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): January 28, 2021

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 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 January 28, 2021, MarineMax, Inc. issued a press release announcing its results of operations for its first fiscal quarter ended December 31, 2020. 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 January 28, 2021, reporting the financial results for the first fiscal quarter ended December 31, 2020.

Exhibit Index

Exhibit No.	Description
99.1	Press release of MarineMax, Inc. dated January 28, 2021, reporting the financial results for the first fiscal quarter ended December 31, 2020.
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
January 28, 2021

EX-99.1

 

Exhibit 99.1

MARINEMAX REPORTS RECORD FISCAL 2021 FIRST QUARTER RESULTS

~Record December Quarter Revenue Grows 35% to over $411 Million~

~Same-Store Sales Growth Exceeds 20% Driven By 35% Comparable New Unit Growth~

~Gross Margin Expands to a Record 30% in the Quarter~

~Record December Quarter Net Income Increases to $23.6 Million~

~Diluted EPS More Than Doubles to $1.04~

~Raises Fiscal Year 2021 Guidance~

CLEARWATER, FL, January 28, 2021 – MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its first quarter ended December 31, 2020.

Revenue increased 35%, or over $107 million, to $411.5 million for the quarter ended December 31, 2020 from $304.2 million in the comparable period last year. Same-store sales grew over 20% in the quarter, driven by even greater growth in comparable new units sold of over 35%. The 20% same-store sales growth was on top of 24% growth in the comparable quarter last year, as demand for boating remains strong relative to prior years. Given the Company’s significant geographic and product diversification growth over the past several years, along with increased demand, net income and earnings per diluted share more than doubled to $23.6 million and $1.04, respectively. This compares to net income of $9.1 million and earnings per diluted share of $0.41 in the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We delivered record sales and earnings growth in the quarter on top of very strong performance a year ago as we continue to outperform by effectively executing on our balanced growth strategy. We grew market share as we drove 20% same-store-sales growth that was fueled by greater overall unit growth. Our entire team contributed to these impressive results, supported by our global market presence, premium brands, exceptional customer service and ongoing investments in technology. The meaningful margin expansion in the quarter was bolstered by growth in product margins, storage and service, Fraser Yachts and Northrop & Johnson, our global super yacht services businesses and our finance and insurance businesses. Our focus on driving margins and improving our cost structure continues to produce significant leverage in our operating model.”

Mr. McGill continued, “Our ongoing accretive acquisitions are all successfully integrated and contributing to our performance. We will continue to pursue complementary opportunities with a disciplined approach to expand our business as we remain committed to creating long-term value for our shareholders. Furthermore, we are realizing meaningful benefit from the foundational shift of new customers embracing and enjoying the boating lifestyle. This shift positions us to build on our growth for years to come, as many existing and new customers should upgrade to larger boats and take advantage of our multitude of product and service offerings. With the largest selling season ahead, we expect to build on the strong start to our fiscal year.”  

At December 31, 2020, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $254 million.

2021 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to be in the range of $4.00 to $4.20, which is increased from its previously provided guidance of $3.70 to $3.90 per diluted share.  This compares to a non-GAAP adjusted, but fully taxed,  earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

~ more ~

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 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating 27 locations across the globe. 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 fourth quarter and the fiscal year ended December 31, 2020; the Company's pursuit of complementary acquisitions and its approach in doing so; the foundational shift of new customers embracing and enjoying the boating lifestyle; the Company's positioning to build on its growth for years to come; existing and new customers of the Company upgrading to larger boats and taking advantage of the Company's product and services offerings; the Company's expectation to build on the strong start to its fiscal year; and the Company's fiscal 2021 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 reduce 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, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 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	Investors:
	Chief Financial Officer	Brad Cohen or Dawn Francfort
	Abbey Heimensen	ICR, LLC.
	Public Relations	investorrelations@marinemax.com
	MarineMax, Inc.
	727.531.1700

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

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

(Unaudited)

	Three Months Ended
	December 31,
	2020		2019
Revenue	$	411,524	$	304,172
Cost of sales		288,123		224,154
Gross profit		123,401		80,018
Selling, general, and administrative expenses		91,417		64,386
Income from operations		31,984		15,632
Interest expense		1,268		3,344
Income before income tax provision		30,716		12,288
Income tax provision		7,116		3,229
Net income	$	23,600	$	9,059
Basic net income per common share	$	1.07	$	0.42
Diluted net income per common share	$	1.04	$	0.41
Weighted average number of common shares used in computing    net income per common share:
Basic		22,025,898		21,453,914
Diluted		22,745,125		21,890,065

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

	December 31,			December 31,
	2020			2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	120,939		$	35,985
Accounts receivable, net		44,001			36,118
Inventories, net		378,863			493,943
Prepaid expenses and other current assets		14,583			11,009
Total current assets		558,386			577,055
Property and equipment, net		149,657			144,756
Operating lease right-of-use assets, net		105,633			41,335
Goodwill and other intangible assets, net		143,114			64,479
Other long-term assets		8,098			7,781
Total assets	$	964,888		$	835,406
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	22,379		$	18,159
Contract liabilities (customer deposits)		55,389			20,198
Accrued expenses		67,457			35,436
Short-term borrowings		163,394			334,085
Current maturities on long-term debt		2,704			—
Current operating lease liabilities		9,861			6,898
Total current liabilities		321,184			414,776
Long-term debt, net of current maturities		50,124			—
Noncurrent operating lease liabilities		98,220			36,325
Deferred tax liabilities, net		5,911			2,413
Other long-term liabilities		6,867			1,145
Total liabilities		482,306			454,659
STOCKHOLDERS' EQUITY:
Preferred stock		—			—
Common stock		28			28
Additional paid-in capital		283,101			271,622
Accumulated other comprehensive income (loss)		1,749			(63	)
Retained earnings		301,299			212,124
Treasury stock		(103,595	)		(102,964	)
Total stockholders’ equity		482,582			380,747
Total liabilities and stockholders’ equity	$	964,888		$	835,406

XML

Document and Entity Information	Jan. 28, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 28, 2021
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 Line1	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