MARINEMAX INC

Current report

None.

Previous report

There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended September 30, 2024, as filed with the SEC on November 14, 2024 (the “Form 10-K”), with the exception of a risk factor originally contained in the Form 10-K, which is set forth, as modified, below.

Previous report

Various operations in multiple countries around the world expose us to international political, economic, foreign currency, and other risks, including potential heightened impacts from recent tariff actions by the United States and other countries.

Previous report

Our operations involve certain international activities, including our sales of yachts produced by the Azimut-Benetti Group in Italy, boats produced by Saxdor and yachts produced by Galeon in Poland, yachts produced by Ocean Alexander in Taiwan, yacht tenders produced by Williams Jet Tenders in the United Kingdom, and power catamarans produced by Sino Eagle in China, as well as our Fraser Yachts Group and Northrop & Johnson operations in various countries. These activities in multiple countries around the world expose us to international political, economic, foreign currency, and other risks. Some of our sales and purchases of inventory are denominated in a currency other than the U.S. dollar. Consequently, a strong or weak U.S. dollar may adversely affect reported revenues and our profitability. We may hedge certain foreign currency exposures to lessen and delay, but not to completely eliminate, the effects of foreign currency fluctuations on our financial results. Our future financial results could be affected by the value of the U.S. dollar in relation to the foreign currencies in which we conduct business.

Previous report

Furthermore, the geopolitical and economic uncertainty and/or instability that may result from changes in the relationship among the United States, Taiwan and China, and other countries may, directly or indirectly, materially harm our business, financial condition and financial performance. For example, certain of our suppliers are dependent on products sourced from Taiwan. Greater restrictions and/or disruptions of our suppliers’ ability to operate facilities and/or do business in and with Taiwan may increase the cost of certain materials and/or limit the supply of products sourced from Taiwan. This may result in deterioration of our profit margins, a potential need to increase our pricing and, in so doing, may decrease demand for our products and thereby adversely impact our financial performance.

Previous report

The current U.S. administration has recently announced significant tariff actions on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China. In response to these tariffs, other countries may limit their trade with the United States or retaliate through their own restrictions and/or increased tariffs. These tariffs may adversely affect our ability to import yachts and other products from our foreign suppliers under economically favorable terms and conditions and may require us to increase our prices which would likely decrease demand for our products. In addition, many economists and other market experts have indicated an increased likelihood of global recession as a result of the potential disruption to international trade. An economic downturn may disproportionately affect the sale of luxury goods as a result of decreased consumer spending, which could impact our sales and operations more than our competitors given our focus on the higher end of our market.

Previous report

Additional changes to United States and foreign trade and tax policies, including heightened import restrictions, import and export licenses, new tariffs, trade embargoes, government sanctions, and trade barriers may occur in the future, which could prevent or make it difficult or more costly for us to import yachts from foreign suppliers under economically favorable terms and conditions. Many of these challenges, particularly tariffs, are present in commerce with China, a market from which we purchase products. While such tariffs may be delayed or cancelled in the near future, and we believe we have taken or are taking steps to mitigate their potential effects, such tariffs would likely increase our costs for our Chinese suppliers.

Previous report

Our international operations create a number of logistical and communications challenges. The economic, political and other risks we face resulting from these operations include the following:

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compliance with U.S. and local laws and regulatory requirements, including labor, tax, and environmental, health and safety, as well as changes in those laws and requirements;

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transportation delays or interruptions and other effects of less developed infrastructures;

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effects from the voter-approved exit of the United Kingdom from the European Union (often referred to as Brexit), including any resulting deterioration in economic conditions, volatility in currency exchange rates, or adverse regulatory changes;

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limitations on imports and exports;

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adverse foreign exchange rate fluctuations;

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imposition of restrictions on currency conversion or the transfer of funds;

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withdrawal from or revision to international trade agreements;

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national and international conflicts, including the Israel-Hamas War and the Russia/Ukraine conflict, foreign policy changes, political or economic instability, or terrorist acts;

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the effects of issued or threatened government sanctions, tariffs and duties, trade barriers or economic restrictions;

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maintenance of quality standards; and/or

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possible employee turnover or labor unrest.