Marinemax (HZO) FY2023 results: revenue $2.4 billion, up 3.8% on the year

Marinemax Inc. (HZO) reported revenue of $2.4 billion for fiscal 2023, the year ended 30 September 2023, up 3.8% on the year before. Net income was $109 million, down 44.8%, and diluted earnings per share $4.87. The figures are the company's own, from the 10-K it filed with the SEC on 17 November 2023.

Revenue

$2.4 billion

+3.8% on the year

FY2016FY2023

Operating margin

8.4%

11.5% a year earlier

FY2016FY2023

Net income

$109 million

-44.8% on the year

FY2016FY2023

Diluted EPS

$4.87

-44.9% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,395	2,308	2,063	+3.8%
Cost of revenue	1,559	1,502	1,404	+3.8%
Gross profit	835	806	659	+3.7%
Gross margin	34.9%	34.9%	32.0%
Selling, general and administrative	635	541	450	+17.4%
Operating income	201	265	209	-24.3%
Operating margin	8.4%	11.5%	10.2%
Interest expense	53.4	3.3	3.7	+1,525.6%
Pre-tax income	147	262	206	-43.7%
Income tax	38.0	63.9	50.8	-40.6%
Effective tax rate	25.7%	24.4%	24.7%
Net income	109	198	155	-44.8%
Net margin	4.6%	8.6%	7.5%
Diluted EPS	$4.87	$8.84	$6.78	-44.9%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-222	76.6	374
Capital expenditure	65.4	58.5	26.1	+11.9%
Free cash flow	-288	18.1	348
Free cash flow margin	-12.0%	0.8%	16.9%
Cash from investing	-576	-140	-161
Cash from financing	770	73.1	-146	+954.4%
Depreciation and amortisation	41.0	19.4	15.6	+111.3%
Share-based compensation	21.7	16.0	9.7	+35.2%
Diluted shares, weighted	22m	22m	23m	+0.1%
Shares outstanding at period end	22m	22m	22m	+2.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	916	783	595	+17.0%
Non-controlling interest	2.6	0.0	n/a
Debt	960	180	75.0	+432.7%
Operating lease liabilities	124	89.7	97.0	+38.1%
Other liabilities	419	300	241	+39.6%
Total liabilities and equity	2,421	1,353	1,008	+79.0%
Fixed assets	528	246	175	+114.4%
Goodwill	560	236	196	+137.6%
Intangible assets	23.8	10.9	5.6	+118.3%
Cash and equivalents	201	228	222	-11.7%
Receivables	85.8	50.3	47.7	+70.6%
Inventory	813	454	231	+78.9%
Other assets	210	127	130	+65.0%
Total assets	2,421	1,353	1,008	+79.0%

10-K for the year ended 30 September 2023, filed 17 November 2023: the filing.