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Lazydays Holdings Sees Prelim. Q3 Sales $216M vs $221M Est., Up 36% YoY

TAMPA, Fla., Oct. 12, 2020 /PRNewswire/ -- Lazydays Holdings, Inc.  ("Lazydays" or the "Company") (NasdaqCM: LAZY) provided preliminary results for the quarter

· 10/12/2020 08:36

TAMPA, Fla., Oct. 12, 2020 /PRNewswire/ -- Lazydays Holdings, Inc.  ("Lazydays" or the "Company") (NasdaqCM: LAZY) provided preliminary results for the quarter ending September 30, 2020. It is important to note that these results are preliminary, have not been subjected to a quarterly review and should be read in conjunction with the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2020, which the Company filed on July 31, 2020, and its quarterly report on Form 10-Q for the quarter ending September 30, 2020, which the Company expects to file in early November 2020.  Preliminary Revenue for the quarter ending September 30,2020 is $216 million and preliminary net income is $11 million.  Preliminary key metrics for the quarter are provided below, along with a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income.

"Our third quarter adjusted EBITDA of $19 million shatters our previous quarterly record of $14.9 million that was set last quarter." stated William P. Murnane, Chairman and CEO of Lazydays.

"Year-to-date we believe we have outpaced industry market growth and are gaining significant market share.  Through the first nine months of 2020, the Company has experienced total unit sales growth of 34%, new unit sales growth of 29% and used unit sales growth of 40%.  Nationally, Stat Survey year-to-date new RV unit sales growth is 6% through August 2020.  Stat Survey is recognized as a bellwether for RV retail consumer demand."

Quarter ending September 30, 2020 Preliminary Results

  • Adjusted EBITDA increased 261% to $19 million versus $5.3 million in the third quarter of 2019
  • RV unit sales increased 36% to 2,632 units versus 1,935 units in the third quarter of 2019
  • Total Revenue increased 36% to $216 million compared to $158 million in the third quarter of 2019
  • The Company ended the quarter with a cash balance of $82 million
  • Demand continues to be strong in October
  • Current OEM shipments are approximately equal to customer demand and inventory levels remain flat

"Our growth pipeline continues to be robust.  We are evaluating multiple new growth opportunities including both acquisitions and greenfield buildouts" continued Murnane.  "In addition, our Phoenix, Elkhart and Nashville dealerships along with our intention to acquire Camp-Land RV should provide strong new growth in 2021."