$HZO
MARINEMAX INC

2015 Q3 Form 10-Q Financial Statement

#000156459015006066 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $189.3M $231.8M $214.4M
YoY Change 15.34% 8.14% 21.99%
Cost Of Revenue $141.2M $174.8M $160.2M
YoY Change 16.52% 9.12% 24.23%
Gross Profit $48.07M $57.04M $54.21M
YoY Change 12.01% 5.23% 15.81%
Gross Profit Margin 25.4% 24.6% 25.28%
Selling, General & Admin $41.73M $41.05M $41.65M
YoY Change 13.34% -1.45% 26.04%
% of Gross Profit 86.82% 71.97% 76.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M $2.000M $1.900M
YoY Change 5.26% 5.26% 11.76%
% of Gross Profit 4.16% 3.51% 3.51%
Operating Expenses $41.73M $41.05M $41.65M
YoY Change 13.34% -1.45% 26.04%
Operating Profit $6.338M $15.99M $12.55M
YoY Change 4.02% 27.38% -8.76%
Interest Expense $914.0K $1.141M $1.051M
YoY Change 3.28% 8.56% -11.9%
% of Operating Profit 14.42% 7.14% 8.37%
Other Income/Expense, Net
YoY Change
Pretax Income $5.424M $14.85M $11.50M
YoY Change 4.15% 29.1% -8.47%
Income Tax -$27.41M $0.00 $0.00
% Of Pretax Income -505.42% 0.0% 0.0%
Net Earnings $32.84M $14.85M $11.50M
YoY Change 541.74% 29.1% -15.65%
Net Earnings / Revenue 17.35% 6.41% 5.37%
Basic Earnings Per Share $0.60 $0.48
Diluted Earnings Per Share $1.32 $0.59 $0.47
COMMON SHARES
Basic Shares Outstanding 25.56M 24.65M 24.01M
Diluted Shares Outstanding 24.88M 25.32M 24.72M

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.60M $47.40M $41.80M
YoY Change 17.27% 13.4% 12.06%
Cash & Equivalents $32.61M $47.45M $41.82M
Short-Term Investments
Other Short-Term Assets $10.80M $5.000M $4.700M
YoY Change 145.45% 6.38% -2.08%
Inventory $273.9M $257.6M $234.3M
Prepaid Expenses
Receivables $18.47M $23.02M $24.20M
Other Receivables $585.0K $0.00 $0.00
Total Short-Term Assets $335.8M $333.0M $305.0M
YoY Change 16.21% 9.19% -0.65%
LONG-TERM ASSETS
Property, Plant & Equipment $98.99M $106.3M $101.9M
YoY Change -2.84% 4.34% 1.72%
Goodwill $802.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.313M $5.163M $5.448M
YoY Change -55.17% -5.23% 11.34%
Total Long-Term Assets $131.8M $111.4M $107.3M
YoY Change 15.9% 3.86% 2.17%
TOTAL ASSETS
Total Short-Term Assets $335.8M $333.0M $305.0M
Total Long-Term Assets $131.8M $111.4M $107.3M
Total Assets $467.6M $444.5M $412.3M
YoY Change 16.13% 7.8% 0.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.51M $11.54M $13.37M
YoY Change 72.7% -13.66% 36.04%
Accrued Expenses $19.96M $22.72M $22.79M
YoY Change 1.86% -0.33% -8.15%
Deferred Revenue
YoY Change
Short-Term Debt $137.2M $137.4M $131.0M
YoY Change 10.26% 4.84% -7.93%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $183.4M $185.3M $177.9M
YoY Change 12.63% 4.14% -8.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $400.0K $600.0K
YoY Change 0.0% -33.33% -14.29%
Total Long-Term Liabilities $586.0K $425.0K $611.0K
YoY Change 4.64% -30.44% -15.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.4M $185.3M $177.9M
Total Long-Term Liabilities $586.0K $425.0K $611.0K
Total Liabilities $184.0M $185.7M $178.5M
YoY Change 12.6% 4.02% -8.94%
SHAREHOLDERS EQUITY
Retained Earnings $75.43M $42.60M $22.02M
YoY Change 177.93% 93.4% 106.55%
Common Stock $234.5M $233.9M $227.6M
YoY Change 2.87% 2.79% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.29M $17.74M $15.81M
YoY Change 66.3% 12.19% 0.0%
Treasury Stock Shares $1.363M $875.9K 790.9K shares
Shareholders Equity $283.6M $258.8M $233.8M
YoY Change
Total Liabilities & Shareholders Equity $467.6M $444.5M $412.3M
YoY Change 16.13% 7.8% 0.07%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $32.84M $14.85M $11.50M
YoY Change 541.74% 29.1% -15.65%
Depreciation, Depletion And Amortization $2.000M $2.000M $1.900M
YoY Change 5.26% 5.26% 11.76%
Cash From Operating Activities -$5.100M $33.10M $42.40M
YoY Change 363.64% -21.93% 606.67%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$2.700M -$3.000M
YoY Change 21.74% -10.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities $2.400M $3.600M $0.00
YoY Change -153.33% -100.0%
Cash From Investing Activities -$500.0K $800.0K -$2.900M
YoY Change -92.65% -127.59% 190.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.200M -29.20M -28.50M
YoY Change 50.82% 2.46% -1395.45%
NET CHANGE
Cash From Operating Activities -5.100M 33.10M 42.40M
Cash From Investing Activities -500.0K 800.0K -2.900M
Cash From Financing Activities -9.200M -29.20M -28.50M
Net Change In Cash -14.80M 4.700M 11.00M
YoY Change 5.71% -57.27% 52.78%
FREE CASH FLOW
Cash From Operating Activities -$5.100M $33.10M $42.40M
Capital Expenditures -$2.800M -$2.700M -$3.000M
Free Cash Flow -$2.300M $35.80M $45.40M
YoY Change -291.67% -21.15% 530.56%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</p></td> <td valign="top" style="width:95.46%;"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">COMPANY BACKGROUND:</p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are the largest recreational boat retailer in the United&#160;States. We engage primarily in the retail sale, brokerage, and service of new and used boats, motors, trailers, marine parts and accessories and offer slip and storage accommodations in certain locations. In addition, we arrange related boat financing, insurance, and extended service contracts. We recently implemented programs to increase sales of boats, boating parts, and accessories, as well as the offer of finance and insurance, or F&amp;I, products at various offsite locations; and the charter of power and sailing yachts in the British Virgin Islands. None of these recently implemented programs have had a material effect on our condensed consolidated financial statements.&nbsp;&nbsp;As of June 30, 2015, we operated through 54 retail locations in 16 states, consisting of Alabama, California, Connecticut, Florida, Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas. Our MarineMax Vacations operations maintain a facility in Tortola, British Virgin Islands.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are the nation&#8217;s largest retailer of Sea Ray, Boston Whaler, and Meridian recreational boats and yachts, all of which are manufactured by Brunswick Corporation (&#8220;Brunswick&#8221;). Sales of new Brunswick boats accounted for approximately 40% of our revenue in fiscal 2014.&nbsp;&nbsp;Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 26% and 10%, respectively, of our revenue in fiscal 2014. Brunswick is the world&#8217;s largest manufacturer of marine products and marine engines. We believe we represented approximately 43% of Brunswick&#8217;s Sea Ray boat sales, during our fiscal 2014.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have dealership agreements with Sea Ray, Boston Whaler, Meridian, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group&#8217;s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers&#8217; boats and products. These agreements also allow us to use these manufacturers&#8217; names, trade symbols, and intellectual properties in our operations.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have multi-year dealer agreements with Brunswick covering Sea Ray products that appoints us as the exclusive dealer of Sea Ray boats in our geographic markets. We are the exclusive dealer for Boston Whaler through multi-year dealer agreements for many of our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States through a multi-year dealer agreement. Sales of new Azimut boats accounted for approximately 14% of our revenue in fiscal 2014. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As is typical in the industry, we deal with manufacturers, other than Sea Ray, Boston Whaler, Meridian, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory, or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 49%, 51%, and 52% of our revenue during fiscal 2012, 2013, and 2014, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable.&nbsp;&nbsp;As a result, an economic downturn could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions or low consumer confidence has a negative effect on our business.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lower consumer spending resulting from a downturn in the housing market and other economic factors adversely affected our business in fiscal 2007, and continued weakness in consumer spending and depressed economic conditions had a substantial negative effect on our business in each subsequent fiscal year. These conditions have caused us to substantially reduce our acquisition program, delay new store openings, reduce our inventory purchases, engage in inventory reduction efforts, close a number of our retail locations, reduce our headcount, and amend and replace our credit facility. Acquisitions and new store openings remain important strategies to our company, and we plan to accelerate our growth through these strategies when more normal economic conditions return. However, we cannot predict the length or severity of these unfavorable economic or financial conditions or the extent to which they will continue to adversely affect our operating results nor can we predict the effectiveness of the measures we have taken to address this environment or whether additional measures will be necessary.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:9pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying unaudited condensed consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of accruals. Actual results could differ from those estimates.</p></div>
CY2015Q2 us-gaap Number Of Stores
NumberOfStores
54
CY2015Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16
hzo Independent Recreational Boat Dealers In Number
IndependentRecreationalBoatDealersInNumber
5
hzo Recreational Boat Dealers In Number
RecreationalBoatDealersInNumber
24
hzo Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
2
hzo Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
2
CY2014Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2200000
CY2015Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1900000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
The August 2014 amendment extended the maturity date of the Credit Facility to August 2017, subject to additional extension for two one-year periods, with lender approval.
hzo Advances On New Inventory From Original Invoice Date Period
AdvancesOnNewInventoryFromOriginalInvoiceDatePeriod
P1080D
hzo Advances On Used Inventory From Used Inventory Date Period
AdvancesOnUsedInventoryFromUsedInventoryDatePeriod
P361D
hzo Advances On Inventory Curtailment Schedule Beginning Period
AdvancesOnInventoryCurtailmentScheduleBeginningPeriod
P6M
hzo Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
30900000
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
0
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
0
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3500000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
601000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P1Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8500000
CY2014Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2500000
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2600000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1600000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
111000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
6.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
19.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
6.10
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
19.23
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
1700000
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
706378
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
662016
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
Implementation of up to 10 annual offerings beginning on the first day of October starting in 2008, with each offering terminating on September 30 of the following year.
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
hzo Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Common Stock Value Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfCommonStockValuePerEmployee
25000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3340
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
111000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
3340
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
744106
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
684200

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