Welcome to our dedicated page for Lazydays Holdings news (Ticker: LAZY), a resource for investors and traders seeking the latest updates and insights on Lazydays Holdings stock.
Lazydays, symbol LAZY, is a renowned leader in the recreational vehicle (RV) industry. Founded in 1976, Lazydays has grown to become the world’s largest RV dealership with prominent locations in Tampa, FL, and Tucson, AZ. As America’s RV destination, Lazydays provides a comprehensive range of RV services, offering an unmatched selection of RV brands such as Airstream, Fleetwood RV, Winnebago, and many others. With over 1,700 RVs available, Lazydays caters to every budget and preference.
Lazydays is committed to delivering an exceptional customer experience, as evidenced by the nearly one million RV enthusiasts who visit annually. The company prides itself on providing outstanding service and expertise, ensuring that both seasoned RVers and newcomers can maximize their RV lifestyle.
In recent financial updates, Lazydays reported a revenue decline to $280.7 million in Q3 2023, a net loss of $5.6 million, and an adjusted net loss of $2.9 million. Despite these challenges, Lazydays continues to expand, acquiring Buddy Gregg Motorhomes, Century RV, and RVzz, and opening new locations in Wilmington, Ohio, Fort Pierce, FL, and Surprise, AZ. This strategic approach to growth is expected to add significant revenue in the coming years.
With a robust selection of RV brands, state-of-the-art service facilities, and a dedication to customer satisfaction, Lazydays remains a pivotal player in the RV market. The company’s financial strategies, including a $35 million mortgage loan facility, position it well for future growth and stability. With a recent rebranding initiative, Lazydays is set to enhance its digital retail experience and solidify its standing as the go-to destination for RV enthusiasts.
Lazydays Holdings, Inc. (Nasdaq: LAZY) completed its acquisition of Burlington RV Superstore on August 24, 2021. Burlington RV, located in Sturtevant, Wisconsin, is a leading RV dealer serving the Milwaukee and Northern Chicagoland markets. This acquisition marks Lazydays' seventh dealership added in ten months and aligns with their strategy for growth, which includes opening new locations like Monticello, Minnesota, and Airstream dealerships in Tennessee. The expansion enhances Lazydays' footprint and customer service focus across multiple states.
Lazydays Holdings, Inc. (LAZY) reported a strong second quarter ending June 30, 2021, with a net income of $25.3 million, marking an increase of $20 million year-over-year. Revenue reached $322.8 million, a 51% rise from 2020, driven by $290.2 million from RV sales, reflecting a 52% increase. Gross profit, excluding LIFO adjustments, was $86.4 million (up 98%), and adjusted EBITDA was $41.3 million (up 26.4 million). Cash reserves improved to $104.3 million. The results were aided by strong consumer demand despite increased SG&A expenses due to recent acquisitions.
Lazydays Holdings, Inc. (Nasdaq: LAZY) has successfully completed its acquisition of B. Young RV, enhancing its presence in the Pacific Northwest with two new locations in Oregon and Washington. This marks Lazydays' fifth and sixth dealership acquisitions within the last ten months, indicating a robust growth strategy. The company plans further expansion with upcoming acquisitions and new dealership openings, including Burlington RV in Wisconsin and additional locations in Minnesota and Tennessee. The focus is on delivering exceptional customer service and a diverse selection of RV brands.
Lazydays Holdings, Inc. (NasdaqCM: LAZY) will release its financial results for the second quarter of 2021, ending June 30, on August 5, 2021, before the market opens. A conference call is scheduled for the same day at 10:00 AM Eastern Time, which will also be streamed live online. Investors may access the call through online registration or via a dedicated link. The company, known as a leading RV brand, is focused on expanding its operations through acquisitions and new locations, enhancing its service and product offerings to customers.
Lazydays Holdings announced a significant expansion of its credit facilities on July 14, 2021. The new $369 million agreement with M&T Bank nearly doubles its Floorplan capacity from $175 million to $327 million and increases the Revolving Credit facility from $5 million to $25 million. This funding is aimed at supporting Lazydays' geographic expansion strategy. Notably, the existing $11.3 million term loan and $5.8 million mortgage debt will continue under the same amortization schedule, with no changes to Fixed Charge Coverage and Leverage Ratio covenants.
Lazydays reported strong preliminary results for Q2 2021, with revenue reaching $322.8 million, a significant increase of $108.8 million compared to Q2 2020. Net income surged to $25.8 million, up $20.4 million year-over-year. The company achieved an all-time quarterly record for both revenue and adjusted EBITDA, which rose 177% to $41.3 million. RV unit sales increased by 43% to 4,208 units. Additionally, Lazydays plans to expand by adding three new dealerships in Q3 2021 following acquisitions.
Lazydays Holdings (Nasdaq: LAZY) has signed a letter of intent to acquire Burlington RV Superstore in Sturtevant, Wisconsin. This strategic acquisition is part of Lazydays' geographic expansion strategy into the lucrative RV markets of Eastern Wisconsin and Northern Illinois. Burlington RV, a leading RV dealership with a 50-year legacy, offers a diverse selection of RV brands. The acquisition is expected to finalize within 90 days, marking an important step in Lazydays' growth trajectory.
Lazydays Holdings, Inc. (NasdaqCM: LAZY) will join the Russell 3000® Index after the annual reconstitution on June 28, 2021. This inclusion follows the evaluation of the largest US stocks based on market capitalization as of May 7. The Russell 3000® Index serves as a benchmark for investment managers and institutional investors managing approximately $10.6 trillion in assets. Chairman and CEO William P. Murnane expressed enthusiasm about increased visibility within the investment community, marking a significant milestone for the company amid its growth trajectory.
Lazydays Holdings, Inc. (Nasdaq: LAZY) received a notice from Nasdaq on May 25, 2021, for failing to file its Quarterly Report on Form 10-Q for Q1 2021. This breach places the company out of compliance with Nasdaq Listing Rule 5250(c)(1). While this notice has no immediate trading impact, Lazydays must submit a compliance plan by July 26, 2021, to regain compliance. The company's audit committee disclosed the need to reclassify certain warrants as liabilities, affecting prior financial statements. Lazydays aims to file the necessary documents within 60 days.
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