CarLotz, Inc.

Informe acción NasdaqGM:LOTZ

Capitalización de mercado: US$17.7m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

CarLotz Resultados de beneficios anteriores

Pasado controles de criterios 0/6

Información clave

-58.16%

Tasa de crecimiento de los beneficios

24.44%

Tasa de crecimiento del BPA

Crecimiento de la industria Specialty Retail 26.64%
Tasa de crecimiento de los ingresos35.68%
Rentabilidad financiera-73.42%
Margen neto-35.92%
Última actualización de beneficios30 Sep 2022

Actualizaciones de resultados anteriores recientes

Recent updates

Seeking Alpha • Aug 23

CarLotz: High-Return Merger Arb Play

Used vehicle e-commerce company Shift Technologies is acquiring peer CarLotz in an all-stock deal. At current prices, the spread stands at 17% in a hedged trade. The merger is highly rational for the buyer as it will provide Shift with CarLotz’s net cash while also allowing the company to launch its platform in East Coast markets. Spiking borrowing fees are the main risk in this merger arbitrage setup. A merger in the used vehicle ecommerce space. Shift Technologies (SFT) is buying a peer CarLotz (LOTZ) in an all-stock transaction. The exchange ratio is ~0.69 and at current prices implies a 41% spread. The main reason for the widespread seems to be SFT borrowing fees which now stand at 45%. Borrowing fees have lowered since the transaction announcement on August 9, however, there is still a risk that they spike to much higher levels which would erode the current spread in a hedged trade. Another risk is that of a forced buy-in if borrow would disappear. Current fee level would reduce the spread to 17% assuming the merger closes in Q4’22 as expected by the companies. The exchange ratio will be adjusted at closing but any changes should not be material. SFT Borrowing Fees (Interactive Brokers) Overall, the transaction seems highly rational for the buyer. First of all, the merger is basically an equity raise for SFT as the company will issue new shares worth $74m to receive $112m in LOTZ’s net cash. SFT currently has $100m in gross cash (-$156m in net cash) while the business has recently been burning ~$40-$50m in operating losses per quarter. Notably, the buyer’s cash burn should be somewhat lower going forward as the company has recently shifted its strategy to cut corporate overheads and perform most sales through online checkout sales. Nevertheless, the transaction will supply SFT with much needed liquidity. SFT’s management projects that after the merger no further financing will be needed to fund the operations through 2024 when the company is expected to reach profitability. Operationally, the merger appears to be equally synergistic. The companies have virtually no geographic overlap as LOTZ runs its business in mid-Atlantic markets whereas SFT primarily operates in West Coast states, suggesting that SFT’s platform launch in East Coast areas post-merger is likely. Moreover, given somewhat similar businesses, cost synergies coming from lower overheads and enhanced processes are expected to be significant (see below for more details on strategic rationale). Shift Technologies Investor Presentation, August 2022 Merger is subject to buyer and target shareholder approvals as well as a minimum net cash position of both companies upon closing. These conditions, however, are likely to be satisfied: LOTZ shareholder approval. 25% of the outstanding shares are held by PE firm TRP Capital Partners (19%) and sponsor Acamar Partners (6%). The Board, where directors from both TRP and Acamar have seats, has unanimously approved the merger. Other institutional shareholders, such as Tremblant (7%) and Vanguard (3%), are likely to approve the deal given premium to current share price and an all-stock deal which will allow to capture post-merger synergies. Adding other institutional equity holders, the count should easily exceed 50%. SFT shareholder approval. The management, which has already approved the merger, owns 9%. Another 16% are owned by Lithia Motors which is likely to vote for the merger given that it has been a strategic partner of SFT since 2018. Lithia helped the company obtain floor plan financing and has allowed SFT to use its facilities for car reconditioning/storage. Approval from institutional shareholders (the largest one is Nantahala Capital Management with an 8% stake) seems very likely considering the strategic rationale and LOTZ’s net cash position. Minimum cash amounts. The merger requires the companies to have at least -$10.5m (for Shift) and $58m (for CarLotz) in net cash if the merger closes in 2022 (the condition does not deduct long-term debt). Currently, SFT has $6m in gross cash less flooring line of credit, implying that the company can burn ~$16m by year-end to satisfy the requirement. This is admittedly a low figure given recent cash burn of $40-$50m per quarter. Despite the fact that management expects the new business strategy to yield $80m in standalone annual SG&A cost savings, an equity raise will likely be needed. The company has not provided any information on a potential equity raise so far. Meanwhile, for LOTZ the threshold implies that the company can have a cash burn of $25m per quarter and still make the cut. The company has recently had operating losses of $27m-$30m per quarter (excluding $11m in Q2’22 restructuring expense). However, in June LOTZ closed 50% of its stores - the move is expected to lower cash burn by ~$5m per quarter conservatively assuming the stores cannot be sub-leased. It is worth noting that if merger closing is delayed beyond year-end, the minimum cash threshold will be lowered by $5m for each additional month in 2023 for both companies. Spiking borrowing fees remain a risk in the setup. However, I believe this merger arbitrage might be worth playing without a short leg as LOTZ’s net cash position provides a margin of safety unless merger closing extends into mid-2023. Notably, there are still risks given SFT’s lackluster financial/liquidity position, the fact that SFT traded at breakeven price only recently and potential equity raises that the buyer might have to perform. Moreover, SFT would likely drop sharply in case of a deal break.
Seeking Alpha • Mar 16

CarLotz - Time To Abandon Ship

CEO summarily dismissed is a negative sign. Near-term trends look poor, and the Company is running out of time. Don't believe strategic value exists to lure a white knight at a large premium to cash.
Seeking Alpha • Jan 04

Why CarLotz Stock Looks Attractive Right Now

In Q3 2021, net revenue of the company increased by 128% to $68 million. Net losses increased to $3.5 million in the Q3 from $0.5 million in the year ago quarter. The company has opened 14 new hubs in 2021 to reach a cumulative number of 22 hubs. The new hubs are not generating results as expected and the pandemic has adversely affected the business. The company offers a digital and hassle-free process for its retail buyers, including a whole range of services like financing, insurance, and extended warranties.
Seeking Alpha • Nov 19

My DCF Model And Marketing Expenditures Make CarLotz A Buy

CarLotz offers a consignment-to-retail used vehicle marketplace. In the last annual report, the company noted that marketing expenditures would increase from around $4 million to more than $15 million. As a result, I expect revenue growth. I expect the company’s technology and data analytics tools to successfully offer real-time information about prices, sellers, and buyers. As a result, the company will decrease the days-to-sale figure. If the company continues to build hubs, revenue growth would also continue. Notice that management needs the hubs to support the reconditioning fees charged to LOTZ’s corporate vehicle sourcing partners. Notice that I am using a WACC of 15%, which was above the discount used by other investment advisors. Investors lost a fortune on the stock, and the volatility in the past was significant. I want to be very cautious with LOTZ.
Seeking Alpha • Aug 14

CarLotz Is A Buy At 1.15x Forward Sales

CarLotz, Inc. runs a vehicle consignment and remarketing business. Over the last six months, LOTZ opened a significant number of new hub locations. The number of employees also increased, and major marketing initiatives took place. If we assume a share price of $4, close to 66% of the company’s share price is represented by cash or assets that the company can sell. If we assume a market capitalization of $450 million, the enterprise value is equal to $230 million. With sales of $200 million, the company’s EV/Sales is 1.15x, which is cheap. Many individuals in social media are claiming that the company is highly undervalued.

Desglose de ingresos y gastos

Cómo gana y gasta dinero CarLotz. Basado en los últimos beneficios reportados, en base a los últimos doce meses (LTM).

Historial de beneficios e ingresos

NasdaqGM:LOTZ Ingresos, gastos y beneficios (USD Millions)
FechaIngresosBeneficiosGastos G+AGastos de I+D
30 Sep 22273-981100
30 Jun 22291-771180
31 Mar 22265-501130
31 Dec 21259-401440
30 Sep 21212-301190
30 Jun 21174-27950
31 Mar 21150-20750
31 Dec 20119-7180
30 Sep 20108-7160
30 Jun 20105-10170
31 Mar 20103-13180
31 Dec 19102-13190
31 Dec 1858-8120
31 Dec 1744-370

Ingresos de calidad: LOTZ actualmente no es rentable.

Margen de beneficios creciente: LOTZ actualmente no es rentable.

Análisis del flujo de caja libre vs. Beneficios

Análisis del crecimiento de los beneficios en el pasado

Tendencia de beneficios: LOTZ no es rentable, y las pérdidas han aumentado en los últimos 5 años a un ritmo de 58.2% al año.

Acelerando crecimiento: No se puede comparar el crecimiento de los beneficios de LOTZ en el último año con su promedio de 5 años, ya que actualmente no es rentable.

Beneficios vs. Industria: LOTZ no es rentable, por lo que resulta difícil comparar el crecimiento de sus beneficios en el último año con el de la industria Specialty Retail (-2.3%).

Rentabilidad financiera

Alta ROE: LOTZ tiene una rentabilidad financiera negativa (-73.42%), ya que actualmente no es rentable.

Rentabilidad económica

Rendimiento del capital invertido

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Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2022/12/11 15:43
Precio de las acciones al final del día2022/12/08 00:00
Beneficios2022/09/30
Ingresos anuales2021/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

CarLotz, Inc. está cubierta por 3 analistas. 1 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Gary PrestopinoBarrington Research Associates, Inc.
Emmanuel RosnerDeutsche Bank
Sharon ZackfiaWilliam Blair & Company L.L.C.