UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED |
Commission File Number.
(Exact Name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) |
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(Address of Principal Executive Offices) |
(ZIP Code) |
(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 |
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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.
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).
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.
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
The number of outstanding shares of the registrant’s Common Stock on April 28, 2022 was
MARINEMAX, INC. AND SUBSIDIARIES
Table of Contents
Item No. |
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1. |
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3 |
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4 |
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Condensed Consolidated Balance Sheets as of September 30, 2021 and March 31, 2022 |
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6 |
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Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2021 and 2022 |
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8 |
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2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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3. |
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4. |
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1. |
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1A. |
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2. |
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3. |
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4. |
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5. |
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6. |
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EX – 31.1 |
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EX – 31.2 |
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EX – 32.1 |
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EX – 32.2 |
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EX – 101 INSTANCE DOCUMENT |
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EX – 101 SCHEMA DOCUMENT |
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EX – 101 CALCULATION LINKBASE DOCUMENT |
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EX – 101 DEFINITION LINKBASE DOCUMENT |
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EX – 101 LABEL LINKBASE DOCUMENT |
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EX – 101 PRESENTATION LINKBASE DOCUMENT |
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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)
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Three Months Ended |
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Six Months Ended |
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March 31, |
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March 31, |
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2021 |
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2022 |
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2021 |
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2022 |
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Revenue |
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$ |
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$ |
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$ |
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$ |
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Cost of sales |
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Gross profit |
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Selling, general, and administrative expenses |
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Income from operations |
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Interest expense |
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Income before income tax provision |
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Income tax provision |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Basic net income per common share |
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$ |
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$ |
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$ |
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$ |
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Diluted net income per common share |
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$ |
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$ |
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$ |
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$ |
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Weighted average number of common shares used in computing net income per common share: |
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Basic |
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Diluted |
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See accompanying Notes to Condensed Consolidated Financial Statements.
3
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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March 31, |
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March 31, |
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2021 |
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2022 |
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2021 |
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2022 |
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Net income |
$ |
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$ |
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$ |
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$ |
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Other comprehensive (loss) income, net of tax: |
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Foreign currency translation adjustments |
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Interest rate swap contract |
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Total other comprehensive (loss) income, net of tax |
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( |
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Comprehensive income |
$ |
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$ |
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$ |
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$ |
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See accompanying Notes to Condensed Consolidated Financial Statements.
4
MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
(Unaudited)
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September 30, |
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March 31, |
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2021 |
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2022 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, net |
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Inventories, net |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net of accumulated depreciation of $ |
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Operating lease right-of-use assets, net |
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Goodwill and other intangible assets, net |
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Other long-term assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
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$ |
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Contract liabilities (customer deposits) |
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Accrued expenses |
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Short-term borrowings |
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Current maturities on long-term debt |
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Current operating lease liabilities |
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Total current liabilities |
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Long-term debt, net of current maturities |
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Noncurrent operating lease liabilities |
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Deferred tax liabilities, net |
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Other long-term liabilities |
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Total liabilities |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY: |
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Preferred stock, $ as of September 30, 2021 and March 31, 2022 |
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Common stock, $ September 30, 2021 and March 31, 2022, respectively |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Retained earnings |
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Treasury stock, at cost, and March 31, 2022, respectively |
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( |
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( |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
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$ |
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$ |
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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)
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Additional |
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Accumulated Other |
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Total |
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Common Stock |
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Paid-in |
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Comprehensive |
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Retained |
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Treasury |
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Shareholders’ |
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Shares |
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Amount |
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Capital |
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Income |
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Earnings |
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Stock |
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Equity |
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BALANCE, September 30, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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Shares issued pursuant to employee stock purchase plan |
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— |
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— |
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— |
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— |
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Shares issued upon vesting of equity awards, net of minimum tax withholding |
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— |
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( |
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— |
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— |
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— |
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( |
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Shares issued upon exercise of stock options |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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Other comprehensive loss |
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— |
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— |
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— |
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( |
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— |
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— |
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( |
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BALANCE, December 31, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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Purchase of treasury stock |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
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Shares issued upon vesting of equity awards, net of minimum tax withholding |
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— |
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( |
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— |
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— |
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— |
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( |
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Shares issued upon exercise of stock options |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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Other comprehensive loss |
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— |
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— |
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— |
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( |
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— |
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— |
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( |
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BALANCE, March 31, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
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Additional |
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Accumulated Other |
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Total |
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Common Stock |
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Paid-in |
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Comprehensive |
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Retained |
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Treasury |
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Shareholders’ |
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Shares |
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Amount |
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Capital |
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Income |
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Earnings |
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Stock |
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Equity |
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BALANCE, September 30, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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Shares issued pursuant to employee stock purchase plan |
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— |
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— |
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— |
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— |
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Shares issued upon vesting of equity awards, net of minimum tax withholding |
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— |
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( |
) |
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— |
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— |
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— |
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( |
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Shares issued upon exercise of stock options |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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Other comprehensive income |
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— |
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— |
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— |
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— |
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— |
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BALANCE, December 31, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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Shares issued upon vesting of equity awards, net of minimum tax withholding |
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— |
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( |
) |
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— |
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— |
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— |
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( |
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Shares issued upon exercise of stock options |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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Other comprehensive loss |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
BALANCE, March 31, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
) |
|
$ |
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|
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, |
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2021 |
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2022 |
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||
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
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$ |
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$ |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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Deferred income tax provision |
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