Lazydays RV sales and total revenue increased dramatically this June compared to the same month last year, according to preliminary financial results for the quarter ending June 30, 2020.
Lazydays reported $214 million in revenue this quarter compared to $169 million in the second quarter of 2019. Lazydays RV sales were up 40% this entire quarter compared to last year.
The RV dealer took a hit in April due to the COVID-19 pandemic, but saw its sales climb much higher than pre-pandemic levels during the next two months. RV unit sales increased 55% from May 2019 to May 2020, and in June further spiked to 88% higher than the previous year.
“Given the unique business environment created by the COVID-19 pandemic the company believes it is helpful to provide preliminary results, including a month-by-month breakout of preliminary key financial measures for the quarter,” Lazydays announced.
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It is important to note that these results are preliminary, the company said, and the results have not been subjected to a quarterly review. Preliminary Revenue for the quarter is $214 million and net income is $7 million. Preliminary key metrics by month are provided below, as well as a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income.
April 2020 Preliminary Results
- RV unit sales decreased 11% to 636 units versus 711 units in April 2019
- Total Revenue decreased 30% to $41 million compared to $59 million in April 2019
- Adjusted EBITDA, decreased 88% to $0.5 million versus $3.9 million in April 2019
- In April, most states were still under shelter in place orders, which the Company believes significantly impacted customer demand.
May 2020 Preliminary Results
- RV unit sales increased 55% to 1,175 units versus 759 units in May 2019
- Total Revenue increased 38% to $83 million compared to $60 million in May 2019
- Adjusted EBITDA increased 98% to $7.0 million versus $3.6 million in May 2019
June 2020 Preliminary Results
- RV unit sales increased 81% to 1,124 units versus 622 units in June 2019
- Total Revenue increased 82% to $90 million compared to $50 million in June 2019
- Adjusted EBITDA increased 212% to $7.6 million versus $2.4 million in June 2019
Quarter ending June 30, 2020 Preliminary Results
- RV unit sales increased 40% to 2,935 units versus 2,092 units in the second quarter of 2019
- Total Revenue increased 30% to $214 million compared to $169 million in the second quarter of 2019
- Adjusted EBITDA increased 52% to $15.1 million versus $9.9 million in the second quarter of 2019
- The Company ended the quarter with a cash balance of $62 million
- The Company believes its inventory levels are growing again as OEMs continue to ramp up production of new RVs
- Demand in July continues to be strong