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MarineMax Reports Record Fourth Quarter and Fiscal Year Results

10/26/2021

~Fourth Quarter Revenue Increases 16% to $462 Million~

~Achieves Highest Quarterly Gross Margin in Company’s History~

~Record Fourth Quarter Earnings Per Share of $1.45~

~Record Fiscal 2021 Revenue Surpasses $2 Billion; Over 13% Same-Store Sales Growth~

~Earnings Per Share of $6.78; Surpasses High End of Guidance Range for 2021~

~Company Provides Annual Guidance for Fiscal 2022~

CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced record results for its fourth quarter and full year ended September 30, 2021.

Revenue grew 16% to a record $462.3 million for the quarter ended September 30, 2021, from $398.8 million for the comparable quarter last year. The growth was driven primarily by successful strategic acquisitions completed during the fiscal year. Same-store sales for the quarter declined 7%, due to supply constrained inventory, but was up against 33% growth in the comparable period last year.

Net income for the quarter ended September 30, 2021, was $32.8 million, or $1.45 per diluted share, compared to $25.6 million, or $1.13 per diluted share in the comparable period prior year. Included in the quarter ended September 30, 2020, were net charges of $1.5 million or $0.06 per diluted share, related primarily to costs associated with the Company’s store optimization plan. Excluding the charges in 2020, adjusted diluted earnings per share for the quarter ended September 30, 2020, was $1.19.

For the fiscal year ended September 30, 2021, revenue increased 37% to $2.06 billion compared with $1.51 billion for the same period last year. The revenue increase was driven primarily by successful strategic acquisitions completed during the fiscal year and by strong same-store sales growth of over 13% which was on top of a 25% increase in the prior fiscal year.

Net income for the fiscal year ended September 30, 2021, was $155.0 million, or $6.78 per diluted share, compared to net income of $74.6 million, or $3.37 per diluted share in the prior year. The year ended September 30, 2020, included net charges of $1.3 million or $0.05 per diluted share as outlined above. Excluding the charges in 2020, adjusted diluted earnings per share was $3.42 in the prior year.

W. Brett McGill, Chief Executive Officer and President stated, “The MarineMax Team’s commitment and extraordinary efforts generated record revenue of more than $2 billion, our highest gross margin since inception and a near doubling of earnings per share. Perhaps most notable is that these results were delivered while providing world class customer service as evidenced by record high customer satisfaction scores. We are very proud of these outstanding achievements and believe this further demonstrates the scale and flexibility of our business model that is benefiting from investments in technology, growth in our asset light and higher margin businesses, increased penetration of highly desired brands and our recent strategic acquisitions. The foundational shift of consumer’s renewed desire for the boating lifestyle, continues to build, as both demand and backlog remain very robust.”

Mr. McGill continued, “Our balance sheet is extremely well-capitalized, which was further strengthened by our record 2021 EBITDA of over $225 million. This financial flexibility allows us to continue to pursue strategic accretive acquisitions which will further diversify our business and support sustainable future earnings and cash flow growth. With our deep manufacturing relationships, brand strategy, consumer preference for the MarineMax lifestyle experience and industry leading capital structure, we have increased confidence that the market will begin to recognize the significant value that we have created and that we expect to build upon in the future.”

As of September 30, 2021, the Company’s liquidity exceeded $327 million, consisting of cash and cash equivalents along with availability under its credit facilities.

Fiscal 2022 Guidance

Based on current business conditions, retail trends and other factors, the Company currently expects earnings per diluted share to be in the range of $7.20 to $7.50 for fiscal 2022. This compares to diluted earnings per 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 77 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. 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 fourth quarter and the fiscal year ended September 30, 2021; the Company's pursuit of strategic accretive acquisitions; the Company's diversification of its business, and its potential for sustainable future earnings and cash flow growth; the market's recognition of the significant value that the Company has created and expects to build upon in the future; 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 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, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 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
September 30,

 

Fiscal Year Ended
September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

462,310

 

$

398,762

 

$

2,063,257

 

$

1,509,713

Cost of sales

 

287,758

 

 

282,296

 

 

1,403,824

 

 

1,111,000

Gross profit

 

174,552

 

 

116,466

 

 

659,433

 

 

398,713

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

130,854

 

 

83,714

 

 

449,974

 

 

291,998

Income from operations

 

43,698

 

 

32,752

 

 

209,459

 

 

106,715

 

 

 

 

 

 

 

 

Interest expense

 

666

 

 

785

 

 

3,665

 

 

9,275

Income before income tax provision

 

43,032

 

 

31,967

 

 

205,794

 

 

97,440

 

 

 

 

 

 

 

 

Income tax provision

 

10,206

 

 

6,384

 

 

50,815

 

 

22,806

Net income

$

32,826

 

$

25,583

 

$

154,979

 

$

74,634

 

 

 

 

 

 

 

 

Basic net income per common share

$

1.51

 

$

1.18

 

$

7.04

 

$

3.46

 

 

 

 

 

 

 

 

Diluted net income per common share

$

1.45

 

$

1.13

 

$

6.78

 

$

3.37

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

 

21,742,888

 

 

21,716,081

 

 

22,010,130

 

 

21,547,665

Diluted

 

22,673,350

 

 

22,604,060

 

 

22,859,498

 

 

22,125,338

 
 

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)

 

 

September 30,
2021

 

September 30,
2020

ASSETS

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

222,192

 

 

$

155,493

 

Accounts receivable, net

 

47,651

 

 

 

40,195

 

Inventories, net

 

230,984

 

 

 

298,002

 

Prepaid expenses and other current assets

 

16,692

 

 

 

9,637

 

Total current assets

 

517,519

 

 

 

503,327

 

 

 

 

Property and equipment, net

 

175,463

 

 

 

141,934

 

Operating lease right-of-use assets, net

 

104,901

 

 

 

37,991

 

Goodwill and other intangible assets, net

 

201,122

 

 

 

84,293

 

Other long-term assets

 

8,818

 

 

 

7,774

 

Total assets

$

1,007,823

 

 

$

775,319

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

25,739

 

 

$

37,343

 

Contract liabilities (customer deposits)

 

100,660

 

 

 

31,821

 

Accrued expenses

 

86,594

 

 

 

51,616

 

Short-term borrowings

 

23,943

 

 

 

144,393

 

Current maturities on long-term debt

 

3,587

 

 

 

507

 

Current operating lease liabilities

 

10,570

 

 

 

6,854

 

Total current liabilities

 

251,093

 

 

 

272,534

 

 

 

 

Long-term debt, net of current maturities

 

47,498

 

 

 

7,343

 

Noncurrent operating lease liabilities

 

96,956

 

 

 

33,473

 

Deferred tax liabilities, net

 

9,268

 

 

 

4,509

 

Other long-term liabilities

 

8,116

 

 

 

2,063

 

Total liabilities

 

412,931

 

 

 

319,922

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

29

 

 

 

28

 

Additional paid-in capital

 

288,901

 

 

 

280,436

 

Accumulated other comprehensive income

 

648

 

 

 

829

 

Retained earnings

 

432,678

 

 

 

277,699

 

Treasury stock

 

(127,364

)

 

 

(103,595

)

Total shareholders’ equity

 

594,892

 

 

 

455,397

 

Total liabilities and shareholders’ equity

$

1,007,823

 

 

$

775,319

 

 
 

MarineMax, Inc. and Subsidiaries

Segment Financial Information

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2021

 

 

 

2020

 

 

2021

 

 

 

2020

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Retail Operations

$

452,168

 

 

$

398,762

 

$

2,043,613

 

 

$

1,509,713

Product Manufacturing

 

23,583

 

 

 

 

 

44,000

 

 

 

Elimination of intersegment revenue

 

(13,441

)

 

 

 

 

(24,356

)

 

 

Revenue

$

462,310

 

 

$

398,762

 

$

2,063,257

 

 

$

1,509,713

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

Retail Operations

$

42,193

 

 

$

32,752

 

$

207,034

 

 

$

106,715

Product Manufacturing

 

3,419

 

 

 

 

 

6,940

 

 

 

Elimination of intersegment income

 

(1,914

)

 

 

 

 

(4,515

)

 

 

Income from operations

$

43,698

 

 

$

32,752

 

$

209,459

 

 

$

106,715

 
 

MarineMax, Inc. and Subsidiaries
Supplemental Financial Information
(Amounts in thousands, except share and per share data)
(Unaudited)

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Net income

$

32,826

 

$

25,583

 

 

$

154,979

 

$

74,634

 

Store closing charges

 

 

 

1,659

 

 

 

 

 

1,659

 

Hurricane expenses

 

 

 

196

 

 

 

 

 

 

Tax adjustments for items noted above (1)

 

 

 

(371

)

 

 

 

 

(388

)

Adjusted net income

$

32,826

 

$

27,067

 

 

$

154,979

 

$

75,905

 

 

 

 

 

 

 

 

 

Diluted net income per common share

$

1.45

 

$

1.13

 

 

$

6.78

 

$

3.37

 

Store closing expenses

 

 

 

0.07

 

 

 

 

 

0.07

 

Hurricane expenses

 

 

 

0.01

 

 

 

 

 

 

Tax adjustments for items noted above (1)

 

 

 

(0.02

)

 

 

 

 

(0.02

)

Adjusted diluted net income per common share

$

1.45

 

$

1.19

 

 

$

6.78

 

$

3.42

 

 

(1) Adjustments for taxes for unusual items are calculated based on the effective tax rate for each respective period presented and the jurisdiction of the adjustment.

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Net income

$

32,826

 

$

25,583

 

$

154,979

 

$

74,634

Interest expense

 

666

 

 

785

 

 

3,665

 

 

9,275

Income tax provision

 

10,206

 

 

6,384

 

 

50,815

 

 

22,806

Depreciation and amortization

 

4,027

 

 

3,318

 

 

15,606

 

 

12,772

EBITDA (2)

$

47,725

 

$

36,070

 

$

225,065

 

$

119,487

 

(2) We define EBITDA as earnings before interest expense, income tax provision, and depreciation and amortization.

 

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
MarineMax, Inc.

Source: MarineMax, Inc.

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