Lazydays Holdings, Inc. Reports First Quarter 2022 Financial Results

May 5, 2022

TAMPA, Fla., May 5, 2022 / — Lazydays Holdings, Inc.  (“Lazydays” or the “Company”) (NasdaqCM: LAZY) announced  financial results for the first quarter ended March 31, 2022.  Net Income for the quarter was $28.3 million, up $19.4 million compared to the first quarter of 2021.  First quarter revenue was $376.2 million, up $105.2 million compared to the first quarter of 2021.   EBITDA of $44.8 million was up 60.9% compared to the first quarter of 2021.

First Quarter Financial Results and Highlights:

  • Revenues for the first quarter were $376.2 million; up $105.2 million, or 38.8%, versus the first quarter of 2021. Revenue from sales of Recreational Vehicles (“RVs”) was $340.5 million for the first quarter, up $95.6 million, or 39.0%, versus the first quarter of 2021. RV unit sales excluding wholesale units, were 3,748 for the quarter, up 551 units, or 17.2% versus the first quarter of 2021. New and preowned RV sales revenues were $217.4 million and $123.0 million for the quarter, up 29.9% and 58.8% respectively compared to the first quarter of 2021.
  • Gross profit, excluding last-in-first-out (“LIFO”) adjustments, was $101.6 million, up $35.6 million, or 54.0%, versus the first quarter of 2021. Gross margin excluding LIFO adjustments increased between the two periods, to 27.0% in the first quarter of 2022 from 24.4% in the first quarter of 2021. This increase was driven by the increase in units sold, the increase in the average selling price of new and pre-owned units, and the expansion of vehicle sales margins due to industry-wide reduced inventory levels and strong consumer demand. Gross profit for the quarter including LIFO adjustments was $99.2 million; up $35.1 million, or 54.7%, versus the first quarter of 2021. This gross profit comparison reflects a $0.6 million net increase in LIFO adjustments between the two periods.
  • Excluding transaction costs, stock-based compensation, and depreciation and amortization; Selling, General and Administrative expense (“SG&A”) for the first quarter of 2022 was $55.9 million, up $18.2 million compared to the prior year. The increase in SG&A expenses was related to overhead associated with the Maryville, Tennesseedealership acquired in March 2021, overhead associated with the Portland, Oregon, Vancouver, Washington and Milwaukee, Wisconsin dealerships acquired in August 2021, overhead associated with the Monticello, Minnesotadealership opened in March 2022, and increased performance wages as a result of the increased unit sales and revenues for the period ending March 31, 2022.
  • Depreciation and amortization increased $0.9 million, and transaction costs decreased $0.3 million compared to the prior year.
  • Adjusted EBITDA, a non-GAAP financial measure, was $44.8 million for the first quarter, up $16.9 million compared to 2021. EBITDA Margin, a non-GAAP financial measure, improved to 11.9% in the first quarter of 2022 from 10.3% in the first quarter of 2022.
  • As of March 31, 2022, cash was $89.6 million down $8.6 million from December 31, 2021. The decrease includes the impact of cash used in operating activities of $17.4 million and cash paid for purchases of property and equipment and acquisitions of $7.9 million, offset by cash provided by financing activities of $16.8 million. Operating cash flow includes the negative impact of a $41.4 million increase in inventory as RV inventory continues to recover from depleted levels. The cash impact of this inventory increase was offset by a $38.1 million floorplan cash inflow reflected in cash provided by financing activities. Cash provided by financing activities also includes cash outflows of $19.2 million for the repurchase of 1,086,797 shares of common stock at an average price of approximately $17.64.
  • The reported first quarter $28.3 million net income includes $1.5 million of non-cash non-operating income recognizing a change in the fair value of warrant liabilities, versus a $6.5 million expense in 2021.

Conference Call Information:

The Company has scheduled a conference call at 10:00 AM Eastern Time on May 5, 2022 that will also be broadcast live over the internet. The call can be accessed as follows:

Via online registration at: or via webcast by clicking the link.

A live audio webcast of the conference call will be available online at

A telephonic replay of the conference call will be available until May 12, 2022 and may be accessed by calling 1-800-770-2030 or 1-647-362-9199 with a conference ID number of 1488544. The webcast will be archived in the Investor Relations section of the Company’s website.


As an iconic brand in the RV industry, Lazydays, The RV Authority, consistently provides the best RV sales, service, and ownership experience, which is why RVers and their families become Customers for Life. Lazydays continues to add locations at a rapid pace as it executes its geographic expansion strategy that includes both acquisitions and greenfields.

Since 1976, Lazydays RV has built a reputation for providing an outstanding customer experience with exceptional service excellence and unparalleled product expertise, along with being a preferred place to rest and recharge with other RVers. By offering the largest selection of RV brands from the nation’s leading manufacturers, state-of-the-art service facilities, and thousands of accessories and hard-to-find parts, Lazydays RV provides everything RVers need and want.

Lazydays Holdings, Inc. is a publicly listed company on the Nasdaq stock exchange under the ticker “LAZY.”

Forward‐Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.  Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, including statements regarding Lazydays’ expectations for future operating results, its expectations regarding the impact of its acquisitions of recently acquired dealerships in Maryville, Tennessee, Portland, Oregon, Vancouver, Washington and Milwaukee, Wisconsin; its greenfield start-ups near Nashville, Tennessee, Monticello, Minnesota, Fort Pierce, Florida, near Omaha, Nebraska, Wilmington, Ohio and Surprise, Arizona; and it recently announced intent to acquire Dave’s Claremore RV; are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Lazydays. Actual results could differ materially from those projected due to various factors, including the impact of the war between Russia and Ukraine, including from current and future sanctions imposed by governments or other authorities, economic conditions generally (including increases in fuel costs), conditions in the credit markets and changes in interest rates, conditions in the capital markets, the continuing impact of the coronavirus pandemic (COVID-19), the effects of inflation, other factors described from time to time in Lazydays’ public announcements and SEC reports and filings, which are available at and other factors that Lazydays may not have currently identified or quantified. Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.

News Contact:
+1 (813) 204-4099