Lazydays Holdings, Inc. released financial results for the second quarter ended June 30, 2022.
Net Income for the quarter was $31.8 million, up $6.5 million compared to the second quarter of 2021. Second quarter revenue was $373.6 million, up $50.8 million compared to the second quarter of 2021. Adjusted EBITDA, a non-GAAP measure, of $38.4 million was down 6.8% compared to the second quarter of 2021.
Revenues for the second quarter were $373.6 million; up $50.8 million, or 15.7%, compared to the second quarter of 2021.
Revenue from sales of RVs was $337.3 million for the second quarter, up $47.1 million, or 16.2%, versus the second quarter of 2021.
RV unit sales excluding wholesale units, were 4,052 for the quarter, down 156 units, or 3.7% versus the second quarter of 2021.
New and preowned RV sales revenues were $219.2 million and $118.1 million for the quarter, up 8.7% and 33.1% respectively compared to the second quarter of 2021.
Inventories normalized for most towable products by the end of the quarter, while many motorized products remained below desired levels. Gross profit for the quarter including LIFO adjustments was $99.3 million; up $13.1 million, or 15.2%, versus the second quarter of 2021. This gross profit comparison reflects a $1.7 million net increase in LIFO adjustments between the two periods.
In the Lazydays Holdings, Inc. Second Quarter 2022 Financial Results Conference Call, Lazydays CFO Nicholas Tomashot said the organization has seen lead generation and order activity going up in July, in part due to dealer promotions.
“There’s a really nice Baird survey that shows the trends on dealers that are saying they’re offering promotional activity. And so you’ll just see across the industry, manufacturing that are allowing us to advertise met pricing,” Tomashot said. “So, this promotion activity, I believe, is driving interest. And we’ve actually seen a correlation with brands we were targeting for promotion and a bump in lead generation.”
Tomashot said the company has also been rebalancing stock levels to include more used product, augmenting the lack of new product in certain areas. “We love the preowned business,” he said. “I don’t even call it used. I call it preowned.”
When asked by a caller if Lazydays has seen overall retail demand increase as the quarter progressed, CEO Robert DeVincenzi said the company’s backlog of orders is lower than what it would typically be this time of year. He referred to Camping World’s recently released quarterly results.
“We are working on really rebalancing our inventory, getting the assortment where we want,” DeVincenzi said. “And as Camping World had mentioned, see us taking down inventories a bit between now and the next few months. And then just remember, we are… our cycle is a little different because of the large camp operation. We will be seeing some stocking up at the end of the calendar year as we move into Super Show, which is in January.”
