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MarineMax Inc. (FL) (HZO+17.61%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $468.5 million from $527.3 million in the same quarter the previous year. The decrease is attributed to a decline in comparable-store sales and a net decrease from manufacturing revenue.
Gross profit for the quarter was $169.7 million, down from $175.5 million in the previous year. However, gross profit as a percentage of revenue increased to 36.2% from 33.3%, due to changes in the promotional environment and sales mix.
Selling, general, and administrative expenses decreased to $130.7 million from $156.5 million, primarily due to changes in the fair value of contingent consideration liabilities and cost-saving initiatives.
Interest expense for the quarter increased slightly to $18.7 million from $18.4 million, primarily due to increased borrowings from higher inventory levels.
The company reported a net income of $18.1 million for the quarter, up from $0.8 million in the previous year. Basic net income per common share was $0.80, compared to $0.04 in the previous year.
Cash used in operating activities was $146.1 million, compared to $89.1 million in the previous year, primarily due to increases in inventory and decreases in accounts payable.
Cash used in investing activities was $6.5 million, compared to $17.3 million in the previous year, primarily for property and equipment purchases.
Cash provided by financing activities was $74.7 million, down from $114.3 million, primarily due to net increases in short-term borrowings.
MarineMax's short-term borrowings under the Floor Plan totaled approximately $795.2 million, with long-term debt at $347.3 million as of December 31, 2024.
The filing also discusses various financial agreements, including an amended credit facility with Manufacturers and Traders Trust Company and Wells Fargo Commercial Distribution Finance, LLC.
MarineMax outlines risks related to economic conditions, interest rates, and currency fluctuations, acknowledging potential impacts on consumer spending and business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MarineMax Inc. (FL) quarterly 10-Q report dated January 23, 2025. To report an error, please email earnings@qz.com.