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Text: Mr. Brett McGill President and Chief Executive Officer; and Mr. Mike McLamb, Chief Financial Officer of the company.
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.
I'm very proud of the extraordinary achievements of our team in fiscal 2021; record revenue of more than $2 billion record gross margin of over 30%, record earnings per share, all while achieving record net promoter customer satisfaction scores.
Given the extremely lean inventory and well documented supply chain issues, this is a great achievement in 2021.
Today, I'd like to share highlights from our fourth quarter and full year, followed by a discussion of the results of our strategic growth plan, which will continue to create shareholder value in 2022 and beyond.
Then, Mike will discuss our financial results in more detail and provide color on our 2022 financial outlook.
Let me start by touching on our fourth quarter and full year performance.
For the quarter, we generated 16% revenue growth, record gross margin of almost 38%, and record earnings per share of $1.45.
I'm extremely pleased that our strategic acquisitions are exceeding expectations and diversifying our model resulting in robust margins and earnings growth.
Our same-store sales for the quarter were down 7% versus 33% growth a year ago.
As supply chain challenges and lean inventory environment worsened and impacted us as we move through the later part of the quarter.
However, demand remained strong and we see no softening as consumers are still actively seeking the boating lifestyle.
This strong demand environment is highlighted by our customer deposits, which jumped more than 3 times last year's level to over 100 million.
Last year was elevated with increased demand, so this increase, this year, is a significant sign of strong and growing demand.
For the full-year, same-store sales growth was over 13%, on top of 25% a year ago.
Our significant geographic and product diversification along with the effective utilization of our digital platform are driving profitability and growth.
The marine industry is continuing to experience an influx of new boaters.
Given our scale, and global presence, we are benefiting from our growing share of the market.
And based on available industry data, we believe we continue to gain market share.
From a cadence perspective, the supply chain headwinds deteriorated as we moved through the quarter.
I want to emphasize that we are not seeing a demand issue, rather the timing of shipments is impacting our ability to fulfill some customer orders and therefore recognize revenue.
Simply put, if we had the boats, they would be delivered and we'd have even higher revenue.
We are working closely with our manufacturing partners to satisfy the strong demand.
But as many experts in the industry are forecasting it, we'll likely not improve materially until later in fiscal 2022.
It's a unique environment and one that is challenging to predict, but our team will continue to perform.
I also want to underscore our strategic growth plan, and how it is not only driving market share and revenue growth, but expanding company wide margins.
This quarter, we increased our operating margin by 130 basis points over last year's record to 9.5%.
We also finished the fiscal year with an operating margin increase of more than 300 basis points to over 10%.
This performance is directly attributable to our ability to execute our strategy, focusing on higher gross margin businesses, including charter, finance, insurance, marina, storage, parts, service and brokerage.
The gross margin strength we produced in the first nine months of the year accelerated in the September quarter.
Additionally, as we integrate our acquisitions, they continue to outperform and are aligned with our strategy of attributing to MarineMax's record margin expansion.
Specifically, each company we have acquired has outperformed their best year, or is on pace to outperform their best year.
Earlier this month, we shared that we have entered into an agreement to buy Intrepid Powerboats.
Many of you know that Intrepid is an iconic brand led by one of the best management teams in the industry.
We are very excited about having Ken Clinton and the Intrepid team join the MarineMax family.
We plan to support them with their innovative plans, provide them capital, and arm them with the tools to better serve the Intrepid nation.
Now, let me discuss our confidence we have that our strategy will continue to create sustained growth and long-term shareholder value in 2022 and beyond.
We continue to make significant progress on our vision of creating exceptional customer experiences through best services, products, and technology.
Our team remains focused on these initiatives, resulting in strong demand and margin.
We will accomplish this through our global market presence, premium brand, 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 an asset-light business such as our superyacht services business.
We continue to have strong demand and are ready to keep serving our loyal customers.
As supply constraints are resolved by manufacturers, we expect to ramp sales in the future.
Our scale continues to be a competitive advantage as we leverage our deep manufacturing relationships, our nationwide shared inventory, and our strong balance sheet to support the growing demand.
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 will ask Mike to provide more detailed comments on the quarter.
For the quarter, revenue grew 16% to over $462 million, even with the lean inventory environment, as we benefited from the accretive acquisitions we completed during the year.
Overall, our growth has been demand driven across generally all segments of products and across every global market.
We expected inventory to remain low through the quarter, but with the increased supply chain challenges, retail deliveries grew more challenging, which impacted revenue in excess of 50 million.
This led to decline in same-store sales growth.
Our units declined in the quarter, double digits, while our average unit selling price continued to expand.
However, with increasingly strong customer deposit visibility, coupled with our broad product portfolio and production insight from our manufacturing partners, we believe we are better positioned than most in our industry, resulting in market share gains in all our major segments.
Gross profit dollars increased over $58 million, while our gross margin rose 860 basis points to almost 38%.
Our initiatives to drive margin growth over the last several years continue to generate solid results.
Margins rose with contributions from multiple segments and businesses, including new and used boats, storage, parts and service, higher margin, finance, insurance, and brokerage businesses, as well as our global superyacht services businesses Northrop & Johnson and Fraser Yachts.
As expected, with Europe reopening, we did see improved sales and charter revenue in August and September this year.
About half of our margin improvement came from the growth in our superyacht services businesses.
Regarding SG&A, the majority of the increase was again due to rising sales and related commissions, combined with the recent acquisitions.
SG&A rose as a percentage for a few reasons.
We did expect significantly more sales, which are not lost, but delayed.
Additionally, as our higher margin businesses grow, the compensation related to those businesses are higher.
We had elevated acquisition costs in a smaller quarter, not to mention some cost inflation.
We believe SG&A overall is generally on track on an annual basis, but we will watch the inflationary pressures carefully.
Our operating leverage in the quarter was about 15%, which drove very strong earnings growth, setting another quarterly record with pre-tax earnings of over $43 million.
Our record September quarter saw both net income and earnings per share rise over 21%, generating $1.45 in earnings per share versus an adjusted $1.19 a year ago.
For the full year, I will make a few comments.
The acquisitions we completed were all successfully integrated, resulting in record setting results for each.
Additionally, the acquisitions we completed over the last few years are all contributing greatly to our results.
The management teams of each acquired company also are contributing to our overall success.
Our ability to acquire and integrate companies is greater today than at any point in our history.
During the year, we added significantly to the strength of our balance sheet while continuing to make significant long-term investments in our real estate portfolio, our digital capabilities, and our team.
Lastly, for the full year, our earnings per share was close to double the midpoint of our initial guidance.
And I would add that $6.78 is a pretty strong year.
Moving on to our industry-leading balance sheet.
We continue to build cash with over $220 million.
Our inventory at quarter end was $231 million, down 22%, excluding SkipperBuds and Cruiser Yachts, inventory declined about double that percentage.
Looking at our liabilities, short-term borrowings decreased sharply due to lower inventory and related financing, as well as an increase in cash generation.
Due to the demand we are seeing, customer deposits, as Brett said, more than tripled to over $100 million, setting another new record.
Our current ratio is over 2, and our total liabilities to tangible net worth ratio is at 1; both of these are very impressive balance sheet metrics.
Our tangible net worth is about 400 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 in good or bad times.
Turning to our guidance for fiscal year 2022.
Fiscal 2021 and the September quarter generated significant operating leverage and demand remains strong.
The challenge with projecting 2022, are the assumptions around the supply chain.
Today, given what we're being told from our various manufacturing partners, we do expect retail unit growth in 2022.
However, until we see more stabilization in the supply chain, our guidance assumes basically flat units.
This, combined with increases in our average unit selling price, should provide annual same-store sales growth in the mid-single digits.
Including the remainder of the Cruisers and Nisswa acquisitions, we expect total annual revenue growth in the high single digits to 10%.
Given the inflationary pressures in the marketplace, we do expect modest margin pressure.
We have levers to mitigate these pressures but believe it's prudent to include it in our expectations for now.
Our guidance is also, before any other acquisitions that we may complete, including Intrepid, using the low end of our historical leverage range, plus a modest share increase and a tax rate of 20%, results in our earnings per share guidance range of $7.20 to $7.50.
Obviously, we expect to update you throughout the year as our visibility increases on the supply chain.
Turning to current trends, October is forecasted to end with positive same-store sales growth and our backlog is at record levels.
As we have said, industry demand remains strong and we are generally outperforming these elevated levels.
2021 generated landmark metrics for MarineMax and I am very proud of our team's ability to execute on our strategy and to successfully integrate our recent acquisitions, driving superior operating leverage.
We are pleased to see our business continue to build strength and are confident in our strategy for 2022 and beyond.
Our operating margin ended the fiscal year at over 10%, almost double 2019.
This is the result of our team's commitment to capitalize on the strong industry demand.
While we know we will face a few challenges related to the supply chain and inventory as we start fiscal 2022, beyond our organic growth, we will pursue additional brand expansions and higher margin businesses to support our strategy to create long-term shareholder value.

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marinemax inc q4 same store sales fell 7 percent.
q4 same store sales fell 7 percent.
q4 earnings per share $1.45.
fourth quarter revenue increases 16% to $462 million.
q4 revenue increases 16% to $462 million.
company currently expects earnings per diluted share to be in range of $7.20 to $7.50 for fiscal 2022.

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