~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

 

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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