Lazydays Holdings Inc
NASDAQ:GORV
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Lazydays Holdings Inc
Lazydays Holdings, Inc. retails recreational vehicles, motorcycles, jet skis and related accessories. The company is headquartered in New York City, New York and currently employs 1,500 full-time employees. The company went IPO on 2018-03-16. The firm operates recreational vehicle (RV) dealerships and offers a portfolio of products and services for RV owners and outdoor enthusiasts. The firm provides a spectrum of RV products: new and pre-owned RV sales, RV-parts and service, financing and insurance products, third-party protection plans, after-market parts and accessories, and RV camping facilities. The firm provides these offerings through its Lazydays branded dealerships. The firm operates approximately 16 Lazydays dealership and service locations across 10 states. The firm also has dealerships located at the Villages, Florida; Tucson and Phoenix, Arizona; Minneapolis, Minnesota; Knoxville, Nashville and Maryville, Tennessee; Loveland and Denver, Colorado; Elkhart and Burns Harbor, Indiana; Portland, Oregon; Vancouver, Washington, and Milwaukee, Wisconsin. The company also has a service center location near Houston, Texas.
Lazydays Holdings, Inc. retails recreational vehicles, motorcycles, jet skis and related accessories. The company is headquartered in New York City, New York and currently employs 1,500 full-time employees. The company went IPO on 2018-03-16. The firm operates recreational vehicle (RV) dealerships and offers a portfolio of products and services for RV owners and outdoor enthusiasts. The firm provides a spectrum of RV products: new and pre-owned RV sales, RV-parts and service, financing and insurance products, third-party protection plans, after-market parts and accessories, and RV camping facilities. The firm provides these offerings through its Lazydays branded dealerships. The firm operates approximately 16 Lazydays dealership and service locations across 10 states. The firm also has dealerships located at the Villages, Florida; Tucson and Phoenix, Arizona; Minneapolis, Minnesota; Knoxville, Nashville and Maryville, Tennessee; Loveland and Denver, Colorado; Elkhart and Burns Harbor, Indiana; Portland, Oregon; Vancouver, Washington, and Milwaukee, Wisconsin. The company also has a service center location near Houston, Texas.
Dealership Sales: Lazydays completed the sale of 5 dealerships to Camping World, repaying $145 million in debt and reducing SG&A expenses by $10 million year-over-year.
Footprint Optimization: The company signed a letter of intent to sell 3 more stores, expecting further deleveraging and cost reductions.
Profitability Improvement: Gross profit margins rose across all product lines, with gross profit for the quarter up $6 million year-over-year despite lower sales volume.
Unit Sales Down: New unit sales dropped 36% and preowned retail unit sales fell 48% due to divestitures and inventory strategy.
Cost Management: SG&A expenses fell to $39 million from $49 million last year, driven by a smaller store footprint.
Debt Reduction: The company reduced total debt by $145 million in the quarter.
Operating Results: Loss from operations was $2.3 million, but would have been a $600,000 profit excluding noncash impairment charges, compared to a $16.6 million loss last year.
Positive Outlook: Management remains confident in further operational and financial improvements, with continued focus on footprint and cost structure.
