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Text: These risks include, but are not limited to, the impact of seasonality and weather, general economic conditions and the level of consumer spending, the company's ability to capitalize on opportunities or grow its market share and numerous other factors identified in our Form 10-K and other filings with the Securities and Exchange Commission.
Our team continues to set records with their performance and our third quarter was no exception.
They produced record sales, record margins, record profit and on top of that record Net Promoter Scores.
Today, I'd like to share the highlights from our very productive third quarter and then discuss the results of our strategic growth plan, which will continue to create shareholder value in 2021 and beyond.
Then Mike will discuss our financial results in more detail and provide color on our updated 2021 financial outlook.
Let me start by touching on our third quarter performance.
I'm extremely excited about our results in the quarter, with both sales and earnings exceeding expectations, and I am especially proud of the MarineMax team for continuing a high level of execution on our key strategic initiatives which continue to gain traction and resonate with customers.
We have capitalized on a favorable consumer spending backdrop along with a continued demand and consumer seeking the boating lifestyle.
The record sales and earnings growth we delivered was driven by solid 6% same-store sales growth, which is on top of a robust 37% same-store sales growth a year ago.
From a nine month perspective, same-store sales growth was up 21% on top of a 22% a year ago.
Our significant geographic and product diversification along with the effective utilization of our digital platform is driving sustained growth.
Additionally, the marine industry continues to experience a significant acceleration in new customers.
Given our scale and global position, we are benefiting from our growing share of the market.
And based on available industry data, we believe we continue to gain market share.
We had meaningful revenue growth across most brands and categories of products and continue to leverage our investments in technology, which is driving leads that are being converted into sales and enhanced profitability.
We built on our prior quarter's profitability and increased our operating margin to over 12%.
This performance is directly attributable to our ability to execute against our strategy, focusing on higher gross margin businesses, including finance and insurance, marina, storage, parts, services and brokerage.
The gross margin strength we produced in the first half of the year accelerated in the June quarter to 30.7%.
Additionally, our acquisitions have performed well and are aligned with our strategy of contributing to the margin expansion, and we expect our two most recent acquisitions, Cruisers Yachts and Nisswa Marine to further contribute to this growth.
In the quarter, gross margin expansion and good expense control led to outstanding operating leverage of over 20% and record earnings per share of $2.59.
Now let me discuss the confidence we have that our strategy will continue to create sustained growth and long-term shareholder value in 2021 and beyond.
We are making significant progress on our vision of creating exceptional customer experiences through best services, products and technology.
Our teams remain focused on these initiatives, resulting in strong sales and margins.
We are uniquely positioned to drive this growth for years to come.
We will accomplish this through our global market presence, premium brands, valuable real estate locations, exceptional customer service, technology investments, strategic acquisitions, industry-leading inventory management and finally, a continued commitment to build on our strong company culture.
Supported by one of the strongest balance sheets in the industry, we will continue to make strategic, accretive acquisitions in a disciplined manner.
The combination of being well capitalized and having a broad global geographic presence has allowed and will allow us to grow in many ways by adding additional dealers, marinas, storage, service-related offerings, manufacturing and asset-light businesses, such as our superyacht services business.
We continue to have strong demand-driven visibility, and we are well positioned to serve our customers.
The sheer size of our backlog continues to provide us with added confidence that we should outperform for the remainder of 2021 and well into fiscal 2022.
Also, there is no question that our scale is a competitive advantage as we leverage our deep manufacturing relationships, our nationwide shared inventory and strong balance sheet to support the growing demand.
As we will discuss later on in the call, based on our third quarter results, we are again raising our full year 2021 guidance.
This reflects another great quarter and the confidence we have in the business as we build our backlog and look ahead to the new product that will start to flow in the future.
We believe the combination of driving operating leverage and generating significant cash flow, coupled with strong consumer demand will result in sustained growth well into fiscal 2022 and beyond.
And with that update, I'll ask Mike to provide more detailed comments on the quarter.
For the quarter, revenue grew 34% to over $666 million due largely to same-store sales growth of 6%, which was on top of 37% a year ago, plus the strong results from the acquisitions we have completed, namely SkipperBud's, Northrop & Johnson and Cruisers Yachts.
Overall, our growth has been demand-driven across generally all segments of products.
As expected, the supply chain challenges have resulted in low industry inventory, which led to reduced overall unit sales versus our record last year.
However, with greatly increased backlog visibility, coupled with our broad product portfolio and production insight from our manufacturing partners, we were positioned to drive growth in many of our key categories.
This approach resulted in a double-digit expansion of our average unit selling price.
We also believe this strategy will continue to work well as we move ahead.
Our gross profit dollars increased over $81 million, while our gross margin rose 590 basis points to 30.7%.
Our initiatives to drive margin growth over the last several years is clearly working.
Margins rose with contributions from multiple segments and businesses, including new and used boats, storage, our higher-margin finance, insurance and brokerage business as well as our global superyacht services businesses, Northrop & Johnson and Fraser Yachts.
We would note that the superyacht charter business is starting to see improvement with the reopening of Europe.
Assuming the reopening continues, we would expect a much improved charter season compared to August and September last year.
Regarding SG&A, the majority of the increase was again due to rising sales and related commissions, combined with the recent acquisitions.
Generally, expense trends are on track.
Our operating leverage in the quarter was over 20%, which drove very strong earnings growth, setting another quarterly record with pre-tax earnings of over $80 million.
Our record June quarter saw both net income and earnings per share rise more than 60%, generating $2.59 in earnings per share versus $1.58 a year ago.
For the first nine months of the year, I will make just a few comments.
Our revenue exceeds $1.6 billion, driven by a 21% increase in comparable store sales.
Gross margins exceed 30%.
Our operating leverage is around 20%.
Our earnings per share is at $5.33 and our EBITDA is over $180 million, a very impressive nine months.
Moving on to our balance sheet.
We continue to build cash with over $200 million at quarter end.
Our inventory at quarter end was $209 million.
Excluding SkipperBud's and Cruisers Yachts, our inventories neared historically low levels on a relative basis.
However, it is important to reiterate that we have reasonable visibility from our manufacturing partners.
That, coupled with our backlog, allows us to direct our efforts to drive growth like we did this quarter.
Looking at our liabilities, short-term borrowings decreased sharply due to lower inventory and related financing as well as the increase in cash generation.
Customer deposits almost tripled to over $86 million due to the demand we are seeing setting a new record.
Our current ratio stands at 2.20, and our total liabilities to tangible net worth ratio is below one.
Both of these are very impressive balance sheet metrics.
Our tangible net worth is $386 million.
Our balance sheet has always been a formidable strategic advantage and now more than ever, it provides the capital for growth and expansion as opportunities arise.
Turning to guidance for 2021.
The June quarter exceeded expectations and industry trends remained strong.
Industry estimates for 2021 retail unit growth is in the high single digits.
We expect our annual same-store sales growth to be in the high teens.
This is generally consistent with our comments last quarter.
Given the strength of earnings in the June quarter and the demand-driven visibility, we are raising our estimates for earnings per share guidance to the range of $6.40 to $6.55.
In summary, we do expect our pre-tax earnings to rise in the fourth quarter, which gets dampened a bit by a higher tax rate of around 25% this year as well as higher outstanding shares which results in the earnings per share guidance range.
Our guidance excludes the impact from any potential acquisitions that we may complete.
Our updated 2021 guidance implies an EBITDA level well in excess of $200 million.
Turning to current trends.
July will close with positive same-store sales growth and our backlog is at record levels.
As we have said, industry demand trends remain strong, and we are generally outperforming these elevated levels.
While we would typically not share perspective beyond the current fiscal year, I'd like to provide some additional context as we look out to fiscal 2022.
With the demand side of our business remaining very strong, and with the visibility we have with our manufacturing partners and backlog, we do anticipate same-store sales growth in 2022.
We will provide more color around this on our fourth quarter call.
As evidenced in today's results, we are pleased to see our business continue to build momentum.
Our team's performance in the first nine months of fiscal 2021 continues to show excellent execution, even on top of a record performance last year, which included very impressive same-store sales.
Much of our strategic work is still underway with the true benefit to be realized in the coming quarters and years.
We remain committed to creating exceptional customer experiences through our teams, services, products and technology.
Record high Net Promoter Scores show that our customer-centric approach is fully aligned to drive high levels of satisfaction and repeat business.
We will continue to uncover significant opportunities for brand expansions and higher-margin businesses that will strengthen our overall business, while staying focused on our strategy to create long-term shareholder value.

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marinemax raises fy earnings per share view to $6.40 to $6.55.
raises fy earnings per share view to $6.40 to $6.55.
raises fiscal year 2021 guidance.
q3 earnings per share $2.59.

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