Financial Data and Key Metrics Changes - Revenue for the December quarter increased year-over-year to $505 million, supported by nearly 11% same-store sales growth [11][12] - Gross profit was $160 million, down from the prior year due to margin pressure, with gross margins over 400 basis points below historical levels [13][14] - Reported net loss per share was $0.36, or $0.21 on an adjusted basis, with adjusted EBITDA at $15.5 million [14][15] - The balance sheet remained strong with nearly $165 million in cash and a healthy net debt to adjusted EBITDA ratio of just over 2x [15] Business Line Data and Key Metrics Changes - Same-store sales performance was supported by premium brand offerings and a shift towards larger products, despite unit volume declining by low- to mid-single digits [7][12] - Higher-margin businesses, such as marinas, finance and insurance, and super yacht services, contributed positively to consolidated gross profit [13][14] Market Data and Key Metrics Changes - Market conditions remained challenging with elevated promotional activity and cautious retail behavior affecting demand patterns [6][9] - The company successfully reduced inventory levels by nearly $170 million compared to last year, indicating progress towards normalized inventory levels [8][15] Company Strategy and Development Direction - The company aims to maintain an appropriate inventory position, deliver a high-quality customer experience, and manage the business with a long-term perspective [9][10] - Continued focus on acquiring complementary, less cyclical, higher-margin operations to build a more durable business model [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding early season demand signals from boat shows, indicating potential for growth in the premium segment [10][19] - The outlook for Fiscal 2026 remains balanced due to ongoing uncertainty in the broader consumer and macroeconomic environment, with expectations for adjusted EBITDA in the range of $110 million-$125 million [16][17] Other Important Information - Customer deposits remained flat year-over-year, which is seen as a positive sign given the current environment [15][50] - The company continues to prioritize maintaining inventory levels and enhancing operational efficiency to support long-term value creation [11][19] Q&A Session Summary Question: What are the assumptions regarding the discounting environment as the selling season progresses? - Management expects the promotional environment to remain active during the winter, with potential improvement in margins as inventory levels normalize in the second half of the fiscal year [21][22] Question: Can you quantify the drivers of the decline in gross margin? - The decline in gross margin is primarily driven by promotional pressures rather than mix, with new boat margins being significantly lower than the previous year [66] Question: How is demand across various income groups and price points? - Demand at the premium end has been strong, while the lower end remains challenged, with overall consumer sentiment affected by broader economic uncertainty [38][42]

Financial Data and Key Metrics Changes - Revenue for the December quarter increased year-over-year to $505 million, supported by nearly 11% same-store sales growth [10][11] - Gross profit was $160 million, down from the prior year due to margin pressure, with gross margins over 400 basis points below historical levels [11][12] - Reported net loss per share was $0.36, or $0.21 on an adjusted basis, with adjusted EBITDA at $15.5 million [13][15] - The company maintained a strong balance sheet with nearly $165 million in cash and improved current ratio and total liabilities to tangible net worth ratio [14] Business Line Data and Key Metrics Changes - Same-store sales performance was supported by premium brand offerings and a shift to larger products, despite unit volume declining by low- to mid-single digits [6][10] - Higher-margin businesses, such as marinas, finance and insurance, and super yacht services, contributed positively to consolidated gross profit [11][12] Market Data and Key Metrics Changes - Market conditions remained challenging with elevated promotional activity and cautious retail behavior affecting demand patterns [5][6] - The company noted that the fiberglass segment continued to be under pressure, impacting overall sales [38] Company Strategy and Development Direction - The company aims to reduce inventory levels, achieving a reduction of nearly $170 million year-over-year, and expects inventory levels to normalize in the second half of the fiscal year [7][15] - The strategy includes acquiring complementary, less cyclical, higher-margin operations to build a more durable business model [7][8] - The company remains focused on maintaining appropriate inventory levels and delivering a high-quality customer experience [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the upcoming spring selling season, noting early positive sentiment from boat shows [9][18] - The outlook for Fiscal 2026 remains balanced due to ongoing uncertainty in the broader consumer and macroeconomic environment [9][15] - Management expects retail margin pressure to persist through the end of the fiscal second quarter, with potential for margin recovery in the second half of the year [15][17] Other Important Information - The company reaffirmed its guidance for Fiscal 2026, expecting adjusted EBITDA in the range of $110 million to $125 million and adjusted net income between $0.40 and $0.95 per diluted share [15][16] - Customer deposits remained flat year-over-year, indicating solid business trends despite market uncertainties [14][49] Q&A Session Summary Question: What are the assumptions regarding the discounting environment as the selling season progresses? - Management expects the promotional environment to remain active during the winter, with potential for margin recovery in the spring as inventory levels normalize [21][22] Question: What is the target for inventory levels by the end of Fiscal 2026? - The goal is to achieve inventory turns above two times, requiring a reduction in inventory dollars compared to the previous year [23] Question: Can you clarify the same-store sales growth and unit volume changes? - Same-store sales grew nearly 11% despite a mid-single digit decline in unit volumes, driven by a significant increase in average unit selling prices [28][29] Question: How is demand across various income groups and price points? - Demand at the premium end is performing better, while the lower end remains more challenged, with overall trends being affected by market uncertainties [38][40] Question: What is the outlook for gross margins in the second half of the fiscal year? - Management anticipates less pressure on gross margins in the back half of the year, with opportunities for consolidation margin expansion [47] Question: What is the status of customer deposits? - Customer deposits have stabilized year-over-year, reflecting solid business trends without significant one-time impacts [49] Question: What is the current state of acquisition targets and valuations? - The acquisition pipeline remains robust, but many potential targets are facing earnings challenges, complicating valuation discussions [68][70]

Q1 FY 2026 Investor Presentation January 29, 2026 Forward-Looking Statements Certain statements in this presentation are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events, and may be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negat ...

分组1 - MarineMax reported a quarterly loss of $0.21 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.12, and compared to earnings of $0.17 per share a year ago, indicating an earnings surprise of -82.61% [1] - The company posted revenues of $505.18 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.46%, and this represents an increase from year-ago revenues of $468.46 million [2] - MarineMax shares have increased by approximately 10.9% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $603.6 million, and for the current fiscal year, it is $0.74 on revenues of $2.35 billion [7] - The Zacks Industry Rank for Retail - Miscellaneous is currently in the top 25% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Revenue Performance - Revenue for the first quarter of fiscal 2026 was $505.2 million, a 7.8% increase from $468.5 million in the prior-year period[5] - Total revenue for Q4 2025 was $505,178 thousand, up from $468,461 thousand in Q4 2024, marking a growth of 7.8%[24] - Retail Operations revenue increased to $504,413 thousand in Q4 2025 from $468,349 thousand in Q4 2024, representing an increase of 7.2%[24] - Product Manufacturing revenue decreased to $21,622 thousand in Q4 2025 from $37,938 thousand in Q4 2024, a decline of 43.0%[24] Same-Store Sales - Same-store sales grew over 10% year-over-year, compared to an 11% decline in the first quarter of fiscal 2025[8] Profitability and Loss - The company reported a net loss of $7.9 million, or $0.36 per share, compared to net income of $18.1 million, or $0.77 per diluted share, in the prior-year period[12] - Net loss attributable to MarineMax, Inc. was $7,926 thousand in Q4 2025 compared to a net income of $18,066 thousand in Q4 2024, indicating a significant decline[26] - Adjusted net loss attributable to MarineMax, Inc. was $4,552 thousand in Q4 2025, down from an adjusted net income of $4,062 thousand in Q4 2024[26] - Diluted net loss per common share was $(0.36) in Q4 2025, compared to earnings of $0.77 per share in Q4 2024[26] Gross Profit and Margins - Gross profit margin was 31.8%, down from 36.2% in the prior-year period, primarily due to a challenging retail environment[9] Expenses - Selling, general, and administrative expenses increased to $155.6 million, or 30.8% of revenue, compared to $130.7 million, or 27.9% of revenue, in the prior-year period[10] - Transaction and other costs increased to $2,975 thousand in Q4 2025 from $221 thousand in Q4 2024, a rise of 1245.3%[26] - Restructuring expenses were $147 thousand in Q4 2025, down from $503 thousand in Q4 2024, a decrease of 70.8%[28] Adjusted EBITDA - Adjusted EBITDA for the quarter was $15.5 million, down from $26.1 million in the prior-year period[12] - Adjusted EBITDA for Q4 2025 was $15,544 thousand, a decrease from $26,057 thousand in Q4 2024, reflecting a decline of 40.7%[28] Future Outlook - The company reaffirms its fiscal 2026 guidance, expecting adjusted EBITDA to be in the range of $110 million to $125 million[13] - The company anticipates gradual improvement in market conditions as it approaches the spring selling season[14] - The strategic expansion into higher-margin businesses is expected to enhance long-term performance and reduce volatility[6] Inventory Management - Inventory levels decreased by $167.3 million year-over-year, reflecting improved alignment between supply and demand[7] Variability in Costs - The company noted that reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort due to high variability in acquisition-related costs[31]

Core Insights - MarineMax reported a first quarter revenue of $505.2 million for fiscal 2026, reflecting a 7.8% increase from $468.5 million in the prior year, despite a challenging retail environment [1] - The company achieved a gross margin of 31.8%, supported by strategic expansion into higher-margin businesses, although retail margin pressure persisted [1] - Same-store sales grew over 10% year-over-year, indicating resilience in consumer demand [1] Financial Performance - Adjusted EBITDA for the first quarter was $15.5 million, down from $26.1 million in the prior year [1] - The reported net loss was $7.9 million, or $0.36 per share, compared to a net income of $18.1 million, or $0.77 per diluted share, in the same period last year [1] - Selling, general, and administrative (SG&A) expenses increased to $155.6 million, or 30.8% of revenue, from $130.7 million, or 27.9% of revenue, in the prior year [1] Inventory and Liquidity - Inventory levels decreased by $167.3 million year-over-year, enhancing liquidity and balance sheet strength [1] - Customer deposits remained steady year-over-year, providing a stable foundation for future sales [1] Strategic Outlook - The company reaffirmed its fiscal 2026 guidance, expecting adjusted EBITDA to be in the range of $110 million to $125 million and adjusted net income between $0.40 to $0.95 per diluted share [1] - CEO Brett McGill expressed optimism about gradual improvement in market conditions as inventory levels normalize and the spring selling season approaches [1]

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Company Operations and Acquisitions - As of September 30, 2025, the company operates over 120 locations worldwide, including over 70 retail dealership locations and over 65 marina and storage locations due to the IGY acquisition[14][15]. - The company has completed multiple acquisitions, including IGY Marinas in October 2022 and Atalanta Golden Yachts in October 2023, enhancing its service offerings and market presence[17][23]. - The company has opened 35 new retail locations in existing territories since its inception, while closing 87 underperforming locations[29]. - The company plans to expand its business through acquisitions in new territories and new store openings in existing territories[35]. - The company has acquired 37 independent recreational boat dealers and multiple related entities since 1998, emphasizing the importance of successful acquisitions for growth[158]. - The acquisition of IGY Marinas in October 2022 expanded the company's luxury marina network globally[61]. - The company may pursue acquisition strategies in new lines of business, including yacht charter and brokerage, marinas, and boat storage[159]. - The acquisition of additional recreational boat dealers and related operations is a key growth strategy, but it involves significant risks such as unforeseen expenses and integration challenges[161]. Financial Performance and Revenue Streams - Sales of new Brunswick boats accounted for approximately 18% of total revenue in fiscal 2025, with Sea Ray and Boston Whaler contributing approximately 8% and 9% respectively[18][19]. - New boat sales, including sales of Cruisers Yachts and Intrepid Powerboats, accounted for approximately 60.9% or $1.407 billion of the company's revenue in fiscal 2025[40]. - Used boat sales accounted for approximately $307.7 million, or 13.3% of total revenue in fiscal 2025[51]. - Marine engines, related marine equipment, and boating parts and accessories generated approximately $107.5 million, or 4.7% of total revenue in fiscal 2025[57]. - Maintenance, repair, rent, and storage services contributed approximately $244.8 million, or 10.6% of total revenue in fiscal 2025[62]. - Fee income from F&I products accounted for approximately $81.9 million, or 3.5% of total revenue in fiscal 2025[67]. - Brokerage sales commissions generated approximately $116.0 million, or 5.0% of total revenue in fiscal 2025[68]. - Income from yacht charter services accounted for approximately $44.4 million, or 2.0% of total revenue in fiscal 2025[71]. - The average selling price for a new boat in fiscal 2025 was approximately $339,000, up from $327,000 in fiscal 2024, compared to the industry average of approximately $93,000[21]. - Same-store sales decreased by 2% in fiscal 2025, following a 1% increase in fiscal 2024 and a 2% decrease in fiscal 2023[21]. Market Conditions and Economic Factors - The U.S. recreational boating industry generated approximately $55.6 billion in retail sales in calendar 2024, slightly down from $57.7 billion in 2023[37]. - Retail sales of new and used boats, engines, trailers, and accessories accounted for approximately $43.2 billion of the total sales in 2024[37]. - Economic conditions and consumer spending patterns significantly impact the company's financial performance, with potential adverse effects from economic downturns[149]. - Recent increases in interest rates and inflation have negatively affected consumer purchasing behavior and may further impact sales[153][155]. - The company faces intense competition in a fragmented market, competing with both local dealers and large national chains[143][146]. Customer Engagement and Technology - The company’s digital technology initiatives include platforms like Boatzon and Boatyard, aimed at enhancing customer engagement and value[24]. - The technology platform enhances operational integration and customer engagement, facilitating inventory management and sales activities across the company[100]. - The company emphasizes customer education through personalized training and seminars, enhancing customer relationships and satisfaction post-sale[88]. - The company’s digital marketing capabilities are a competitive advantage, with most leads originating from its digital properties, including MarineMax.com[85]. Environmental and Regulatory Compliance - The company maintains compliance with extensive governmental regulations, including environmental regulations, which could materially affect its business if not adhered to[109]. - Mercury Marine's low-emission engines have achieved the EPA's mandated 2006 emission levels, but increased production costs to meet EPA standards could adversely impact the company's business[110]. - The company has engaged in efforts to mitigate climate change, including partnerships with manufacturers committed to sustainability, such as Mercury Marine, which received the Wisconsin Business Friend of the Environment Award for Environmental Innovation in 2024[117]. - Several marinas operated by the company have been designated as Clean Marinas, recognizing their engagement in environmental best practices[121]. - The company has made targeted investments in new technology and innovations in the marine industry to support sustainability and reduce emissions[120]. Risks and Challenges - The company faces risks related to international operations, including exposure to foreign currency fluctuations and geopolitical instability, which could adversely affect financial performance[170]. - The ongoing geopolitical conflicts, particularly in Ukraine and the Middle East, could significantly impact the company's business and financial condition[178]. - The company may encounter difficulties in integrating acquired operations and retaining employees, which could hinder profitability[161]. - Higher energy costs and raw material availability could adversely impact sales and operating results, particularly due to reliance on diesel and gasoline engines[184]. - Fluctuations in prices for raw materials like oil, aluminum, and steel could increase product and operating costs, reducing profitability if costs cannot be recouped[185]. - The company relies on third-party suppliers for critical components, and disruptions in supply could significantly affect operations and sales[186]. - Weather and environmental conditions pose risks that may adversely impact operating results, including potential closures of boating areas due to droughts or hurricanes[211]. - Unseasonably cool weather and prolonged winter conditions may lead to shorter selling seasons in certain locations[211]. Employee and Management Structure - As of September 30, 2025, the company employed 3,385 individuals, with approximately 73% in store-level operations[101]. - The executive team includes experienced leaders such as William Brett McGill, who has served as CEO since October 2018, and Michael H. McLamb, CFO since January 1998[125][126]. - The company’s compensation philosophy includes performance-based incentives, aligning employee rewards with corporate financial results and shareholder value[105]. Financial Structure and Credit Facilities - The company has a line of credit with asset-based borrowing availability of up to $950 million, including a $400 million delayed draw term loan facility for the acquisition of IGY Marinas[99]. - The company has an Amended Credit Facility with asset-based borrowing availability of up to $950 million, including a revolving credit facility of $100 million and a delayed draw term loan facility of $400 million[180]. - As of September 30, 2025, the company had approximately $63 million available under the delayed draw mortgage loan facility and $85 million under the revolving credit facility[180].

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