LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 FINANCIAL RESULTS, PROVIDES UPDATE ON 2024 PERFORMANCE
TAMPA, Fla., March 8, 2024 /PRNewswire/ -- Lazydays (NasdaqCM: GORV) today reported financial results for the fourth quarter ended December 31, 2023.
John North, Chief Executive Officer, commented, "The fourth quarter of 2023 proved to be a challenging operating environment, in particular due to industry wide economic pressures. However, after increasing our marketing budget and aggressively discounting 2022 and 2023 inventory our unit volumes increased meaningfully both sequentially and year-over-year in December, January and February. More importantly, we have seen gross profit on vehicle sales improve from December to February and an increasing percentage mix of current model year units sold relative to the total, generating more gross profit dollars. As of today, our new inventory is comprised of more than 80% current model year units, and we believe is among the healthiest in the industry. Additionally, our adjusted cash flow from operations is positive this quarter to date."
Commenting on 2024, John stated, "We anticipate a pre-tax loss in the first quarter and a return to profitability thereafter. Given the significant corporate development actions taken in 2023, the first six months of this year will be focused on improving volume and store performance. For the full year 2024, we anticipate both positive net income and operational cash flow. The quality of our locations, the partnerships we have with our OEMs and the operational improvements we have made to our leadership team give me confidence in our future results and we look forward to demonstrating the earnings power of the company in the future."
Fourth quarter 2023 revenue decreased to $198.0 million from $243.5 million in the fourth quarter of 2022. As a result of the decline in the price of our common equity in the fourth quarter of 2023, we determined a triggering event had occurred relative to the carrying value of goodwill, and, as a result, we recorded a non-cash goodwill impairment charge of $118.0 million in the quarter.
Fourth quarter 2023 net loss was $108.0 million compared to net loss of $1.4 million for the same period in 2022. Fourth quarter 2023 adjusted net loss, a non-GAAP measure, was $13.8 million compared to net income of $0.9 million for the same period in 2022. Fourth quarter 2023 net loss per diluted share was $7.59 compared to net loss per diluted share of $0.24 for the same period in 2022. Adjusted fourth quarter 2023 net loss per diluted share was $1.09 compared to net loss per diluted share of $0.02 for the same period in 2022.
The fourth quarter 2023 adjusted results exclude a net non-core charge of $6.50 per diluted share related to our non-cash goodwill impairment charge, LIFO adjustment, and acquisition expenses. The fourth quarter of 2022 adjusted results exclude a net non-core charge of $0.22 per diluted share related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and severance and transition costs.
Net loss for 2023 was $110.3 million compared to net income of $66.4 million for the same period in 2022. Adjusted net loss for 2023 was $11.5 million compared to net income of $64.1 million for the same period in 2022. Net loss per diluted share for 2023 was $8.45 compared to net income per diluted share of $2.42 for the same period in 2022, and adjusted net loss per diluted share was $1.24 compared to adjusted net income per diluted share of $3.05 for the same period in 2022.
The adjusted results for full year 2023 exclude a net non-core charge of $7.21 per diluted share related to the effects of a non-cash goodwill impairment charge, changes in the fair value of warrant liabilities, our LIFO adjustment, acquisition expenses, severance and transition costs and a storm reserve. The adjusted results for the same period in 2022 exclude a net non-core charge of $0.63 per diluted share related to the effects of changes in the fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and severance and transition costs.
Corporate Developments
As previously announced, during the fourth quarter we acquired Orangewood RV in Surprise, Arizona and RVzz in St. George, Utah. We also opened our Ft. Pierce, Florida greenfield location. We estimate these stores will add $110.0 million in annual revenues at steady state.
Earlier this week we announced the opening of our Surprise, Arizona dealership, the fourth and final greenfield location we began development on in 2021. This marks our third location in the Phoenix metropolitan area is expected to generate estimated annual revenues of $50.0 million at steady state. As of today, we operate 25 locations nationwide.
In January 2024, we launched a comprehensive rebranding effort, including an all-new website, new logos, fonts and colors, and changed our stock symbol to "GORV." These actions are designed to enhance our digital retailing efforts as well as improve our customer experience on mobile devices, which account for over 80% of our website traffic today.
Balance Sheet Update
In the fourth quarter, we cancelled our planned rights offering to stockholders. We subsequently secured a $35.0 million mortgage facility collateralized by seven of our owned locations with a cost basis of approximately $109.9 million. The facility closed on December 29, 2023 and has a three-year term. It is structured to allow us to obtain alternative financing on a location-by-location basis at an increased loan-to-value advance rate with other lending partners including regional and national banks.
We ended the fourth quarter 2023 with cash of $58.1 million. We estimate we can generate an additional $47.5 million in mortgage loan proceeds as we refinance locations at a 75% loan-to-value, in line with advance rates obtained on other mortgage financing secured earlier in 2023. We also have other unencumbered real estate that we estimate can generate additional liquidity of approximately $18 million through financing transactions.
As a result of our financial performance in the fourth quarter of 2023 and overall market conditions, we received a waiver of our financial covenants associated with our syndicated credit facility for the fourth quarter of 2023 and the first two quarters of 2024, with relaxed covenants in the third quarter and a return to our standard covenant package as of the end of 2024.
As of March 7, 2024, we had cash and cash equivalents of approximately $45 million. The reduction in our cash balance from year end is primarily a function of capital expenditures associated with corporate development efforts that are substantially complete as of today.
Kelly Porter, Chief Financial Officer, stated, "With cash on hand of $45 million as of today, we believe we have a strong foundation on which to build. We have generated positive operational cash flow for the first 70 days of 2024 while continuing to make significant operational improvements and we expect to be operationally cash flow positive for the remainder of the year. I'd like to thank our syndicated lenders, lead by M&T Bank, for facilitating the modification to our credit facility to relax our financial covenants and provide room to navigate the current macroeconomic environment and prepare us for a strong 2024."
Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Friday, March 8, 2024 that will also be broadcast live over the internet.
The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations.
About Lazydays
Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.
With a strategic approach to rapid expansion, we are growing our network through both acquisitions and new builds. Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.
Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV."
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements regarding:
-- Our anticipated financial condition and liquidity
-- Sufficient working capital
-- Full year 2024 results
-- Anticipated revenues from acquired and open point stores; and
-- Anticipated availability of liquidity from our credit facility and
unfinanced operating real estate.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures such as adjusted cash flow from operations, adjusted net loss, adjusted net income, adjusted diluted earnings per share, adjusted cost applicable to revenues, adjusted income before income taxes, adjusted income tax benefit, adjusted SG&A, adjusted SG&A as a percentage of revenue, adjusted SG&A as a percentage of gross profit, adjusted income from operations as a percentage of revenue, adjusted income from operations as a percentage of gross profit, adjusted income before income taxes as a percentage of revenue and adjusted net income as a percentage of revenue. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, and also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the following tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
Contact:
investors@lazydays.com
Results of Operations Three Months Ended Year Ended
December 31, December 31,
(In thousands except share and per share amounts) 2023 2022 Change 2023 2022 % Change
Revenues
New vehicle retail $99,351 $137,729 (27.9) % $631,748 $777,807 (18.8) %
Pre-owned vehicle retail 72,433 74,927 (3.3) % 323,258 394,582 (18.1) %
Vehicle wholesale 2,526 2,416 4.5 % 8,006 21,266 (62.4) %
Finance and insurance 11,054 13,891 (20.4) % 62,139 75,482 (17.7) %
Service, body and parts and other 12,665 14,527 (12.8) % 57,596 57,824 (0.4) %
Total revenue 198,029 243,490 (18.7) % 1,082,747 1,326,961 (18.4) %
Cost applicable to revenue
New vehicle retail 86,655 115,155 (24.7) % 552,311 632,316 (12.7) %
Pre-owned vehicle retail 59,848 59,186 1.1 % 259,494 301,565 (14.0) %
Vehicle wholesale 2,746 2,395 14.7 % 8,178 21,620 (62.2) %
Finance and insurance 475 513 (7.5) % 2,547 2,729 (6.7) %
Service, body and parts, other 5,916 7,714 (23.3) % 27,723 27,657 0.2 %
LIFO (297) 4,153 NM 3,752 12,383 (69.7) %
Total cost applicable to revenue 155,343 189,116 (17.9) % 854,005 998,270 (14.5) %
Gross profit 42,686 54,374 (21.5) % 228,742 328,691 (30.4) %
Depreciation and amortization 5,048 4,420 14.2 % 18,512 16,758 10.5 %
Selling, general, and administrative expenses 46,679 47,649 (2.0) % 198,962 222,218 (10.5) %
Goodwill impairment 117,970 NM 117,970 NM
(Loss) income from operations (127,011) 2,305 NM (106,702) 89,715 NM
Other income (expense)
Floor plan interest expense (7,196) (3,534) 103.6 % (24,820) (8,596) 188.7 %
Other interest expense (3,578) (2,158) 65.8 % (10,062) (7,996) 25.8 %
Change in fair value of warrant liabilities - 1,782 (100.0) % 856 12,453 (93.1) %
Total other expense, net (10,774) (3,910) 175.5 % (34,026) (4,139) NM
(Loss) income before income tax expense (137,785) (1,605) NM (140,728) 85,576 NM
Income tax benefit (expense) 29,820 205 NM 30,462 (19,183) NM
Net (loss) income (107,965) (1,400) NM (110,266) 66,393 NM
Dividends on Series A convertible preferred stock (1,210) (1,210) - % (4,800) (4,801) - %
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities $(109,175) $(2,610) NM $(115,066) $61,592 NM
EPS:
Basic $(7.59) $(0.24) NM $(8.41) $3.47 NM
Diluted $(7.59) $(0.24) NM $(8.45) $2.42 NM
Weighted average shares outstanding:
Basic 14,384,961 10,928,362 31.6 % 13,689,001 11,701,302 17.0 %
Diluted 14,384,961 10,928,362 31.6 % 13,689,001 12,797,796 7.0 %
NM - not Meaningful
Total Results Summary Three Months Ended Year Ended
December 31, December 31,
2023 2022 Change 2023 2022 Change
Gross profit margins
New vehicle retail 12.8 % 16.4 % (360) bps 12.6 % 18.7 % (610) bps
Pre-owned vehicle retail 17.4 % 21.0 % (360) bps 19.7 % 23.6 % (390) bps
Vehicle wholesale (8.7) % 0.9 % (960) bps (2.2) % (1.7) % (50) bps
Finance and insurance 95.7 % 96.3 % (60) bps 95.9 % 96.4 % (50) bps
Service, body and parts and other 53.3 % 46.9 % 640 bps 51.9 % 52.2 % (30) bps
Total gross profit margin 21.6 % 22.3 % (70) bps 21.1 % 24.8 % (370) bps
Total gross profit margin (excluding LIFO) 21.4 % 24.0 % (260) bps 21.5 % 25.7 % (420) bps
Retail units sold
New vehicle retail 1,264 1,501 (15.8) % 7,269 8,603 (15.5) %
Pre-owned vehicle retail 1,164 999 16.5 % 5,018 5,409 (7.2) %
Total retail units sold 2,428 2,500 (2.9) % 12,287 14,012 (12.3) %
Average selling price per retail unit
New vehicle retail $78,600 $91,758 (14.3) % $86,910 $90,411 (3.9) %
Pre-owned vehicle retail 62,228 75,001 (17.0) % 64,420 72,949 (11.7) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail $10,044 $15,040 (33.2) % $10,928 $16,912 (35.4) %
Pre-owned vehicle retail 10,812 15,756 (31.4) % 12,707 17,197 (26.1) %
Finance and insurance 4,357 5,351 (18.6) % 4,850 5,192 (6.6) %
Revenue mix
New vehicle retail 50.2 % 56.6 % 58.3 % 58.6 %
Pre-owned vehicle retail 36.6 % 30.8 % 29.9 % 29.7 %
Vehicle wholesale 1.3 % 1.0 % 0.7 % 1.6 %
Finance and insurance 5.6 % 5.7 % 5.7 % 5.7 %
Service, body and parts and other 6.3 % 5.9 % 5.4 % 4.4 %
100.0 % 100.0 % 100.0 % 100.0 %
Gross profit mix
New vehicle retail 29.7 % 41.5 % 34.7 % 44.3 %
Pre-owned vehicle retail 29.5 % 28.9 % 27.9 % 28.3 %
Vehicle wholesale (0.5) % - % (0.1) % (0.1) %
Finance and insurance 24.8 % 24.6 % 26.1 % 22.1 %
Service, body and parts and other 15.8 % 12.5 % 13.1 % 9.2 %
LIFO 0.7 % (7.6) % (1.6) % (3.8) %
100.0 % 100.0 % 100.0 % 100.0 %
Other Metrics
Adjusted As Reported Adjusted As Reported
Three Months Ended Three Months Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2023 2022 2023 2022 2023 2022 2023 2022
SG&A as a % of revenue 23.0 % 19.4 % 23.6 % 19.6 % 18.0 % 16.7 % 18.4 % 16.7 %
SG&A as % of gross profit, excluding LIFO 107.4 % 80.6 % 110.1 % 81.4 % 83.6 % 64.8 % 85.6 % 65.2 %
Income from operations as a % of revenue NM 2.9 % NM 0.9 % 1.8 % 7.8 % NM 6.8 %
Income from operations as a % of gross profit, excluding LIFO NM 11.9 % NM 3.9 % 8.4 % 30.3 % NM 26.3 %
Income (loss) before income taxes as % of revenue NM 0.5 % NM NM NM 6.5 % NM 6.4 %
Net income (loss) as a % of revenue NM 0.4 % NM NM NM 4.8 % NM 5.0 %
NM - not meaningful
Other Highlights
As of December 31,
2023 2022
Store Count
Dealerships 24 18
Days Supply*
New vehicle inventory 380 250
Pre-owned vehicle inventory 132 78
* Days supply calculated based on current inventory levels and a 90 day historical average cost of sales level.
Financial Covenants
As of
Requirement December 31, 2023
Fixed charge coverage ratio Not less than 1.25
to 1 1.27
Leverage ratio
Waived
NM
Current ratio
Waived
NM
NM - not meaningful
Same-Store Results Summary Three Months Ended Year Ended
December 31, December 31,
(In thousands except share and per share amounts) 2023 2022 Change 2023 2022 Change
Revenues
New vehicle retail $84,837 $129,866 (34.7) % $557,176 $731,572 (23.8) %
Pre-owned vehicle retail 62,307 72,739 (14.3) % 290,242 378,117 (23.2) %
Vehicle wholesale 2,334 2,377 (1.8) % 7,567 21,167 (64.2) %
Finance and insurance 9,138 13,310 (31.3) % 54,395 71,899 (24.3) %
Service, body and parts and other 11,108 13,901 (20.1) % 51,392 55,603 (7.6) %
Total revenue 169,724 232,193 (26.9) % 960,772 1,258,358 (23.6) %
Gross profit
New vehicle retail 10,811 21,355 (49.4) % 69,710 137,015 (49.1) %
Pre-owned vehicle retail 10,664 15,170 (29.7) % 56,773 88,854 (36.1) %
Vehicle wholesale (223) 19 NM (171) (354) NM
Finance and insurance 8,733 12,823 (31.9) % 52,132 69,285 (24.8) %
Service, body and parts and other 5,941 8,059 (26.3) % 26,593 29,109 (8.6) %
LIFO 298 (4,153) NM (3,752) (12,383) NM
Total gross profit 36,224 53,273 (32.0) % 201,285 311,526 (35.4) %
Gross profit margins
New vehicle retail 12.7 % 16.4 % (370) bps 12.5 % 18.7 % (460) bps
Pre-owned vehicle retail 17.1 % 20.9 % (380) bps 19.6 % 23.5 % (390) bps
Vehicle wholesale (9.5) % 0.8 % NM bps (2.3) % (1.7) % (60) bps
Finance and insurance 95.6 % 96.3 % (70) bps 95.8 % 96.4 % (60) bps
Service, body and parts and other 53.5 % 58.0 % (450) bps 51.7 % 52.4 % (70) bps
Total gross profit margin 21.3 % 22.9 % (170) bps 21.0 % 24.8 % (190) bps
Total gross profit margin (excluding LIFO) 21.2 % 24.7 % (350) bps 21.3 % 25.7 % (440) bps
Retail units sold
New vehicle retail 1,033 1,396 (26.0) % 6,142 7,867 (21.9) %
Pre-owned vehicle retail 958 951 0.7 % 4,362 5,049 (13.6) %
Total retail units sold 1,991 2,347 (15.2) % 10,504 12,916 (18.7) %
Average selling price per retail unit
New vehicle retail $82,127 $93,027 (11.7) % $90,716 $92,993 (2.4) %
Pre-owned vehicle retail 65,039 76,487 (15.0) % 66,539 74,889 (11.2) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail $10,465 $15,297 (31.6) % $11,350 $17,417 (34.8) %
Pre-owned vehicle retail 11,132 15,951 (30.2) % 13,015 17,598 (26.0) %
Finance and insurance 4,386 5,464 (19.7) % 4,963 5,364 (7.5) %
Total vehicle retail 15,172 21,026 (28) % 17,004 22,852 (25.6) %
NM - not meaningful
Condensed Consolidated Balance Sheets
As of December 31,
(In thousands) 2023 2022
Current assets
Cash $58,085 $61,687
Receivables, net of allowance for doubtful accounts 22,694 25,053
Inventories 456,087 378,881
Income tax receivable 7,419 7,912
Prepaid expenses and other 2,614 3,316
Total current assets 546,899 476,849
Long-term assets
Property and equipment, net 265,726 158,991
Operating lease assets 26,377 26,984
Goodwill 83,460
Intangible assets, net 80,546 81,665
Other assets 2,750 2,769
Deferred income tax asset 15,444
Total assets $937,742 $830,718
Current liabilities
Floor plan notes payable 446,783 348,735
Other current liabilities 53,197 50,890
Total current liabilities 499,980 399,625
Long-term liabilities
Financing liability, non-current portion, net 91,401 89,770
Revolving line of credit 49,500
Long-term debt, non-current portion, net 61,429 10,131
Other long-term liabilities 22,242 39,197
Total liabilities 724,552 538,723
Series A Convertible Preferred Stock 56,193 54,983
Stockholders' Equity 156,997 237,012
Total liabilities and stockholders' equity $937,742 $830,718
Condensed Statements of Cash Flows
Year Ended December 31,
(In thousands) 2023 2022
Cash Flows From Operating Activities
Net (loss) income $(110,266) $66,393
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation 2,249 2,813
Bad debt expense 12 (526)
Depreciation and amortization of property and equipment 10,954 9,480
Amortization of intangible assets 7,558 7,278
Amortization of debt discount 312 431
Non-cash lease expense 296 173
Loss (gain) on sale of property and equipment 28 (20)
Goodwill Impairment 117,970
Deferred income taxes (30,980) 1,872
Change in fair value of warrant liabilities (856) (12,453)
Impairment charges 629
Changes in operating assets and liabilities:
Receivables 2,347 6,512
Inventories (42,901) (127,594)
Prepaid expenses and other 450 (613)
Income tax receivable/payable 492 (6,725)
Other assets (199) (1,146)
Accounts payable and Accrued expenses and other current liabilities 5,425 (17,835)
Total Adjustments 73,786 (138,353)
Net Cash Used In Operating Activities $(36,480) $(71,960)
Year Ended December 31,
(In thousands) 2023 2022
Net cash provided by operating activities, as reported $(36,480) $(71,960)
Net borrowings on floor plan notes payable 98,530 148,180
Minus borrowings on floor plan notes payable associated with acquired new inventory (28,751)
Net cash provided by operating activities, as adjusted $33,299 $76,220
Reconciliation of Non-GAAP Measures
Three Months Ended December 31, 2023
($ in thousands, except per share amounts) As reported LIFO Acquisition
expense Impairment charge Adjusted
Costs applicable to revenues $155,343 $298
$ -
$ - $155,642
Selling, general and administrative expenses 46,679 (1,142) 45,537
Goodwill impairment 117,970 (117,970)
(Loss) income from operations (127,011) (298) 1,142 117,970 (8,197)
(Loss) income before income tax expense $(137,785) $(298) $1,142 $117,970 $(18,971)
Income tax benefit (expense) 29,820 62 (236) (24,427) 5,219
Net (loss) income $(107,965) $(236) $906 $93,543 $(13,752)
Diluted net loss per share $(7.59) $(1.09)
Shares used for diluted calculation 14,384,961
Three Months Ended December 31, 2022
($ in thousands, except per share amounts) As reported Gain on change LIFO Acquisition Severance and Adjusted
in fair value expense transition
of costs
warrant
liabilities
Costs applicable to revenues $189,116
$ - $(4,153)
$ -
$ - $184,963
Selling, general and administrative expenses 47,649 (203) (299) 47,147
Income from operations 2,305 4,153 203 299 6,960
Gain on change in fair value of warrant liabilities 1,782 (1,782)
(Loss) income before income taxes $(1,605) $(1,782) $4,153 $203 $299 1,268
Income tax benefit (expense) 205 (458) (46) (33) (332)
Net (loss) income $(1,400) $(1,782) $3,695 $157 $266 $936
Diluted net loss per share $(0.24) $(0.02)
Shares used for diluted calculation 10,928,362
Twelve Months Ended December 31, 2023
($ in thousands, except per share amounts) As reported Gain on change LIFO Acquisition Severance and Impairment Storm Adjusted
in fair value expense transition
of costs charge Reserve
warrant
liabilities
Costs applicable to revenues $854,005
$ - $(3,752)
$ -
$ -
$ -
$ - $850,253
Selling, general and administrative expenses 198,962 (2,340) (1,278) (629) (300) 194,415
Goodwill impairment 117,970 (117,970)
(Loss) income from operations (106,702) 3,752 2,340 1,278 118,599 300 19,567
Gain on change in fair value of warrant liabilities 856 (856)
(Loss) income before income taxes $(140,728) $(856) $3,752 $2,340 $1,278 $118,599 $300 $(15,315)
Income tax benefit (expense) 30,462 (788) (492) (360) (24,920) (106) 3,796
Net (loss) income $(110,266) $(856) $2,964 $1,848 $918 $93,679 $194 $(11,519)
Diluted net loss per share $(8.45) $(1.24)
Shares used for diluted calculation 13,689,001
Twelve Months Ended December 31, 2022
($ in thousands, except per share amounts) As reported Gain on change LIFO Acquisition Severance and Adjusted
in fair value expense transition
of costs
warrant
liabilities
Costs applicable to revenues $998,270
$ - (12,383)
$ -
$ - $985,887
Selling, general and administrative expenses 222,218 (286) (900) 221,032
Income from operations 89,715 12,383 286 900 103,284
Gain on change in fair value of warrant liabilities 12,453 (12,453)
Income (loss) before income taxes $85,576 $(12,453) $12,383 $286 $900 $86,692
Income tax expense (19,183) (3,143) (73) (228) (22,627)
Net income (loss) $66,393 $(12,453) $9,240 $213 $672 $64,065
Diluted earnings per share $2.42 $3.05
Shares used for diluted calculation 12,797,796
* In periods where the change in fair value of warrants is a gain, the diluted EPS calculation is not affected by this line item.
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