Lazydays Holdings, Inc. (“Lazydays” or the “Company”) (NasdaqCM: LAZY) provided preliminary results for the quarter ended September 30, 2021. It is important to note that results are preliminary, unaudited, have not been subject to a quarterly review and should be read in conjunction with the Company’s annual report on Form 10-K/A for the year ended December 31, 2020, which the Company filed on June 25, 2021, and its quarterly report on Form 10-Q for the quarter ended June 30, 2021, which the Company filed on August 6, 2021. Preliminary Revenue for the third quarter ended September 30, 2021 is $318.7 million, up $103.0 million versus the third quarter 2020, and net income is $30.2 million, up $26.5 million versus the third quarter 2020 (restated).
“We are very pleased to set a new all-time quarterly EBITDA record for Lazydays, surpassing the $41.3 million record we set in the second quarter of this year,” stated William P. Murnane, Chairman and CEO of Lazydays. “More importantly, our growth strategy continues to drive strong year over year results that outpace the market. Our revenue is up 48% and EBITDA has more than doubled versus what was then a strong third quarter 2020. We are very proud of the Lazydays team for these outstanding accomplishments,” commented Murnane.
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 September 30, 2021 Preliminary Results:
- Adjusted EBITDA increased 119% to $41.7 million versus $19.0 million in the third quarter of 2020. This is an all-time quarterly adjusted EBITDA record for Lazydays, surpassing the previous record of $41.3 million set in the second quarter of 2021.
- RV unit sales increased 35% to 3,496 units versus 2,595 units in the third quarter of 2020.
- RV unit sales increased 81% vs. 1,935 units in the third quarter of 2019.
- Total Revenue increased 48% to $318.7 million compared to $215.7 million in the third quarter of 2020.
- Total Revenue increased 101% compared to total revenue of $158 million in the third quarter of 2019.
- The Company ended the quarter with a cash balance of $67.0 million, down $14.7 million from September 30, 2020 and $3.5 million from December 31, 2020.
- Dealership inventory levels increased slightly during the quarter, but remain 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 dealerships to its network in the third quarter of 2021 as a result of its acquisition of B. Young RV in Oregon and Washington and Burlington RV in Wisconsin.
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.”