Lazydays revealed its financial report for the fourth quarter ended December 31, 2023, and its performance expectations for 2024, according to a press release.
“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,” John North, chief executive officer, said in a press release.
Since 1976, Lazydays has been providing top-notch RV sales, service, and overall ownership experiences. This dedication has fostered lasting bonds with RV enthusiasts.
“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,” North said.
According to the report, the fourth quarter 2023 decreased to $198.0 million. The adjusted net loss for the fourth quarter of 2023 stood at $13.8 million. This contrasts with an adjusted net income of $0.9 million in the same quarter of the previous year. The reported net loss per diluted share was $7.59, an increase from the $0.24 loss per share in the fourth quarter of 2022. The adjusted net loss per diluted share for the same period was $1.09, compared to a loss of $0.02 per share in 2022.
“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,” North added.
For 2023, Lazydays reported a net loss of $110.3 million, a significant reversal from the net income of $66.4 million recorded in 2022. The adjusted figures for 2023 show a net loss of $11.5 million, compared to an adjusted net income of $64.1 million for the previous year.
The net loss per diluted share for 2023 was $8.45, compared with the net income per diluted share of $2.42 in 2022. The adjusted net loss per diluted share for 2023 was $1.24, compared to an adjusted net income per diluted share of $3.05 in 2022.
“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,” North said.
Isn’t it interesting how Lazydays tackled the hurdles in Q4 and FY 2023? Their dedication to top-notch RV experiences despite financial challenges is commendable. With CEO John North steering the ship to profitability, we can look forward to exciting strategies for a brighter financial future.
With CEO John North at the helm, we’re in for some exciting strategies ahead to steer us towards a brighter financial future. Lazydays’ dedication to delivering top-notch RV experiences is truly commendable. It’s really impressive to see how they navigated through challenges in Q4 and FY 2023, showing resilience and determination. Let’s keep an eye on their future endeavors and how they continue to thrive!
Indeed, it’s quite intriguing to see how Lazydays navigated the challenges during Q4 and FY 2023. Their approach and strategies are definitely worth noting. It’s admirable how they’ve managed to steer towards profitability. Did you know that their focus on customer satisfaction played a significant role in their financial success this year?