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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 MARCH 31, 2022.

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 April 28, 2022 was 21,531,668.

 

 

 

 


 

 

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 Six Months Ended March 31, 2021 and 2022

 

3

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended March 31, 2021 and 2022

 

4

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and March 31, 2022

 

5

 

Condensed Consolidated Statements of Shareholders’ Equity for the Six Months Ended March 31, 2021 and 2022

 

6

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2021 and 2022

 

7

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

 

2.   

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

 

21

 

 

 

 

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

 

 

Six Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

Revenue

 

$

523,095

 

 

$

610,106

 

 

$

934,618

 

 

$

1,082,797

 

Cost of sales

 

 

366,289

 

 

 

404,791

 

 

 

654,411

 

 

 

710,283

 

Gross profit

 

 

156,806

 

 

 

205,315

 

 

 

280,207

 

 

 

372,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

103,936

 

 

 

133,532

 

 

 

195,354

 

 

 

253,529

 

Income from operations

 

 

52,870

 

 

 

71,783

 

 

 

84,853

 

 

 

118,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,092

 

 

 

654

 

 

 

2,360

 

 

 

1,291

 

Income before income tax provision

 

 

51,778

 

 

 

71,129

 

 

 

82,493

 

 

 

117,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

12,843

 

 

 

17,622

 

 

 

19,958

 

 

 

28,244

 

Net income

 

$

38,935

 

 

$

53,507

 

 

$

62,535

 

 

$

89,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

1.76

 

 

$

2.45

 

 

$

2.83

 

 

$

4.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

1.69

 

 

$

2.37

 

 

$

2.73

 

 

$

3.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used in computing

   net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

22,143,043

 

 

 

21,861,438

 

 

 

22,083,827

 

 

 

21,880,558

 

Diluted

 

 

22,986,061

 

 

 

22,530,102

 

 

 

22,864,950

 

 

 

22,597,105

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

 

3


 

 

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

March 31,

 

 

March 31,

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

Net income

$

38,935

 

 

$

53,507

 

 

$

62,535

 

 

$

89,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(1,032

)

 

 

(547

)

 

 

83

 

 

 

(1,036

)

Interest rate swap contract

 

388

 

 

 

442

 

 

 

193

 

 

 

535

 

Total other comprehensive (loss) income, net of tax

 

(644

)

 

 

(105

)

 

 

276

 

 

 

(501

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

38,291

 

 

$

53,402

 

 

$

62,811

 

 

$

88,949

 

 

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,

 

 

March 31,

 

 

 

2021

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

222,192

 

 

$

219,400

 

Accounts receivable, net

 

 

47,651

 

 

 

62,276

 

Inventories, net

 

 

230,984

 

 

 

329,731

 

Prepaid expenses and other current assets

 

 

16,692

 

 

 

17,596

 

Total current assets

 

 

517,519

 

 

 

629,003

 

Property and equipment, net of accumulated depreciation of $97,814 and $106,885

 

 

175,463

 

 

 

220,569

 

Operating lease right-of-use assets, net

 

 

104,901

 

 

 

100,818

 

Goodwill and other intangible assets, net

 

 

201,122

 

 

 

246,265

 

Other long-term assets

 

 

8,818

 

 

 

9,069

 

Total assets

 

$

1,007,823

 

 

$

1,205,724

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

25,739

 

 

$

37,856

 

Contract liabilities (customer deposits)

 

 

100,660

 

 

 

164,068

 

Accrued expenses

 

 

86,594

 

 

 

95,750

 

Short-term borrowings

 

 

23,943

 

 

 

58,858

 

Current maturities on long-term debt

 

 

3,587

 

 

 

3,587

 

Current operating lease liabilities

 

 

10,570

 

 

 

9,774

 

Total current liabilities

 

 

251,093

 

 

 

369,893

 

Long-term debt, net of current maturities

 

 

47,498

 

 

 

45,747

 

Noncurrent operating lease liabilities

 

 

96,956

 

 

 

93,885

 

Deferred tax liabilities, net

 

 

9,268

 

 

 

14,646

 

Other long-term liabilities

 

 

8,116

 

 

 

7,293

 

Total liabilities

 

 

412,931

 

 

 

531,464

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

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

   as of September 30, 2021 and March 31, 2022

 

 

 

 

 

 

Common stock, $.001 par value, 40,000,000 shares authorized, 28,588,863 and

   28,756,404 shares issued and 21,821,842 and 21,616,462 shares outstanding as of

   September 30, 2021 and March 31, 2022, respectively

 

 

29

 

 

 

29

 

Additional paid-in capital

 

 

288,901

 

 

 

295,589

 

Accumulated other comprehensive income

 

 

648

 

 

 

147

 

Retained earnings

 

 

432,678

 

 

 

522,128

 

Treasury stock, at cost, 6,767,021 and 7,139,942 shares held as of September 30, 2021

   and March 31, 2022, respectively

 

 

(127,364

)

 

 

(143,633

)

Total shareholders’ equity

 

 

594,892

 

 

 

674,260

 

Total liabilities and shareholders’ equity

 

$

1,007,823

 

 

$

1,205,724

 

 

 

 

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

 

 

Income

 

 

Earnings

 

 

Stock

 

 

Equity

 

BALANCE, September 30, 2021

 

 

28,588,863

 

 

$

29

 

 

$

288,901

 

 

$

648

 

 

$

432,678

 

 

$

(127,364

)

 

$

594,892

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,943

 

 

 

 

 

 

35,943

 

Shares issued pursuant to employee stock purchase plan

 

 

22,399

 

 

 

 

 

 

924

 

 

 

 

 

 

 

 

 

 

 

 

924

 

Shares issued upon vesting of equity awards,

   net of minimum tax withholding

 

 

111,011

 

 

 

 

 

 

(1,429

)

 

 

 

 

 

 

 

 

 

 

 

(1,429

)

Shares issued upon exercise of stock options

 

 

21,000

 

 

 

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

155

 

Stock-based compensation

 

 

684

 

 

 

 

 

 

3,263

 

 

 

 

 

 

 

 

 

 

 

 

3,263

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(396

)

 

 

 

 

 

 

 

 

(396

)

BALANCE, December 31, 2021

 

 

28,743,957

 

 

$

29

 

 

$

291,814

 

 

$

252

 

 

$

468,621

 

 

$

(127,364

)

 

$

633,352

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,507

 

 

 

 

 

 

53,507

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,269

)

 

 

(16,269

)

Shares issued upon vesting of equity awards,

   net of minimum tax withholding

 

 

10,188

 

 

 

 

 

 

(161

)

 

 

 

 

 

 

 

 

 

 

 

(161

)

Shares issued upon exercise of stock options

 

 

1,500

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Stock-based compensation

 

 

759

 

 

 

 

 

 

3,912

 

 

 

 

 

 

 

 

 

 

 

 

3,912

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(105

)

 

 

 

 

 

 

 

 

(105

)

BALANCE, March 31, 2022

 

 

28,756,404

 

 

$

29

 

 

$

295,589

 

 

$

147

 

 

$

522,128

 

 

$

(143,633

)

 

$

674,260

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

Treasury

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Stock

 

 

Equity

 

BALANCE, September 30, 2020

 

 

28,130,312

 

 

$

28

 

 

$

280,436

 

 

$

829

 

 

$

277,699

 

 

$

(103,595

)

 

$

455,397

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,600

 

 

 

 

 

 

23,600

 

Shares issued pursuant to employee stock purchase plan

 

 

83,572

 

 

 

 

 

 

740

 

 

 

 

 

 

 

 

 

 

 

 

740

 

Shares issued upon vesting of equity awards,

   net of minimum tax withholding

 

 

121,303

 

 

 

 

 

 

(871

)

 

 

 

 

 

 

 

 

 

 

 

(871

)

Shares issued upon exercise of stock options

 

 

56,746

 

 

 

 

 

 

783

 

 

 

 

 

 

 

 

 

 

 

 

783

 

Stock-based compensation

 

 

1,777

 

 

 

 

 

 

2,013

 

 

 

 

 

 

 

 

 

 

 

 

2,013

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

920

 

 

 

 

 

 

 

 

 

920

 

BALANCE, December 31, 2020

 

 

28,393,710

 

 

$

28

 

 

$

283,101

 

 

$

1,749

 

 

$

301,299

 

 

$

(103,595

)

 

$

482,582

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,935

 

 

 

 

 

 

38,935

 

Shares issued upon vesting of equity awards,

   net of minimum tax withholding

 

 

9,899

 

 

 

 

 

 

(154

)

 

 

 

 

 

 

 

 

 

 

 

(154

)

Shares issued upon exercise of stock options

 

 

15,333

 

 

 

 

 

 

186

 

 

 

 

 

 

 

 

 

 

 

 

186

 

Stock-based compensation

 

 

1,597

 

 

 

 

 

 

2,399

 

 

 

 

 

 

 

 

 

 

 

 

2,399

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(644

)

 

 

 

 

 

 

 

 

(644

)

BALANCE, March 31, 2021

 

 

28,420,539

 

 

$

28

 

 

$

285,532

 

 

$

1,105

 

 

$

340,234

 

 

$

(103,595

)

 

$

523,304

 

See accompanying Notes to Condensed Consolidated Financial Statements

 

 

 

6


 

 

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

 

 

Six Months Ended March 31,

 

 

 

2021

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

62,535

 

 

$

89,450

 

Adjustments to reconcile net income to net cash provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

7,481

 

 

 

9,304

 

Deferred income tax provision

 

 

1,992