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$LOTZ ER Takeaways:
Overview:
Exceeded top line expectations, very pleased with results
3 hubs opened in Q1, Seattle + Orlando most successful openings in company history
Remain on track to open 14-16 new hubs in 2021
Currently onboarding several new comm relationships
Overview:
Exceeded top line expectations, very pleased with results 3 hubs opened in Q1, Seattle + Orlando most successful openings in company history Remain on track to open 14-16 new hubs in 2021Currently onboarding several new comm relationships
Marketing:
236% inc in leads generated YOY
Triple digit inc in unique online users YOY
New brand campaign being launched in 2H 2021
Tech/People:
50% team growth in Q1
Fully redesigned online experience/mobile app in progress: Rollout to begin in June 2021
236% inc in leads generated YOYTriple digit inc in unique online users YOYNew brand campaign being launched in 2H 2021Tech/People:
50% team growth in Q1Fully redesigned online experience/mobile app in progress: Rollout to begin in June 2021
Retail GPU:
1182 in Q1, below expectations
Due to old inventory carry over issue, which has now been completely cleared out
On track for FY Retail GPU estimates: 1800-2000
Strong Retail GPU growth in Q2
1182 in Q1, below expectationsDue to old inventory carry over issue, which has now been completely cleared outOn track for FY Retail GPU estimates: 1800-2000Strong Retail GPU growth in Q2
Supply/Demand:
Best environment for inventory is when there is gap between wholesale & retail prices
When wholesale prices rise rapidly, gap narrows and creates inventory constraints
Inventory getting back to desired levels now
Best environment for inventory is when there is gap between wholesale & retail pricesWhen wholesale prices rise rapidly, gap narrows and creates inventory constraintsInventory getting back to desired levels now
Cash:
$293m in cash/securities
Net cash will fund growth for foreseeable future
Outlook:
$335-375m FY21 rev (180% inc YOY)
18-20,000 units sold FY21 (180% inc YOY)
Retail GPU to accelerate in Q3/4
Significant investments in people, tech, & marketing
$293m in cash/securitiesNet cash will fund growth for foreseeable futureOutlook:
$335-375m FY21 rev (180% inc YOY)18-20,000 units sold FY21 (180% inc YOY)Retail GPU to accelerate in Q3/4Significant investments in people, tech, & marketing
Overall:
Solid quarter even with analyst concerns about Retail GPU. Cause was old inventory carryover, which has been resolved ahead of sched. They are seeing beginning of inc in consumer consignment as brand awareness increases. Potential huge growth driver w/ brand campaign
Solid quarter even with analyst concerns about Retail GPU. Cause was old inventory carryover, which has been resolved ahead of sched. They are seeing beginning of inc in consumer consignment as brand awareness increases. Potential huge growth driver w/ brand campaign
Cont.
Rollout of new tech platform is exciting as well, they want user to be able to do as much or little of transaction online as they want.
Always been impressed with mgmt stance that they will not raise $ unless absolutely have to. Want to be self-funded via growth
Rollout of new tech platform is exciting as well, they want user to be able to do as much or little of transaction online as they want.
Always been impressed with mgmt stance that they will not raise $ unless absolutely have to. Want to be self-funded via growth
