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): | April 22, 2021 |
|---|
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 April 22, 2021, MarineMax, Inc. issued a press release announcing its results of operations for its second fiscal quarter ended March 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 April 22, 2021, reporting the financial results for the second fiscal quarter ended March 31, 2021.
Exhibit Index
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release of MarineMax, Inc. dated April 22, 2021, reporting the financial results for the second fiscal quarter ended March 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 |
|
| April 22, 2021 |
hzo-ex991_6.htm
Exhibit 99.1
MARINEMAX REPORTS RECORD FISCAL 2021 SECOND QUARTER RESULTS
~Record March Quarter Revenue Grows 70% to over $523 Million~
~Same-Store Sales Growth Exceeds 45% Driven By New Unit Growth~
~Gross Margin Expands to a Record 30% in the March Quarter~
~Record March Quarter Diluted EPS Increases More Than Sevenfold to $1.69~
~Raises Fiscal Year 2021 Guidance~
CLEARWATER, FL, April 22, 2021 – MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its second quarter ended March 31, 2021.
Revenue increased 70%, or over $214 million, to $523.1 million for the quarter ended March 31, 2021 from $308.5 million in the comparable period last year. Same-store sales grew over 45% on top of a 1% increase in the comparable quarter last year. The growth was driven by an increase in comparable new units sold driven by the strong demand for boating. The Company’s significant geographic and product diversification and the effective utilization of its digital platform have driven growth over the past several years. These factors, along with increased industry demand, resulted in net income and earnings per diluted share rising more than sevenfold to $38.9 million and $1.69, respectively. This compares to net income of $5.1 million and earnings per diluted share of $0.23 in the comparable period last year. The Company generated positive same-store sales growth during the March 2020 quarter, despite the impact of COVID-19.
For the six-months ended March 31, 2021, revenue grew over 52% to $934.6 million compared with $612.6 million for the same period last year. Same-store sales increased approximately 33% in the first half of fiscal year 2021 on top of 12% growth during the same period last year. Net income and earnings per diluted share increased more than fourfold for the six months ended March 31, 2021 to $62.5 million, and $2.73 per diluted share, respectively. This compares to net income of $14.1 million, or $0.64 per diluted share, in the same period last year.
W. Brett McGill, Chief Executive Officer and President, stated, “We delivered record sales and earnings growth in the quarter, driven by a robust 45% same-store sales increase and strong gross margins. We continue to gain market share as we capitalize on the foundational shift of new customers embracing the boating lifestyle and many of our existing customers upgrading to larger and newer boats. Additionally, our multiple product and service offerings enhance our customers boating needs while also driving growth. We extended our long track record of producing meaningful same-store sales growth while also executing on our balanced growth strategy. I am extremely proud of our team for successfully navigating through the pandemic and capitalizing on the ongoing changes in consumer behavior, while driving significant leverage in our operating model.”
Mr. McGill continued, “As we enter our most active season, our large on-order backlog provides us with additional confidence for the balance of fiscal 2021, into fiscal 2022 and beyond. With a balanced strategic plan, a committed team, premium brands, exceptional customer service, an enthusiastic customer base, a global market presence and the ongoing benefits from investment in technology, MarineMax is well-positioned to drive growth as the world’s preferred boating and yacht retailer.”
At March 31, 2021, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $350 million.
~ more ~
Updated 2021 Guidance
Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to the range of $5.50 to $5.65, which is increased from its previously provided guidance of $4.00 to $4.20 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 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, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating locations across the globe. 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 March 31, 2021; the foundational shift of new customers embracing and enjoying the boating lifestyle; the Company's growth strategy; the Company's confidence for the balance of fiscal 2021, fiscal 2022, and beyond; the Company's positioning for the future; and the Company's fiscal 2021 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 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, 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.
| 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 |
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31, | March 31, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Revenue | $ | 523,095 | $ | 308,475 | $ | 934,618 | $ | 612,647 |
| Cost of sales | 366,289 | 229,699 | 654,411 | 453,853 | ||||
| Gross profit | 156,806 | 78,776 | 280,207 | 158,794 | ||||
| Selling, general, and administrative expenses | 103,936 | 69,060 | 195,354 | 133,446 | ||||
| Income from operations | 52,870 | 9,716 | 84,853 | 25,348 | ||||
| Interest expense | 1,092 | 3,013 | 2,360 | 6,357 | ||||
| Income before income tax provision | 51,778 | 6,703 | 82,493 | 18,991 | ||||
| Income tax provision | 12,843 | 1,638 | 19,958 | 4,867 | ||||
| Net income | $ | 38,935 | $ | 5,065 | $ | 62,535 | $ | 14,124 |
| Basic net income per common share | $ | 1.76 | $ | 0.24 | $ | 2.83 | $ | 0.66 |
| Diluted net income per common share | $ | 1.69 | $ | 0.23 | $ | 2.73 | $ | 0.64 |
| Weighted average number of common shares used in computing net income per common share: | ||||||||
| Basic | 22,143,043 | 21,520,215 | 22,083,827 | 21,486,995 | ||||
| Diluted | 22,986,061 | 21,960,285 | 22,864,950 | 21,925,105 |
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
| March 31, | March 31, | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 142,888 | $ | 64,406 | ||
| Accounts receivable, net | 54,489 | 35,814 | ||||
| Inventories, net | 302,979 | 506,887 | ||||
| Prepaid expenses and other current assets | 14,698 | 9,369 | ||||
| Total current assets | 515,054 | 616,476 | ||||
| Property and equipment, net | 151,254 | 143,168 | ||||
| Operating lease right-of-use assets, net | 106,348 | 40,566 | ||||
| Goodwill and other intangible assets, net | 142,152 | 65,139 | ||||
| Other long-term assets | 10,318 | 7,755 | ||||
| Total assets | $ | 925,126 | $ | 873,104 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Accounts payable | $ | 23,280 | $ | 15,259 | ||
| Contract liabilities (customer deposits) | 83,357 | 26,794 | ||||
| Accrued expenses | 84,536 | 34,634 | ||||
| Short-term borrowings | 35,762 | 362,898 | ||||
| Current maturities on long-term debt | 2,802 | — | ||||
| Current operating lease liabilities | 10,439 | 6,850 | ||||
| Total current liabilities | 240,176 | 446,435 | ||||
| Long-term debt, net of current maturities | 49,440 | — | ||||
| Noncurrent operating lease liabilities | 98,276 | 35,639 | ||||
| Deferred tax liabilities, net | 6,501 | 2,821 | ||||
| Other long-term liabilities | 7,429 | 1,132 | ||||
| Total liabilities | 401,822 | 486,027 | ||||
| STOCKHOLDERS' EQUITY: | ||||||
| Preferred stock | — | — | ||||
| Common stock | 28 | 28 | ||||
| Additional paid-in capital | 285,532 | 273,809 | ||||
| Accumulated other comprehensive income (loss) | 1,105 | (513 | ) | |||
| Retained earnings | 340,234 | 217,189 | ||||
| Treasury stock | (103,595 | ) | (103,436 | ) | ||
| Total stockholders’ equity | 523,304 | 387,077 | ||||
| Total liabilities and stockholders’ equity | $ | 925,126 | $ | 873,104 |