Second quarter 2023 revenue decreased to $308.4 million from $373.6 million in the second quarter of 2022, according to a release.
Second quarter 2023 net income was $3.6 million, compared to $27.1 million for the same period in 2022. Second quarter 2023 adjusted net income, a non-GAAP measure, was $3.9 million compared to $23.5 million for the same period in 2022. Second quarter 2023 net income per diluted share was $0.12 compared to $0.81 for the same period in 2022. Adjusted second quarter 2023 net income per diluted share was $0.14 compared to $0.87 for the same period in 2022.
Net income for the first six months of 2023 was $3.3 million compared to $60.1 million for the same period in 2022. Adjusted net income for the first six months of 2023 was $5.1 million compared to $51.7 million for the same period in 2022. For the six months ended June 30 2023, net income per diluted share was $0.00 compared to $1.98 for the same period of 2022, and adjusted net income per diluted share was $0.13 compared to $2.12 for the same period in 2022.
As shown in the non-GAAP reconciliation tables, the second quarter 2023 adjusted results exclude a net non-core charge of $0.02 per diluted share related to LIFO adjustment, acquisition expenses and a storm reserve. The second quarter 2022 adjusted results exclude a net non-core charge of $0.06 related to the effects of changes in fair value of warrant liabilities, LIFO adjustment and acquisition expenses. The adjusted year-to-date results for the six months ended June 30, 2023, exclude a net non-core charge of $0.08 related to the effects of changes in the fair value of warrant liabilities, LIFO adjustment, acquisition expenses, transition costs, an impairment charge and a storm reserve. The adjusted year to date results for the same period in 2022 exclude a net non-core charge of $0.14 related to the effects of changes in the fair value of warrant liabilities, LIFO adjustment, acquisition expenses and transition costs.
Earlier this month we acquired Buddy Gregg Motorhomes in Knoxville, Tennessee. We estimate this store will add approximately $40 million in revenue at steady state and will more than offset the closure of our Maryville store due to the expansion of the Alcoa Highway by the Tennessee DOT.
In July, our Monticello, Minnesota store became exclusive to the Airstream brand. We renamed the store Airstream Minneapolis.
During the quarter we completed the purchase of a new 8-acre parcel in Las Vegas, Nevada and broke ground on a state-of-the-art facility to relocate our existing store in that market.
We remain on track to open our Wilmington, Ohio and Ft. Pierce, Florida greenfield locations in the third quarter and our Surprise, Arizona greenfield location in the fourth quarter of this year.
Balance Sheet Update
We ended the second quarter with total estimated liquidity of $85.3 million including cash of $24.2 million, $4.6 million of availability on our revolving credit facility and $56.4 million in available floor plan capacity and our floor plan offset account. Additionally, we hold unfinanced real estate of $72.0 million that we estimate could provide liquidity of approximately $61 million.
In July, we completed mortgages on our Murfreesboro, Tennessee store and on our Knoxville property purchased with the Buddy Gregg acquisition. These mortgages generated net proceeds of $30.6 million.
Conference Call Information:
We have scheduled a conference call at 8:30 AM Eastern Time on Friday, July 28, 2023 that will also be broadcast live over the internet.
The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations.
Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.
With a strategic approach to rapid expansion, we are growing our network through both acquisitions and new builds. Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you’re a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.
Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker “LAZY”.