Lazydays (LAZY)2020-07-31 20:15Financial Performance - Total revenues for the three months ended June 30, 2020, were 168.546 million in the same period of 2019[15]. - Net income for the three months ended June 30, 2020, was 1.858 million for the same period in 2019, representing a 335% increase[15]. - Basic and diluted earnings per share for the three months ended June 30, 2020, were 0.02 for the same period in 2019[15]. - Operating income for the six months ended June 30, 2020, was 12,546,000 for the same period in 2019, reflecting a 55% increase[15]. - Net income for the six months ended June 30, 2020, was 3,702,000 for the same period in 2019, representing an increase of 198%[20]. - The company reported a net income attributable to common stock of 333,000 in the same period of 2019[15]. - For the three months ended June 30, 2020, net earnings allocated to common stock were 205,000 for the same period in 2019, representing a significant increase[41]. Assets and Liabilities - The company reported a total of 406.636 million as of December 31, 2019[10]. - Current liabilities decreased to 174.733 million as of December 31, 2019, a reduction of approximately 14.6%[13]. - The company’s total liabilities decreased to 270.313 million as of December 31, 2019[13]. - Total stockholders' equity increased to 75,430,000 as of December 31, 2019[13]. - The company’s additional paid-in capital decreased slightly to 79,186,000 as of December 31, 2019[13]. Cash and Cash Flow - The company’s cash position improved significantly, with cash increasing to 31.458 million at the end of 2019[10]. - Total cash provided by operating activities increased to 59,047,000 in 2019, marking a 41.7% increase[20]. - The company reported a net cash increase of 3,549,000 in the prior year[20]. - The company’s ending cash balance as of June 30, 2020, was 30,152,000 at the end of June 30, 2019[20]. Inventory Management - The company’s inventory decreased to 160.864 million as of December 31, 2019, indicating improved inventory management[10]. - As of June 30, 2020, total inventories were valued at 160,864 as of December 31, 2019, indicating a reduction of approximately 37.5%[71]. Debt and Financing - The gross floor plan notes payable was 144,133 as of December 31, 2019, representing a decrease of approximately 35.9%[86]. - The M&T Term Loan had an outstanding balance of 8,704,955, with a fixed interest rate of 1.0% and maturity dates ranging from April 29, 2022, to May 4, 2022[89]. - The interest rate on the M&T Floor Plan Line of Credit was approximately 2.27825% as of June 30, 2020[85]. Management and Workforce - The Company’s CEO has an initial base salary of $540,000, with a target bonus of 100% of the base salary[93]. - Senior management opted to forgo 25% of their salary due to COVID-19 but resumed normal salaries in late May 2020[96]. - The Company reduced its workforce by 25% in response to the COVID-19 pandemic[52]. Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[15]. - Florida locations generated 61% of revenues for the three months ended June 30, 2020, down from 64% in the same period of 2019[50]. - The Company experienced modestly higher vehicle sales in the first half of each year, particularly during winter months in Florida[46]. Tax and Dividends - The effective tax rate for the three months ended June 30, 2020, was approximately 25%, a decrease from 53% in the same period of 2019[91]. - The Company did not declare a dividend payment on the Series A Preferred Stock for the six months ended June 30, 2020, resulting in an increase of the carrying amount of the preferred stock[110]. - The Company did not declare and pay dividends as of June 30, 2020, resulting in the Series A Convertible Preferred Stock being convertible into 6,880,741 shares of common stock[42].