v3.26.1
Segment Information
 9 Months Ended
Jun. 30, 2026
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 income from operations by segment for purposes of making operating decisions, assessing financial performance, and deciding how to allocate resources (including team members, property, and financial or capital resources). The CODM considers forecast-to-actual variances when making decisions about allocating resources to the segments. The CODM does not evaluate segments using asset information, and therefore, such information is not presented. 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, including Aviara luxury dayboats, 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 sells through our retail dealership locations and through independent dealers and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.

Cost of sales primarily includes cost of products sold, transportation costs from manufacturers to our retail stores, and vendor consideration. Cost of sales includes depreciation of property and equipment from our product manufacturing segment (manufacturing overhead). Selling, general, and administrative expenses primarily include salaries and incentive-based compensation, sales commissions, brokerage commissions, advertising, insurance, utilities, the majority of depreciation and amortization, and other customary operating expenses. Intersegment revenue represents boats and 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. Intersegment adjustments represent eliminations of the effects of intersegment sales of boats from Product Manufacturing to Retail Operations.

The following table sets forth revenue, income from operations, and significant expenses for each of the Company’s reportable segments for the three and nine months ended June 30,

 

 

Three Months Ended June 30, 2026

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

609,120

 

 

$

33,265

 

 

$

(31,127

)

 

$

611,258

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

395,350

 

 

 

29,564

 

 

 

(31,734

)

 

 

393,180

 

Selling, general and administrative expenses

 

 

176,604

 

 

 

4,255

 

 

 

-

 

 

 

180,859

 

Income (loss) from operations

 

$

37,166

 

 

$

(554

)

 

$

607

 

 

$

37,219

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

14,310

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

22,909

 

 

 

 

Three Months Ended June 30, 2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

655,750

 

 

$

32,150

 

 

$

(30,741

)

 

$

657,159

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

460,107

 

 

 

30,916

 

 

 

(33,485

)

 

 

457,538

 

Selling, general and administrative expenses

 

 

167,564

 

 

 

4,542

 

 

 

-

 

 

 

172,106

 

Goodwill impairment (1)

 

 

-

 

 

 

69,055

 

 

 

-

 

 

 

69,055

 

Income (loss) from operations

 

$

28,079

 

 

$

(72,363

)

 

$

2,744

 

 

$

(41,540

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

16,936

 

(Loss) before income tax provision

 

 

 

 

 

 

 

 

 

 

$

(58,476

)

(1) The Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment during fiscal 2025.

 

 

Nine Months Ended June 30, 2026

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

1,638,865

 

 

$

78,592

 

 

$

(73,609

)

 

$

1,643,848

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,091,264

 

 

 

74,354

 

 

 

(81,604

)

 

 

1,084,014

 

Selling, general and administrative expenses

 

 

490,866

 

 

 

15,991

 

 

 

-

 

 

 

506,857

 

Income (loss) from operations

 

$

56,735

 

 

$

(11,753

)

 

$

7,995

 

 

$

52,977

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

44,825

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

8,152

 

 

 

 

Nine Months Ended June 30, 2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

1,750,439

 

 

$

105,591

 

 

$

(98,895

)

 

$

1,757,135

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,205,651

 

 

 

97,065

 

 

 

(104,367

)

 

 

1,198,349

 

Selling, general and administrative expenses

 

 

454,517

 

 

 

15,041

 

 

 

-

 

 

 

469,558

 

Goodwill impairment (1)

 

 

-

 

 

 

69,055

 

 

 

-

 

 

 

69,055

 

Income (loss) from operations

 

$

90,271

 

 

$

(75,570

)

 

$

5,472

 

 

$

20,173

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

53,860

 

(Loss) before income tax provision

 

 

 

 

 

 

 

 

 

 

$

(33,687

)

(1) The Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment during fiscal 2025.

The following table sets forth depreciation and amortization for each of the Company’s reportable segments for the three and nine months ended June 30,

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

Retail Operations

 

$

8,459

 

 

$

8,200

 

Product Manufacturing

 

 

1,809

 

 

 

1,728

 

Depreciation

 

$

10,268

 

 

$

9,928

 

Amortization:

 

 

 

 

 

 

Retail Operations

 

$

2,326

 

 

$

2,609

 

Product Manufacturing

 

 

-

 

 

 

-

 

Amortization

 

$

2,326

 

 

$

2,609

 

 

 

 

Nine Months Ended

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

Retail Operations

 

$

25,462

 

 

$

23,708

 

Product Manufacturing

 

 

5,481

 

 

 

5,198

 

Depreciation

 

$

30,943

 

 

$

28,906

 

Amortization:

 

 

 

 

 

 

Retail Operations

 

$

6,945

 

 

$

7,479

 

Product Manufacturing

 

 

-

 

 

 

-

 

Amortization

 

$

6,945

 

 

$

7,479