We use cookies to improve your experience, analyze site usage, and show relevant ads. Go to our Privacy Policy for details.
The call communicated a balanced but cautious tone. Positive operational actions and financial stability were highlighted — including nearly 11% same-store sales growth, a $505M revenue quarter, nearly $170M inventory reduction, ~$165M cash, a $15.5M adjusted EBITDA quarter and reaffirmed full-year guidance ($110M–$125M adjusted EBITDA). At the same time, significant margin pressure (gross margins >400 bps below normal), a reported net loss of $0.36 per share, unit volume declines, and an industry inventory overhang present clear near-term headwinds. Management expressed cautious optimism based on early boat show momentum and expects inventory/margin normalization in the back half of the year, but near-term uncertainty remains.
MarineMax reaffirmed fiscal 2026 guidance calling for adjusted EBITDA of $110–$125 million and adjusted net income of $0.40–$0.95 per diluted share, assuming industry units down slightly to up slightly and same‑store sales flat to slightly positive; management expects consolidated gross margins in the low‑30% range for the year, retail margin pressure persisting through Q2 with more meaningful inventory improvement in the second half versus FY25, and noted the guidance reflects interest‑rate cuts to date, an annual effective tax rate of 26.5% and a share count of ~22.8 million (does not assume material M&A). Quarterly and balance‑sheet context included: Q1 revenue $505M, gross profit $160M, adjusted EBITDA $15.5M, adjusted EPS $0.21 (reported loss $0.36), nearly $165M cash, net debt/adjusted EBITDA just over 2x, inventory down ~$170M YoY at December and current inventory turns below 2x (targeting >2x by year‑end), customer deposits flat YoY, and interest expense expected to remain a tailwind.
Revenue of $505.0 million for the quarter with same-store sales up nearly 11% year-over-year, driven by strong same-store performance and migration to larger, premium products (significant increase in average unit selling price despite a decline in unit volume).
Reduced inventory by nearly $170 million year-over-year (December comparison); ended the quarter with approximately $165 million in cash, improved current ratio and total liabilities to tangible net worth, and a net debt to adjusted EBITDA ratio of just over 2.0x.
Reaffirmed fiscal 2026 guidance: adjusted EBITDA of $110 million to $125 million and adjusted net income of $0.40 to $0.95 per diluted share (assumes ~22.8 million shares outstanding and a 26.5% effective tax rate).
Adjusted EBITDA for the quarter was $15.5 million; adjusted net loss per share was $0.21 (reported net loss per share $0.36), reflecting management’s focus on adjusted operating metrics.
Total SG&A was just over $155 million; after adjustments (transaction costs, contingent consideration, weather and other items) SG&A was only $1.7 million higher year-over-year and down ~200 basis points as a percentage of revenue. Interest expense declined due to lower borrowings and lower rates and is expected to be a tailwind in fiscal 2026.
Higher-margin businesses (marinas, finance & insurance, superyacht services, service and brokerage) contributed favorably to consolidated gross profit. Company repurchased ~6% of its shares, acquired Shelter Bay Marina & Retail (Keys), opened IGY Savannah, expanded Stewart Marina and enhanced Fort Myers operations.
Positive early-season momentum across boat shows (including Fort Lauderdale and multiple regional winter shows) and January finished with positive same-store sales. Customer deposits held flat year-over-year, an encouraging sign of underlying demand resilience.
Good day, and welcome to MarineMax, Inc. Fiscal 2026 First Quarter Conference Call. Today's call is being recorded. At this time, all participants are in a listen-only mode. I would now like to turn the call over to Scott Solomon, of the company's Investor Relations firm, General Merrill Advisors. Please go ahead.
Thank you, operator, and good morning, everyone. Hosting today's call are Brett McGill, MarineMax's Chief Executive Officer and President, and Mike McLamb, the company's Chief Financial Officer. Brett will begin the call by discussing MarineMax's operating performance and recent highlights. Mike will review the financial results and the company's fiscal 2026 financial guidance. Brett will make some concluding comments, and then management will be happy to take your questions. The earnings release and supplemental presentation associated with today's announcement can be found at investor.marinemax.com. And with that, I'll turn the call over to Mike. Mike?
Thank you, Scott. Good morning, everyone, and thank you for joining this call. I'd like to start by reminding you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of today. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, the impact of seasonality and weather, global economic conditions and the level of consumer spending, the company's ability to capitalize on opportunities or g...