[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Fiscal 2025 Third Quarter Highlights](index=1&type=section&id=Fiscal%202025%20Third%20Quarter%20Highlights) MarineMax reported Q3 FY2025 revenue of **$657.2 million**, a 13.3% decrease, with a **$52.1 million** net loss due to a **$69.1 million** goodwill impairment Fiscal 2025 Third Quarter Key Financial Highlights | Metric | Amount (Millions USD) | Change (YoY) | | :--------------------- | :-------------------- | :----------- | | Revenue | 657.2 | -13.3% | | Same-Store Sales | -9% | - | | Gross Margin | 30.4% | -160 bps | | Net Loss | (52.1) | From profit to loss | | Adjusted Diluted EPS | 0.49 | - | | Adjusted EBITDA | 35.5 | - | [CEO Commentary & Business Outlook](index=1&type=section&id=CEO%20Commentary%20%26%20Business%20Outlook) CEO Brett McGill highlighted weak retail demand due to economic uncertainty, with the company diversifying into high-margin businesses and anticipating inventory rebalancing - Ongoing economic uncertainty, trade policies, and geopolitical tensions have led to weak retail demand in the recreational marine industry, reducing consumer willingness to purchase[2](index=2&type=chunk) - The company diversified into high-margin businesses, including finance and insurance, marinas, and superyacht services, to offset new boat margin pressure, with the IGY Marinas brand continuously expanding[3](index=3&type=chunk) - Industry inventory levels are expected to gradually rebalance in the second half of fiscal 2025, with new tax laws, easing geopolitical tensions, and trade agreements potentially reducing uncertainty[4](index=4&type=chunk)[6](index=6&type=chunk) [Fiscal 2025 Third Quarter Financial Performance](index=2&type=section&id=Fiscal%202025%20Third%20Quarter%20Financial%20Performance) [Consolidated Statements of Operations](index=2&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 FY2025 revenue declined **13.3%** to **$657.2 million**, resulting in a **$52.1 million** net loss, primarily due to a **$69.1 million** goodwill impairment charge Fiscal 2025 Third Quarter Consolidated Statements of Operations Key Data (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Revenue | 657,159 | 757,720 | -13.3% | | Cost of Sales | 457,538 | 515,621 | -11.3% | | Gross Profit | 199,621 | 242,099 | -17.6% | | Selling, General and Administrative Expenses | 172,106 | 181,072 | -4.95% | | Goodwill Impairment | 69,055 | — | - | | Operating (Loss) Income | (41,540) | 61,027 | From profit to loss | | Interest Expense | 16,936 | 18,229 | -7.1% | | Net (Loss) Income | (51,970) | 31,713 | From profit to loss | | Net (Loss) Income Attributable to MarineMax, Inc. | (52,146) | 31,550 | From profit to loss | | Diluted (Loss) Earnings Per Share | (2.42) | 1.37 | From profit to loss | | Adjusted Diluted Earnings Per Share | 0.49 | 1.51 | -67.5% | - The net loss for Q3 FY2025 was **$52.1 million**, primarily including a **$69.1 million** non-cash goodwill impairment charge in the manufacturing segment, resulting from a decline in the company's market capitalization and the manufacturing segment's performance[10](index=10&type=chunk) [Segment Financial Information](index=7&type=section&id=Segment%20Financial%20Information) Retail segment revenue decreased to **$655.8 million**, while product manufacturing reported a **$72.4 million** operating loss, largely due to a **$69.1 million** goodwill impairment Fiscal 2025 Third Quarter Segment Financial Information (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | | **Revenue:** | | | | Retail Operations | 655,750 | 752,171 | | Product Manufacturing | 32,150 | 38,062 | | **Operating (Loss) Income:** | | | | Retail Operations | 28,079 | 58,733 | | Product Manufacturing (1) | (72,363) | (548) | - The operating loss in the product manufacturing segment is primarily attributable to a **$69.1 million** non-cash goodwill impairment charge[24](index=24&type=chunk) [Financial Position](index=6&type=section&id=Financial%20Position) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$2.488 billion** as of June 30, 2025, with goodwill significantly reduced due to impairment, and total liabilities at **$1.536 billion** Condensed Consolidated Balance Sheets Key Data (Thousands USD) | Metric | June 30, 2025 | September 30, 2024 | June 30, 2024 | | :----------------------- | :-------------- | :----------------- | :-------------- | | **Assets:** | | | | | Cash and Cash Equivalents | 151,017 | 224,326 | 242,424 | | Inventory | 906,219 | 906,641 | 880,419 | | Goodwill | 527,144 | 592,293 | 589,949 | | Total Assets | 2,487,737 | 2,605,068 | 2,593,665 | | **Liabilities:** | | | | | Short-Term Borrowings | 735,215 | 708,994 | 701,185 | | Total Liabilities | 1,536,414 | 1,618,819 | 1,616,731 | | **Shareholders' Equity:** | | | | | Equity Attributable to MarineMax, Inc. | 940,530 | 975,795 | 967,551 | [Fiscal 2025 Guidance Update](index=3&type=section&id=Fiscal%202025%20Guidance%20Update) [Revised Fiscal 2025 Guidance](index=3&type=section&id=Revised%20Fiscal%202025%20Guidance) MarineMax revised its FY2025 guidance, lowering adjusted diluted EPS to **$0.45-$0.95** and adjusted EBITDA to **$105-$120 million** due to current business conditions Revised Fiscal 2025 Guidance | Metric | New Guidance | Old Guidance | | :--------------------- | :------------- | :------------- | | Adjusted Diluted EPS | $0.45 - $0.95 | $1.40 - $2.40 | | Adjusted EBITDA (Millions USD) | $105 - $120 | $140 - $170 | [Company Overview & Disclosures](index=3&type=section&id=Company%20Overview%20%26%20Disclosures) [About MarineMax](index=3&type=section&id=About%20MarineMax) MarineMax is the world's largest recreational boat and yacht retailer and superyacht services company, operating over **120** global locations with diverse integrated businesses - MarineMax is the world's largest recreational boat and yacht retailer, marina operator, and superyacht services company[15](index=15&type=chunk) - The company operates over **120** global locations, including more than **70** dealerships and **65** marinas and storage facilities[15](index=15&type=chunk) - Its integrated businesses include IGY Marinas (luxury marinas), Fraser Yachts Group and Northrop & Johnson (superyacht brokerage and luxury yacht services), Cruisers Yachts and Intrepid Powerboats (boat manufacturers), and digital technology products like Boatyard and Boatzon[15](index=15&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements, subject to risks and uncertainties like economic conditions and inventory management, with no obligation for the company to update them - Forward-looking statements are based on current expectations, forecasts, risks, uncertainties, and assumptions, which may cause actual results to differ materially from expectations[16](index=16&type=chunk)[17](index=17&type=chunk) - Risks and uncertainties include the timing and results of the company's return to normal operations, long-term improvement plans, impact of cost reduction initiatives, inventory management capabilities, new product quality, integration of acquired businesses, macroeconomic conditions, and consumer spending levels[17](index=17&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statements due to new information, future events, or other reasons[17](index=17&type=chunk) [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP net (loss) income to adjusted net income, adjusted diluted EPS, and adjusted EBITDA for Q3 FY2025 and FY2024 Reconciliation of Net (Loss) Income Attributable to MarineMax, Inc. to Adjusted Net Income (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | | Net (Loss) Income Attributable to MarineMax, Inc. | (52,146) | 31,550 | | Transaction and Other Costs | 742 | 1,127 | | Amortization of Intangible Assets | 1,397 | 1,428 | | Change in Fair Value of Contingent Consideration | 60 | 1,225 | | Weather (Recovery) Expense | (773) | (556) | | Restructuring Charges | 526 | 1,110 | | Goodwill Impairment | 69,055 | — | | Tax Adjustment | (7,882) | (1,123) | | Adjusted Net Income Attributable to MarineMax, Inc. | 10,979 | 34,761 | | Diluted (Loss) Earnings Per Share | (2.42) | 1.37 | | Adjusted Diluted Earnings Per Share | 0.49 | 1.51 | Reconciliation of Net (Loss) Income Attributable to MarineMax, Inc. to Adjusted EBITDA (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | | Net (Loss) Income Attributable to MarineMax, Inc. | (52,146) | 31,550 | | Interest Expense (excluding floor plan) | 6,946 | 7,508 | | Income Tax (Benefit) Provision | (6,506) | 11,085 | | Depreciation and Amortization | 12,537 | 11,192 | | Share-Based Compensation Expense | 5,643 | 6,080 | | Transaction and Other Costs | 742 | 1,127 | | Restructuring Charges | 526 | 1,225 | | Goodwill Impairment | 69,055 | — | | Change in Fair Value of Contingent Consideration | 60 | 1,110 | | Weather (Recovery) Expense | (773) | (556) | | Foreign Currency | (540) | 73 | | Adjusted EBITDA | 35,544 | 70,394 | [Explanation of Non-GAAP Measures](index=9&type=section&id=Explanation%20of%20Non-GAAP%20Measures) MarineMax utilizes non-GAAP metrics to enhance performance comparability and provide deeper insights into core operations, but does not reconcile forward-looking guidance due to inherent variability - Non-GAAP financial measures aim to enhance period-over-period comparability of the company's performance and provide investors with deeper insights into its core business operations[30](index=30&type=chunk) - The company does not provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA guidance to GAAP net income due to the highly variable and difficult-to-predict nature of items such as acquisition contingent consideration, acquisition costs, and other costs[31](index=31&type=chunk)

Group 1 - The company MarineMax (NYSE: HZO) is highlighted as a bullish investment opportunity in the recreational boating sector [1] - Crude Value Insights focuses on cash flow and companies in the oil and natural gas industry, emphasizing value and growth prospects [1] - The service offers subscribers access to a stock model account, cash flow analyses of exploration and production firms, and live discussions about the sector [2]

Core Insights - MarineMax, Inc. (NYSE: HZO) is navigating a cautious macroeconomic environment while reporting strong fiscal Q2 earnings [1] - The company has reduced its FY2025 guidance despite the strong earnings performance [1] Financial Performance - MarineMax reported strong fiscal Q2 earnings, indicating resilience in its operations [1] - The specifics of the earnings report were not detailed, but the overall performance was characterized as strong [1] Future Outlook - The company has slashed its FY2025 guidance, suggesting a more conservative outlook moving forward [1]

Financial Performance - Revenue for the three months ended March 31, 2025, was $631.5 million, an increase from $582.9 million in the same period of 2024, representing an 8.3% growth[10] - Net income attributable to MarineMax, Inc. for the three months ended March 31, 2025, was $3.3 million, up from $1.6 million in the same period of 2024, marking a 108.5% increase[10] - Basic net income per common share for the three months ended March 31, 2025, was $0.15, compared to $0.07 for the same period in 2024, indicating a 114.3% increase[10] - Comprehensive income attributable to MarineMax, Inc. for the three months ended March 31, 2025, was $7.1 million, compared to $0.2 million in the same period of 2024[13] - Revenue increased by $48.6 million, or 8.3%, to $631.5 million for the three months ended March 31, 2025, compared to $582.9 million for the same period in 2024[117] - Comparable-store sales increased by $63.0 million, or 11%, primarily driven by increases in new and used boat revenue[117] Assets and Liabilities - Total assets as of March 31, 2025, were $2.67 billion, an increase from $2.61 billion as of September 30, 2024, representing a growth of 2.6%[15] - Total liabilities increased to $1.67 billion as of March 31, 2025, compared to $1.62 billion as of September 30, 2024, reflecting a rise of 3.2%[15] - Cash and cash equivalents decreased to $203.5 million as of March 31, 2025, from $224.3 million as of September 30, 2024, a decline of 9.2%[15] - Total long-term debt as of March 31, 2025, is $374.1 million, a decrease from $391.2 million as of September 30, 2024, representing a reduction of approximately 4.3%[83] - As of March 31, 2025, total indebtedness associated with short-term borrowings and long-term debt was approximately $1.1608 billion[138] Cash Flow - Cash used in operating activities was $73,583 thousand for the six months ended March 31, 2025, an improvement from $111,182 thousand in the same period of 2024[20] - MarineMax's net cash used in investing activities totaled $25,743 thousand for the first half of 2025, compared to $49,889 thousand in the previous year[20] - Cash provided by financing activities was approximately $79.4 million for the six months ended March 31, 2025, compared to $175.4 million for the same period in 2024[132] Acquisitions and Growth Strategy - The company acquired Boatzon, C&C Boat Works, AGY, Williams Tenders USA, Native Marine, and Shelter Bay Marina between January 2023 and March 2025[25] - The company plans to explore acquisition opportunities as part of its growth strategy, subject to macro-economic conditions[109] - The company completed three acquisitions in the fiscal year ending September 30, 2024, and three acquisitions to date in fiscal 2025[105] Operational Metrics - Total inventories as of March 31, 2025, are valued at $973.410 million, an increase of 7.4% from $906.641 million as of September 30, 2024[66] - Revenue from new boat sales constituted 63.8% of total revenue for the three months ended March 31, 2025, compared to 64.3% for the same period in 2024[54] - Revenue from maintenance and repair services was 3.9% of total revenue for the three months ended March 31, 2025, down from 4.2% in the same period of 2024[54] - Retail Operations segment revenue was $626.3 million for the three months ended March 31, 2025, compared to $579.2 million for the same period in 2024[99] Expenses and Profitability - Gross profit for the six months ended March 31, 2025, was $359.2 million, compared to $365.9 million for the same period in 2024, reflecting a decrease of 1.9%[10] - Selling, general, and administrative expenses decreased by $28.0 million, or 8.6%, to $297.5 million for the six months ended March 31, 2025[124] - Interest expense decreased by $0.8 million to $36.9 million for the six months ended March 31, 2025, primarily due to lower interest rates[125] Risks and Challenges - The company faces risks from international operations, including potential impacts from tariffs and geopolitical tensions, which may adversely affect profitability and sales[154] - The company acknowledges that geopolitical and economic uncertainties may materially harm its business and financial performance[155] - The company believes that recent tariff actions by the U.S. could increase costs and decrease demand for its products, particularly in the luxury goods market[156] Stock and Shareholder Information - The company repurchased a total of 536,886 shares at an average price of $23.15 during the month of March 2025, with a maximum of 3,973,403 shares remaining under the repurchase program[160] - The company is authorized to purchase up to $100 million of its common stock through March 31, 2026, as part of its share repurchase program announced on March 11, 2024[165]

Q2 FY 2025 Investor Presentation April 24, 2025 Forward-Looking Statements Information contained in this presentation, other than historical information, should be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. 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 presentation. These risks, assumptions, and uncertainties in ...

Financial Data and Key Metrics Changes - The company reported record revenue of over $631 million for March, reflecting strong execution and digital marketing efforts despite a challenging retail environment [6][17] - Same store sales grew by 11%, driven by aggressive pricing and promotional initiatives, although overall unit volume declined year over year [8][17] - GAAP net income for the quarter was $3.3 million, or $0.14 per diluted share, an improvement from the previous year [19] - Adjusted EBITDA for the second quarter was $30.9 million, up 5% compared to last year [20] Business Line Data and Key Metrics Changes - The company experienced historically low margins on new and used boats due to aggressive pricing strategies, which skewed revenue towards lower-margin boat sales [9][18] - Diversification into higher-margin businesses, such as marinas and superyacht services, has helped mitigate cyclical volatility [9][12] Market Data and Key Metrics Changes - The company noted that most areas of the country showed improvement, with premium categories performing better than value-oriented segments [17][18] - Customer deposits decreased year over year but increased sequentially from December, indicating some recovery in demand [21] Company Strategy and Development Direction - The company is focused on a customer-centric approach and leveraging technology to enhance engagement and personalize the buying experience [6][7] - Strategic initiatives include selectively closing, consolidating, or expanding locations to align retail footprint with growth opportunities [10] - The company is committed to building relationships in iconic destinations and driving innovation in the superyacht marina industry [12] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term growth outlook due to uncertainties related to tariffs and economic conditions [25] - The company remains confident in its long-term strategy and believes its premium segment positioning provides resilience [25][74] Other Important Information - The company has been recognized as a great place to work for two consecutive years, highlighting its strong team culture [13] - The company has bought back over 1.2 million shares under its share repurchase plan, indicating a commitment to prudent balance sheet management [21] Q&A Session Summary Question: Can you provide details on the disaggregation of the 11% same store sales growth? - Management noted that while same store sales grew by 11%, unit sales were down in the mid-single digits, indicating that the growth was driven by a shift towards higher average price point products [29][30] Question: What is the impact of tariffs on guidance? - Management clarified that the guidance reduction is primarily due to macro consumer concerns related to tariffs, with no specific tariff costs built into the guidance [39][40] Question: How is the promotional environment affecting inventory? - Management indicated that the industry is making progress in clearing aged inventory, but uncertainties in the market are leading to continued promotional activity [48][49] Question: How is demand in the superyacht division? - Management reported that the superyacht division remains solid, with strong bookings for the summer season in the Mediterranean [82][84] Question: What is the outlook for capital allocation in the current environment? - Management stated that while there are always acquisition opportunities, they are being more prudent in evaluating them given the current market conditions [86]

Financial Data and Key Metrics Changes - The company reported record revenue of over $631 million for March, reflecting strong execution and digital marketing efforts [7][17] - Same store sales grew by 11%, driven by aggressive pricing and promotional initiatives [8][19] - GAAP net income for the quarter was $3.3 million, or $0.14 per diluted share, an improvement from the previous year [19] - Adjusted EBITDA for the second quarter was $30.9 million, up 5% year-over-year [20] Business Line Data and Key Metrics Changes - The company experienced historically low margins on new and used boats due to aggressive pricing strategies [9][18] - Diversification into higher margin businesses, such as marinas and superyacht services, has helped mitigate cyclical volatility [9][12] - The gross margin for the quarter was 30%, remaining flat compared to the previous fiscal year [18] Market Data and Key Metrics Changes - The company noted a decline in overall unit volume year-over-year, particularly in the pontoon and value-oriented segments [17][18] - Premium categories performed better, indicating a shift in sales mix towards higher average price point products [17][18] Company Strategy and Development Direction - The company is focused on a customer-centric approach and leveraging technology for competitive advantage [6][7] - Strategic initiatives include selectively closing, consolidating, or expanding locations to align with growth opportunities [10] - The company is committed to building relationships in iconic destinations and enhancing its global superyacht and marina presence [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain economic climate and its impact on retail demand, particularly due to tariffs [6][16] - The company is tempering expectations for near-term growth and recognizing a slower recovery pace in the industry [25] - Despite challenges, management remains confident in the long-term strategic position within the premium segment [25] Other Important Information - The company has been recognized as a great place to work for two consecutive years, highlighting strong team tenure and culture [13] - The balance sheet remains strong, with cash and cash equivalents exceeding $203 million [20] Q&A Session Summary Question: Can you provide details on the disaggregation of the 11% same store sales growth? - Management indicated that the growth was driven by a shift towards premium product mix, despite unit declines in key segments [27][29] Question: What are the direct tariff costs impacting the company? - Management clarified that the guidance reduction is primarily due to macro consumer concerns rather than direct tariff costs [39][40] Question: How is the promotional environment affecting inventory levels? - Management noted that the industry is making progress in clearing aged inventory, with expectations for improved conditions in the summer [48][49] Question: How is consumer demand in the superyacht division? - Management reported strong bookings for the summer season in the Mediterranean, indicating resilience in the superyacht segment [82][84] Question: How does the company view its capital allocation strategy in the current environment? - Management emphasized a prudent approach to acquisitions while focusing on synergies between higher margin businesses [87][88]

Core Insights - MarineMax reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.16 per share, and showing an increase from $0.18 per share a year ago, representing an earnings surprise of 43.75% [1] - The company achieved revenues of $631.52 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.34% and increasing from $582.89 million year-over-year [2] - MarineMax has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Financial Performance - The company experienced a significant earnings surprise of 165.38% in the previous quarter, where it was expected to post a loss of $0.26 per share but instead reported earnings of $0.17 [1] - The current consensus EPS estimate for the upcoming quarter is $1.60 on revenues of $775.43 million, and for the current fiscal year, it is $2.41 on revenues of $2.42 billion [7] Market Position - MarineMax shares have declined approximately 33.3% since the beginning of the year, contrasting with the S&P 500's decline of 8.6% [3] - The Zacks Industry Rank indicates that the Retail - Miscellaneous sector is currently in the bottom 43% of over 250 Zacks industries, which may impact MarineMax's stock performance [8] Future Outlook - The company's earnings outlook will be crucial for assessing future stock performance, with mixed trends in estimate revisions noted prior to the earnings release [6] - The Zacks Rank for MarineMax is currently 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

Sales ~ ~ Second Quarter Net Income of $3.3 Million; Adjusted Net Income 1 of $5.4 Million ~ ~ Second Quarter Adjusted EBITDA Increased to $30.9 Million ~ ~ Second Quarter Gross Margin of 30.0%; YTD Gross Margin of 32.7% ~ ~ Second Quarter Same-Store Sales Increase of 11% ~ ~ Company Updates Fiscal 2025 Guidance ~ ~ Earnings Conference Call at 10:00 a.m. ET Today ~ OLDSMAR, Florida, April 24, 2025 – MarineMax, Inc. (NYSE: HZO) ("MarineMax" or the "Company"), the world's largest recreational boat and yacht r ...

Core Viewpoint - Value investing remains a preferred strategy for identifying strong stocks across various market conditions, utilizing established valuation metrics to assess potential investments [2][3]. Group 1: Company Overview - MarineMax (HZO) is currently attracting investor attention, holding a Zacks Rank of 2 (Buy) and a Value grade of A [4]. - The stock is trading at a P/E ratio of 8.57, significantly lower than the industry average of 16.29 [4]. - HZO's Forward P/E has fluctuated between a high of 14.44 and a low of 6.56 over the past 12 months, with a median of 10.34 [4]. Group 2: Valuation Metrics - The P/S ratio for HZO is 0.22, compared to the industry average of 0.61, indicating a potential undervaluation [5]. - HZO's P/CF ratio stands at 5.51, which is attractive relative to the industry's average P/CF of 16.97 [6]. - Over the past 52 weeks, HZO's P/CF has ranged from a high of 9.91 to a low of 5.16, with a median of 7.25 [6]. Group 3: Investment Outlook - The combination of HZO's valuation metrics suggests that the stock is likely undervalued, supported by a strong earnings outlook [7].