MarineMax Reports Fiscal 2024 Fourth Quarter and Full Year Results
MarineMax (NYSE: HZO) reported fiscal 2024 fourth quarter revenue of $563.1 million, down 5% year-over-year, impacted by Hurricane Helene. Q4 gross margin remained stable at 34.3%, while net income was $4.0 million with diluted EPS of $0.17. For the full fiscal year 2024, revenue reached $2.43 billion with a 1% same-store sales increase despite challenging industry conditions. The company maintained strong margins through higher-margin businesses including marinas and superyacht services. For fiscal 2025, MarineMax projects Adjusted net income between $1.80 to $2.80 per diluted share and Adjusted EBITDA ranging from $150 million to $180 million.
MarineMax (NYSE: HZO) ha riportato un fatturato di 563,1 milioni di dollari per il quarto trimestre dell'anno fiscale 2024, in calo del 5% rispetto all'anno precedente, influenzato dall'uragano Helene. Il margine lordo del quarto trimestre è rimasto stabile al 34,3%, mentre l'utile netto è stato di 4,0 milioni di dollari con un utile per azione diluito di 0,17 dollari. Per l'intero anno fiscale 2024, il fatturato ha raggiunto 2,43 miliardi di dollari con un incremento delle vendite nei negozi comparabili dell'1% nonostante le sfide del settore. L'azienda ha mantenuto margini solidi grazie a attività ad alto margine, inclusi porti turistici e servizi per superyacht. Per l'anno fiscale 2025, MarineMax prevede un utile netto rettificato compreso tra 1,80 e 2,80 dollari per azione diluita e un EBITDA rettificato che varia da 150 milioni a 180 milioni di dollari.
MarineMax (NYSE: HZO) informó ingresos del cuarto trimestre del año fiscal 2024 de 563,1 millones de dólares, una disminución del 5% interanual, afectada por el huracán Helene. El margen bruto del cuarto trimestre se mantuvo estable en 34,3%, mientras que la ganancia neta fue de 4,0 millones de dólares con una utilidad por acción diluida de 0,17 dólares. Para todo el año fiscal 2024, los ingresos alcanzaron 2,43 mil millones de dólares con un aumento del 1% en las ventas en tiendas comparables a pesar de las difíciles condiciones de la industria. La empresa mantuvo márgenes sólidos a través de negocios de mayor margen, incluidos puertos y servicios para superyates. Para el año fiscal 2025, MarineMax proyecta ingresos netos ajustados entre 1,80 y 2,80 dólares por acción diluida y EBITDA ajustado que varía de 150 millones a 180 millones de dólares.
MarineMax (NYSE: HZO)는 2024 회계 연도 4분기 수익으로 5억 6,310만 달러를 보고하였으며, 이는 전년 대비 5% 감소한 수치로 허리케인 헬렌에 의해 영향을 받았습니다. 4분기 총 마진은 34.3%로 안정적으로 유지되었으며, 순이익은 400만 달러, 희석 주당순이익은 0.17달러였습니다. 2024 회계 연도를 통틀어 수익은 24억 3천만 달러에 도달했으며, 어려운 산업 환경에도 불구하고 동종 매장 판매는 1% 증가했습니다. 이 회사는 마리나 및 슈퍼요트 서비스와 같은 고마진 비즈니스를 통해 견고한 마진을 유지했습니다. 2025 회계 연도에 대해 MarineMax는 희석 주당 조정 순이익을 1.80~2.80달러, 조정된 EBITDA는 1억 5천만~1억 8천만 달러로 예상하고 있습니다.
MarineMax (NYSE: HZO) a rapporté un chiffre d'affaires de 563,1 millions de dollars pour le quatrième trimestre de l'exercice fiscal 2024, en baisse de 5 % par rapport à l'année précédente, impacté par l'ouragan Helene. La marge brute du quatrième trimestre est restée stable à 34,3 %, tandis que le résultat net était de 4,0 millions de dollars, avec un BPA dilué de 0,17 dollar. Pour l'ensemble de l'exercice fiscal 2024, le chiffre d'affaires a atteint 2,43 milliards de dollars avec une augmentation des ventes comparables de 1 % malgré des conditions difficiles dans l'industrie. L'entreprise a maintenu de fortes marges grâce à des activités à forte marge, incluant des marinas et des services de superyacht. Pour l'exercice fiscal 2025, MarineMax prévoit un bénéfice net ajusté entre 1,80 et 2,80 dollars par action diluée et un EBITDA ajusté compris entre 150 millions et 180 millions de dollars.
MarineMax (NYSE: HZO) meldete für das vierte Quartal des Geschäftsjahres 2024 einen Umsatz von 563,1 Millionen US-Dollar, ein Rückgang von 5% im Vergleich zum Vorjahr, beeinflusst durch den Hurrikan Helene. Die Bruttomarge im vierten Quartal blieb stabil bei 34,3%, während der Nettogewinn 4,0 Millionen US-Dollar betrug, mit einem verwässerten Gewinn pro Aktie von 0,17 US-Dollar. Im gesamten Geschäftsjahr 2024 erreichte der Umsatz 2,43 Milliarden US-Dollar mit einem Anstieg der vergleichbaren Verkaufszahlen um 1% trotz herausfordernder Branchenbedingungen. Das Unternehmen hielt starke Margen durch margenstärkere Geschäfte, einschließlich Marinas und Superyacht-Dienstleistungen. Für das Geschäftsjahr 2025 prognostiziert MarineMax einen bereinigten Nettogewinn zwischen 1,80 und 2,80 US-Dollar pro verwässerter Aktie sowie ein bereinigtes EBITDA zwischen 150 Millionen und 180 Millionen US-Dollar.
- Maintained strong gross margin of 34.3% despite lower boat margins
- Full year same-store sales increased 1% in challenging market
- Successfully expanded higher-margin business segments
- Implemented strategic cost-cutting measures
- Reduced Adjusted SG&A by $5.1 million (3%) year-over-year
- Q4 revenue decreased 5% to $563.1 million
- Q4 net income declined to $4.0 million from $15.1 million YoY
- Interest expense increased to 3.2% of revenue from 2.7%
- Hurricane damage impacted operations and sales
- Higher borrowings due to increased inventory
Insights
MarineMax's Q4 FY2024 results reveal significant challenges, with revenue declining
The
Strategic cost-cutting initiatives and focus on higher-margin segments provide some optimism, but weather-related disruptions and broader industry challenges suggest a cautious outlook.
The impact of Hurricanes Helene and Milton on MarineMax's operations highlights significant operational vulnerabilities in coastal locations. The closure of boat and yacht insurance markets during Hurricane Helene directly impacted sales, while property damage to facilities, particularly in Sarasota, creates ongoing operational challenges.
The company's ability to maintain operations despite these severe weather events demonstrates robust disaster response protocols, but recurring hurricane exposure poses a material risk to future performance. Insurance-related disruptions affecting sales timing and potential premium increases could pressure margins. The need for continued facility repairs and potential future weather events should be factored into risk assessments.
~ September Quarter Revenue of
~ September Quarter Gross Margin of
~ Annual Same-Store Sales Growth of
~ Company Provides FY 2025 Guidance ~
~ Earnings Conference Call at 10:00 a.m. ET Today ~
Fiscal 2024 Fourth Quarter Summary
-
September quarter revenue of
$563.1 million -
Same-store sales decrease of
5% , reflecting impact of Hurricane Helene -
Gross profit margin of
34.3% -
Net income of
, or diluted EPS of$4.0 million ; Adjusted diluted EPS1 of$0.17 $0.24 -
Adjusted EBITDA1 of
$33.5 million
Fiscal 2024 Full Year Summary
-
Revenue of
$2.43 billion -
Same-store sales increase of
1% -
Gross profit margin of
33.0% -
Net income of
, or diluted EPS of$38.1 million ; Adjusted diluted EPS1 of$1.65 $2.13 -
Adjusted EBITDA1 of
$160.2 million
CEO & President Commentary
“Resilient is the word that captures the spirit of our team members, who have shown extraordinary dedication and perseverance in the face of the devastating storms that hit
“As previously disclosed, the effects of Hurricane Helene significantly impacted our fourth-quarter results, causing damage and disruption to a number of our locations along the west coast of
“From an operational perspective, we performed well in light of what has proven to be one of the more challenging years for our industry,” McGill said. “With sizable month-over-month industrywide declines in unit sales, our ability to generate annual same-store sales growth in fiscal 2024 is a testament to the success of our long-term strategy.
“Our fourth-quarter performance, in particular, highlights the progress we have made to strengthen our financial profile by building a meaningful presence in higher-margin businesses, including marinas, storage facilities, and superyacht services,” McGill said. “Our ability to maintain a gross margin above
“As part of our long-term improvement plan, we implemented further strategic cost-cutting actions during the fourth quarter, including consolidating certain retail locations,” McGill said. “Expense reduction remains a focus in fiscal 2025, with the goal of driving improved operating leverage.”
Fiscal 2024 Fourth Quarter Results
Revenue in the fiscal 2024 fourth quarter decreased
Gross profit decreased
Selling, general, and administrative (SG&A) expenses totaled
Interest expense was
Income tax provision increased year-over-year primarily due to non-cash tax expenses related to equity compensation that vested in the fourth quarter as well as increased taxes on foreign earnings.
Net income in the fiscal 2024 fourth quarter was
Fiscal 2025 Guidance
Based on a preliminary assessment of damage from Hurricanes Helene and Milton, current business conditions, retail trends and other factors, the Company expects fiscal year 2025 Adjusted net income1,3 in the range of
Conference Call Information
MarineMax will discuss its fiscal 2024 fourth-quarter and year-end financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the “Investors” section of the Company's website: www.marinemax.com, or by dialing 877-407-0789 (
About MarineMax
As the world’s largest lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 75 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts and motor yachts; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola,
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 timing of an assessment of the damage caused by Hurricanes Helene and Milton and the return to normal operations of the Company’s locations; the timing of and potential outcome of the Company’s long-term improvement plan; the estimated impact resulting from the Company’s cost-reduction initiatives; and the Company’s fiscal 2025 Adjusted net income per diluted share and Adjusted EBITDA 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 and integration of the recently acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2023 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.
MarineMax, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
$ |
563,122 |
|
|
$ |
594,595 |
|
|
$ |
2,431,008 |
|
|
$ |
2,394,706 |
|
Cost of sales |
|
|
369,927 |
|
|
|
390,880 |
|
|
|
1,629,812 |
|
|
|
1,559,377 |
|
Gross profit |
|
|
193,195 |
|
|
|
203,715 |
|
|
|
801,196 |
|
|
|
835,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative expenses |
|
|
166,396 |
|
|
|
169,399 |
|
|
|
672,970 |
|
|
|
634,527 |
|
Income from operations |
|
|
26,799 |
|
|
|
34,316 |
|
|
|
128,226 |
|
|
|
200,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
17,927 |
|
|
|
15,805 |
|
|
|
73,895 |
|
|
|
53,367 |
|
Income before income tax provision |
|
|
8,872 |
|
|
|
18,511 |
|
|
|
54,331 |
|
|
|
147,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax provision |
|
|
4,141 |
|
|
|
3,272 |
|
|
|
15,593 |
|
|
|
37,957 |
|
Net income |
|
|
4,731 |
|
|
|
15,239 |
|
|
|
38,738 |
|
|
|
109,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net income attributable to non-controlling interests |
|
|
732 |
|
|
|
98 |
|
|
|
672 |
|
|
|
196 |
|
Net income attributable to MarineMax, Inc. |
|
$ |
3,999 |
|
|
$ |
15,141 |
|
|
$ |
38,066 |
|
|
$ |
109,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic net income per common share |
|
$ |
0.18 |
|
|
$ |
0.69 |
|
|
$ |
1.71 |
|
|
$ |
5.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted net income per common share |
|
$ |
0.17 |
|
|
$ |
0.67 |
|
|
$ |
1.65 |
|
|
$ |
4.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares used in computing net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
22,322,097 |
|
|
|
21,914,961 |
|
|
|
22,271,580 |
|
|
|
21,852,425 |
|
Diluted |
|
|
23,199,765 |
|
|
|
22,753,029 |
|
|
|
23,014,208 |
|
|
|
22,429,381 |
|
MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited) |
||||||||
|
|
September 30, |
|
|
September 30, |
|
||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
224,326 |
|
|
$ |
201,456 |
|
Accounts receivable, net |
|
|
106,409 |
|
|
|
85,780 |
|
Inventories |
|
|
906,641 |
|
|
|
812,830 |
|
Prepaid expenses and other current assets |
|
|
35,835 |
|
|
|
23,110 |
|
Total current assets |
|
|
1,273,211 |
|
|
|
1,123,176 |
|
Property and equipment, net |
|
|
532,766 |
|
|
|
527,552 |
|
Operating lease right-of-use assets, net |
|
|
136,599 |
|
|
|
138,785 |
|
Goodwill |
|
|
592,293 |
|
|
|
559,820 |
|
Other intangible assets, net |
|
|
37,458 |
|
|
|
39,713 |
|
Other long-term assets |
|
|
32,741 |
|
|
|
32,259 |
|
Total assets |
|
$ |
2,605,068 |
|
|
$ |
2,421,305 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
54,481 |
|
|
$ |
71,706 |
|
Contract liabilities (customer deposits) |
|
|
64,845 |
|
|
|
81,700 |
|
Accrued expenses |
|
|
197,295 |
|
|
|
112,746 |
|
Short-term borrowings |
|
|
708,994 |
|
|
|
537,060 |
|
Current maturities on long-term debt |
|
|
33,766 |
|
|
|
33,767 |
|
Current operating lease liabilities |
|
|
9,762 |
|
|
|
10,070 |
|
Total current liabilities |
|
|
1,069,143 |
|
|
|
847,049 |
|
Long-term debt, net of current maturities |
|
|
355,906 |
|
|
|
389,231 |
|
Noncurrent operating lease liabilities |
|
|
124,525 |
|
|
|
123,789 |
|
Deferred tax liabilities, net |
|
|
60,317 |
|
|
|
56,927 |
|
Other long-term liabilities |
|
|
8,928 |
|
|
|
85,892 |
|
Total liabilities |
|
|
1,618,819 |
|
|
|
1,502,888 |
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
30 |
|
|
|
29 |
|
Additional paid-in capital |
|
|
343,911 |
|
|
|
323,218 |
|
Accumulated other comprehensive income |
|
|
4,636 |
|
|
|
1,303 |
|
Retained earnings |
|
|
778,015 |
|
|
|
739,949 |
|
Treasury stock |
|
|
(150,797 |
) |
|
|
(148,656 |
) |
Total shareholders’ equity attributable to MarineMax, Inc. |
|
|
975,795 |
|
|
|
915,843 |
|
Non-controlling interests |
|
|
10,454 |
|
|
|
2,574 |
|
Total shareholders’ equity |
|
|
986,249 |
|
|
|
918,417 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,605,068 |
|
|
$ |
2,421,305 |
|
MarineMax, Inc. and Subsidiaries Segment Financial Information (Amounts in thousands) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail Operations |
|
$ |
562,508 |
|
|
$ |
587,313 |
|
|
$ |
2,417,941 |
|
|
$ |
2,294,362 |
|
Product Manufacturing |
|
|
30,381 |
|
|
|
57,330 |
|
|
|
154,753 |
|
|
|
222,289 |
|
Elimination of intersegment revenue |
|
|
(29,767 |
) |
|
|
(50,048 |
) |
|
|
(141,686 |
) |
|
|
(121,945 |
) |
Revenue |
|
$ |
563,122 |
|
|
$ |
594,595 |
|
|
$ |
2,431,008 |
|
|
$ |
2,394,706 |
|
Income from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail Operations |
|
$ |
28,659 |
|
|
$ |
33,973 |
|
|
$ |
122,863 |
|
|
$ |
192,487 |
|
Product Manufacturing |
|
|
(2,077 |
) |
|
|
5,585 |
|
|
|
431 |
|
|
|
23,420 |
|
Intersegment adjustments |
|
|
217 |
|
|
|
(5,242 |
) |
|
|
4,932 |
|
|
|
(15,105 |
) |
Income from operations |
|
$ |
26,799 |
|
|
$ |
34,316 |
|
|
$ |
128,226 |
|
|
$ |
200,802 |
|
MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands, except share and per share data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income attributable to MarineMax, Inc. |
|
$ |
3,999 |
|
|
$ |
15,141 |
|
|
$ |
38,066 |
|
|
$ |
109,282 |
|
Transaction and other costs (1) |
|
|
724 |
|
|
|
84 |
|
|
|
5,074 |
|
|
|
6,311 |
|
Intangible amortization (2) |
|
|
1,428 |
|
|
|
2,032 |
|
|
|
6,020 |
|
|
|
7,555 |
|
Change in fair value of contingent consideration (3) |
|
|
(5,422 |
) |
|
|
(1,069 |
) |
|
|
(3,030 |
) |
|
|
2,372 |
|
Weather expenses (recoveries) |
|
|
4,708 |
|
|
|
(290 |
) |
|
|
4,850 |
|
|
|
(933 |
) |
Gain on acquisition of equity investment (4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,129 |
) |
Restructuring expense (5) |
|
|
1,445 |
|
|
|
— |
|
|
|
2,556 |
|
|
|
— |
|
Tax adjustments for items noted above (6) |
|
|
(1,346 |
) |
|
|
(134 |
) |
|
|
(4,440 |
) |
|
|
(2,615 |
) |
Adjusted net income attributable to MarineMax, Inc. |
|
$ |
5,536 |
|
|
$ |
15,764 |
|
|
$ |
49,096 |
|
|
$ |
116,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted net income per common share |
|
$ |
0.17 |
|
|
$ |
0.67 |
|
|
$ |
1.65 |
|
|
$ |
4.87 |
|
Transaction and other costs (1) |
|
|
0.03 |
|
|
|
— |
|
|
|
0.22 |
|
|
|
0.28 |
|
Intangible amortization (2) |
|
|
0.06 |
|
|
|
0.09 |
|
|
|
0.26 |
|
|
|
0.34 |
|
Change in fair value of contingent consideration (3) |
|
|
(0.22 |
) |
|
|
(0.05 |
) |
|
|
(0.13 |
) |
|
|
0.11 |
|
Weather expenses (recoveries) |
|
|
0.20 |
|
|
|
(0.01 |
) |
|
|
0.21 |
|
|
|
(0.04 |
) |
Gain on acquisition of equity investment (4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.23 |
) |
Restructuring expense (5) |
|
|
0.06 |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Tax adjustments for items noted above (6) |
|
|
(0.06 |
) |
|
|
(0.01 |
) |
|
|
(0.19 |
) |
|
|
(0.12 |
) |
Adjusted diluted net income per common share |
|
$ |
0.24 |
|
|
$ |
0.69 |
|
|
$ |
2.13 |
|
|
$ |
5.21 |
|
(1) Transaction and other costs relate to acquisition transaction, integration, and other costs in the period. |
||||||||||||||||
(2) Represents amortization expense for acquisition-related intangible assets. |
||||||||||||||||
(3) Represents (gains) expenses to record contingent consideration liabilities at fair value. |
||||||||||||||||
(4) Represents gain on a previously held equity investment upon acquisition of the entire business. |
||||||||||||||||
(5) Represents expenses incurred as a result of restructuring and store closings. |
||||||||||||||||
(6) Adjustments for taxes for items are calculated based on the effective tax rate for each respective period presented. |
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income attributable to MarineMax, Inc. |
|
$ |
3,999 |
|
|
$ |
15,141 |
|
|
$ |
38,066 |
|
|
$ |
109,282 |
|
Interest expense (excluding floor plan) |
|
|
7,345 |
|
|
|
7,807 |
|
|
|
30,131 |
|
|
|
28,477 |
|
Income tax provision |
|
|
4,141 |
|
|
|
3,272 |
|
|
|
15,593 |
|
|
|
37,957 |
|
Depreciation and amortization |
|
|
11,399 |
|
|
|
10,799 |
|
|
|
44,487 |
|
|
|
41,032 |
|
Stock-based compensation expense |
|
|
6,479 |
|
|
|
5,954 |
|
|
|
23,961 |
|
|
|
21,657 |
|
Transaction and other costs |
|
|
724 |
|
|
|
84 |
|
|
|
5,074 |
|
|
|
6,311 |
|
Gain on acquisition of equity investment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,129 |
) |
Change in fair value of contingent consideration |
|
|
(5,422 |
) |
|
|
(1,069 |
) |
|
|
(3,030 |
) |
|
|
2,372 |
|
Restructuring expense |
|
|
1,445 |
|
|
|
— |
|
|
|
2,556 |
|
|
|
— |
|
Weather expenses (recoveries) |
|
|
4,708 |
|
|
|
(290 |
) |
|
|
4,850 |
|
|
|
(933 |
) |
Foreign currency |
|
|
(1,277 |
) |
|
|
875 |
|
|
|
(1,512 |
) |
|
|
(1,575 |
) |
Adjusted EBITDA |
|
$ |
33,541 |
|
|
$ |
42,573 |
|
|
$ |
160,176 |
|
|
$ |
239,451 |
|
Non-GAAP Financial Measures
This press release, along with the above Supplemental Financial Information table, contains “Adjusted net income”, “Adjusted diluted EPS”, “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (“Adjusted EBITDA”) and “Adjusted SG&A”, which are non-GAAP financial measures as defined under applicable securities legislation. In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.
In addition, we have not reconciled our fiscal year 2025 Adjusted earnings and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration, acquisition costs, and other costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted earnings and Adjusted EBITDA are not available without unreasonable effort.
______________________________
1 This is a non-GAAP measure. See below for an explanation and quantitative reconciliation of each non-GAAP financial measure.
2 This is a non-GAAP measure. Adjusted SG&A represents SG&A adjusted for transaction and other costs, intangible amortization, change in fair value of contingent consideration, weather events, and restructuring expense. See below in the Adjusted diluted EPS table for the excluded amounts for both periods.
3 See “Non-GAAP Financial Measures” below for a discussion of why reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030549878/en/
Mike McLamb
Chief Financial Officer
727-531-1700
Scott Solomon
Sharon Merrill Advisors
857-383-2409
HZO@investorrelations.com
Source: MarineMax, Inc.
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