2016 Q2 Form 10-Q Financial Statement
#000156459016022331 Filed on August 03, 2016
Income Statement
| Concept | 2016 Q2 | 2015 Q3 | 2015 Q2 |
|---|---|---|---|
| Revenue | $345.6M | $189.3M | $231.8M |
| YoY Change | 49.06% | 15.34% | 8.14% |
| Cost Of Revenue | $266.7M | $141.2M | $174.8M |
| YoY Change | 52.56% | 16.52% | 9.12% |
| Gross Profit | $78.90M | $48.07M | $57.04M |
| YoY Change | 38.33% | 12.01% | 5.23% |
| Gross Profit Margin | 22.83% | 25.4% | 24.6% |
| Selling, General & Admin | $54.33M | $41.73M | $41.05M |
| YoY Change | 32.34% | 13.34% | -1.45% |
| % of Gross Profit | 68.85% | 86.82% | 71.97% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $2.000M | $2.000M | $2.000M |
| YoY Change | 0.0% | 5.26% | 5.26% |
| % of Gross Profit | 2.53% | 4.16% | 3.51% |
| Operating Expenses | $54.33M | $41.73M | $41.05M |
| YoY Change | 32.34% | 13.34% | -1.45% |
| Operating Profit | $24.58M | $6.338M | $15.99M |
| YoY Change | 53.69% | 4.02% | 27.38% |
| Interest Expense | $1.473M | $914.0K | $1.141M |
| YoY Change | 29.1% | 3.28% | 8.56% |
| % of Operating Profit | 5.99% | 14.42% | 7.14% |
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $23.10M | $5.424M | $14.85M |
| YoY Change | 55.58% | 4.15% | 29.1% |
| Income Tax | $9.285M | -$27.41M | $0.00 |
| % Of Pretax Income | 40.19% | -505.42% | 0.0% |
| Net Earnings | $13.82M | $32.84M | $14.85M |
| YoY Change | -6.94% | 541.74% | 29.1% |
| Net Earnings / Revenue | 4.0% | 17.35% | 6.41% |
| Basic Earnings Per Share | $0.57 | $0.60 | |
| Diluted Earnings Per Share | $0.56 | $1.32 | $0.59 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 24.16M | 25.56M | 24.65M |
| Diluted Shares Outstanding | 24.77M | 24.88M | 25.32M |
Balance Sheet
| Concept | 2016 Q2 | 2015 Q3 | 2015 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $55.60M | $32.60M | $47.40M |
| YoY Change | 17.3% | 17.27% | 13.4% |
| Cash & Equivalents | $55.56M | $32.61M | $47.45M |
| Short-Term Investments | |||
| Other Short-Term Assets | $11.30M | $10.80M | $5.000M |
| YoY Change | 126.0% | 145.45% | 6.38% |
| Inventory | $306.6M | $273.9M | $257.6M |
| Prepaid Expenses | |||
| Receivables | $27.32M | $18.47M | $23.02M |
| Other Receivables | $0.00 | $585.0K | $0.00 |
| Total Short-Term Assets | $400.8M | $335.8M | $333.0M |
| YoY Change | 20.36% | 16.21% | 9.19% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $115.3M | $98.99M | $106.3M |
| YoY Change | 8.53% | -2.84% | 4.34% |
| Goodwill | $802.0K | ||
| YoY Change | 0.0% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $13.27M | $5.313M | $5.163M |
| YoY Change | 157.04% | -55.17% | -5.23% |
| Total Long-Term Assets | $145.0M | $131.8M | $111.4M |
| YoY Change | 30.11% | 15.9% | 3.86% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $400.8M | $335.8M | $333.0M |
| Total Long-Term Assets | $145.0M | $131.8M | $111.4M |
| Total Assets | $545.8M | $467.6M | $444.5M |
| YoY Change | 22.8% | 16.13% | 7.8% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $19.34M | $13.51M | $11.54M |
| YoY Change | 67.55% | 72.7% | -13.66% |
| Accrued Expenses | $27.24M | $19.96M | $22.72M |
| YoY Change | 19.91% | 1.86% | -0.33% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $177.0M | $137.2M | $137.4M |
| YoY Change | 28.81% | 10.26% | 4.84% |
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $241.7M | $183.4M | $185.3M |
| YoY Change | 30.46% | 12.63% | 4.14% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $2.500M | $600.0K | $400.0K |
| YoY Change | 525.0% | 0.0% | -33.33% |
| Total Long-Term Liabilities | $2.463M | $586.0K | $425.0K |
| YoY Change | 479.53% | 4.64% | -30.44% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $241.7M | $183.4M | $185.3M |
| Total Long-Term Liabilities | $2.463M | $586.0K | $425.0K |
| Total Liabilities | $244.2M | $184.0M | $185.7M |
| YoY Change | 31.48% | 12.6% | 4.02% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $92.81M | $75.43M | $42.60M |
| YoY Change | 117.88% | 177.93% | 93.4% |
| Common Stock | $238.2M | $234.5M | $233.9M |
| YoY Change | 1.84% | 2.87% | 2.79% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $29.37M | $26.29M | $17.74M |
| YoY Change | 65.58% | 66.3% | 12.19% |
| Treasury Stock Shares | $1.567M | $1.363M | $875.9K |
| Shareholders Equity | $301.7M | $283.6M | $258.8M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $545.8M | $467.6M | $444.5M |
| YoY Change | 22.8% | 16.13% | 7.8% |
Cashflow Statement
| Concept | 2016 Q2 | 2015 Q3 | 2015 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $13.82M | $32.84M | $14.85M |
| YoY Change | -6.94% | 541.74% | 29.1% |
| Depreciation, Depletion And Amortization | $2.000M | $2.000M | $2.000M |
| YoY Change | 0.0% | 5.26% | 5.26% |
| Cash From Operating Activities | $77.50M | -$5.100M | $33.10M |
| YoY Change | 134.14% | 363.64% | -21.93% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$3.800M | -$2.800M | -$2.700M |
| YoY Change | 40.74% | 21.74% | -10.0% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$7.600M | $2.400M | $3.600M |
| YoY Change | -311.11% | -153.33% | |
| Cash From Investing Activities | -$11.50M | -$500.0K | $800.0K |
| YoY Change | -1537.5% | -92.65% | -127.59% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -54.40M | -9.200M | -29.20M |
| YoY Change | 86.3% | 50.82% | 2.46% |
| NET CHANGE | |||
| Cash From Operating Activities | 77.50M | -5.100M | 33.10M |
| Cash From Investing Activities | -11.50M | -500.0K | 800.0K |
| Cash From Financing Activities | -54.40M | -9.200M | -29.20M |
| Net Change In Cash | 11.60M | -14.80M | 4.700M |
| YoY Change | 146.81% | 5.71% | -57.27% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $77.50M | -$5.100M | $33.10M |
| Capital Expenditures | -$3.800M | -$2.800M | -$2.700M |
| Free Cash Flow | $81.30M | -$2.300M | $35.80M |
| YoY Change | 127.09% | -291.67% | -21.15% |
Facts In Submission
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22949000 | ||
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Income Taxes Paid
IncomeTaxesPaid
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213000 | ||
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80000 | ||
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Proceeds From Repayments Of Short Term Debt
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26190000 | ||
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Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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3670000 | ||
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Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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Payments For Repurchase Of Equity
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1928000 | ||
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Payments For Repurchase Of Equity
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3078000 | ||
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Net Cash Provided By Used In Financing Activities Continuing Operations
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Cash And Cash Equivalents Period Increase Decrease
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19609000 | ||
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Cash And Cash Equivalents At Carrying Value
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27839000 | |
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Interest Paid
InterestPaid
|
3570000 | ||
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Income Taxes Paid
IncomeTaxesPaid
|
68000 | ||
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Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
|
6020000 | ||
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Noncash Or Part Noncash Real Estate Assets Held For Sale
NoncashOrPartNoncashRealEstateAssetsHeldForSale
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604000 | ||
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Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
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Noncash Or Part Noncash Exchange Of Equity Interest For Controlling Interest
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Nature Of Operations
NatureOfOperations
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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;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <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 and yacht retailer in the United 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 also offer the charter of power and sailing yachts in the British Virgin Islands. As of June 30, 2016, we operated through 56 retail locations in 16 states, consisting of Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, and Texas. Our MarineMax Vacations operation maintains 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’s largest retailer of Sea Ray, Boston Whaler, and Meridian recreational boats and yachts, all of which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 40% of our revenue in fiscal 2015. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 25% and 12%, respectively, of our revenue in fiscal 2015. Brunswick is the world’s largest manufacturer of marine products and marine engines. We believe we represented approximately 45% of Brunswick’s Sea Ray boat sales, during our fiscal 2015.</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’s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ 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 12% of our revenue in fiscal 2015. 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 51%, 52%, and 53% of our revenue during fiscal 2013, 2014, and 2015, 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. 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 is likely to have a negative effect on our business.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top: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 and industry for several years after fiscal 2007. These conditions 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 as economic conditions continue to improve. However, we cannot predict the length of unfavorable economic or industry 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.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:9pt;"> </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 |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
2600000 | |
| CY2016Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
1300000 | |
| CY2016Q2 | us-gaap |
Number Of Stores
NumberOfStores
|
56 | |
| CY2016Q2 | 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
|
26 | ||
| hzo |
Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
|
2 | ||
| hzo |
Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
|
2 | ||
| CY2015Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
1800000 | |
| CY2016Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
2000000 | |
| us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | ||
| CY2015Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1700000 | |
| CY2016Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1700000 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | ||
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.391 | ||
| hzo |
Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
|
47900000 | ||
| CY2016Q2 | 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
|
5.79 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
6.88 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
8500000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
949631 | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
601000 | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
152373 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
534556 |
