MarineMax : Third Quarter 2020 Investor Presentation

1

Disclaimer

Information contained in this presentation, other than historical information, should be considered forward-looking and subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the operating results, performance and financial condition of the Company are the general economic environment, which has and can greatly impact the marine industry; the availability and cost of borrowed funds; the level of consumer spending and available financing; continued availability of key products; and other factors discussed in MarineMax's filings with the Securities and Exchange Commission.

Introductions

Brett McGill

Chief Executive Officer and President

• Grew up boating
• Information Systems Degree, worked in the technology field for over 5 years
• Joined the Company in 1996
• Bill McGill, our Executive Chairman, started Gulfwind in 1973
• Formed MarineMax in 1998

Mike McLamb

Executive Vice President and Chief Financial Officer

• Arthur Andersen for 10 years
• Joined in 1997 to help form the Company and pursue
  IPO
• Lifelong Boater

Investment Highlights

• Largest Retailer in a Highly Fragmented Industry
• Opportunities to Outperform in an Aspirational, Healthy Recreation
• Differentiated Customer Approach Producing Leading Market Share Gains
• Exclusive Agreements with Premier Manufacturers
• Experienced and Cycle Tested Management Team
• Considerable Financial Strength

Current Company Snapshot

• World's best and largest boat and yacht retailer
• With the acquisition of Fraser Yachts and Northrop & Johnson, we are now the dominant leader in the superyacht services business
• 59 locations operating in 16 States, the British Virgin Islands and the Bahamas
• Carrying over 20 premium brands
• 6 brands with large, exclusive territories
• 18 marinas with 5,800 recurring revenue generating racks/slips owned or leased
• Newcoast Financial Services
• Boatyard acquisition to support our strategic digital transformation
• Strong Balance Sheet
• Strong tenured and cycle tested management team

Strategic Advantages

• Team
• Mission
• FANS
• Premium Products
• Customer Approach
• Locations

The Best and The Right Team

Best and Right Mission Statement

Best And Right FANS Approach

• 1 Year Score: 78.1 - World Class!
• 5 Year Score: 74.62 - World Class!
• Average U.S. company less than 10
• FANS are all about repeat customers and referrals

* FANS our way we define Net Promotor Score

Best and Right Premium Products

Best And Right Customer Approach

"Teach Me"

• Passionate Boating Team
• Captains Orientation
• Women On Water
• Events, Seminars and

Classes	"Service Me"
	✓ Pro-active Service
	✓ Mobile Service Trucks
	✓ Emergency
	"Show Me How To Have Fun"
	✓ Getaways! Trips

• Customer Events

(over 1,000 events last year)

MarineMax Getaways!

Best and Right Locations

The World is Waiting

Experience a personally planned boating vacation almost anywhere in the world with boating options that range from an intimate trip for two to an adventure with family and friends.

British Virgin Islands

Explore more than 60 unique islands boasting vivid blue waters and easy navigation aboard your comfortable power catamaran.

Something for Everyone

Those looking for an active itinerary will fall in love with kayaking, snorkeling, exploring and more! And if you enjoy a slower pace, simply find your favorite beach or lounge aboard your yacht and relax.

MarineMax Expands Its Worldwide Yacht Services

~ Acquires Leading Yacht Brokerage Company in the World-Fraser Yachts Group ~

July 2, 2019

MarineMax Further Expands Worldwide Yacht Services with Acquisition of Northrop & Johnson

~ Creates World's Largest Superyacht Services Organization ~

July 1, 2020

Northrop & Johnson is a luxury

yacht brokerage specializing in superyacht sales, yacht charter, new construction, management, boat insurance, crew placement, and marketing.

YACHT CHARTER

NEW YACHT CONSTRUCTION	CHARTER MANAGEMENT
BUILD THE CUSTOM YACHT
DECADES OF CHARTER YACHT
OF YOUR DREAMS
MARKETING SUCCESS

YACHT CREW PLACEMENT

DISCOVER SUPERYACHTSYOUR TEAM & YACHTING ESSENTIALS

FOR CHARTER WORLDWIDE

YACHT MANAGEMENT

MarineMax Expands Financial Services Business

~Acquires Private Insurance Services, Inc.~

July 8, 2020

WHO IS PRIVATE INSURANCE SERVICES

A dedicated team of yacht insurance experts providing bespoke programs to yacht owners worldwide. Our clients are provided with a suite of Insurance products from Standard yacht hull & liability through one-off specialist programs.

At the helm of Private Insurance Services are yacht insurance leaders that understand underwriting, who know the exposures of an owner, including the captain, crew, guests, tenders, navigation, etc. They are able to find solutions to complex problems. They proactively work to correct Issues before they arise and are there for you if something does occur.

Multiple Growth Opportunities

▪Capitalize on our Premium Brands - grow same-storesales

▪Continue with brand opportunities within our markets

▪Focus on Margins ▪Boats

▪Finance & Insurance

▪Parts & Accessories, Service, Storage, etc. ▪Grow with full-serviceMarina locations

▪Advancing our digital strategy

▪Hubspot CRM

▪Mobile Apps

▪Qlik Data Analytics

▪Artificial Intelligence ▪Marketing Analytics

▪Continue with Acquisitions

MarineMax Boat Repair & Service

MarineMax Acquires Pioneering Digital Platform

~ Boatyard Founder Nathan Heber to Lead Transformative New MarineMax Customer Experience Platform ~

March 17, 2020

MarineMax App

MarineMax Gives Back and Community Involvement

Financial Highlights

Financial Highlights

• Strong Balance Sheet
• • Tangible net worth $360 Million or $16.31/share
  • Liquidity over $180 million
  • Only debt is inventory financing
  • Most of our locations are debt free (mostly waterfront or highway)
• Balance sheet is much stronger today than pre-crisis
• • Tangible net worth is substantially higher
  • Cash is greater
  • Unlevered real estate is considerably higher
• We are poised to take advantage of opportunities as they arise

26

Multiple Opportunities to Build Upon Six Years of Growth

$1,300,000

$1,200,000

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

Growth Through:

• Brand Expansions

▪	Market Share Gains	$1,237,153
▪	Marina & High Margin Business	$1,177,371
▪
Strong SSS Growth
▪	14% CAGR
	$1,052,320
	$942,050

$751,366

$624,692

7%	22%	22%	5%	10%	1%
2014	2015	2016	2017	2018	2019

27

Fiscal Year Pretax Growth

$60,000

▪	2019 - Industry Trends Deteriorated	$53,040
▪	32% CAGR Pretax Growth	$50,792

$50,000

$40,670

$40,000

$34,790

$30,000

$19,250

$20,000

$9,805

$10,000

$0

2014

2015

2016

2017

2018

2019

Note: Unusual gains and expenses removed from 2014, 2015, 2018 and 2019 and Hurricane Irma expenses from 2017

Fiscal Year 2019 Revenue Mix

Parts &	Finance &
Accessories	Insurance Fees
	Brokerage Fees
3.6%	2.6%
1.9%
Service, Repairs & Storage
6.9%

Used Boat Sales

New Boat Sales

14.9%

70.1%

Mix has shifted to greater % of higher margin business; 12.9% in 2007 and 15.0% in 2019

June Quarter Recap

	JUNE 2020	JUNE 2019
Revenue	$498.3M	$383.5M
Gross Margin	24.8%	25.5%
SG&A	$74.8M	$68.9M
Pretax	$46.5M	$25.8M
Per Diluted Share	$1.58	$0.84

• COVID-19adverse impact early in quarter
• 37% Same-Store Sales growth producing record June quarter
• Industry trends were strong prior to COVID-19
• Strong leverage in quarter yielded record profits

Year to Date Recap

	JUNE 2020	JUNE 2019
Revenue	$1,110.9M	$929.0M
Gross Margin	25.4%	25.3%
SG&A	$208.3M	$187.4M
Pretax	$65.5M	$39.5M
Per Diluted Share	$2.23	$1.26

• Same-StoreSales increased 22%
• Industry trends strong prior to COVID-19
• Strong leverage produced record year to date profit

Industry Leading Balance Sheet Highlights

	JUNE 2020	JUNE 2019
Cash	$86.9M	$71.6M
Inventories, net	$314.1M	$434.7M
Property and Equipment, net	$141.9M	$143.3M
Short-Term Borrowings	$147.1M	$289.8M
Stockholders' Equity ($321.9 Tangible Net Worth)	$425.0M	$369.8M
Current Ratio	1.77	1.48
Total Liabilities / Total Net Worth	.86	1.16

• Inventory declined as expected due to strong sales and manufacturers closing due to Covid

▪

▪

▪

▪

Well positioned with industry's best manufacturers to supply product No debt other than traditional inventory floor plan financing Strong level of TNW

Financial strength provides competitive advantage and allows us to take advantage of opportunities as they arise