The following is a summary of the Lazydays Holdings, Inc. (GORV) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 2024 total revenue was $213.5 million, a decline of 23.9% compared to the previous year.
Gross profit for Q3 2024 was $45.3 million, down by $9.1 million or 16.8% from the previous year, with a gross margin of 21.2%, up by 180 basis points.
New unit sales declined by 18.6%, with gross profit per unit down 26.1%, and ASP decreased by 13.1% due to a shift towards towables.Pre-owned retail unit sales decreased by 6.7%, with gross profit per unit decreasing by 23.6%.
Finance and insurance revenue decreased by 0.8%, but average gross profit per unit in this category grew by 15.9%.
Business Progress:
Lazydays is undergoing transformative transactions to strengthen its financial foundation and streamline operations, selling seven dealerships and one asset, raising capital through a $30 million equity PIPE, and launching a $25 million rights offering.
Executed an amendment to the credit facility, enhancing financial flexibility through the first quarter of 2026.
Opportunities:
The company sees improvement opportunities in the pre-owned units market, anticipating better supply conditions and capital accessibility to enhance margins.
Risks:
Impact of weather events (Hurricane Helene and Hurricane Milton) led to the loss of approximately 10 sales days affecting revenue.
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