MarineMax(HZO) - 2025 Q4 - Annual Results

Financial Performance - Fourth quarter revenue was $552.2 million, a decrease from $563.1 million in the prior-year period[7] - Full year revenue totaled $2.3 billion, compared to $2.4 billion in the previous year, with same-store sales decreasing by 2.1%[4] - Revenue for the three months ended September 30, 2025, was $552,153, down from $563,122 in 2024, representing a decrease of about 1.7%[24] - The company reported a net loss of $0.9 million, or $0.04 per share, compared to a net income of $4.0 million, or $0.17 per diluted share, in the prior-year period[11] - Net loss attributable to MarineMax, Inc. for the three months ended September 30, 2025, was $(854), compared to a net income of $3,999 in 2024[26] Profitability Metrics - Gross profit margin improved to 34.7%, up from 34.3% year-over-year, despite lower boat margins due to a challenging retail environment[8] - Adjusted EBITDA for the fourth quarter was $17.3 million, down from $33.5 million in the prior-year period[11] - Adjusted EBITDA for the year ended September 30, 2025, was $109,798, down from $160,176 in 2024, a decrease of approximately 31.4%[29] - Fiscal 2026 guidance projects adjusted EBITDA in the range of $110 million to $125 million, with adjusted net income between $0.40 and $0.95 per diluted share[12] Operational Highlights - Same-store sales increased by 2.3%, driven by growth in used boat revenue and contributions from finance, insurance, parts, and services[7] - Retail Operations income from operations decreased to $14,235 for the three months ended September 30, 2025, from $28,659 in 2024, a decline of about 50.3%[24] - The Fort Lauderdale Boat Show set a post-COVID record for unit sales, indicating strong consumer engagement despite economic uncertainty[6] Expenses and Liabilities - Selling, general, and administrative expenses increased to $177.6 million, or 32.2% of revenue, compared to 29.5% in the prior-year period[9] - Total current liabilities decreased from $1,069,143 in 2024 to $984,880 in 2025, a reduction of approximately 7.9%[22] - Interest expense (excluding floor plan) for the year ended September 30, 2025, was $30,195, slightly up from $30,131 in 2024[29] Asset and Equity Changes - Total assets decreased from $2,605,068 in 2024 to $2,470,438 in 2025, a decline of approximately 5.2%[22] - Total shareholders' equity attributable to MarineMax, Inc. decreased from $975,795 in 2024 to $937,190 in 2025, a decline of about 3.9%[22] Strategic Focus - The company is focusing on strategic expansion into higher-margin businesses and refining its product portfolio to align with customer demand[5] - The company expects significant variability in future Adjusted net income and Adjusted EBITDA due to acquisition-related costs and performance[31] Impairment Charges - Goodwill impairment charge of $69.1 million was recorded during the fiscal year ended September 30, 2025[24]