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MarineMax(HZO) - 2025 Q1 - Quarterly Results
HZOMarineMax(HZO)2025-01-23 13:00

Revenue Performance - December quarter revenue decreased 11.2% to 468.5millionfrom468.5 million from 527.3 million in the same period of fiscal 2024[7] - Revenue for the three months ended December 31, 2024, was 468,461thousand,adecreaseof11.1468,461 thousand, a decrease of 11.1% from 527,274 thousand in the same period of 2023[24] Same-Store Sales - Same-store sales decreased by 11% year-over-year[6] Profitability - Net income for the December quarter was 18.1million,or18.1 million, or 0.77 per diluted share, compared to 0.9million,or0.9 million, or 0.04 per diluted share, in the same period last year[11] - Adjusted net income attributable to MarineMax, Inc. was 4,062thousandforthethreemonthsendedDecember31,2024,comparedto4,062 thousand for the three months ended December 31, 2024, compared to 4,441 thousand in 2023, reflecting a decrease of 8.5%[25] - Diluted net income per common share increased to 0.77forthethreemonthsendedDecember31,2024,from0.77 for the three months ended December 31, 2024, from 0.04 in 2023[25] EBITDA - Adjusted EBITDA for the first quarter was 26.1million,slightlydownfrom26.1 million, slightly down from 26.6 million in the prior-year period[11] - Adjusted EBITDA for the three months ended December 31, 2024, was 26,057thousand,slightlydownfrom26,057 thousand, slightly down from 26,646 thousand in 2023[27] Expenses - Selling, general, and administrative (SG&A) expenses totaled 130.7million,or27.9130.7 million, or 27.9% of revenue, down from 156.5 million, or 29.7% of revenue, in the same period last year[9] - Interest expense increased to 18.7million,or4.018.7 million, or 4.0% of revenue, compared to 18.4 million, or 3.5% of revenue, in the prior-year period[10] - Interest expense (excluding floor plan) rose to 8,401thousandinQ42024,comparedto8,401 thousand in Q4 2024, compared to 7,756 thousand in Q4 2023[27] - The company incurred restructuring expenses of 503thousandinQ42024,whiletherewerenosuchexpensesinthesameperiodof2023[27]InventoryandDemand−Thecompanyexperiencedhigherinventorylevelsatquarter−endcomparedtoexpectationsduetolowerdemandandhurricanedisruptions[3]Guidance−Thecompanyreaffirmsfiscalyear2025guidanceforadjustednetincomeintherangeof503 thousand in Q4 2024, while there were no such expenses in the same period of 2023[27] Inventory and Demand - The company experienced higher inventory levels at quarter-end compared to expectations due to lower demand and hurricane disruptions[3] Guidance - The company reaffirms fiscal year 2025 guidance for adjusted net income in the range of 1.80 to 2.80perdilutedshareandadjustedEBITDAbetween2.80 per diluted share and adjusted EBITDA between 150 million and 180million[13]−Thecompanyhasnotprovidedreconciliationsforforward−lookingAdjustednetincomeandAdjustedEBITDAguidanceduetohighvariabilityanddifficultyinmakingaccurateforecasts[29]WeatherandOtherExpenses−WeatherexpensesforthethreemonthsendedDecember31,2024,were180 million[13] - The company has not provided reconciliations for forward-looking Adjusted net income and Adjusted EBITDA guidance due to high variability and difficulty in making accurate forecasts[29] Weather and Other Expenses - Weather expenses for the three months ended December 31, 2024, were 4,968 thousand, recovering from a loss of 289thousandin2023[27]−Thechangeinfairvalueofcontingentconsiderationresultedinalossof289 thousand in 2023[27] - The change in fair value of contingent consideration resulted in a loss of 25,817 thousand in Q4 2024, compared to a gain of $219 thousand in 2023[27] Cost Management - The company continues to focus on expense-reduction initiatives, including the divestiture or closure of three locations[5]