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Lazydays Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows a decrease in total revenue to $213.5 million for the quarter, compared to $280.7 million in the same quarter the previous year. This decline is attributed to reduced new and pre-owned vehicle sales.
New vehicle retail revenue decreased by 29.3% to $122.3 million, with a decrease in average selling price and units sold. Pre-owned vehicle retail revenue fell by 19.8% to $60.2 million.
Finance and insurance revenue slightly decreased by 0.8% to $16.3 million, despite an increase in finance penetration.
Service, body, and parts revenue decreased by 9.5% to $12.9 million, while gross profit in this segment increased slightly.
Gross profit for the quarter was $45.3 million, down from $54.4 million in the previous year, with a gross profit margin of 21.2%, up from 19.4% due to cost management.
Selling, general, and administrative expenses decreased to $45.8 million from $48.3 million, reflecting cost-cutting measures.
Net loss for the quarter was $17.7 million, compared to a net loss of $5.6 million in the previous year, with a basic loss per share of $1.37.
Cash provided by operating activities was $98.6 million, while cash used in investing and financing activities was $16.4 million and $126.7 million, respectively.
The company reported non-compliance with certain financial covenants under its M&T Credit Agreement (MTB-1.37%) but obtained temporary waivers.
Lazydays continues to focus on managing inventory levels and cost controls amid challenging market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lazydays Holdings Inc. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.