Lazydays reported financial results for the first quarter ended March 31.
John North, Lazydays CEO, said, “As we discussed in March, we expected our results for the first quarter to reflect a focus on both reducing the quantity and improving the health of vehicle inventory on hand. To that end, we made significant progress in these areas and finished the first quarter with approximately 85% of our new inventory model year 2024. However, our expectation to see increasing unit volumes in March and April as we entered the summer selling season did not materialize as we had hoped. We have continued to focus on maintaining our healthy inventory position as model year 2025 units arrive while increasing our efforts to procure more used units to augment our trade-ins and drive additional revenue opportunities. As of today, our new inventory is comprised of more than 90% 2024 and 2025 model year units, and we believe it is among the healthiest in the industry.”
Commenting on 2024, North stated, “Given the current market conditions and the larger than expected losses in the first quarter, for the full year we anticipate a pre-tax loss but both positive EBITDA and adjusted operational cash flow. I want to personally thank our operational team in the field for remaining upbeat and focused on pursuing every opportunity we can identify in the market today. While we are navigating the current economic environment alongside our OEM partners and competing dealers, we strongly believe in the earnings power of our store base and look forward to unlocking its full earnings potential as the industry recovers.”
Total revenue for the first quarter was $270.6 million compared to $295.7 million for the same period in 2023.
Net loss for the first quarter was $22.0 million compared to a net loss of $0.3 million for the same period in 2023. Adjusted net loss, a non-GAAP measure, was $21.4 million compared to adjusted net income of $1.2 million for the same period in 2023. Net loss per diluted share was $1.67 compared to net loss per diluted share of $0.17 for the same period in 2023. Adjusted net loss per diluted share was $1.63 compared to net income per diluted share of $0.00 for the same period in 2023.
Adjusted results for the first quarter of 2024 exclude a net non-core charge of $0.04 per diluted share related to LIFO adjustment, transaction costs, and severance and transition costs. Adjusted results for the first quarter of 2023 exclude a net non-core charge of $0.17 per diluted share related to the effects of changes in fair value of warrant liabilities, LIFO adjustment, an impairment charge, acquisition expenses and severance and transition costs.
For additional information from the Lazydays financial report, click here.
