TAMPA, Fla., July 13, 2021 /PRNewswire/ -- Lazydays Holdings,
Inc. ("Lazydays" or the "Company") (NasdaqCM: LAZY) provided
preliminary results for the quarter ended June 30, 2021. It is important to note that
results are preliminary, unaudited, have not been subject to a
quarterly review and should be read in conjunction with the
Company's annual report on Form 10-K/A for the year ended
December 31, 2020, which the Company
filed on June 25, 2021, and its
quarterly report on Form 10-Q for the quarter ended March 31, 2021, which the Company filed on
June 28, 2021. Preliminary
Revenue for the second quarter ended June
30, 2021 is $322.8 million, up
$108.8 million versus the second
quarter 2020 (restated), and net income is $25.8 million, up $20.4
million versus the second quarter 2020
(restated).
"We are very pleased to set an all-time quarterly revenue and
EBITDA record for Lazydays in the second quarter," stated
William P. Murnane, Chairman and CEO
of Lazydays. "Our growth strategy continues to drive strong results
and outpace the market. In the first half of 2021 we generated
adjusted EBITDA of over $69 million,
exceeding our $59 million full year
2020 adjusted EBITDA by $10
million. Not only did we experience strong growth in
the quarter, we also had robust growth in June. Our June unit
sales of 1,369 increased 25% vs June
2020 unit sales of 1,091, and increased 118% vs.
June 2019 unit sales of 628. We
are very proud of the Lazydays team for these outstanding
accomplishments," commented Murnane.
Preliminary key metrics for the quarter are provided below,
along with a reconciliation of Adjusted EBITDA, a non-GAAP
financial measure, to net income.
Quarter ending June 30, 2021
Preliminary Results:
- Adjusted EBITDA increased 177% to $41.3
million versus $14.9 million
in the second quarter of 2020. This is an all-time quarterly
adjusted EBITDA record for Lazydays, surpassing the previous record
of $27.8 million set in the first
quarter of 2021.
- RV unit sales increased 43% to 4,208 units versus 2,950 units
in the second quarter of 2020.
- RV unit sales increased 101% vs. 2,092 units in the second
quarter of 2019.
- Total Revenue increased 50.9% to $322.8
million compared to $214.0
million in the second quarter of 2020. This is also an
all-time quarterly record for the Company.
- Total Revenue increased 91.6% compared to total revenue of
$168.5 million in the second quarter
of 2019.
- The Company ended the quarter with a cash balance of
$104.3 million, up $42.2 million from June
30, 2020 and $40.8 million
from December 31, 2020.
- Dealership inventory levels remain flat as customer demand
continues to match or exceed incoming OEM shipments.
- The Company's growth pipeline continues to be robust and the
Company expects to add 3 dealerships to its network in the third
quarter of 2021 as a result of its planned acquisition of B. Young
RV in Oregon and Washington and Burlington RV in Wisconsin.
ABOUT LAZYDAYS RV
As an iconic brand in the RV
industry, Lazydays, The RV Authority, consistently provides the
best RV sales, service, and ownership experience, which is why
RVers and their families become Customers for Life. Lazydays
continues to add locations at a rapid pace as it executes its
geographic expansion strategy that includes both acquisitions and
greenfields.
Since 1976, Lazydays RV has built a reputation for providing an
outstanding customer experience with exceptional service excellence
and unparalleled product expertise, along with being a preferred
place to rest and recharge with other RVers. By offering the
largest selection of RV brands from the nation's leading
manufacturers, state-of-the-art service facilities, and thousands
of accessories and hard-to-find parts, Lazydays RV provides
everything RVers need and want.
Lazydays Holdings, Inc. is a publicly listed company on the
Nasdaq stock exchange under the ticker "LAZY."
Forward–Looking Statements
This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements
describe Lazydays future plans, projections, strategies and
expectations, including statements regarding Lazydays' expectations
for future operating results, its expectations regarding the impact
of its acquisition of its recently acquired dealerships in
Phoenix, Arizona, Elkhart, Indiana, and Burns Harbor, Indiana, Marysville, TN, and its greenfield start-ups
near Houston, Texas and
Nashville, Tennessee, and are
based on assumptions and involve a number of risks and
uncertainties, many of which are beyond the control of Lazydays.
Actual results could differ materially from those projected due to
various factors, including economic conditions generally,
conditions in the credit markets and changes in interest rates,
conditions in the capital markets, the global impact of the
pandemic outbreak of coronavirus (COVID-19) and other factors
described from time to time in Lazydays' SEC reports and filings,
which are available at www.sec.gov. Forward-looking statements
contained in this news release speak only as of the date of this
news release, and Lazydays undertakes no obligation to update these
forward-looking statements to reflect subsequent events or
circumstances, unless otherwise required by law.
Non-GAAP Financial Measure
Adjusted
EBITDA. Adjusted EBITDA is a not a U.S. Generally Accepted
Accounting Principle ("GAAP") financial measure, but it is one of
the primary non-GAAP measures management uses to evaluate the
financial performance of the business. Adjusted EBITDA is also
frequently used by analysts, investors, and other interested
parties to evaluate companies in the recreational vehicle industry.
The Company uses Adjusted EBITDA to supplement GAAP measures of
performance as follows:
- as a measurement of operating performance to assist in
comparing the operating performance of the Company's business on a
consistent basis, and remove the impact of items not directly
resulting from the Company's core operations;
- for planning purposes, including the preparation of the
Company's internal annual operating budget and financial
projections;
- to evaluate the performance and effectiveness of the Company's
operational strategies; and
- to evaluate the Company's capacity to fund capital expenditures
and expand the business.
The Company defines Adjusted EBITDA as net income excluding
depreciation and amortization of property and equipment, non-floor
plan interest expense, amortization of intangible assets, income
tax expense, stock-based compensation, transaction costs and other
supplemental adjustments which for the periods presented includes
LIFO adjustments, severance costs and other one-time charges, PPP
loan forgiveness, and loss on sale of property and equipment.
The Company believes Adjusted EBITDA, when considered along with
other performance measures, is a useful measure as it reflects
certain operating drivers of the business, such as sales growth,
operating costs, selling and administrative expense and other
operating income and expense. The Company believes Adjusted EBITDA
can provide a more complete understanding of the underlying
operating results and trends and an enhanced overall understanding
of financial performance and prospects for the future. While
Adjusted EBITDA is not a recognized measure under GAAP, management
uses this financial measure to evaluate and forecast business
performance. Adjusted EBITDA is not intended to be a measure of
liquidity or cash flows from operations, or a measure comparable to
net (loss) income as it does not take into account certain
requirements such as non-recurring gains and losses which are not
deemed to be a normal part of the underlying business
activities.
The Company's measure of Adjusted EBITDA is not necessarily
comparable to similarly titled captions of other companies due to
different methods of calculation. The Company compensates for these
limitations by using Adjusted EBITDA as only one of several
measures for evaluating business performance. In addition, capital
expenditures, which impact depreciation and amortization, interest
expense, and income tax expense, are reviewed separately by
management.
A reconciliation of preliminary net income to preliminary EBITDA
and preliminary Adjusted EBITDA for the periods presented
follows:
|
|
|
Three Months Ended
June 30,
|
|
|
|
2021
|
|
2020
(Restated)
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
Net
income
|
|
|
$
25,754
|
|
$
5,310
|
Interest expense,
net*
|
|
|
1,861
|
|
2,018
|
Depreciation and
amortization of property and equipment
|
|
|
2,025
|
|
1,624
|
Amortization of
intangible assets
|
|
|
1,309
|
|
1,047
|
Income tax
expense
|
|
|
9,087
|
|
2,536
|
Subtotal
EBITDA
|
|
|
40,036
|
|
12,535
|
Floor plan
interest
|
|
|
(326)
|
|
(565)
|
LIFO
adjustment
|
|
|
177
|
|
(239)
|
Transaction
costs
|
|
|
475
|
|
45
|
PPP loan
forgivenesss
|
|
|
(6,148)
|
|
-
|
Loss on sale of
property and equipment
|
|
|
-
|
|
6
|
Change in fair value
of warrant liabilties
|
|
|
6,748
|
|
2,758
|
Inducement loss on
warrant conversion
|
|
|
-
|
|
-
|
Stock-based
compensation
|
|
|
311
|
|
340
|
Adjusted
EBITDA
|
|
|
$
41,273
|
|
$
14,880
|
|
|
|
|
|
|
* Interest expense
includes $1,206 and $1,178 relating to finance lease payments for
the three months ended March 31, 2021 and 2020, respectively.
Depreciation on leased assets under finance leases is included in
depreciation expense and included in net income. Operating
lease payments are included as rent expense and included in net
income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2021
|
|
2020
(Restated)
|
|
|
|
|
|
|
EBITDA
margin
|
|
|
|
|
|
Net income
margin
|
|
|
8.0%
|
|
2.5%
|
Interest expense,
net
|
|
|
0.6%
|
|
0.9%
|
Depreciation and
amortization of property and equipment
|
|
|
0.6%
|
|
0.8%
|
Amortization of
intangible assets
|
|
|
0.4%
|
|
0.5%
|
Income tax
expense
|
|
|
2.8%
|
|
1.2%
|
Subtotal EBITDA
margin
|
|
|
12.4%
|
|
5.9%
|
Floor plan
interest
|
|
|
-0.1%
|
|
-0.3%
|
LIFO
adjustment
|
|
|
0.1%
|
|
-0.1%
|
Transaction
costs
|
|
|
0.1%
|
|
0.0%
|
PPP loan
forgivenesss
|
|
|
-1.9%
|
|
0.0%
|
Loss on sale of
property and equipment
|
|
|
0.0%
|
|
0.0%
|
Change in fair value
of warrant liabilties
|
|
|
2.1%
|
|
1.3%
|
Inducement loss on
warrant conversion
|
|
|
0.0%
|
|
0.0%
|
Stock-based
compensation
|
|
|
0.1%
|
|
0.2%
|
Adjusted
EBITDA
|
|
|
12.8%
|
|
7.0%
|
|
|
|
|
|
|
Note: Figures
in the table may not recalculate exactly due to
rounding.
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2021
|
|
2020
(Restated)
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
Net
income
|
|
|
$
34,601
|
|
$
8,709
|
Interest expense,
net*
|
|
|
3,727
|
|
4,513
|
Depreciation and
amortization of property and equipment
|
|
|
3,969
|
|
3,213
|
Amortization of
intangible assets
|
|
|
2,590
|
|
2,095
|
Income tax
expense
|
|
|
14,564
|
|
3,836
|
Subtotal
EBITDA
|
|
|
59,451
|
|
22,366
|
Floor plan
interest
|
|
|
(783)
|
|
(1,595)
|
LIFO
adjustment
|
|
|
2,064
|
|
435
|
Transaction
costs
|
|
|
850
|
|
301
|
PPP loan
forgivenesss
|
|
|
(6,626)
|
|
-
|
(Gain) loss on sale
of property and equipment
|
|
|
(3)
|
|
8
|
Change in fair value
of warrant liabilties
|
|
|
13,216
|
|
2,346
|
Inducement loss on
warrant conversion
|
|
|
246
|
|
-
|
Stock-based
compensation
|
|
|
683
|
|
1,020
|
Adjusted
EBITDA
|
|
|
$
69,098
|
|
$
24,881
|
|
|
|
|
|
|
* Interest expense
includes $2,418 and $2,360 relating to finance lease payments for
the three months ended March 31, 2021 and 2020, respectively.
Depreciation on leased assets under finance leases is included in
depreciation expense and included in net income. Operating
lease payments are included as rent expense and included in net
income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2021
|
|
2020
(Restated)
|
|
|
|
|
|
|
EBITDA
margin
|
|
|
|
|
|
Net income
margin
|
|
|
5.8%
|
|
2.2%
|
Interest expense,
net
|
|
|
0.6%
|
|
1.1%
|
Depreciation and
amortization of property and equipment
|
|
|
0.7%
|
|
0.8%
|
Amortization of
intangible assets
|
|
|
0.4%
|
|
0.5%
|
Income tax
expense
|
|
|
2.5%
|
|
0.9%
|
Subtotal EBITDA
margin
|
|
|
10.0%
|
|
5.5%
|
Floor plan
interest
|
|
|
-0.1%
|
|
-0.4%
|
LIFO
adjustment
|
|
|
0.3%
|
|
0.1%
|
Transaction
costs
|
|
|
0.1%
|
|
0.1%
|
PPP loan
forgivenesss
|
|
|
-1.1%
|
|
0.0%
|
Loss on sale of
property and equipment
|
|
|
0.0%
|
|
0.0%
|
Change in fair value
of warrant liabilties
|
|
|
2.2%
|
|
0.6%
|
Inducement loss on
warrant conversion
|
|
|
0.0%
|
|
0.0%
|
Stock-based
compensation
|
|
|
0.1%
|
|
0.3%
|
Adjusted
EBITDA
|
|
|
11.6%
|
|
6.1%
|
|
|
|
|
|
|
Note: Figures
in the table may not recalculate exactly due to
rounding.
|
|
|
|
News Contact:
+1 (813) 204-4099
investors@lazydays.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lazydays-holdings-inc-provides-preliminary-second-quarter-results-301332057.html
SOURCE Lazydays Holdings, Inc.