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TAMPA, Florida, July 30, 2020 / PRNewswire / – Lazydays Holdings, Inc. (“Lazydays” or “Company”) (NasdaqCM: LAZY) announced monetary effects for the quarter ended June 30, 2020.
Second Quarter Financial Results and Highlights:
Revenue for the quarter at this time was $214.0 million; $45.5 million, or 26.9%, compared to 2019. Recreational Vehicle (VR) sales revenue was $191.5 million for the quarter, up to $42.5 million, or 28.5%, since 2019. Wholesale virtual reality game sales were 2,950 for the quarter, to 858 sets, or 41.0% since 2019. Revenue from new and used VR sales was $129.4 million and $62.1 million for the quarter, an increase of 37.3% and 13.3% respectively since 2019.
Gross profit, replaces from the last entry, first out (“LIFO”), was $43.7 million, an increase of $7.9 million, or 22.0%, as of 2019. LIFO’s gross margin replaced decreased between the two periods to 20.4% in 2020. 21.3% in 2019, replacement is attributable to the combination of activities. Gross profit for the quarter, adding LIFO replacements, was $44.0 million; $8.5 million, or 23.9%, compared to 2019. This gross profit comparison reflects a net difference of $0.6 million in LIFO replacements between the two periods.
Excluding transaction costs, stock-based payment and depreciation, sales, general and administrative expenses for the current quarter were $28.3 million, an increase of $3.1 million over last year. This accumulation is due to the additional overhead associated with The Villages dealership purchased in August 2019, the near-Houston service center that began operations in mid-February 2020, the Phoenix dealership purchased in May 2020 and the accumulation of functional wages through The Impressive Unit. partly offset through general relief measures taken in April 2020.
Adjusted EBITDA, a non-GAAP monetary measure, $14.9 million for the quarter, up to $5.0 million since 2019.This is a record quarterly adjusted EBITDA for Lazydays, surpassing the previous record of $11.5 million set in the first quarter of 2018.
Net source of revenue for the current quarter $8.1 million, or $39 consistent with the share, compared to the net source of revenue of $1.9 million, or $2 consistent with the stake, in 2019. This $6.2 million improvement is mainly due to higher profits from sales growth, relief in stock-based compensation amortization, and a minimum of $0.5 million in interest expense.
Cash as of June 30, 2020 $62.1 million, an increase of $30.6 million since December 31, 2019.
Demand in July 2020 remained strong. The Company expects adjusted EBITDA by July 2020 to be equivalent to or greater than its adjusted EBITDA for the third quarter of 2019.
Information on the convening of the convention:
The company has scheduled a call to the convention at 10:00 a.m. Eastern time on July 30, 2020, which will also be broadcast over the Internet. The call is available as follows:
By registering online at: http://www.directeventreg.com/registration/event/1049618 or register by phone: (888) 869-1189 or (706) 643-5902; Also webcast by clicking on the link.
A live audio stream of the convention call will be streamed online at https://www.lazydays.com/investor-relations.
A telephone replay of the conference call will be held until August 6, 2020 and can be accessed by calling 1-800-585-8367 or 1-416-621-4642 with a convention identity number 1049618. The web transfer will be archived in the Investor Relations segment of the Company’s website.
ABOUT LAZYDAYS RV
Lazydays, The RV Authority®, is an iconic logo in the virtual reality industry. Home to the world’s largest recreational dealership, founded on 126 acres outdoors in Tampa, Florida, Lazydays has dealerships located in The Villages, Florida; Tucson and Phoenix, Arizona; Minneapolis, Minnesota; Knoxville, Tennessee; and Loveland and Denver, Colorado. Lazydays also has a committed service center near Houston, Texas. Offering the largest variety of leading recreational vehicle logos in the country, Lazydays offers more than 3,000 new and used recreational vehicles, more than 400 service spaces and two on-site camps with over 700 recreational vehicle locations. In addition, Lazydays RV – More ™ retail accessories will offer thousands of accessories and portions that are hard to find at dealerships.
Since 1976, Lazydays has earned a reputation for offering an exceptional visitor to delight in exceptional service and experience in products, as well as being a privileged position to rest and recharge with other recreational vehicles. Lazydays constantly delights in the purchase, service and assets of recreational vehicles, so caravans and their families return to Lazydays year after year, calling them “home”.
Lazydays Holdings, Inc. is a publicly traded company on the Nasdaq inventory exchange under the symbol “LAZY”. Additional data can be discovered here.
Forward-looking statements
This press release includes 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 old facts are, or possibly considered, forward-looking statements. Forward-looking statements describe the long-term monetary position, Lazydays’s business strategy, budgets, projections (adding projected costs), expectations and control plans and objectives for long-term operations, adding statements related to Lazydays’ expectations related to the effect of the COVID-19 pandemic on the Company’s operations, operating effects (adding Adjusted EBITDA) and the company’s monetary position and movements in reaction to the company’s COVID-19 pandemic, have an effect on the acquisition of its newly acquired dealership at The Villages, Florida and its new start-ups near Houston, Texas and Nashville, Tennessee, based on assumptions and involve a number of dangers and uncertainties, many of which are beyond Lazydays’ control. Actual effects may also differ materially from those projected due to a variety of points, adding general economic situations, market credit situations and interest rate adjustments, market currency situations, the overall effects of the coronavirus pandemic (COVID-19) epidemic and other points described from time to time in Lazydays reports and documents filed in the SECArray that will be found in www.sec.gov , and the Company cannot guarantee that such forward-looking statements will prove to be accurate. The forward-looking statements contained in this press release speak only as of the date of this press release, and Lazydays assumes no legal responsibility to update such forward-looking statements to reflect long-term occasions or circumstances, unless otherwise required by law.
Second Quarter Effects Ended June 30, 2020 and 2019
LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED RESULTS STATEMENTS SUMMARY
(Dollar amounts in thousands for stocks and consistent with consistent percentage data)
(Un-audited)
For the 3 months ended
June 30, 2020
June 30, 2019
Income
New and used vehicles
$191,505
$149,046
Other
22 456
19 500
Total revenue
213 961
168 546
Cost applicable to the source of income (excluding depreciation shown below)
New and used cars (including LIFO booking changes of ($240), $359, ($49) and $606, respectively)
164 377
128 376
Other
5 631
4 692
Total applicable to income
170 008
133 068
Transaction costs
45
87
Depreciation and amortization
2 671
2 640
Share-based compensation
340
1 112
Selling expenses, general and administrative expenses.
28 269
25 151
Operating revenue
12,628
6 488
Other income/expenses
Loss in the sale of properties, plant and equipment.
(6)
–
Interest costs
(2 018)
(2 531)
Total expenses
(2 024)
(2 531)
Earnings tax expenses
10 604
3 957
The source of the income tax burden
(2 536)
(2 099)
Net lngresos
$8,068
$1,858
Dividends on Serie A convertible shares
(1,684)
(1 525)
Net source of income attributable to non-unusual shares and shares
$6,384
$333
Eps:
Basic and diluted benefits consistent with participation
$0.39
$0.02
Weighted average number of notable shares: fundamental and diluted
9 715 677
9 811 107
See notes to consolidated unaudited abstract monetary statements
Balance sheets as of June 30, 2020 and December 31, 2019
LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSATION BALANCE
(Dollar amounts in thousands for stocks and consistent with consistent percentage data)
De
De
June 30
December 31
2020
2019
(Un-audited)
Tricks
Current assets
Cash
$62,050
$31,458
Accounts receivable, provision for bad debts of $535 and $382 as of June 30, 2020 and December 31, 2019, respectively
30 815
16 025
Inventories
100 280
160 864
Earnings receivable tax
–
326
Prepayment and expenses
3 169
2 999
Total assets
196 314
Property and equipment, net
90 809
86 876
Individual assets
17 110
–
Goodwill
40,616
38 979
Intangible assets, net
69 520
68 854
Other assets
353
255
Total assets
$414,722
$406,636
See notes to consolidated unaudited abstract monetary statements
LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
(Dollar amounts in thousands for stocks and consistent with consistent percentage data)
De
De
June 30
December 31
2020
2019
(Un-audited)
COMMITMENTS AND EQUITY
Circulating liabilities
Accounts payable, fees payable and existing liabilities
$31,553
$23,855
Income taxes payable
3 444
–
Floor plan notes to be paid for, discount
92 256
143 949
Financial liabilities, sharing
1 462
936
Long-term debt, sharing
17 332
5 993
Simple rental obligation, sharing
3 164
–
Total responsibility
149 211
174 733
Long-term liabilities
Financial liabilities, non-current shareholding, debt discount
71,403
63 557
Long-term debt, non-current shareholding, debt discount
15 679
15 573
Simple debts, non-current share
13 616
–
Liability deferred tax
16 450
16 450
Total responsibilities
266 359
270 313
commitments and contingencies
A-series convertible preferred stocks; 600,000 actions, designated, issued and outstanding as of 30 June 2020 and 31 December 2019; settlement preference of $69237 and $65910 as of June 30, 2020 and December 31, 2019, respectively
64 221
60 893
Capital
Preferred shares, face $0.0001; 5,000,000 authorized shares;
–
–
Common stocks, consistent with a couple of $0.0001; 100,000,000 authorized shares; 8548524 and 85066666 shares issued and 8407225 and 8428666 marked as of June 30, 2020 and December 31, 2019, respectively
–
–
Issue premium
78 712
79 186
Own shares, at cost, 141299 and 78,000 shares as of June 30, 2020 and December 31, 2019, respectively
(499)
(314)
Undivided earnings (accumulated deficit)
5 929
(3 442)
Total book capital
84 142
75 430
Total liabilities and equity
$414,722
$406,636
See notes to consolidated unaudited abstract monetary statements
Non-GAAP financial measures
We use secure monetary measures other than PCGA, such as EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to analyze our functionality and monetary position. We use these monetary measures to manage our day-to-day operations and are useful measures of functionality, as they reflect certain business operational drivers, such as sales growth, operating costs, administrative and sales expenses, and other operating income and expenses. We believe that these additional measures are commonly used through analysts, investors and other stakeholders to compare companies in our sector. We consider that these non-GAGA measures provide a broader review of underlying effects and operational trends and a general understanding of our monetary functionality and long-term outlook. Non-GAAP monetary data should not be considered as isolated or as a replacement or superiority of monetary data ready and submitted in accordance with GAAP.
Our use of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin would possibly not be comparable to that of other corporations in the sector due to other calculation methods. We counteract these limitations by using each of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin as one of several measures to evaluate our company’s performance. In addition, capital expenditures, which are depreciation and amortization, interest expense, and source of income tax, are considered separately through administration. In the future, we may incur expenses similar to some of the ones adjusted in this presentation.
EBITDA is explained as the net source of amortization of property, plant and equipment income, interest expense, net, amortization of intangible assets and tax expenses.
Adjusted EBITDA is explained as the net source of income depreciation and amortization of property, plant and equipment, out-of-plan interest expenses, amortization of intangible assets, tax expenses, share-based compensation, transaction prices, and other additional changes for periods. LIFO changes, severance and other non-recurring expenses, and losses in the sale of tangible assets.
Adjusted EBITDA margin is explained as adjusted EBITDA as a general income.
Reconciliations between the consolidated income statements of the source of income and EBITDA, adjusted EBITDA and the adjusted EBITDA margin for the 3 months ended June 30, 2020 and 2019 are presented in the tables below.
Three months ended on June 30
2020
2019
Ebitda
Net lngresos
$8,068
$1,858
Interest expense, net
2 018
2 531
Depreciation and amortization of properties, plant and equipment.
1 624
1 687
Amortization of intangible assets
1 047
953
The source of the income tax burden
2 536
2 099
Subtotal EBITDA
15 293
9 128
Interest in the plan
(565)
(1 049)
LIFO fit
(239)
359
Transaction costs
45
87
Loss in the sale of properties, plant and equipment.
6 6
–
Departure / other costs
–
272
Share-based compensation
340
1 112
Adjusted EBITDA
$14,880
$9,909
Interest expense includes $1,177 similar to lease bills. Single rental bills are included as rental rates and are included in the result.
Three months ended on June 30
2020
2019
EBITDA Margin
Net profit margin
3,8%
1,1%
Interest expense, net
0,9%
1,5%
Depreciation and amortization of properties, plant and equipment.
0,8%
1,0%
Amortization of intangible assets
0,5%
0,6%
The source of the income tax burden
1,2%
1,2%
Subtotal EBITDA margin
7,2%
5,4%
Interest in the plan
-0,3%
-0,6%
LIFO fit
-0,1%
0,2%
Transaction costs
0,0%
0,1%
Loss in the sale of properties, plant and equipment.
0,0%
0,0%
Departure / other costs
0,0%
0,2%
Share-based compensation
0,2%
0,7%
Adjusted EBITDA
7,0%
5,9%
News Contact: ‘1 (813) [email protected]
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SOURCE Lazydays Holdings, Inc.