Q2 2024 Lazydays Holdings Inc Earnings Call Transcript
Key Points
- Significant improvement in gross profit per unit, with a 200% increase in new units and 150% increase in used units compared to Q1 2024.
- Successful cost reduction actions expected to save approximately $25 million annually.
- Healthy inventory levels maintained, with a focus on procuring more used units directly from consumers.
- Increased finance penetration to 75% in Q2 2024, up from 64% in Q1 2024.
- Coliseum Capital Management committed to advancing another $5 million, boosting operational flexibility.
- Total revenue for Q2 2024 decreased by 22.6% compared to the same period in 2023.
- New unit sales declined by 15.2% and used retail unit sales decreased by 30.7% in Q2 2024.
- Adjusted net loss of $18.4 million for Q2 2024 compared to net income of $3.9 million in Q2 2023.
- Service body and parts revenue decreased by 12.2%, with gross profit decreasing by 5.1%.
- Consumer demand for recreational vehicles remains under pressure, with no significant recovery expected until 2025.
Greetings and welcome to the Lazydays Holdings' second quarter 2024 conference call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Porter, Chief Financial Officer. Thank you. You may begin.
Good morning everyone and thank you for joining us. On the call with me today are John North, CEO, and Amber Dillard, Vice President of Operations. Before we begin, I would like to remind everyone that we will be discussing forward-looking information including potential future financial performance, which is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from such forward-looking statements and information.
Such risks, uncertainties, assumptions, and other factors are identified in our earnings release and other periodic filings with the SEC as well as the investor relations section of our website.
Accordingly, forward-looking statements should not be relied
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |