RV Investor
 RV STOCKS AND INDUSTRY NEWS

 

 
Add to Google
 
Add to My Yahoo!
 
 
 
Guardado Advisors LLC
 
 
Made in the USA
 
Copyright © 2010 RV Investor
 

 
Lazydays (Private: LD Holdings, Inc.) Snapshot

 

Company Profile

 

Lazydays is the largest single-site RV dealership in the world. It is privately held by LD Holdings, Inc. and sells a wide range of products from motorhomes and travel trailers to services.

 

Consolidated Charting

 

Consolidated Statements
LDH Income Statement Fiscal Year (December 31)  
  2003 2004 2005 2006 2007
Revenue           
New Vehicles    416,165  477,166  475,712  445,576  449,501
Used Vehicles    278,592  260,018  263,742  248,615  264,589
Other     60,882    62,526    64,744    63,077    63,860
Total Revenue    755,639  799,710  804,198  757,268  777,950
Cost of Goods Sold    646,685  683,415  684,307  643,371  674,100
Gross Margin    108,954  116,295  119,891  113,897  103,850
As a % of Sales 26.2% 24.4% 25.2% 25.6% 23.1%
           
Operating Expenses          
SG&A     70,027    80,393    83,314    81,710    80,586
Depreciation       3,238      9,988      8,302      7,847      6,806
Loss on Extinguishment of Debt             -            -        348        102          74
Operating Expenses      73,265    90,381    91,964    89,659    87,466
As a % of Sales 17.6% 18.9% 19.3% 20.1% 19.5%
           
Operating Income     35,689    25,914    27,927    24,238    16,384
As a % of Sales 8.6% 5.4% 5.9% 5.4% 3.6%
  ssssss        
Income from Continuing Operations          
Floor Plan Interest Expense       2,556      2,441      3,565      4,170      3,543
Other Interest Expense       3,211    12,290    17,813    17,157    16,671
Earnings Before Interest And Taxes      29,922    11,183      6,549      2,911    (3,830)
Income Tax Expense        4,542      3,354      2,487      1,110    (1,376)
Net Income     25,380      7,829      4,062      1,801    (2,454)
As a % of Sales 6.1% 1.6% 0.9% 0.4% -0.5%
           
EBITDA     33,160    21,171    14,851    10,758      2,976
As a % of Sales 8.0% 4.4% 3.1% 2.4% 0.7%
           
LDH Balance Sheet Fiscal Year (December 31)  
  2003 2004 2005 2006 2007
Current Assets          
Cash And Cash Equivalents        8,576      5,104      4,726      3,254      8,909
Net Receivables      13,711    14,196    21,855    15,515    16,486
Refundable Income Taxes       1,369      7,504        491        378        996
Inventory      69,873    85,961    87,392  100,688    94,460
Deferred Income Taxes       2,352      1,105      
Prepaid Expenses and Other sssssssssss
      1,771
     1,820 s
     2,062
     3,002      3,450
Total Current Assets      97,651  115,690  116,526  122,837  124,301
  sssssssssss   s    
Long Term Assets          
Property Plant and Equipment  sssssssssss
    23,939
   35,421 s
   37,168
   36,971    34,049
Loan and Other Costs, Net       3,122      6,658      5,349      4,648      3,913
Goodwill     106,358  104,866  104,866  104,866
Intangible Assets, Net      81,509    77,690    75,223    73,325
Deferred Income Taxes       5,986        605      2,181            -  
Deposits and Other Non-Current Assets         190        244      
Other Long Term Assets  sssssssssss
        624
  s
       243
       228        130
Total Long Term Assets     33,861  230,794  227,497  221,936  216,283
  sssssssssss   s    
Total Assets     131,512  346,484  344,022  344,772  340,584
           
Current Liabilities          
Floor Plan Notes Payable     52,046    69,576    74,609    67,275    59,698
Current Maturities of Long Term Debt     18,019          147    
Current Maturities of ESOP Distribution Notes         342        
Accounts Payable  sssssssssss
    14,287
   17,399 s
   13,310
   11,903    20,095
Accrued Interest         519      2,596      2,608      2,548      2,415
Reserve for Charge-Backs         993      1,125      1,121      1,110      1,179
Customer Deposits         802        933        983      1,421      2,506
Deferred Income Taxes sssssssssss
      1,633
  s
       394
     2,157      2,013
Total Current Liabilities      88,640    91,629    93,173    86,415    87,906
           
Long Term Liabilities          
Long Term Debt      39,797  150,227  143,791  140,797  138,586
ESOP Distribution Notes, Less Current Mat.         889        
Reserve for Charge-Backs         776        909        964      1,042        998
Deferred Rent ssssss
      1,700
     1,884      1,802    14,134    14,078
Deferred Income Taxes      34,374    32,777    28,707    27,784
Deferred Compensation       3,623        
Other Long Term Liabilities           34          25          18          11          20
Total Long Term Liabilities     46,818  187,420  179,352  184,692  181,466
           
Total Liabilities     135,458  279,049  272,525  271,107  269,372
           
Stockholders' Equity          
Common Stock  ssssss
      0.001
     0.001      0.001      0.001      0.001
Unearned ESOP Shares of Parent  (114,130)        
Paid-In Capital    (16,823)    67,000    67,000    67,000    67,000
Retained Earnings  ssssss
    27,388
       435      4,497      6,665      4,212
Total Stockholder Equity  ssssss
 (103,565)
   67,435    71,497    73,665    71,212
  ssssss        
Total Liabilities + Stockholder Equity     31,893  346,484  344,022  344,772  340,584
  ssssss        
Asset Management Metrics          
Asset Turns (Rev/Assets)          5.7         2.3         2.3         1.3         1.3
Inventory Turns          9.3         8.0         7.8         6.4         7.1
Days Sales Outstanding           12          11          17          13          13
ST+LT Debt to Equity Ratio       (1.06)       3.52       3.06       2.82       2.78
Return on Assets (Net Inc/Assets) 19.3% 2.3% 1.2% 0.5% -0.7%
           
LDH Balance Sheet Fiscal Year (December 31)  
  2003 2004 2005 2006 2007
Net Income      25,380      7,829      4,062      1,801    (2,454)
  ssssssssssss   s    
Cash Flows from Operating Activities          
Depreciation of Property and Equipment       2,171      2,399      2,867      3,197      3,744
Depreciation of Rental Vehicle Inventory        2,158      3,230        435           3
Amortization of Intangible Assets        3,792      3,817      2,468      1,898
Amortization of Write-off of Loan and Other        1,067      3,647      1,310      1,489        922
Amortization of Discount on Long Term Debt          150        307        258        239
(Gain) Loss on sale of Prop. and Equip. ssss
          (7)
         80          32          (3)        (12)
Interest Capitalized on Senior Sub Debt          
Loss on Extinguishment of Debt            349        102          74
Provision for Doubtful Accounts         118        206          56        297        302
ESOP Compensation Expense         922        534      
Tax Benefit of ESOP       2,823      1,696      
Deferred Income Taxes     (8,338)       (705)        (96)       (347)    (1,067)
Changes In Accounts Receivables  ssssss
        965
      (691)    (7,716)      6,042    (1,272)
Changes In Inventories  ssssss
      4,214
  (13,179)    (4,661)   (13,732)       (618)
Changes In Pre-Paid Expenses          (65)        (49)       (242)       (940)      6,226
Refundable Income Taxes     (1,369)    (6,135)      7,013        114       (448)
Other Assets          (35)        (55)        (84)          14          98
Restricted Cash        (500)        624      
Changes In Accounts Payable ssssss
       (228)
     5,312    (4,033)       (447)      8,678
Reserve for Charge-Backs ssssss
        201
       265          51          67          25
Income Taxes Payable        (667)    (1,633)      
Deferred Rent         381        185        (82)        732        (56)
Deferred Compensation ssssss
       (467)
   (3,623)      
Total Cash Flow From Operating Activities      26,566      2,808      6,182      1,548    16,283
  ssssss        
Cash Flows from Investing Activities          
Proceeds from Sales of Assets 14 17          12          17          18
Capital Expenditures      (2,265)    (3,014)    (4,658)    (3,014)       (829)
Payment to Affiliate          
Net Advance to Parent ssssss        
Total Cash Flows From Investing Activities      (2,251)    (2,997)    (4,646)    (2,997)       (811)
  ssssss        
Cash Flows from Financing Activities          
Net Borrowings (Payments) Floor Plan ssssss
    (4,139)
   17,530      5,033    (7,333)    (7,104)
Issuance of Long Term Debt ssssssssssssss  150,077 ssss ssss  
Proceeds from Lease Renegotiation          11,600  
Repayments of Long Term Debt    (16,795)   (57,816)    (6,946)    (3,501)    (2,524)
Issuance of ESOP Distribution Notes       1,023        
Repayments of ESOP Distribution Notes        (342)    (1,231)      
Loan and Other Costs      (7,183)         (789)       (188)
Purchase of Treasury Stock of Parent          (96)        
Total Cash Flows From Financing Activities     (20,349)  101,378    (1,913)        (23)    (9,816)
  ssssss        
Change In Cash and Cash Equivalents        3,966  101,189       (377)    (1,472)      5,656

 

Units and Average Sales Price
Units and ASP Fiscal Year (December 31)  
  2003 2004 2005 2006 2007
           
New Unit Sales          
Class A Diesel     1,418 1,334 1,387
Class A Gas     697 563 539
Class C            319        365        349
Total New Motorized          2,434      2,262      2,275
Fifth Wheel     646 586 526
Travel Trailer     443 455 371
Other Trailers            816            -            -
Total New Towables     1,905 1,041 897
           
Total New Units 3,469 4,163 4,339 3,303 3,172
           
Used Unit Sales          
Class A Diesel     1,181 1,136 1,176
Class A Gas     1,029 870 789
Class C            399        345        397
Total Used Motorized     2,609 2,351 2,362
Fifth Wheel     399 387 351
Travel Trailer            891        377        412
Other Trailers            312        457        350
Total Used Towables     1,602 1,221 1,113
           
Total Used Units 3,961 3,745 4,211 3,572 3,475
           
All Unit Sales          
Class A Diesel     2,599 2,470 2,563
Class A Gas