0001493152-23-005815.txt : 20230223 0001493152-23-005815.hdr.sgml : 20230223 20230223070034 ACCESSION NUMBER: 0001493152-23-005815 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230221 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230223 DATE AS OF CHANGE: 20230223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lazydays Holdings, Inc. CENTRAL INDEX KEY: 0001721741 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38424 FILM NUMBER: 23655860 BUSINESS ADDRESS: STREET 1: 4042 PARK OAKS BLVD STREET 2: SUITE 350 CITY: TAMPA STATE: FL ZIP: 33610 BUSINESS PHONE: 813-246-4999 MAIL ADDRESS: STREET 1: 4042 PARK OAKS BLVD STREET 2: SUITE 350 CITY: TAMPA STATE: FL ZIP: 33610 FORMER COMPANY: FORMER CONFORMED NAME: Andina II Holdco Corp. DATE OF NAME CHANGE: 20171103 8-K 1 form8-k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 21, 2023

 

LAZYDAYS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38424   82-4183498

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

4042 Park Oaks Blvd., Suite 350, Tampa, Florida   33610
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (813) 246-4999

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock   LAZY   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

The disclosures set forth in Item 2.03 below are incorporated by reference into this Item 1.01.

 

All of the lenders under the New Credit Agreement (as defined below) or their affiliates have various other relationships with the Company (as defined below) and its subsidiaries involving the provision of financial services, and some may serve as a source of retail financing for the Company’s customers. In addition, one of the lenders under the New Credit Agreement was a lender under the Company’s Prior Credit Agreement (as defined below).

 

Item 1.02. Termination of a Material Definitive Agreement.

 

To the extent that entering into the New Credit Agreement constituted a termination of the Prior Credit Agreement, the information set forth above under Item 1.01 and below under Item 2.03 is hereby incorporated by reference into this Item 1.02.

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 23, 2023, Lazydays Holdings, Inc. issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Current Report on Form 8-K by reference.

 

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Lazydays Holdings, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On February 21, 2023, LDRV Holdings Corp. (“the Company”), Lazydays RV America, LLC, Lazydays RV Discount, LLC and Lazydays Mile HI RV, LLC (collectively with certain other subsidiary entities, the “Borrowers”) entered into a Second Amended and Restated Credit Agreement, (the “New Credit Agreement”), with Manufacturers and Traders Trust Company (“M&T”), as Administrative Agent, Swingline Lender, Issuing Bank and a Lender, and other financial institutions as Lender parties. The New Credit Agreement amends and restates in its entirety that certain Amended and Restated Credit Agreement dated July 14, 2021, (as amended prior to the date hereof, the “Prior Credit Agreement”), among the Borrowers, M&T, as Administrative Agent, Swingline Lender, Issuing Bank and a Lender, and other financial institutions as Lender parties thereto.

 

The New Credit Agreement, among other things, amends the Prior Credit Agreement primarily to: (i) increase the capacity under the Floor Plan Line of Credit to up to $525,000,000 and increase the capacity under the Revolving Credit Facility to up to $50,000,000; (ii) remove the Mortgage Loan Facility and Term Loan; (iii) extend the term of the Floor Plan Line of Credit and the Revolving Credit to February 21, 2027; and (iv) remove certain guarantors.

 

The New Credit Agreement evidences an approximately $575.0 million aggregate credit facility (the “Credit Facility”), consisting of a $525.0 million floor plan credit facility (the “Floor Plan Facility”) with SOFR borrowings bearing interest at SOFR plus a range of 1.90% to 2.05% based on a total net leverage matrix and a base rate margin range of 0.90% to 1.05% based on a total net leverage matrix, and a $50.0 million revolving credit (the “Revolver”) with SOFR borrowings bearing interest at SOFR plus a range of 2.15% to 2.90% based on a total net leverage matrix and a base rate margin range of 1.15% to 1.90% based on a total net leverage matrix.

 

 

 

 

The New Credit Agreement contains certain customary representations and warranties, and certain customary covenants that restrict the Borrowers’ ability to, among other things: (i) create, incur, assume or permit indebtedness, (ii) create, incur, assume or permit liens, (iii) make loans and investments, (iv) engage in fundamental changes, including mergers, acquisitions, dissolutions and liquidations, (v) make certain restricted payments, (vi) engage in transactions with affiliates, (vii) allow the total net leverage ratio to exceed a ratio of 3.00 to 1.00, allow the consolidated fixed charge coverage ratio to be less than a ratio of 1.25 to 1.00 or allow the consolidated current ratio to be less than 1.15 to 1.00 and (viii) make or become legally obligated to make any capital expenditures in any fiscal year, except for capital expenditures in the ordinary course of business not exceeding an amount equal to 25% of consolidated EBITDA for such fiscal year.

 

Events of default under the New Credit Agreement include, but are not limited to: (i) failure to pay principal, interest or fees when due, (ii) breach of any representation or warranty, (iii) failure or refusal to perform, observe or comply with certain covenants, (iv) insolvency, (v) cross default under certain other material indebtedness, (vi) unsatisfied final judgments over a specified threshold in excess of available insurance proceeds, (vii) the attempt to terminate or limit any portion of a guarantor’s obligations under a guaranty agreement, and (viii) a change in control.

 

All of the obligations under the New Credit Agreement are guaranteed by Lazydays Holdings, Inc., Lazy Days’ R.V. Center, Inc. LDL of Fort Pierce, LLC, Lazydays RV of Maryville, LLC, Lazydays RV of Reno, LLC, Lazydays Support Services, LLC and certain other subsidiaries of Lazydays Holdings, Inc. and Lazy Days’ R.V. Center, Inc. from time to time (collectively, the “Guarantors”). The Credit Facilities are secured by substantially all of the operating assets of the Borrowers and Guarantors as collateral.

 

This description of the New Credit Agreement is qualified in its entirety by reference to the complete terms and conditions of the New Credit Agreement which is expected to be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for its fiscal year ended March 31, 2023.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
     
99.1   Press Release, dated February 23, 2023, announcing Lazydays’ financial results for the fourth quarter and full year ended December 31, 2022.
     
104   Cover Page Interactive Data File (formatted as inline XBRL).
     
*   Schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. We agree to furnish supplementally a copy of such omitted materials to the SEC upon request.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  LAZYDAYS HOLDINGS, INC.
     
February 23, 2023 By /s/ Kelly Porter
Date   Kelly Porter
    Chief Financial Officer

 

 

 

 EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

Desktop|Logos|Primary%20logos%20-%20hi%20res|LazydaysRVAuthorityPressReleaseLogo.jpg

 

LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS

 

Tampa, FL (February 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

December 31

  

%

Increase

  

For the year ended

December 31

  

%

Increase

 
   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    (131.2)%  $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

December 31,

  

Three months ended

December 31,

  

Year ended

December 31,

  

Year ended

December 31,

 
   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

December 31, 2022

                                               
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

December 31, 2022

  

For the year ended

December 31, 2021

 
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

December 31, 2022

  

For the year ended

December 31, 2021

 
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 fair value of warrant liabilities   LIFO   Acquisition expense  

Severance and

transition costs

   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 fair value of warrant liabilities   LIFO   Acquisition expense  

Severance and

transition costs

   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 fair value of warrant liabilities   LIFO   Acquisition expense  

Severance and

transition costs

   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 fair value of warrant liabilities   LIFO   Acquisition expense  

Severance and

transition costs

   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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Cover
Feb. 21, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 21, 2023
Entity File Number 001-38424
Entity Registrant Name LAZYDAYS HOLDINGS, INC.
Entity Central Index Key 0001721741
Entity Tax Identification Number 82-4183498
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 4042 Park Oaks Blvd.
Entity Address, Address Line Two Suite 350
Entity Address, City or Town Tampa
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33610
City Area Code 813
Local Phone Number 246-4999
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock
Trading Symbol LAZY
Security Exchange Name NASDAQ
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