~Fourth Quarter Revenue Increases 16% to
$462 Million~
~Achieves
Highest Quarterly Gross Margin in Company’s History~
~Record Fourth Quarter Earnings Per Share of
$1.45~
~Record Fiscal 2021 Revenue Surpasses $2
Billion; Over 13% Same-Store Sales Growth~
~Earnings Per Share of $6.78; Surpasses High
End of Guidance Range for 2021~
~Company Provides Annual Guidance for Fiscal
2022~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced record results for its
fourth quarter and full year ended September 30, 2021.
Revenue grew 16% to a record $462.3 million for the quarter
ended September 30, 2021, from $398.8 million for the comparable
quarter last year. The growth was driven primarily by successful
strategic acquisitions completed during the fiscal year. Same-store
sales for the quarter declined 7%, due to supply constrained
inventory, but was up against 33% growth in the comparable period
last year.
Net income for the quarter ended September 30, 2021, was $32.8
million, or $1.45 per diluted share, compared to $25.6 million, or
$1.13 per diluted share in the comparable period prior year.
Included in the quarter ended September 30, 2020, were net charges
of $1.5 million or $0.06 per diluted share, related primarily to
costs associated with the Company’s store optimization plan.
Excluding the charges in 2020, adjusted diluted earnings per share
for the quarter ended September 30, 2020, was $1.19.
For the fiscal year ended September 30, 2021, revenue increased
37% to $2.06 billion compared with $1.51 billion for the same
period last year. The revenue increase was driven primarily by
successful strategic acquisitions completed during the fiscal year
and by strong same-store sales growth of over 13% which was on top
of a 25% increase in the prior fiscal year.
Net income for the fiscal year ended September 30, 2021, was
$155.0 million, or $6.78 per diluted share, compared to net income
of $74.6 million, or $3.37 per diluted share in the prior year. The
year ended September 30, 2020, included net charges of $1.3 million
or $0.05 per diluted share as outlined above. Excluding the charges
in 2020, adjusted diluted earnings per share was $3.42 in the prior
year.
W. Brett McGill, Chief Executive Officer and President stated,
“The MarineMax Team’s commitment and extraordinary efforts
generated record revenue of more than $2 billion, our highest gross
margin since inception and a near doubling of earnings per share.
Perhaps most notable is that these results were delivered while
providing world class customer service as evidenced by record high
customer satisfaction scores. We are very proud of these
outstanding achievements and believe this further demonstrates the
scale and flexibility of our business model that is benefiting from
investments in technology, growth in our asset light and higher
margin businesses, increased penetration of highly desired brands
and our recent strategic acquisitions. The foundational shift of
consumer’s renewed desire for the boating lifestyle, continues to
build, as both demand and backlog remain very robust.”
Mr. McGill continued, “Our balance sheet is extremely
well-capitalized, which was further strengthened by our record 2021
EBITDA of over $225 million. This financial flexibility allows us
to continue to pursue strategic accretive acquisitions which will
further diversify our business and support sustainable future
earnings and cash flow growth. With our deep manufacturing
relationships, brand strategy, consumer preference for the
MarineMax lifestyle experience and industry leading capital
structure, we have increased confidence that the market will begin
to recognize the significant value that we have created and that we
expect to build upon in the future.”
As of September 30, 2021, the Company’s liquidity exceeded $327
million, consisting of cash and cash equivalents along with
availability under its credit facilities.
Fiscal 2022 Guidance
Based on current business conditions, retail trends and other
factors, the Company currently expects earnings per diluted share
to be in the range of $7.20 to $7.50 for fiscal 2022. This compares
to diluted earnings per share of $6.78 in fiscal 2021. These
expectations do not consider, or give effect for, material
acquisitions that may be completed by the Company during fiscal
2022 or other unforeseen events, including changes in global
economic conditions.
About MarineMax
MarineMax is the world’s largest recreational boat and yacht
retailer, selling new and used recreational boats, yachts and
related marine products and services, as well as providing yacht
brokerage and charter services. MarineMax has over 100 locations
worldwide, including 77 retail dealership locations, which includes
31 marinas or storage operations. Through Fraser Yachts and
Northrop and Johnson, the Company also is the largest super-yacht
services provider, operating locations across the globe. Cruisers
Yachts, a MarineMax company, manufactures boats and yachts with
sales through our select retail dealership locations and through
independent dealers. MarineMax provides finance and insurance
services through wholly owned subsidiaries and operates MarineMax
Vacations in Tortola, British Virgin Islands. The Company also
operates Boatyard, a pioneering digital platform that enhances the
boating experience. MarineMax is a New York Stock Exchange-listed
company (NYSE: HZO). For more information, please visit
www.marinemax.com.
Forward Looking Statement
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include the Company’s anticipated
financial results for the fourth quarter and the fiscal year ended
September 30, 2021; the Company's pursuit of strategic accretive
acquisitions; the Company's diversification of its business, and
its potential for sustainable future earnings and cash flow growth;
the market's recognition of the significant value that the Company
has created and expects to build upon in the future; and the
Company's fiscal 2022 guidance. These statements are based on
current expectations, forecasts, risks, uncertainties, and
assumptions that may cause actual results to differ materially from
expectations as of the date of this release. These risks,
assumptions and uncertainties include the Company’s abilities to
reduce inventory, manage expenses and accomplish its goals and
strategies, the quality of the new product offerings from the
Company’s manufacturing partners, the performance and integration
of the recently-acquired businesses, the impacts (direct and
indirect) of COVID-19 on the Company’s business, the Company’s
employees, the Company’s manufacturing partners, and the overall
economy, general economic conditions, as well as those within the
Company's industry, the level of consumer spending, and numerous
other factors identified in the Company’s Form 10-K for the fiscal
year ended September 30, 2020 and other filings with the Securities
and Exchange Commission. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
MarineMax, Inc. and
Subsidiaries Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended September
30,
Fiscal Year Ended September
30,
2021
2020
2021
2020
Revenue
$
462,310
$
398,762
$
2,063,257
$
1,509,713
Cost of sales
287,758
282,296
1,403,824
1,111,000
Gross profit
174,552
116,466
659,433
398,713
Selling, general, and administrative
expenses
130,854
83,714
449,974
291,998
Income from operations
43,698
32,752
209,459
106,715
Interest expense
666
785
3,665
9,275
Income before income tax provision
43,032
31,967
205,794
97,440
Income tax provision
10,206
6,384
50,815
22,806
Net income
$
32,826
$
25,583
$
154,979
$
74,634
Basic net income per common share
$
1.51
$
1.18
$
7.04
$
3.46
Diluted net income per common share
$
1.45
$
1.13
$
6.78
$
3.37
Weighted average number of common shares
used in computing net income per common share:
Basic
21,742,888
21,716,081
22,010,130
21,547,665
Diluted
22,673,350
22,604,060
22,859,498
22,125,338
MarineMax, Inc. and
Subsidiaries Condensed Consolidated Balance Sheets (Amounts in
thousands) (Unaudited)
September 30, 2021
September 30, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
222,192
$
155,493
Accounts receivable, net
47,651
40,195
Inventories, net
230,984
298,002
Prepaid expenses and other
current assets
16,692
9,637
Total current assets
517,519
503,327
Property and equipment, net
175,463
141,934
Operating lease right-of-use
assets, net
104,901
37,991
Goodwill and other intangible
assets, net
201,122
84,293
Other long-term assets
8,818
7,774
Total assets
$
1,007,823
$
775,319
LIABILITIES AND
SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
25,739
$
37,343
Contract liabilities (customer
deposits)
100,660
31,821
Accrued expenses
86,594
51,616
Short-term borrowings
23,943
144,393
Current maturities on long-term
debt
3,587
507
Current operating lease
liabilities
10,570
6,854
Total current liabilities
251,093
272,534
Long-term debt, net of current
maturities
47,498
7,343
Noncurrent operating lease
liabilities
96,956
33,473
Deferred tax liabilities,
net
9,268
4,509
Other long-term liabilities
8,116
2,063
Total liabilities
412,931
319,922
SHAREHOLDERS' EQUITY:
Preferred stock
—
—
Common stock
29
28
Additional paid-in capital
288,901
280,436
Accumulated other comprehensive income
648
829
Retained earnings
432,678
277,699
Treasury stock
(127,364
)
(103,595
)
Total shareholders’ equity
594,892
455,397
Total liabilities and
shareholders’ equity
$
1,007,823
$
775,319
MarineMax, Inc. and
Subsidiaries
Segment Financial
Information
(Amounts in thousands)
(Unaudited)
Three Months Ended September
30,
Fiscal Year Ended September
30,
2021
2020
2021
2020
Revenue:
Retail Operations
$
452,168
$
398,762
$
2,043,613
$
1,509,713
Product Manufacturing
23,583
—
44,000
—
Elimination of intersegment
revenue
(13,441
)
—
(24,356
)
—
Revenue
$
462,310
$
398,762
$
2,063,257
$
1,509,713
Income from operations:
Retail Operations
$
42,193
$
32,752
$
207,034
$
106,715
Product Manufacturing
3,419
—
6,940
—
Elimination of intersegment
income
(1,914
)
—
(4,515
)
—
Income from operations
$
43,698
$
32,752
$
209,459
$
106,715
MarineMax, Inc. and
Subsidiaries Supplemental Financial Information (Amounts in
thousands, except share and per share data) (Unaudited)
Three Months Ended September
30,
Fiscal Year Ended September
30,
2021
2020
2021
2020
Net income
$
32,826
$
25,583
$
154,979
$
74,634
Store closing charges
—
1,659
—
1,659
Hurricane expenses
—
196
—
—
Tax adjustments for items noted above
(1)
—
(371
)
—
(388
)
Adjusted net income
$
32,826
$
27,067
$
154,979
$
75,905
Diluted net income per common share
$
1.45
$
1.13
$
6.78
$
3.37
Store closing expenses
—
0.07
—
0.07
Hurricane expenses
—
0.01
—
—
Tax adjustments for items noted above
(1)
—
(0.02
)
—
(0.02
)
Adjusted diluted net income per common
share
$
1.45
$
1.19
$
6.78
$
3.42
(1) Adjustments for taxes for unusual items are calculated based
on the effective tax rate for each respective period presented and
the jurisdiction of the adjustment.
Three Months Ended September
30,
Fiscal Year Ended September
30,
2021
2020
2021
2020
Net income
$
32,826
$
25,583
$
154,979
$
74,634
Interest expense
666
785
3,665
9,275
Income tax provision
10,206
6,384
50,815
22,806
Depreciation and amortization
4,027
3,318
15,606
12,772
EBITDA (2)
$
47,725
$
36,070
$
225,065
$
119,487
(2) We define EBITDA as earnings before interest expense, income
tax provision, and depreciation and amortization.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211026005149/en/
Investors: Michael H. McLamb Chief Financial Officer
727-531-1700 Brad Cohen or Dawn Francfort ICR, LLC
investors@marinemax.com Media: Abbey Heimensen
Abbey.Heimensen@marinemax.com MarineMax, Inc.
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