Loading...
•
Jun 30, 2023
Lazydays Q2 2023 Earnings Report
Reported financial results with revenue decreasing and net income significantly declining compared to the same quarter last year.
Key Takeaways
Lazydays reported a decrease in revenue to $308.4 million compared to $373.6 million in Q2 2022. Net income also decreased to $3.6 million from $27.1 million in the same period last year. Adjusted net income was $3.9 million compared to $23.5 million for the same period in 2022.
Revenue decreased to $308.4 million from $373.6 million in Q2 2022.
Net income decreased to $3.6 million compared to $27.1 million for the same period in 2022.
Adjusted net income was $3.9 million compared to $23.5 million for the same period in 2022.
Ended the quarter with total estimated liquidity of $85.3 million.
Lazydays
Lazydays
Lazydays Revenue by Segment
Revenue by Segment
New Vehicle Retail Revenue
CapyFin.comPre-Owned Vehicle Retail Revenue
CapyFin.comVehicle Wholesale Revenue
CapyFin.comFinance and Insurance Revenue
CapyFin.comService, Body & Parts Revenue
CapyFin.com Forward Guidance
The company is focused on expanding its network through acquisitions and new builds, with several new locations expected to open in the coming quarters.
Positive Outlook
- Acquired Buddy Gregg Motorhomes in Knoxville, Tennessee, estimated to add approximately $40 million in revenue at steady state.
- Monticello, Minnesota store became exclusive to the Airstream brand and was renamed Airstream Minneapolis.
- Completed the purchase of a new 8-acre parcel in Las Vegas, Nevada and broke ground on a state-of-the-art facility.
- Remains on track to open Wilmington, Ohio and Ft. Pierce, Florida greenfield locations in the third quarter.
- Surprise, Arizona greenfield location is expected to open in the fourth quarter of this year.
Challenges Ahead
- Second quarter 2023 revenue decreased to $308.4 million from $373.6 million in the second quarter of 2022.
- Second quarter 2023 net income was $3.6 million compared to $27.1 million for the same period in 2022.
- Closure of Maryville store due to the expansion of the Alcoa Highway by the Tennessee DOT.
- Decrease in gross profit margin across multiple segments.
- Decline in retail units sold for both new and used vehicles.
Revenue & Expenses
Visualization of income flow from segment revenue to net income