TAMPA, Fla. — Lazydays (NasdaqCM: LAZY) today (Feb. 23) reported financial results for the fourth quarter and fiscal year ended Dec. 31, 2022, according to a company release.
Fourth quarter 2022 revenue decreased to $243.5 million from $322.5 million in the fourth quarter of 2021.
Fourth quarter 2022 net loss was ($1.4) million, compared to net income of $16.9 million in the fourth quarter of 2021. Fourth quarter 2022 adjusted net income, a non-GAAP measure, was $0.9 million, compared to $20.2 million for the same period in 2021. Fourth quarter 2022 net loss per diluted share was ($0.24) compared to net income of $0.80 in the fourth quarter of 2021. Adjusted fourth quarter 2022 net loss per diluted share was ($0.02) compared to net income of $0.93 for the same period in 2021.
Full year 2022 revenue increased to $1.3 billion from $1.2 billion in 2021.
Full year 2022 net income was $66.4 million compared to $82.0 million in 2021. Full year 2022 adjusted net income was $64.1 million compared to $99.6 million in 2021. Full year 2022 net income per diluted share was $2.42 compared to $3.93 in 2021 and full year 2022 adjusted net income per diluted share was $3.05 compared to $4.82 in 2021.
As shown in the attached non-GAAP reconciliation tables included in this press release, the 2022 fourth quarter adjusted results exclude a net non-core charge of $0.22 related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and certain compliance, legal and executive transition costs. The 2021 fourth quarter adjusted results exclude a net non-core charge of $0.13 related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, and acquisition expenses. The 2022 full year adjusted results exclude a net non-core charge of $0.63 related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, acquisition expenses and certain compliance, legal and executive transition costs. The 2021 full year adjusted results exclude a net non-core charge of $0.89 related to the effects of changes in fair value of warrant liabilities, our LIFO adjustment, and acquisition expenses.
On Feb. 15, 2023, Lazydays acquired Findlay RV in Las Vegas, Nev. Concurrent with the acquisition, we were awarded the Tiffin brand for the Las Vegas market. We estimate this store will add approximately $40 million in annualized revenue at steady state. With this addition, we operate 19 stores across the United States.
Balance Sheet Update and Share Repurchases
We ended the fourth quarter with $61.7 million in cash on hand. On Feb. 21, 2023, we amended our credit facility and subsequently estimate total liquidity of approximately $165 million, including unfinanced real estate. The new agreement extends our facility to February 2027, increases our floorplan capacity to $525 million, increases our revolver capacity to $50 million and provides for higher advance rates on used inventory. Concurrently we retired all associated term and mortgage loans.
In December 2022, we acquired the real estate for our Elkhart and Nashville stores. These properties were purchased for approximately $24.5 million and were previously leased facilities recorded as finance leases on our balance sheet.
During the fiscal year ended Dec. 31, 2022, we have deployed $44.5 million to repurchase approximately 2.7 million shares of common stock at a weighted average price of $16.51 per share. This represents 18.6% of shares outstanding. In December 2022, the Board of Directors authorized an additional $50.0 million for share repurchases, leaving a total of approximately $63.7 million available.
On March 15, 2023, the warrants issued as part of our 2018 de-SPAC transaction will expire. Any warrants that have not been exercised on or prior to that date will automatically lapse. Assuming the exercise of all outstanding warrants, we would generate proceeds of approximately $33 million. Public warrant holders should work with their broker to exercise the warrants. For PIPE warrant holders, please email [email protected] for assistance.
Conference Call Information:
The company has scheduled a conference call at 8:30 AM Eastern Time on Thursday, Feb. 23, 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 RV
As an iconic brand in the RV industry, Lazydays, The RV Authority, consistently provides outstanding 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 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.”