Marinemax, Inc. (fl) · NYSE:HZO
Marinemax, Inc. (fl) — Q1 2025 Earnings Presentation
22 slides from Marinemax, Inc. (fl)'s earnings presentation, Jan 23, 2025
Slide 1: Q1 FY 2025 Investor Presentation
Q1 FY 2025 Investor Presentation January 23, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Information contained in this presentation, other than historical information, should be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, risks, uncertainties, and
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains “Adjusted net income, “Adjusted diluted EPS,” and “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (“Adjusted EBITDA”), which are non-GAAP financial measures as defined under applicable securities legislation. In determi
Slide 4: MarineMax: A Worldwide Leader in Products, Services, and Experiences
MarineMax: A Worldwide Leader in Products, Services, and Experiences for the Recreational Marine Market • Over 70 boat dealerships featuring more than 30 exclusively marketed boat brands • Portfolio of more than 65 marina and storage locations across 15+ countries, highlighted by flagship brand, IGY
Slide 5: Our Strategic Ambition
Our Strategic Ambition Achieve top-tier market performance as the premier global leader in boating and yachting, offering an unmatched and diverse portfolio of recreational experiences 5
Slide 6: Expanding Leadership Across Diverse Lines of Business
Expanding Leadership Across Diverse Lines of Business Acquisition History Since 2019 New Wave Finance & Product Retail Operations Superyacht Services IGY Marinas Innovations Insurance Manufacturing 20 Acquisitions Since 2019 • $700 million of combined revenue • Skewed toward higher-margin 6
Slide 7: Strategic Priorities by Business
Strategic Priorities by Business Finance & Retail Store Superyacht IGY New Wave Insurance Product Operations Services Marinas Innovations Services Manufacturing Strategic Focus Innovate/ Optimize Early-stage Growth & Focused Focused Growth Value Creation Synergies Growth Efficiencies Growth Strategi
Slide 8: Diversification Strategy Drives Consistent Annual Revenue Growth
Diversification Strategy Drives Consistent Annual Revenue Growth ($ in billions) CAGR 2009-2024: 14% $2.39 $2.43 $2.31 $2.06 $1.51 $1.24 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 8
Slide 9: We Provide Customers With a Highly Differentiated Boating Experience
We Provide Customers With a Highly Differentiated Boating Experience More Than 30 Exclusively Marketed Brands, Including: 9
Slide 10: Non-Boat Revenue Streams Have Significantly Expanded Our Margin Profile
Non-Boat Revenue Streams Have Significantly Expanded Our Margin Profile Over the Past Five Years Growth in Non-Boat Sales and Total Gross Margin Improvement (FY19 vs. FY24) FY24 Consolidated Gross Margin: 33.0% FY19 Consolidated Gross Margin: 26.1% 23.7% 15.0% FY 2019* FY 2024 Maintenace and repair
Slide 11: Building Our Technology Footprint by Creating a Seamless Digital Experience
Building Our Technology Footprint by Creating a Seamless Digital Experience for Customers Leveraging digital and Introduced award-winning Soundings Trade Only Newly formed entity, New marketing analytics, plus, MarineMax App, to give ”Most Innovative Marine Wave Innovations, serves artificial intell
Slide 12: Our Leadership Team Has Deep Industry Experience Across Economic and Market Cycles
Our Leadership Team Has Deep Industry Experience Across Economic and Market Cycles Brett McGill Mike McLamb Manny Alvare Shawn Berg Chief Executive Officer and Executive Vice President, Chief General Counsel Executive Vice President, President Financial Officer and Secretary 6 Years Chief Digital Of
Slide 13: Strategy for Unlocking Additional Value-Creation Potential
Strategy for Unlocking Additional Value-Creation Potential Pillar 1 Pillar 2 Pillar 3 Leverage Strengths & Expand Footprint via Drive More Efficient Innovation to Accelerate Prudent M&A Operations Profitable Growth F O U N D AT I O N A L E N A B L E R S Culture of Customer Excellence + Disciplined C
Slide 14: Delivering Meaningfully on Long-Term Strategic Plan
Delivering Meaningfully on Long-Term Strategic Plan Strengthening Driving More Improving Our the Portfolio Efficient Operations Financial Profile ✓ Completed 20 acquisitions since 2019 ✓ Rationalizing store base in ✓ Achieved >30% gross margins – roughly $700M of high-margin support of expense vs. h
Slide 15: Q1 FY 2025 Commentary
Q1 FY 2025 Commentary • Revenue and same-store sales performance reflected a combination of the soft retail environment industrywide and hurricane impacts • Consolidated gross margin improved on mix, promotional environment, and contribution from higher-margin businesses • Continued focus on expense
Slide 16: Q1 FY 2025 Financial Performance
Q1 FY 2025 Financial Performance Revenue Gross Margin Key Messages 2025 $468.5M 2025 36.2% Revenue on a comparable-store 2024 $527.3M 2024 33.3% basis decreased 11% YoY, primarily due to lower boat sales and hurricane impacts Net Income Attributable to MarineMax Adjusted EBITDA* Gross margin increas
Slide 17: Balance Sheet Highlights as of December 31
Balance Sheet Highlights as of December 31 Key Messages Cash and cash equivalents Inventories YoY change in cash and cash 2025 $145.0M 2025 $1.0B equivalents primarily due to the timing of inventory purchases and 2024 $210.3M 2024 $876.2M related financing Inventories, while up YoY due to Property a
Slide 18: Capital Allocation Priorities
Capital Allocation Priorities Investing in Maintain Strategic Growth Strong Acquisitions Opportunities Balance Sheet Capex Facilities and Opportunistic Technology Share Strategies Repurchases 18
Slide 19: Positioned to Drive Excellence, Innovation and Growth
Positioned to Drive Excellence, Innovation and Growth Strategic Growth Through Transformative Marketing Pioneering Technology That Targeted Acquisitions That Leads the Industry Redefines Experiences Empowering leadership, unlocking Leveraging innovation and insights Advancing innovation to enrich sy
Slide 20: Appendix
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Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands) (Unaudited) Three Months Ended December 31, 2024 2023 Net income attributable to MarineMax, Inc. $ 18,066 $ 930 Interest expense (excluding floor plan) 8,401 7,756 Income tax pro
Slide 22: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands, except share and per share data) Three Months Ended (Unaudited) December 31, 2024 2023 Net income attributable to MarineMax, Inc. $ 18,066 $ 930 Transaction and other costs (