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In the news release, Lazydays Holdings, Inc. Provides Preliminary Second Quarter Results, issued July 20, 2022 by Lazydays Holdings, Inc. over PR Newswire, we were advised by the company that the first bullet should read “Adjusted EBITDA for the quarter was $38.4 million versus $41.3 million in the second quarter of 2021” rather than “Adjusted EBITDA for the quarter was $38.4 million versus $44.3 million in the second quarter of 2021” as originally issued, due to an inadvertent error. In addition, the amounts for the three months ended June 30, 2021 in the reconciliation of preliminary net income to preliminary EBITDA and preliminary Adjusted EBITDA tables have been corrected.
Tampa, FL – Lazydays Holdings, Inc. (“Lazydays” or the “Company”) (NasdaqCM: LAZY) provided preliminary results for the quarter ending June 30, 2022. It is important to note that results are preliminary and unaudited, and should be read in conjunction with the Company’s annual report on Form 10-K for the year ending December 31, 2021, which the Company filed on March 11, 2022, and its quarterly report on Form 10-Q for the quarter ended March 31, 2022, which the Company filed on June 3, 2022. Preliminary Revenue for the second quarter ending June 30, 2022 is $373.6 million, up $50.8 million versus second quarter 2021. Preliminary net income for the quarter is $31.8 million, up $6.5 million versus second quarter 2021 net income of $25.3 million.
Preliminary key metrics for the quarter are provided below, along with a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income.
Quarter ending June 30, 2022 Preliminary Results:
ABOUT LAZYDAYS RV
As an iconic brand in the RV industry, Lazydays, The RV Authority, consistently provides the best RV sales, service, and ownership experience, which is why RVers and their families become Customers for Life. Lazydays continues to add locations at a rapid pace as it executes its geographic expansion strategy that includes both acquisitions and greenfields.
Since 1976, Lazydays RV has built a reputation for providing an outstanding customer experience with exceptional service excellence and unparalleled product expertise, along with being a preferred place to rest and recharge with other RVers. By offering the largest selection of RV brands from the nation’s leading manufacturers, state-of-the-art service facilities, and thousands of accessories and hard-to-find parts, Lazydays RV provides everything RVers need and want.
Lazydays Holdings, Inc. is a publicly listed company on the Nasdaq stock exchange under the ticker "LAZY."
This news 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 other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, including statements regarding Lazydays’ expectations for future operating results, its expectations regarding the impact of its recently acquired dealerships in Maryville, Tennessee, Portland, Oregon, Vancouver, Washington, Milwaukee, Wisconsin, and Tulsa, Oklahoma; and its greenfield start-ups in Monticello, Minnesota, Fort Pierce, Florida, near Omaha, Nebraska, Wilmington, Ohio, Surprise, Arizona and three dedicated Airstream locations in Ramsey, Minnesota and Knoxville 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 those projected due to various factors, including the impact of the conflict between Russia and Ukraine, including from current and future sanctions imposed by governments or other authorities, including economic conditions generally (including increasing fuel costs), conditions in the credit markets and changes in interest rates, conditions in the capital markets, the continuing impact of the coronavirus pandemic (COVID-19) and other factors described from time to time in Lazydays’ SEC reports and filings, which are available at www.sec.gov and other factors that Lazydays may not have currently identified or quantified. Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.
Information in this news release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The preliminary results in this press release should not be read as an indication of the Company’s future financial position or results of operations. The extent and duration of the COVID-19 pandemic, and its short- and long-term effects on the Company’s business, financial position and results of operations is impossible to predict.
Non-GAAP Financial Measure
Adjusted EBITDA. Adjusted EBITDA is a not a U.S. Generally Accepted Accounting Principle (“GAAP”) financial measure, but it is one of the primary non-GAAP measures management uses to evaluate the financial performance of the business. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in the recreational vehicle industry. The Company uses Adjusted EBITDA and Adjusted EBITDA Margin to supplement GAAP measures of performance as follows:
The Company believes Adjusted EBITDA can provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of financial performance and prospects for the future. The Company defines Adjusted EBITDA as net income excluding depreciation and amortization of property and equipment, non-floor plan interest expense, amortization of intangible assets, income tax expense, stock-based compensation, transaction costs and other supplemental adjustments which for the periods presented includes LIFO adjustments, severance costs and other one-time charges, and gain on sale of property and equipment. The Company believes Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense and other operating income and expense.
Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations, or a measure comparable to net (loss) income as it does not take into account certain requirements such as non-recurring gains and losses which are not deemed to be a normal part of the underlying business activities. The Company’s measure of Adjusted EBITDA is not necessarily comparable to similarly titled captions of other companies due to different methods of Calculation. The Company compensates for these limitations by using Adjusted EBITDA as only one of several measures for evaluating business performance. In addition, capital expenditures, which impact depreciation and amortization, interest expense, and income tax expense, are reviewed separately by management.
A reconciliation of preliminary net income to preliminary EBITDA and preliminary Adjusted EBITDA for the periods presented follows: