Core Viewpoint - MarineMax, Inc. has received an unsolicited, non-binding indication of interest from The Donerail Group to acquire all outstanding common shares for $35.00 per share in cash [1]. Group 1: Company Overview - MarineMax is the world's largest recreational boat and yacht retailer, marina operator, and superyacht services company, with over 120 locations worldwide, including more than 70 dealerships and over 65 marina and storage facilities [4]. - The company's integrated business includes IGY Marinas, Fraser Yachts Group, Northrop & Johnson, Cruisers Yachts, and Intrepid Powerboats, providing a range of luxury boating services and products [4]. - MarineMax also offers financing and insurance services, as well as digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals [4]. Group 2: Board's Response - MarineMax's Board of Directors is focused on creating value for shareholders and will carefully review the indication of interest in consultation with independent financial and legal advisors [2]. - The Board will determine the best course of action in the interests of MarineMax and its stakeholders, and there is currently no action required from MarineMax shareholders [2].

Financial Data and Key Metrics Changes - Fiscal second quarter revenue decreased by 1% to $484 million in 2025 from $488 million in 2024 [14] - New boat sales were down 5% to $310 million, while pre-owned boat sales increased by 14% to $90 million [14] - Gross profit declined to $110 million in 2025 compared to $120 million in 2024, driven by lower gross margins [15] - Net loss for the fiscal second quarter totaled $375,000 or $0.02 per diluted share, compared to a net loss of $5 million or $0.27 per diluted share in the prior year [16] - Adjusted income per diluted share was $0.13 compared to $0.67 in the prior year [17] Business Line Data and Key Metrics Changes - Same store sales declined by 2%, primarily due to a decrease in new boat sales [4] - Revenue from service parts and other sales increased by 2% to $69 million, driven by growth in the dealership segment [14] - Financing and insurance revenue increased by 10 basis points as a percentage of sales [15] - Parts and service business revenue was up 2%, partially offset by headwinds in the distribution segment [12] Market Data and Key Metrics Changes - Total unit sales for the industry were down in excess of 10% for the quarter, while the company continued to outperform the industry [4] - The average unit price of new boats increased, driven by strength in larger boats [11] - The company expects total sales to be in the range of $1.7 billion to $1.8 billion, with same store sales flat to down low single digits [20] Company Strategy and Development Direction - The company is focused on inventory and brand rationalization strategies, reducing inventory by 12% year over year [5] - The company plans to exit 15 brands to consolidate its offerings and strengthen its market position [41][45] - The company is monitoring the tariff landscape and does not expect an impact on pricing for current inventory [8] Management Comments on Operating Environment and Future Outlook - Management noted considerable macroeconomic uncertainty and a challenging environment but expressed optimism about improving performance over time [4] - The company is taking a cautious view on the demand environment and updating its outlook accordingly [8] - Management emphasized the importance of controlling factors within their operations to weather current challenges [9] Other Important Information - Total liquidity as of March 31, 2025, was in excess of $74 million [18] - Total inventory decreased to $602 million from $687 million year over year, indicating a healthier mix and aging profile [18] - The company aims to reduce leverage in the latter half of 2025 as part of its capital allocation strategy [19] Q&A Session Summary Question: What are the demand trends seen in April post-tariff announcements? - Management indicated that April results were in line with the previous year, with positive signs for May [22] Question: What drove the margin down on used boats? - Management noted that the model mix and aggressive pricing strategies to move inventory contributed to the margin decline [24][26] Question: Where is the company gaining market share? - The company is primarily gaining share in the premium segment, outperforming the industry which is down 10% [32] Question: Is the company discounting heavily to move volume? - Management confirmed that while some discounting is occurring, it is strategic and focused on clearing outdated inventory [34][36] Question: How does the company see the industry evolving post-slowdown? - Management anticipates potential consolidation in the industry due to higher carrying costs and competitive pressures [41][43]

Financial Data and Key Metrics Changes - Fiscal second quarter revenue decreased by 1% to $484 million in 2025 from $488 million in 2024 [14] - New boat sales were down 5% to $310 million, while pre-owned boat sales increased by 14% to $90 million [14] - Gross profit declined to $110 million in 2025 compared to $120 million in 2024, driven by lower gross margins [15] - Net loss for the fiscal second quarter totaled $375,000 or $0.02 per diluted share, compared to a net loss of $5 million or $0.27 per diluted share in the prior year [16] - Adjusted income per diluted share was $0.13 compared to $0.67 in the prior year [17] Business Line Data and Key Metrics Changes - Same store sales declined by 2%, primarily due to a decrease in new boat sales [4] - Revenue from service parts and other sales increased by 2% to $69 million, driven by growth in the dealership segment [14] - Parts and service business revenue was up 2%, partially offset by headwinds in the distribution segment [12] Market Data and Key Metrics Changes - Total unit sales for the industry were down in excess of 10% for the quarter, while the company continued to outperform the industry and gain market share [4] - The average unit price of new boats increased, driven by continued strength in larger boats [11] - Financing and insurance revenue increased slightly as a percentage of total sales, indicating strong performance in in-store financing programs [12] Company Strategy and Development Direction - The company is focused on inventory and brand rationalization strategies, reducing inventory by 12% year over year [5] - The company plans to exit 15 brands to streamline operations and focus on higher-performing brands [46][48] - The company is monitoring the tariff landscape closely and does not expect an immediate impact on pricing for current inventory [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand in April, indicating that results were in line with the prior year [22] - The macroeconomic environment remains uncertain, leading to an updated fiscal 2025 guidance with total sales expected to be in the range of $1.7 billion to $1.8 billion [20] - Management emphasized the importance of controlling factors within their operations to navigate current challenges [9] Other Important Information - Total liquidity as of March 31, 2025, was in excess of $74 million [18] - Total inventory decreased to $602 million from $687 million year over year, indicating a healthier mix and aging profile [18] - The company aims to reduce leverage in the latter half of 2025 as part of its capital allocation strategy [19] Q&A Session Summary Question: What is the demand outlook post-tariff announcements? - Management indicated that April results were in line with the previous year, with positive signs for May [22][23] Question: What drove the margin down on used boats? - Management noted that the model mix and aggressive pricing strategies to move inventory contributed to the softer margins [25][26] Question: Where is the company gaining market share? - The majority of market share gains are in the premium segment, with the company performing better than the industry average [32][33] Question: Is the company discounting heavily to gain share? - Management confirmed that while some discounting is occurring, it is strategic and focused on moving dated inventory [36][37] Question: How does the company see the industry evolving post-slowdown? - Management anticipates potential consolidation in the industry due to higher carrying costs and competitive pressures [41][45]