Lazydays (US:LAZY)2021-06-28 20:27Financial Performance - Total revenues for Q1 2021 reached $270,993,000, a 42% increase from $190,854,000 in Q1 2020[15] - Net income for Q1 2021 was $8,844,000, compared to $3,399,000 in Q1 2020, representing a 160% increase[15] - Basic EPS for Q1 2021 was $0.54, significantly up from $0.12 in Q1 2020[15] - Net income for the three months ended March 31, 2021, was $8,844,000, compared to $3,399,000 for the same period in 2020, representing a 160% increase[22] - Total revenue for the three months ended March 31, 2021, was $270,993,000, up 42% from $190,854,000 in the same period in 2020[36] - New vehicle revenue increased to $167,411,000 in Q1 2021 from $102,444,000 in Q1 2020, representing a 63.4% growth[36] - For the three months ended March 31, 2021, the company generated gross profit of $64.1 million, up from $41.5 million in the same period of 2020, resulting in a gross margin increase from 21.7% to 23.7%[168] - Adjusted EBITDA for the three months ended March 31, 2021, was $27.822 million, compared to $9.523 million for the same period in 2020[198] Assets and Liabilities - Total assets increased to $468,424,000 as of March 31, 2021, up from $443,998,000 as of December 31, 2020[10] - Cash and cash equivalents rose to $79,469,000 from $63,512,000, reflecting a 25% increase[10] - Total stockholders' equity increased to $115,235,000 as of March 31, 2021, compared to $85,516,000 at the end of 2020[13] - Current liabilities decreased slightly to $170,783,000 from $174,177,000[13] - The company experienced a reduction in floor plan notes payable, decreasing to $92,822,000 from $105,399,000[13] - As of March 31, 2021, total inventories were valued at $112,533, a decrease from $116,267 as of December 31, 2020[83] - Accounts payable and accrued expenses increased to $44,618 as of March 31, 2021, up from $38,781 at the end of 2020[84] Cash Flow - Net cash provided by operating activities increased to $24,823,000 for the three months ended March 31, 2021, up from $16,127,000 in the prior year, reflecting a 54% growth[22] - Cash paid during the period for interest decreased to $1,802,000 in Q1 2021 from $2,592,000 in Q1 2020, a reduction of approximately 30%[24] - The company reported a net increase in cash of $15,957,000 for the three months ended March 31, 2021, compared to $11,811,000 in the same period of 2020, representing a 35% increase[22] - Cash used in investing activities was approximately $6.2 million for the three months ended March 31, 2021, compared to cash provided of $3.2 million for the same period in 2020, indicating a shift of $9.4 million[202] - Cash used in financing activities was approximately $2.7 million for the three months ended March 31, 2021, a decrease from $7.5 million for the same period in 2020, primarily due to net repayments on the M&T Floor Plan Line of Credit[203] Operational Efficiency - SG&A expenses as a percentage of gross profit decreased from 75.0% in Q1 2020 to 58.8% in Q1 2021, indicating improved operational efficiency[171] - Selling, general, and administrative expenses increased by $6.6 million, or 21.2%, to $37.723 million for the three months ended March 31, 2021, from $31.118 million in 2020[187] Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development[15] - Florida locations accounted for 61% of revenues in Q1 2021, down from 75% in Q1 2020, indicating a shift in geographic revenue concentration[56] - The company experienced significant improvement in sales starting in May 2020, attributed to increased consumer demand for outdoor travel[162] - The company acquired inventory from Chilhowee Trailer Sales, Inc. as part of an asset purchase agreement, enhancing its product offerings[158] Debt and Financing - The Company has a $200,000 Senior Secured Credit Facility with M&T Bank, which was extended to September 15, 2021[92] - The M&T Facility includes a $175 million Floor Plan Line of Credit, a $20 million Term Loan, and a $5 million Revolver, with the maturity date extended to September 15, 2021[207] - The M&T Floor Plan Line of Credit allows financing of new vehicle inventory up to $175 million, with specific limits for pre-owned vehicle inventory and rental units[208] COVID-19 Impact - The Company experienced significant adverse impacts from the COVID-19 pandemic, although sales have increased since then, leading to uncertainty about future growth rates[145] - The company experienced a significant decline in new and pre-owned vehicle unit sales due to COVID-19, impacting parts, accessories, and related services revenues[58] - In response to reduced demand, the company reduced its workforce by 25% and suspended 2020 annual pay increases[60] Stock and Equity - The Company is authorized to issue 100 million shares of common stock and 5 million shares of preferred stock[120] - The 2018 Long-Term Incentive Equity Plan reserves up to 13% of shares of common stock outstanding on a fully diluted basis, with 299,557 shares available as of March 31, 2021[121] - The Company declared a dividend payment of $1.184 million for the three months ended March 31, 2021, which was paid on April 1, 2021[119]