MarineMax, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: HZO · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 1057060
Sentiment: neutral
Topics: 10-Q, MarineMax, HZO, Financials, Credit Agreements
TL;DR
<b>MarineMax, Inc. filed its Q2 2024 10-Q, detailing financial activities and credit agreements.</b>
AI Summary
MARINEMAX INC (HZO) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. MarineMax, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. Key dates mentioned include August 31, 2027, and November 30, 2027, related to credit facilities. The company's fiscal year ends on September 30. The filing references various credit agreements and mortgage facilities, including those with FineMark National Bank & Trust and Seacoast National Bank.
Why It Matters
For investors and stakeholders tracking MARINEMAX INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of MarineMax's financial health and operational performance for the second quarter of fiscal year 2024. The details on credit agreements and mortgage facilities are crucial for understanding the company's financing structure and its ability to manage debt obligations.
Risk Assessment
Risk Level: medium — MARINEMAX INC shows moderate risk based on this filing. The company's business is subject to risks related to product concentration, as indicated by references to 'ProductConcentrationRiskMember' and specific product lines like 'NewBoatSalesMember' and 'UsedBoatSalesMember'.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to assess MarineMax's performance and future outlook, particularly concerning its debt structure and product sales.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Retail Operations | ||
| Product Manufacturing | ||
| New Boat Sales | ||
| Used Boat Sales |
Key Numbers
- 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-04-25 — Filing Date (FILED AS OF DATE)
- 0930 — Fiscal Year End (FISCAL YEAR END)
- 2027-08-31 — Credit Facility Maturity Date (August 31, 2027)
- 2027-11-30 — Credit Facility Maturity Date (November 30, 2027)
Key Players & Entities
- MARINEMAX INC (company) — FILER
- 0000950170-24-048260 (filing_id) — ACCESSION NUMBER
- 20240331 (date) — CONFORMED PERIOD OF REPORT
- 20240425 (date) — FILED AS OF DATE
- 0001057060 (company_id) — CENTRAL INDEX KEY
- Brunswick Corporation (company) — hzo:BrunswickCorporationMember
- FineMark National Bank & Trust (company) — hzo:RevolvingMortgageFacilityWithFineMarkNationalBankTrustMember
- Seacoast National Bank (company) — hzo:MortgageFacilityPayableToSeacoastNationalBankMember
FAQ
When did MARINEMAX INC file this 10-Q?
MARINEMAX INC filed this Quarterly Report (10-Q) with the SEC on April 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 April 25, 2024. Key takeaways: MarineMax, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the second quarter of fiscal year 2024.. Key dates mentioned include August 31, 2027, and November 30, 2027, related to credit facilities..
Is MARINEMAX INC a risky investment based on this filing?
Based on this 10-Q, MARINEMAX INC presents a moderate-risk profile. The company's business is subject to risks related to product concentration, as indicated by references to 'ProductConcentrationRiskMember' and specific product lines like 'NewBoatSalesMember' and 'UsedBoatSalesMember'.
What should investors do after reading MARINEMAX INC's 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to assess MarineMax's performance and future outlook, particularly concerning its debt structure and product sales. The overall sentiment from this filing is neutral.
Risk Factors
- Product Concentration Risk [medium — market]: The company is exposed to risks due to concentration in specific product categories, such as new and used boats, motors, and trailers.
Filing Stats: 4,325 words · 17 min read · ~14 pages · Grade level 16.7 · Accepted 2024-04-25 16:00:34
Filing Documents
- hzo-20240331.htm (10-Q) — 1910KB
- hzo-ex10_1.htm (EX-10.1) — 198KB
- 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
- 0000950170-24-048260.txt ( ) — 10063KB
- hzo-20240331.xsd (EX-101.SCH) — 1336KB
- hzo-20240331_htm.xml (XML) — 2110KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2023 and 2024 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended March 31, 2023 and 2024 4 Condensed Consolidated Balance Sheets as of September 30, 2023 and March 31, 2024 5 Condensed Consolidated Statements of Shareholders' Equity for the Six Months Ended March 31, 2023 and 2024 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2023 and 2024 7 Notes to Condensed Consolidated Financial Statements 8 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 4.
Controls and Procedures
Controls and Procedures 27
OTHER INFORMATION
PART II. OTHER INFORMATION 28 1.
Legal Proceedings
Legal Proceedings 28 1A.
Risk Factors
Risk Factors 28 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 3. Defaults Upon Senior Securities 28 4. Mine Safety Disclosures 28 5. Other Information 28 6. Exhibits 29
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 Six Months Ended March 31, March 31, 2023 2024 2023 2024 Revenue $ 570,340 $ 582,892 $ 1,078,267 $ 1,110,166 Cost of sales 369,431 392,471 690,461 744,264 Gross profit 200,909 190,421 387,806 365,902 Selling, general, and administrative expenses 145,504 169,020 295,901 325,502 Income from operations 55,405 21,401 91,905 40,400 Interest expense 13,280 19,374 22,764 37,739 Income before income tax provision 42,125 2,027 69,141 2,661 Income tax provision 12,201 578 19,230 367 Net income 29,924 1,449 49,911 2,294 Less: Net (loss) income attributable to non-controlling interests ( 111 ) ( 138 ) 186 ( 223 ) Net income attributable to MarineMax, Inc. $ 30,035 $ 1,587 $ 49,725 $ 2,517 Basic net income per common share $ 1.37 $ 0.07 $ 2.28 $ 0.11 Diluted net income per common share $ 1.35 $ 0.07 $ 2.23 $ 0.11 Weighted average number of common shares used in computing net income per common share: Basic 21,853,557 22,299,599 21,804,326 22,247,587 Diluted 22,314,262 22,999,229 22,268,183 22,903,840 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 Six Months Ended March 31, March 31, 2023 2024 2023 2024 Net income $ 29,924 $ 1,449 $ 49,911 $ 2,294 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 1,224 ( 1,607 ) 6,310 1,619 Interest rate swap contract ( 182 ) 61 ( 251 ) ( 225 ) Total other comp