MarineMax Inc. Files 10-Q for Period Ending December 31, 2023
Ticker: HZO · Form: 10-Q · Filed: Jan 25, 2024 · CIK: 1057060
Complexity: simple
Sentiment: neutral
Topics: MarineMax, HZO, 10-Q, Financials, Boating Industry
TL;DR
<b>MarineMax Inc. filed its Q1 FY2024 10-Q, detailing financial instruments, product sales risks, and employee stock plans.</b>
AI Summary
MARINEMAX INC (HZO) filed a Quarterly Report (10-Q) with the SEC on January 25, 2024. The filing covers the first quarter of fiscal year 2024 for MarineMax Inc. Key financial data points and disclosures related to various credit facilities and mortgage payables are included. The report details product concentration risks, including used boat sales and Azimut Benetti Groups and Yachts. Information on employee stock options and purchase plans is presented. The company's business address is located at 2600 McCormick Drive, Suite 200, Clearwater, FL 33759.
Why It Matters
For investors and stakeholders tracking MARINEMAX INC, this filing contains several important signals. This 10-Q provides investors with a quarterly update on the company's financial health and operational risks, particularly concerning its sales mix and debt obligations. Understanding the details of their credit facilities and mortgage payables is crucial for assessing the company's liquidity and financial leverage.
Risk Assessment
Risk Level: medium — MARINEMAX INC shows moderate risk based on this filing. The company faces medium risk due to product concentration, specifically in used boat sales and luxury yacht brands like Azimut Benetti, which could be sensitive to economic downturns.
Analyst Insight
Investors should monitor sales trends in used boats and luxury yacht segments for potential impacts on revenue and profitability.
Key Numbers
- 20231231 — Period End Date (CONFORMED PERIOD OF REPORT)
- 20240125 — Filing Date (FILED AS OF DATE)
- Q1 — Fiscal Quarter (Fiscal Quarter)
- 09-30 — Fiscal Year End (FISCAL YEAR END)
Key Players & Entities
- MARINEMAX INC (company) — FILER
- HZO (company) — tk
- 20231231 (date) — CONFORMED PERIOD OF REPORT
- 20240125 (date) — FILED AS OF DATE
- 0001057060 (company) — CENTRAL INDEX KEY
- 2600 MCCORMICK DRIVE SUITE200 CLEARWATER FL 33759 (address) — BUSINESS ADDRESS
- Hancock Whitney Bank (company) — MortgageFacilityPayableToHancockWhitneyBankMember
- M And T Bank (company) — TermLoanPayableToMAndTBankMember
Forward-Looking Statements
- MarineMax will likely face continued pressure on sales in the near term due to softening demand in the recreational boating market. (MarineMax Inc.) — medium confidence, target: 2024-09-30
FAQ
When did MARINEMAX INC file this 10-Q?
MARINEMAX INC filed this Quarterly Report (10-Q) with the SEC on January 25, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by MARINEMAX INC (HZO).
Where can I read the original 10-Q filing from MARINEMAX INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MARINEMAX INC.
What are the key takeaways from MARINEMAX INC's 10-Q?
MARINEMAX INC filed this 10-Q on January 25, 2024. Key takeaways: The filing covers the first quarter of fiscal year 2024 for MarineMax Inc.. Key financial data points and disclosures related to various credit facilities and mortgage payables are included.. The report details product concentration risks, including used boat sales and Azimut Benetti Groups and Yachts..
Is MARINEMAX INC a risky investment based on this filing?
Based on this 10-Q, MARINEMAX INC presents a moderate-risk profile. The company faces medium risk due to product concentration, specifically in used boat sales and luxury yacht brands like Azimut Benetti, which could be sensitive to economic downturns.
What should investors do after reading MARINEMAX INC's 10-Q?
Investors should monitor sales trends in used boats and luxury yacht segments for potential impacts on revenue and profitability. The overall sentiment from this filing is neutral.
How does MARINEMAX INC compare to its industry peers?
MarineMax operates in the recreational boating industry, selling new and used boats, parts, and services. The industry is cyclical and influenced by consumer discretionary spending and economic conditions.
Are there regulatory concerns for MARINEMAX INC?
The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide a comprehensive update on their financial performance and condition.
Risk Factors
- Product Concentration Risk [medium — market]: The company faces risks due to concentration in sales of used boats and specific luxury yacht brands like Azimut Benetti Groups and Yachts.
- Geographic Concentration Risk [medium — market]: Sales revenue is concentrated in Florida (stpr:FL), making the company susceptible to regional economic conditions.
Industry Context
MarineMax operates in the recreational boating industry, selling new and used boats, parts, and services. The industry is cyclical and influenced by consumer discretionary spending and economic conditions.
Regulatory Implications
The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide a comprehensive update on their financial performance and condition.
What Investors Should Do
- Analyze the company's debt structure, focusing on the terms and conditions of its various credit and mortgage facilities.
- Evaluate the impact of product and geographic concentration risks on future revenue streams.
- Review any disclosures related to executive compensation or significant changes in equity.
Year-Over-Year Comparison
This filing is a 10-Q for the quarter ending December 31, 2023, providing an update since the last reported period.
Filing Stats: 4,163 words · 17 min read · ~14 pages · Grade level 17 · Accepted 2024-01-25 16:00:31
Filing Documents
- hzo-20231231.htm (10-Q) — 1534KB
- hzo-ex31_1.htm (EX-31.1) — 14KB
- hzo-ex31_2.htm (EX-31.2) — 14KB
- hzo-ex32_1.htm (EX-32.1) — 7KB
- hzo-ex32_2.htm (EX-32.2) — 7KB
- 0000950170-24-007382.txt ( ) — 8627KB
- hzo-20231231.xsd (EX-101.SCH) — 1405KB
- hzo-20231231_htm.xml (XML) — 1592KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2022 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended December 31, 2022 and 2023 4 Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2023 5 Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended December 31, 2022 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2022 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 4.
Controls and Procedures
Controls and Procedures 26
OTHER INFORMATION
PART II. OTHER INFORMATION 26 1.
Legal Proceedings
Legal Proceedings 26 1A.
Risk Factors
Risk Factors 26 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 3. Defaults Upon Senior Securities 27 4. Mine Safety Disclosures 27 5. Other Information 27 6. Exhibits 27
SIGNATURES
SIGNATURES 28 EX – 31.1 EX – 31.2 EX – 32.1 EX – 32.2 EX – 101 INSTANCE DOCUMENT EX – 101 SCHEMA DOCUMENT EX – 101 CALCULATION LINKBASE DOCUMENT EX – 101 DEFINITION LINKBASE DOCUMENT EX – 101 LABEL LINKBASE DOCUMENT EX – 101 PRESENTATION LINKBASE DOCUMENT 2
FINANCI AL INFORMATION
PART I. FINANCI AL INFORMATION
Financi al Statements
ITEM 1. Financi al Statements MARINEMAX, INC. AND SUBSIDIARIES Condensed Consolidated S tatements of Operations (Amounts in thousands, except share and per share data) (Unaudited) Three Months Ended December 31, 2022 2023 Revenue $ 507,927 $ 527,274 Cost of sales 321,030 351,793 Gross profit 186,897 175,481 Selling, general, and administrative expenses 150,397 156,482 Income from operations 36,500 18,999 Interest expense 9,484 18,365 Income before income tax provision (benefit) 27,016 634 Income tax provision (benefit) 7,029 ( 211 ) Net income 19,987 845 Less: Net income (loss) attributable to non-controlling interests 297 ( 85 ) Net income attributable to MarineMax, Inc. $ 19,690 $ 930 Basic net income per common share $ 0.91 $ 0.04 Diluted net income per common share $ 0.89 $ 0.04 Weighted average number of common shares used in computing net income per common share: Basic 21,756,165 22,196,141 Diluted 22,223,173 22,809,017 See accompanying Notes to Condensed Consolidated Financial Statements. 3 MARINEMAX, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) (Unaudited) Three Months Ended December 31, 2022 2023 Net income $ 19,987 $ 845 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 5,086 3,226 Interest rate swap contract ( 69 ) ( 286 ) Total other comprehensive income, net of tax 5,017 2,940 Comprehensive income 25,004 3,785 Less: comprehensive income attributable to non-controlling interests 498 267 Comprehensive income attributable to MarineMax, Inc. $ 24,506 $ 3,518 See accompanying Notes to Condensed Consolidated Financial Statements. 4 MARINEMAX, INC. AND SUBSIDIARIES Condensed Consolida ted Balance Sheets (Amounts in thousands, except share data) (Unaudite