive (loss) income | $ (90,040) | $ 804 | $ 92 | $ 2,945 | $ 200 | $ 17,262 | $ 484 | $ (68,253) |
Diluted loss per share | $ (6.24) | $ (4.73) | ||||||
Shares used for diluted calculation | 14,418,692 | 14,418,692 | ||||||
Nine Months Ended September 30, 2023 | ||||||||
($ in thousands, except per share amounts) | As reported | Gain on | LIFO | Transaction | Severance | Impairment | Uninsured | Adjusted |
Costs applicable to revenue | $ 698,662 | $ — | $ (4,049) | $ — | $ — | $ — | $ — | $ 694,613 |
Selling, general and administrative expenses | 152,262 | — | — | (1,198) | (1,278) | (629) | (300) | 148,857 |
Income from operations | 20,330 | — | 4,049 | 1,198 | 1,278 | 629 | 300 | 27,784 |
Gain on change in fair value of warrant liabilities | 856 | (856) | — | — | — | — | — | — |
(Loss) income before income taxes | (2,943) | (856) | 4,049 | 1,198 | 1,278 | 629 | 300 | 3,655 |
Income tax benefit (expense) | 642 | — | (1,140) | (337) | (360) | (119) | (106) | (1,420) |
Net (loss) income | (2,301) | (856) | 2,909 | 861 | 918 | 510 | 194 | 2,235 |
Dividends on Series A Convertible Preferred Stock | (3,590) | — | — | — | — | — | — | (3,590) |
Net (loss) income and comprehensive (loss) income | $ (5,891) | $ (856) | $ 2,909 | $ 861 | $ 918 | $ 510 | $ 194 | $ (1,355) |
Diluted loss per share | $ (0.49) | $ (0.07) | ||||||
Shares used for diluted calculation | 13,470,219 | 13,470,219 | ||||||
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SOURCE Lazydays RV