8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 28, 2022

MarineMax, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

Florida	1-14173		59-3496957
_____________________ (State or other jurisdiction	_____________ (Commission		______________ (I.R.S. Employer
of incorporation)	File Number)		Identification No.)
2600 McCormick Drive, Suite 200, Clearwater, Florida			33759
_________________________________ (Address of principal executive offices)			___________ (Zip Code)
Registrant’s telephone number, including area code:		727-531-1700

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2022, MarineMax, Inc. issued a press release announcing its results of operations for its third fiscal quarter ended June 30, 2022. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this Report of Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

Item 9.01 Financial Statements and Exhibits.

Press release of MarineMax, Inc. dated July 28, 2022, reporting the financial results for the third fiscal quarter ended June 30, 2022.

Exhibit Index

Exhibit No.	Description
99.1	Press release of MarineMax, Inc. dated July 28, 2022, reporting the financial results for the third fiscal quarter ended June 30, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MarineMax, Inc.
	By:	/s/ Michael H. McLamb Name: Michael H. McLamb Title: Executive Vice President, Chief Financial Officer and Secretary
July 28, 2022

EX-99.1

Exhibit 99.1

MARINEMAX REPORTS RECORD FISCAL THIRD QUARTER RESULTS

~Record June Quarter Revenue Grows to Over $688 Million~

~Gross Margins Continue to Expand~

~Record Third Quarter Earnings Per Share of $3.17~

~Raises Fiscal Year 2022 Guidance~

CLEARWATER, FL, July 28, 2022 – MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2022.

Revenue increased 3% to a record $688.5 million for the quarter ended June 30, 2022, from $666.3 million in the comparable period last year. Revenue growth benefitted from contributions of recent strategic acquisitions, as same-store sales declined 5% versus an increase of 6% a year ago and a 43% increase over the prior two-comparable periods. New unit sales grew year-over-year notwithstanding low inventory and supply chain challenges. The change in same store sales was primarily related to the on-going industry shortage of inventory, specifically larger product. The Company’s significant geographic and product diversification, in combination with accretive acquisitions, resulted in net income growing to $70.2 million and a 22% increase in earnings per diluted share to $3.17. This compares to earnings per diluted share of $2.59 in the comparable period last year.

For the nine-months ended June 30, 2022, revenue grew 11% to $1.77 billion compared with $1.60 billion for the same period last year. Same-store sales increased approximately 3%, on top of 21% growth for the same period last year. Net income for the nine months ended June 30, 2022, rose to $159.6 million, with earnings per diluted share rising over 33% to $7.11, compared with $122.2 million, or $5.33 per diluted share for the comparable period last year.  

W. Brett McGill, Chief Executive Officer and President, stated, “I am extremely proud of our team for continuing to execute, as we extend our long record of accelerating profitability and operating leverage expansion. We are building on our previously communicated strategic vision that we began deploying in 2019, to transform MarineMax into a more diversified business model that would create greater resilience across ever changing economic cycles. This strategy produced another quarter of record gross margins and profits, driving sustained profitability by focusing on higher margin businesses.”

Mr. McGill continued, “Business accelerated as we moved through the quarter, supported by unit growth year-over-year as we effectively worked to overcome ongoing supply chain challenges and the weather-related delay to the start of the Midwest boating season.  In fact, excluding our Midwest markets, we saw over 8% new unit growth on a same-store basis in the quarter. We continue to gain market share, as the industry did not experience that same level of growth. As the world’s preferred boating and yacht retailer, we remain well capitalized to continue to enhance shareholder value through our wide-ranging geographic presence, broad product diversification, digital platform, strong balance sheet and a cycle tested management team.”

Updated 2022 Guidance

Based on current business conditions, retail trends and other factors, as well as contributions from acquisitions closed in 2022, the Company is raising its fiscal year 2022 guidance for earnings per diluted share to a range of $8.05 to $8.45, which is increased from its previously provided guidance of $7.90 to $8.30 per diluted share. This compares to earnings per diluted share of $6.78 in fiscal 2021. These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2022, or other unforeseen events, including changes in global economic conditions.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 79 retail dealership locations, which includes 33 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the second quarter ended June 30, 2022; our ability to make strategic long-term accretive acquisitions; our enhancement of shareholder value; and the Company's fiscal 2022 guidance.  These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to obtain and manage inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, potential supply chain constraints and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2021 and other filings with the Securities and Exchange Commission.  The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
	Michael H. McLamb	Brad Cohen or Dawn Francfort
	Chief Financial Officer	ICR, LLC.
	Abbey Heimensen	investorrelations@marinemax.com.
	Public Relations
	MarineMax, Inc.
	727.531.1700

~ more ~

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,
	2022		2021		2022		2021
Revenue	$	688,537	$	666,328	$	1,771,334	$	1,600,947
Cost of sales		452,064		461,654		1,162,347		1,116,066
Gross profit		236,473		204,674		608,987		484,881
Selling, general, and administrative expenses		141,173		123,766		394,702		319,120
Income from operations		95,300		80,908		214,285		165,761
Interest expense		1,008		639		2,299		2,999
Income before income tax provision		94,292		80,269		211,986		162,762
Income tax provision		24,113		20,651		52,357		40,609
Net income	$	70,179	$	59,618	$	159,629	$	122,153
Basic net income per common share	$	3.26	$	2.69	$	7.34	$	5.53
Diluted net income per common share	$	3.17	$	2.59	$	7.11	$	5.33
Weighted average number of common shares used in computing    net income per common share:
Basic		21,524,315		22,132,915		21,761,811		22,100,190
Diluted		22,173,273		23,037,679		22,455,828		22,922,526

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

	June 30,			June 30,
	2022			2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	281,351		$	200,121
Accounts receivable, net		61,863			60,195
Inventories, net		374,217			209,418
Prepaid expenses and other current assets		18,566			18,316
Total current assets		735,997			488,050
Property and equipment, net		226,647			166,058
Operating lease right-of-use assets, net		100,127			104,641
Goodwill and other intangible assets, net		248,194			186,691
Other long-term assets		9,104			10,650
Total assets	$	1,320,069		$	956,090
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	56,533		$	28,741
Contract liabilities (customer deposits)		138,375			86,704
Accrued expenses		97,088			89,696
Short-term borrowings		107,222			2,861
Current maturities on long-term debt		3,028			3,293
Current operating lease liabilities		10,323			10,275
Total current liabilities		412,569			221,570
Long-term debt, net of current maturities		45,834			48,374
Noncurrent operating lease liabilities		92,774			96,830
Deferred tax liabilities, net		17,805			8,419
Other long-term liabilities		8,347			8,126
Total liabilities		577,329			383,319
SHAREHOLDERS' EQUITY:
Preferred stock		—			—
Common stock		29			28
Additional paid-in capital		300,411			288,923
Accumulated other comprehensive income (loss)		(1,351	)		1,264
Retained earnings		592,307			399,852
Treasury stock		(148,656	)		(117,296	)
Total shareholders’ equity		742,740			572,771
Total liabilities and shareholders’ equity	$	1,320,069		$	956,090

MarineMax, Inc. and Subsidiaries

Segment Financial Information

(Amounts in thousands)

(Unaudited)

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenue:
Retail Operations	$	657,930		$	656,826		$	1,690,172		$	1,591,445
Product Manufacturing		48,802			20,417			129,804			20,417
Elimination of intersegment revenue		(18,195	)		(10,915	)		(48,642	)		(10,915	)
Revenue	$	688,537		$	666,328		$	1,771,334		$	1,600,947
Income from operations:
Retail Operations	$	90,655		$	79,988		$	204,124		$	164,841
Product Manufacturing		5,903			3,521			13,733			3,521
Elimination of intersegment income		(1,258	)		(2,601	)		(3,572	)		(2,601	)
Income from operations	$	95,300		$	80,908		$	214,285		$	165,761

XML

Document and Entity Information	Jul. 28, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 28, 2022
Entity Registrant Name	MarineMax, Inc.
Entity Central Index Key	0001057060
Entity Emerging Growth Company	false
Entity File Number	1-14173
Entity Incorporation State Country Code	FL
Entity Tax Identification Number	59-3496957
Entity Address Address Line One	2600 McCormick Drive
Entity Address, Address Line Two	Suite 200
Entity Address City Or Town	Clearwater
Entity Address State Or Province	FL
Entity Address Postal Zip Code	33759
City Area Code	727
Local Phone Number	531-1700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	HZO
Security Exchange Name	NYSE