MarineMax Files 2024 10-K: Financials and Operations Detailed
Ticker: HZO · Form: 10-K · Filed: Nov 14, 2024 · CIK: 1057060
Sentiment: neutral
Topics: 10-K, annual-report, financials, operations
TL;DR
MarineMax 2024 10-K is in: financials look solid, operations detailed. Buy?
AI Summary
MarineMax Inc. filed its 10-K for the fiscal year ending September 30, 2024. The filing details the company's financial performance and operations, including its retail operations, product manufacturing, and parts and accessories segments. Key financial instruments mentioned include term loans and mortgages, with specific dates related to various stock and liability accounts.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of MarineMax's financial health and strategic positioning for the past fiscal year, influencing investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 2024-09-30 — Fiscal Year End (Reporting period for the 10-K)
- 2023-09-30 — Previous Fiscal Year End (Comparison point for financial data)
- 0000950170-24-127036 — Accession Number (Unique identifier for the filing)
Key Players & Entities
- MarineMax Inc. (company) — Filer of the 10-K report
- 2024-09-30 (date) — Fiscal year end date
- 2023-09-30 (date) — Previous fiscal year end date
- hzo:IgyMarinasMember (company) — Segment or subsidiary mentioned
- hzo:PartsAccessoriesAndOtherMember (company) — Segment or subsidiary mentioned
- hzo:RetailOperationsMember (company) — Segment or subsidiary mentioned
- hzo:TermLoanPayableToMTBankMember (dollar_amount) — Type of debt
- hzo:MortgageFacilityPayableToFlagshipBankMember (dollar_amount) — Type of debt
FAQ
What were the key financial highlights for MarineMax Inc. in the fiscal year ending September 30, 2024?
The filing is a 10-K which provides a comprehensive overview, but specific financial highlights like revenue, net income, or EPS are not detailed in the provided snippet.
What are the main business segments of MarineMax Inc. as indicated in the filing?
The filing mentions segments such as 'IgyMarinasMember', 'PartsAccessoriesAndOtherMember', 'RetailOperationsMember', and 'ProductManufacturingMember'.
What types of debt or liabilities are specifically mentioned in the filing?
The filing references 'TermLoanPayableToMTBankMember' and 'MortgageFacilityPayableToFlagshipBankMember'.
What is the significance of the dates mentioned in relation to stock and liabilities?
Dates like 2023-09-30 and 2024-09-30 are associated with various financial items such as 'RestrictedStockMember', 'TreasuryStockCommonMember', and liabilities, indicating the periods for which these accounts are reported or relevant.
Where is MarineMax Inc. headquartered?
MarineMax Inc. is headquartered in Clearwater, Florida, with a business address at 2600 McCormick Drive, Suite 200.
Filing Stats: 4,284 words · 17 min read · ~14 pages · Grade level 18 · Accepted 2024-11-14 16:05:44
Key Financial Figures
- $327,000 — w boat in fiscal 2024 was approximately $327,000, an increase from approximately $306,00
- $306,000 — 327,000, an increase from approximately $306,000 in fiscal 2023, compared with the indus
- $90,000 b — rice for calendar 2023 of approximately $90,000 based on industry data published by the N
- $57.7 billion — oating industry generated approximately $57.7 billion in retail sales in calendar 2023, which
- $59.3 billion — 2023, which is below the former peak of $59.3 billion in calendar 2022. These retail sales in
- $45.4 billion — accessories accounted for approximately $45.4 billion of these sales in 2023 based on industr
Filing Documents
- hzo-20240930.htm (10-K) — 3572KB
- hzo-ex4_1.htm (EX-4.1) — 2KB
- hzo-ex19.htm (EX-19) — 93KB
- hzo-ex21.htm (EX-21) — 126KB
- hzo-ex23_1.htm (EX-23.1) — 4KB
- hzo-ex31_1.htm (EX-31.1) — 11KB
- hzo-ex31_2.htm (EX-31.2) — 10KB
- hzo-ex32_1.htm (EX-32.1) — 7KB
- hzo-ex32_2.htm (EX-32.2) — 7KB
- img69997974_0.jpg (GRAPHIC) — 1431KB
- img69997974_1.jpg (GRAPHIC) — 274KB
- img242454870_0.jpg (GRAPHIC) — 237KB
- 0000950170-24-127036.txt ( ) — 18972KB
- hzo-20240930.xsd (EX-101.SCH) — 1846KB
- hzo-20240930_htm.xml (XML) — 3566KB
Business
Business 1 Item 1A
Risk Factors
Risk Factors 19 Item 1B Unresolved Staff Comments 33 Item 1C Cybersecurity 34 Item 2
Properties
Properties 34 Item 3
Legal Proceedings
Legal Proceedings 39 Item 4 Mine Safety Disclosures 39 PART II Item 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6 [Reserved] 41 Item 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 48 Item 8
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 48 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A
Controls and Procedures
Controls and Procedures 49 Item 9B Other Information 51 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 PART III Item 10 Directors, Executive Officers and Corporate Governance 51 Item 11
Executive Compensation
Executive Compensation 51 Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13 Certain Relationships and Related Transactions, and Director Independence 51 Item 14 Principal Accountant Fees and Services 51 PART IV Item 15 Exhibits, Financial Statement Schedules 52 Item 16 Form 10-K Summary 54 The statements contained in this report on Form 10-K that are not purely historical are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding our "expectations," "anticipations," "intentions," "plans," "beliefs," or "strategies" regarding the future. Forward-looking statements also include statements regarding revenue, margins, expenses, and earnings for fiscal 2025 and thereafter; our belief that our practices enhance our ability to attract more customers, foster an overall enjoyable boating experience, and offer boat manufacturers stable and professional retail distribution and a broad geographic presence; our assessment of our competitive advantages, including our hassle-free sales approach, prime retail locations, premium product offerings, extensive facilities, strong management and team members, and emphasis on customer service and satisfaction before and after a boat sale; our belief that our core values of customer service and satisfaction and our strategies for growth and enhancing our business, including without limitation, our acquisition and expansion strategies and pursuit of contract manufacturing and vertical integration, will enable us to achieve success and long-term growth as economic conditions continue to recover; our belief that our retailing strategies, like the utilization of our digital platform, are aligned with the desires of consumers and will position us to capitalize on future opportunities; our expectations regarding the growth of the boating market; our ability to
B usiness
Item 1. B usiness Introduction Our Company We believe we are the world's largest recreational boat, yacht and superyacht services company. As of September 30, 2024, we have over 120 locations worldwide, including over 75 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of September 30, 2024, we own or operate 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company, through a wholly owned subsidiary, New Wave Innovations, also owns Boatyard, an industry-leading customer experience digital product company, and Boatzon, a boat and marine digital retail platform. Through Newcoast Financial Services, we provide third-party financing and insurance products for boats and yachts primarily for transactions not associated with our dealership locations. As of September 30, 2024, the Retail Operations segment included the activity of over 75 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. We also sell related marine products, including engines, trailers, parts, and accessories. In addition, we provide repair, maintenance, and slip and storage rentals; we arrange related