MarineMax(HZO) - 2025 Q1 - Quarterly Report

Financial Performance - Revenue for the three months ended December 31, 2024, was $468,461,000, a decrease of 11.1$527,274,000 in the same period of 2023[11] - Gross profit for the same period was $169,654,000, down from$175,481,000, reflecting a gross margin of 36.2%[11] - Net income attributable to MarineMax, Inc. increased significantly to $18,066,000, compared to$930,000 in the prior year, resulting in a basic net income per share of $0.80[11] - Comprehensive income attributable to MarineMax, Inc. was$11,436,000, compared to $3,518,000 in the previous year, reflecting improved overall performance[14] - Net income for the three months ended December 31, 2024, was$18,124, compared to $845 in the same period of 2023, representing a significant increase[22] - Revenue decreased by$58.8 million, or 11.2%, to $468.5 million for the three months ended December 31, 2024, compared to$527.3 million for the same period in 2023[121] - Comparable-store sales declined by $57.0 million, or 11$5.8 million, or 3.3%, to $169.7 million, but gross profit as a percentage of revenue increased to 36.2$1,298,423,000, compared to $1,273,211,000 as of September 30, 2024, driven by an increase in inventories[17] - Cash and cash equivalents decreased to$145,010,000 from $224,326,000, indicating a reduction in liquidity[17] - Total liabilities increased slightly to$1,631,144,000 from $1,618,819,000, with current liabilities totaling$1,091,447,000[17] - MarineMax's retained earnings increased to $796,081,000 from$778,015,000, indicating growth in accumulated profits[17] - The total inventory as of December 31, 2024, was $1.035 billion, an increase from$906.641 million as of September 30, 2024[68] - Short-term borrowings under the Floor Plan totaled approximately $795.2 million as of December 31, 2024, up from$664.9 million as of December 31, 2023[79] - The company's total long-term debt as of December 31, 2024, is $382.5 million, a decrease from$391.2 million as of September 30, 2024[86] Cash Flow - Net cash used in operating activities was $(146,081) for the three months ended December 31, 2024, compared to$(89,095) in the same period of 2023, indicating a higher cash outflow[22] - The company reported a net cash provided by financing activities of $74,692 for the three months ended December 31, 2024, down from$114,342 in the same period of 2023[22] - Cash used in investing activities for the three months ended December 31, 2024, was approximately $6.5 million, down from$17.3 million in 2023[130] - Cash provided by financing activities was approximately $74.7 million for the three months ended December 31, 2024, compared to$114.3 million in 2023[131] Market Presence and Operations - The company operates over 120 locations worldwide, including over 70 retail dealership locations, emphasizing its extensive market presence[24] - The company generated approximately 53% of its dealership revenue from Florida in fiscal 2024, highlighting the importance of this market[29] - Economic conditions, particularly in Florida, significantly impact the company's operations, with local factors affecting consumer spending patterns[29] - The Retail Operations segment includes over 70 retail locations across 21 states, focusing on premium brands and related marine products[116] - The Product Manufacturing segment includes Cruisers Yachts and Intrepid Powerboats, recognized for producing premium sport yachts and customized boats[117] Acquisitions and Growth Strategy - The company acquired Boatzon in January 2023 and C&C Boat Works in June 2023, expanding its digital retail and service capabilities[27] - The company completed three acquisitions in the fiscal year ending September 30, 2024, and two acquisitions to date in fiscal 2025, continuing its growth strategy[109] Expenses and Costs - Selling, general, and administrative expenses decreased by $25.8 million, or 16.5$130.7 million, attributed to changes in fair value of contingent consideration liabilities and cost-saving initiatives[123] - Interest expense increased by $0.3 million to$18.7 million due to higher borrowings from increased inventory levels[124] - The company recognized an income tax provision of $2.1 million for the three months ended December 31, 2024, compared to an income tax benefit of$0.2 million for the same period in 2023[74] Shareholder Information - The weighted average number of diluted shares increased to 23,385,374 from 22,809,017, reflecting share issuance activities[11] - The weighted average common shares outstanding used in calculating basic net income per share increased to 22,615,629 for the three months ended December 31, 2024, from 22,196,141 in 2023[98] - The company has approximately $33.5 million of total unrecognized compensation cost related to non-vested restricted stock awards, expected to be recognized over a weighted average period of 2.3 years[95] - As of December 31, 2024, the company had issued 1,428,555 shares of common stock under its Stock Purchase Plan[97] Risk Factors - The company is exposed to risks from changes in interest rates and foreign currency exchange rates, which may impact earnings and cash flows[141][142] - A hypothetical 100 basis point increase in interest rates would result in an increase of approximately$11.3 million in annual pre-tax interest expense[141] Compliance and Reporting - The report includes the Fourth Amendment to the Credit Agreement dated October 29, 2024, involving MarineMax, Inc. and various lenders[10.1] - The certifications of the Chief Executive Officer and Chief Financial Officer are included as per the Securities Exchange Act of 1934[31.1][31.2] - The document contains inline XBRL instance and taxonomy extension documents for financial reporting purposes[101.INS][101.SCH][101.CAL][101.DEF][101.LAB][101.PRE] - The report is signed by Michael H. McLamb, Executive Vice President and Chief Financial Officer, on January 23, 2025[161] - The company is compliant with the requirements of the Securities Exchange Act of 1934[159] - The Articles of Incorporation and Bylaws of MarineMax, Inc. are referenced in the report[3.1][3.2]