MarineMax(HZO) - 2026 Q1 - Quarterly Results

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]