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MarineMax Completes the Acquisition of Intrepid Powerboats

CLEARWATER, Fla. --(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, announced today that it has completed the acquisition of Intrepid Powerboats (Intrepid), a premier manufacturer of powerboats.

Intrepid Powerboats is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Intrepid follows a direct-to-consumer distribution model and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. Intrepid produced revenue in excess of $60 million during the last twelve-months.

W. Brett McGill , Chief Executive Officer and President of MarineMax , stated, “We are excited to add Intrepid Powerboats to the growing list of strategic acquisitions we have completed. Providing Intrepid with additional resources to enhance how it serves its loyal customer base, while leveraging our digital technologies and capital, will allow it to continue to innovate and grow. We are happy that Ken Clinton and the Intrepid management team have joined our family and will continue to operate the business.”

Raymond James Investment Banking Marine Team was the advisor for Intrepid Powerboats.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufacturers boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufacturers powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands . The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange -listed company (NYSE: HZO). For more information, please visit www.marinemax.com .

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include Intrepid's continued innovation and growth and the management team's continued operation of the business. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission . The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com : https://www.businesswire.com/news/home/20211103005465/en/

Michael H. McLamb Chief Financial Officer

Media: Abbey Heimensen Public Relations MarineMax, Inc. 727-531-1700

Investor s : Brad Cohen ICR, LLC 203-682-8211 [email protected] Dawn Francfort 646-677-1859 [email protected]

Source: MarineMax, Inc.

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Michael H. McLamb Chief Financial Officer                                                     

Media:    Abbey Heimensen Public Relations MarineMax, Inc. 727-531-1700

Investors: Brad Cohen ICR, LLC 203-682-8211 [email protected] Dawn Francfort 646-677-1859 [email protected]

MarineMax Completes Intrepid Powerboat Acquisition

CLEARWATER, FL – MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, announced today that it has completed the acquisition of Intrepid Powerboats (Intrepid), a premier manufacturer of powerboats.

Intrepid Powerboats is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Intrepid follows a direct-to-consumer distribution model and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. Intrepid produced revenue in excess of $60 million during the last twelve-months.

W. Brett McGill, Chief Executive Officer and President of  MarineMax , stated, “We are excited to add Intrepid Powerboats to the growing list of strategic acquisitions we have completed. Providing Intrepid with additional resources to enhance how it serves its loyal customer base, while leveraging our digital technologies and capital, will allow it to continue to innovate and grow. We are happy that Ken Clinton and the Intrepid management team have joined our family and will continue to operate the business.”

Raymond James Investment Banking Marine Team was the advisor for Intrepid Powerboats.

ABOUT MARINEMAX

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufacturers boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufacturers powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit  www.marinemax.com .

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• Oct 5, 2021

MarineMax Purchases Intrepid Powerboats in Second Major Acquisition of 2021

By: Scott Way

The up-tempo business dealings in the marine industry continued today with the announcement that MarineMax has acquired Florida-based Intrepid Powerboats . Terms of the deal were not disclosed.

This marks the second major acquisition by MarineMax in 2021, who also purchased the well-respected Cruisers Yachts brand in May as part of a $63 million deal. MarineMax is also coming off a record 2020 in which they generated over $1.5 billion in revenue.

The geography of the move makes obvious sense as MarineMax and Intrepid sit a mere 10 miles apart. Intrepid is headquartered in Largo, FLA, while MarineMax is in nearby Clearwater. MarineMax is already the world's largest recreational boat and yacht retailer, and the acquisition of a local manufacturer will provide immediate support and resources to their growing portfolio. The deal is expected to be finalized before December 31st, 2021.

Intrepid Powerboats is somewhat of an industry anomaly that operates on a direct-to-consumer distribution model without a dealer network. Each boat is built to customer specifications and can be customized or modified as needed. They build outboard fishing models recreational cruisers in the 24-47 foot range. The company had revenues in excess of $60 million in the preceding 12 months heading into the final quarter of 2021.

From MarineMax president and chief executive officer W. Brett McGill, “the strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”

Ken Clinton, President of Intrepid Powerboats, commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new product to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have first class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”

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MarineMax to Acquire Intrepid Powerboats

• Posted 10-05-2021
• Member  
• Industry  

CLEARWATER, FL (October 5, 2021) –  MarineMax  announced that it has entered into a definitive agreement to acquire  Intrepid Powerboats  (Intrepid), a premier manufacturer of powerboats. MarineMax expects the acquisition to close before December 31, 2021, and to be accretive in its first full twelve-month period.

Intrepid Powerboats  is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Based in Largo, Florida, Intrepid follows a direct-to-consumer distribution model and produced revenue in excess of $60 million in the last twelve months. Intrepid has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.

W. Brett McGill, Chief Executive Officer and President of  MarineMax , stated, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”

Mr. McGill continued, “We welcome the seasoned, passionate and successful Intrepid team. We know Ken Clinton and his leadership team well, given their successes within our industry. The Intrepid management team is recognized among the best in our industry and we are excited to have them join our team while continuing to lead the operations of Intrepid.”

Ken Clinton, President of  Intrepid Powerboats , commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new product to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have first class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”

David Gillikin, Chairman of  Intrepid Powerboats  and majority shareholder, stated, “I am very passionate about Intrepid Powerboats, the Intrepid team and our customers. There is no organization better suited to help guide Intrepid for the future than MarineMax. I look forward to many more years as a loyal Intrepid boat owner while watching the company and team grow.”

Article Author: Lisa Harrison

Article URL: https://investor.marinemax.com/news/press-release-details/2021/MarineMax-to-Acquire-Intrepid-Powerboats/default.aspx

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MarineMax acquires customized boat maker, Intrepid Powerboats

Ziga Plahutar/E+ via Getty Images

• MarineMax (NYSE: HZO ) has acquired Intrepid Powerboats, a premier manufacturer of customized powerboats.
• The acquisition is expected to close before the end of this yera and to be accretive in its first full twelve-month period.
• Intrepid Powerboats is based in Largo, Florida, follows a direct-to-consumer distribution model and produced revenue in excess of $60M in the last twelve months.
• W. Brett McGill, Chief Executive Officer and President of MarineMax, stated, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”

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Marinemax to acquire intrepid powerboats; street says buy.

Recreational boat and yacht retailer MarineMax, Inc. ( HZO ) recently announced that it has entered into a definitive agreement to acquire powerboats manufacturer Intrepid Powerboats. The financial terms of the deal, which is likely to close before the end of the year, have been kept under wraps.

Following the news, shares of the company appreciated marginally to close at $50.94 on Tuesday.

With this acquisition, MarineMax will gain access to Intrepid’s expertise in manufacturing customized boats. Further, the company expects the buyout to be accretive in its first full twelve-month period.

Notably, Intrepid follows a direct-to-consumer distribution model and has generated revenues of more than $60 million in the last twelve months.

The CEO of MarineMax, W. Brett McGill, said, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.” (See MarineMax stock chart on TipRanks)

Last month, B.Riley Financial analyst Eric Wold reiterated a Buy rating on the stock with a price target of $65, which implies upside potential of 27.6% from current levels.

Consensus among analysts is a Strong Buy based on 3 Buys and 1 Hold. The average MarineMax price target of $61.50 implies upside potential of 20.7% from current levels.

MarineMax scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 91.1% over the past year.

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MarineMax Completes the Acquisition of Intrepid Powerboats

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THURSDAY NOV 4, 2021 |

MarineMax, Inc., the world’s largest recreational boat and yacht retailer, announced today that it has completed the acquisition of Intrepid Powerboats (Intrepid), a premier manufacturer of powerboats.  Intrepid Powerboats is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Intrepid follows a direct-to-consumer distribution model and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. Intrepid produced revenue in excess of $60 million during the last 12 months.  MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations and dealerships worldwide—including Sarasota.

For more information click here

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• News for MarineMax

MarineMax To Acquire Intrepid Powerboats For Undisclosed Sum

• Recreational boat and yacht retailer  MarineMax Inc  (NYSE:HZO) has agreed to acquire  Intrepid Powerboats  for an undisclosed sum.
• Florida-based Intrepid, a producer of customized boats, follows a direct-to-consumer distribution model and generated revenue of about $60 million in the last twelve months. 
• MarineMax expects to close the deal before December 31, 2021, and to be accretive in its first full twelve-month period.
• MarineMax held $200.1 million in cash and equivalents as of June 30, 2021.
• Price Action:  HZO shares are trading higher by 1.64% at $51.44 on the last check Tuesday.

MarineMax News MORE

Related stocks.

MarineMax to Acquire Intrepid Boats

MarineMax, Inc. the world’s largest recreational boat and yacht retailer, announced today that it has entered into an agreement to acquire Intrepid Powerboats out of Long Boat Key in Florida. MarineMax expects the acquisition to close before December 31, 2021. An award-winning maker of custom boats, Intrepid follows a direct-to-consumer distribution model and produced revenue in excess of $60 million in the last twelve months.

What to Know About the Acquisition

The acquisition is seen as a portfolio expander for MarineMax which posted very strong growth in 2020 with $1.5 billion in revenue. It is the second acquisition of the year for MarineMax and the 4th in two years. In May, the company acquired Cruisers Yachts brand. Last year the company also bought Northrup & Johnson and Skipperbuds . It also adds a new element to MarineMax's portfolio in the fact that Intrepid has become known for custom built boats and a direct-to-consumer model.

Of the Intrepid acquisition, W. Brett McGill, Chief Executive Ocer and President of MarineMax, stated, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”

Ken Clinton, President of Intrepid Powerboats, commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new product to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have 1st class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”

What to expect next

The deal will be finalized on December 31st, 2021. Neither company has shared much about what's to come for the brands.

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The Fishing and Marine Industry Daily News Feed

MarineMax to Acquire Intrepid Powerboats

• October 5, 2021

CLEARWATER, FL  MarineMax announced that it has entered into a definitive agreement to acquire Intrepid Powerboats (Intrepid), a premier manufacturer of powerboats. MarineMax expects the acquisition to close before December 31, 2021, and to be accretive in its first full twelve-month period.

Intrepid Powerboats is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Based in Largo, Florida, Intrepid follows a direct-to-consumer distribution model and produced revenue in excess of $60 million in the last twelve months. Intrepid has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.

W. Brett McGill, Chief Executive Officer and President of MarineMax , stated, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”

Mr. McGill continued, “We welcome the seasoned, passionate and successful Intrepid team. We know Ken Clinton and his leadership team well, given their successes within our industry. The Intrepid management team is recognized among the best in our industry and we are excited to have them join our team while continuing to lead the operations of Intrepid.”

Ken Clinton, President of Intrepid Powerboats , commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new product to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have first class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”

David Gillikin, Chairman of Intrepid Powerboats and majority shareholder, stated, “I am very passionate about Intrepid Powerboats, the Intrepid team and our customers. There is no organization better suited to help guide Intrepid for the future than MarineMax. I look forward to many more years as a loyal Intrepid boat owner while watching the company and team grow.”

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MarineMax Acquires Intrepid Powerboats

Home » MarineMax Acquires Intrepid Powerboats

The world’s largest recreational boat and yacht retailer, MarineMax, has acquired custom powerboat manufacturer Intrepid Powerboats. This is MarineMax’s second acquisition in 2021, after having purchased Cruisers Yachts in May.

“The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base,” says W. Brett McGill, CEO and president of MarineMax. “We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources.”

For more information, visit marinemax.com.

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MarineMax Reports Fiscal 2024 Second Quarter Results

~ Posts March Quarter Revenue of $582.9 Million, Up 2% Year-over-Year ~

~ Reports Comparable Same-Store Sales Growth of 2% ~

~ Revises Fiscal 2024 Financial Guidance ~

~ Hosts Earnings Conference Call at 10:00 a.m. ET Today ~

MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat, yacht and superyacht services company, today announced results for its second quarter ended March 31, 2024.

Fiscal 2024 Second Quarter Summary

• March quarter revenue of $582.9 million
• Same-store sales increase of 2%
• Gross profit margin of 32.7%
• Net income of $1.6 million, or diluted EPS of $0.07; Adjusted diluted EPS 1 of $0.18
• Adjusted EBITDA 1 of $29.6 million

CEO & President Commentary

“Although we continue to operate in a challenging market environment, as evidenced by industrywide larger than expected declines in boat registrations, we drove an increase in sales in the second quarter. Our gross margin also remains strong as a direct result of the strategic growth in our higher-margin businesses,” said Brett McGill, Chief Executive Officer and President of MarineMax. “Our performance was impacted by ongoing softness in the marine market, highlighting broader macroeconomic concerns including elevated interest rates and persistent inflation. While interest in boating remains encouraging, more aggressive promotional activity was required to assist consumers in making purchase decisions.

“We continue to focus on driving growth through investments in strong, higher-margin businesses that enhance the customer experience and expand our margin profile. During the quarter, we completed the purchase of Williams Tenders USA. This transaction advances our growth strategy, giving MarineMax distribution exclusivity in the U.S. and the Caribbean for the world’s premier brand of rigid inflatable jet tenders for the luxury yacht market.

“We are taking additional steps to reduce expenses while maintaining our customer experience and service. These additional measures are directed at better aligning our cost structure with the current environment. Our actions will enhance our strong cash position and healthy balance sheet, positioning us for greater opportunities as market conditions improve,” McGill said.

Fiscal 2024 Second Quarter Results

Revenue in the fiscal 2024 second quarter increased 2% to $582.9 million from $570.3 million in the comparable period last year. The top-line growth was primarily driven by an increase in boat sales. On a comparable same-store basis, revenue increased 2%.

Gross profit decreased 5.2% to $190.4 million from $200.9 million in the prior-year period. Gross profit margin of 32.7% decreased 250 basis points from 35.2% in the comparable period last year, as a higher level of promotional activity amid challenging retail conditions resulted in lower boat margins.

Selling, general, and administrative (SG&A) expenses totaled $169.0 million, or 29.0% of revenue, in the second quarter, compared with $145.5 million, or 25.5% of revenue, for the comparable period last year. Excluding transaction costs, changes in contingent consideration, weather events and other non-recurring items in the 2024 period, adjusted SG&A increased $16.4 million, or 11%, from the same period in fiscal 2023.

Interest expense was $19.4 million, or 3.3% of revenue in the second quarter, compared with $13.3 million, or 2.3% of revenue in the prior-year period, reflecting higher interest rates and increased inventory compared with the second quarter of fiscal 2023.

Net income in the second quarter was $1.6 million, or $0.07 per diluted share, compared with net income of $30.0 million, or $1.35 per diluted share, in the same period last year. Adjusted net income 1 in the second quarter was $4.1 million, or $0.18 per diluted share, compared with $27.4 million, or $1.23 per diluted share, in the prior-year period. Adjusted EBITDA 1 for the quarter ended March 31, 2024, was $29.6 million, compared with $57.4 million for the comparable period last year.

Company Revises Fiscal 2024 Guidance

Based on results to date, current business conditions, retail trends and other factors, the Company is updating its fiscal year 2024 Adjusted net income 1,2 guidance to a range of $2.20 to $3.20 per diluted share. The Company also is revising fiscal year 2024 Adjusted EBITDA 1,2 guidance to a range of $155 million to $190 million. These expectations do not consider or give effect for, among other things, material acquisitions that may be completed by the Company during fiscal 2024 or other unforeseen events, including changes in global economic conditions.

Conference Call Information

MarineMax will discuss its fiscal 2024 second quarter financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the “Investors” section of the Company's website: www.marinemax.com , or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year.

About MarineMax

As the world’s largest lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services, MarineMax (NYSE: HZO) is United by Water. We have over 130 locations worldwide, including 83 dealerships and 66 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts and motor yachts; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com .

Forward-Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include ongoing softness in the marine market, more aggressive promotional activity, the Company’s focus on driving growth through the acquisition of strong, higher-margin businesses, the Company’s strategy to invest in brands, products and services that enhance the customer experience and expand the Company’s margin profile, the Company’s operational improvement measures and the related expected annualized cost savings and our fiscal 2024 guidance. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2023 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

____________________ 1 This is a non-GAAP measure. See below for an explanation and quantitative reconciliation of each non-GAAP financial measure. 2 See “Non-GAAP Financial Measures” below for a discussion of why reconciliations of forward-looking Adjusted Net Income and Adjusted EBITDA are not available without unreasonable effort.

Non-GAAP Financial Measures

This press release, along with the above Supplemental Financial Information table, contains “Adjusted net income”, “Adjusted diluted EPS” 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 Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

In addition, we have not reconciled our fiscal year 2024 Adjusted earnings and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration and acquisition costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted earnings and Adjusted EBITDA are not available without unreasonable effort.

Mike McLamb Chief Financial Officer 727-531-1700 [email protected]

Scott Solomon Sharon Merrill Advisors 857-383-2409 [email protected]

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424515359/en/

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Cruising the Moskva River: A short guide to boat trips in Russia’s capital

There’s hardly a better way to absorb Moscow’s atmosphere than on a ship sailing up and down the Moskva River. While complicated ticketing, loud music and chilling winds might dampen the anticipated fun, this checklist will help you to enjoy the scenic views and not fall into common tourist traps.

How to find the right boat?

There are plenty of boats and selecting the right one might be challenging. The size of the boat should be your main criteria.

Plenty of small boats cruise the Moskva River, and the most vivid one is this yellow Lay’s-branded boat. Everyone who has ever visited Moscow probably has seen it.

This option might leave a passenger disembarking partially deaf as the merciless Russian pop music blasts onboard. A free spirit, however, will find partying on such a vessel to be an unforgettable and authentic experience that’s almost a metaphor for life in modern Russia: too loud, and sometimes too welcoming. Tickets start at $13 (800 rubles) per person.

Bigger boats offer smoother sailing and tend to attract foreign visitors because of their distinct Soviet aura. Indeed, many of the older vessels must have seen better days. They are still afloat, however, and getting aboard is a unique ‘cultural’ experience. Sometimes the crew might offer lunch or dinner to passengers, but this option must be purchased with the ticket. Here is one such  option  offering dinner for $24 (1,490 rubles).

If you want to travel in style, consider Flotilla Radisson. These large, modern vessels are quite posh, with a cozy restaurant and an attentive crew at your service. Even though the selection of wines and food is modest, these vessels are still much better than other boats.

Surprisingly, the luxurious boats are priced rather modestly, and a single ticket goes for $17-$32 (1,100-2,000 rubles); also expect a reasonable restaurant bill on top.

How to buy tickets?

Women holding photos of ships promise huge discounts to “the young and beautiful,” and give personal invitations for river tours. They sound and look nice, but there’s a small catch: their ticket prices are usually more than those purchased online.

“We bought tickets from street hawkers for 900 rubles each, only to later discover that the other passengers bought their tickets twice as cheap!”  wrote  (in Russian) a disappointed Rostislav on a travel company website.

Nevertheless, buying from street hawkers has one considerable advantage: they personally escort you to the vessel so that you don’t waste time looking for the boat on your own.

Prices start at $13 (800 rubles) for one ride, and for an additional $6.5 (400 rubles) you can purchase an unlimited number of tours on the same boat on any given day.

Flotilla Radisson has official ticket offices at Gorky Park and Hotel Ukraine, but they’re often sold out.

Buying online is an option that might save some cash. Websites such as  this   offer considerable discounts for tickets sold online. On a busy Friday night an online purchase might be the only chance to get a ticket on a Flotilla Radisson boat.

This  website  (in Russian) offers multiple options for short river cruises in and around the city center, including offbeat options such as ‘disco cruises’ and ‘children cruises.’ This other  website  sells tickets online, but doesn’t have an English version. The interface is intuitive, however.

Buying tickets online has its bad points, however. The most common is confusing which pier you should go to and missing your river tour.

“I once bought tickets online to save with the discount that the website offered,” said Igor Shvarkin from Moscow. “The pier was initially marked as ‘Park Kultury,’ but when I arrived it wasn’t easy to find my boat because there were too many there. My guests had to walk a considerable distance before I finally found the vessel that accepted my tickets purchased online,” said the man.

There are two main boarding piers in the city center:  Hotel Ukraine  and  Park Kultury . Always take note of your particular berth when buying tickets online.

Where to sit onboard?

Even on a warm day, the headwind might be chilly for passengers on deck. Make sure you have warm clothes, or that the crew has blankets ready upon request.

The glass-encased hold makes the tour much more comfortable, but not at the expense of having an enjoyable experience.

Getting off the boat requires preparation as well. Ideally, you should be able to disembark on any pier along the way. In reality, passengers never know where the boat’s captain will make the next stop. Street hawkers often tell passengers in advance where they’ll be able to disembark. If you buy tickets online then you’ll have to research it yourself.

There’s a chance that the captain won’t make any stops at all and will take you back to where the tour began, which is the case with Flotilla Radisson. The safest option is to automatically expect that you’ll return to the pier where you started.

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