Lazydays Holdings, Inc. reported first-quarter 2023 revenue decreased 21.4 percent to $295.7 million from $376.2 million in the first quarter ended March 31, 2022. The owner of 20 RV dealerships nationwide posted a first-quarter 2023 net loss of $1.5 million, compared to net income of $27.1 million in the first quarter of 2022. First quarter 2023 net loss per diluted share was 17 cents a share compared to net income per diluted share of $1.17 in the first quarter of 2022.
First quarter 2023 adjusted net income, a non-GAAP measure, was $1.2 million, compared to $28.2 million for the comparable period in 2022. Adjusted first-quarter 2022 net income per diluted share was $0.00 compared to net income per diluted share of $1.27 for the same period in 2022.
The 2023 first quarter adjusted results exclude a net non-core charge of 17 cents a share related to the effects of changes in fair value of warrant liabilities, a LIFO adjustment, acquisition expenses, certain severance and transition costs and an impairment charge related to internally developed software. The 2022 first-quarter adjusted results exclude a net non-core charge of 10 cents a share related to the effects of changes in fair value of warrant liabilities, a LIFO adjustment, and acquisition expenses.
Lazydays ended the first quarter with total estimated liquidity of $175.1 million, including $41.0 million of cash on hand, $20.0 million of availability on a revolving line of credit, $62.5 million of immediately available cash on a floor plan offset account and $60.8 million of unfinanced real estate that it estimates could provide approximately $51.6 million of liquidity.
During the quarter the company received approximately $30.5 million of proceeds from the exercise of approximately 4.0 million outstanding common share warrants, resulting in 2.7 million shares of common stock at an exercise price of $11.50 per share. The remaining 300,000 common share warrants expired on March 15, 2023.
The company recently opened a new dealership in Council Bluffs, IA located just east of Omaha, NE. The store is the company’s 20th location nationwide and is expected to add approximately $35 million in annualized revenue.
Lazydays RV of Council Bluffs is a 42,000-square-foot state-of-the-art full-service RV dealership and carries some of the nation’s top brands, including Grand Design, Thor Motor Coach, Coachmen, Keystone, and East to West. The new dealership expands the company’s footprint in the Midwest, complementing stores in Texas, Oklahoma, Indiana, Minnesota, and Wisconsin.
Lazydays expects to open an additional three greenfield dealerships in 2023.
Photo courtesy Lazydays Holdings
