TAMPA, Fla., Feb. 23, 2023 — Lazydays (NasdaqCM: LAZY) today reported financial results for the fourth quarter and fiscal year ended December 31, 2022.
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.
Corporate Development
On February 15, 2023, we acquired Findlay RV in Las Vegas, Nevada. 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 February 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 December 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.
Warrant Expiry
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 warrants@lazydays.com for assistance.
Conference Call Information:
The Company has scheduled a conference call at 8:30 AM Eastern Time on Thursday, February 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.”
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as “project,” “outlook,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “may,” “seek,” “would,” “should,” “likely,” “goal,” “strategy,” “future,” “maintain,” “continue,” “remain,” “target” or “will” and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements regarding:
- Anticipated revenues from acquired and open point stores; and
- Anticipated availability of liquidity from our credit facility and unfinanced operating real estate.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures such as adjusted net income, adjusted diluted earnings per share, adjusted cost of goods sold, adjusted income before taxes, adjusted income tax benefit, adjusted SG&A, adjusted SG&A as a percentage of revenue, adjusted SG&A as a percentage of gross profit, adjusted operating income as a percentage of revenue, adjusted operating income as a percentage of gross profit, adjusted pre-tax income as a percentage of revenue and adjusted net income as a percentage of revenue. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the following tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
Contact:
Angela Johnson
+1 (813) 204-4099
investors@lazydays.com
|
Results of Operations |
||||||||||||
|
(Dollar amounts in thousands except for share and per share data) |
||||||||||||
|
For the Three Months Ended |
% |
For the year ended |
% |
|||||||||
|
2022 |
2021 |
(Decrease) |
2022 |
2021 |
(Decrease) |
|||||||
|
Revenues |
||||||||||||
|
New vehicle retail |
$ 137,729 |
$ 174,748 |
(21.2 %) |
$ 777,807 |
$ 725,114 |
7.3 % |
||||||
|
Pre-owned vehicle retail |
74,927 |
111,974 |
(33.1 %) |
394,582 |
372,566 |
5.9 % |
||||||
|
Vehicle wholesale |
2,416 |
4,324 |
(44.1 %) |
21,266 |
14,241 |
49.3 % |
||||||
|
Finance and insurance |
13,891 |
18,171 |
(23.6 %) |
75,482 |
72,647 |
3.9 % |
||||||
|
Service, body and parts, other |
14,527 |
13,319 |
9.1 % |
57,824 |
50,480 |
14.5 % |
||||||
|
Total revenues |
243,490 |
322,536 |
(24.5 %) |
1,326,961 |
1,235,048 |
7.4 % |
||||||
|
Cost of sales |
||||||||||||
|
New vehicle |
115,155 |
140,129 |
(17.8 %) |
632,316 |
586,876 |
7.7 % |
||||||
|
Pre-owned vehicle |
59,186 |
83,612 |
(29.2 %) |
301,565 |
278,036 |
8.5 % |
||||||
|
Vehicle wholesale |
2,395 |
4,201 |
(43.0 %) |
21,620 |
13,591 |
59.1 % |
||||||
|
Finance and insurance |
513 |
679 |
(24.4 %) |
2,729 |
2,473 |
10.4 % |
||||||
|
Service, body and parts, other |
7,714 |
7,618 |
1.3 % |
27,657 |
25,771 |
7.3 % |
||||||
|
LIFO |
4,153 |
3,402 |
22.1 % |
12,383 |
4,811 |
157.4 % |
||||||
|
Total cost of sales |
189,116 |
239,641 |
(21.1 %) |
998,270 |
911,558 |
9.5 % |
||||||
|
Depreciation and amortization |
4,420 |
4,135 |
6.9 % |
16,758 |
14,411 |
16.3 % |
||||||
|
Selling, general, and administrative expenses |
47,649 |
52,533 |
(9.3 %) |
222,218 |
184,985 |
20.1 % |
||||||
|
Income from operations |
2,305 |
26,227 |
(91.2 %) |
89,715 |
124,094 |
(27.7 %) |
||||||
|
Other income/expenses |
||||||||||||
|
PPP loan forgiveness |
– |
– |
– |
6,626 |
(100.0 %) |
|||||||
|
Floorplan interest expense |
(3,534) |
(655) |
439.5 % |
(8,596) |
(1,852) |
364.1 % |
||||||
|
Other interest expense |
(2,158) |
(2,112) |
2.2 % |
(7,996) |
(6,648) |
20.3 % |
||||||
|
Change in fair value of warrant liabilities |
1,782 |
(621) |
(387.0 %) |
12,453 |
(11,711) |
(206.3 %) |
||||||
|
Inducement Loss on Warrant Conversion |
– |
– |
– |
(246) |
(100.0 %) |
|||||||
|
Total other income (expense) |
(3,910) |
(3,388) |
15.4 % |
(4,139) |
(13,831) |
(70.1 %) |
||||||
|
Income before income tax expense |
(1,605) |
22,839 |
(107.0 %) |
85,576 |
110,263 |
(22.4 %) |
||||||
|
Income tax expense |
205 |
(5,943) |
(103.4 %) |
(19,183) |
(28,242) |
(32.1 %) |
||||||
|
Net income |
$ (1,400) |
$ 16,896 |
(108.3 %) |
$ 66,393 |
$ 82,021 |
(19.1 %) |
||||||
|
Dividends on Series A Convertible Preferred Stock |
(1,210) |
(1,210) |
0.0 % |
(4,801) |
(4,801) |
0.0 % |
||||||
|
Net income attributable to common stock and participating securities |
$ (2,610) |
$ 15,686 |
(116.6 %) |
$ 61,592 |
$ 77,220 |
(20.2 %) |
||||||
|
EPS: |
||||||||||||
|
Basic |
$ (0.24) |
$ 0.86 |
(127.9 %) |
$ 3.47 |
$ 4.43 |
(21.7 %) |
||||||
|
Diluted |
$ (0.24) |
$ 0.80 |
(130.0 %) |
$ 2.42 |
$ 3.93 |
(38.4 %) |
||||||
|
Weighted average shares outstanding: |
||||||||||||
|
Basic |
10,928,362 |
12,164,192 |
(10.2 %) |
11,701,302 |
11,402,655 |
2.6 % |
||||||
|
Diluted |
10,928,362 |
14,719,764 |
(25.8 %) |
12,797,796 |
12,852,318 |
(0.4 %) |
||||||
|
NM – Not meaningful |
||||||||||||
|
Total Results Summary |
|||||||||||
|
Three Months Ended |
% |
Year ended |
% |
||||||||
|
December 31, 2022 |
Increase |
December 31, 2022 |
Increase |
||||||||
|
2022 |
2021 |
(Decrease) |
2022 |
2021 |
(Decrease) |
||||||
|
Gross Margin |
|||||||||||
|
New Vehicle Retail |
16.4 % |
19.8 % |
(342) bps |
18.7 % |
19.1 % |
(36) bps |
|||||
|
Pre-Owned Vehicle Retail |
21.0 % |
25.3 % |
(432) |
23.6 % |
25.4 % |
(180) |
|||||
|
Vehicle Wholesale |
0.9 % |
2.9 % |
(197) |
(1.7 %) |
4.6 % |
(623) |
|||||
|
Finance & Insurance |
96.3 % |
96.3 % |
4 |
96.4 % |
96.6 % |
(21) |
|||||
|
Service, Body & Parts, Other |
46.9 % |
42.8 % |
410 |
52.2 % |
48.9 % |
322 |
|||||
|
Total Gross Margin |
22.3 % |
25.7 % |
(337) |
24.8 % |
26.2 % |
(142) |
|||||
|
Total Gross Margin (Ex-LIFO) |
24.0 % |
26.8 % |
(272) |
25.7 % |
26.6 % |
(88) |
|||||
|
Unit Sales |
|||||||||||
|
New Vehicle Retail |
1,501 |
1,835 |
(18.2 %) |
8,603 |
8,930 |
(3.7 %) |
|||||
|
Used Vehicle Retail |
999 |
1,368 |
(27.0 %) |
5,409 |
5,283 |
2.4 % |
|||||
|
Total Retail Units Sold |
2,500 |
3,203 |
(21.9 %) |
14,012 |
14,213 |
(1.4 %) |
|||||
|
Average Selling Price |
|||||||||||
|
New Vehicle Retail |
$91,758 |
$95,231 |
(3.6 %) |
$90,411 |
$81,200 |
11.3 % |
|||||
|
Used Vehicle Retail |
75,001 |
81,853 |
(8.4 %) |
72,949 |
70,522 |
3.4 % |
|||||
|
Average Gross Profit Per Unit (ex-LIFO) |
|||||||||||
|
New Vehicle Retail |
$15,040 |
$18,866 |
(20.3 %) |
$16,912 |
$15,480 |
9.2 % |
|||||
|
Used Vehicle Retail |
15,756 |
20,733 |
(24.0 %) |
17,197 |
17,893 |
(3.9 %) |
|||||
|
Finance and Insurance |
5,351 |
5,461 |
(2.0 %) |
5,192 |
4,937 |
5.2 % |
|||||
|
Total Vehicle Retail |
20,677 |
25,125 |
(17.7 %) |
22,214 |
21,314 |
4.2 % |
|||||
|
Revenue Mix |
|||||||||||
|
New Vehicle Retail |
56.6 % |
54.2 % |
58.6 % |
58.7 % |
|||||||
|
Pre-Owned Vehicle Retail |
30.8 % |
34.7 % |
29.7 % |
30.2 % |
|||||||
|
Vehicle Wholesale |
1.0 % |
1.3 % |
1.6 % |
1.2 % |
|||||||
|
Finance & Insurance |
5.7 % |
5.6 % |
5.7 % |
5.9 % |
|||||||
|
Service, Body & Parts, Other |
5.9 % |
4.2 % |
4.4 % |
4.0 % |
|||||||
|
100.0 % |
100.0 % |
100.0 % |
100.0 % |
||||||||
|
Gross Profit Mix |
|||||||||||
|
New Vehicle Retail |
37.6 % |
39.7 % |
42.7 % |
42.1 % |
|||||||
|
Pre-Owned Vehicle Retail |
26.2 % |
32.5 % |
27.3 % |
28.8 % |
|||||||
|
Vehicle Wholesale |
0.0 % |
0.1 % |
(0.1 %) |
0.2 % |
|||||||
|
Finance & Insurance |
22.3 % |
20.1 % |
21.3 % |
21.4 % |
|||||||
|
Service, Body & Parts, Other |
13.9 % |
7.6 % |
8.8 % |
7.5 % |
|||||||
|
100.0 % |
100.0 % |
100.0 % |
100.0 % |
||||||||
|
Other Metrics |
||||||||||||||||
|
Adjusted |
As Reported |
Adjusted |
As Reported |
|||||||||||||
|
Three months ended |
Three months ended |
Year ended |
Year ended |
|||||||||||||
|
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
|||||||||
|
SG&A as a % of revenue |
19 % |
16 % |
20 % |
16 % |
17 % |
15 % |
17 % |
15 % |
||||||||
|
SG&A as a % of gross profit (Ex-LIFO) |
81 % |
61 % |
80 % |
61 % |
65 % |
56 % |
65 % |
56 % |
||||||||
|
Operating income as a % of revenue |
3 % |
9 % |
1 % |
8 % |
8 % |
11 % |
7 % |
10 % |
||||||||
|
Operating income as a % of gross profit |
12 % |
35 % |
4 % |
30 % |
30 % |
40 % |
26 % |
38 % |
||||||||
|
Pre-tax income as a % of revenue |
1 % |
8 % |
-1 % |
7 % |
7 % |
10 % |
6 % |
9 % |
||||||||
|
Net income as a % of revenue |
0 % |
6 % |
-1 % |
5 % |
5 % |
8 % |
5 % |
7 % |
||||||||
|
Other Highlights |
||||
|
As of |
||||
|
December 31, 2022 |
December 31, 2021 |
|||
|
Store Count |
||||
|
Dealership |
18 |
15 |
||
|
Service Center** |
0 |
1 |
||
|
Days Supply* |
||||
|
New vehicle inventory |
250 |
84 |
||
|
Used vehicle inventory |
78 |
58 |
||
|
* Days supply calculated based on current inventory levels and a 90 day historical average cost of sales level. |
||||
|
** Dealership added to service center in Q4 2022 |
||||
|
Financial Covenants |
||||
|
Requirement |
As of |
|||
|
Fixed charge coverage ratio |
Not less than 1.25 to 1 |
2.17 to 1 |
||
|
Leverage ratio |
Not more than 3.0 to 1 |
0.57 to 1 |
||
|
Same-Store Results Summary |
|||||||||||||
|
Three months ended |
% |
Year ended |
% |
||||||||||
|
December 31 |
Increase |
December 31 |
Increase |
||||||||||
|
2022 |
2021 |
(Decrease) |
2022 |
2021 |
(Decrease) |
||||||||
|
Revenue |
|||||||||||||
|
New Vehicle Retail |
$131,200 |
$174,748 |
(24.9 %) |
$682,077 |
$725,114 |
(5.9 %) |
|||||||
|
Pre-Owned Vehicle Retail |
71,209 |
111,974 |
(36.4 %) |
360,173 |
372,566 |
(3.3 %) |
|||||||
|
Vehicle Wholesale |
2,416 |
4,324 |
(44.1 %) |
19,841 |
14,241 |
39.3 % |
|||||||
|
Finance & Insurance |
13,464 |
18,171 |
(25.9 %) |
67,680 |
72,647 |
(6.8 %) |
|||||||
|
Service, Body & Parts, Other |
13,956 |
13,318 |
4.8 % |
51,979 |
50,480 |
3.0 % |
|||||||
|
Total Revenue |
232,245 |
322,535 |
(28.0 %) |
1,181,750 |
1,235,048 |
(4.3 %) |
|||||||
|
Gross Profit |
|||||||||||||
|
New Vehicle Retail |
$21,548 |
$34,619 |
(37.8 %) |
$125,128 |
$138,237 |
(9.5 %) |
|||||||
|
Pre-Owned Vehicle Retail |
15,001 |
28,363 |
(47.1 %) |
83,375 |
94,531 |
(11.8 %) |
|||||||
|
Vehicle Wholesale |
21 |
124 |
(82.6 %) |
(377) |
650 |
NM |
|||||||
|
Finance & Insurance |
12,963 |
17,492 |
(25.9 %) |
65,296 |
70,174 |
(7.0 %) |
|||||||
|
Service, Body & Parts, Other |
8,023 |
6,610 |
21.4 % |
27,182 |
24,710 |
10.0 % |
|||||||
|
LIFO |
(4,153) |
(3,402) |
22.1 % |
(12,383) |
(4,811) |
157.4 % |
|||||||
|
Total Gross Profit |
53,403 |
83,806 |
(36.3 %) |
288,221 |
323,491 |
(10.9 %) |
|||||||
|
Gross Margin |
|||||||||||||
|
New Vehicle Retail |
16.4 % |
19.8 % |
(339) bps |
18.3 % |
19.1 % |
(72) bps |
|||||||
|
Pre-Owned Vehicle Retail |
21.1 % |
25.3 % |
(426) |
23.1 % |
25.4 % |
(222) |
|||||||
|
Vehicle Wholesale |
0.9 % |
2.9 % |
(197) |
(1.9 %) |
4.6 % |
(646) |
|||||||
|
Finance & Insurance |
96.3 % |
96.3 % |
1 |
96.5 % |
96.6 % |
(12) |
|||||||
|
Service, Body & Parts |
57.5 % |
49.6 % |
786 |
52.3 % |
48.9 % |
335 |
|||||||
|
Total Gross Margin |
23.0 % |
26.0 % |
(299) |
24.4 % |
26.2 % |
(180) |
|||||||
|
Total Gross Margin (Ex-LIFO) |
24.8 % |
27.0 % |
(226) |
25.4 % |
26.6 % |
(114) |
|||||||
|
Unit Sales |
|||||||||||||
|
New Vehicle Retail |
1,411 |
1,835 |
(23.1 %) |
7,361 |
8,930 |
(17.6 %) |
|||||||
|
Used Vehicle Retail |
947 |
1,368 |
(30.8 %) |
4,847 |
5,283 |
(8.3 %) |
|||||||
|
Total Retail Units Sold |
2,358 |
3,203 |
(26.4 %) |
12,208 |
14,213 |
(14.1 %) |
|||||||
|
Average Selling Price |
|||||||||||||
|
New Vehicle Retail |
$92,984 |
$95,231 |
(2.4 %) |
$92,661 |
$81,200 |
14.1 % |
|||||||
|
Used Vehicle Retail |
$75,195 |
81,853 |
(8.1 %) |
74,308 |
70,522 |
5.4 % |
|||||||
|
Average Gross Profit Per Unit (ex-LIFO) |
|||||||||||||
|
New Vehicle Retail |
$15,272 |
$18,866 |
(19.1 %) |
$16,999 |
$15,480 |
9.8 % |
|||||||
|
Used Vehicle Retail |
15,840 |
20,733 |
(23.6 %) |
17,201 |
17,893 |
(3.9 %) |
|||||||
|
Finance and Insurance |
5,497 |
5,461 |
0.7 % |
5,349 |
4,937 |
8.3 % |
|||||||
|
Total Vehicle Retail |
20,998 |
25,125 |
(16.4 %) |
22,428 |
21,314 |
5.2 % |
|||||||
|
NM – Not meaningful |
|
Condensed Consolidated Balance Sheets |
|||||||
|
(Dollar amounts in thousands except for share and per share data) |
|||||||
|
As of |
As of |
||||||
|
December 31, 2022 |
December 31, 2021 |
||||||
|
Cash |
$ 61,687 |
$ 98,120 |
|||||
|
Receivables, net |
25,053 |
30,604 |
|||||
|
Inventories |
378,881 |
242,906 |
|||||
|
Other current assets |
11,228 |
4,005 |
|||||
|
Total current assets |
476,849 |
375,635 |
|||||
|
Property and equipment, net |
158,991 |
120,748 |
|||||
|
Goodwill and intangible assets, net |
165,125 |
168,118 |
|||||
|
Other assets |
29,753 |
33,627 |
|||||
|
Total assets |
$ 830,718 |
$ 698,128 |
|||||
|
Floor plan notes payable, net |
348,735 |
192,220 |
|||||
|
Other current liabilities |
50,890 |
74,130 |
|||||
|
Total current liabilities |
399,625 |
266,350 |
|||||
|
Financing liability, non-current portion, net |
89,770 |
102,466 |
|||||
|
Long term debt, non-current portion, net |
10,131 |
13,684 |
|||||
|
Other current liabilities |
39,197 |
54,519 |
|||||
|
Total liabilities |
538,723 |
437,019 |
|||||
|
Series A Convertible Preferred Stock |
54,983 |
54,983 |
|||||
|
Stockholders’ Equity |
237,012 |
206,126 |
|||||
|
Total liabilities and stockholders’ equity |
$ 830,718 |
$ 698,128 |
|||||
|
Condensed Statements of Cash Flows |
|||||||
|
(Dollar amounts in thousands) |
|||||||
|
For the year ended |
For the year ended |
||||||
|
Cash Flows From Operating Activities |
|||||||
|
Net income |
$ 66,393 |
$ 82,021 |
|||||
|
Adjustments to reconcile net income to net cash |
|||||||
|
provided by operating activities: |
|||||||
|
Stock based compensation |
2,813 |
750 |
|||||
|
Bad debt expense |
(526) |
128 |
|||||
|
Depreciation and amortization of property and equipment |
9,480 |
8,386 |
|||||
|
Amortization of intangible assets |
7,278 |
6,025 |
|||||
|
Amortization of debt discount |
431 |
261 |
|||||
|
Non-cash lease expense |
173 |
80 |
|||||
|
Loss (gain) on sale of property and equipment |
(20) |
(156) |
|||||
|
Deferred income taxes |
1,872 |
(1,428) |
|||||
|
PPP loan forgiveness |
– |
(6,626) |
|||||
|
Change in fair value of warrant liabilities |
(12,453) |
11,711 |
|||||
|
Inducement loss on warrant conversion |
– |
246 |
|||||
|
Changes in operating assets and liabilities: |
|||||||
|
Receivables |
6,512 |
(8,473) |
|||||
|
Inventories |
(127,594) |
(105,511) |
|||||
|
Prepaid expenses and other |
(613) |
37 |
|||||
|
Income tax receivable/payable |
(6,725) |
595 |
|||||
|
Other assets |
(1,146) |
(1,130) |
|||||
|
Accounts payable, accrued expenses |
|||||||
|
and other current liabilities |
(17,835) |
15,855 |
|||||
|
Total Adjustments |
(138,353) |
(79,250) |
|||||
|
Net Cash (Used In) Provided By Operating Activities |
(71,960) |
2,771 |
|||||
|
For the year ended |
For the year ended |
||||||
|
Net cash provided by operating activities |
|||||||
|
As Reported |
$ (71,960) |
$ 2,771 |
|||||
|
Net borrowings on floor plan notes payable |
148,180 |
73,097 |
|||||
|
Adjusted |
$ 76,220 |
$ 75,868 |
|||||
|
Reconciliation of Non-GAAP Measures |
|||||||||||
|
(Dollar amounts in thousands except for share and per share data) |
|||||||||||
|
Three months ended December 31, 2022 |
|||||||||||
|
As reported |
(Gain)/Loss on |
LIFO |
Acquisition |
Severance and |
Adjusted |
||||||
|
Cost of goods sold |
$ 189,116 |
$ (4,153) |
$ 184,963 |
||||||||
|
Selling, general and administrative |
47,649 |
(203) |
(299) |
47,147 |
|||||||
|
Operating income |
2,305 |
4,153 |
203 |
299 |
6,960 |
||||||
|
Change in fair value of warrant liabilities |
1,782 |
(1,782) |
– |
||||||||
|
Income before taxes |
(1,605) |
(1,782) |
4,153 |
203 |
299 |
1,268 |
|||||
|
Income tax (provision) benefit |
205 |
(458) |
(46) |
(33) |
(332) |
||||||
|
Net income |
$ (1,400) |
$ (1,782) |
$ 3,695 |
$ 157 |
$ 266 |
$ 936 |
|||||
|
Diluted earnings per share |
$ (0.24) |
$ (0.02) |
|||||||||
|
Diluted share count |
12.8 |
||||||||||
|
Three months ended December 31, 2021 |
|||||||||||
|
As reported |
(Gain)/Loss on |
LIFO |
Acquisition |
Severance and |
Adjusted |
||||||
|
Cost of goods sold |
$ 239,641 |
$ (3,402) |
$ 236,239 |
||||||||
|
Selling, general and administrative |
52,533 |
(216) |
– |
52,317 |
|||||||
|
Operating income |
26,227 |
3,402 |
216 |
– |
29,845 |
||||||
|
Change in fair value of warrant liabilities |
(621) |
621 |
– |
||||||||
|
Income before taxes |
22,839 |
621 |
3,402 |
216 |
– |
27,078 |
|||||
|
Income tax (provision) benefit |
(5,943) |
(862) |
(55) |
– |
(6,860) |
||||||
|
Net income |
$ 16,896 |
$ 621 |
$ 2,540 |
$ 161 |
$ – |
$ 20,218 |
|||||
|
Diluted earnings per share |
$ 0.80 |
$ 0.93 |
|||||||||
|
Diluted share count |
12.9 |
||||||||||
|
Year ended December 31, 2022 |
|||||||||||
|
As reported |
(Gain)/Loss on |
LIFO |
Acquisition |
Severance and |
Adjusted |
||||||
|
Cost of goods sold |
$ 998,270 |
$ (12,383) |
$ 985,887 |
||||||||
|
Selling, general and administrative |
222,218 |
(286) |
(900) |
221,032 |
|||||||
|
Operating income |
89,715 |
12,383 |
286 |
900 |
103,284 |
||||||
|
Change in fair value of warrant liabilities |
12,453 |
(12,453) |
– |
||||||||
|
Income before taxes |
85,576 |
(12,453) |
12,383 |
286 |
900 |
86,692 |
|||||
|
Income tax (provision) benefit |
(19,183) |
(3,143) |
(73) |
(228) |
(22,627) |
||||||
|
Net income |
$ 66,393 |
$ (12,453) |
$ 9,240 |
$ 213 |
$ 672 |
$ 64,065 |
|||||
|
Diluted earnings per share |
$ 2.42 |
$ 3.05 |
|||||||||
|
Diluted share count |
12.8 |
||||||||||
|
Year ended December 31, 2021 |
|||||||||||
|
As reported |
(Gain)/Loss on |
LIFO |
Acquisition |
Severance and |
Adjusted |
||||||
|
Cost of goods sold |
$ 911,588 |
$ (4,811) |
$ 906,777 |
||||||||
|
Selling, general and administrative |
184,235 |
(1,744) |
– |
182,491 |
|||||||
|
Operating income |
124,094 |
4,811 |
1,744 |
– |
130,649 |
||||||
|
Change in fair value of warrant liabilities |
(11,711) |
11,711 |
– |
||||||||
|
Income before taxes |
110,263 |
11,711 |
4,811 |
1,744 |
– |
128,529 |
|||||
|
Income tax (provision) benefit |
(28,242) |
(498) |
(180) |
– |
(28,920) |
||||||
|
Net income |
$ 82,021 |
$ 11,711 |
$ 4,313 |
$ 1,564 |
$ – |
$ 99,609 |
|||||
|
Diluted earnings per share |
$ 3.93 |
$ 4.82 |
|||||||||
|
Diluted share count |
12.9 |
||||||||||
|
* In periods where the change in fair value of warrants is a gain, the diluted EPS calculation is not affected by this line item. |
|||||||||||
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SOURCE Lazydays Holdings, Inc.