2020 Q2 Form 10-Q Financial Statement
#000156459020033873 Filed on July 28, 2020
Income Statement
| Concept | 2020 Q2 | 2019 Q2 | 2019 Q1 |
|---|---|---|---|
| Revenue | $498.3M | $383.5M | $303.6M |
| YoY Change | 29.94% | 6.16% | 12.19% |
| Cost Of Revenue | $374.9M | $285.8M | $229.4M |
| YoY Change | 31.17% | 5.62% | 13.94% |
| Gross Profit | $123.5M | $97.71M | $74.20M |
| YoY Change | 26.35% | 7.74% | 7.08% |
| Gross Profit Margin | 24.77% | 25.48% | 24.44% |
| Selling, General & Admin | $74.84M | $68.97M | $63.98M |
| YoY Change | 8.51% | 7.61% | 9.06% |
| % of Gross Profit | 60.62% | 70.58% | 86.22% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $3.300M | $2.900M | $2.800M |
| YoY Change | 13.79% | 3.57% | 7.69% |
| % of Gross Profit | 2.67% | 2.97% | 3.77% |
| Operating Expenses | $74.84M | $68.97M | $63.98M |
| YoY Change | 8.51% | 7.61% | 9.06% |
| Operating Profit | $48.62M | $28.74M | $10.23M |
| YoY Change | 69.14% | 8.06% | -3.84% |
| Interest Expense | $2.133M | $2.936M | $3.033M |
| YoY Change | -27.35% | 17.49% | 6.8% |
| % of Operating Profit | 4.39% | 10.22% | 29.66% |
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $46.48M | $25.81M | $7.193M |
| YoY Change | 80.12% | 7.08% | -7.71% |
| Income Tax | $11.60M | $6.719M | $1.890M |
| % Of Pretax Income | 24.96% | 26.04% | 26.28% |
| Net Earnings | $34.93M | $19.09M | $5.303M |
| YoY Change | 82.99% | 9.85% | -14.25% |
| Net Earnings / Revenue | 7.01% | 4.98% | 1.75% |
| Basic Earnings Per Share | $0.86 | ||
| Diluted Earnings Per Share | $1.58 | $0.84 | $0.23 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 21.50M | 22.24M | 22.84M |
| Diluted Shares Outstanding | 22.05M | 22.82M | 23.42M |
Balance Sheet
| Concept | 2020 Q2 | 2019 Q2 | 2019 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $86.90M | $71.60M | $63.60M |
| YoY Change | 21.37% | 15.3% | 11.38% |
| Cash & Equivalents | $86.92M | $71.62M | $63.60M |
| Short-Term Investments | |||
| Other Short-Term Assets | $11.10M | $11.20M | $8.800M |
| YoY Change | -0.89% | 86.67% | 72.55% |
| Inventory | $314.1M | $434.7M | $454.6M |
| Prepaid Expenses | |||
| Receivables | $69.50M | $49.10M | $45.51M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $481.6M | $566.7M | $572.5M |
| YoY Change | -15.01% | 15.6% | 9.7% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $181.2M | $143.3M | $140.9M |
| YoY Change | 26.43% | 9.65% | 8.45% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $7.800M | $45.40M | $35.60M |
| YoY Change | -82.82% | 29.71% | -7.05% |
| Total Long-Term Assets | $254.4M | $188.7M | $176.5M |
| YoY Change | 34.79% | 13.9% | 4.89% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $481.6M | $566.7M | $572.5M |
| Total Long-Term Assets | $254.4M | $188.7M | $176.5M |
| Total Assets | $736.0M | $755.4M | $749.0M |
| YoY Change | -2.57% | 15.17% | 8.52% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $39.40M | $31.60M | $11.63M |
| YoY Change | 24.68% | 51.93% | -35.05% |
| Accrued Expenses | $55.00M | $37.36M | $37.10M |
| YoY Change | 47.22% | 5.53% | 19.29% |
| Deferred Revenue | $24.26M | $33.33M | |
| YoY Change | |||
| Short-Term Debt | $147.0M | $289.8M | $297.5M |
| YoY Change | -49.28% | 24.5% | -0.56% |
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $271.6M | $383.1M | $379.6M |
| YoY Change | -29.1% | 22.86% | 3.09% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $35.10M | $1.300M | $1.000M |
| YoY Change | 2600.0% | -48.0% | -66.67% |
| Total Long-Term Liabilities | $35.10M | $1.300M | $952.0K |
| YoY Change | 2600.0% | -48.0% | -68.27% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $271.6M | $383.1M | $379.6M |
| Total Long-Term Liabilities | $35.10M | $1.300M | $952.0K |
| Total Liabilities | $310.9M | $385.6M | $380.5M |
| YoY Change | -19.37% | 22.69% | 2.52% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $195.8M | $176.7M | |
| YoY Change | |||
| Common Stock | $269.6M | $267.3M | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $425.0M | $369.8M | $368.5M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $736.0M | $755.4M | $749.0M |
| YoY Change | -2.57% | 15.17% | 8.52% |
Cashflow Statement
| Concept | 2020 Q2 | 2019 Q2 | 2019 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $34.93M | $19.09M | $5.303M |
| YoY Change | 82.99% | 9.85% | -14.25% |
| Depreciation, Depletion And Amortization | $3.300M | $2.900M | $2.800M |
| YoY Change | 13.79% | 3.57% | 7.69% |
| Cash From Operating Activities | $239.9M | $66.60M | $2.900M |
| YoY Change | 260.21% | -7.24% | -92.12% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$2.100M | -$5.500M | -$4.900M |
| YoY Change | -61.82% | 52.78% | 8.89% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | -$12.40M | $400.0K |
| YoY Change | -100.0% | 4033.33% | -126.67% |
| Cash From Investing Activities | -$2.100M | -$17.90M | -$4.500M |
| YoY Change | -88.27% | 358.97% | -25.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -215.5M | -40.80M | 26.70M |
| YoY Change | 428.19% | -35.03% | -387.1% |
| NET CHANGE | |||
| Cash From Operating Activities | 239.9M | 66.60M | 2.900M |
| Cash From Investing Activities | -2.100M | -17.90M | -4.500M |
| Cash From Financing Activities | -215.5M | -40.80M | 26.70M |
| Net Change In Cash | 22.30M | 7.900M | 25.10M |
| YoY Change | 182.28% | 54.9% | 16.74% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $239.9M | $66.60M | $2.900M |
| Capital Expenditures | -$2.100M | -$5.500M | -$4.900M |
| Free Cash Flow | $242.0M | $72.10M | $7.800M |
| YoY Change | 235.64% | -4.38% | -81.11% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2019Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2020Q2 | us-gaap |
Preferred Stock Value
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| CY2020Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
425025000 | |
| CY2019Q3 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
1142000 | |
| CY2020Q2 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
4221000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
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368489000 | |
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Net Income Loss
NetIncomeLoss
|
19087000 | |
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Treasury Stock Value Acquired Cost Method
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|
20080000 | |
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Net Income Loss
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|
34927000 | |
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Treasury Stock Value Acquired Cost Method
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|
159000 | |
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Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
499000 | |
| CY2020Q2 | hzo |
Shares Issued Upon Vesting Of Equity Awards Net Of Tax Withholding Value
SharesIssuedUponVestingOfEquityAwardsNetOfTaxWithholdingValue
|
29000 | |
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Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
89000 | |
| CY2020Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
2238000 | |
| CY2020Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
383000 | |
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Stockholders Equity
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|
353092000 | |
| CY2018Q4 | us-gaap |
Net Income Loss
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4910000 | |
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Treasury Stock Value Acquired Cost Method
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229000 | |
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Stock Issued During Period Value Employee Stock Purchase Plan
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|
507000 | |
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Stock Issued During Period Value Stock Options Exercised
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1311000 | |
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1448000 | |
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Stockholders Equity
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361438000 | |
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Net Income Loss
NetIncomeLoss
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5303000 | |
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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1775000 | |
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Stock Issued During Period Value Employee Stock Purchase Plan
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515000 | |
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Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
9181000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
4441000 | ||
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Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
221333000 | ||
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
13365000 | ||
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
8234000 | ||
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Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
|
280000 | ||
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Payments To Acquire Businesses Net Of Cash Acquired
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1400000 | ||
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Stockholders Equity
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369786000 | |
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Profit Loss
ProfitLoss
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29300000 | ||
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Depreciation Depletion And Amortization
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Deferred Income Tax Expense Cash Flows
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|
4555000 | ||
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Deferred Income Tax Expense Cash Flows
DeferredIncomeTaxExpenseCashFlows
|
2869000 | ||
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Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
287000 | ||
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Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
822000 | ||
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Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
|
475000 | ||
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Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
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703000 | ||
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Share Based Compensation
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Share Based Compensation
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5524000 | ||
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15500000 | ||
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IncreaseDecreaseInAccountsReceivable
|
27722000 | ||
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Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
41591000 | ||
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Increase Decrease In Inventories
IncreaseDecreaseInInventories
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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5777000 | ||
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Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1799000 | ||
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Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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7909000 | ||
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Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
5721000 | ||
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Increase Decrease In Contract With Customer Liability
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Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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|
5167000 | ||
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Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
965000 | ||
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Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
2410000 | ||
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Net Cash Provided By Used In Investing Activities
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-25380000 | ||
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Net Cash Provided By Used In Investing Activities
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Proceeds From Repayments Of Short Term Debt
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|
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Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
2341000 | ||
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Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
1618000 | ||
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Contingent Acquisition Consideration Payments
ContingentAcquisitionConsiderationPayments
|
129000 | ||
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Contingent Acquisition Consideration Payments
ContingentAcquisitionConsiderationPayments
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148000 | ||
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Payments Related To Tax Withholding For Share Based Compensation
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|
1525000 | ||
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|
1703000 | ||
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PaymentsForRepurchaseOfEquity
|
20309000 | ||
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Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
|
631000 | ||
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Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
43735000 | ||
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Net Cash Provided By Used In Financing Activities
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|
-165880000 | ||
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Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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|
179000 | ||
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
22796000 | ||
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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|
48408000 | ||
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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48822000 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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|
38511000 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
71618000 | |
| CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
86919000 | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
9937000 | ||
| us-gaap |
Interest Paid Net
InterestPaidNet
|
11663000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
3965000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
4904000 | ||
| us-gaap |
Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
|
640000 | ||
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Nature Of Operations
NatureOfOperations
|
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></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 yachts in the British Virgin Islands. As of June 30, 2020, we operated through 59 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. We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries. </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 and Boston Whaler recreational boats and yachts, which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 36% of our revenue in fiscal 2019. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 15% and 19%, respectively, of our revenue in fiscal 2019. Brunswick is a world leading manufacturer of marine products and marine engines. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning in March 2020, we had temporarily closed certain departments or locations based on guidance from local government or health officials as a result of the COVID-19 global pandemic<span style="color:#000000;">. We are </span>following guidelines to ensure we are safely operating as recommended. <span style="Background-color:#FEFEFE;">As the COVID-19 pandemic is complex and evolving rapidly with many unknowns, the Company will continue to monitor ongoing developments and respond accordingly.</span> Management expects its business, across all of its geographies, will be impacted to some degree, but the significance of the impact of the COVID-19 pandemic on the Company’s business and the duration for which it may have an impact cannot be determined at this time. </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 June 2018, Brunswick announced it was discontinuing Sea Ray sport yacht and yacht models. Sea Ray sport yacht and yacht models represented approximately 10% of revenue during fiscal year 2018. Our brand and product diversification actions allowed us to replace the Sea Ray sport yacht and yacht revenue.</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, 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 and Benetti yachts and mega 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 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 2019. 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, 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, Boston Whaler, 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% and 54% of our revenue during fiscal 2018 and 2019, respectively, can have a major impact on our operations. 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 </p> <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;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BP oil spill in the Gulf of Mexico in 2010,</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> as well as global influences, such as the COVID-19 pandemic,</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> also could adversely affect, and in certain instances have adversely affected, our operations in certain markets</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></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-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;">Historically, in periods of lower consumer spending and depressed economic conditions, we have, among other things, substantially reduced our acquisition program, delayed new store openings, reduced our inventory purchases, engaged in inventory reduction efforts, closed a number of our retail locations, reduced our headcount, and amended and replaced our credit facility. Acquisitions remain an important strategy for us, and, subject to a number of conditions, including macro-economic conditions and finding attractive acquisition targets, we plan to explore opportunities through this strategy. </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> | ||
| CY2020Q2 | us-gaap |
Number Of Stores
NumberOfStores
|
59 | |
| CY2020Q2 | 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
|
29 | ||
| hzo |
Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
|
3 | ||
| hzo |
Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
|
2 | ||
| us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
|
As a practical expedient, since repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. | ||
| CY2019Q3 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
2500000 | |
| CY2020Q2 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
4100000 | |
| CY2019Q2 | hzo |
Revenue From Contract With Customer Percentage
RevenueFromContractWithCustomerPercentage
|
1.000 | |
| CY2020Q2 | hzo |
Revenue From Contract With Customer Percentage
RevenueFromContractWithCustomerPercentage
|
1.000 | |
| hzo |
Revenue From Contract With Customer Percentage
RevenueFromContractWithCustomerPercentage
|
1.000 | ||
| hzo |
Revenue From Contract With Customer Percentage
RevenueFromContractWithCustomerPercentage
|
1.000 | ||
| CY2020Q2 | us-gaap |
Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
|
P25Y | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
23212983 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
21965355 | ||
| CY2020Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P10Y | |
| us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
10300000 | ||
| us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
9700000 | ||
| CY2020Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.073 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
8054000 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
6671000 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
5589000 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
3663000 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
27999000 | |
| CY2020Q2 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
600000 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1300000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
400000 | ||
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
61833000 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
9857000 | |
| CY2020Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
20323000 | |
| CY2020Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
41510000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
9480000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
8148000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
6906000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
6329000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
5003000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
29111000 | |
| CY2019Q3 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
64977000 | |
| us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
7560000 | ||
| us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
1670000 | ||
| CY2019Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
2200000 | |
| CY2020Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
3400000 | |
| us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | ||
| CY2020Q2 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
65400000 | |
| CY2019Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
164000 | |
| CY2020Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
164000 | |
| CY2019Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6700000 | |
| CY2020Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
11600000 | |
| CY2019Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.260 | |
| CY2020Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.249 | |
| hzo |
Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
|
93400000 | ||
| CY2020Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
0 | |
| CY2019Q2 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
500000 | |
| us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
2300000 | ||
| us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
1600000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | ||
| CY2019Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
577307 | |
| CY2019Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
22243895 | |
| CY2020Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
21499408 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
22619802 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
21491117 | ||
| CY2020Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
546492 | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
593181 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
474238 | ||
| CY2019Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
22821202 | |
| CY2020Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
22045900 |
