Quarterly Report (10-q)
April 27 2023 - 04:10PM
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
MARCH 31,
2023.
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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 April 24, 2023 was
21,854,964.
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
|
|
|
Six Months Ended
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
|
Revenue
|
|
$
|
610,106
|
|
|
$
|
570,340
|
|
|
$
|
1,082,797
|
|
|
$
|
1,078,267
|
|
|
|
Cost of sales
|
|
|
404,791
|
|
|
|
369,431
|
|
|
|
710,283
|
|
|
|
690,461
|
|
|
|
Gross profit
|
|
|
205,315
|
|
|
|
200,909
|
|
|
|
372,514
|
|
|
|
387,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
|
133,532
|
|
|
|
145,504
|
|
|
|
253,529
|
|
|
|
295,901
|
|
|
|
Income from operations
|
|
|
71,783
|
|
|
|
55,405
|
|
|
|
118,985
|
|
|
|
91,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
654
|
|
|
|
13,280
|
|
|
|
1,291
|
|
|
|
22,764
|
|
|
|
Income before income tax provision
|
|
|
71,129
|
|
|
|
42,125
|
|
|
|
117,694
|
|
|
|
69,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
17,622
|
|
|
|
12,201
|
|
|
|
28,244
|
|
|
|
19,230
|
|
|
|
Net income
|
|
|
53,507
|
|
|
|
29,924
|
|
|
|
89,450
|
|
|
|
49,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net (loss) income attributable to non-controlling
interests
|
|
|
—
|
|
|
|
(111
|
)
|
|
|
—
|
|
|
|
186
|
|
|
|
Net income attributable to MarineMax, Inc.
|
|
$
|
53,507
|
|
|
$
|
30,035
|
|
|
$
|
89,450
|
|
|
$
|
49,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
2.45
|
|
|
$
|
1.37
|
|
|
$
|
4.09
|
|
|
$
|
2.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
$
|
2.37
|
|
|
$
|
1.35
|
|
|
$
|
3.96
|
|
|
$
|
2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used in computing
net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
21,861,438
|
|
|
|
21,853,557
|
|
|
|
21,880,558
|
|
|
|
21,804,326
|
|
|
|
Diluted
|
|
|
22,530,102
|
|
|
|
22,314,262
|
|
|
|
22,597,105
|
|
|
|
22,268,183
|
|
|
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
|
|
|
Six Months Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
|
Net income
|
$
|
53,507
|
|
|
$
|
29,924
|
|
|
$
|
89,450
|
|
|
$
|
49,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
(547
|
)
|
|
|
1,224
|
|
|
|
(1,036
|
)
|
|
|
6,310
|
|
|
|
Interest rate swap contract
|
|
442
|
|
|
|
(182
|
)
|
|
|
535
|
|
|
|
(251
|
)
|
|
|
Total other comprehensive income (loss), net of tax
|
|
(105
|
)
|
|
|
1,042
|
|
|
|
(501
|
)
|
|
|
6,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
53,402
|
|
|
|
30,966
|
|
|
|
88,949
|
|
|
|
55,970
|
|
|
|
Less: comprehensive (loss) income attributable to non-controlling
interests
|
|
—
|
|
|
|
(72
|
)
|
|
|
—
|
|
|
|
426
|
|
|
|
Comprehensive income attributable to MarineMax, Inc.
|
$
|
53,402
|
|
|
$
|
31,038
|
|
|
$
|
88,949
|
|
|
$
|
55,544
|
|
|
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,
|
|
|
March 31,
|
|
|
|
|
2022
|
|
|
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
228,274
|
|
|
$
|
204,339
|
|
|
Accounts receivable, net
|
|
|
50,287
|
|
|
|
116,910
|
|
|
Inventories
|
|
|
454,359
|
|
|
|
711,296
|
|
|
Prepaid expenses and other current assets
|
|
|
21,077
|
|
|
|
21,710
|
|
|
Total current assets
|
|
|
753,997
|
|
|
|
1,054,255
|
|
|
Property and equipment, net of accumulated depreciation of
$111,274 and
$127,266
|
|
|
246,011
|
|
|
|
499,418
|
|
|
Operating lease right-of-use assets, net
|
|
|
96,837
|
|
|
|
138,525
|
|
|
Goodwill
|
|
|
235,585
|
|
|
|
558,613
|
|
|
Other intangible assets, net
|
|
|
10,886
|
|
|
|
42,134
|
|
|
Other long-term assets
|
|
|
9,455
|
|
|
|
31,783
|
|
|
Total assets
|
|
$
|
1,352,771
|
|
|
$
|
2,324,728
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
34,342
|
|
|
$
|
44,598
|
|
|
Contract liabilities (customer deposits)
|
|
|
144,427
|
|
|
|
113,934
|
|
|
Accrued expenses
|
|
|
89,402
|
|
|
|
113,803
|
|
|
Short-term borrowings
|
|
|
132,026
|
|
|
|
498,647
|
|
|
Current maturities on long-term debt
|
|
|
2,882
|
|
|
|
32,409
|
|
|
Current operating lease liabilities
|
|
|
9,693
|
|
|
|
9,981
|
|
|
Total current liabilities
|
|
|
412,772
|
|
|
|
813,372
|
|
|
Long-term debt, net of current maturities
|
|
|
45,301
|
|
|
|
407,335
|
|
|
Noncurrent operating lease liabilities
|
|
|
89,657
|
|
|
|
121,813
|
|
|
Deferred tax liabilities, net
|
|
|
15,401
|
|
|
|
47,638
|
|
|
Other long-term liabilities
|
|
|
6,974
|
|
|
|
83,310
|
|
|
Total liabilities
|
|
|
570,105
|
|
|
|
1,473,468
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
Preferred stock, $.001 par
value,
1,000,000 shares
authorized,
none issued
or outstanding
as of September 30, 2022 and March 31,
2023
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $.001 par
value,
40,000,000 shares
authorized,
28,939,846 and
29,120,578 shares
issued and
21,672,825 and
21,853,557 shares
outstanding as of
September 30, 2022 and March 31, 2023,
respectively
|
|
|
29
|
|
|
|
29
|
|
|
Additional paid-in capital
|
|
|
303,432
|
|
|
|
313,848
|
|
|
Accumulated other comprehensive (loss) income
|
|
|
(2,806
|
)
|
|
|
3,013
|
|
|
Retained earnings
|
|
|
630,667
|
|
|
|
680,392
|
|
|
Treasury stock, at cost,
7,267,021 shares
held as of September 30, 2022
and March 31, 2023
|
|
|
(148,656
|
)
|
|
|
(148,656
|
)
|
|
Total shareholders’ equity attributable to MarineMax,
Inc.
|
|
|
782,666
|
|
|
|
848,626
|
|
|
Non-controlling interests
|
|
|
—
|
|
|
|
2,634
|
|
|
Total shareholders’ equity
|
|
|
782,666
|
|
|
|
851,260
|
|
|
Total liabilities and shareholders’
equity
|
|
$
|
1,352,771
|
|
|
$
|
2,324,728
|
|
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
|
|
|
Non-controlling
|
|
|
Shareholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (loss)
|
|
|
Earnings
|
|
|
Stock
|
|
|
Interests
|
|
|
Equity
|
|
|
BALANCE, September 30, 2022
|
|
|
28,939,846
|
|
|
$
|
29
|
|
|
$
|
303,432
|
|
|
$
|
(2,806
|
)
|
|
$
|
630,667
|
|
|
$
|
(148,656
|
)
|
|
$
|
-
|
|
|
$
|
782,666
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19,690
|
|
|
|
—
|
|
|
|
297
|
|
|
|
19,987
|
|
|
Non-controlling interests in subsidiaries from
acquisitions
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,208
|
|
|
|
2,208
|
|
|
Shares issued pursuant to employee stock purchase plan
|
|
|
49,572
|
|
|
|
—
|
|
|
|
1,255
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,255
|
|
|
Shares issued upon vesting of equity awards, net of minimum tax
withholding
|
|
|
126,552
|
|
|
|
—
|
|
|
|
(1,059
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,059
|
)
|
|
Shares issued upon exercise of stock options
|
|
|
1,000
|
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
Stock-based compensation
|
|
|
1,507
|
|
|
|
—
|
|
|
|
4,845
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,845
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,816
|
|
|
|
—
|
|
|
|
—
|
|
|
|
201
|
|
|
|
5,017
|
|
|
BALANCE, December 31, 2022
|
|
|
29,118,477
|
|
|
$
|
29
|
|
|
$
|
308,480
|
|
|
$
|
2,010
|
|
|
$
|
650,357
|
|
|
$
|
(148,656
|
)
|
|
$
|
2,706
|
|
|
$
|
814,926
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
30,035
|
|
|
|
—
|
|
|
$
|
(111
|
)
|
|
|
29,924
|
|
|
Stock-based compensation
|
|
|
2,101
|
|
|
|
—
|
|
|
|
5,368
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,368
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,003
|
|
|
|
—
|
|
|
|
—
|
|
|
|
39
|
|
|
|
1,042
|
|
|
BALANCE, March 31, 2023
|
|
|
29,120,578
|
|
|
$
|
29
|
|
|
$
|
313,848
|
|
|
$
|
3,013
|
|
|
$
|
680,392
|
|
|
$
|
(148,656
|
)
|
|
$
|
2,634
|
|
|
$
|
851,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Accumulated
Other
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Treasury
|
|
|
Non-controlling
|
|
|
Shareholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (loss)
|
|
|
Earnings
|
|
|
Stock
|
|
|
Interest
|
|
|
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
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|