Marinemax (HZO) FY2021 results: revenue $2.1 billion, up 36.7% on the year

Marinemax Inc. (HZO) reported revenue of $2.1 billion for fiscal 2021, the year ended 30 September 2021, up 36.7% on the year before. Net income was $155 million, up 107.7%, and diluted earnings per share $6.78. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2021.

Revenue

$2.1 billion

+36.7% on the year

FY2014FY2021

Operating margin

10.2%

7.1% a year earlier

FY2014FY2021

Net income

$155 million

+107.7% on the year

FY2014FY2021

Diluted EPS

$6.78

+101.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,063	1,510	1,237	+36.7%
Cost of revenue	1,404	1,111	914	+26.4%
Gross profit	659	399	323	+65.4%
Gross margin	32.0%	26.4%	26.1%
Selling, general and administrative	450	292	262	+54.1%
Operating income	209	107	60.5	+96.3%
Operating margin	10.2%	7.1%	4.9%
Interest expense	3.7	9.3	11.6	-60.5%
Pre-tax income	206	97.4	49.0	+111.2%
Income tax	50.8	22.8	13.0	+122.8%
Effective tax rate	24.7%	23.4%	26.5%
Net income	155	74.6	36.0	+107.7%
Net margin	7.5%	4.9%	2.9%
Diluted EPS	$6.78	$3.37	$1.57	+101.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	374	305	-12.4	+22.7%
Capital expenditure	26.1	12.8	17.1	+104.0%
Free cash flow	348	292	-29.5	+19.1%
Free cash flow margin	16.9%	19.3%	-2.4%
Cash from investing	-161	-30.1	-56.3
Cash from financing	-146	-158	58.6
Depreciation and amortisation	15.6	12.8	11.6	+22.2%
Share-based compensation	9.7	7.5	6.5	+30.0%
Diluted shares, weighted	23m	22m	23m	+3.3%
Shares outstanding at period end	22m	22m	21m	-0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	595	455	369	+30.6%
Debt	75.0	152	312	-50.7%
Operating lease liabilities	97.0	33.5	n/a	+189.7%
Other liabilities	241	134	103	+79.5%
Total liabilities and equity	1,008	775	784	+30.0%
Fixed assets	175	142	144	+23.6%
Goodwill	196	84.2	64.0	+132.1%
Intangible assets	5.6	n/a	n/a
Cash and equivalents	222	155	38.5	+42.9%
Receivables	47.7	40.2	42.4	+18.5%
Inventory	231	298	477	-22.5%
Other assets	130	55.5	17.4	+135.2%
Total assets	1,008	775	784	+30.0%

10-K for the year ended 30 September 2021, filed 19 November 2021: the filing.