Lazydays (LAZY) - 2021 Q2 - Quarterly Report

Financial Performance - Total revenues for the three months ended June 30, 2021, were $322.8 million, a 50.9% increase from $214.0 million in the same period of 2020[14] - Net income for the three months ended June 30, 2021, was $25.3 million, compared to $5.3 million for the same period in 2020, representing a 377.4% increase[14] - The company reported a basic EPS of $1.69 for the three months ended June 30, 2021, compared to $0.25 for the same period in 2020[14] - Net income for the six months ended June 30, 2021, was $34.2 million, compared to $8.7 million for the same period in 2020, representing a significant increase of 292%[21] - Total revenue for the six months ended June 30, 2021, was $593.8 million, up from $404.8 million for the same period in 2020, reflecting a 46.6% growth[37] Assets and Liabilities - Total assets increased to $480.1 million as of June 30, 2021, up from $444.0 million as of December 31, 2020, reflecting an 8.0% growth[12] - Current liabilities decreased to $151.4 million as of June 30, 2021, from $174.2 million as of December 31, 2020, a reduction of 13.0%[12] - Total liabilities decreased to $283.6 million as of June 30, 2021, from $303.5 million as of December 31, 2020[12] - The company’s additional paid-in capital rose to $93.0 million as of June 30, 2021, up from $71.2 million as of December 31, 2020[12] Cash Flow and Liquidity - The company’s cash position improved to $104.3 million as of June 30, 2021, compared to $63.5 million as of December 31, 2020, an increase of 64.4%[9] - Total cash provided by operating activities for the six months ended June 30, 2021, was $83.7 million, slightly up from $83.6 million in the same period of 2020[21] - The ending cash balance as of June 30, 2021, was $104.3 million, up from $62.1 million at the end of June 2020[22] - Cash at the end of June 30, 2021, was $104,328,000, compared to $62,050,000 at the end of June 30, 2020, reflecting improved liquidity[22] Operational Costs - The company reported a total cost applicable to revenue of $236.6 million for the three months ended June 30, 2021, compared to $170.0 million for the same period in 2020, a 39.1% increase[14] - Advertising and promotion costs for the three months ended June 30, 2021, totaled approximately $5,201,000, an increase from $2,862,000 in the same period of 2020[53] - Stock-based compensation for the six months ended June 30, 2021, was $683,000, down from $1.0 million in the same period of 2020[21] Acquisitions and Investments - The Company completed the acquisition of BYRV, Inc. and BYRV Washington, Inc. on August 3, 2021, with a purchase price consisting of cash and the assumption of BYRV's floorplan debt[71] - The Company incurred $4.3 million in cash paid for acquisitions during the six months ended June 30, 2021, compared to $2.7 million in the same period of 2020[21] Shareholder Information - The Company declared dividends of $1,197,000 on its Series A Convertible Preferred Stock as of June 30, 2021[50] - The maximum amount of cash dividends that the Company could distribute to stockholders was limited to $49,523 million as of June 30, 2021[96] Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[14] - Florida locations generated 46% of revenues for the three months ended June 30, 2021, down from 61% in the same period of 2020, showing a shift in geographic revenue concentration[59] Workforce and Operational Adjustments - The Company experienced a reduction in workforce by 25% in response to the COVID-19 pandemic, reflecting significant operational adjustments[62] - The Company received $8,704,000 in loans under the Paycheck Protection Program, with $6,626,000 of that amount forgiven as of June 30, 2021[61]