Lazydays Reports $333.8M in Revenue in Q3 Performance

TAMPA, Fla. – Highlighted by revenue having increased to $333.8 million from $318.7 million in the third quarter of 2021, Lazydays (NasdaqCM: LAZY) today (Nov. 3) reported financial results for the third quarter ended Sept. 30, 2022.

Third quarter 2022 net income per diluted share was $0.35 compared to $1.16 in the third quarter of 2021. Adjusted third quarter 2022 net income per diluted share was $0.54 compared to $1.16 for the same period in 2021. Third quarter net income for the quarter was $7.7 million, compared to $31.0 million in the third quarter of 2021. Third quarter 2022 adjusted net income was $11.1 million, compared to $28.8 million for the same period in 2021.

As shown in the attached non-GAAP reconciliation tables, the 2022 third quarter adjusted results exclude a net non-core charge of $0.19 related to the effects of our LIFO adjustment, changes in fair value of warrant liabilities, and certain compliance, legal and executive transition costs. Net non-core charges had no impact on 2021 per share third quarter adjusted results.

Corporate Development

In July 2022 Lazydays acquired Dave’s Claremore RV in Tulsa, Oklahoma. In October 2022 the company added sales operations to our existing service store in Houston, Texas. We estimate these locations will add anticipated annual revenues of over $60 million. With these additions, Lazydays operates 18 stores across the United States.

Balance Sheet Update and Share Repurchases

Lazydays ended the third quarter with $100.8 million in cash and $61.7 million in availability under our credit facility. Additionally, approximately $20 million of our real estate is currently unfinanced, which officials estimate could provide $15 million in capital, for total potential liquidity of $177.5 million.

Year to date through November 3, 2022, the company has deployed $44.3 million to repurchase approximately 2.7 million shares of common stock at a weighted average price of $16.54 per share. This represents 18.6% of shares outstanding. Under its existing repurchase authorization, approximately $13.7 million remains available.

John North

Leadership Updates

As previously announced, John North was named chief executive officer on Sept. 6, 2022. Nick Tomashot announced his intention to resign as chief financial officer effective Nov. 15, 2022. He will remain as an advisor through Oct. 31, 2023.

Kelly Porter joined Lazydays on Oct. 31, 2022. She will assume the role of chief financial officer upon the resignation of Tomashot. In connection with the commencement her service, Lazydays granted Porter a restricted stock unit award covering 55,762 shares of common stock. This award was granted as an inducement material to Ms. Porter becoming a new employee in accordance with The Nasdaq Stock Market Listing Rule 5635(c)(4).  This restricted stock unit award will vest over three years, with one-third of the award vesting annually on Oct. 31, 2023, 2024 and 2025.

Conference Call Information:

The company has scheduled a conference call at 10:00 AM Eastern Time on Thursday, November 3, 2022 that will also be broadcast live over the internet.

The conference call may be accessed by telephone at (888) 440-6203 using Conference ID 1488544.  To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations.

Source: https://rvbusiness.com/lazydays-sees-333-8m-in-revenue-in-q3-performance-report/