Quarterly Report (10-q)
July 28 2022 - 04:02PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30,
2022.
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Commission File Number. 1-14173
MARINEMAX, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Florida
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59-3496957
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification Number)
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2600 McCormick Drive, Suite 200
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Clearwater, Florida
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33759
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(Address of Principal Executive Offices)
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(ZIP Code)
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727-531-1700
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $.001 per share
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HZO
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New York Stock Exchange
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Indicate by check mark whether the registrant: (1) has
filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of
this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in
Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
|
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☐
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Emerging growth company
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|
☐
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of outstanding shares of the registrant’s Common Stock
on July 25, 2022 was 21,534,161.
MARINEMAX, INC. AND SUBSIDIARIES
Table of
Contents
2
PART I.
FINANCIAL INFORMATION
ITEM 1.
Financial Statements
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
|
|
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Three Months Ended
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Nine Months Ended
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June 30,
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June 30,
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2021
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2022
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2021
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2022
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Revenue
|
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$
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666,328
|
|
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$
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688,537
|
|
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$
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1,600,947
|
|
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$
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1,771,334
|
|
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Cost of sales
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461,654
|
|
|
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452,064
|
|
|
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1,116,066
|
|
|
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1,162,347
|
|
|
Gross profit
|
|
|
204,674
|
|
|
|
236,473
|
|
|
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484,881
|
|
|
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608,987
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|
|
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|
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|
|
|
|
|
|
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|
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|
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Selling, general, and administrative expenses
|
|
|
123,766
|
|
|
|
141,173
|
|
|
|
319,120
|
|
|
|
394,702
|
|
|
Income from operations
|
|
|
80,908
|
|
|
|
95,300
|
|
|
|
165,761
|
|
|
|
214,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
639
|
|
|
|
1,008
|
|
|
|
2,999
|
|
|
|
2,299
|
|
|
Income before income tax provision
|
|
|
80,269
|
|
|
|
94,292
|
|
|
|
162,762
|
|
|
|
211,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
20,651
|
|
|
|
24,113
|
|
|
|
40,609
|
|
|
|
52,357
|
|
|
Net income
|
|
$
|
59,618
|
|
|
$
|
70,179
|
|
|
$
|
122,153
|
|
|
$
|
159,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
2.69
|
|
|
$
|
3.26
|
|
|
$
|
5.53
|
|
|
$
|
7.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
$
|
2.59
|
|
|
$
|
3.17
|
|
|
$
|
5.33
|
|
|
$
|
7.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used in computing
net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
22,132,915
|
|
|
|
21,524,315
|
|
|
|
22,100,190
|
|
|
|
21,761,811
|
|
|
Diluted
|
|
|
23,037,679
|
|
|
|
22,173,273
|
|
|
|
22,922,526
|
|
|
|
22,455,828
|
|
See accompanying Notes to Condensed Consolidated Financial
Statements.
3
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
Net income
|
$
|
59,618
|
|
|
$
|
70,179
|
|
|
$
|
122,153
|
|
|
$
|
159,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
260
|
|
|
|
(1,679
|
)
|
|
|
343
|
|
|
|
(2,715
|
)
|
|
Interest rate swap contract
|
|
(101
|
)
|
|
|
181
|
|
|
|
92
|
|
|
|
716
|
|
|
Total other comprehensive income (loss), net of tax
|
|
159
|
|
|
|
(1,498
|
)
|
|
|
435
|
|
|
|
(1,999
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
$
|
59,777
|
|
|
$
|
68,681
|
|
|
$
|
122,588
|
|
|
$
|
157,630
|
|
See accompanying Notes to Condensed Consolidated Financial
Statements.
4
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
(Unaudited)
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
|
2021
|
|
|
2022
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
222,192
|
|
|
$
|
281,351
|
|
|
Accounts receivable, net
|
|
|
47,651
|
|
|
|
61,863
|
|
|
Inventories, net
|
|
|
230,984
|
|
|
|
374,217
|
|
|
Prepaid expenses and other current assets
|
|
|
16,692
|
|
|
|
18,566
|
|
|
Total current assets
|
|
|
517,519
|
|
|
|
735,997
|
|
|
Property and equipment, net of accumulated depreciation of $97,814
and $111,588
|
|
|
175,463
|
|
|
|
226,647
|
|
|
Operating lease right-of-use assets, net
|
|
|
104,901
|
|
|
|
100,127
|
|
|
Goodwill and other intangible assets, net
|
|
|
201,122
|
|
|
|
248,194
|
|
|
Other long-term assets
|
|
|
8,818
|
|
|
|
9,104
|
|
|
Total assets
|
|
$
|
1,007,823
|
|
|
$
|
1,320,069
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
25,739
|
|
|
$
|
56,533
|
|
|
Contract liabilities (customer deposits)
|
|
|
100,660
|
|
|
|
138,375
|
|
|
Accrued expenses
|
|
|
86,594
|
|
|
|
97,088
|
|
|
Short-term borrowings
|
|
|
23,943
|
|
|
|
107,222
|
|
|
Current maturities on long-term debt
|
|
|
3,587
|
|
|
|
3,028
|
|
|
Current operating lease liabilities
|
|
|
10,570
|
|
|
|
10,323
|
|
|
Total current liabilities
|
|
|
251,093
|
|
|
|
412,569
|
|
|
Long-term debt, net of current maturities
|
|
|
47,498
|
|
|
|
45,834
|
|
|
Noncurrent operating lease liabilities
|
|
|
96,956
|
|
|
|
92,774
|
|
|
Deferred tax liabilities, net
|
|
|
9,268
|
|
|
|
17,805
|
|
|
Other long-term liabilities
|
|
|
8,116
|
|
|
|
8,347
|
|
|
Total liabilities
|
|
|
412,931
|
|
|
|
577,329
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.001 par value, 1,000,000 shares authorized, none
issued or outstanding
as of September 30, 2021 and June 30, 2022
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $.001 par value, 40,000,000 shares authorized,
28,588,863 and
28,798,700 shares issued and 21,821,842 and 21,531,679
shares outstanding as of
September 30, 2021 and June 30, 2022, respectively
|
|
|
29
|
|
|
|
29
|
|
|
Additional paid-in capital
|
|
|
288,901
|
|
|
|
300,411
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
648
|
|
|
|
(1,351
|
)
|
|
Retained earnings
|
|
|
432,678
|
|
|
|
592,307
|
|
|
Treasury stock, at cost, 6,767,021 and 7,267,021 shares held as of
September 30, 2021
and June 30, 2022, respectively
|
|
|
(127,364
|
)
|
|
|
(148,656
|
)
|
|
Total shareholders’ equity
|
|
|
594,892
|
|
|
|
742,740
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
1,007,823
|
|
|
$
|
1,320,069
|
|
See accompanying Notes to Condensed Consolidated Financial
Statements.
5
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity
(Amounts in thousands, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Accumulated
Other
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Treasury
|
|
|
Shareholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (loss)
|
|
|
Earnings
|
|
|
Stock
|
|
|
Equity
|
|
|
BALANCE, September 30, 2021
|
|
|
28,588,863
|
|
|
$
|
29
|
|
|
$
|
288,901
|
|
|
$
|
648
|
|
|
$
|
432,678
|
|
|
$
|
(127,364
|
)
|
|
$
|
594,892
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35,943
|
|
|
|
—
|
|
|
|
35,943
|
|
|
Shares issued pursuant to employee stock purchase plan
|
|
|
22,399
|
|
|
|
—
|
|
|
|
924
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
924
|
|
|
Shares issued upon vesting of equity awards,
net of minimum tax withholding
|
|
|
111,011
|
|
|
|
—
|
|
|
|
(1,429
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,429
|
)
|
|
Shares issued upon exercise of stock options
|
|
|
21,000
|
|
|
|
—
|
|
|
|
155
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
155
|
|
|
Stock-based compensation
|
|
|
684
|
|
|
|
—
|
|
|
|
3,263
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,263
|
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(396
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(396
|
)
|
|
BALANCE, December 31, 2021
|
|
|
28,743,957
|
|
|
$
|
29
|
|
|
$
|
291,814
|
|
|
$
|
252
|
|
|
$
|
468,621
|
|
|
$
|
(127,364
|
)
|
|
$
|
633,352
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
53,507
|
|
|
|
—
|
|
|
|
53,507
|
|
|
Purchase of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(16,269
|
)
|
|
|
(16,269
|
)
|
|
Shares issued upon vesting of equity awards,
net of minimum tax withholding
|
|
|
10,188
|
|
|
|
—
|
|
|
|
(161
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(161
|
)
|
|
Shares issued upon exercise of stock options
|
|
|
1,500
|
|
|
|
—
|
|
|
|
24
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24
|
|
|
Stock-based compensation
|
|
|
759
|
|
|
|
—
|
|
|
|
3,912
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,912
|
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(105
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(105
|
)
|
|
BALANCE, March 31, 2022
|
|
|
28,756,404
|
|
|
$
|
29
|
|
|
$
|
295,589
|
|
|
$
|
147
|
|
|
$
|
522,128
|
|
|
$
|
(143,633
|
)
|
|
$
|
674,260
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
70,179
|
|
|
|
—
|
|
|
|
70,179
|
|
|
Shares issued pursuant to employee stock purchase plan
|
|
|
29,833
|
|
|
|
—
|
|
|
|
1,021
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,021
|
|
|
Purchase of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,023
|
)
|
|
|
(5,023
|
)
|
|
Shares issued upon vesting of equity awards,
net of minimum tax withholding
|
|
|
11,347
|
|
|
|
—
|
|
|
|
(134
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(134
|
)
|
|
Stock-based compensation
|
|
|
1,116
|
|
|
|
—
|
|
|
|
3,935
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,935
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,498
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,498
|
)
|
|
BALANCE, June 30, 2022
|
|
|
28,798,700
|
|
|
$
|
29
|
|
|
$
|
300,411
|
|
|
$
|
(1,351
|
)
|
|
$
|
592,307
|
|
|
$
|
(148,656
|
)
|
|
$
|
742,740
|
|
See accompanying Notes to Condensed Consolidated Financial
Statements.
6
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity
(Amounts in thousands, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Accumulated
Other
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Treasury
|
|
|
Shareholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (loss)
|
|
|
Earnings
|
|
|
Stock
|
|
|
Equity
|
|
|
BALANCE, September 30, 2020
|
|
|
28,130,312
|
|
|
$
|
28
|
|
|
$
|
280,436
|
|
|
$
|
829
|
|
|
$
|
277,699
|
|
|
$
|
(103,595
|
)
|
|
$
|
455,397
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,600
|
|
|
|
—
|
|
|
|
23,600
|
|
|
Shares issued pursuant to employee stock purchase plan
|
|
|
83,572
|
|
|
|
—
|
|
|
|
740
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
740
|
|
|
Shares issued upon vesting of equity awards,
net of minimum tax withholding
|
|
|
121,303
|
|
|
|
—
|
|
|
|
(871
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(871
|
)
|
|
Shares issued upon exercise of stock options
|
|
|
56,746
|
|
|
|
—
|
|
|
|
783
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
783
|
|
|
Stock-based compensation
|
|
|
1,777
|
|
|
|
—
|
|
|
|
2,013
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,013
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
920
|
|
|
|
—
|
|
|
|
—
|
|
|
|
920
|
|
|
BALANCE, December 31, 2020
|
|
|
28,393,710
|
|
|
$
|
28
|
|
|
$
|
283,101
|
|
|
$
|
1,749
|
|
|
$
|
301,299
|
|
|
$
|
(103,595
|
)
|
|
$
|
482,582
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
38,935
|
|
|
|
—
|
|
|
|
38,935
|
|
|
Shares issued upon vesting of equity awards,
net of minimum tax withholding
|
|
|
9,899
|
|
|
|
—
|
|
|
|
(154
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(154
|
)
|
|
Shares issued upon exercise of stock options
|
|
|
15,333
|
|
|
|
—
|
|
|
|
186
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
186
|
|
|
Stock-based compensation
|
|
|
1,597
|
|
|
|
—
|
|
|
|
2,399
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,399
|
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(644
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(644
|
)
|
|
BALANCE, March 31, 2021
|
|
|
28,420,539
|
|
|
$
|
28
|
|
|
$
|
285,532
|
|
|
$
|
1,105
|
|
|
$
|
340,234
|
|
|
$
|
(103,595
|
)
|
|
$
|
523,304
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
59,618
|
|
|
|
—
|
|
|
|
59,618
|
|
|
Purchase of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,701
|
)
|
|
|
(13,701
|
)
|
|
Shares issued pursuant to employee stock purchase plan
|
|
|
38,412
|
|
|
|
—
|
|
|
|
838
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
838
|
|
|
Shares issued upon exercise of stock options
|
|
|
4,500
|
|
|
|
—
|
|
|
|
71
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
71
|
|
|
Stock-based compensation
|
|
|
913
|
|
|
|
—
|
|
|
|
2,482
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,482
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
159
|
|
|
|
—
|
|
|
|
—
|
|
|
|
159
|
|
|
BALANCE, June 30, 2021
|
|
|
28,464,364
|
|
|
$
|
28
|
|
|
$
|
288,923
|
|
|
$
|
1,264
|
|
|
$
|
399,852
|
|
|
$
|
(117,296
|
)
|
|
$
|
572,771
|
|
See accompanying Notes to Condensed Consolidated Financial
Statements
7
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)