Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Jan. 22, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HZO | |
Entity Registrant Name | MARINEMAX, INC. | |
Entity Central Index Key | 0001057060 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 22,299,588 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-14173 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-3496957 | |
Entity Address, Address Line One | 2600 McCormick Drive | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Clearwater | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33759 | |
City Area Code | 727 | |
Local Phone Number | 531-1700 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 527,274 | $ 507,927 |
Cost of sales | 351,793 | 321,030 |
Gross profit | 175,481 | 186,897 |
Selling, general, and administrative expenses | 156,482 | 150,397 |
Income from operations | 18,999 | 36,500 |
Interest expense | 18,365 | 9,484 |
Income before income tax provision (benefit) | 634 | 27,016 |
Income tax provision (benefit) | (211) | 7,029 |
Net income | 845 | 19,987 |
Less: Net income (loss) attributable to non-controlling interests | (85) | 297 |
Net income attributable to MarineMax, Inc. | $ 930 | $ 19,690 |
Basic net income per common share | $ 0.04 | $ 0.91 |
Diluted net income per common share | $ 0.04 | $ 0.89 |
Weighted average number of common shares used in computing net income per common share: | ||
Basic | 22,196,141 | 21,756,165 |
Diluted | 22,809,017 | 22,223,173 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 845 | $ 19,987 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 3,226 | 5,086 |
Interest rate swap contract | (286) | (69) |
Total other comprehensive income, net of tax | 2,940 | 5,017 |
Comprehensive income | 3,785 | 25,004 |
Less: comprehensive income attributable to non-controlling interests | 267 | 498 |
Comprehensive income attributable to MarineMax, Inc. | $ 3,518 | $ 24,506 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 210,323 | $ 201,456 |
Accounts receivable, net | 94,601 | 85,780 |
Inventories | 876,233 | 812,830 |
Prepaid expenses and other current assets | 24,864 | 23,110 |
Total current assets | 1,206,021 | 1,123,176 |
Property and equipment, net of accumulated depreciation of $144,259 and $148,110 | 532,492 | 527,552 |
Operating lease right-of-use assets, net | 140,785 | 138,785 |
Goodwill | 575,850 | 559,820 |
Other intangible assets, net | 38,958 | 39,713 |
Other long-term assets | 32,401 | 32,259 |
Total assets | 2,526,507 | 2,421,305 |
CURRENT LIABILITIES: | ||
Accounts payable | 43,957 | 71,706 |
Contract liabilities (customer deposits) | 74,636 | 81,700 |
Accrued expenses | 112,417 | 112,746 |
Short-term borrowings (Floor Plan) | 664,858 | 537,060 |
Current maturities on long-term debt | 33,766 | 33,767 |
Current operating lease liabilities | 10,372 | 10,070 |
Total current liabilities | 940,006 | 847,049 |
Long-term debt, net of current maturities | 380,972 | 389,231 |
Noncurrent operating lease liabilities | 125,550 | 123,789 |
Deferred tax liabilities, net | 57,939 | 56,927 |
Other long-term liabilities | 87,469 | 85,892 |
Total liabilities | 1,591,936 | 1,502,888 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of September 30, 2023 and December 31, 2023 | ||
Common stock, $.001 par value, 40,000,000 shares authorized, 29,374,724 and 29,565,039 shares issued and 22,107,703 and 22,298,018 shares outstanding as of September 30, 2023 and December 31, 2023, respectively | 29 | 29 |
Additional paid-in capital | 328,955 | 323,218 |
Accumulated other comprehensive income | 3,891 | 1,303 |
Retained earnings | 740,879 | 739,949 |
Treasury stock, at cost, 7,267,021 shares held as of September 30, 2023 and December 31, 2023 | (148,656) | (148,656) |
Total shareholders' equity attributable to MarineMax, Inc. | 925,098 | 915,843 |
Non-controlling interests | 9,473 | 2,574 |
Total shareholders' equity | 934,571 | 918,417 |
Total liabilities and shareholders’ equity | $ 2,526,507 | $ 2,421,305 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 148,110 | $ 144,259 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 29,565,039 | 29,374,724 |
Common stock, shares outstanding | 22,298,018 | 22,107,703 |
Treasury stock, shares | 7,267,021 | 7,267,021 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Non-controlling Interests [Member] |
Beginning Balance at Sep. 30, 2022 | $ 782,666 | $ 29 | $ 303,432 | $ (2,806) | $ 630,667 | $ (148,656) | |
Beginning Balance, Shares at Sep. 30, 2022 | 28,939,846 | ||||||
Net income (loss) | 19,987 | 19,690 | $ 297 | ||||
Non-controlling interests in subsidiaries from acquisitions | 2,208 | 2,208 | |||||
Shares issued pursuant to employee stock purchase plan | 1,255 | 1,255 | |||||
Shares issued pursuant to employee stock purchase plan, Shares | 49,572 | ||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding | (1,059) | (1,059) | |||||
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares | 126,552 | ||||||
Shares issued upon exercise of stock options | 7 | 7 | |||||
Shares issued upon exercise of stock options, Shares | 1,000 | ||||||
Stock-based compensation | 4,845 | 4,845 | |||||
Stock-based compensation, Shares | 1,507 | ||||||
Other comprehensive income | 5,017 | 4,816 | 201 | ||||
Ending Balance at Dec. 31, 2022 | 814,926 | $ 29 | 308,480 | 2,010 | 650,357 | (148,656) | 2,706 |
Ending Balance, Shares at Dec. 31, 2022 | 29,118,477 | ||||||
Beginning Balance at Sep. 30, 2023 | $ 918,417 | $ 29 | 323,218 | 1,303 | 739,949 | (148,656) | 2,574 |
Beginning Balance, Shares at Sep. 30, 2023 | 29,374,724 | 29,374,724 | |||||
Net income (loss) | $ 845 | 930 | (85) | ||||
Non-controlling interests in subsidiaries from acquisitions | 6,655 | 6,655 | |||||
Distributions to non-controlling interests | (23) | (23) | |||||
Shares issued pursuant to employee stock purchase plan | 1,353 | 1,353 | |||||
Shares issued pursuant to employee stock purchase plan, Shares | 55,375 | ||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding | (1,116) | (1,116) | |||||
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares | 128,065 | ||||||
Shares issued upon exercise of stock options | 81 | 81 | |||||
Shares issued upon exercise of stock options, Shares | 5,000 | ||||||
Stock-based compensation | 5,419 | 5,419 | |||||
Stock-based compensation, Shares | 1,875 | ||||||
Other comprehensive income | 2,940 | 2,588 | 352 | ||||
Ending Balance at Dec. 31, 2023 | $ 934,571 | $ 29 | $ 328,955 | $ 3,891 | $ 740,879 | $ (148,656) | $ 9,473 |
Ending Balance, Shares at Dec. 31, 2023 | 29,565,039 | 29,565,039 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 845 | $ 19,987 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 10,932 | 9,118 |
Deferred income tax provision, net of effects of acquisitions | 1,012 | 1,784 |
(Gain) loss on sale of property and equipment and assets held for sale | (7) | 113 |
Stock-based compensation expense | 5,419 | 4,845 |
(Increase) decrease in, net of effects of acquisitions — | ||
Accounts receivable, net | (8,550) | (11,939) |
Inventories | (63,403) | (149,234) |
Prepaid expenses and other assets | (1,591) | 1,042 |
(Decrease) increase in, net of effects of acquisitions — | ||
Accounts payable | (28,049) | (2,789) |
Contract liabilities (customer deposits) | (7,064) | (26,832) |
Accrued expenses and other liabilities | 1,361 | (2,389) |
Net cash used in operating activities | (89,095) | (156,294) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (13,329) | (10,437) |
Cash used in acquisition of businesses, net of cash acquired | (4,362) | (488,248) |
Proceeds from insurance settlements | 382 | 177 |
Proceeds from sale of property and equipment and assets held for sale | 9 | 25 |
Net cash used in investing activities | (17,300) | (498,483) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net borrowings on short-term borrowings | 127,798 | 208,860 |
Proceeds from long-term debt | 400,000 | |
Payments of long-term debt | (8,442) | (641) |
Contingent acquisition consideration payments | (2,250) | (4,000) |
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans | 1,434 | 1,262 |
Payments on tax withholdings for equity awards | (4,198) | (2,962) |
Net cash provided by financing activities | 114,342 | 602,519 |
Effect of exchange rate changes on cash | 920 | 1,757 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 8,867 | (50,501) |
CASH AND CASH EQUIVALENTS, beginning of period | 201,456 | 228,274 |
CASH AND CASH EQUIVALENTS, end of period | 210,323 | 177,773 |
Cash paid for: | ||
Interest | 18,493 | 1,832 |
Income taxes | 843 | 2,187 |
Non-cash items: | ||
Contingent consideration liabilities from acquisitions | $ 613 | $ 68,680 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 930 | $ 19,690 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Company Background
Company Background | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Company Background | 1. COMPANY BACKGROUND: We believe we are the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts, and related marine products and services. As of December 31, 2023 , we have over 130 locations worldwide, including 81 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of September 30, 2023, we own or operate 66 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company, through a wholly owned subsidiary New Wave Innovations, also owns Boatyard, an industry-leading customer experience digital product company, and Boatzon, a boat and marine digital retail platform. We are the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 24 % of our revenue in fiscal 2023. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 11 % and 11 %, respectively, of our revenue in fiscal 2023. Brunswick is a world leading manufacturer of marine products and marine engines. We have dealership agreements with Sea Ray, Boston Whaler, Harris, and Mercury Marine, all of which are subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut and Benetti yachts and mega yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations. The agreements for Sea Ray and Boston Whaler products, respectively, appoint us as the exclusive dealer of Sea Ray and Boston Whaler boats, respectively, in our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States. Sales of new Azimut yachts accounted for approximately 11 % of our revenue in fiscal 2023. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands. In October 2022, we completed the acquisition of IGY Marinas. IGY Marinas maintains a network of luxury marinas situated in yachting and sport fishing destinations around the world. IGY Marinas has created standards for service and quality in nautical tourism. It offers a global network of marinas in the Americas, the Caribbean, and Europe, delivering year-round accommodations. IGY Marinas caters to a wide variety of luxury yachts, while also being exclusive home ports for some of the world’s largest megayachts. In December 2022, we acquired Midcoast Construction Enterprises, LLC ( “ Midcoast Marine Group ” ), a leading full-service marine construction company based on Central Florida’s Gulf Coast. In January 2023, we acquired Boatzon, a boat and marine digital retail platform, through our technology entity, New Wave Innovations. In June 2023, we acquired C&C Boat Works, a full-service boat dealer in Crosslake, Minnesota. In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece. As is typical in the industry, we deal with most of our manufacturers, other than Sea Ray, Boston Whaler, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray, Boston Whaler, and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could adversely affect operating results. General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 50 %, 51 % and 53 % of our dealership revenue during fiscal 2021, 2022, and 2023, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricanes Harvey and Irma in 2017 and Hurricane Ian in 2022, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets. In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. As a result, an economic downturn would likely impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions or low consumer confidence is likely to have a negative effect on our business. Historically, in periods of lower consumer spending and depressed economic conditions, we have, among other things, substantially reduced our acquisition program, delayed new store openings, reduced our inventory purchases, engaged in inventory reduction efforts, closed a number of our retail locations, reduced our headcount, and amended and replaced our credit facility. Acquisitions remain an important strategy for us, and, subject to a number of conditions, including macro-economic conditions and finding attractive acquisition targets, we plan to continue to explore opportunities through this strategy. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION: These Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Accordingly, these Unaudited Condensed Consolidated Financial Statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States for complete financial statements. All adjustments, consisting of only normal recurring adjustments considered necessary for fair presentation, have been reflected in these Unaudited Condensed Consolidated Financial Statements. The operating results for the three months ended December 31, 2023, are not necessarily indicative of the results that may be expected in future periods. The preparation of Unaudited Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Unaudited Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying Unaudited Condensed Consolidated Financial Statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets and valuation of contingent consideration liabilities. Actual results could differ from those estimates. All references to the “Company,” “we,” “us,” and “our” mean, as a combined company, MarineMax, Inc. and its subsidiaries. In order to provide comparability between periods presented, certain amounts have been reclassified from the previously reported consolidated financial statements to conform to the consolidated financial statement presentation of the current period. Specifically, goodwill was moved into a separate caption on the balance sheets. This reclassification had no impact on net income or retained earnings in either period presented. The Unaudited Condensed Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All significant intercompany transactions and accounts have been eliminated. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. NEW ACCOUNTING PRONOUNCEMENTS: In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-04 — Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations which is intended to enhance the transparency surrounding the use of supplier finance programs. The guidance requires companies that use supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll forward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The guidance becomes effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the roll forward information, which is effective for fiscal years beginning after December 15, 2023. We adopted this ASU during the first quarter of fiscal 2024 and the adoption did not have an impact on our consolidated financial statement disclosures. The Company currently has no other material accounting pronouncements recently adopted or yet to be adopted as of December 31, 2023 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS: The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 - Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets: December 31, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 1,030 $ — $ 1,030 Liabilities: Contingent consideration liabilities $ — $ — $ 84,641 $ 84,641 September 30, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 1,409 $ — $ 1,409 Liabilities: Contingent consideration liabilities $ — $ — $ 86,059 $ 86,059 There were no transfers between the valuation hierarchy Levels 1 , 2 , and 3 for the three months ended December 31, 2023 and for the fiscal year ended September 30, 2023. The fair value of the Company's interest rate swap contract is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. The inputs to the fair value measurements reflect Level 2 inputs. The interest rate swap contract balance is included in other long-term assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The interest rate swap contract is designated as a cash flow hedge with changes in fair value reported in other comprehensive income in the accompanying Unaudited Condensed Consolidated Statements of Comprehensive Income. For the three months ended December 31, 2022 and 2023 , no significant amounts were reclassified out of accumulated other comprehensive income. The fair value of the Company's contingent consideration liabilities is based on the present value of the expected future payments to be made to the sellers of the acquired entities in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, we estimated the acquired entity’s future performance using financial projections developed by management for the acquired entity and market participant assumptions that were derived for revenue growth and/or profitability. We estimated future payments using the earnout formula and performance targets specified in each purchase agreement and the financial projections just described. The risk associated with the financial projections was evaluated using a Monte Carlo simulation analysis, pursuant to which the projections were discounted to present value using a discount rate that takes into consideration market-based rates of return, and then simulated to reflect the ability of the acquired entity to achieve the earnout targets. Such calculated earnout payments were further discounted at our estimated cost of debt, to account for counterparty risk. We note that changes in financial projections, market participant assumptions for revenue growth and/or profitability, or market risk factors, would result in a change in the fair value of recorded earnout obligations. The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to contingent consideration liabilities: Unobservable Input: December 31, 2023 Earnout projected growth (including net operating income) 23 % - 25 % Discount rate 11.0 % The contingent consideration liabilities balance is included in accrued expenses and other long-term liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets. Contingent consideration liabilities, recorded in other long-term liabilities, totaled approximately $ 80.7 million and $ 82.2 million as of September 30, 2023 and December 31, 2023, respectively. Changes in fair value and net present value of the contingent consideration liabilities are included in selling, general, and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations. The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the three months ended December 31, 2022 and 2023: Contingent Consideration Liabilities 2022 2023 (Amounts in thousands) Beginning balance - September 30, $ 15,207 $ 86,059 Additions from business acquisitions 68,680 613 Settlement of contingent consideration liabilities ( 4,000 ) ( 2,250 ) Change in fair value and net present value of contingency 1,047 219 Ending balance - December 31, $ 80,934 $ 84,641 We determined the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, short-term borrowings, and the revolving mortgage facility approximate their fair values because of the nature of their terms and current market rates of these instruments. The fair value of our mortgage facilities and term loan, which are not carried at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets, was determined using Level 2 inputs based on the discounted cash flow method. We estimate the fair value of our mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. The following table summarizes the carrying value and fair value of our mortgage facilities and term loan as of September 30, 2023 and December 31, 2023: September 30, 2023 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value (Amounts in thousands) Mortgage facility payable to Flagship Bank $ 6,027 $ 5,907 $ 6,268 $ 5,783 Mortgage facility payable to Seacoast National Bank 17,223 16,735 18,013 16,396 Mortgage facility payable to Hancock Whitney Bank 24,171 23,279 24,949 22,801 Term loan payable to M&T Bank 379,650 377,500 379,644 370,000 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 5. REVENUE RECOGNITION: The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of, the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer. We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the Unaudited Condensed Consolidated Financial Statements taken as a whole as of December 31, 2023, on our experience with repayments or defaults on the related finance contracts. We recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized. We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $ 5.3 million and $ 6.5 million as of September 30, 2023 and December 31, 2023, respectively. We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer, which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of, the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity. We recognize lessor common area charges, utility sales, food and beverage sales and other ancillary goods and services. Performance obligations include performing common area maintenance and providing utilities, food and beverages, and other ancillary goods and services when goods are transferred or services are performed. Payment terms typically align with when the goods and services are provided. Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers. We recognize revenue from service operations and slip and storage rentals over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met. The following table sets forth percentages on the timing of revenue recognition by reportable segment: Retail Operations Product Manufacturing Three Months Ended Three Months Ended December 31, December 31, 2022 2023 2022 2023 Goods and services transferred at a point in time 85.6 % 85.7 % 100.0 % 100.0 % Goods and services transferred over time 14.4 % 14.3 % — — Revenue 100.0 % 100.0 % 100.0 % 100.0 % The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors. Three months ended December 31, 2022 Three months ended December 31, 2023 Retail Operations Product Manufacturing Total Retail Operations Product Manufacturing Total New boat sales 68.5 % 96.3 % 68.8 % 66.3 % 98.9 % 66.4 % Used boat sales 5.7 % 2.7 % 5.6 % 7.9 % — 7.8 % Maintenance and repair services 5.5 % — 5.5 % 5.9 % — 5.9 % Storage and charter rentals 7.7 % — 7.6 % 7.7 % — 7.7 % Finance and insurance products 2.5 % — 2.5 % 2.4 % — 2.4 % Parts and accessories 5.1 % 0.4 % 5.1 % 5.1 % 1.1 % 5.1 % Brokerage sales 5.0 % 0.6 % 4.9 % 4.7 % — 4.7 % Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type. Three months ended Three months ended December 31, 2022 December 31, 2023 (Amounts in thousands) Marina/storage locations $ 65,799 $ 69,590 Locations without marina/storage 26,138 28,414 Maintenance, repair, storage, rental, charter services, parts and accessories revenue $ 91,937 $ 98,004 |
Leases
Leases | 3 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 6. LEASES: Lessee Substantially all of the leases that we enter into are real estate leases. We lease numerous facilities relating to our operations, including showrooms, display lots, marinas, service facilities, slips, offices, equipment and our corporate headquarters. Leases for real property have terms, including renewal options, ranging from one to in excess of twenty-five years . In addition, we lease certain charter boats for our yacht charter business. As of December 31, 2023 , the weighted-average remaining lease term for our leases was approximately 21 years. All of our leases are classified as operating leases, which are included as right-of-use ("ROU") assets and operating lease liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets. For the three months ended December 31, 2022 and 2023 , operating lease expenses recorded in selling, general, and administrative expenses were approximately $ 7.0 million and $ 8.0 million, respectively. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any significant leases that have not yet commenced but that create significant rights and obligations for us. We have elected the practical expedient under ASC Topic 842 to not separate lease and nonlease components. Our real estate and equipment leases often require that we pay maintenance in addition to rent. Additionally, our real estate leases generally require payment of real estate taxes and insurance. Maintenance, real estate taxes, and insurance payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the ROU asset and lease liability but are reflected as variable lease expenses. Substantially all of our lease agreements include fixed rental payments. Certain of our lease agreements include fixed rental payments that are adjusted periodically by a fixed rate or changes in an index. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. Most of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. If it is reasonably certain that we will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of our right of use assets and lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised . For our incremental borrowing rate, we generally use a portfolio approach to determine the discount rate for leases with similar characteristics . We determine discount rates based upon our hypothetical credit rating, taking into consideration our short-term borrowing rates, and then adjusting as necessary for the appropriate lease term. As of December 31, 2023 , the weighted-average discount rate used was approximately 6.5 %. As of December 31, 2023, maturities of lease liabilities by fiscal year are summarized as follows: (Amounts in thousands) 2024 (remaining) $ 12,653 2025 17,451 2026 15,781 2027 15,207 2028 14,431 Thereafter 261,905 Total lease payments 337,428 Less: interest ( 201,506 ) Present value of lease liabilities $ 135,922 The following table sets forth supplemental cash flow information related to leases: Three Months Ended December 31, 2022 2023 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,428 $ 4,614 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 44,239 $ 3,363 The Company reports the change in ROU assets and the change in operating lease liabilities on a net basis in accrued expenses and other liabilities in the accompanying Unaudited Condensed Consolidated Statements of Cash Flows. Lessor The Company enters into certain agreements as a lessor under which it rents buildings to third parties. Initial terms of our real estate leases are generally three to five years, exclusive of options to renew, which are generally exercisable at our sole discretion for one term of five years. These leases meet all of the criteria of an operating lease and are accordingly recognized straight line over the lease term. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations: Three Months Ended December 31, 2022 2023 (Amounts in thousands) Operating leases: Operating lease income $ 1,965 $ 2,454 Variable lease income $ 178 $ 435 Total rental income $ 2,143 $ 2,889 As of December 31, 2023, future minimum payments to be received during the next five years and thereafter are as follows: (Amounts in thousands) 2024 (remaining) $ 8,554 2025 6,003 2026 4,568 2027 3,131 2028 1,396 Thereafter 113 Total lease payments $ 23,765 |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. INVENTORIES: Inventories are stated at the lower of cost or net realizable value. The cost of inventories purchased from our vendors consist of the amount paid to acquire the inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, inventory deposits, and transportation costs relating to acquiring inventory for sale. Trade-in used boats are initially recorded at fair value and adjusted for reconditioning and other costs. The cost of inventories that are manufactured by the Company consist of material, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. New and used boats, motors, and trailers inventories are accounted for on a specific identification basis. Raw materials and parts, accessories, and other inventories are accounted for on an average cost basis. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate the lower of cost or net realizable value. If events occur and market conditions change, the net realizable value of our inventories could change. Inventories consisted of the following as of: September 30, 2023 December 31, 2023 (Amounts in thousands) New and used boats, motors, and trailers $ 625,287 $ 702,351 In transit inventory and deposits 115,879 103,743 Parts, accessories, and other 18,712 17,521 Work-in-process 22,340 24,706 Raw materials 30,612 27,912 Inventories $ 812,830 $ 876,233 |
Goodwill
Goodwill | 3 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. GOODWILL: We account for acquisitions in accordance with FASB ASC 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”). For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill. In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece. In June 2023, we acquired C&C Boat Works, a full-service boat dealer in Crosslake, Minnesota. In January 2023, we acquired Boatzon, a boat and marine digital retail platform, through our technology entity, New Wave Innovations. In December 2022, we acquired Midcoast Marine Group, a leading full-service marine construction Company based on Central Florida's Gulf Coast. These acquisitions were purchased for an aggregate consideration of approximately $ 49.0 million (net of cash acquired of $ 0.1 million), including estimated contingent consideration of $ 9.7 million. Tangible assets acquired, net of liabilities assumed and cash acquired, totaled approximately $ 20.3 million; intangible assets acquired totaled $ 1.9 million; and total goodwill recognized was approximately $ 26.8 million. The goodwill represents the assembled workforce, acquired capabilities, and future economic benefits resulting from the acquisitions. Approximately $ 13.6 million of goodwill related to these acquisitions is deductible for tax purposes. In October 2022, we purchased all of the outstanding equity of IGY Marinas for an aggregate consideration of approximately $ 552.9 million (net of cash acquired of $ 28.1 million), including estimated contingent consideration of $ 67.7 million. Tangible assets acquired, net of liabilities assumed and cash acquired, totaled approximately $ 259.4 million; intangible assets acquired totaled $ 30.4 million; and total goodwill recognized was approximately $ 293.5 million. The goodwill represents the future economic benefits resulting from the acquisition. Approximately $ 193.3 million of goodwill related to this acquisition is deductible for tax purposes In April 2022, through Northrop & Johnson, we acquired Superyacht Management, S.A.R.L., better known as SYM, a superyacht management company based in Golfe-Juan, France. In total, current and previous acquisitions have resulted in the recording of $ 599.5 million and $ 614.8 million in goodwill and other intangible assets as of September 30, 2023 and December 31, 2023, respectively. In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the third fiscal quarter. If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350. As of December 31, 2023, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values. As a result, we did not perform a quantitative goodwill impairment test. The following table sets forth the changes in carrying amount of goodwill by reportable segment during the three months ended December 31, 2023: Retail Operations Product Manufacturing Total (Amounts in thousands) Balance as of September 30, 2023 $ 490,786 $ 69,034 $ 559,820 Goodwill acquired 13,515 — 13,515 Foreign currency translation 2,515 — 2,515 Balance as of December 31, 2023 $ 506,816 $ 69,034 $ 575,850 |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES: We account for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. During the three months ended December 31, 2022 , we recognized an income tax provision of $ 7.0 million. During the three months ended December 31, 2023 , we recognized an income tax benefit of $ 0.2 million. The effective income tax rate for the three months ended December 31, 2022 and 2023 before discrete items was 26.3 % and 26.4 %, respectively. |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | 10. SHORT-TERM BORROWINGS AND LONG-TERM DEBT: Short-term Borrowings In July 2023, we executed the Amended Credit Facility with Manufacturers and Traders Trust Company ("M&T Bank") as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the lenders party thereto (the “Amended Credit Facility”). The Amended Credit Facility provides the Company short-term borrowing in the form of a line of credit with asset-based borrowing availability (the "Floor Plan") of up to $ 950 million and establishes a revolving credit facility in the maximum amount of $ 100 million (including a $ 20 million swingline facility and a $ 20 million letter of credit sublimit). The Amended Credit Facility also provides long-term debt in the form of a delayed draw term loan facility to finance the acquisition of IGY Marinas in the maximum amount of $ 400 million, and a $ 100 million delayed draw mortgage loan facility. The maturity of each of the facilities is August 2027 . As of December 31, 2023 , our available borrowings under the delayed draw mortgage loan facility were approximately $ 100 million, and our available borrowings under the revolving credit facility were approximately $ 88 million. The interest rate is (a) for amounts outstanding under the Floor Plan, 3.45 % above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (“SOFR”), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50 % to 2.0 %, depending on the total net leverage ratio, above the one month, three month, or six month term SOFR rate, and (c) for amounts outstanding under the mortgage loan facility, 2.20 % above the one month, three month, or six month term SOFR rate. The alternate base rate with a margin is available for amounts outstanding under the revolving credit, term, and mortgage loan facilities and the Euro Interbank Offered Rate plus a margin is available for borrowings in Euro or other currencies other than dollars under the revolving credit facility. The Amended Credit Agreement has certain financial covenants as specified in the agreement. The covenants include provisions that our leverage ratio must not exceed 3.35 to 1.0 and that our consolidated fixed charge coverage ratio must be greater than 1.10 to 1.0. As of December 31, 2023 , we were in compliance with all covenants under the Amended Credit Agreement. The Amended Credit Agreement is secured by the Company’s personal property assets, including inventory and related accounts receivable. The mortgage loans will also be secured by the real estate pledged as collateral for such loans. In August 2022, we entered into a Credit Agreement with Manufacturers and Traders Trust Company as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the lenders party thereto (the “New Credit Agreement”). The New Credit Agreement provided the Company short-term borrowing (the "2022 Floor Plan") in the form of a line of credit with asset based borrowing availability of up to $ 750 million and establishes a revolving credit facility in the maximum amount of $ 100 million (including a $ 20 million swingline facility and a $ 20 million letter of credit sublimit). The New Credit Agreement also provided long-term debt in the form of a delayed draw term loan facility to finance the acquisition of IGY Marinas in the maximum amount of $ 400 million, and a $ 100 million delayed draw mortgage loan facility. The maturity of each of the facilities was to have been August 2027 . The New Credit Facility was replaced by the Amended Credit Facility in July 2023. As of December 31, 2023 , our outstanding short term borrowings under the Floor Plan associated with financing our inventory and working capital needs totaled approximately $ 664.9 million. As of December 31, 2023 , our short-term borrowings, which solely consisted of the Floor Plan, included unamortized debt issuance costs of approximately $ 1.5 million. As of December 31, 2022 , our indebtedness associated with financing our inventory and working capital needs totaled approximately $ 341.2 million, and included unamortized debt issuance costs of approximately $ 1.6 million. As of December 31, 2022 and 2023 , the interest rate on the outstanding short-term borrowings, which solely consisted of the 2022 Floor Plan and the current Floor Plan, was approximately 7.6 % and 8.8 %, respectively. As of December 31, 2023 , our additional Floor Plan available borrowings under our Amended Credit Facility were approximately $ 9.3 million based upon the outstanding borrowing base availability (Floor Plan). As of December 31, 2023, no amounts were withdrawn on the revolving credit facility or the delayed draw mortgage loan facility. As of December 31, 2023 , we had approximately $ 12 million in letters of credit that reduced the available borrowings under the revolving credit facility. As is common in our industry, we receive interest assistance directly from boat manufacturers, including Brunswick. The interest assistance programs vary by manufacturer, but generally include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to us or our lender depending on the arrangements the manufacturer has established. We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales. The availability and costs of borrowed funds can adversely affect our ability to obtain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. However, we rely on our Amended Credit Agreement to purchase our inventory of boats. The aging of our inventory limits our borrowing capacity as defined curtailments reduce the allowable advance rate as our inventory ages. Our access to funds under our Amended Credit Agreement also depends upon the ability of our lenders to meet their funding commitments, particularly if they experience shortages of capital, experience excessive volumes of borrowing requests from others during a short period of time or otherwise experience liquidity issues of their own as other lending institutions have recently experienced. Unfavorable economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to utilize our Amended Credit Agreement to fund our operations. Any inability to utilize our Amended Credit Agreement could require us to seek other sources of funding to repay amounts outstanding under the credit agreements or replace or supplement our credit agreements, which may not be possible at all or under commercially reasonable terms. Similarly, decreases in the availability of credit and increases in the cost of credit adversely affect the ability of our customers to purchase boats from us and thereby adversely affect our ability to sell our products and impact the profitability of our finance and insurance activities. Long-term Debt The below table summarizes the Company's long-term debt. September 30, 2023 December 31, 2023 (Amounts in thousands) Mortgage facility payable to Flagship Bank bearing interest at 7.50 % ( prime minus 100 basis points with a floor of 2.00 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 4.0 million due August 2027 . $ 5,907 $ 5,783 Mortgage facility payable to Seacoast National Bank bearing interest at 7.63 % ( SOFR plus 220 basis points ). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $ 10.0 million due September 2031 . 16,735 16,396 Mortgage facility payable to Hancock Whitney Bank bearing interest at 7.88 % ( prime minus 62.5 basis points with a floor of 2.25 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 15.5 million due November 2027 . 50 % of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20 %. 23,279 22,801 Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 8.25 % ( prime minus 25 basis points with a floor of 3.00 % ). Facility matures in October 2027 . Current available borrowings under the facility were approximately $ 22.3 million at December 31, 2023. — — Term loan payable to M&T Bank bearing interest at 6.83 %. Requires quarterly principal and interest payments. Facility matures in August 2027 . 377,500 370,000 Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest 7.45 %. Requires quarterly principal and interest payments. December 2030 . 1,478 1,568 Total long-term debt 424,899 416,548 Less: current portion ( 33,767 ) ( 33,766 ) Less: unamortized portion of debt issuance costs ( 1,901 ) ( 1,810 ) Long-term debt, net current portion and unamortized debt issuance costs $ 389,231 $ 380,972 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 11. STOCK-BASED COMPENSATION: We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all options granted (Note 13) and shares purchased under our Amended 2008 Employee Stock Purchase Plan (“Stock Purchase Plan”). We measure compensation for restricted stock awards and restricted stock units (Note 14) at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. We recognize compensation cost for all awards in operations on a straight-line basis over the requisite service period for each separately vesting portion of the award. During the three months ended December 31, 2022 and 2023 , we recognized stock-based compensation expense of approximately $ 4.8 million and $ 5.4 million, respectively, in selling, general, and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations. Cash received from option exercises under all share-based compensation arrangements for the three months ended December 31, 2022 and 2023 , was approximately $ 1.3 million and $ 1.4 million, respectively. We currently expect to satisfy share-based awards with registered shares available to be issued from the Stock Purchase Plan. |
The Incentive Stock Plans
The Incentive Stock Plans | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
The Incentive Stock Plans | 12. THE INCENTIVE STOCK PLANS: In February 2023, our shareholders approved a proposal to amend our 2021 Plan, to increase the total number of available shares by 1,300,000 . In February 2022, our shareholders approved a proposal to authorize our 2021 Stock-Based Compensation Plan (“2021 Plan”), which replaced our 2011 Stock-Based Compensation Plan (“2011 Plan”). Our 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, bonus stock, dividend equivalents, other stock related awards, and performance awards (collectively “awards”), that may be settled in cash, stock, or other property. Our 2021 Plan is designed to attract, motivate, retain, and reward our executives, employees, officers, directors, and independent contractors by providing such persons with annual and long-term performance incentives to expend their maximum efforts in the creation of shareholder value. The total number of shares of our common stock that may be subject to awards under the 2021 Plan is equal to 2,300,000 shares, plus: (i) any shares available for issuance and not subject to an award under the 2007 Plan or the 2011 Plan, which was 545,729 in aggregate at the time of the approval of the 2021 Plan; (ii) the number of shares with respect to which awards granted under the 2021 Plan, the 2011 Plan or the 2007 Plan terminate without the issuance of the shares or where the shares are forfeited or repurchased; (iii) with respect to awards granted under the 2021 Plan, the 2011 Plan and the 2007 Plan, the number of shares that are not issued as a result of the award being settled for cash or otherwise not issued in connection with the exercise or payment of the award; and (iv) the number of shares that are surrendered or withheld in payment of the exercise price of any award or any tax withholding requirements in connection with any award granted under the 2021 Plan, the 2011 Plan or the 2007 Plan. The 2021 Plan terminates in February 2032, and awards may be granted at any time during the life of the 2021 Plan. The dates on which awards vest are determined by the Board of Directors or the Plan Administrator. The Board of Directors has appointed the Compensation Committee as the Plan Administrator. The exercise prices of options are determined by the Board of Directors or the Plan Administrator and are at least equal to the fair market value of shares of common stock on the date of grant. The term of options under the 2021 Plan may not exceed ten years. The options granted have varying vesting periods. To date, we have not settled or been under any obligation to settle any awards in cash. The following table summarizes activity from our incentive stock plans from September 30, 2023 through December 31, 2023: Shares Options Outstanding Aggregate Value Weighted Weighted Balance as of September 30, 2023 1,984,588 54,750 $ 746 $ 20.96 2.5 Options granted — — — — Options cancelled/forfeited/expired 21,000 ( 21,000 ) 15.80 Options exercised — ( 5,000 ) 16.11 Restricted stock awards granted ( 722,611 ) — — Restricted stock awards forfeited 19,275 — — Additional shares of stock issued ( 1,875 ) — — Balance as of December 31, 2023 1,300,377 28,750 $ 431 $ 25.57 4.4 Exercisable as of December 31, 2023 27,083 $ 418 $ 25.23 4.1 During the three months ended December 31, 2023 , no options were granted. For the three months ended December 31, 2022 , 5,000 options were granted. We used the Black-Scholes model to estimate the fair value of options granted. The expected term of options granted is estimated based on historical experience. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Stock Purchase Plan | 13. EMPLOYEE STOCK PURCHASE PLAN: In February 2019, our shareholders approved a proposal to amend our Stock Purchase Plan to increase the number of shares available under that plan by 500,000 shares. The Stock Purchase Plan as amended provides for up to 1,500,000 shares of common stock to be available for purchase by our regular employees who have completed at least one year of continuous service. In addition, there were 52,837 shares of common stock available under our 1998 Employee Stock Purchase Plan, which have been made available for issuance under our Stock Purchase Plan. The Stock Purchase Plan provides for implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, with each offering terminating on September 30 of the following year. Each annual offering may be divided into two six-month offerings. For each offering, the purchase price per share will be the lower of: (i) 85% of the closing price of the common stock on the first day of the offering or (ii) 85 % of the closing price of the common stock on the last day of the offering. The purchase price is paid through periodic payroll deductions not to exceed 10 % of the participant’s earnings during each offering period. However, no participant may purchase more than $ 25,000 worth of common stock annually. We used the Black-Scholes model to estimate the fair value of options granted to purchase shares issued pursuant to the Stock Purchase Plan. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. The following are the weighted average assumptions used for each respective period: Three Months Ended December 31, 2022 2023 Dividend yield 0.0 % 0.0 % Risk-free interest rate 3.9 % 5.3 % Volatility 48.1 % 39.2 % Expected life Six Months Six Months As of December 31, 2023 , we have issued 1,340,054 shares of common stock under our Stock Purchase Plan. |
Restricted Stock Awards
Restricted Stock Awards | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Awards | 14. RESTRICTED STOCK AWARDS: We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to employees, directors, and officers pursuant to the 2021 Plan, the 2011 Plan, and the 2007 Plan. The restricted stock awards and RSUs have varying vesting periods, but generally become fully vested between two and four years after the grant date, depending on the specific award, performance targets met for performance-based awards granted to officers, and vesting period for time-based awards. Officer performance-based awards are granted at the target amount of shares that may be earned and the actual amount of the award earned generally could range from 0 % to 175 % of the target number of shares based on the actual specified performance target met. We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards, including performance-based awards, is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award. The following table summarizes restricted stock award activity from September 30, 2023 through December 31, 2023: Shares/ Units Weighted Non-vested balance as of September 30, 2023 1,341,151 $ 35.02 Changes during the period: Awards granted 722,611 $ 31.11 Awards vested ( 163,046 ) $ 20.64 Awards forfeited ( 19,275 ) $ 31.98 Non-vested balance as of December 31, 2023 1,881,441 As of December 31, 2023 , we had approximately $ 41.2 million of total unrecognized compensation cost, assuming applicable performance conditions are met, related to non-vested restricted stock awards. We expect to recognize that cost over a weighted average period of 2.3 years. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 15. NET INCOME PER SHARE: The following table presents shares used in the calculation of basic and diluted net income per share: Three Months Ended December 31, 2022 2023 Weighted average common shares outstanding used in 21,756,165 22,196,141 Effect of dilutive options and non-vested restricted stock 467,008 612,876 Weighted average common and common equivalent shares 22,223,173 22,809,017 For the three months ended December 31, 2022 and 2023 , there were 257,811 and 10,216 weighted average shares of options outstanding and non-vested restricted stock outstanding, respectively, that were not included in the computation of diluted net income per share because the options’ exercise prices or non-vested restricted stock prices were greater than the average market price of our common stock, and therefore, their effect would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES: We are party to various legal actions arising in the ordinary course of business. While it is not feasible to determine the actual outcome of these actions as of December 31, 2023, we believe that these matters should not have a material adverse effect on our unaudited condensed consolidated financial condition, results of operations, or cash flows. |
Segment Information
Segment Information | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 17. SEGMENT INFORMATION: Reportable Segments The Company’s reportable segments are defined by management’s reporting structure and operating activities. Our chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM reviews operational income statement information by segment for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM is not provided asset information by segment. The Company’s reportable segments are the following: Retail Operations. The Retail Operations segment includes the sale of new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. We also sell related marine products, including engines, trailers, parts, and accessories. In addition, we provide repair, maintenance, and slip and storage rentals; we arrange related boat financing, insurance, and extended service contracts; we offer boat and yacht brokerage sales; and we offer yacht charter services. In the British Virgin Islands we offer the charter of catamarans, through MarineMax Vacations. Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries, are also included in this segment. We also maintain a network of strategically positioned luxury marinas situated in yachting and sport fishing destinations around the world through IGY Marinas, which is also included in this segment. The Retail Operations segment includes the majority of all corporate costs. Product Manufacturing. The Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats. Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufacturing sport yacht and yachts with sales through our select retail dealership locations and through independent dealers. Cruisers Yachts is recognized as one of the world’s premier manufacturers of premium sport yacht and yachts, producing models from 33 ’ to 60 ’ feet. Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Intrepid Powerboats follows a direct-to-consumer distribution model and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. Intersegment revenue represents yachts that were manufactured in our Product Manufacturing segment and were sold to our Retail Operations segment. The Product Manufacturing segment supplies our Retail Operations segment along with various independent dealers. The following table sets forth revenue and income from operations for each of the Company’s reportable segments: Three Months Ended December 31, 2022 2023 (Amounts in thousands) Revenue: Retail Operations $ 502,386 $ 524,085 Product Manufacturing 56,326 46,128 Elimination of intersegment revenue ( 50,785 ) ( 42,939 ) Revenue $ 507,927 $ 527,274 Income from operations: Retail Operations $ 36,728 $ 14,806 Product Manufacturing 6,502 3,970 Intersegment adjustments ( 6,730 ) 223 Income from operations $ 36,500 $ 18,999 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | The preparation of Unaudited Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Unaudited Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying Unaudited Condensed Consolidated Financial Statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets and valuation of contingent consideration liabilities. Actual results could differ from those estimates. |
Consolidation | In order to provide comparability between periods presented, certain amounts have been reclassified from the previously reported consolidated financial statements to conform to the consolidated financial statement presentation of the current period. Specifically, goodwill was moved into a separate caption on the balance sheets. This reclassification had no impact on net income or retained earnings in either period presented. The Unaudited Condensed Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All significant intercompany transactions and accounts have been eliminated. |
New Accounting Pronouncements | In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-04 — Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations which is intended to enhance the transparency surrounding the use of supplier finance programs. The guidance requires companies that use supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll forward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The guidance becomes effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the roll forward information, which is effective for fiscal years beginning after December 15, 2023. We adopted this ASU during the first quarter of fiscal 2024 and the adoption did not have an impact on our consolidated financial statement disclosures. The Company currently has no other material accounting pronouncements recently adopted or yet to be adopted as of December 31, 2023 . |
Revenue Recognition | The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of, the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer. We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the Unaudited Condensed Consolidated Financial Statements taken as a whole as of December 31, 2023, on our experience with repayments or defaults on the related finance contracts. We recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized. We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $ 5.3 million and $ 6.5 million as of September 30, 2023 and December 31, 2023, respectively. We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer, which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of, the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity. We recognize lessor common area charges, utility sales, food and beverage sales and other ancillary goods and services. Performance obligations include performing common area maintenance and providing utilities, food and beverages, and other ancillary goods and services when goods are transferred or services are performed. Payment terms typically align with when the goods and services are provided. Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers. We recognize revenue from service operations and slip and storage rentals over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met. The following table sets forth percentages on the timing of revenue recognition by reportable segment: Retail Operations Product Manufacturing Three Months Ended Three Months Ended December 31, December 31, 2022 2023 2022 2023 Goods and services transferred at a point in time 85.6 % 85.7 % 100.0 % 100.0 % Goods and services transferred over time 14.4 % 14.3 % — — Revenue 100.0 % 100.0 % 100.0 % 100.0 % The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors. Three months ended December 31, 2022 Three months ended December 31, 2023 Retail Operations Product Manufacturing Total Retail Operations Product Manufacturing Total New boat sales 68.5 % 96.3 % 68.8 % 66.3 % 98.9 % 66.4 % Used boat sales 5.7 % 2.7 % 5.6 % 7.9 % — 7.8 % Maintenance and repair services 5.5 % — 5.5 % 5.9 % — 5.9 % Storage and charter rentals 7.7 % — 7.6 % 7.7 % — 7.7 % Finance and insurance products 2.5 % — 2.5 % 2.4 % — 2.4 % Parts and accessories 5.1 % 0.4 % 5.1 % 5.1 % 1.1 % 5.1 % Brokerage sales 5.0 % 0.6 % 4.9 % 4.7 % — 4.7 % Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type. Three months ended Three months ended December 31, 2022 December 31, 2023 (Amounts in thousands) Marina/storage locations $ 65,799 $ 69,590 Locations without marina/storage 26,138 28,414 Maintenance, repair, storage, rental, charter services, parts and accessories revenue $ 91,937 $ 98,004 |
Inventories | Inventories are stated at the lower of cost or net realizable value. The cost of inventories purchased from our vendors consist of the amount paid to acquire the inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, inventory deposits, and transportation costs relating to acquiring inventory for sale. Trade-in used boats are initially recorded at fair value and adjusted for reconditioning and other costs. The cost of inventories that are manufactured by the Company consist of material, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. New and used boats, motors, and trailers inventories are accounted for on a specific identification basis. Raw materials and parts, accessories, and other inventories are accounted for on an average cost basis. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate the lower of cost or net realizable value. If events occur and market conditions change, the net realizable value of our inventories could change. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets: December 31, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 1,030 $ — $ 1,030 Liabilities: Contingent consideration liabilities $ — $ — $ 84,641 $ 84,641 September 30, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 1,409 $ — $ 1,409 Liabilities: Contingent consideration liabilities $ — $ — $ 86,059 $ 86,059 |
Summary of Ranges for Significant Quantitative Unobservable inputs Utilized in Fair Value Measurements | The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to contingent consideration liabilities: Unobservable Input: December 31, 2023 Earnout projected growth (including net operating income) 23 % - 25 % Discount rate 11.0 % |
Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs | The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the three months ended December 31, 2022 and 2023: Contingent Consideration Liabilities 2022 2023 (Amounts in thousands) Beginning balance - September 30, $ 15,207 $ 86,059 Additions from business acquisitions 68,680 613 Settlement of contingent consideration liabilities ( 4,000 ) ( 2,250 ) Change in fair value and net present value of contingency 1,047 219 Ending balance - December 31, $ 80,934 $ 84,641 |
Summary of Carrying Value and Fair Value of Mortgage Facilities and Term Loan | The following table summarizes the carrying value and fair value of our mortgage facilities and term loan as of September 30, 2023 and December 31, 2023: September 30, 2023 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value (Amounts in thousands) Mortgage facility payable to Flagship Bank $ 6,027 $ 5,907 $ 6,268 $ 5,783 Mortgage facility payable to Seacoast National Bank 17,223 16,735 18,013 16,396 Mortgage facility payable to Hancock Whitney Bank 24,171 23,279 24,949 22,801 Term loan payable to M&T Bank 379,650 377,500 379,644 370,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |
Summary of Percentage on Timing of Revenue Recognition by Reportable Segment | The following table sets forth percentages on the timing of revenue recognition by reportable segment: Retail Operations Product Manufacturing Three Months Ended Three Months Ended December 31, December 31, 2022 2023 2022 2023 Goods and services transferred at a point in time 85.6 % 85.7 % 100.0 % 100.0 % Goods and services transferred over time 14.4 % 14.3 % — — Revenue 100.0 % 100.0 % 100.0 % 100.0 % |
Summary of Maintenance, Repair, Storage, Rental, Charter Services and Parts and Accessories Revenue for Retail Operations by Location Type | The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type. Three months ended Three months ended December 31, 2022 December 31, 2023 (Amounts in thousands) Marina/storage locations $ 65,799 $ 69,590 Locations without marina/storage 26,138 28,414 Maintenance, repair, storage, rental, charter services, parts and accessories revenue $ 91,937 $ 98,004 |
Product Concentration Risk [Member] | Sales [Member] | |
Disaggregation of Revenue [Line Items] | |
Summary of Revenue Disaggregated Into Categories Depict the Nature, Amount, Timing, and Uncertainty of Revenue and Cash Flows Affected by Economic Factor | The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors. Three months ended December 31, 2022 Three months ended December 31, 2023 Retail Operations Product Manufacturing Total Retail Operations Product Manufacturing Total New boat sales 68.5 % 96.3 % 68.8 % 66.3 % 98.9 % 66.4 % Used boat sales 5.7 % 2.7 % 5.6 % 7.9 % — 7.8 % Maintenance and repair services 5.5 % — 5.5 % 5.9 % — 5.9 % Storage and charter rentals 7.7 % — 7.6 % 7.7 % — 7.7 % Finance and insurance products 2.5 % — 2.5 % 2.4 % — 2.4 % Parts and accessories 5.1 % 0.4 % 5.1 % 5.1 % 1.1 % 5.1 % Brokerage sales 5.0 % 0.6 % 4.9 % 4.7 % — 4.7 % Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Maturities of Lease Liabilities by Fiscal Year | As of December 31, 2023, maturities of lease liabilities by fiscal year are summarized as follows: (Amounts in thousands) 2024 (remaining) $ 12,653 2025 17,451 2026 15,781 2027 15,207 2028 14,431 Thereafter 261,905 Total lease payments 337,428 Less: interest ( 201,506 ) Present value of lease liabilities $ 135,922 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table sets forth supplemental cash flow information related to leases: Three Months Ended December 31, 2022 2023 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,428 $ 4,614 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 44,239 $ 3,363 |
Summary of Operating Lease Income and Other Income | The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations: Three Months Ended December 31, 2022 2023 (Amounts in thousands) Operating leases: Operating lease income $ 1,965 $ 2,454 Variable lease income $ 178 $ 435 Total rental income $ 2,143 $ 2,889 |
Summary of Future Minimum Payments Received | As of December 31, 2023, future minimum payments to be received during the next five years and thereafter are as follows: (Amounts in thousands) 2024 (remaining) $ 8,554 2025 6,003 2026 4,568 2027 3,131 2028 1,396 Thereafter 113 Total lease payments $ 23,765 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following as of: September 30, 2023 December 31, 2023 (Amounts in thousands) New and used boats, motors, and trailers $ 625,287 $ 702,351 In transit inventory and deposits 115,879 103,743 Parts, accessories, and other 18,712 17,521 Work-in-process 22,340 24,706 Raw materials 30,612 27,912 Inventories $ 812,830 $ 876,233 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment | The following table sets forth the changes in carrying amount of goodwill by reportable segment during the three months ended December 31, 2023: Retail Operations Product Manufacturing Total (Amounts in thousands) Balance as of September 30, 2023 $ 490,786 $ 69,034 $ 559,820 Goodwill acquired 13,515 — 13,515 Foreign currency translation 2,515 — 2,515 Balance as of December 31, 2023 $ 506,816 $ 69,034 $ 575,850 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The below table summarizes the Company's long-term debt. September 30, 2023 December 31, 2023 (Amounts in thousands) Mortgage facility payable to Flagship Bank bearing interest at 7.50 % ( prime minus 100 basis points with a floor of 2.00 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 4.0 million due August 2027 . $ 5,907 $ 5,783 Mortgage facility payable to Seacoast National Bank bearing interest at 7.63 % ( SOFR plus 220 basis points ). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $ 10.0 million due September 2031 . 16,735 16,396 Mortgage facility payable to Hancock Whitney Bank bearing interest at 7.88 % ( prime minus 62.5 basis points with a floor of 2.25 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 15.5 million due November 2027 . 50 % of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20 %. 23,279 22,801 Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 8.25 % ( prime minus 25 basis points with a floor of 3.00 % ). Facility matures in October 2027 . Current available borrowings under the facility were approximately $ 22.3 million at December 31, 2023. — — Term loan payable to M&T Bank bearing interest at 6.83 %. Requires quarterly principal and interest payments. Facility matures in August 2027 . 377,500 370,000 Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest 7.45 %. Requires quarterly principal and interest payments. December 2030 . 1,478 1,568 Total long-term debt 424,899 416,548 Less: current portion ( 33,767 ) ( 33,766 ) Less: unamortized portion of debt issuance costs ( 1,901 ) ( 1,810 ) Long-term debt, net current portion and unamortized debt issuance costs $ 389,231 $ 380,972 |
The Incentive Stock Plans (Tabl
The Incentive Stock Plans (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Stock Plans Activity | The following table summarizes activity from our incentive stock plans from September 30, 2023 through December 31, 2023: Shares Options Outstanding Aggregate Value Weighted Weighted Balance as of September 30, 2023 1,984,588 54,750 $ 746 $ 20.96 2.5 Options granted — — — — Options cancelled/forfeited/expired 21,000 ( 21,000 ) 15.80 Options exercised — ( 5,000 ) 16.11 Restricted stock awards granted ( 722,611 ) — — Restricted stock awards forfeited 19,275 — — Additional shares of stock issued ( 1,875 ) — — Balance as of December 31, 2023 1,300,377 28,750 $ 431 $ 25.57 4.4 Exercisable as of December 31, 2023 27,083 $ 418 $ 25.23 4.1 |
Employee Stock Purchase Plan (T
Employee Stock Purchase Plan (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Weighted Average Assumptions of Employee Stock Purchase Plan | The following are the weighted average assumptions used for each respective period: Three Months Ended December 31, 2022 2023 Dividend yield 0.0 % 0.0 % Risk-free interest rate 3.9 % 5.3 % Volatility 48.1 % 39.2 % Expected life Six Months Six Months |
Restricted Stock Awards (Tables
Restricted Stock Awards (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Award Activity | The following table summarizes restricted stock award activity from September 30, 2023 through December 31, 2023: Shares/ Units Weighted Non-vested balance as of September 30, 2023 1,341,151 $ 35.02 Changes during the period: Awards granted 722,611 $ 31.11 Awards vested ( 163,046 ) $ 20.64 Awards forfeited ( 19,275 ) $ 31.98 Non-vested balance as of December 31, 2023 1,881,441 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The following table presents shares used in the calculation of basic and diluted net income per share: Three Months Ended December 31, 2022 2023 Weighted average common shares outstanding used in 21,756,165 22,196,141 Effect of dilutive options and non-vested restricted stock 467,008 612,876 Weighted average common and common equivalent shares 22,223,173 22,809,017 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Revenue and Income from Operations of Reportable Segments | The following table sets forth revenue and income from operations for each of the Company’s reportable segments: Three Months Ended December 31, 2022 2023 (Amounts in thousands) Revenue: Retail Operations $ 502,386 $ 524,085 Product Manufacturing 56,326 46,128 Elimination of intersegment revenue ( 50,785 ) ( 42,939 ) Revenue $ 507,927 $ 527,274 Income from operations: Retail Operations $ 36,728 $ 14,806 Product Manufacturing 6,502 3,970 Intersegment adjustments ( 6,730 ) 223 Income from operations $ 36,500 $ 18,999 |
Company Background - Additional
Company Background - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 Location | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 RetailDealership | Dec. 31, 2023 Marina | |
Concentration Risk [Line Items] | |||||||
Number of retail locations | 130 | 81 | 66 | ||||
Product Concentration Risk [Member] | Sales [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue percentage from sale of boats | 100% | 100% | |||||
Product Concentration Risk [Member] | Brunswick [Member] | Sales [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue percentage from sale of boats | 24% | ||||||
Product Concentration Risk [Member] | Brunswick Sea Ray Boat [Member] | Brunswick [Member] | Sales [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue percentage from sale of boats | 11% | ||||||
Product Concentration Risk [Member] | Brunswick Boston Whaler Boats [Member] | Brunswick [Member] | Sales [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue percentage from sale of boats | 11% | ||||||
Product Concentration Risk [Member] | Azimut Benetti Groups and Yachts | Sales [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue percentage from sale of boats | 11% | ||||||
Geographic Concentration Risk [Member] | Sales [Member] | Florida [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue percentage from sale of boats | 53% | 51% | 50% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Assets: | ||
Interest rate swap contract | $ 1,030 | $ 1,409 |
Liabilities: | ||
Contingent consideration liabilities | 84,641 | 86,059 |
Level 2 [Member] | ||
Assets: | ||
Interest rate swap contract | 1,030 | 1,409 |
Level 3 [Member] | ||
Liabilities: | ||
Contingent consideration liabilities | $ 84,641 | $ 86,059 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |||
Fair value, assets, level 1 to level 2 transfers | $ 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers | 0 | 0 | |
Fair value, assets, level 2 to level 3 transfers | 0 | 0 | |
Fair value, assets, level 3 to level 2 transfers | 0 | 0 | |
Fair value, assets, level 1 to level 3 transfers | 0 | 0 | |
Fair value, assets, level 3 to level 1 transfers | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers | 0 | 0 | |
Fair value, liabilities, level 2 to level 3 transfers | 0 | 0 | |
Fair value, liabilities, level 3 to level 2 transfers | 0 | 0 | |
Fair value, liabilities, level 1 to level 3 transfers | 0 | 0 | |
Fair value, liabilities, level 3 to level 1 transfers | 0 | 0 | |
Reclassified out of accumulated other comprehensive income | 0 | $ 0 | |
Contingent consideration liabilities | $ 82,200,000 | $ 80,700,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Ranges for Significant Quantitative Unobservable Inputs Utilized in Fair Value Measurements (Details) | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount rate | 11% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Net operating income projected growth rates | 25% |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Net operating income projected growth rates | 23% |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs (Details) - Contingent Consideration Liabilities [Member] - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 86,059 | $ 15,207 |
Additions from business acquisitions | 613 | 68,680 |
Settlement of contingent consideration liabilities | (2,250) | (4,000) |
Change in fair value and net present value of contingency | 219 | 1,047 |
Ending Balance | $ 84,641 | $ 80,934 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Carrying Value and Fair Value of Mortgage Facilities and Term Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Fair Value [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | $ 6,268 | $ 6,027 |
Fair Value [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | 18,013 | 17,223 |
Fair Value [Member] | Mortgage Facility Payable to Hancock Whitney Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | 24,949 | 24,171 |
Fair Value [Member] | Term Loan Payable to M&T Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | 379,644 | 379,650 |
Carrying Value [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | 5,783 | 5,907 |
Carrying Value [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | 16,396 | 16,735 |
Carrying Value [Member] | Mortgage Facility Payable to Hancock Whitney Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | 22,801 | 23,279 |
Carrying Value [Member] | Term Loan Payable to M&T Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility and term loan payable | $ 370,000 | $ 377,500 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue remaining obligation description | As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. | |
Contract assets recorded in prepaid expenses and other current assets | $ 6.5 | $ 5.3 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Percentage on Timing of Revenue Recognition by Reportable Segment (Details) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retail Operations [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 100% | 100% |
Product Manufacturing [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 100% | 100% |
Goods and Services Transferred at a Point in Time [Member] | Retail Operations [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 85.70% | 85.60% |
Goods and Services Transferred at a Point in Time [Member] | Product Manufacturing [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 100% | 100% |
Goods and Services Transferred Over Time [Member] | Retail Operations [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 14.30% | 14.40% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenue Disaggregated Into Categories Depict the Nature, Amount, Timing, and Uncertainty of Revenue and Cash Flows Affected by Economic Factor (Details) - Sales [Member] - Product Concentration Risk [Member] | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 100% | 100% |
Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 100% | 100% |
Product Manufacturing [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 100% | 100% |
New Boat Sales [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 66.40% | 68.80% |
New Boat Sales [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 66.30% | 68.50% |
New Boat Sales [Member] | Product Manufacturing [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 98.90% | 96.30% |
Used Boat Sales [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 7.80% | 5.60% |
Used Boat Sales [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 7.90% | 5.70% |
Used Boat Sales [Member] | Product Manufacturing [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 2.70% | |
Maintenance and Repair Services [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 5.90% | 5.50% |
Maintenance and Repair Services [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 5.90% | 5.50% |
Storage and Charter Rentals [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 7.70% | 7.60% |
Storage and Charter Rentals [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 7.70% | 7.70% |
Finance and Insurance Products [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 2.40% | 2.50% |
Finance and Insurance Products [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 2.40% | 2.50% |
Parts and Accessories [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 5.10% | 5.10% |
Parts and Accessories [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 5.10% | 5.10% |
Parts and Accessories [Member] | Product Manufacturing [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 1.10% | 0.40% |
Brokerage Sales [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 4.70% | 4.90% |
Brokerage Sales [Member] | Retail Operations [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 4.70% | 5% |
Brokerage Sales [Member] | Product Manufacturing [Member] | ||
Product Information [Line Items] | ||
Sales Revenue Goods And Services Net Percentage | 0.60% |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Maintenance, Repair, Storage, Rental, Charter Services and Parts and Accessories Revenue for Retail Operations by Location Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 527,274 | $ 507,927 |
Retail Operations [Member] | Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 98,004 | 91,937 |
Retail Operations [Member] | Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member] | Marina/Storage Locations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 69,590 | 65,799 |
Retail Operations [Member] | Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member] | Locations Without Marina/Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 28,414 | $ 26,138 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 21 years | |
Operating lease expense | $ 8 | $ 7 |
Operating lease renewal term | 25 years | |
Weighted average discount rate | 6.50% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities by Fiscal Year (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 (remaining) | $ 12,653 |
2025 | 17,451 |
2026 | 15,781 |
2027 | 15,207 |
2028 | 14,431 |
Thereafter | 261,905 |
Total lease payments | 337,428 |
Less: interest | (201,506) |
Present value of lease liabilities | $ 135,922 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 4,614 | $ 4,428 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 3,363 | $ 44,239 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Income and Other Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating leases: | ||
Operating lease income | $ 2,454 | $ 1,965 |
Variable lease income | 435 | 178 |
Total rental income | $ 2,889 | $ 2,143 |
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag | true | true |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Received (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 (remaining) | $ 8,554 |
2025 | 6,003 |
2026 | 4,568 |
2027 | 3,131 |
2028 | 1,396 |
Thereafter | 113 |
Total lease payments | $ 23,765 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Inventory [Line Items] | ||
Inventories | $ 876,233 | $ 812,830 |
Work-in-process | 24,706 | 22,340 |
Raw materials | 27,912 | 30,612 |
New and Used Boats, Motors, and Trailers [Member] | ||
Inventory [Line Items] | ||
Inventories | 702,351 | 625,287 |
In Transit Inventory and Deposits [Member] | ||
Inventory [Line Items] | ||
Inventories | 103,743 | 115,879 |
Parts, Accessories, and Other [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 17,521 | $ 18,712 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | ||
Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | |
Schedule Of Goodwill And Other Assets [Line Items] | |||||
Goodwill | $ 575,850 | $ 559,820 | |||
Goodwill and other intangible assets, net | 614,800 | 599,500 | |||
Accounts receivable, net | 94,601 | 85,780 | |||
Contract liabilities | 74,636 | 81,700 | |||
Accrued expenses | 112,417 | 112,746 | |||
Goodwill | 575,850 | 559,820 | |||
Other identifiable intangibles | 38,958 | 39,713 | |||
Revenue | 527,274 | $ 507,927 | |||
Income (Loss) before taxes | 634 | $ 27,016 | |||
Inventories | 876,233 | $ 812,830 | |||
IGY Marinas [Member] | |||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||
Aggregate purchase price | $ 552,900 | ||||
Cash acquired | 28,100 | ||||
Estimated contingent consideration | 67,700 | ||||
Tangible assets acquired | 259,400 | ||||
Intangible assets | 30,400 | ||||
Goodwill | 293,500 | 193,300 | |||
Goodwill | $ 293,500 | 193,300 | |||
C&C Boat Works, Boatzon and Midcoast Marine Group [Member] | |||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||
Aggregate consideration | $ 49,000 | ||||
Cash acquired | 100 | ||||
Estimated contingent consideration | 9,700 | ||||
Tangible assets acquired | 20,300 | ||||
Intangible assets | 1,900 | ||||
Goodwill | 13,600 | 26,800 | |||
Goodwill | $ 13,600 | $ 26,800 |
Goodwill - Summary of Estimated
Goodwill - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Oct. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Goodwill | $ 575,850 | $ 559,820 | |
IGY Marinas [Member] | |||
Consideration: | |||
Contingent consideration arrangement | $ 67,700 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Intangible assets | 30,400 | ||
Goodwill | $ 293,500 | $ 193,300 |
Goodwill - Summary of Estimat_2
Goodwill - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | |
Business Acquisition [Line Items] | |||
Cash purchase price and net working capital adjustments, net of cash acquired | $ 4,362 | $ 488,248 | |
IGY Marinas [Member] | |||
Business Acquisition [Line Items] | |||
Net working capital, net of cash acquired | $ 28,100 |
Goodwill - Summary of Changes i
Goodwill - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 559,820 |
Goodwill acquired | 13,515 |
Foreign currency translation | 2,515 |
Ending balance | 575,850 |
Retail Operations [Member] | |
Goodwill [Line Items] | |
Beginning balance | 490,786 |
Goodwill acquired | 13,515 |
Foreign currency translation | 2,515 |
Ending balance | 506,816 |
Product Manufacturing [Member] | |
Goodwill [Line Items] | |
Beginning balance | 69,034 |
Ending balance | $ 69,034 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ (211) | $ 7,029 |
Effective income tax rate | 26.40% | 26.30% |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jul. 31, 2023 | Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Line Of Credit Facility [Line Items] | |||||
Unamortized debt issuance costs | $ 1,500,000 | $ 1,600,000 | |||
Interest rate on floor plan facility | 3.45% | ||||
Mortgage Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 2.20% | ||||
Long-term debt | $ 416,548,000 | $ 424,899,000 | |||
Borrowing Base Amount and Aging Inventory [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Inventory and working capital needs | $ 664,900,000 | $ 341,200,000 | |||
Interest rate on short-term borrowings | 8.80% | 7.60% | |||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 1.50% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 2% | ||||
Term Loan Facility | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 1.50% | ||||
Term Loan Facility | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 2% | ||||
New Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | $ 750,000,000 | ||||
New Credit Agreement [Member] | Delayed Draw Term Loan Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Long term debt maturity | 2027-08 | ||||
New Credit Agreement [Member] | Delayed Draw Mortgage Loan Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Long term debt maturity | 2027-08 | ||||
Long-term debt | $ 100,000,000 | ||||
New Credit Agreement [Member] | Maximum [Member] | Delayed Draw Term Loan Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Long-term debt | 400,000,000 | ||||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | 100,000,000 | ||||
Swingline facility | 20,000,000 | ||||
Letter of credit sublimit amount | $ 20,000,000 | ||||
Amended Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | $ 950,000,000 | ||||
Leverage ratio | 3.35% | ||||
Debt instrument, covenant compliance | The covenants include provisions that our leverage ratio must not exceed 3.35 to 1.0 and that our consolidated fixed charge coverage ratio must be greater than 1.10 to 1.0. As of December 31, 2023, we were in compliance with all covenants under the Amended Credit Agreement. The Amended Credit Agreement is secured by the Company’s personal property assets, including inventory and related accounts receivable. The mortgage loans will also be secured by the real estate pledged as collateral for such loans. | ||||
Additional floor plan borrowings | $ 9,300,000 | ||||
Credit facility interest rate description | The interest rate is (a) for amounts outstanding under the Floor Plan, 3.45% above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (“SOFR”), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50% to 2.0%, depending on the total net leverage ratio, above the one month, three month, or six month term SOFR rate, and (c) for amounts outstanding under the mortgage loan facility, 2.20% above the one month, three month, or six month term SOFR rate. The alternate base rate with a margin is available for amounts outstanding under the revolving credit, term, and mortgage loan facilities and the Euro Interbank Offered Rate plus a margin is available for borrowings in Euro or other currencies other than dollars under the revolving credit facility. | ||||
Amended Credit Facility [Member] | Delayed Draw Term Loan Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Long term debt maturity | 2027-08 | ||||
Amended Credit Facility [Member] | Delayed Draw Mortgage Loan Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | $ 100,000,000 | ||||
Long term debt maturity | 2027-08 | ||||
Long-term debt | $ 100,000,000 | ||||
Amended Credit Facility [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Fixed coverage ratio | 110 | ||||
Amended Credit Facility [Member] | Maximum [Member] | Delayed Draw Term Loan Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Long-term debt | 400,000,000 | ||||
Amended Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | 100,000,000 | $ 88,000,000 | |||
Swingline facility | 20,000,000 | ||||
Letter of credit sublimit amount | $ 20,000,000 | ||||
Letters of Credit [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Letters of credit for insurance carriers and equity investment | $ 12,000,000 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Debt Instrument [Line Items] | ||
Less: current portion | $ (33,766) | $ (33,767) |
Less: unamortized portion of debt issuance costs | (1,810) | (1,901) |
Long-term debt, net current portion and unamortized debt issuance costs | 380,972 | 389,231 |
Mortgage Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 416,548 | 424,899 |
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,783 | 5,907 |
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,396 | 16,735 |
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 22,801 | 23,279 |
Term Loan [Member] | Term loan payable to M&T Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 370,000 | 377,500 |
Term Loan [Member] | Loan payable to TRANSPORT S.a.s di Taula Vittorio and C. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,568 | $ 1,478 |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Sep. 30, 2023 | |
Mortgage Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.20% | |
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.50% | 7.50% |
Debt instrument basis percentage | 1% | 1% |
Principal and interest payments with a balloon payment | $ 4 | $ 4 |
Additional extension for two one-year periods | Aug. 31, 2027 | Aug. 31, 2027 |
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | Interest Rate Prime [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | prime minus 100 basis points with a floor of 2.00% | prime minus 100 basis points with a floor of 2.00% |
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2% | 2% |
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.63% | 7.63% |
Principal and interest payments with a balloon payment | $ 10 | $ 10 |
Additional extension for two one-year periods | Aug. 31, 2027 | Aug. 31, 2027 |
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument basis percentage | 2.20% | 2.20% |
Debt instrument description of variable rate basis | SOFR plus 220 basis points | SOFR plus 220 basis points |
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.88% | 7.88% |
Debt instrument basis percentage | 0.625% | 0.625% |
Principal and interest payments with a balloon payment | $ 15.5 | $ 15.5 |
Additional extension for two one-year periods | Nov. 30, 2027 | Nov. 30, 2027 |
Percentage of outstanding borrowings hedged | 50% | 50% |
Fixed interest rate | 3.20% | 3.20% |
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | Interest Rate Prime [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | prime minus 62.5 basis points with a floor of 2.25% | prime minus 62.5 basis points with a floor of 2.25% |
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.25% | 2.25% |
Mortgage Facility [Member] | Revolving mortgage facility with FineMark National Bank & Trust [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 8.25% | 8.25% |
Debt instrument basis percentage | 0.25% | 0.25% |
Additional extension for two one-year periods | Oct. 31, 2027 | Oct. 31, 2027 |
Current available borrowings | $ 22.3 | |
Mortgage Facility [Member] | Revolving mortgage facility with FineMark National Bank & Trust [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | prime minus 25 basis points with a floor of 3.00% | prime minus 25 basis points with a floor of 3.00% |
Mortgage Facility [Member] | Revolving mortgage facility with FineMark National Bank & Trust [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3% | 3% |
Term Loan [Member] | Term loan payable to M&T Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.83% | 6.83% |
Additional extension for two one-year periods | Aug. 31, 2027 | Aug. 31, 2027 |
Term Loan [Member] | Loan payable to TRANSPORT S.a.s di Taula Vittorio and C. [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.45% | 7.45% |
Additional extension for two one-year periods | Aug. 31, 2027 | Aug. 31, 2027 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans | $ 1,434 | $ 1,262 |
Selling, General, and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, approximately | $ 5,400 | $ 4,800 |
The Incentive Stock Plans - Add
The Incentive Stock Plans - Additional Information (Detail) - shares | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted | 0 | 5,000 | |
Incentive Stock Plan 2021 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Increase in total number of available shares | 1,300,000 | ||
Incentive Stock Plan 2021 [Member] | Subject To Award [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, shares authorized | 2,300,000 | ||
Incentive Stock Plan 2011 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Common stock shares available | 545,729 |
The Incentive Stock Plans - Sum
The Incentive Stock Plans - Summary of Activity from Incentive Stock Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted, Options Outstanding | 0 | 5,000 | |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares Available for Grant, Beginning Balance | 1,984,588 | ||
Options cancelled/forfeited/expired, Shares Available for Grant | 21,000 | ||
Restricted stock awards granted, Shares Available for Grant | (722,611) | ||
Restricted stock awards forfeited, Shares Available for Grant | 19,275 | ||
Additional shares of stock issued, Shares Available for Grant | (1,875) | ||
Shares Available for Grant, Ending Balance | 1,300,377 | 1,984,588 | |
Options Outstanding, Beginning Balance | 54,750 | ||
Options cancelled/forfeited/expired, Options Outstanding | (21,000) | ||
Options exercised, Options Outstanding | (5,000) | ||
Options Outstanding, Ending Balance | 28,750 | 54,750 | |
Exercisable as of December 31, 2023, Options Outstanding | 27,083 | ||
Aggregate Intrinsic Value | $ 431 | $ 746 | |
Exercisable as of December 31, 2023, Aggregate Intrinsic Value | $ 418 | ||
Weighted Average Exercise Price, Beginning Balance | $ 20.96 | ||
Options cancelled/forfeited/expired, Weighted Average Exercise Price | 15.8 | ||
Options exercised, Weighted Average Exercise Price | 16.11 | ||
Weighted Average Exercise Price, Ending Balance | 25.57 | $ 20.96 | |
Exercisable as of December 31, 2023, Weighted Average Exercise Price | $ 25.23 | ||
Weighted Average Remaining Contractual Life | 4 years 4 months 24 days | 2 years 6 months | |
Exercisable as of December 31, 2023, Weighted Average Remaining Contractual Life | 4 years 1 month 6 days |
Employee Stock Purchase Plan -
Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2019 | Dec. 31, 2023 | Sep. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, shares issued | 29,565,039 | 29,374,724 | |
Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Additional common shares authorized | 500,000 | ||
Common stock available for issuance | 1,500,000 | ||
Stock Purchase Plan, requisite continuous service | 1 year | ||
Annual offerings description | implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, with each offering terminating on September 30 of the following year. | ||
Closing price of common stock on the first and last day of the offering | 85% | ||
Percentage not exceeding to periodic payment of purchase price | 10% | ||
Maximum common stock value purchased by participant annually | $ 25,000 | ||
Common stock, shares issued | 1,340,054 | ||
1998 Employee Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Additional Common Shares Authorized | 52,837 |
Employee Stock Purchase Plan _2
Employee Stock Purchase Plan - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) - Stock Purchase Plan [Member] | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Risk-free interest rate | 5.30% | 3.90% |
Volatility | 39.20% | 48.10% |
Expected life | 6 months | 6 months |
Restricted Stock Awards - Addit
Restricted Stock Awards - Additional Information (Detail) - Restricted Stock Awards [Member] $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested restricted stock awards | $ 41.2 |
Weighted average period unrecognized compensation costs related to non-vested restricted awards are expected to be recognized | 2 years 3 months 18 days |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting periods of restricted stock award | 2 years |
Percentage of actual amount of award earned based on actual specified performance target met | 0% |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting periods of restricted stock award | 4 years |
Percentage of actual amount of award earned based on actual specified performance target met | 175% |
Restricted Stock Awards - Restr
Restricted Stock Awards - Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member] | 3 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares/ Units, Non-vested beginning balance | 1,341,151 |
Shares/ Units, Awards granted | 722,611 |
Shares/ Units, Awards vested | (163,046) |
Shares/ Units, Awards forfeited | (19,275) |
Shares/ Units, Non-vested ending balance | 1,881,441 |
Weighted Average Grant Date Fair Value, Non-vested beginning balance | $ / shares | $ 35.02 |
Weighted Average Grant Date Fair Value, Awards granted | $ / shares | 31.11 |
Weighted Average Grant Date Fair Value, Awards vested | $ / shares | 20.64 |
Weighted Average Grant Date Fair Value, Awards forfeited | $ / shares | $ 31.98 |
Net Income Per Share - Basic an
Net Income Per Share - Basic and Diluted Net Income Per Share (Detail) - shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding used in calculating basic net income per share | 22,196,141 | 21,756,165 |
Effect of dilutive options and non-vested restricted stock awards | 612,876 | 467,008 |
Weighted average common and common equivalent shares used in calculating diluted net income per share | 22,809,017 | 22,223,173 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from earnings per share calculation | 10,216 | 257,811 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2023 ft | |
Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number of models producing premium yachts | 33 |
Maximum [Member] | |
Segment Reporting Information [Line Items] | |
Number of models producing premium yachts | 60 |
Segment Information - Summary o
Segment Information - Summary of Revenue and Income from Operations of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue: | ||
Revenue | $ 527,274 | $ 507,927 |
Income from operations: | ||
Income from operations | 18,999 | 36,500 |
Operating Segments [Member] | Retail Operations [Member] | ||
Revenue: | ||
Revenue | 14,806 | 36,728 |
Income from operations: | ||
Income from operations | 524,085 | 502,386 |
Operating Segments [Member] | Product Manufacturing [Member] | ||
Revenue: | ||
Revenue | 3,970 | 6,502 |
Income from operations: | ||
Income from operations | 46,128 | 56,326 |
Intersegment adjustments [Member] | ||
Revenue: | ||
Revenue | (42,939) | (50,785) |
Income from operations: | ||
Income from operations | $ 223 | $ (6,730) |