Thu, Aug 15, 10:08 AM (152 days ago)
Lazydays Holdings, Inc. reported significant challenges in its Q2 2024 results, marked by a decline in revenues and profitability. Total revenues fell to $238,694,000, down 22.6% from $308,380,000 in Q2 2023, primarily driven by decreases in both new and pre-owned vehicle sales. New vehicle retail revenue decreased 21.6%, while pre-owned vehicles dropped 33.1%. Gross profit also suffered, declining 30% to $47,404,000, with gross margins contracting from 22% to 19.9%. The company incurred a net loss of $46,252,000 for the quarter, compared to a profit of $2,364,000 in the prior year. Cash flow from operations improved significantly to $101,315,000, aided by a reduction in inventory levels, despite ongoing liquidity concerns due to covenant breaches in its credit agreements. As of June 30, 2024, Lazydays had $42 million in cash but faced uncertainties regarding compliance with financial covenants and future operational viability. The company is implementing cost-cutting measures and actively seeking amendments to its credit agreements to address these challenges.