MarineMax(HZO) - 2026 Q1 - Quarterly Report

Financial Performance - Revenue for the three months ended December 31, 2025, was $505,178,000, an increase of 7.5% compared to $468,461,000 for the same period in 2024[11] - Gross profit decreased to $160,470,000, down 5.3% from $169,654,000 year-over-year[11] - Net loss attributable to MarineMax, Inc. was $7,926,000, compared to a net income of $18,066,000 in the prior year, representing a significant decline[11] - Basic net loss per share was $0.36, compared to a net income per share of $0.80 in the same quarter of 2024[11] - For the three months ended December 31, 2025, the company reported a net loss of $8.095 million compared to a net income of $18.124 million in the same period of 2024[22] - The company reported a loss before income tax provision of $10,936,000 for the three months ended December 31, 2025, compared to income before income tax provision of $20,227,000 in 2024[100] - Income from operations for the Retail Operations segment was $7,165,000 for the three months ended December 31, 2025, down from $41,250,000 in 2024, reflecting a decrease of approximately 82.7%[100] Assets and Liabilities - Total current assets decreased to $1,144,498,000 from $1,180,879,000, reflecting a decline of 3.1%[17] - Total liabilities decreased to $1,483,999,000 from $1,521,685,000, a reduction of 2.5%[17] - Cash and cash equivalents were $164,603,000, down from $170,351,000, indicating a decrease of 3.4%[17] - Total shareholders' equity attributable to MarineMax, Inc. was $932,815,000, a slight decrease from $937,190,000[17] - Short-term borrowings under the Floor Plan totaled approximately $702.7 million as of December 31, 2025, down from $795.2 million in the previous year[76] - Total long-term debt as of December 31, 2025, is $384.3 million, a decrease from $393.2 million as of September 30, 2025[82] Cash Flow - Net cash provided by operating activities was $16.876 million, a significant improvement from a net cash used of $146.081 million in the prior year[22] - Cash received from option exercises for the three months ended December 31, 2025, was approximately $1.3 million, compared to $1.5 million in 2024[85] - Cash used in financing activities was approximately $25.2 million for the three months ended December 31, 2025, compared to cash provided of approximately $74.7 million in 2024[128] Revenue Sources - Revenue from new boat sales constituted 63.4% of total revenue for the three months ended December 31, 2025, compared to 58.7% for the same period in 2024[54] - The company recognized maintenance, repair, storage, rental, charter services, and parts and accessories revenue of $99,369,000 for the three months ended December 31, 2025, down from $100,695,000 in 2024[56] - Sales of new Brunswick boats accounted for approximately 18% of total revenue in fiscal 2025, with Sea Ray and Boston Whaler contributing 8% and 9% respectively[25] Operational Highlights - The company has over 120 locations worldwide, including over 70 retail dealership locations and more than 65 marina and storage locations[24] - The company generated approximately 54% of its dealership revenue from Florida in fiscal 2025, highlighting the importance of this market[28] - The company acquired AGY, a luxury charter management agency, in October 2023, and several other companies in 2024 and 2025, indicating a strategy focused on market expansion through acquisitions[106][107] - The company plans to explore further acquisitions and new store openings as part of its growth strategy, despite potential economic challenges[112] Expenses - Selling, general, and administrative expenses rose by $24.9 million, or 19.1%, to $155.6 million, primarily due to changes in fair value of contingent consideration liabilities[121] - Interest expense decreased by $2.8 million to $15.9 million, attributed to lower borrowings and interest rates[122] - Stock-based compensation expense for the three months ended December 31, 2025, was approximately $2.6 million, down from $5.5 million in the same period of 2024[84] Legal and Compliance - The company is involved in various legal actions but does not believe these will materially affect its financial condition or operations[148] - The Chief Executive Officer and Chief Financial Officer have provided certifications in accordance with Section 302 of the Sarbanes-Oxley Act of 2002[146] - The company does not expect its disclosure controls and procedures to prevent all errors and fraud, acknowledging inherent limitations in control systems[145] Market Conditions - Economic conditions, particularly in Florida, significantly impact the company's operations, with local factors such as weather events affecting performance[28] - Approximately 5% of total revenues in fiscal 2025 were recognized in currencies other than the U.S. dollar, primarily euros[141] - There are no reported risk factors that could adversely impact the company[149]