8-K
MARINEMAX INC (HZO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | January 27, 2022 |
|---|
MarineMax, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| Florida | 1-14173 | 59-3496957 | |
|---|---|---|---|
| _____________________<br><br><br>(State or other jurisdiction | _____________<br><br><br>(Commission | ______________<br><br><br>(I.R.S. Employer | |
| of incorporation) | File Number) | Identification No.) | |
| 2600 McCormick Drive, Suite 200, Clearwater, Florida | 33759 | ||
| _________________________________<br><br><br>(Address of principal executive offices) | ___________<br><br><br>(Zip Code) | ||
| Registrant’s telephone number, including area code: | 727-531-1700 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br><br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $.001 per share | HZO | New York Stock Exchange |
Item 2.02 Results of Operations and Financial Condition.
On January 27, 2022, MarineMax, Inc. issued a press release announcing its results of operations for its first fiscal quarter ended December 31, 2021. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information in this Report of Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.
Item 9.01 Financial Statements and Exhibits.
Press release of MarineMax, Inc. dated January 27, 2022, reporting the financial results for the first fiscal quarter ended December 31, 2021.
Exhibit Index
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release of MarineMax, Inc. dated January 27, 2022, reporting the financial results for the first fiscal quarter ended December 31, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MarineMax, Inc. | ||
|---|---|---|
| By: | /s/ Michael H. McLamb<br><br><br> <br><br><br>Name: Michael H. McLamb<br>Title: Executive Vice President, Chief Financial Officer and Secretary |
|
| January 27, 2022 |
hzo-ex991_6.htm
Exhibit 99.1
MARINEMAX REPORTS RECORD FISCAL 2022 FIRST QUARTER RESULTS
~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~
CLEARWATER, FL, January 27, 2022 – 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.
~ more ~
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.
| Contact: | ||
|---|---|---|
| Michael H. McLamb | Brad Cohen or Dawn Francfort | |
| Chief Financial Officer | ICR, LLC. | |
| Abbey Heimensen | investorrelations@marinemax.com. | |
| Public Relations | ||
| MarineMax, Inc. | ||
| 727.531.1700 |
~ more ~
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<br><br><br>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, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2021 | 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, | |||||
| 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 |