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Sep 30, 2023
Lazydays Q3 2023 Earnings Report
Lazydays' financial performance declined due to decreased revenue and a net loss compared to the previous year, but strategic acquisitions and greenfield locations were added.
Key Takeaways
Lazydays reported a decrease in revenue to $280.7 million from $333.8 million year-over-year. The company experienced a net loss of $(5.6) million, a significant change from the net income of $7.7 million in the same quarter of the previous year. Despite the losses, Lazydays expanded its network through acquisitions and new greenfield locations.
Revenue decreased to $280.7 million from $333.8 million in Q3 2022.
Net loss was $(5.6) million compared to a net income of $7.7 million in Q3 2022.
Acquired Buddy Gregg Motorhomes and Century RV, and opened a new greenfield location in Wilmington, Ohio.
Ended the quarter with an estimated liquidity of $67.8 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.com Forward Guidance
Lazydays anticipates growth from recent acquisitions and new store openings, but faces risks related to economic conditions and market demand.
Positive Outlook
- Expects $125 million in revenues from recently acquired stores at steady state.
- Rights offering expected to generate $99.6 million for growth initiatives.
- Focus on expanding network through acquisitions and new builds.
- Strategic approach to growth and delivering exceptional RV experiences.
- New Fort Pierce, Florida greenfield location opened and Surprise, Arizona greenfield location on track to open in Q4.
Challenges Ahead
- Forward-looking statements involve risks and uncertainties.
- Actual results may differ materially from projections.
- Future economic and financial conditions could impact performance.
- Changes in customer demand may affect results.
- Dependence on relationships with vehicle manufacturers and suppliers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income