~Record December
Quarter Revenue Grows 15% to Over $472 Million~
~Same-Store Sales Growth of 9% Driven By
Comparable New Unit Growth~
~Gross Margin Expands to a Record 35% in the
Quarter~
~Record First Quarter Earnings Per Share of
$1.59~
~Raises Fiscal Year 2022 Guidance~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced record results for its
first quarter ended December 31, 2021.
Revenue increased 15% to a record $472.7 million for the quarter
ended December 31, 2021 from $411.5 million in the comparable
period last year. The revenue growth was due to contributions from
recent strategic acquisitions and strong same-store sales growth of
9%, driven by increased unit sales. The 9% same-store sales growth
was on top of over 20% growth in the comparable quarter last year.
Given the Company’s significant geographic and product
diversification, accretive acquisitions which have generally had a
higher gross margin profile and a solid demand environment, net
income increased 52% to $35.9 million and earnings per diluted
share grew 53% to $1.59. This compares to earnings per diluted
share of $1.04 in the comparable period last year.
W. Brett McGill, Chief Executive Officer and President, stated,
“We delivered record revenue, cash flow and earnings growth in the
quarter. This was on top of very strong performance a year ago, as
we have continued to outperform by effectively executing on our
growth strategy. Our 9% same-store sales growth was driven
primarily by unit sales growth, which is notable given the
continued industry wide supply chain challenges. We delivered world
class customer service as we executed on our customer centric
strategy, supported by our global market presence, premium brands,
deep manufacturing relationships and ongoing investments in
technology. The meaningful margin expansion in the quarter was
bolstered by increased product margins and growth in our higher
margin businesses that drove significant operating leverage in the
quarter.”
Mr. McGill continued, “Our accretive acquisitions are all
successfully integrated and continue to contribute to our
performance. Our balance sheet, with substantial tangible net worth
and liquidity, coupled with our cycle tested management team,
provides us a significant competitive advantage which will allow us
to take advantage of growth opportunities through all economic
cycles. Additionally, the foundational shift of consumers’ renewed
desire for the boating lifestyle continues to build, as both demand
and backlog remain very robust. With the peak selling season ahead,
we expect to build on the strong start to our fiscal year and we
remain confident that our growth strategy will continue to enhance
long term shareholder value.”
2022 Guidance
Based on current business conditions, retail trends and other
factors, as well as contributions from acquisitions closed in the
December 2021 quarter, the Company is raising its fiscal year 2022
guidance for earnings per diluted share to a range of $7.60 to
$8.00, which is increased from its previously provided guidance of
$7.20 to $7.50 per diluted share. This compares to earnings per
diluted 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 79 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. Intrepid Powerboats, a MarineMax company,
manufactures powerboats and sells through a direct-to-consumer
model. 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 first quarter ended December 31, 2021;
the Company's competitive advantage and its ability to take
advantage of growth opportunities through all economic cycles; the
foundational shift of consumers' renewed desire for the boating
lifestyle; the Company's growth strategy and the related
enhancement to long term shareholder value; 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
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 (including their supply of
products sold by the Company), and the overall economy, general
economic conditions, as well as those within the Company's
industry, the level of consumer spending, the Company’s ability to
integrate acquisitions into existing operations, and numerous other
factors identified in the Company’s Form 10-K for the fiscal year
ended September 30, 2021 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
December 31,
2021
2020
Revenue
$
472,691
$
411,524
Cost of sales
305,492
288,123
Gross profit
167,199
123,401
Selling, general, and administrative
expenses
119,997
91,417
Income from operations
47,202
31,984
Interest expense
637
1,268
Income before income tax provision
46,565
30,716
Income tax provision
10,622
7,116
Net income
$
35,943
$
23,600
Basic net income per common share
$
1.64
$
1.07
Diluted net income per common share
$
1.59
$
1.04
Weighted average number of common shares
used in computing net income per common share:
Basic
21,899,264
22,025,898
Diluted
22,663,694
22,745,125
MarineMax, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands)
(Unaudited)
December 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
216,315
$
120,939
Accounts receivable, net
39,468
44,001
Inventories, net
325,396
378,863
Prepaid expenses and other current
assets
16,736
14,583
Total current assets
597,915
558,386
Property and equipment, net
217,513
149,657
Operating lease right-of-use assets,
net
101,835
105,633
Goodwill and other intangible assets,
net
247,116
143,114
Other long-term assets
10,757
8,098
Total assets
$
1,175,136
$
964,888
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
27,244
$
22,379
Contract liabilities (customer
deposits)
144,550
55,389
Accrued expenses
81,437
67,457
Short-term borrowings
113,461
163,394
Current maturities on long-term debt
3,587
2,704
Current operating lease liabilities
9,641
9,861
Total current liabilities
379,920
321,184
Long-term debt, net of current
maturities
46,623
50,124
Noncurrent operating lease liabilities
94,913
98,220
Deferred tax liabilities, net
13,161
5,911
Other long-term liabilities
7,167
6,867
Total liabilities
541,784
482,306
SHAREHOLDERS' EQUITY:
Preferred stock
—
—
Common stock
29
28
Additional paid-in capital
291,814
283,101
Accumulated other comprehensive income
252
1,749
Retained earnings
468,621
301,299
Treasury stock
(127,364
)
(103,595
)
Total shareholders’ equity
633,352
482,582
Total liabilities and shareholders’
equity
$
1,175,136
$
964,888
MarineMax, Inc. and
Subsidiaries
Segment Financial
Information
(Amounts in thousands)
(Unaudited)
Three Months Ended
December 31,
2021
2020
Revenue:
Retail Operations
$
454,618
$
411,524
Product Manufacturing
34,244
—
Elimination of intersegment revenue
(16,171
)
—
Revenue
$
472,691
$
411,524
Income from operations:
Retail Operations
$
45,123
$
31,984
Product Manufacturing
3,443
—
Elimination of intersegment income
(1,364
)
—
Income from operations
$
47,202
$
31,984
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220127005098/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
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