Marinemax, Inc. (fl) · NYSE:HZO
Marinemax, Inc. (fl) — Q3 2023 Earnings Presentation
32 slides from Marinemax, Inc. (fl)'s earnings presentation, Jul 27, 2023
Slide 1: on Ee
on Ee 3 | MERCURY —
Slide 2: Disclaimer
DISCLAIMER Information contained in this presentation, other than historical information, should be considered forward-looking and subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect
Slide 3: Quote from CEO Brett McGill
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS ont re y) YS “k., > ° Largest boat, yacht and Exclusive agreements Diversified products superyacht services with premier brands fuel and services drive higher company in a highly high-end market share margins and recurring fragmented industry revenue streams Innovative growth V
Slide 5: MarineMax Fiscal Year 2022 at a Glance
MARINEMAX FISCAL YEAR 202a AT A GLANCE $2.3B 5% $9.00 | $24.12; 35% 44% Net Sales Same Store Sales |Adjusted Diluted EPS*| Per Share Tangible Gross Margin Pre-Tax CAGR** 12% Increase 33% Increase Net Worth * For a reconciliation of GAAP to Non-GAAP financial measures, refer to the Appendix. **Based
Slide 6: Company Overview
COMPANY OVERVIEW
Slide 7: Cycle-Tested Leadership
CYCLE-TESTED LEADERSHIP Bill McGill Brett McGill Mike McLamb Chuck Cashman Anthony Cassella Shawn Berg Kyle Langbehn Executive Chief Executive Executive Vice President, Executive Vice Executive Vice Executive Vice Executive Vice Chairman Officer and Chief Financial Officer President, President Finan
Slide 8: Why MarineMax?
WHY MARINEMAX? SERVICE FUN MarineMax Getaways!® Pro-active and Emergency Services Fishing Seminars Captain's Orientation Mobile Service Owners Rendezvous State-Of-The-Art Equipment and Facilities Customer Events Women on Water & Boat Shows MarineMax Kids in Boating Vacations MarineMax App
Slide 9: Premium Brands
PREMIUM BRANDS MARINEM AX — ar Azimut @ cruisers vacnts — @ OceanAlexanoer GALEON nym Wiles YACHTS @aaui.a @ AVIARA ~~ SAxXDOR BERTRAM EANAUTIQUE Woe WHALER / GP sree iiirepid —PoweRsoaTs HARRIS MasterCratt = Ge
Slide 10: Portfolio of Valuable Real Estate
PORTFOLIO OF VALUABLE REAL ESTATE Real estate portfolio includes 59 owned or operated marinas including restaurants, storage and service facilities Marinas are located in highly desired key global yachting destinations and represent an opportunity for geographic expansion and growth. Marina operatio
Slide 11: Multiple Opportunities for Growth
MULTIPLE OPPORTUNITIES FOR GROWTH Target select accretive Platforms for organic growth - Significant margin Brand expansion opportunities within acquisitions dealerships, superyacht services, growth opportunity existing and new markets marinas, technology, financial services a
Slide 12: Adding Value Beyond Traditional Boat Dealer Acquisitions
IVE; ADDING VALUE BEYOND TRADITIONAL BOAT DEALER AQUISITIONS /7&@”“/Max ys sid TAR ‘if ©. (ese) 4 ~@) FULL S Sy ou paar e SERVICE MARINAS 12
Slide 13: Creating a Seamless Digital Experience for Customers
MNVE; CREATING A SEAMLESS DIGITAL EXPERIENCE FOR CUSTOMERS VEG an oS . . — —f ww 7 Leveraging digital and Introduced award-winning Soundings Trade Only Newly formed entity, New marketing analytics, MarineMax App, to give "Most Innovative Wave Innovations, plus, artificial quick, easy access to Marin
Slide 14: Significant Margin Opportunities
SIGNIFICANT MARGIN OPPORTUNITIES MG Mex FULL SERVICE FRASER/ NORTHROP & PARTS & SERVICE FINANCIAL DIGITAL MARINAS JOHNSON SUPERYACHT SERVICES BUSINESS SERVICES
Slide 15: Recent Acquisitions
RECENT ACQUISITIONS i —__ FRASER BOATYARD INSURANCE TNS Sauasuiconer WWW.BOATYARO.COM SERVICES Boat Dealer —_— Superyacht Services ——=» @| technology —— © Insurance Services —» Superyacht Services. —— APRIL 2019 JULY 2019 MARCH 2020 JULY 2020 JULY 2020 Fare! “ MVARINE/Yax MMARINE/Ylax SkipperBuds. (
Slide 16: Commentary
COMMENTARY ▪ Completed 15 strategic transactions ▪ Expanded marina portfolio from 24 to 59 through strategic acquisitions, including IGY Marinas ▪ >$600MM of revenue acquired, virtually all higher-margin businesses ▪ Enhanced ASPs through a focus on premium brands and larger boats 16
Slide 17: MarineMax Makes a Difference
MARINEMAX MAKES A DIFFERENCE ENVIRONMENTAL Understands our company’s impact on the environment Takes action to combat climate change Minimizes overall waste Invests resources to maintain and improve the sustainability of our operations Seeks out manufacturers committed to sustainability, environment
Slide 18: Fiscal 2022 Financial Highlights
AR 20aa FINAN Revenue $2.31B Expanding Gross $9.00 Diluted Adjusted Up | 12% Margins | 35% EPS’ | 33% Increase nta +2? “<,” ‘y! a@ ¥ Strong Balance Strong Cash Poised to Take Advantage Sheet & Tangible Net Position of Opportunities Worth | $536.2M as they arise 18 * For a reconciliation of GAAP to N
Slide 19: Building Strong Sustained Sales Growth
BUILDING STRONG SUSTAINED SALES GROWTH Achieving Growth Through: Acquisitions of higher-margin businesses Brand expansions Market share gains Marinas and higher- margin businesses 14% average same- store sales growth 2015 2018 17% REVENUE CAGR
Slide 20: Fiscal Year 2022 Revenue Mix
FISCAL YEAR 20ea REVENUE MIX Mix has shifted to greater percentage of higher margin businesses: 7 A% * 19.5% in 2022 vs. SERVICE, REPAIRS & : STORAGE 15.8% in 2015 3.9% PARTS & ACCESSORIES 3.0% FINANCE & INSURANCE 20
Slide 21: Fiscal Year 2022 Pre-Tax Growth
FISCAL YEAR 202ea PRE-TAX GROWTH * 44% Pre-Tax CAGR * Most growth generated through same-store sales and high-margin acquisitions $20.9 2015 2018 2020 20ea2 44% PRE-TAX CAGR > 21 * Includes $4.8 million of hurricane expense added back to pre-tax income, For a reconciliation of GAAP to Non-GAAP finan
Slide 22: Record Fiscal Year 2022 Performance
RECORD FISCAL YEAR 20ae2 PERFORMANCE Record earnings per share Record fiscal 2022 revenue surpasses $2.3B Strong 5% same-store sales growth Margins continue to expand Revenue Gross Margin 2022 35% 2021 32% Gross margin expands Pre-Tax Per Diluted Share* to a record 35% 2021 P| $205.8M 2021 | $6.78 *
Slide 23: Record Quarterly Performance
RECORD QUARTERLY PERFORMANCE Record revenue of $721.8M Healthy gross margin of 33.8%, strengthened by more profitable business lines and strategic acquisitions Adjusted EBITDA and Adjusted Net Income Per Diluted Share are down primarily due to incrementally more aggressive pricing as well as floor p
Slide 24: Industry Leading Balance Sheet
INDUSTRY LEADING BALANCE SHEET * Strong cash and As of 6/30/2023 liquidity Cash Inventories Formidable balance sheet provides capital for growth Change in the current ratio is attributable to acquisition of IGY 24
Slide 25: Priorities for Use of Cash
PRIORITIES FOR USE OF CASH Investing in Growth Opportunities Strategic Acquisitions Maintain Strong Balance Sheet Capex Facilities and Technology Strategies Opportunistic Share Repurchases | i a {iE :. H = Pe eee | iene ne — Feahy rT | 4 \ s
Slide 26: Investment Highlights
INVESTMENT HIGHLIGHTS ont re 7 YS “k., > ° Largest boat, yacht and Exclusive agreements Diversified products and superyacht services with premier brands fuel services drive higher company in a highly high-end market share Margins and recurring fragmented industry revenue streams Innovative growth Va
Slide 27: Appendix
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Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains “Adjusted net income” and “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (“Adjusted EBITDA”), which are non-GAAP financial measures as defined under applicable securities legislation. In determining these measures, the
Slide 29: Adjusted EBITDA Reconciliation
(Amounts in thousands) (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, 2023 2022 2023 2022 Net income attributable to MarineMax, Inc. $ 44,416 $ 70,179 $ 94,141 $ 159,629 Interest expense (excluding floor plan) 7,485 749 20,669 1,374 Income tax provision 15,455 24,113 34,685 52,35
Slide 30: Adjusted Net Income Reconciliation
(Amounts in thousands, except share and per share data) (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, 2023 2022 2023 2022 Net income attributable to MarineMax, Inc. $ 44,416 $ 70,179 $ 94,141 $ 159,629 Acquisition costs (1) 111 939 6,227 1,456 Intangible amortization (2) 1,925 6
Slide 31: Fiscal Year 2022 Adjusted Net Income Reconciliation
(Amounts in thousands, except share and per share data) (Unaudited) Fiscal Year Ended September 30, 2022 Net income $ 197,989 Hurricane expenses 4,800 Tax adjustments for items noted above (1) (1,171) Adjusted net income $ 201,618 Diluted net income per common share $ 8.84 Hurricane expenses 0.21 Ta
Slide 32: /VARINE/ ax
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