MarineMax agrees to $53-a-share Safe Harbor acquisition
The proposed $53.00-per-share cash sale is expected to close by the end of calendar year 2026, subject to customary conditions and shareholder approval.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
MarineMax (HZO) reported fiscal 2026 fourth-quarter revenue of $520.1 million, compared with $552.2 million a year earlier; same-store sales decreased 5.7%. Gross margin increased 270 basis points to 37.4%. Net loss attributable to MarineMax was $13.0 million versus $0.9 million, while adjusted EBITDA rose 26% to $21.8 million.
For fiscal 2026, revenue was $2.164 billion versus $2.309 billion, and net loss attributable to MarineMax was $8.2 million versus $31.6 million. Adjusted diluted net income per common share was $0.58, compared with $0.42; adjusted EBITDA was $112.6 million versus $109.8 million. As of September 30, 2026, inventory was $812.8 million, down from $867.3 million at fiscal 2025 year-end, and cash was $156.4 million, compared with $170.4 million as of September 30, 2025.
MarineMax has entered into a definitive agreement under which Safe Harbor will acquire all issued and outstanding MarineMax common stock for $53.00 per share in cash, representing an enterprise value of approximately $1.5 billion. Closing is expected by the end of calendar year 2026, subject to customary closing conditions, including MarineMax shareholder approval.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFourth-quarter adjusted EBITDA rose 26% to $21.8 million.
- Moderate pointFiscal-year net loss narrowed to $8.2 million from $31.6 million.
Negative
- Moderate pointFiscal-year revenue declined to $2.164 billion from $2.309 billion.
- Moderate pointFourth-quarter net loss attributable widened to $13.0 million from $0.9 million.
- Minor pointFourth-quarter revenue fell to $520.1 million from $552.2 million.
Filing Explained
The
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
same-store sales financial
contingent consideration financial
floor plan financial
non-GAAP financial measures financial
Earnings Snapshot
MarineMax does not intend to provide financial guidance for fiscal 2027.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did MarineMax (HZO) perform in the fourth quarter of fiscal 2026?
What are the terms of the Safe Harbor acquisition of MarineMax (HZO)?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, MarineMax, Inc. issued a press release announcing its results of operations for its fourth fiscal quarter and fiscal year ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information in this Report of Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.
Item 9.01 Financial Statements and Exhibits.
Press release of MarineMax, Inc. dated November 4, 2026, reporting the financial results for its fourth fiscal quarter and fiscal year ended September 30, 2026.
Exhibit Index
Exhibit No. |
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Description |
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99.1 |
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Press release of MarineMax, Inc. dated November 4, 2026, reporting the financial results for its fourth fiscal quarter and fiscal year ended September 30, 2026. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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MarineMax, Inc. |
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Date: |
November 4, 2026 |
By: |
/s/ Michael H. McLamb |
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Name: Michael H. McLamb |
Exhibit 99.1
MarineMax Reports Fiscal 2026 Fourth Quarter and Full Year Results
~Reports Fourth Quarter Revenue of $520.1 Million~
~Growth From Higher-Margin Businesses Drives Gross Margin Expansion Despite Challenging Retail Environment~
~Continued Inventory Reduction Strengthens Balance Sheet~
OLDSMAR, Florida, November 4, 2026 – MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), a boat and yacht retailer, marina operator, and superyacht services company, today announced results for its fiscal 2026 fourth quarter and full year ended September 30, 2026.
Fiscal 2026 Fourth Quarter Summary
Fiscal 2026 Full Year Summary
CEO and President Commentary
“Fiscal 2026 demonstrated the strength of MarineMax's diversified business model and the benefits of our strategic investments to broaden our marine offerings and expand our presence in durable, higher-margin businesses,” said Brett McGill, the Company’s Chief Executive Officer and President. “Despite a challenging retail environment, contributions from across our portfolio helped offset market pressures, underscoring the value of our diversification strategy. Since 2019, we have expanded our higher-margin, non-boat revenue streams, contributing to a significant improvement in gross margin from 26.1% in fiscal 2019 to 34.9% in fiscal 2026. I want to thank our team members, whose continued dedication and commitment to our customers have made these results possible.
“Our previously announced agreement to be acquired by Safe Harbor represents an important milestone for MarineMax and reflects the value we have created by building a broader and more diversified marine business,” McGill continued. “The combination of our complementary businesses will create opportunities to improve our offerings, deepen customer and industry relationships, and support continued growth. As we move toward completing the transaction, we remain focused on
serving our customers, supporting our partners, and executing our strategic priorities across the business.”
Fiscal 2026 Fourth Quarter Results
Revenue totaled $520.1 million in the fourth quarter of fiscal 2026, compared with $552.2 million in the prior-year period. The decrease primarily reflected lower boat sales, partially offset by continued growth in several higher-margin areas of the business, including marinas and parts and service.
Gross profit increased to $194.3 million, or 37.4% of revenue, in the fourth quarter of fiscal 2026, compared with $191.4 million, or 34.7% of revenue, in the prior-year period. The 270 basis point expansion in gross margin was primarily driven by improved boat profitability and a greater contribution from higher-margin businesses across the portfolio.
Selling, general and administrative (SG&A) expenses totaled $196.1 million, or 37.7% of revenue, in the fourth quarter of fiscal 2026, compared with $177.6 million, or 32.2% of revenue, in the prior-year period. The increase was primarily attributable to costs associated with the Company's pending acquisition by Safe Harbor Marinas (“Safe Harbor”). Excluding transaction and other costs, intangible amortization, changes in contingent consideration, weather-related costs and restructuring expenses, Adjusted SG&A1 increased $3.2 million, or 1.8%, to $181.1 million, compared with $177.9 million in the prior-year period.
Interest expense decreased to $13.2 million, or 2.5% of revenue, in the fourth quarter of fiscal 2026, compared with $17.3 million, or 3.1% of revenue, in the prior-year period.
Net loss attributable to MarineMax was $13.0 million, or $0.59 per share, in the fourth quarter of fiscal 2026, compared with a net loss attributable to MarineMax of $0.9 million, or $0.04 per share, in the prior-year period. The Company reported an adjusted net loss of $1.8 million, or $0.08 per share, compared with an adjusted net loss of $1.1 million, or $0.05 per share, in the prior-year period.
Adjusted EBITDA increased 26% to $21.8 million in the fourth quarter of fiscal 2026, compared with $17.3 million in the prior-year period.
Balance Sheet
Cash and cash equivalents totaled $156.4 million as of September 30, 2026, compared with $170.4 million at the end of the prior-year period.
Inventories declined $54.6 million, or 6.3%, to $812.8 million in fiscal 2026 from $867.3 million at the end of fiscal 2025, which followed a $39.3 million decline in inventory from the end of fiscal 2024.
Acquisition by Safe Harbor
As previously announced on August 10, 2026, MarineMax has entered into a definitive agreement with Safe Harbor, a marina and superyacht service business, under which Safe Harbor will acquire all issued and outstanding shares of common stock of MarineMax for $53.00 per share in cash, representing an enterprise value of approximately $1.5 billion.
The transaction, which was unanimously approved by the Company’s Board of Directors, is expected to close by the end of the calendar year 2026, subject to customary closing conditions, including the approval of MarineMax’s shareholders.
In light of the Company's pending acquisition by Safe Harbor, MarineMax will not hold a conference call to discuss its fiscal 2026 fourth quarter and full year financial results and does not intend to provide financial guidance for fiscal 2027.
About MarineMax
As a boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and over 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com.
Forward Looking Statement
This communication may contain forward-looking statements including, among other things, statements regarding the ability of Safe Harbor and MarineMax to complete the proposed transaction and the expected timing of completion of the proposed transaction; the prospective performance and outlook of MarineMax’s business and opportunities; as well as any assumptions underlying any of the foregoing. When used in this communication, or any other documents, words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast,” “goal,” “objective,” “plan,” “project,” “seek,” “strategy,” “target” and similar expressions should be considered forward-looking statements made in good faith by MarineMax. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (i) the ability to obtain the requisite approval of the proposed transaction from shareholders of MarineMax; (ii) the risk that the proposed transaction may not be completed in a timely manner or at all, or that the expected benefits of the proposed transaction may not be realized on the timeline contemplated or at all; (iii) the possibility that competing offers or acquisition proposals for MarineMax will be made; (iv) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the
definitive agreement with respect to the proposed transaction, including in circumstances that would require MarineMax to pay a termination fee or other expenses; (vi) the effect of the pendency of the proposed transaction on MarineMax’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, vendors and others with whom it does business, its business generally or its stock price; (vii) risks related to diverting management’s attention from MarineMax’s ongoing business operations or the loss of one or more members of its management team; (viii) the risk that shareholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; (ix) market risks such as interest rate risk and foreign currency exchange rate risk; (x) economic and industry conditions and corresponding effects on consumer behavior and MarineMax’s operating results; (xi) environmental conditions, tariffs and their potential impacts on MarineMax’s operations and the broader economy; (xii) inclement weather and MarineMax’s ability to mitigate impacts of adverse weather conditions through geographic diversity; (xiii) MarineMax’s future estimates, assumptions and judgments, including statements regarding whether such estimates, assumptions and judgments could have a material adverse effect on MarineMax’s operating results; (xiv) the impact of MarineMax’s core strengths and retailing strategies on MarineMax’s growth and earnings potential; and (xv) the seasonality and cyclicality of MarineMax’s business and the effect of such seasonality and cyclicality on its financial results and inventory levels. Further information on risks that could affect MarineMax’s results is included in its filings with the SEC, including its most recent Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for the fiscal year ended September 30, 2025, and any current reports on Form 8-K that it may file from time to time. Should any of these risks or uncertainties materialize, actual results could differ materially from expectations. Except as required by applicable law, MarineMax assumes no obligation to, and does not currently intend to, update or supplement any such forward-looking statements to reflect actual results, new information, future events, changes in their expectations or other circumstances that exist after the date of this communication.
Contacts:
Mike McLamb Scott Solomon
Chief Financial Officer Senior Vice President
MarineMax, Inc. Sharon Merrill Advisors
727-531-1700 857-383-2409
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
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Three Months Ended |
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Year Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
520,141 |
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$ |
552,153 |
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$ |
2,163,989 |
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$ |
2,309,288 |
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Cost of sales |
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325,803 |
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360,715 |
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1,409,817 |
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1,559,060 |
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Gross profit |
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194,338 |
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191,438 |
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754,172 |
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750,228 |
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Selling, general, and administrative expenses |
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196,055 |
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177,598 |
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702,912 |
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647,156 |
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Goodwill impairment |
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— |
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— |
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— |
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69,055 |
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(Loss) income from operations |
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|
(1,717 |
) |
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|
13,840 |
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51,260 |
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34,017 |
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Interest expense |
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|
13,210 |
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|
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17,297 |
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58,035 |
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|
71,158 |
|
Loss before income tax (benefit) provision |
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|
(14,927 |
) |
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|
(3,457 |
) |
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|
(6,775 |
) |
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|
(37,141 |
) |
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|
|
|
|
|
|
|
|
|
|
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|
||||
Income tax (benefit) provision |
|
|
(2,637 |
) |
|
|
(3,372 |
) |
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|
678 |
|
|
|
(6,375 |
) |
Net loss |
|
|
(12,290 |
) |
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|
(85 |
) |
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|
(7,453 |
) |
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|
(30,766 |
) |
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|
|
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||||
Less: Net income attributable to non-controlling interests |
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|
745 |
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|
|
769 |
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|
|
745 |
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|
|
865 |
|
Net loss attributable to MarineMax, Inc. |
|
$ |
(13,035 |
) |
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$ |
(854 |
) |
|
$ |
(8,198 |
) |
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$ |
(31,631 |
) |
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|
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|
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|
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|
||||
Basic net loss per common share |
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$ |
(0.59 |
) |
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$ |
(0.04 |
) |
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$ |
(0.37 |
) |
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$ |
(1.43 |
) |
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||||
Diluted net loss per common share |
|
$ |
(0.59 |
) |
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$ |
(0.04 |
) |
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$ |
(0.37 |
) |
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$ |
(1.43 |
) |
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||||
Weighted average number of common shares used in computing net loss per common share: |
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||||
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||||
Basic |
|
|
22,090,113 |
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|
|
21,467,898 |
|
|
|
22,032,133 |
|
|
|
22,052,177 |
|
Diluted |
|
|
22,090,113 |
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|
|
21,467,898 |
|
|
|
22,032,133 |
|
|
|
22,052,177 |
|
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
|
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September 30, |
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September 30, |
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2026 |
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2025 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
|
$ |
156,357 |
|
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$ |
170,351 |
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Accounts receivable, net |
|
|
78,535 |
|
|
|
108,288 |
|
|
Inventories |
|
|
812,774 |
|
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|
867,328 |
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Prepaid expenses and other current assets |
|
|
28,912 |
|
|
|
34,912 |
|
|
Total current assets |
|
|
1,076,578 |
|
|
|
1,180,879 |
|
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Property and equipment, net |
|
|
536,467 |
|
|
|
552,546 |
|
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Operating lease right-of-use assets, net |
|
|
131,885 |
|
|
|
137,915 |
|
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Goodwill |
|
|
524,759 |
|
|
|
526,931 |
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Other intangible assets, net |
|
|
33,347 |
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|
|
35,416 |
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Other long-term assets |
|
|
35,997 |
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|
|
36,751 |
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Total assets |
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$ |
2,339,033 |
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$ |
2,470,438 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
|
$ |
45,129 |
|
|
$ |
56,378 |
|
|
Contract liabilities (customer deposits) |
|
|
59,226 |
|
|
|
45,699 |
|
|
Accrued expenses |
|
|
141,479 |
|
|
|
121,042 |
|
|
Short-term borrowings |
|
|
613,671 |
|
|
|
715,679 |
|
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Current maturities on long-term debt |
|
|
31,448 |
|
|
|
35,593 |
|
|
Current operating lease liabilities |
|
|
11,059 |
|
|
|
10,489 |
|
|
Total current liabilities |
|
|
902,012 |
|
|
|
984,880 |
|
|
Long-term debt, net of current maturities |
|
|
324,351 |
|
|
|
356,235 |
|
|
Noncurrent operating lease liabilities |
|
|
124,040 |
|
|
|
127,969 |
|
|
Deferred tax liabilities, net |
|
|
39,085 |
|
|
|
47,447 |
|
|
Other long-term liabilities |
|
|
3,782 |
|
|
|
5,154 |
|
|
Total liabilities |
|
|
1,393,270 |
|
|
|
1,521,685 |
|
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SHAREHOLDERS' EQUITY: |
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Preferred stock |
|
|
— |
|
|
|
— |
|
|
Common stock |
|
|
31 |
|
|
|
31 |
|
|
Additional paid-in capital |
|
|
370,097 |
|
|
|
360,818 |
|
|
Accumulated other comprehensive income |
|
|
3,611 |
|
|
|
8,234 |
|
|
Retained earnings |
|
|
738,186 |
|
|
|
746,384 |
|
|
Treasury stock |
|
|
(178,277 |
) |
|
|
(178,277 |
) |
|
Total shareholders’ equity attributable to MarineMax, Inc. |
|
|
933,648 |
|
|
|
937,190 |
|
|
Non-controlling interests |
|
|
12,115 |
|
|
|
11,563 |
|
|
Total shareholders’ equity |
|
|
945,763 |
|
|
|
948,753 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,339,033 |
|
|
$ |
2,470,438 |
|
|
MarineMax, Inc. and Subsidiaries
Segment Financial Information
(Amounts in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2026 |
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|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail Operations |
|
$ |
519,902 |
|
|
$ |
549,116 |
|
|
$ |
2,158,767 |
|
|
$ |
2,299,555 |
|
Product Manufacturing |
|
|
30,040 |
|
|
|
33,356 |
|
|
|
108,632 |
|
|
|
138,947 |
|
Elimination of intersegment revenue |
|
|
(29,801 |
) |
|
|
(30,319 |
) |
|
|
(103,410 |
) |
|
|
(129,214 |
) |
Revenue |
|
$ |
520,141 |
|
|
$ |
552,153 |
|
|
$ |
2,163,989 |
|
|
$ |
2,309,288 |
|
Income from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail Operations |
|
$ |
2,177 |
|
|
$ |
14,235 |
|
|
$ |
58,912 |
|
|
$ |
104,509 |
|
Product Manufacturing (1) |
|
|
(1,900 |
) |
|
|
(3,524 |
) |
|
|
(13,653 |
) |
|
|
(79,093 |
) |
Intersegment adjustments |
|
|
(1,994 |
) |
|
|
3,129 |
|
|
|
6,001 |
|
|
|
8,601 |
|
(Loss) income from operations |
|
$ |
(1,717 |
) |
|
$ |
13,840 |
|
|
$ |
51,260 |
|
|
$ |
34,017 |
|
(1) Product manufacturing loss from operations during the fiscal year ended September 30, 2025, includes a non-cash goodwill impairment charge of $69.1 million.
MarineMax, Inc. and Subsidiaries
Supplemental Financial Information
(Amounts in thousands, except share and per share data)
(Unaudited)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net loss attributable to MarineMax, Inc. |
|
$ |
(13,035 |
) |
|
$ |
(854 |
) |
|
$ |
(8,198 |
) |
|
$ |
(31,631 |
) |
Transaction and other costs (1) |
|
|
12,510 |
|
|
|
754 |
|
|
|
25,854 |
|
|
|
2,319 |
|
Intangible amortization (2) |
|
|
820 |
|
|
|
1,397 |
|
|
|
3,448 |
|
|
|
5,650 |
|
Change in fair value of contingent consideration (3) |
|
|
(465 |
) |
|
|
(2,475 |
) |
|
|
(795 |
) |
|
|
(28,126 |
) |
Weather (recoveries) expenses |
|
|
(5 |
) |
|
|
(315 |
) |
|
|
(2,129 |
) |
|
|
4,433 |
|
Restructuring expense (4) |
|
|
2,107 |
|
|
|
298 |
|
|
|
2,389 |
|
|
|
1,600 |
|
Goodwill impairment (5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,055 |
|
Tax adjustments for items noted above (6) |
|
|
(3,757 |
) |
|
|
86 |
|
|
|
(7,221 |
) |
|
|
(13,788 |
) |
Adjusted net (loss) income attributable to MarineMax, Inc. |
|
$ |
(1,825 |
) |
|
$ |
(1,109 |
) |
|
$ |
13,348 |
|
|
$ |
9,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted net loss per common share |
|
$ |
(0.59 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.43 |
) |
Transaction and other costs (1) |
|
|
0.56 |
|
|
|
0.04 |
|
|
|
1.17 |
|
|
|
0.11 |
|
Intangible amortization (2) |
|
|
0.04 |
|
|
|
0.07 |
|
|
|
0.16 |
|
|
|
0.26 |
|
Change in fair value of contingent consideration (3) |
|
|
(0.02 |
) |
|
|
(0.13 |
) |
|
|
(0.04 |
) |
|
|
(1.28 |
) |
Weather (recoveries) expenses |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.10 |
) |
|
|
0.20 |
|
Restructuring expense (4) |
|
|
0.10 |
|
|
|
0.01 |
|
|
|
0.11 |
|
|
|
0.07 |
|
Goodwill impairment (5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.13 |
|
Tax adjustments for items noted above (6) |
|
|
(0.17 |
) |
|
|
0.01 |
|
|
|
(0.33 |
) |
|
|
(0.62 |
) |
Adjustment for dilutive shares (7) |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Adjusted diluted net (loss) income per common share |
|
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.58 |
|
|
$ |
0.42 |
|
(1) Transaction and other costs relate to acquisition transaction, integration, and other costs in the period.
(2) Represents amortization expense for acquisition-related intangible assets.
(3) Represents gains to record contingent consideration liabilities at fair value.
(4) Represents expenses incurred as a result of restructuring and store closings.
(5) Represents goodwill impairment expense incurred on the manufacturing reporting unit during the fiscal year ended September 30, 2025.
(6) Adjustments for taxes for items are calculated based on an estimated effective tax rate. The estimated effective rate used for the three and twelve months ended September 30, 2026 was used for the three and twelve months ended September 30, 2025, for consistency in presentation.
(7) Represents an adjustment for shares that are anti-dilutive for GAAP net income per share but are dilutive for adjusted net income per share.
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net loss attributable to MarineMax, Inc. |
|
$ |
(13,035 |
) |
|
$ |
(854 |
) |
|
$ |
(8,198 |
) |
|
$ |
(31,631 |
) |
Interest expense (excluding floor plan) |
|
|
6,581 |
|
|
|
7,694 |
|
|
|
28,078 |
|
|
|
30,195 |
|
Income tax (benefit) provision |
|
|
(2,637 |
) |
|
|
(3,372 |
) |
|
|
678 |
|
|
|
(6,375 |
) |
Depreciation and amortization |
|
|
12,450 |
|
|
|
12,935 |
|
|
|
50,337 |
|
|
|
49,320 |
|
Stock-based compensation expense |
|
|
3,999 |
|
|
|
2,915 |
|
|
|
15,238 |
|
|
|
19,353 |
|
Transaction and other costs |
|
|
12,510 |
|
|
|
754 |
|
|
|
25,854 |
|
|
|
2,319 |
|
Restructuring expense |
|
|
2,107 |
|
|
|
298 |
|
|
|
2,389 |
|
|
|
1,600 |
|
Goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,055 |
|
Change in fair value of contingent consideration |
|
|
(465 |
) |
|
|
(2,475 |
) |
|
|
(795 |
) |
|
|
(28,126 |
) |
Weather (recoveries) expenses |
|
|
(5 |
) |
|
|
(315 |
) |
|
|
(2,129 |
) |
|
|
4,433 |
|
Foreign currency |
|
|
312 |
|
|
|
(303 |
) |
|
|
1,134 |
|
|
|
(345 |
) |
Adjusted EBITDA |
|
$ |
21,817 |
|
|
$ |
17,277 |
|
|
$ |
112,586 |
|
|
$ |
109,798 |
|
1 Non-GAAP Financial Measures
This press release, along with the above Supplemental Financial Information table, contains “Adjusted net loss attributable to MarineMax,” “Adjusted net income attributable to MarineMax,” “Adjusted net loss per share,” “Adjusted diluted net income per share,” “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (“Adjusted EBITDA”), and “Adjusted selling, general and administrative expenses” (“Adjusted SG&A”), which are non-GAAP financial measures as defined under applicable securities legislation. Adjusted SG&A expenses represent SG&A expenses adjusted for transaction and other costs, intangible amortization, change in fair value of contingent consideration, weather expenses, and restructuring expenses. See the tables labeled, “Supplemental Financial Information” for the excluded amounts for both periods for Adjusted SG&A.
In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliations and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.