Lazydays Holdings, Inc. Announces Preliminary Third Quarter Results

TAMPA, Florida., October 14, 2021 / PRNewswire / – Lazydays Holdings, Inc. (“Lazydays” or the “Company”) (NasdaqCM: LAZY) has released preliminary results for the past quarter September 30, 2021. It is important to note that the results are preliminary, unaudited, not subject to quarterly review, and should be read in conjunction with the company’s annual report on Form 10-K / A for the past year December 31, 2020that the company submitted June 25, 2021, and its quarterly report on Form 10-Q for the past quarter June 30, 2021that the company submitted 6th of August, 2021. Preliminary sales for the third quarter ended September 30, 2021 is $ 318.7 million, high $ 103.0 million compared to the third quarter of 2020 and the net profit is $ 30.2 million, high $ 26.5 million compared to the third quarter of 2020 (adjusted).

(PRNewsfoto / Lazydays)

“We are very excited to set a new all-time quarterly EBITDA record for Lazydays that will match the $ 41.3 million Record that we set in the second quarter of this year “, so William P. Murnane, Chairman and CEO of Lazydays. “More importantly, our growth strategy continues to deliver strong annual results that outperform the market. Our sales increased by 48% and EBITDA more than doubled compared to the then strong third quarter of 2020. We are very proud of the Lazydays team for this outstanding achievement, “commented Murnane.

Preliminary key metrics for the quarter are shown below, along with a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income.

End of quarter September 30, 2021 Preliminary results:

  • Adjusted EBITDA up 119%. gone up $ 41.7 million against $ 19.0 million in the third quarter of 2020. This is a new quarterly adjusted EBITDA record for Lazydays, beating the previous record of $ 41.3 million set in the second quarter of 2021.
  • Mobile home sales rose 35% to 3,496 units from 2,595 units in the third quarter of 2020.
  • RV sales increased 81% from 1,935 units in the third quarter of 2019.
  • Total sales increased by 48% $ 318.7 million compared to $ 215.7 million in the third quarter of 2020.
  • Total sales increased 101% compared to total sales of $ 158 million in the third quarter of 2019.
  • The company ended the quarter with cash on hand for $ 67.0 million, Down $ 14.7 million from September 30, 2020 and $ 3.5 million from December 31, 2020.
  • Dealer inventories increased slightly during the quarter but remained well below historical and target levels.
  • Customer demand remained strong during the quarter.
  • The company’s growth pipeline continues to be robust and the company added 3 dealers to its network in the third quarter of 2021 as a result of the B. Young RV acquisition Oregon and Washington and Burlington RV in Wisconsin.

ABOUT LAZYDAYS RV
As an iconic brand in the RV industry, Lazydays, The RV Authority consistently delivers the best RV sales, service and ownership experience, which is why RVs and their families become customers for life. Lazydays continues to rapidly add locations as it executes its geographic expansion strategy that includes both acquisitions and greenfields.

Since 1976, Lazydays RV has built a reputation for delivering an outstanding customer experience with exceptional service and unparalleled product expertise, and being a preferred place to relax and recharge with fellow RVers. With the largest selection of RV brands from the country’s leading manufacturers, state-of-the-art service facilities, and thousands of accessories and hard-to-find parts, Lazydays RV has everything RVs need and want.

Lazydays Holdings, Inc. is a publicly traded company on the Nasdaq Stock Exchange under the ticker “LAZY”.

Forward-Looking Statements
This press 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 that are not historical facts are forward-looking statements or can be viewed as such. Forward-looking statements describe Lazydays ‘future plans, forecasts, strategies and expectations, including statements regarding Lazydays’ expectations for future operating results, its expectations regarding the effects of the acquisition of its recently acquired dealerships in Phoenix, Arizona, Elkhart, Indiana, and Burns Harbor, Indiana, Marysville, TN, Portland, Oregon, Vancouver, Washington and Milwaukee, Wisconsin; and its greenfield start-ups nearby 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 projected forecasts due to various factors including the general economic climate, credit market conditions and interest rate changes, capital markets conditions, the global impact of the coronavirus (COVID-19) pandemic outbreak, and other factors that described from time to time in Lazydays’ SEC reports and filings available at www.sec.gov. Forward-looking statements contained in this press release speak only as of the date of this press release, and Lazydays assumes no obligation to update these forward-looking statements to reflect future events or circumstances, unless required by law.

Non-GAAP financial metric
Adjusted EBITDA. Adjusted EBITDA is not a recognized financial measure under US accounting standards (“GAAP”), but is one of the most important non-GAAP measures management uses to measure the company’s financial performance. Adjusted EBITDA is also widely used by analysts, investors, and other interested parties to evaluate companies in the recreational vehicle industry. The company uses Adjusted EBITDA to supplement GAAP performance metrics as follows:

  • as a measure of operational performance to compare the operational performance of the company on a consistent basis and remove the impact of elements that do not result directly from the company’s core businesses;
  • for planning purposes, including preparing the company’s internal annual operating budget and financial projections;
  • to evaluate the performance and effectiveness of the company’s operating strategies; and
  • evaluate the company’s ability to fund investments and grow the business.

The Company defines Adjusted EBITDA as net income excluding depreciation and amortization of property, plant and equipment, unscheduled interest charges, amortization of intangible assets, income tax expenses, stock-based compensation, transaction costs, and other ancillary adjustments that include, for the periods presented, the following: LIFO adjustments, severance charges, and others one-time charges, PPP loan waiver and loss on property, plant and equipment sales.

The company believes that Adjusted EBITDA, when viewed in conjunction with other performance metrics, is a useful metric because it reflects certain operating factors of the business, such as sales growth, operating expenses, Selling and Administrative expenses, and other operating income and expenses . The company believes that Adjusted EBITDA can provide a more complete understanding of underlying operating results and trends, as well as an improved overall understanding of financial performance and future prospects. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial metric to evaluate and forecast business performance. Adjusted EBITDA should not be understood as a measure of liquidity or cash flow from operating activities or as a quantity comparable to net (loss) income, as it does not take into account certain requirements, such as: B. One-time gains and losses that are not considered a normal part of the underlying business.

The company’s adjusted EBITDA measure is not necessarily comparable to similarly titled stocks from other companies due to different calculation methods. The company offsets these limitations by using Adjusted EBITDA as just one of several metrics to measure business performance. In addition, investments that affect depreciation, interest expenses and income tax expenses are examined separately by management.

A reconciliation of the preliminary net result to the preliminary EBITDA and the preliminary adjusted EBITDA for the periods presented follows:

News Contact:
+1 (813) 204-4099
[email protected]

Three months to September 30th

2021

2020 (revised)

EBITDA

Net result

$ 30,213

$ 3,700

Interest expense, net *

2.006

1,749

Depreciation on property, plant and equipment

2,099

1,712

Amortization of intangible assets

1.618

1,048

Income tax expense

8,082

4.184

Sub-total EBITDA

44,018

12,393

Floor plan interest

(414)

(293)

LIFO setting

(655)

(1,431)

Transaction costs

678

233

Loss on the sale of property, plant and equipment

133

Change in the fair value of the warrant liabilities

(2,162)

7,899

Share-based payment

132

219

Adjusted EBITDA

$ 41,730

$ 19,020

* Interest expense includes $ 1,201 and $ 1,189 related to finance lease payments for the three months ended September 30, 2021 and 2020, respectively. Depreciation on finance lease assets is included in depreciation expense and in net income. Payments from operating leases are recognized as rental expenses and in net income.

Three months to September 30th

2021

2020 (revised)

EBITDA margin

Net profit margin

9.5%

1.7%

Interest expense, net

0.6%

0.8%

Depreciation on property, plant and equipment

0.7%

0.8%

Amortization of intangible assets

0.5%

0.5%

Income tax expense

2.5%

1.9%

Sub-total EBITDA margin

13.8%

5.7%

Floor plan interest

-0.1%

-0.1%

LIFO setting

-0.2%

-0.7%

Transaction costs

0.2%

0.1%

Loss on the sale of property, plant and equipment

0.0%

0.0%

Change in the fair value of the warrant liabilities

-0.7%

3.7%

Share-based payment

0.0%

0.1%

Adjusted EBITDA

13.1%

8.8%

Note: Numbers in the table cannot be recalculated exactly due to rounding.

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SOURCE Lazydays Holdings, Inc.

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