LAZYDAYS REPORTS THIRD QUARTER 2024 RESULTS
TAMPA, Fla., Nov. 18, 2024 /PRNewswire/ -- Lazydays Holdings, Inc. (Nasdaq: GORV) today announced its third quarter 2024 earnings results.
Ron Fleming, Interim CEO, said, "Despite challenging financial results during the third quarter, which continued to be impacted by economic and other industry-wide demand headwinds, we are very encouraged by the completion of last week's recapitalization transactions. These transformative transactions have fortified the Company's financial foundation and operational focus and mark a turning point for Lazydays as we position ourselves for a stronger, more agile future. With a streamlined balance sheet, enhanced liquidity, and a simplified dealership network, we are better equipped to navigate the evolving RV landscape and deliver on our commitment to industry leadership."
Total revenue for the third quarter was $213.5 million compared to $280.7 million for the same period in 2023. Total revenue for the nine months ended September 30, 2024 was $722.7 million compared to $884.7 million for the same period in 2023.
Net loss for the third quarter was $17.7 million compared to net loss of $5.6 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $16.2 million compared to adjusted net loss of $2.9 million for the same period in 2023. Net loss per diluted share was $1.37 compared to net loss per diluted share of $0.48 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $1.27 compared to adjusted net loss per diluted share of $0.29 for the same period in 2023.
Net loss for the nine months ended September 30, 2024 was $83.9 million compared to net loss of $2.3 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $62.1 million compared to adjusted net income of $2.2 million for the same period in 2023. Net loss per diluted share was $6.24 compared to net loss per diluted share of $0.49 for the same period in 2023. Adjusted net loss per diluted share, a non-GAAP measure, was $4.73 compared to adjusted net loss per diluted share of $0.07 for the same period in 2023.
See Reconciliation of Non-GAAP Measures for additional details regarding our adjusted results of operations.
Conference Call Information
We have scheduled a conference call at 8:30 AM Eastern Time on Tuesday, November 19, 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.
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 financing transactions 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.
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 our ability to obtain further waivers or amendments to credit agreements, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout under the headers "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and in the notes to our financial statements, in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-Kand 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 costs applicable to revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted income (loss) before income taxes, adjusted SG&A, and adjusted income (loss) from operations. 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 September 30, Variance
(In thousands except share and per share amounts) 2024 2023
%
Revenues
New vehicle retail $122,291 $172,898 (29.3) %
Pre-owned vehicle retail 60,177 75,059 (19.8) %
Vehicle wholesale 1,801 2,056 (12.4) %
Finance and insurance 16,333 16,462 (0.8) %
Service, body and parts and other 12,863 14,207 (9.5) %
Total revenues 213,465 280,682 (23.9) %
Cost applicable to revenues
New vehicle retail 111,032 154,181 (28.0) %
Pre-owned vehicle retail 49,220 59,693 (17.5) %
Vehicle wholesale 1,964 2,026 (3.1) %
Finance and insurance 544 569 (4.4) %
Service, body and parts and other 5,742 7,109 (19.2) %
LIFO (350) 2,663 (113.1) %
Total cost applicable to revenues 168,152 226,241 (25.7) %
Gross profit 45,313 54,441 (16.8) %
Depreciation and amortization 5,170 4,602 12.3 %
Selling, general, and administrative expenses 45,802 48,250 (5.1) %
(Loss) income from operations (5,659) 1,589 NM
Other income (expense):
Floor plan interest expense (6,361) (6,258) 1.6 %
Other interest expense (5,564) (2,701) 106.0 %
Change in fair value of warrant liabilities (462) NM
(Loss) gain on sale of property and equipment - (21) NM
Total other expense, net (12,387) (8,980) 37.9 %
Loss before income taxes (18,046) (7,391) NM
Income tax benefit (expense) 381 1,805 (78.9) %
Net loss (17,665) (5,586) NM
Dividends on Series A Convertible Preferred Stock (2,159) (1,210) 78.4 %
Net loss and comprehensive loss attributable to common $(19,824) $(6,796) NM
stock and participating securities
Loss per share:
Basic $(1.37) $(0.48) NM
Diluted $(1.37) $(0.48) NM
Weighted average shares used for EPS calculations:
Basic 14,439,861 14,263,367
Diluted 14,439,861 14,263,367
*NM - not meaningful
Nine Months Ended September 30, Variance
(In thousands except share and per share amounts) 2024 2023
%
Revenues
New vehicle retail $418,315 $532,397 (21.4) %
Pre-owned vehicle retail 200,661 250,825 (20.0) %
Vehicle wholesale 11,318 5,480 106.5 %
Finance and insurance 50,703 51,085 (0.7) %
Service, body and parts and other 41,748 44,931 (7.1) %
Total revenues 722,745 884,718 (18.3) %
Cost applicable to revenues
New vehicle retail 388,225 465,656 (16.6) %
Pre-owned vehicle retail 168,865 199,646 (15.4) %
Vehicle wholesale 14,021 5,432 158.1 %
Finance and insurance 1,881 2,072 (9.2) %
Service, body and parts and other 19,179 21,807 (12.1) %
LIFO 91 4,049 (97.8) %
Total cost applicable to revenues 592,262 698,662 (15.2) %
Gross profit 130,483 186,056 (29.9) %
Depreciation and amortization 15,587 13,464 15.8 %
Selling, general, and administrative expenses 146,698 152,262 (3.7) %
(Loss) income from operations (31,802) 20,330 NM
Other income (expense):
Floor plan interest expense (19,745) (17,624) 12.0 %
Other interest expense (15,924) (6,484) 145.6 %
Change in fair value of warrant liabilities (799) 856 NM
(Loss) gain on sale of property and equipment 1,044 (21) NM
Total other expense, net (35,424) (23,273) 52.2 %
Loss before income taxes (67,226) (2,943) NM
Income tax benefit (expense) (16,640) 642 NM
Net loss (83,866) (2,301) NM
Dividends on Series A Convertible Preferred Stock (6,174) (3,590) 72.0 %
Net loss and comprehensive loss attributable to common $(90,040) $(5,891) NM
stock and participating securities
Loss per share:
Basic $(6.24) $(0.44) NM
Diluted $(6.24) $(0.49) NM
Weighted average shares used for EPS calculations:
Basic 14,418,692 13,470,219
Diluted 14,418,692 13,470,219
*NM - not meaningful
Total Results Summary
Three Months Ended September
30, Variance
2024 2023
Gross profit margins
New vehicle retail 9.2 % 10.8 % (160) bps
Pre-owned vehicle retail 18.2 % 20.5 % (230) bps
Vehicle wholesale (9.1) % 1.5 % NM
Finance and insurance 96.7 % 96.5 % 20 bps
Service, body and parts and other 55.4 % 50.0 % 540 bps
Total gross profit margin 21.2 % 19.4 % 180 bps
Total gross profit margin (excluding LIFO) 21.1 % 20.3 % 80 bps
Retail units sold
New vehicle retail 1,666 2,046 (18.6) %
Pre-owned vehicle retail 1,084 1,162 (6.7) %
Total retail units sold 2,750 3,208 (14.3) %
Average selling price per retail unit
New vehicle retail $73,404 $84,505 (13.1) %
Pre-owned vehicle retail 55,514 64,595 (14.1) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail $6,758 $9,148 (26.1) %
Pre-owned vehicle retail 10,108 13,224 (23.6) %
Finance and insurance 5,741 4,954 15.9 %
Revenue mix
New vehicle retail 57.3 % 61.6 %
Pre-owned vehicle retail 28.2 % 26.7 %
Vehicle wholesale 0.8 % 0.7 %
Finance and insurance 7.7 % 5.9 %
Service, body and parts and other 6.0 % 5.1 %
100.0 % 100.0 %
Gross profit mix
New vehicle retail 24.8 % 34.4 %
Pre-owned vehicle retail 24.2 % 28.2 %
Vehicle wholesale (0.4) % 0.1 %
Finance and insurance 34.8 % 29.2 %
Service, body and parts and other 15.7 % 13.0 %
LIFO 0.9 % (4.9) %
100.0 % 100.0 %
*NM - not meaningful
Nine Months Ended September 30, Variance
2024 2023
Gross profit margins
New vehicle retail 7.2 % 12.5 % (530) bps
Pre-owned vehicle retail 15.8 % 20.4 % (460) bps
Vehicle wholesale (23.9) % 0.9 % NM
Finance and insurance 96.3 % 95.9 % 40 bps
Service, body and parts and other 54.1 % 51.5 % 260 bps
Total gross profit margin 18.1 % 21.0 % (290) bps
Total gross profit margin (excluding LIFO) 18.1 % 21.5 % (340) bps
Retail units sold
New vehicle retail 5,742 6,005 (4.4) %
Pre-owned vehicle retail 3,692 3,854 (4.2) %
Total retail units sold 9,434 9,859 (4.3) %
Average selling price per retail unit
New vehicle retail $72,852 $88,659 (17.8) %
Pre-owned vehicle retail 54,350 65,082 (16.5) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail $5,240 $11,114 (52.9) %
Pre-owned vehicle retail 8,612 13,279 (35.1) %
Finance and insurance 5,175 4,972 4.1 %
Revenue mix
New vehicle retail 57.9 % 60.2 %
Pre-owned vehicle retail 27.8 % 28.4 %
Vehicle wholesale 1.6 % 0.6 %
Finance and insurance 7.0 % 5.8 %
Service, body and parts and other 5.7 % 5.0 %
100.0 % 100.0 %
Gross profit mix
New vehicle retail 23.1 % 35.9 %
Pre-owned vehicle retail 24.4 % 27.5 %
Vehicle wholesale (2.1) % - %
Finance and insurance 37.4 % 26.3 %
Service, body and parts and other 17.3 % 12.4 %
LIFO (0.1) % (2.1) %
100.0 % 100.0 %
*NM - not meaningful
Other Metrics
Adjusted As Reported
Three Months Ended Three Months Ended
September 30, September 30,
2024 2023 2024 2023
SG&A as a % of revenue 20.8 % 16.7 % 21.5 % 17.2 %
SG&A as % of gross profit, excluding LIFO 98.8 % 82.1 % 101.9 % 84.5 %
(Loss) income from operations as a % of revenue (2.2) % 2.0 % (2.7) % 0.6 %
(Loss) income from operations as a % of gross profit, (10.3) % 9.8 % (12.6) % 2.8 %
excluding LIFO
(Loss) income before income taxes as % of revenue (7.7) % (1.2) % (8.5) % (2.6) %
Net (loss) income as a % of revenue (7.6) % (1.0) % (8.3) % (2.0) %
Adjusted As Reported
Nine Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
SG&A as a % of revenue 19.8 % 16.8 % 20.3 % 17.2 %
SG&A as % of gross profit, excluding LIFO 109.6 % 78.3 % 112.3 % 80.1 %
(Loss) income from operations as a % of revenue (3.9) % 3.1 % (4.4) % 2.3 %
(Loss) income from operations as a % of gross profit, (21.5) % 14.6 % (24.4) % 10.7 %
excluding LIFO
(Loss) income before income taxes as % of revenue (8.7) % 0.4 % (9.3) % (0.3) %
Net (loss) income as a % of revenue (8.6) % 0.3 % (11.6) % (0.3) %
Other Highlights
September 30, 2024 December 31, 2023
Store Count
Dealerships 23 24
Days Supply*
New vehicle inventory 235 380
Pre-owned vehicle inventory 76 132
*Days supply calculated based on current inventory levels and a 90-day historical average cost of sales level.
Same-Store Results Summary
Three Months Ended September 30, Variance
($ in thousands, except per vehicle data) 2024 2023
Revenues
New vehicle retail $105,432 $163,622 (35.6) %
Pre-owned vehicle retail 52,166 70,236 (25.7) %
Vehicle wholesale 1,340 2,055 (34.8) %
Finance and insurance 14,127 15,552 (9.2) %
Service, body and parts and other 11,279 12,841 (12.2) %
Total revenues $184,344 $264,306 (30.3) %
Gross profit
New vehicle retail $9,385 $17,208 (45.5) %
Pre-owned vehicle retail 9,334 14,435 (35.3) %
Vehicle wholesale 49 31 58.1 %
Finance and insurance 13,655 15,017 (9.1) %
Service, body and parts and other 6,166 6,662 (7.4) %
LIFO 350 (2,663) (113.1) %
Total gross profit $38,939 $50,690 (23.2) %
Gross profit margins
New vehicle retail 8.9 % 10.5 % (160) bps
Pre-owned vehicle retail 17.9 % 20.6 % (270) bps
Vehicle wholesale 3.7 % 1.5 % 220 bps
Finance and insurance 96.7 % 96.6 % 10 bps
Service, body and parts and other 54.7 % 51.9 % 280 bps
Total gross profit margin 21.1 % 19.2 % 190 bps
Total gross profit margin (excluding LIFO) 20.9 % 20.2 % 70 bps
Retail units sold
New vehicle retail 1,365 1,865 (26.8) %
Pre-owned vehicle retail 913 1,071 (14.8) %
Total retail units sold 2,278 2,936 (22.4) %
Average selling price per retail unit
New vehicle retail $77,240 $87,733 (12.0) %
Pre-owned vehicle retail 57,137 65,580 (12.9) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail $6,875 $9,227 (25.5) %
Pre-owned vehicle retail 10,223 13,478 (24.2) %
Finance and insurance 5,994 5,115 17.2 %
*NM - not meaningful
Nine Months Ended September 30, Variance
(In thousands, except per vehicle data) 2024 2023
Revenues
New vehicle retail $354,704 $504,127 (30) %
Pre-owned vehicle retail 166,013 232,452 (29) %
Vehicle wholesale 8,861 5,222 70 %
Finance and insurance 42,357 48,330 (12) %
Service, body and parts and other 34,737 39,852 (13) %
Total revenues $606,672 $829,983 (27) %
Gross profit
New vehicle retail $24,666 $62,636 (61) %
Pre-owned vehicle retail 25,986 47,682 (46) %
Vehicle wholesale (1,438) 44 NM
Finance and insurance 40,728 46,354 (12) %
Service, body and parts and other 18,637 20,075 (7) %
LIFO (91) (4,049) (98) %
Total gross profit $108,488 $172,742 (37) %
Gross profit margins
New vehicle retail 7.0 % 12.4 % (540) bps
Pre-owned vehicle retail 15.7 % 20.5 % (480) bps
Vehicle wholesale (16.2) % 0.8 % NM
Finance and insurance 96.2 % 95.9 % 30 bps
Service, body and parts and other 53.7 % 50.4 % 330 bps
Total gross profit margin 17.9 % 20.8 % (290) bps
Total gross profit margin (excluding LIFO) 17.9 % 21.3 % (340) bps
Retail units sold
New vehicle retail 4,511 5,543 (19) %
Pre-owned vehicle retail 2,950 3,534 (17) %
Total retail units sold 7,461 9,077 (18) %
Average selling price per retail unit
New vehicle retail $78,631 $90,948 (14) %
Pre-owned vehicle retail 56,276 65,776 (14) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail $5,468 $11,300 (52) %
Pre-owned vehicle retail 8,809 13,492 (35) %
Finance and insurance 5,459 5,107 7 %
*NM - not meaningful
Condensed
Consolidated
Balance Sheets
(In thousands) September 30, 2024 December 31, 2023
Current assets
Cash $13,536 $58,085
Receivables, net of allowance for doubtful accounts 23,642 22,694
Inventories 310,671 456,087
Income tax receivable 7,254 7,416
Prepaid expenses and other 3,467 2,614
Total current assets 358,570 546,896
Long-term assets
Property and equipment, net 273,733 265,726
Operating lease assets 25,571 26,377
Intangible assets, net 74,442 80,546
Other assets 3,630 2,750
Deferred income tax asset 15,444
Total assets $735,946 $937,739
Current liabilities
Floor plan notes payable $316,551 $446,783
Revolving line of credit, current portion 17,500
Other current liabilities 57,967 53,194
Total current liabilities 392,018 499,977
Long-term liabilities
Financing liability, non-current portion, net 90,540 91,401
Revolving line of credit, non-current portion 23,500 49,500
Long-term debt, non-current portion, net 27,590 28,075
Related party debt, non-current portion, net 43,152 33,354
Warrant liabilities 5,706
Other long-term liabilities 22,512 22,242
Total liabilities 605,018 724,549
Series A Convertible Preferred Stock 62,363 56,193
Stockholders' Equity 68,565 156,997
Total liabilities and stockholders' equity $735,946 $937,739
Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30,
(In thousands) 2024 2023
Operating Activities
Net loss $(83,866) $(2,301)
Adjustments to reconcile net loss to net cash provided by operating
activities:
Stock-based compensation 1,495 2,067
Bad debt expense 46 9
Depreciation and amortization of property and equipment 9,481 7,992
Amortization of intangible assets 6,106 5,501
Amortization of debt discount 1,508 327
Non-cash operating lease (benefit) expense (497) 201
(Gain) loss on sale of property and equipment (1,044) 21
Deferred income taxes 16,700 (116)
Change in fair value of warrant liabilities 799 (856)
Impairment charges 629
Changes in operating assets and liabilities:
Receivables (994) 3,221
Inventories 145,416 18,427
Prepaid expenses and other (853) (1,196)
Income tax receivable/payable 165 (621)
Other assets (882) (169)
Accounts payable (1,601) 5,511
Accrued expenses and other current liabilities 6,588 1,787
Total adjustments 182,433 42,735
Net cash provided by operating activities $98,567 $40,434
Nine Months Ended September 30,
(In thousands) 2024 2023
Net cash provided by operating activities, as reported $98,567 $40,434
Net repayments on floor plan notes payable (129,169) (13,967)
Minus borrowings on floor plan notes payable associated with acquired new (19,726)
inventory
Adjusted net cash (used in) provided by operating activities $(30,602) $6,741
Reconciliation of Non-GAAP Measures
Three Months Ended September 30, 2024
($ in thousands, except per share amounts) As reported Loss on LIFO Transaction Severance Deferred tax Adjusted
change in costs and
fair transition valuation
value of costs allowance
warrant
liabilities
Costs applicable to revenue $168,152
$ - $350
$ -
$ -
$ - $168,502
Selling, general and administrative expenses 45,802 (1,296) (100) 44,406
(Loss) income from operations (5,659) (350) 1,296 100 (4,613)
Change in fair value of warrant liabilities (462) 462
(Loss) income before income taxes (18,046) 462 (350) 1,296 100 (16,538)
Income tax (expense) benefit 381 2 (1) 5 1 388
Net (loss) income (17,665) 464 (351) 1,301 100 1 (16,150)
Dividends on Series A Convertible Preferred Stock (2,159) (2,159)
Net (loss) income and comprehensive (loss) income $(19,824) $464 $(351) $1,301 $100 $1 $(18,309)
attributable to common stock and participating securities
Diluted loss per share $(1.37) $(1.27)
Shares used for diluted calculation 14,439,861 14,439,861
Three Months Ended September 30, 2023
($ in thousands, except per share amounts) As reported LIFO Transaction costs Severance and Adjusted
transition costs
Costs applicable to revenue $226,241 $(2,663)
$ -
$ - $223,578
Selling, general and administrative expenses 48,250 (727) (625) 46,898
Income from operations 1,589 2,663 727 625 5,604
(Loss) income before income taxes (7,391) 2,663 727 625 (3,376)
Income tax benefit (expense) 1,805 (873) (238) (205) 489
Net (loss) income (5,586) 1,790 489 420 (2,887)
Dividends on Series A Convertible Preferred Stock (1,210) (1,210)
Net (loss) income and comprehensive (loss) income $(6,796) $1,790 $489 $420 $(4,097)
attributable to common stock and participating securities
Diluted loss per share $(0.48) $(0.29)
Shares used for diluted calculation 14,263,367 14,263,367
Nine Months Ended September 30, 2024
($ in thousands, except per share amounts) As reported Loss on LIFO Transaction Severance Deferred Uninsured Adjusted
change in costs and tax loss
fair value
of transition valuation
warrant costs allowance
liabilities
Costs applicable to revenue $592,262
$ - $(91)
$ -
$ -
$ -
$ - $592,171
Selling, general and administrative expenses 146,698 (2,925) (199) (481) 143,093
(Loss) income from operations (31,802) 91 2,925 199 481 (28,106)
Change in fair value of warrant liabilities (799) 799
(Loss) income before income taxes (67,226) 799 91 2,925 199 481 (62,731)
Income tax (expense) benefit (16,640) 5 1 20 1 17,262 3 652
Net (loss) income (83,866) 804 92 2,945 200 17,262 484 (62,079)
Dividends on Series A Convertible Preferred Stock (6,174) (6,174)
Net (loss) income and comprehensive (loss) income $(90,040) $804 $92 $2,945 $200 $17,262 $484 $(68,253)
attributable to common stock and participating securities
Diluted loss per share $(6.24) $(4.73)
Shares used for diluted calculation 14,418,692 14,418,692
Nine Months Ended September 30, 2023
($ in thousands, except per share amounts) As reported Gain on LIFO Transaction Severance Impairment Uninsured Adjusted
change in costs and charge loss
fair value of transition
warrant
liabilities costs
Costs applicable to revenue $698,662
$ - $(4,049)
$ -
$ -
$ -
$ - $694,613
Selling, general and administrative expenses 152,262 (1,198) (1,278) (629) (300) 148,857
Income from operations 20,330 4,049 1,198 1,278 629 300 27,784
Gain on change in fair value of warrant liabilities 856 (856)
(Loss) income before income taxes (2,943) (856) 4,049 1,198 1,278 629 300 3,655
Income tax benefit (expense) 642 (1,140) (337) (360) (119) (106) (1,420)
Net (loss) income (2,301) (856) 2,909 861 918 510 194 2,235
Dividends on Series A Convertible Preferred Stock (3,590) (3,590)
Net (loss) income and comprehensive (loss) income $(5,891) $(856) $2,909 $861 $918 $510 $194 $(1,355)
attributable to common stock and participating securities
Diluted loss per share $(0.49) $(0.07)
Shares used for diluted calculation 13,470,219 13,470,219
View original content to download multimedia:https://www.prnewswire.com/news-releases/lazydays-reports-third-quarter-2024-results-302309194.html
SOURCE Lazydays RV
