Lazydays Holdings, Inc (LAZY) Reports Q1 Slight Beat on Revenues

Lazydays Holdings, Inc (NASDAQ: LAZY) reported Q1 EPS of $, versus $0.49 reported last year. Revenue for the quarter came in at $177.84 million versus the consensus estimate of $177.35 million.

• Revenues increased by $7.8 million, or 4.6%, from $170.0 million for the quarter ended March 31, 2017 to $177.8 million for the quarter ended March 31, 2018. Sales of recreational vehicles increased by $7.5 million, or 4.9%, from $150.8 million for the three months ended March 31, 2017 to $158.3 million for the three months ended March 31, 2018 driven by strong customer demand for new recreational vehicles.
• Gross margins increased by $3.2 million, or 9.2%, from $35.7 million for the quarter ended March 31, 2017 to $38.9 million for the quarter ended March 31, 2018. Increases in margins were primarily driven by an 8.8% increase in the average retail selling price per unit driven by a favorable sales mix and customer demand.
• Excluding transaction costs, selling, general, and administrative expenses increased by $1.8 million or 6.5%. This was primarily driven by increases in salaries and compensation costs which increased primarily as a result of increased margins. Selling, general, and administrative expenses excluding transactions costs were 74.0% and 75.8% of gross margins for the quarters ended March 31, 2018 and 2017, respectively. In addition, the Company incurred approximately $3.2 million in transaction costs as a result of the merger with Andina for the quarter ended March 31, 2018.
• Adjusted EBITDA, a non-GAAP financial measure, increased by 15.4% from $10.0 million for the quarter ended March 31, 2017 to $11.5 million for the quarter ended March 31, 2018 primarily driven by increases in gross margins described above.
• Cash increased to approximately $33.1 million, primarily as a result of the $94.8 million PIPE investment which took place in conjunction with the merger described above and approximately $11.2 million in incremental cash as a result of an increase in term loans. These financing cash inflows were offset by the $86.7 million purchase price payment in the merger between Lazy Days\' R.V. Center, Inc. and Andina Acquisition Corp. II.

For earnings history and earnings-related data on Lazydays Holdings, Inc (LAZY) click here.

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