MarineMax Provides Update on Impact from Hurricane Helene

Business Wire 3-Oct-2024 4:15 PM

MarineMax, Inc. (NYSE:HZO), the world's largest recreational boat, yacht and superyacht services company, today provided a preliminary update on Hurricane Helene.

"Our foremost concern is for the safety and well-being of our team members, their families and the residents of the communities throughout the regions affected by this devastating storm," said Brett McGill, Chief Executive Officer and President of MarineMax. "Florida and the Southeast are two of MarineMax's largest markets. Damage and disruption to certain of our locations on the west coast of Florida has been significant, while the damage to other locations in the Southeast has been limited. We are working to fully assess the impact of the storm on our operations and ensure that affected locations are up and running as quickly as possible."

The Company is working diligently to quantify the effects of Hurricane Helene on its financial results and operations, including the loss of physical assets and impact to revenue which was adversely affected by the closure of boat and yacht insurance markets as the storm approached. Based on the information the Company has as of today, it expects to be at or near the low end of its Adjusted EBITDA guidance range for the fiscal year ended September 30, 2024, while revenue is expected to be modestly lower than anticipated due to the impact from the storm. MarineMax plans to provide a further update on its fiscal 2024 fourth-quarter and full-year earnings call.

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 120 locations worldwide, including over 75 dealerships and 65 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 the expected impact of Hurricane Helene on the Company's financial results, operations, Adjusted EBITDA and revenue performance. 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 those 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.

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