Wed, May 15, 9:33 PM (72 days ago)
Lazydays Holdings, Inc. reported a significant decline in financial performance for the quarter ended March 31, 2024. Total revenues decreased by 8.5% year-over-year to $270.6 million, driven by declines in both new and pre-owned vehicle retail sales. Gross profit fell sharply by 40.9% to $37.8 million, with gross profit margins contracting to 14.0% from 21.6%. The company posted a net loss of $22.0 million, compared to a net loss of $0.3 million in the same period last year. Key factors included increased floor plan and other interest expenses, which rose significantly due to higher average borrowing rates and principal balances. Cash flow from operations improved to $80.2 million, primarily due to significant reductions in inventory levels. However, the company's liquidity remains constrained with $39.4 million in cash and a fully drawn revolving credit facility. Lazydays also entered into amendments with M&T Bank to modify certain covenants and address compliance issues. Future operations are expected to be impacted by ongoing efforts to manage inventory levels and cost structures amidst a challenging market environment.