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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022.

Commission File Number. 1-14173

 

MARINEMAX, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Florida

59-3496957

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification Number)

 

 

2600 McCormick Drive, Suite 200

 

Clearwater, Florida

33759

(Address of Principal Executive Offices)

(ZIP Code)

727-531-1700

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.001 per share

HZO

New York Stock Exchange

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.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

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

 

Item No.

Page

 

 

 

 

PART I. FINANCIAL INFORMATION

 

1.   

Financial Statements (Unaudited):

 

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2021 and 2022

 

3

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30, 2021 and 2022

 

4

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and June 30, 2022

 

5

 

Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months Ended June 30, 2021 and 2022

 

6

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2021 and 2022

 

8

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

2.   

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

22

 

 

 

 

3.   

Quantitative and Qualitative Disclosures About Market Risk

 

26

 

 

 

 

4.   

Controls and Procedures

 

27

 

 

 

 

PART II. OTHER INFORMATION

28

1.   

Legal Proceedings

 

28

1A.

Risk Factors

 

28

2.   

Unregistered Sales of Equity Securities and Use of Proceeds

 

28

3.   

Defaults Upon Senior Securities

 

28

4.   

Mine Safety Disclosures

 

28

5.   

Other Information

 

28

6.   

Exhibits

 

29

SIGNATURES

 

30

 

 

 

 

EX – 31.1

 

EX – 31.2

 

EX – 32.1

 

EX – 32.2

 

EX – 101 INSTANCE DOCUMENT

 

EX – 101 SCHEMA DOCUMENT

 

EX – 101 CALCULATION LINKBASE DOCUMENT

 

EX – 101 DEFINITION LINKBASE DOCUMENT

 

EX – 101 LABEL LINKBASE DOCUMENT

 

EX – 101 PRESENTATION LINKBASE DOCUMENT

 

 

 

 

 

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)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

Revenue

 

$

666,328

 

 

$

688,537

 

 

$

1,600,947

 

 

$

1,771,334

 

Cost of sales

 

 

461,654

 

 

 

452,064

 

 

 

1,116,066

 

 

 

1,162,347

 

Gross profit

 

 

204,674

 

 

 

236,473

 

 

 

484,881

 

 

 

608,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

Nine Months Ended June 30,

 

 

 

2021

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

&