Lazydays Holdings, Inc (LAZY) Reports Q4 Revenues Beat

Lazydays Holdings, Inc (NASDAQ: LAZY) reported Q4 revenue for the quarter came in at $196.6 million versus the consensus estimate of $196.02 million.

Fourth Quarter Financial Results and Highlights:

• Revenues for the fourth quarter were $196.6 million; up $51.7 million, or 35.7%, versus 2019. Revenue from sales of recreational vehicles ("RVs") was $176.6 million for the fourth quarter, up $50.1 million, or 39.6%. RV unit sales excluding wholesale units were 2,129 for the fourth quarter, up 544 units, or 34.3% versus 2019. New and preowned RV sales revenues were $117.4 million and $59.2 million for the quarter, up 57.9% and 13.5% respectively. Revenues for the fourth quarter included the positive impact of the Houston service center opening in February 2020, the Phoenix dealership acquired in May 2020, the Elkhart dealership acquired in October 2020, and the Burns Harbor dealership acquired in December 2020.
• Gross profit, excluding last-in-first-out ("LIFO") adjustments, was $45.6 million, up $15.5 million versus 2019. Gross margin excluding LIFO adjustments increased between the two periods, from 20.8% in 2019 to 23.2% in 2020. This margin increase was driven by growth in all business lines. Gross profit for the quarter including LIFO adjustments was $44.2 million; up $15.0 million, or 51.4%, versus 2019. This gross profit comparison was reduced $0.5 million reflecting a 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 fourth quarter was $29.7 million, up $3.4 million compared to the prior year. The increase in SG&A expenses was related to overhead associated with the new Lazydays locations mentioned above, as well as increased performance wages across the business as a result of the increased unit sales and profitability for the quarter. This increase was partially offset by the effect of cost reduction actions taken in April 2020. Stock-based compensation decreased $0.6 million, and depreciation and amortization increased $0.4 million compared to the prior year.
• Adjusted EBITDA, a non-GAAP financial measure, was $15.5 million for the fourth quarter, up $12.2 million, or 370% compared to 2019. This was primarily driven by the growth in all lines of business, and improved RV sales margins.
• As of December 31, 2020, cash was $63.5 million, down $18.2 million from September 30, 2020. The decrease in cash includes the impact of cash used to invest in growth initiatives including two fourth quarter acquisitions and the payment of accrued dividends on the Series A preferred stock of approximately $11 million in the fourth quarter of 2020.

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

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