Company Quick10K Filing
MarineMax
Price15.26 EPS2
Shares23 P/E10
MCap349 P/FCF-28
Net Debt-39 EBIT61
TEV311 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-29
10-Q 2019-12-31 Filed 2020-01-30
10-K 2019-09-30 Filed 2019-12-03
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-01
10-Q 2018-12-31 Filed 2019-01-30
10-K 2018-09-30 Filed 2018-11-29
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-Q 2017-12-31 Filed 2018-01-31
10-K 2017-09-30 Filed 2017-12-06
10-Q 2017-06-30 Filed 2017-07-25
10-Q 2017-03-31 Filed 2017-05-02
10-Q 2016-12-31 Filed 2017-02-02
10-K 2016-09-30 Filed 2016-12-06
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-02
10-Q 2015-12-31 Filed 2016-02-04
10-K 2015-09-30 Filed 2015-12-08
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-Q 2014-12-31 Filed 2015-02-05
10-K 2014-09-30 Filed 2014-12-11
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-05
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-12-06
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-Q 2012-12-31 Filed 2013-02-07
10-K 2012-09-30 Filed 2012-12-07
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-12-31 Filed 2012-02-07
10-K 2011-09-30 Filed 2011-12-08
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-02
10-Q 2010-12-31 Filed 2011-02-08
10-K 2010-09-30 Filed 2010-12-02
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-08
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-01 Other Events, Exhibits
8-K 2020-05-20
8-K 2020-04-23
8-K 2020-04-02
8-K 2020-03-16
8-K 2020-02-25
8-K 2020-01-23
8-K 2019-11-08
8-K 2019-10-29
8-K 2019-07-25
8-K 2019-07-02
8-K 2019-04-25
8-K 2019-02-21
8-K 2019-01-23
8-K 2018-10-30
8-K 2018-10-26
8-K 2018-09-26
8-K 2018-07-26
8-K 2018-06-25
8-K 2018-05-23
8-K 2018-04-26
8-K 2018-04-09
8-K 2018-02-22
8-K 2018-01-24

HZO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 hzo-ex101_248.htm
EX-10.2 hzo-ex102_249.htm
EX-31.1 hzo-ex311_7.htm
EX-31.2 hzo-ex312_9.htm
EX-32.1 hzo-ex321_8.htm
EX-32.2 hzo-ex322_6.htm

MarineMax Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
78562847131415702012201420172020
Assets, Equity
38530722915173-42012201420172020
Rev, G Profit, Net Income
805020-10-40-702012201420172020
Ops, Inv, Fin

hzo-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020.

Commission File Number. 1-14173

 

MARINEMAX, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Florida

59-3496957

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification Number)

 

 

2600 McCormick Drive, Suite 200

 

Clearwater, Florida

33759

(Address of Principal Executive Offices)

(ZIP Code)

727-531-1700

(Registrant's Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.001 per share

HZO

New York Stock Exchange

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

The number of outstanding shares of the registrant's Common Stock on July 24, 2020 was 21,628,144.

 

 

 

 


 

MARINEMAX, INC. AND SUBSIDIARIES

Table of Contents

 

Item No.

Page

 

 

 

 

PART I. FINANCIAL INFORMATION

 

1.   

Financial Statements (Unaudited):

 

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2019 and 2020

 

3

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30, 2019 and 2020

 

4

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and June 30, 2020

 

5

 

Condensed Consolidated Statements of Stockholders’ Equity for the Nine Months Ended June 30, 2019 and 2020

 

6

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2019 and 2020

 

8

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

2.   

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

19

 

 

 

 

3.   

Quantitative and Qualitative Disclosures About Market Risk

 

25

 

 

 

 

4.   

Controls and Procedures

 

26

 

 

 

 

PART II. OTHER INFORMATION

26

1.   

Legal Proceedings

 

26

1A.

Risk Factors

 

27

2.   

Unregistered Sales of Equity Securities and Use of Proceeds

 

27

3.   

Defaults Upon Senior Securities

 

27

4.   

Mine Safety Disclosures

 

27

5.   

Other Information

 

27

6.   

Exhibits

 

28

SIGNATURES

 

29

 

 

 

 

EX – 31.1

 

EX – 31.2

 

EX – 32.1

 

EX – 32.2

 

EX – 101 INSTANCE DOCUMENT

 

EX – 101 SCHEMA DOCUMENT

 

EX – 101 CALCULATION LINKBASE DOCUMENT

 

EX – 101 DEFINITION LINKBASE DOCUMENT

 

EX – 101 LABEL LINKBASE DOCUMENT

 

EX – 101 PRESENTATION LINKBASE DOCUMENT

 

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

Revenue

 

$

383,494

 

 

$

498,304

 

 

$

929,017

 

 

$

1,110,951

 

Cost of sales

 

 

285,784

 

 

 

374,851

 

 

 

693,627

 

 

 

828,704

 

Gross profit

 

 

97,710

 

 

 

123,453

 

 

 

235,390

 

 

 

282,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

68,968

 

 

 

74,838

 

 

 

187,436

 

 

 

208,284

 

Income from operations

 

 

28,742

 

 

 

48,615

 

 

 

47,954

 

 

 

73,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

2,936

 

 

 

2,133

 

 

 

8,485

 

 

 

8,490

 

Income before income tax provision

 

 

25,806

 

 

 

46,482

 

 

 

39,469

 

 

 

65,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

6,719

 

 

 

11,555

 

 

 

10,169

 

 

 

16,422

 

Net income

 

$

19,087

 

 

$

34,927

 

 

$

29,300

 

 

$

49,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.86

 

 

$

1.62

 

 

$

1.30

 

 

$

2.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

0.84

 

 

$

1.58

 

 

$

1.26

 

 

$

2.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used in computing

   net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

22,243,895

 

 

 

21,499,408

 

 

 

22,619,802

 

 

 

21,491,117

 

Diluted

 

 

22,821,202

 

 

 

22,045,900

 

 

 

23,212,983

 

 

 

21,965,355

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


 

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

Net income

$

19,087

 

 

$

34,927

 

 

$

29,300

 

 

$

49,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive gain,  net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

-

 

 

 

383

 

 

 

-

 

 

 

539

 

Total other comprehensive gain, net of tax

 

-

 

 

 

383

 

 

 

-

 

 

 

539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

19,087

 

 

$

35,310

 

 

$

29,300

 

 

$

49,590

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

4


 

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

(Unaudited)

 

 

September 30,

 

 

June 30,

 

 

 

2019

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

38,511

 

 

$

86,919

 

Accounts receivable, net

 

 

42,398

 

 

 

69,478

 

Inventories, net

 

 

477,468

 

 

 

314,096

 

Prepaid expenses and other current assets

 

 

10,206

 

 

 

11,133

 

Total current assets

 

 

568,583

 

 

 

481,626

 

Property and equipment, net of accumulated depreciation of $77,798 and $86,362

 

 

144,298

 

 

 

141,897

 

Operating lease right-of-use assets, net

 

 

-

 

 

 

39,279

 

Goodwill and other intangible assets, net

 

 

64,077

 

 

 

65,404

 

Other long-term assets

 

 

7,125

 

 

 

7,754

 

Total assets

 

$

784,083

 

 

$

735,960

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

33,674

 

 

$

39,441

 

Customer deposits

 

 

24,305

 

 

 

30,106

 

Accrued expenses

 

 

42,849

 

 

 

47,775

 

Current operating lease liabilities

 

 

-

 

 

 

7,262

 

Short-term borrowings

 

 

312,065

 

 

 

147,049

 

Total current liabilities

 

 

412,893

 

 

 

271,633

 

Noncurrent operating lease liabilities

 

 

-

 

 

 

34,248

 

Deferred tax liabilities, net

 

 

1,142

 

 

 

4,221

 

Other long-term liabilities

 

 

1,229

 

 

 

833

 

Total liabilities

 

 

415,264

 

 

 

310,935

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding

   as of September 30, 2019 and June 30, 2020

 

 

 

 

 

 

Common stock, $.001 par value, 40,000,000 shares authorized, 27,508,473 and

  27,798,415 shares issued and 21,321,688 and 21,531,394 shares outstanding as of

   September 30, 2019 and June 30, 2020, respectively

 

 

28

 

 

 

28

 

Additional paid-in capital

 

 

269,969

 

 

 

276,606

 

Accumulated other comprehensive loss

 

 

(669

)

 

 

(130

)

Retained earnings

 

 

202,455

 

 

 

252,116

 

Treasury stock, at cost, 6,186,785 and 6,267,021 shares held as of September 30, 2019

   and June 30, 2020, respectively

 

 

(102,964

)

 

 

(103,595

)

Total shareholders’ equity

 

 

368,819

 

 

 

425,025

 

Total liabilities and shareholders’ equity

 

$

784,083

 

 

$

735,960

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

5


 

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(Amounts in thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

Treasury

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Earnings

 

 

Stock

 

 

Equity

 

BALANCE, September 30, 2019

 

 

27,508,473

 

 

$

28

 

 

$

269,969

 

 

$

(669

)

 

$

202,455

 

 

$

(102,964

)

 

$

368,819

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,059

 

 

 

 

 

 

9,059

 

Shares issued pursuant to employee stock purchase plan

 

 

38,352

 

 

 

 

 

 

505

 

 

 

 

 

 

 

 

 

 

 

 

505

 

Shares issued upon vesting of equity awards, net

   of minimum tax withholding

 

 

123,993

 

 

 

 

 

 

(476

)

 

 

 

 

 

 

 

 

 

 

 

(476

)

Shares issued upon exercise of stock options

 

 

13,000

 

 

 

 

 

 

111

 

 

 

 

 

 

 

 

 

 

 

 

111

 

Stock-based compensation

 

 

2,946

 

 

 

 

 

 

1,513

 

 

 

 

 

 

 

 

 

 

 

 

1,513

 

Foreign currency translation adjustments,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

606

 

 

 

 

 

 

 

 

 

606

 

Cumulative effect of change in accounting

   principle - leases, net after tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

610

 

 

 

 

 

 

610

 

BALANCE, December 31, 2019

 

 

27,686,764

 

 

$

28

 

 

$

271,622

 

 

$

(63

)

 

$

212,124

 

 

$

(102,964

)

 

$

380,747

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,065

 

 

 

 

 

 

5,065

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(472

)

 

 

(472

)

Shares issued upon exercise of stock options

 

 

28,167

 

 

 

 

 

 

414

 

 

 

 

 

 

 

 

 

 

 

 

414

 

Stock-based compensation

 

 

2,732

 

 

 

 

 

 

1,773

 

 

 

 

 

 

 

 

 

 

 

 

1,773

 

Foreign currency translation adjustments,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

(450

)

 

 

 

 

 

 

 

 

(450

)

BALANCE, March 31, 2020

 

 

27,717,663

 

 

$

28

 

 

$

273,809

 

 

$

(513

)

 

$

217,189

 

 

$

(103,436

)

 

$

387,077

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,927

 

 

 

 

 

 

34,927

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(159

)

 

 

(159

)

Shares issued pursuant to employee stock purchase plan

 

 

56,389

 

 

 

 

 

 

499

 

 

 

 

 

 

 

 

 

 

 

 

499

 

Shares issued upon vesting of equity awards, net

   of minimum tax withholding

 

 

9,985

 

 

 

 

 

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29

)

Shares issued upon exercise of stock options

 

 

10,000

 

 

 

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

89

 

Stock-based compensation

 

 

4,378

 

 

 

 

 

 

2,238

 

 

 

 

 

 

 

 

 

 

 

 

2,238

 

Foreign currency translation adjustments,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

383

 

 

 

 

 

 

 

 

 

383

 

BALANCE, June 30, 2020

 

 

27,798,415

 

 

$

28

 

 

$

276,606

 

 

$

(130

)

 

$

252,116

 

 

$

(103,595

)

 

$

425,025

 

 

 

 

 

 

6


 

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(Amounts in thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

Treasury

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Earnings

 

 

Stock

 

 

Equity

 

BALANCE, September 30, 2018

 

 

27,141,267

 

 

$

27

 

 

$

262,250

 

 

$

-

 

 

$

166,071

 

 

$

(75,256

)

 

$

353,092

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,910

 

 

 

 

 

 

4,910

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(229

)

 

 

(229

)

Shares issued pursuant to employee stock purchase plan

 

 

30,650

 

 

 

 

 

 

507