MarineMax(HZO) - 2021 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION This section provides MarineMax, Inc.'s unaudited condensed consolidated financial statements, management's discussion and analysis of operations, market risk disclosures, and internal controls evaluation for the three months ended December 31, 2020 ITEM 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements of MarineMax, Inc. for the three months ended December 31, 2020 and 2019, including statements of operations, comprehensive income, balance sheets, shareholders' equity, and cash flows, along with detailed notes explaining accounting policies, acquisitions, debt, and equity compensation Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations Table | Metric | 3 Months Ended Dec 31, 2019 (in thousands) | 3 Months Ended Dec 31, 2020 (in thousands) | Change (%) | | :--------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Revenue | $304,172 | $411,524 | 35.3% | | Cost of sales | $224,154 | $288,123 | 28.5% | | Gross profit | $80,018 | $123,401 | 54.2% | | Selling, general, and administrative expenses | $64,386 | $91,417 | 42.0% | | Income from operations | $15,632 | $31,984 | 104.6% | | Interest expense | $3,344 | $1,268 | -62.1% | | Income before income tax provision | $12,288 | $30,716 | 150.0% | | Income tax provision | $3,229 | $7,116 | 120.4% | | Net income | $9,059 | $23,600 | 160.5% | | Basic net income per common share | $0.42 | $1.07 | 154.8% | | Diluted net income per common share | $0.41 | $1.04 | 153.7% | Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Comprehensive Income Table | Metric | 3 Months Ended Dec 31, 2019 (in thousands) | 3 Months Ended Dec 31, 2020 (in thousands) | Change (%) | | :---------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Net income | $9,059 | $23,600 | 160.5% | | Foreign currency translation adjustments | $606 | $1,115 | 84.0% | | Interest rate swap contract | $— | $(195) | N/A | | Total other comprehensive income, net of tax | $606 | $920 | 51.8% | | Comprehensive income | $9,665 | $24,520 | 153.7% | Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets Table | Asset/Liability/Equity | Sep 30, 2020 (in thousands) | Dec 31, 2020 (in thousands) | Change (in thousands) | Change (%) | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | :--------- | | ASSETS | | | | | | Cash and cash equivalents | $155,493 | $120,939 | $(34,554) | -22.2% | | Inventories, net | $298,002 | $378,863 | $80,861 | 27.1% | | Total current assets | $503,327 | $558,386 | $55,059 | 10.9% | | Property and equipment, net | $141,934 | $149,657 | $7,723 | 5.4% | | Operating lease right-of-use assets, net | $37,991 | $105,633 | $67,642 | 178.0% | | Goodwill and other intangible assets, net | $84,293 | $143,114 | $58,821 | 69.8% | | Total assets | $775,319 | $964,888 | $189,569 | 24.4% | | LIABILITIES | | | | | | Short-term borrowings | $144,393 | $163,394 | $19,001 | 13.2% | | Contract liabilities (customer deposits) | $31,821 | $55,389 | $23,568 | 74.1% | | Total current liabilities | $272,534 | $321,184 | $48,650 | 17.8% | | Long-term debt, net of current maturities | $7,343 | $50,124 | $42,781 | 582.6% | | Total liabilities | $319,922 | $482,306 | $162,384 | 50.8% | | SHAREHOLDERS' EQUITY | | | | | | Total shareholders' equity | $455,397 | $482,582 | $27,185 | 6.0% | Condensed Consolidated Statements of Shareholders' Equity Condensed Consolidated Statements of Shareholders' Equity Table | Metric | Sep 30, 2020 (in thousands) | Dec 31, 2020 (in thousands) | Change (in thousands) | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Total Shareholders' Equity | $455,397 | $482,582 | $27,185 | | Net income | — | $23,600 | $23,600 | | Additional Paid-in Capital | $280,436 | $283,101 | $2,665 | | Accumulated Other Comprehensive Income | $829 | $1,749 | $920 | | Retained Earnings | $277,699 | $301,299 | $23,600 | Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Table | Cash Flow Activity | 3 Months Ended Dec 31, 2019 (in thousands) | 3 Months Ended Dec 31, 2020 (in thousands) | Change (in thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | :-------------------- | | Net cash used in operating activities | $(19,298) | $(12,839) | $6,459 | | Net cash used in investing activities | $(4,398) | $(55,177) | $(50,779) | | Net cash provided by financing activities | $20,962 | $33,095 | $12,133 | | Net decrease in cash and cash equivalents | $(2,526) | $(34,554) | $(32,028) | | Cash and cash equivalents, end of period | $35,985 | $120,939 | $84,954 | - Cash used in investing activities in Q1 FY2021 included $48.3 million for business acquisitions, net of cash acquired, a significant increase from no acquisitions in the prior year period[21] Notes to Condensed Consolidated Financial Statements 1. Company Background - MarineMax is the largest recreational boat and yacht retailer in the U.S., with 77 retail locations in 21 states and international operations (Fraser Yachts Group, Northrop & Johnson)[23] - The company completed the acquisition of SkipperBud's in October 2020, significantly increasing its presence in the Great Lakes region and West Coast[26] 1. Company Background Table | Manufacturer | % of Revenue (Fiscal 2020) | Exclusivity | | :----------- | :------------------------- | :---------- | | Brunswick (total) | ~33% | N/A | | Sea Ray (Brunswick) | ~15% | Exclusive in geographic markets | | Boston Whaler (Brunswick) | ~16% | Exclusive in geographic markets | | Azimut Yachts (Azimut-Benetti Group) | ~9% | Exclusive for entire U.S. | 2. Basis of Presentation - Financial statements are unaudited and prepared under GAAP for interim reporting, with all significant intercompany transactions eliminated[32][35] - Significant estimates include valuation allowances, goodwill and intangible assets, long-lived assets, and accruals, which could differ from actual results[33] 3. New Accounting Pronouncements - Adopted ASU 2018-15 (Cloud Computing Arrangement Costs) and ASU 2016-13 (Financial Instruments — Credit Losses) effective October 1, 2020[37][38] - The adoption of these new accounting standards had no impact on the consolidated financial statements[37][38] 4. Revenue Recognition - Revenue from boat, motor, and trailer sales, and brokerage commissions, is recognized at a point in time upon customer acceptance or delivery[39] - Revenue from parts and service operations, slip and storage, and yacht chartering is recognized over time as services are performed or over the contract term[41][43] 4. Revenue Recognition Table | Timing of Revenue Recognition | 3 Months Ended Dec 31, 2019 | 3 Months Ended Dec 31, 2020 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Goods and services transferred at a point in time | 90.8% | 90.5% | | Goods and services transferred over time | 9.2% | 9.5% | 5. Leases - Majority of leases are real estate leases for showrooms, marinas, service facilities, and corporate headquarters, all classified as operating leases[45] 5. Leases Table | Metric | 3 Months Ended Dec 31, 2019 (in thousands) | 3 Months Ended Dec 31, 2020 (in thousands) | Change (in thousands) | Change (%) | | :------------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :-------------------- | :--------- | | Operating lease expenses | $3,300 | $5,800 | $2,500 | 75.8% | | Operating cash flows from operating leases | $2,588 | $4,296 | $1,708 | 66.0% | | Right-of-use assets obtained in exchange for lease obligations | $560 | $70,275 | $69,715 | 12449.1% | - Weighted-average remaining lease term is approximately 13 years, and the weighted-average discount rate used for lease liabilities as of December 31, 2020, was approximately 5.7%[45][48] 6. Inventories - New and used boat, motor, and trailer inventories are valued at the lower of cost (specific-identification) or net realizable value[50] 6. Inventories Table | Inventory Valuation Allowance | Sep 30, 2020 (in millions) | Dec 31, 2020 (in millions) | | :---------------------------- | :------------------------- | :------------------------- | | New and used boat, motor, and trailer inventories | $2.4 | $2.3 | 7. Impairment of Long-Lived Assets - Long-lived assets are reviewed for impairment based on undiscounted future net cash flows[51] - No impairment of long-lived assets was believed to exist as of December 31, 2020[51] 8. Goodwill - Goodwill increased significantly due to the acquisition of SkipperBud's in October 2020 for $55 million, including a contingent consideration arrangement of $8.2 million[52][53][55] 8. Goodwill Table | Metric | Sep 30, 2020 (in millions) | Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :-------------------------------- | :------------------------- | :------------------------- | :------------------- | :--------- | | Goodwill and other intangible assets, net | $84.3 | $143.1 | $58.8 | 69.8% | - The SkipperBud's acquisition added approximately $56.4 million in goodwill and $2.0 million in other identifiable intangibles (trade name and customer relationships)[55] - Goodwill is tested for impairment at least annually; a qualitative assessment as of December 31, 2020, indicated no impairment was likely[57] 9. Income Taxes - Deferred tax assets and liabilities are recognized for future tax consequences of temporary differences[58] 9. Income Taxes Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :-------------------- | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Income tax provision | $3.2 | $7.1 | $3.9 | 121.9% | | Effective income tax rate | 26.3% | 23.2% | -3.1% | -11.8% | - The decrease in the effective income tax rate was primarily attributed to excess equity compensation for tax purposes[117] 10. Short-Term Borrowings and Long-Term Debt - The company has a $440 million Credit Facility for working capital and inventory financing, expiring in May 2023, with $133.4 million additional available borrowings as of December 31, 2020[60][63] 10. Short-Term Borrowings and Long-Term Debt Table | Metric | Dec 31, 2019 (in thousands) | Dec 31, 2020 (in thousands) | Change (in thousands) | Change (%) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------- | :--------- | | Short-term borrowings | N/A | $163,394 | N/A | N/A | | Interest rate on short-term borrowings | 5.6% | 4.2% | -1.4% | -25.0% | | Long-term debt, net of current maturities | N/A | $50,124 | N/A | N/A | - The company was in compliance with all Credit Facility covenants (leverage ratio not exceeding 2.75 to 1.0, current ratio greater than 1.2 to 1.0) as of December 31, 2020[61] 11. Stock-Based Compensation 11. Stock-Based Compensation Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :----------------------------- | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Stock-based compensation expense | $1.5 | $2.0 | $0.5 | 33.3% | | Cash received from option exercises | $0.6 | $1.5 | $0.9 | 150.0% | - Compensation for options is valued using the Black-Scholes model, while restricted stock awards and units are measured at fair value on the grant date[68] 12. The Incentive Stock Plans - The 2011 Stock-Based Compensation Plan was amended in February 2020 to increase authorized shares to 4,200,456 and extended to February 2030[71] 12. The Incentive Stock Plans Table | Metric | Sep 30, 2020 | Dec 31, 2020 | Change | | :-------------------------------- | :----------- | :----------- | :------- | | Shares Available for Grant | 1,275,415 | 950,547 | -324,868 | | Options Outstanding | 196,329 | 129,583 | -66,746 | | Aggregate Intrinsic Value (in thousands) | $2,636 | $3,116 | $480 | | Weighted Average Exercise Price | $12.12 | $11.71 | -$0.41 | - Total intrinsic value of options exercised increased from $0.1 million in Q1 FY2020 to $1.1 million in Q1 FY2021[73] 13. Employee Stock Purchase Plan - The Employee Stock Purchase Plan was amended in February 2019, increasing available shares to 1,500,000[75] - Employees can purchase common stock at 85% of the closing price on the first or last day of the offering, whichever is lower[75] 13. Employee Stock Purchase Plan Table | Black-Scholes Assumption | 3 Months Ended Dec 31, 2019 | 3 Months Ended Dec 31, 2020 | Change | | :----------------------- | :-------------------------- | :-------------------------- | :----- | | Risk-free interest rate | 1.8% | 0.1% | -1.7% | | Volatility | 52.4% | 70.2% | 17.8% | 14. Restricted Stock Awards - Restricted stock awards and RSUs generally vest over two to four years, with performance-based awards for officers ranging from 0% to 175% of target shares[79] 14. Restricted Stock Awards Table | Metric | Sep 30, 2020 | Dec 31, 2020 | | :-------------------------------- | :----------- | :----------- | | Non-vested balance (Shares/Units) | 902,631 | 1,083,097 | | Awards granted (Shares/Units) | N/A | 336,091 | | Awards vested (Shares/Units) | N/A | (152,625) | | Unrecognized compensation cost (in millions) | N/A | $16.3 | | Weighted average recognition period | N/A | 2.6 years | 15. Net Income Per Share 15. Net Income Per Share Table | Metric | 3 Months Ended Dec 31, 2019 | 3 Months Ended Dec 31, 2020 | Change | | :---------------------------------------------------- | :-------------------------- | :-------------------------- | :----- | | Weighted average common shares outstanding (basic) | 21,453,914 | 22,025,898 | 571,984 | | Effect of dilutive options and non-vested restricted stock awards | 436,151 | 719,227 | 283,076 | | Weighted average common and common equivalent shares (diluted) | 21,890,065 | 22,745,125 | 855,060 | - Approximately 30,807 weighted average options were anti-dilutive and excluded from diluted EPS calculation in Q1 FY2021[81] 16. Commitments and Contingencies - The company is party to various legal actions arising in the ordinary course of business[82] - These legal matters are not expected to have a material adverse effect on the company's financial condition, results of operations, or cash flows as of December 31, 2020[82] ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on MarineMax's financial condition and results of operations, highlighting the impact of COVID-19, strategic acquisitions, critical accounting policies, and a detailed comparison of financial performance for the three months ended December 31, 2020, versus 2019. It also discusses liquidity, capital resources, and the effects of seasonality and weather General - COVID-19 impacts remain unpredictable, but the company is operating safely, offering virtual appointments, and leveraging its digital platform[84] - MarineMax is the largest recreational boat and yacht retailer in the U.S., with fiscal 2020 revenue over $1.5 billion, operating 77 retail locations in 21 states[85] - Acquisitions, including SkipperBud's in October 2020 and Northrop & Johnson in July 2020, remain a key growth strategy[85][86][90] - The business is susceptible to general economic conditions, consumer discretionary spending on luxury goods, and local influences (e.g., weather), particularly in Florida, which accounts for approximately 54% of revenue[87][88] Application of Critical Accounting Policies - Management makes significant estimates and assumptions for financial reporting, particularly for valuation allowances, goodwill, intangible assets, long-lived assets, and accruals[92] - Actual results could differ significantly from these estimates under different assumptions and conditions[92] Revenue Recognition - Revenue from boat, motor, and trailer sales is recognized at a point in time upon customer acceptance or delivery[93] - Commissions from third-party financing and extended warranty contracts are recognized when related boat sales occur or terms are accepted[94] - Revenue from parts and service operations, slip and storage, and yacht chartering is recognized over time[95][97] Vendor Consideration Received - Interest assistance from manufacturers is classified as a reduction of inventory cost and related cost of sales[98] - Co-op assistance programs from manufacturers are netted against related advertising expenses[98] Inventories - New and used boat, motor, and trailer inventories are stated at the lower of cost (specific-identification) or net realizable value[99] Inventories Table | Inventory Valuation Allowance | Sep 30, 2020 (in millions) | Dec 31, 2020 (in millions) | | :---------------------------- | :------------------------- | :------------------------- | | New and used boat, motor, and trailer inventories | $2.4 | $2.3 | Goodwill - Goodwill and other intangible assets increased from $84.3 million (Sep 30, 2020) to $143.1 million (Dec 31, 2020) due to acquisitions, including SkipperBud's, Northrop & Johnson, and Boatyard[100] - Goodwill is reviewed for impairment at least annually; a qualitative assessment as of December 31, 2020, determined no impairment was likely[100][101] Impairment of Long-Lived Assets - Long-lived assets are reviewed for impairment when events indicate the carrying amount may not be recoverable, measured by comparing to undiscounted future net cash flows[102] - No impairment of long-lived assets was believed to exist as of December 31, 2020[102] Stock-Based Compensation - Stock-based compensation is accounted for under ASC 718, using the Black-Scholes model for options and fair value for restricted stock awards/units[103] - Valuation models require judgments on stock price volatility, dividend yield, employee turnover, and exercise behaviors[103] Income Taxes - Deferred tax assets and liabilities are recognized for temporary differences, with valuation allowances recorded as needed[104] - The CARES Act, which allows NOL carrybacks and increased interest deduction limits, did not result in material adjustments to the income tax provision or net deferred tax assets for the three months ended December 31, 2020[107][108] Recent Accounting Pronouncements - Refer to Note 3 for details on new accounting pronouncements[110] Consolidated Results of Operations - The discussion compares financial results for the three months ended December 31, 2020, with the same period in 2019[111] Three Months Ended December 31, 2020 Compared with Three Months Ended December 31, 2019 Revenue Revenue Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :----- | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Revenue | $304.2 | $411.5 | $107.3 | 35.3% | - Revenue increase was due to a 20.2% rise in comparable-store sales and $45.8 million from new stores and acquisitions[112] Gross Profit Gross Profit Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :--------- | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Gross profit | $80.0 | $123.4 | $43.4 | 54.2% | | Gross profit as % of revenue | 26.3% | 30.0% | 3.7% | 14.1% | - Margin expansion was driven by demand-driven increases in new and used boat margins and higher-margin businesses, including Northrop & Johnson[113] Selling, General, and Administrative Expenses Selling, General, and Administrative Expenses Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :------------------------------------ | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Selling, General, and Administrative Expenses | $64.4 | $91.4 | $27.0 | 42.0% | - Increase in SG&A was driven by higher revenue from comparable-store sales and acquisitions[114] Interest Expense Interest Expense Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :------------- | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Interest expense | $3.3 | $1.3 | $(2.0) | -60.6% | | Interest expense as % of revenue | 1.1% | 0.3% | -0.8% | -72.7% | - Decrease in interest expense was primarily due to decreased interest rates and lower borrowings[115] Income Taxes Income Taxes Table | Metric | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | Change (%) | | :-------------------- | :--------------------------------------- | :--------------------------------------- | :------------------- | :--------- | | Income tax expense | $3.2 | $7.1 | $3.9 | 121.9% | | Effective income tax rate | 26.3% | 23.2% | -3.1% | -11.8% | - The decrease in the effective income tax rate was primarily attributed to excess equity compensation for tax purposes[117] Liquidity and Capital Resources - Cash needs are primarily for working capital, inventory, and growth through acquisitions, financed by cash from operations and the Credit Facility[118][119] Liquidity and Capital Resources Table | Cash Flow Activity | 3 Months Ended Dec 31, 2019 (in millions) | 3 Months Ended Dec 31, 2020 (in millions) | Change (in millions) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | :------------------- | | Net cash used in operating activities | $(19.3) | $(12.8) | $6.5 | | Net cash used in investing activities | $(4.4) | $(55.2) | $(50.8) | | Net cash provided by financing activities | $21.0 | $33.1 | $12.1 | - As of December 31, 2020, the company had $163.4 million in short-term borrowings and $50.1 million in long-term debt, with $133.4 million available under its Credit Facility[127][128] - Management believes existing capital resources will be adequate for the next 12 months, excluding possible significant acquisitions[129] Impact of Seasonality and Weather on Operations - The recreational boating industry is highly seasonal, with lower sales and higher inventories typically in the December and March quarters, except in Florida[130] - Business is subject to adverse weather patterns (e.g., prolonged winters, droughts, excessive rain, hurricanes) which can curtail customer demand and disrupt operations[131] ITEM 3. Quantitative and Qualitative Disclosures About Market Risk This section outlines MarineMax's exposure to market risks, specifically interest rate risk due to variable-rate short-term debt and foreign currency exchange rate risk from international purchases and operations, and the potential impact of these risks on financial performance Interest Rate Risk - All short-term debt bears variable interest tied to LIBOR, exposing the company to interest rate risk[132] - A hypothetical 100 basis point increase in interest rates would result in an approximate $1.6 million increase in annual pre-tax interest expense[132] Foreign Currency Exchange Rate Risk - Fluctuations in the U.S. dollar exchange rate can impact the retail price and profitability of foreign products purchased from European and Chinese manufacturers[133] - Fraser Yachts Group and Northrop & Johnson have transactions in non-U.S. dollar currencies, but these revenues were less than 2% of total revenues in fiscal 2020[134] - The company is not currently engaged in foreign currency exchange hedging transactions[133] ITEM 4. Controls and Procedures This section details the evaluation of MarineMax's disclosure controls and procedures, noting their effectiveness as of December 31, 2020, and the ongoing integration of controls for the newly acquired SkipperBud's. It also acknowledges the inherent limitations of any control system Evaluation of Disclosure Controls and Procedures - CEO and CFO concluded that disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2020[136] Changes in Internal Controls - No material changes in internal control over financial reporting occurred, except for the implementation of controls for the acquired SkipperBud's subsidiary[137] Limitations on the Effectiveness of Controls - Control systems provide only reasonable, not absolute, assurance due to inherent limitations such as faulty judgments, simple errors, collusion, or management override[138] CEO and CFO Certifications - CEO and CFO Certifications (Exhibits 31.1 and 31.2) are provided in accordance with Section 302 of the Sarbanes-Oxley Act of 2002[139] PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, defaults on senior securities, mine safety disclosures, other information, and a list of exhibits filed with the report ITEM 1. Legal Proceedings MarineMax is involved in routine legal actions but does not anticipate any material adverse effect on its financial condition, results of operations, or cash flows as of December 31, 2020 - The company is party to various legal actions arising in the ordinary course of business[141] - These matters are not expected to have a material adverse effect on the company's financial condition, results of operations, or cash flows[141] ITEM 1A. Risk Factors This section states that no new material risk factors have been identified since the last annual report - No new material risk factors were reported in this quarterly filing[142] ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds During November 2020, MarineMax repurchased 27,822 shares of common stock at an average price of $31.30 per share, primarily for tax withholdings related to equity awards. The company has authorization to purchase up to 9,919,764 additional shares through March 2022 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds Table | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Shares Available Under Plans | | :--------------------------------- | :--------------------- | :--------------------------- | :----------------------------------- | | October 1, 2020 - October 31, 2020 | - | - | 9,919,764 | | November 1, 2020 - November 30, 2020 | 27,822 | $31.30 | 9,919,764 | | December 1, 2020 - December 31, 2020 | - | - | 9,919,764 | | Total | 27,822 | $31.30 | 9,919,764 | - The 27,822 shares repurchased in November 2020 were attributable to shares tendered by employees for tax withholdings on equity awards[145] ITEM 3. Defaults Upon Senior Securities This section states that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities were reported[146] ITEM 4. Mine Safety Disclosures This section states that mine safety disclosures are not applicable to the company - Mine Safety Disclosures are not applicable to the company[147] ITEM 5. Other Information This section states that no other information is required to be reported - No other information was reported[148] ITEM 6. Exhibits This section lists all exhibits filed as part of the Form 10-Q, including corporate documents, sales agreements, acquisition agreements, and certifications - The report includes various exhibits such as Articles of Incorporation, Bylaws, Sales and Service Agreements (Boston Whaler, Sea Ray), Equity Purchase Agreement (Skipper Marine Holdings), and CEO/CFO Certifications[151] SIGNATURES This section confirms the official signing of the report by MarineMax, Inc.'s Executive Vice President, Chief Financial Officer, Secretary, and Director on February 2, 2021 - The report was signed by Michael H. McLamb, Executive Vice President, Chief Financial Officer, Secretary, and Director, on February 2, 2021[155]