Lazydays Holdings, Inc (LAZY) Misses Q1 EPS by 16c

Lazydays Holdings, Inc (NASDAQ: LAZY) reported Q1 EPS of $0.08, $0.16 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $190.9 million versus the consensus estimate of $189.8 million.

First Quarter Financial Results and Highlights:

• Revenues for the first quarter were $190.9 million; up $17.8 million, or 10.3%, versus 2019. Revenue from sales of Recreational Vehicles ("RVs") was $167.2 million for the first quarter, up $14.6 million, or 9.5%, versus 2019. RV unit sales excluding wholesale units, were 2,416 for the quarter, up 442 units, or 22.4% versus 2019. New and preowned RV sales revenues were $102.4 million and $64.7 million for the quarter, up 4.7% and 18.1% respectively compared to 2019.
• Gross profit, excluding last-in-first-out ("LIFO") adjustments, was $41.7 million, up $4.5 million, or 12.0%, versus 2019. Gross margin excluding LIFO adjustments increased between the two periods, to 21.7% in 2020 from 21.3% in 2019, with the change attributable to growth across our core lines of business. Gross profit for the quarter including LIFO adjustments was $41.5 million; up $4.6 million, or 12.5%, versus 2019. This gross profit comparison reflects a $0.05 million net difference in LIFO adjustments between the two periods.
• Excluding transaction costs, stock-based compensation, and depreciation and amortization, Selling, General and Administrative expense ("SG&A") for the first quarter was $31.1 million, up $4.6 million compared to the prior year. This increase is attributable to the additional overhead expenses associated with The Villages dealership acquired in August 2019, the service center near Houston that started up operations in mid-February, and increased performance wages driven by the higher unit sales and revenue. Stock-based compensation decreased $0.8 million, and depreciation and amortization decreased $0.06 million compared to the prior year.
• Adjusted EBITDA, a non-GAAP financial measure, was $9.5 million for the first quarter, up $0.1 million compared to 2019.
• Net income for the first quarter was $3.0 million dollars, or 8¢ per share, as compared to net income of $1.8 million, or 4¢ per share, in 2019. This $1.2 million improvement was primarily the result of the net of the increased gross profit and SG&A expense discussed above, the reduced amortization of stock based compensation, as well as a $0.5 million decrease in interest expense.
• As of March 31, 2020, cash was $43.3 million up $11.8 million from December 31, 2019. The increase in cash includes the impact of cash provided by a $5.0 million mortgage on the recently completed service center near Houston, Texas and $4.9 million provided by the consummation of a sale leaseback of property for the greenfield dealership being built near Nashville, Tennessee.

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

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