LAZYDAYS REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

TAMPA, Fla., July 28, 2023 /PRNewswire/ -- Lazydays (NasdaqCM: LAZY) today reported financial results for the second quarter ended June 30, 2023.

Second quarter 2023 revenue decreased to $308.4 million from $373.6 million in the second quarter of 2022.

Second quarter 2023 net income was $3.6 million compared to $27.1 million for the same period in 2022. Second quarter 2023 adjusted net income, a non-GAAP measure, was $3.9 million compared to $23.5 million for the same period in 2022. Second quarter 2023 net income per diluted share was $0.12 compared to $0.81 for the same period in 2022. Adjusted second quarter 2023 net income per diluted share was $0.14 compared to $0.87 for the same period in 2022.

Net income for the first six months of 2023 was $3.3 million compared to $60.1 million for the same period in 2022. Adjusted net income for the first six months of 2023 was $5.1 million compared to $51.7 million for the same period in 2022. For the six months ended June 30 2023, net income per diluted share was $0.00 compared to $1.98 for the same period of 2022, and adjusted net income per diluted share was $0.13 compared to $2.12 for the same period in 2022.

As shown in the attached non-GAAP reconciliation tables, the second quarter 2023 adjusted results exclude a net non-core charge of $0.02 per diluted share related to our LIFO adjustment, acquisition expenses and a storm reserve. The second quarter 2022 adjusted results exclude a net non-core charge of $0.06 related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment and acquisition expenses. The adjusted year to date results for the six months ended June 30, 2023 exclude a net non-core charge of $0.08 related to the effects of changes in the fair value of warrant liabilities, our LIFO adjustment, acquisition expenses, transition costs, an impairment charge and a storm reserve. The adjusted year to date results for the same period in 2022 exclude a net non-core charge of $0.14 related to the effects of changes in the fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and transition costs.

Corporate Development

Earlier this month we acquired Buddy Gregg Motorhomes in Knoxville, Tennessee. We estimate this store will add approximately $40 million in revenue at steady state and will more than offset the closure of our Maryville store due to the expansion of the Alcoa Highway by the Tennessee DOT.

In July, our Monticello, Minnesota store became exclusive to the Airstream brand. We renamed the store Airstream Minneapolis.

During the quarter we completed the purchase of a new 8-acre parcel in Las Vegas, Nevada and broke ground on a state-of-the-art facility to relocate our existing store in that market.

We remain on track to open our Wilmington, Ohio and Ft. Pierce, Florida greenfield locations in the third quarter and our Surprise, Arizona greenfield location in the fourth quarter of this year.

Balance Sheet Update

We ended the second quarter with total estimated liquidity of $85.3 million including cash of $24.2 million,  $4.6 million of availability on our revolving credit facility and $56.4 million in available floor plan capacity and our floor plan offset account. Additionally, we hold unfinanced real estate of $72.0 million that we estimate could provide liquidity of approximately $61 million.

In July, we completed mortgages on our Murfreesboro, Tennessee store and on our Knoxville property purchased with the Buddy Gregg acquisition. These mortgages generated net proceeds of $30.6 million.

Conference Call Information:

We have scheduled a conference call at 8:30 AM Eastern Time on Friday, July 28, 2023 that will also be broadcast live over the internet.

The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations. 

About Lazydays

Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.

With a strategic approach to rapid expansion, we are growing our network through both acquisitions and new builds. Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.

Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "LAZY".

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements regarding:

• Anticipated revenues from acquired and open point stores; and
• Anticipated availability of liquidity from our credit facility and unfinanced operating real estate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures such as adjusted net income, adjusted diluted earnings per share, adjusted cost of goods sold, adjusted income before taxes, adjusted income tax benefit, adjusted SG&A, adjusted SG&A as a percentage of revenue, adjusted SG&A as a percentage of gross profit, adjusted operating income as a percentage of revenue, adjusted operating income as a percentage of gross profit, adjusted pre-tax income as a percentage of revenue and adjusted net income as a percentage of revenue. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the following tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

 

Results of Operations
		Three months ended June 30,
(In thousands except share and per share amounts)		2023		2022		% Change
Revenue
New vehicle retail		$               182,752		$               219,186		(16.6) %
Pre-owned vehicle retail		90,991		112,430		(19.1) %
Vehicle wholesale		1,716		5,704		(69.9) %
Finance and insurance		17,742		21,382		(17.0) %
Service, body and parts and other		15,179		14,850		2.2 %
Total revenue		308,380		373,552		(17.4) %
Cost applicable to revenues
New vehicle retail		158,144		175,109		(9.7) %
Pre-owned vehicle retail		72,425		83,627		(13.4) %
Vehicle wholesale		1,685		5,834		(71.1) %
Finance and insurance		810		843		(3.9) %
Service, body and parts and other		7,517		7,656		(1.8) %
LIFO		76		1,866		(95.9) %
Total cost applicable to revenue		240,657		274,935		(12.5) %
Gross profit		67,723		98,617		(31.3) %
Depreciation and amortization		4,459		4,052		10.0 %
Selling, general, and administrative expenses		50,480		61,605		(18.1) %
Income from operations		12,784		32,960		(61.2) %
Other income (expense)
Floor plan interest expense		(5,835)		(1,466)		298.0 %
Other interest expense		(2,083)		(1,919)		8.6 %
Change in fair value of warrant liabilities		—		9,652		(100.0) %
Total other expense, net		(7,918)		6,267		(226.3) %
(Loss) income before income tax expense		4,866		39,227		(87.6) %
Income tax benefit (expense)		(1,306)		(7,383)		(82.3) %
Net (loss) income		3,560		31,844		(88.8) %
Dividends on Series A Convertible Preferred Stock		(1,196)		(1,197)		(0.1) %
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities		$                   2,364		$                 30,647		(92.3) %
EPS:
Basic		$                     0.12		$                     1.76		(93.2) %
Diluted		$                     0.12		$                     0.81		(85.2) %
Weighted average shares outstanding:
Basic		14,181,659		11,394,761		24.5 %
Diluted		14,292,064		12,871,296		11.0 %

 

		Six months ended June 30,
(In thousands except share and per share amounts)		2023		2022		% Change
Revenue
New vehicle retail		$               359,499		$               436,622		(17.7) %
Pre-owned vehicle retail		175,766		228,930		(23.2) %
Vehicle wholesale		3,424		12,228		(72.0) %
Finance and insurance		34,623		43,017		(19.5) %
Service, body and parts and other		30,724		28,916		6.3 %
Total revenue		604,036		749,713		(19.4) %
Cost applicable to revenues
New vehicle retail		311,475		347,714		(10.4) %
Pre-owned vehicle retail		139,953		171,910		(18.6) %
Vehicle wholesale		3,406		12,413		(72.6) %
Finance and insurance		1,503		1,540		(2.4) %
Service, body and parts and other		14,698		14,376		2.2 %
LIFO		1,387		4,326		(67.9) %
Total cost applicable to revenue		472,422		552,279		(14.5) %
Gross profit		131,614		197,434		(33.3) %
Depreciation and amortization		8,862		8,136		8.9 %
Selling, general, and administrative expenses		104,012		117,709		(11.6) %
Income from operations		18,740		71,589		(73.8) %
Other income (expense)
Floor plan interest expense		(11,366)		(2,442)		365.4 %
Other interest expense		(3,783)		(3,855)		(1.9) %
Change in fair value of warrant liabilities		856		11,192		(92.4) %
Total other expense, net		(14,293)		4,895		(392.0) %
(Loss) income before income tax expense		4,447		76,484		(94.2) %
Income tax benefit (expense)		(1,163)		(16,356)		(92.9) %
Net (loss) income		3,284		60,128		(94.5) %
Dividends on Series A Convertible Preferred Stock		(2,380)		(2,381)		— %
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities		$                      904		$                 57,747		(98.4) %
EPS:
Basic		$                     0.05		$                     3.14		(98.4) %
Diluted		$                         —		$                     1.98		(100.0) %
Weighted average shares outstanding:
Basic		13,066,607		12,336,431		5.9 %
Diluted		13,188,135		13,914,982		(5.2) %

 

Total Results Summary
		Three months ended June 30,
		2023		2022		Change
Gross profit margin
New vehicle retail		13.5 %		20.1 %		(660)	bps
Pre-owned vehicle retail		20.4 %		25.6 %		(520)	bps
Vehicle wholesale		1.8 %		(2.3) %		410	bps
Finance and insurance		95.4 %		96.1 %		(70)	bps
Service, body and parts and other		50.5 %		48.4 %		210	bps
Total gross margin		22.0 %		26.4 %		(440)	bps
Total gross margin, excluding LIFO		22.0 %		26.9 %		(490)	bps
Retail units sold
New vehicle retail		1,979		2,455		(19.4) %
Used vehicle retail		1,388		1,597		(13.1) %
Total retail units sold		3,367		4,052		(16.9) %
Average selling price per retail unit
New vehicle retail		$          92,346		$          89,281		3.4 %
Used vehicle retail		$          65,555		$          70,401		(6.9) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail		$          12,552		$          17,954		(30.1) %
Used vehicle retail		$          13,461		$          18,036		(25.4) %
Finance and insurance		$             5,029		$             5,069		(0.8) %
Revenue mix
New vehicle retail		59.3 %		58.7 %
Pre-owned vehicle retail		29.5 %		30.1 %
Vehicle wholesale		0.6 %		1.5 %
Finance and insurance		5.8 %		5.7 %
Service, body and parts and other		4.9 %		4.0 %
		100.0 %		100.0 %
Gross profit mix
New vehicle retail		36.3 %		44.7 %
Pre-owned vehicle retail		27.4 %		29.2 %
Vehicle wholesale		— %		(0.1) %
Finance and insurance		25.0 %		20.8 %
Service, body and parts and other		11.3 %		7.3 %
LIFO		(0.1) %		(1.9) %
		100.0 %		100.0 %

 

		Six months ended June 30,
		2023		2022		Change
Gross profit margin
New vehicle retail		13.4 %		20.4 %		(700)	bps
Pre-owned vehicle retail		20.4 %		24.9 %		(450)	bps
Vehicle wholesale		0.5 %		(1.5) %		200	bps
Finance and insurance		95.7 %		96.4 %		(70)	bps
Service, body and parts and other		52.2 %		50.3 %		190	bps
Total gross margin		21.8 %		26.3 %		(450)	bps
Total gross margin, excluding LIFO		22.0 %		26.9 %		(490)	bps
Retail units sold
New vehicle retail		3,959		4,725		(16.2) %
Used vehicle retail		2,692		3,075		(12.5) %
Total retail units sold		6,651		7,800		(14.7) %
Average selling price per retail unit
New vehicle retail		$          90,806		$          92,407		(1.7) %
Used vehicle retail		$          65,292		$          74,449		(12.3) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail		$          12,189		$          18,816		(35.2) %
Used vehicle retail		$          13,347		$          18,543		(28.0) %
Finance and insurance		$             4,980		$             5,318		(6.4) %
Revenue mix
New vehicle retail		59.5 %		58.2 %
Pre-owned vehicle retail		29.1 %		30.5 %
Vehicle wholesale		0.6 %		1.6 %
Finance and insurance		5.7 %		5.7 %
Service, body and parts and other		5.1 %		3.9 %
		100.0 %		100.0 %
Gross profit mix
New vehicle retail		36.5 %		45.0 %
Pre-owned vehicle retail		27.2 %		28.9 %
Vehicle wholesale		— %		(0.1) %
Finance and insurance		25.2 %		21.0 %
Service, body and parts and other		12.2 %		7.4 %
LIFO		(1.1) %		(2.2) %
		100.0 %		100.0 %

 

Other Metrics
		Adjusted				As Reported
		Three months ended June 30,				Three months ended June 30,
		2023		2022		2023		2022
SG&A as a % of revenue		16.2 %		16.4 %		16.4 %		16.5 %
SG&A as % of gross profit, excluding LIFO		73.7 %		63.4 %		74.5 %		63.7 %
Income from operations as a % of revenue		4.3 %		9.4 %		4.1 %		8.8 %
Income from operations as a % of gross profit, excluding LIFO		19.7 %		36.3 %		18.9 %		34.1 %
Income (loss) before income taxes as % of revenue		1.8 %		8.5 %		1.6 %		10.5 %
Net income (loss) as a % of revenue		1.3 %		6.3 %		1.2 %		8.5 %

 

		Adjusted				As Reported
		Six months ended June 30,				Six months ended June 30,
		2023		2022		2023		2022
SG&A as a % of revenue		16.9 %		15.7 %		17.2 %		15.7 %
SG&A as % of gross profit, excluding LIFO		76.7 %		60.8 %		78.2 %		61.0 %
Income from operations as a % of revenue		3.7 %		10.2 %		3.1 %		9.5 %
Income from operations as a % of gross profit, excluding LIFO		16.7 %		39.5 %		14.1 %		37.1 %
Income (loss) before income taxes as % of revenue		1.2 %		9.3 %		0.7 %		10.2 %
Net income (loss) as a % of revenue		0.8 %		6.9 %		0.5 %		8.0 %

 

Other Highlights
		As of
		June 30, 2023		December 31, 2022
Dealerships		20		18
Days Supply*
New vehicle inventory		180		250
Pre-owned vehicle inventory		83		78

*      Days supply calculated based on current inventory levels and a 90 day historical average cost of sales level.

 

Financial Covenants
				As of
		Requirement		June 30, 2023
Fixed charge coverage ratio		Not less than 1.25 to 1		1.87
Leverage ratio		Not more than 3.0 to 1		1.51
Current ratio		Not less than 1.15 to 1		1.27

 

Same-Store Results Summary
		Three months ended June 30,
($ in thousands, except per vehicle data)		2023		2022		Change
Revenues
New vehicle retail		$                     171,812		$                     219,186		(21.6) %
Pre-owned vehicle retail		86,577		112,430		(23.0) %
Vehicle wholesale		1,646		5,704		(71.1) %
Finance and insurance		16,531		21,382		(22.7) %
Service, body and parts and other		14,340		14,849		(3.4) %
Total revenues		$                     290,906		$                     373,551		(22.1) %
Gross profit
New vehicle retail		$                       23,166		$                       44,077		(47.4) %
Pre-owned vehicle retail		17,585		28,803		(38.9) %
Vehicle wholesale		36		(130)		NM
Finance and insurance		15,767		20,540		(23.2) %
Service, body and parts and other		7,219		7,193		0.4 %
LIFO		(76)		(1,866)		(95.9) %
Total gross profit		$                       63,697		$                       98,618		(35.4) %
Gross profit margins
New vehicle retail		13.5 %		20.1 %		(660)	bps
Pre-owned vehicle retail		20.3 %		25.6 %		(530)	bps
Vehicle wholesale		2.2 %		(2.3) %		450	bps
Finance and insurance		95.4 %		96.1 %		(70)	bps
Service, body and parts and other		50.3 %		48.4 %		190	bps
Total gross profit margin		21.9 %		26.4 %		(450)	bps
Total gross profit margin (excluding LIFO)		21.9 %		26.9 %		(500)	bps
Retail units sold
New vehicle retail		1,836		2,455		(25.2) %
Used vehicle retail		1,305		1,597		(18.3) %
Total retail units sold		3,141		4,052		(22.5) %
Average selling price per retail unit
New vehicle retail		$                       93,580		$                       89,281		4.8 %
Used vehicle retail		$                       66,342		$                       70,401		(5.8) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail		$                       12,744		$                       17,954		(29.0) %
Used vehicle retail		$                       13,566		$                       18,036		(24.8) %
Finance and insurance		$                         5,020		$                         5,069		(1.0) %

NM - not meaningful

 

		Six months ended June 30,
(In thousands, except vehicle and per vehicle data)		2023		2022		Change
Revenues
New vehicle retail		$                     339,778		$                     436,622		(22.2) %
Pre-owned vehicle retail		168,538		228,930		(26.4) %
Vehicle wholesale		3,354		12,228		(72.6) %
Finance and insurance		32,660		43,017		(24.1) %
Service, body and parts and other		29,289		28,915		1.3 %
Total revenues		$                     573,619		$                     749,712		(23.5) %
Gross profit
New vehicle retail		$                       45,502		$                       88,908		(48.8) %
Pre-owned vehicle retail		34,257		57,020		(39.9) %
Vehicle wholesale		23		(186)		NM
Finance and insurance		31,233		41,478		(24.7) %
Service, body and parts and other		15,251		14,540		4.9 %
LIFO		(1,387)		(4,326)		(67.9) %
Total gross profit		$                     124,879		$                     197,432		(36.7) %
Gross profit margins
New vehicle retail		13.4 %		20.4 %		(700)	bps
Pre-owned vehicle retail		20.3 %		24.9 %		(460)	bps
Vehicle wholesale		0.7 %		(1.5) %		220	bps
Finance and insurance		95.6 %		96.4 %		(80)	bps
Service, body and parts and other		52.1 %		50.3 %		180	bps
Total gross profit margin		21.8 %		26.3 %		(450)	bps
Total gross profit margin (excluding LIFO)		22.0 %		26.9 %		(490)	bps
Retail units sold
New vehicle retail		3,677		4,725		(22.2) %
Pre-owned vehicle retail		2,553		3,075		(17.0) %
Total retail units sold		6,230		7,800		(20.1) %
Average selling price per retail unit
New vehicle retail		$                       92,406		$                       92,407		— %
Pre-owned vehicle retail		$                       66,016		$                       74,449		(11.3) %
Average gross profit per retail unit (excluding LIFO)
New vehicle retail		$                       12,438		$                       18,816		(33.9) %
Pre-owned vehicle retail		$                       13,465		$                       18,543		(27.4) %
Finance and insurance		$                         5,013		$                         5,318		(5.7) %

NM - not meaningful

 

Condensed Consolidated Balance Sheets
(In thousands)		As of June 30, 2023		As of December 31, 2022
Current assets
Cash		$                             24,173		$                                  61,687
Receivables, net		28,468		25,053
Inventories		389,832		378,881
Other current assets		12,163		11,228
Total current assets		454,636		476,849
Long-term assets
Property and equipment, net		207,568		158,991
Goodwill and intangible assets, net		167,127		165,125
Other assets		27,995		29,753
Total assets		$                           857,326		$                                830,718
Current liabilities
Floor plan notes payable		$                           305,061		$                                348,735
Other current liabilities		54,220		50,890
Total current liabilities		359,281		399,625
Long-term liabilities
Financing liability, non-current portion, net		90,090		89,770
Revolving line of credit		45,000		—
Long-term debt, non-current portion, net		312		10,131
Other long-term liabilities		36,090		39,197
Total liabilities		530,773		538,723
Series A Convertible Preferred Stock		54,983		54,983
Stockholders' Equity		271,570		237,012
Total liabilities and stockholders' equity		$                           857,326		$                                830,718

 

Condensed Statements of Cash Flows
		Six months ended June 30,
(In thousands)		2023		2022
Cash Flows From Operating Activities
Net (loss) income		$                             3,284		$                          60,128
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock based compensation		1,639		1,252
Bad debt expense		9		76
Depreciation of property and equipment		5,195		4,521
Amortization of intangible assets		3,667		3,615
Amortization of debt discount		655		186
Non-cash lease expense		93		138
Loss on sale of property and equipment		—		2
Deferred income taxes		(147)		—
Change in fair value of warrant liabilities		(856)		(11,192)
Tax benefit related to stock-based awards		—		79
Impairment charges		538		—
Changes in operating assets and liabilities (net of acquisitions and dispositions):
Receivables		(3,424)		(3,665)
Inventories		(4,346)		(79,231)
Prepaid expenses and other		(2,712)		(1,144)
Income tax receivable/payable		1,239		(3,560)
Other assets		(390)		(423)
Accounts payable		3,744		(4,494)
Accrued expenses and other current liabilities		2,517		1,967
Total Adjustments		7,421		(91,873)
Net Cash Provided By (Used In) Operating Activities		$                          10,705		$                         (31,745)
		Six months ended June 30,
(In thousands)		2023		2022
Net Cash Provided By (Used In) Operating Activities
As reported		$                          10,705		$                         (31,745)
Net borrowings (repayments) on floor plan notes payable		(44,293)		89,487
Minus borrowings on floor plan notes payable associated with acquired new inventory		(4,271)		—
Plus net increase to floor plan offset account		40,000		—
Net cash (used in) provided by operating activities, as adjusted		$                             2,141		$                          57,742

 

Reconciliation of Non-GAAP Measures
		Three months ended June 30, 2023
($ in thousands, except per share amounts)		As reported	LIFO	Acquisition expense	Storm Reserve	Adjusted
Costs applicable to revenues		$     240,657	$            (76)	$                —	$                —	$     240,581
Selling, general and administrative expenses		50,480	—	(209)	(300)	49,971
Income from operations		12,784	76	209	300	13,369
Gain on change in fair value of warrant liabilities		—	—	—	—	—
(Loss) income before income taxes		$         4,866	$              76	$              209	$              300	$         5,451
Income tax benefit (expense)		(1,306)	(48)	(51)	(106)	(1,511)
Net (loss) income		$         3,560	$              28	$              158	$              194	$         3,940
Diluted income per share		$           0.12				$           0.14
Shares used for diluted calculation		14,292,064

 

		Three months ended June 30, 2022
($ in thousands, except per share amounts)		As reported		Gain on change in fair value of warrant liabilities		LIFO		Acquisition expense		Severance and transition costs		Adjusted
Costs applicable to revenues		$    274,935		$                   —		$ (1,866)		$               —		$                   —		$      273,069
Selling, general and administrative expenses		61,605		—		—		(87)		(223)		61,295
Income from operations		32,960		—		1,866		87		223		35,136
Gain on change in fair value of warrant liabilities		9,652		(9,652)		—		—		—		—
Income (loss) before income taxes		$      39,227		$           (9,652)		$  1,866		$               87		$                223		$        31,751
Income tax expense		(7,383)		—		(774)		(36)		(92)		(8,285)
Net income (loss)		$      31,844		$           (9,652)		$  1,092		$               51		$                131		$        23,466
Diluted earnings per share		$          0.81										$            0.87
Shares used for diluted calculation		12,871,296

 

	Six months ended June 30, 2023
($ in thousands, except per share amounts)	As reported	Gain on change in fair value of warrant liabilities	LIFO	Acquisition expense	Severance and transition costs	Impairment charge	Storm Reserve	Adjusted
Costs applicable to revenues	$    472,422	$              —	$ (1,387)	$               —	$              —	$                —	$              —	$ 471,035
Selling, general and administrative expenses	104,012	—	—	(471)	(653)	(629)	(300)	101,959
Income from operations	18,740	—	1,387	471	653	629	300	22,180
Gain on change in fair value of warrant liabilities	856	(856)	—	—	—	—		—
(Loss) income before income taxes	$        4,447	$          (856)	$   1,387	$             471	$            653	$             629	$            300	$     7,031
Income tax benefit (expense)	(1,163)	—	(296)	(101)	(124)	(119)	(106)	(1,909)
Net (loss) income	$        3,284	$          (856)	$   1,091	$             370	$            529	$             510	$            194	$     5,122
Diluted (loss) income per share	$              —							$       0.13
Shares used for diluted calculation	13,188,135

 

		Six months ended June 30, 2022
($ in thousands, except per share amounts)		As reported		Gain on change in fair value of warrant liabilities		LIFO		Acquisition expense		Severance and transition costs		Adjusted
Costs applicable to revenues		$    552,279		$                   —		$ (4,326)		$               —		$                   —		$   547,953
Selling, general and administrative expenses		117,709		—		—		(121)		(223)		117,365
Income from operations		71,589		—		4,326		121		223		76,259
Gain on change in fair value of warrant liabilities		11,192		(11,192)		—		—		—		—
Income (loss) before income taxes		$      76,484		$         (11,192)		$  4,326		$            121		$                223		$     69,962
Income tax expense		(16,356)		—		(1,760)		(49)		(92)		(18,257)
Net income (loss)		$      60,128		$         (11,192)		$  2,566		$               72		$                131		$     51,705
Diluted earnings per share		$          1.98										$         2.12
Shares used for diluted calculation		13,914,982

*      In periods where the change in fair value of warrants is a gain, the diluted EPS calculation is not affected by this line item.

 

Contact:
investors@lazydays.com 

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SOURCE Lazydays Holdings, Inc.