$HZO
MARINEMAX INC

2016 Q4 Form 10-Q Financial Statement

#000156459018001126 Filed on January 31, 2018

View on sec.gov

Income Statement

Concept 2016 Q4
Revenue $226.9M
YoY Change 33.82%
Cost Of Revenue $173.7M
YoY Change 35.81%
Gross Profit $53.14M
YoY Change 27.69%
Gross Profit Margin 23.42%
Selling, General & Admin $47.10M
YoY Change 20.91%
% of Gross Profit 88.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.155M
YoY Change 13.78%
% of Gross Profit 4.06%
Operating Expenses $47.10M
YoY Change 20.91%
Operating Profit $6.043M
YoY Change 126.92%
Interest Expense $1.569M
YoY Change 27.87%
% of Operating Profit 25.96%
Other Income/Expense, Net
YoY Change
Pretax Income $4.474M
YoY Change 211.56%
Income Tax $1.831M
% Of Pretax Income 40.93%
Net Earnings $2.643M
YoY Change 284.16%
Net Earnings / Revenue 1.16%
Basic Earnings Per Share $0.11
Diluted Earnings Per Share $0.11
COMMON SHARES
Basic Shares Outstanding 24.25M
Diluted Shares Outstanding 24.92M

Balance Sheet

Concept 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.10M
YoY Change 47.22%
Cash & Equivalents $37.08M
Short-Term Investments
Other Short-Term Assets $5.700M
YoY Change -72.86%
Inventory $363.6M
Prepaid Expenses
Receivables $22.95M
Other Receivables $0.00
Total Short-Term Assets $429.4M
YoY Change 10.54%
LONG-TERM ASSETS
Property, Plant & Equipment $123.5M
YoY Change 24.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.20M
YoY Change 517.56%
Total Long-Term Assets $156.7M
YoY Change 28.27%
TOTAL ASSETS
Total Short-Term Assets $429.4M
Total Long-Term Assets $156.7M
Total Assets $586.1M
YoY Change 14.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.500M
YoY Change 9.43%
Accrued Expenses $22.40M
YoY Change 42.75%
Deferred Revenue
YoY Change
Short-Term Debt $213.5M
YoY Change 13.86%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $268.2M
YoY Change 19.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.400M
YoY Change 300.0%
Total Long-Term Liabilities $2.400M
YoY Change 284.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $268.2M
Total Long-Term Liabilities $2.400M
Total Liabilities $270.6M
YoY Change 20.01%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $243.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.17M
YoY Change
Treasury Stock Shares $1.840M
Shareholders Equity $315.5M
YoY Change
Total Liabilities & Shareholders Equity $586.1M
YoY Change 14.79%

Cashflow Statement

Concept 2016 Q4
OPERATING ACTIVITIES
Net Income $2.643M
YoY Change 284.16%
Depreciation, Depletion And Amortization $2.155M
YoY Change 13.78%
Cash From Operating Activities -$43.20M
YoY Change -22.3%
INVESTING ACTIVITIES
Capital Expenditures $4.353M
YoY Change 146.35%
Acquisitions
YoY Change
Other Investing Activities $800.0K
YoY Change
Cash From Investing Activities -$3.600M
YoY Change 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 45.30M
YoY Change -9.22%
NET CHANGE
Cash From Operating Activities -43.20M
Cash From Investing Activities -3.600M
Cash From Financing Activities 45.30M
Net Change In Cash -1.500M
YoY Change -80.0%
FREE CASH FLOW
Cash From Operating Activities -$43.20M
Capital Expenditures $4.353M
Free Cash Flow -$47.55M
YoY Change -17.11%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q4 hzo Proceeds From Sale Of Property And Equipment And Assets Held For Sale
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CY2016Q4 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2016Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2017Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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ContingentAcquisitionConsiderationPayments
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CY2016Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2017Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2016Q4 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
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CY2017Q4 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
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CY2016Q4 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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CY2017Q4 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
52275000
CY2016Q4 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1506000
CY2017Q4 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2016Q4 us-gaap Interest Paid
InterestPaid
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CY2017Q4 us-gaap Interest Paid
InterestPaid
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CY2016Q4 us-gaap Income Taxes Paid
IncomeTaxesPaid
100000
CY2017Q4 hzo Noncash Or Part Noncash Accrued Acquisition Of Property And Equipment
NoncashOrPartNoncashAccruedAcquisitionOfPropertyAndEquipment
364000
CY2017Q4 us-gaap Nature Of Operations
NatureOfOperations
<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.&nbsp;&nbsp;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.&nbsp;&nbsp;In addition, we arrange related boat financing, insurance, and extended service contracts.&nbsp;&nbsp;We also offer the charter of power and sailing yachts in the British Virgin Islands.&nbsp;&nbsp;As of December 31, 2017, we operated through 60 retail locations in 16 states, consisting of Alabama, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina 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&#8217;s largest retailer of Sea Ray and Boston Whaler recreational boats and yachts, which are manufactured by Brunswick Corporation (&#8220;Brunswick&#8221;). Sales of new Brunswick boats accounted for approximately 42% of our revenue in fiscal 2017.&nbsp;&nbsp;Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 23% and 17%, respectively, of our revenue in fiscal 2017. Brunswick is a world leading manufacturer of marine products and marine engines. We believe we represented approximately 55% of Brunswick&#8217;s Sea Ray boat sales, during our fiscal 2017.</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, Harris, 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 appoint 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 9% of our revenue in fiscal 2017. 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 most of our 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.&nbsp;&nbsp;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.&nbsp;&nbsp;Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 53%, 55%, and 55% of our revenue during fiscal 2015, 2016, and 2017, respectively, can have a major impact on our operations.&nbsp;&nbsp;Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy in 2012 or Hurricanes Harvey and Irma in 2017, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:12pt;">&nbsp;</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;">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-size:12pt;">&nbsp;</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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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></div>
CY2017Q4 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>
CY2017Q4 us-gaap Number Of Stores
NumberOfStores
60
CY2017Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16
CY2017Q4 hzo Independent Recreational Boat Dealers In Number
IndependentRecreationalBoatDealersInNumber
5
CY2017Q4 hzo Recreational Boat Dealers In Number
RecreationalBoatDealersInNumber
27
CY2017Q4 hzo Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
2
CY2017Q4 hzo Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
2
CY2016Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.409
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.348
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017Q4 hzo Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
17000000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1900000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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330000
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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472000
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4000
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2500000
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1300000
CY2016Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
673386
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
725667

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