~Record June Quarter Revenue Grows to Over $688 Million~ ~Gross Margins Continue to Expand~ ~Record Third Quarter Earnings Per Share of $3.17~ ~Raises Fiscal Year 2022 Guidance~

MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2022.

Revenue increased 3% to a record $688.5 million for the quarter ended June 30, 2022, from $666.3 million in the comparable period last year. Revenue growth benefitted from contributions of recent strategic acquisitions, as same-store sales declined 5% versus an increase of 6% a year ago and a 43% increase over the prior two-comparable periods. New unit sales grew year-over-year notwithstanding low inventory and supply chain challenges. The change in same store sales was primarily related to the on-going industry shortage of inventory, specifically larger product. The Company’s significant geographic and product diversification, in combination with accretive acquisitions, resulted in net income growing to $70.2 million and a 22% increase in earnings per diluted share to $3.17. This compares to earnings per diluted share of $2.59 in the comparable period last year.

For the nine-months ended June 30, 2022, revenue grew 11% to $1.77 billion compared with $1.60 billion for the same period last year. Same-store sales increased approximately 3%, on top of 21% growth for the same period last year. Net income for the nine months ended June 30, 2022, rose to $159.6 million, with earnings per diluted share rising over 33% to $7.11, compared with $122.2 million, or $5.33 per diluted share for the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “I am extremely proud of our team for continuing to execute, as we extend our long record of accelerating profitability and operating leverage expansion. We are building on our previously communicated strategic vision that we began deploying in 2019, to transform MarineMax into a more diversified business model that would create greater resilience across ever changing economic cycles. This strategy produced another quarter of record gross margins and profits, driving sustained profitability by focusing on higher margin businesses.”

Mr. McGill continued, “Business accelerated as we moved through the quarter, supported by unit growth year-over-year as we effectively worked to overcome ongoing supply chain challenges and the weather-related delay to the start of the Midwest boating season. In fact, excluding our Midwest markets, we saw over 8% new unit growth on a same-store basis in the quarter. We continue to gain market share, as the industry did not experience that same level of growth. As the world’s preferred boating and yacht retailer, we remain well capitalized to continue to enhance shareholder value through our wide-ranging geographic presence, broad product diversification, digital platform, strong balance sheet and a cycle tested management team.”

Updated 2022 Guidance Based on current business conditions, retail trends and other factors, as well as contributions from acquisitions closed in 2022, the Company is raising its fiscal year 2022 guidance for earnings per diluted share to a range of $8.05 to $8.45, which is increased from its previously provided guidance of $7.90 to $8.30 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 33 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest superyacht 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 second quarter ended June 30, 2022; our ability to make strategic long-term accretive acquisitions; our enhancement of 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 obtain and manage inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance 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, potential supply chain constraints 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 June 30,

 

Nine Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Revenue

$

688,537

 

$

666,328

 

$

1,771,334

 

$

1,600,947

Cost of sales

 

452,064

 

 

461,654

 

 

1,162,347

 

 

1,116,066

Gross profit

 

236,473

 

 

204,674

 

 

608,987

 

 

484,881

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

141,173

 

 

123,766

 

 

394,702

 

 

319,120

Income from operations

 

95,300

 

 

80,908

 

 

214,285

 

 

165,761

 

 

 

 

 

 

 

 

Interest expense

 

1,008

 

 

639

 

 

2,299

 

 

2,999

Income before income tax provision

 

94,292

 

 

80,269

 

 

211,986

 

 

162,762

 

 

 

 

 

 

 

 

Income tax provision

 

24,113

 

 

20,651

 

 

52,357

 

 

40,609

Net income

$

70,179

 

$

59,618

 

$

159,629

 

$

122,153

 

 

 

 

 

 

 

 

Basic net income per common share

$

3.26

 

$

2.69

 

$

7.34

 

$

5.53

 

 

 

 

 

 

 

 

Diluted net income per common share

$

3.17

 

$

2.59

 

$

7.11

 

$

5.33

 

 

 

 

 

 

 

 

Weighted average number of common shares used in computing net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

21,524,315

 

 

22,132,915

 

 

21,761,811

 

 

22,100,190

Diluted

 

22,173,273

 

 

23,037,679

 

 

22,455,828

 

 

22,922,526

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

 

June 30,

2022

 

June 30,

2021

ASSETS

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

281,351

 

 

$

200,121

 

Accounts receivable, net

 

61,863

 

 

 

60,195

 

Inventories, net

 

374,217

 

 

 

209,418

 

Prepaid expenses and other current assets

 

18,566

 

 

 

18,316

 

Total current assets

 

735,997

 

 

 

488,050

 

 

 

 

 

Property and equipment, net

 

226,647

 

 

 

166,058

 

Operating lease right-of-use assets, net

 

100,127

 

 

 

104,641

 

Goodwill and other intangible assets, net

 

248,194

 

 

 

186,691

 

Other long-term assets

 

9,104

 

 

 

10,650

 

Total assets

$

1,320,069

 

 

$

956,090

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

56,533

 

 

$

28,741

 

Contract liabilities (customer deposits)

 

138,375

 

 

 

86,704

 

Accrued expenses

 

97,088

 

 

 

89,696

 

Short-term borrowings

 

107,222

 

 

 

2,861

 

Current maturities on long-term debt

 

3,028

 

 

 

3,293

 

Current operating lease liabilities

 

10,323

 

 

 

10,275

 

Total current liabilities

 

412,569

 

 

 

221,570

 

 

 

 

 

Long-term debt, net of current maturities

 

45,834

 

 

 

48,374

 

Noncurrent operating lease liabilities

 

92,774

 

 

 

96,830

 

Deferred tax liabilities, net

 

17,805

 

 

 

8,419

 

Other long-term liabilities

 

8,347

 

 

 

8,126

 

Total liabilities

 

577,329

 

 

 

383,319

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

Preferred stock

 

--

 

 

 

--

 

Common stock

 

29

 

 

 

28

 

Additional paid-in capital

 

300,411

 

 

 

288,923

 

Accumulated other comprehensive income (loss)

 

(1,351

)

 

 

1,264

 

Retained earnings

 

592,307

 

 

 

399,852

 

Treasury stock

 

(148,656

)

 

 

(117,296

)

Total stockholders’ equity

 

742,740

 

 

 

572,771

 

Total liabilities and stockholders’ equity

$

1,320,069

 

 

$

956,090

 

MarineMax, Inc. and Subsidiaries

Segment Financial Information

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

Nine Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Retail Operations

$

657,930

 

 

$

656,826

 

 

$

1,690,172

 

 

$

1,591,445

 

Product Manufacturing

 

48,802

 

 

 

20,417

 

 

 

129,804

 

 

 

20,417

 

Elimination of intersegment revenue

 

(18,195

)

 

 

(10,915

)

 

 

(48,642

)

 

 

(10,915

)

Revenue

$

688,537

 

 

$

666,328

 

 

$

1,771,334

 

 

$

1,600,947

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

Retail Operations

$

90,655

 

 

$

79,988

 

 

$

204,124

 

 

$

164,841

 

Product Manufacturing

 

5,903

 

 

 

3,521

 

 

 

13,733

 

 

 

3,521

 

Elimination of intersegment income

 

(1,258

)

 

 

(2,601

)

 

 

(3,572

)

 

 

(2,601

)

Income from operations

$

95,300

 

 

$

80,908

 

 

$

214,285

 

 

$

165,761

 

 

Michael H. McLamb Chief Financial Officer Abbey Heimensen Public Relations MarineMax, Inc. 727.531.1700 Brad Cohen or Dawn Francfort ICR, LLC. investorrelations@marinemax.com

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