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LAZYDAYS REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

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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.

Lazydays Holdings, Inc.

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