Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2024.

Commission File Number. 1-14173

MARINEMAX, INC.

(Exact Name of Registrant as Specified in Its Charter)


Florida	59-3496957
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

501 Brooker Creek Boulevard
Oldsmar, Florida	34677
(Address of Principal Executive Offices)	(ZIP Code)

727-531-1700

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	HZO	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of outstanding shares of the registrant’s Common Stock on January 20, 2025 was 22,707,321.

MARINEMAX, INC. AND SUBSIDIARIES

Table of Contents


Item No.		Page

PART I. FINANCIAL INFORMATION
1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2024 and 2023	3
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended December 31, 2024 and 2023	4
	Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024	5
	Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended December 31, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2024 and 2023	7
	Notes to Condensed Consolidated Financial Statements	8

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

3.	Quantitative and Qualitative Disclosures About Market Risk	25

4.	Controls and Procedures	26

PART II. OTHER INFORMATION		26
1.	Legal Proceedings	26
1A.	Risk Factors	26
2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
3.	Defaults Upon Senior Securities	27
4.	Mine Safety Disclosures	27
5.	Other Information	27
6.	Exhibits	27
SIGNATURES		28

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)


	Three Months Ended
	December 31,
	2024		2023
Revenue	$	468,461	$	527,274
Cost of sales		298,807		351,793
Gross profit		169,654		175,481

Selling, general, and administrative expenses		130,682		156,482
Income from operations		38,972		18,999

Interest expense		18,745		18,365
Income before income tax provision (benefit)		20,227		634

Income tax provision (benefit)		2,103		(211	)
Net income		18,124		845

Less: Net income (loss) attributable to non-controlling interests		58		(85	)
Net income attributable to MarineMax, Inc.	$	18,066	$	930

Basic net income per common share	$	0.80	$	0.04

Diluted net income per common share	$	0.77	$	0.04

Weighted average number of common shares used in computing net income per common share:

Basic		22,615,629		22,196,141
Diluted		23,385,374		22,809,017

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)


	Three Months Ended
	December 31,
	2024			2023
Net income	$	18,124		$	845

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		(7,303	)		3,226
Interest rate swap contract		83			(286	)
Total other comprehensive (loss) income, net of tax		(7,220	)		2,940

Comprehensive income		10,904			3,785
Comprehensive (loss) income attributable to non-controlling interests		(532	)		267
Comprehensive income attributable to MarineMax, Inc.	$	11,436		$	3,518

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

(Unaudited)


	December 31,			September 30,
	2024			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	145,010		$	224,326
Accounts receivable, net		83,272			106,409
Inventories		1,035,183			906,641
Prepaid expenses and other current assets		34,958			35,835
Total current assets		1,298,423			1,273,211
Property and equipment, net of accumulated depreciation of $172,627 and $167,252		535,903			532,766
Operating lease right-of-use assets, net		142,741			136,599
Goodwill		587,967			592,293
Other intangible assets, net		38,493			37,458
Other long-term assets		30,818			32,741
Total assets	$	2,634,345		$	2,605,068
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	35,532		$	54,481
Contract liabilities (customer deposits)		52,504			64,845
Accrued expenses		164,145			197,295
Short-term borrowings (Floor Plan)		795,170			708,994
Current maturities on long-term debt		33,766			33,766
Current operating lease liabilities		10,330			9,762
Total current liabilities		1,091,447			1,069,143
Long-term debt, net of current maturities		347,294			355,906
Noncurrent operating lease liabilities		130,489			124,525
Deferred tax liabilities, net		54,364			60,317
Other long-term liabilities		7,550			8,928
Total liabilities		1,631,144			1,618,819
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of December 31, 2024 and September 30, 2024		—			—
Common stock, $.001 par value, 40,000,000 shares authorized, 30,060,161 and 29,898,545 shares issued and 22,705,924 and 22,544,308 shares outstanding as of December 31, 2024 and September 30, 2024, respectively		30			30
Additional paid-in capital		350,138			343,911
Accumulated other comprehensive (loss) income		(1,993	)		4,636
Retained earnings		796,081			778,015
Treasury stock, at cost, 7,354,237 shares held as of December 31, 2024 and September 30, 2024		(150,797	)		(150,797	)
Total shareholders’ equity attributable to MarineMax, Inc.		993,459			975,795
Non-controlling interests		9,742			10,454
Total shareholders’ equity		1,003,201			986,249
Total liabilities and shareholders’ equity	$	2,634,345		$	2,605,068

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(Amounts in thousands, except share data)

(Unaudited)


					Additional			Accumulated Other											Total
	Common Stock				Paid-in			Comprehensive			Retained		Treasury			Non-controlling			Shareholders’
	Shares		Amount		Capital			Income (loss)			Earnings		Stock			Interests			Equity
BALANCE, September 30, 2024		29,898,545	$	30	$	343,911		$	4,636		$	778,015	$	(150,797	)	$	10,454		$	986,249
Net income		—		—		—			—			18,066		—			58			18,124
Distributions to non-controlling interests		—		—		—			—			—		—			(179	)		(179	)
Shares issued pursuant to employee stock purchase plan		47,774		—		1,368			—			—		—			—			1,368
Shares issued upon vesting of equity awards, net of minimum tax withholding		106,348		—		(723	)		—			—		—			—			(723	)
Shares issued upon exercise of stock options		5,750		—		109			—			—		—			—			109
Stock-based compensation		1,744		—		5,473			—			—		—			—			5,473
Other comprehensive (loss)		—		—		—			(6,629	)		—		—			(591	)		(7,220	)
BALANCE, December 31, 2024		30,060,161	$	30	$	350,138		$	(1,993	)	$	796,081	$	(150,797	)	$	9,742		$	1,003,201


					Additional			Accumulated Other										Total
	Common Stock				Paid-in			Comprehensive		Retained		Treasury			Non-controlling			Shareholders’
	Shares		Amount		Capital			Income (loss)		Earnings		Stock			Interests			Equity
BALANCE, September 30, 2023		29,374,724	$	29	$	323,218		$	1,303	$	739,949	$	(148,656	)	$	2,574		$	918,417
Net income (loss)		—		—		—			—		930		—			(85	)		845
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		55,375		—		1,353			—		—		—			—			1,353
Shares issued upon vesting of equity awards, net of minimum tax withholding		128,065		—		(1,116	)		—		—		—			—			(1,116	)
Shares issued upon exercise of stock options		5,000		—		81			—		—		—			—			81
Stock-based compensation		1,875		—		5,419			—		—		—			—			5,419
Other comprehensive income		—		—		—			2,588		—		—			352			2,940
BALANCE, December 31, 2023		29,565,039	$	29	$	328,955		$	3,891	$	740,879	$	(148,656	)	$	9,473		$	934,571

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	Three Months Ended December 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	18,124		$	845
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		11,597			10,932
Deferred income tax (benefit) provision, net of effects of acquisitions		(5,953	)		1,012
Weather expenses (recoveries)		4,968			(289	)
Change in fair value of contingent consideration		(25,817	)		219
(Gain) loss on sale of property and equipment and assets held for sale		—			(7	)
Proceeds from insurance settlements		118			—
Stock-based compensation expense		5,473			5,419
(Increase) decrease in, net of effects of acquisitions —
Accounts receivable, net		22,147			(8,550	)
Inventories		(133,459	)		(63,403	)
Prepaid expenses and other assets		1,112			(1,591	)
(Decrease) increase in, net of effects of acquisitions —
Accounts payable		(18,787	)		(28,049	)
Contract liabilities (customer deposits)		(11,869	)		(7,064	)
Accrued expenses and other liabilities		(13,735	)		1,431
Net cash used in operating activities		(146,081	)		(89,095	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(18,316	)		(13,329	)
Cash used in acquisition of businesses, net of cash acquired		—			(4,362	)
Proceeds from insurance settlements		—			382
Proceeds from trade name and warranties assumed in asset exchange agreement		6,170			—
Proceeds from sale of property and equipment and other assets		5,684			9
Net cash used in investing activities		(6,462	)		(17,300	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on short-term borrowings (Floor Plan)		86,176			127,798
Payments of long-term debt		(8,441	)		(8,442	)
Contingent acquisition consideration payments		—			(2,250	)
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans		1,477			1,434
Payments on tax withholdings for equity awards		(4,520	)		(4,198	)
Net cash provided by financing activities		74,692			114,342
Effect of exchange rate changes on cash	$	(1,465	)		920
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(79,316	)		8,867
CASH AND CASH EQUIVALENTS, beginning of period	$	224,326			201,456
CASH AND CASH EQUIVALENTS, end of period	$	145,010		$	210,323
Supplemental disclosures of cash flow information:
Cash paid for:
Interest	$	19,245		$	18,493
Income taxes	$	1,368		$	843
Non-cash items:
Contingent consideration liabilities from acquisitions		—		$	613

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

COMPANY BACKGROUND:

We believe we are the world’s largest recreational boat, yacht and superyacht services company. As of December 31, 2024, we have over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of December 31, 2024, we own or operate 65 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 20% of our revenue in fiscal 2024. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 9% and 9%, respectively, of our revenue in fiscal 2024. 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 8% of our revenue in fiscal 2024. 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 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 based in Crosslake, Minnesota. In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece. In March 2024, we acquired Williams Tenders USA, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market. In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida. In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats.

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 53%, 53% and 51% of our dealership revenue during fiscal 2024, 2023, and 2022, 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, Hurricane Ian in 2022, and Hurricanes Milton and Helene in 2024, 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.

cut interest rates but future decreases or increases are uncertain. 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, low consumer confidence or inflation 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.

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, 2024. 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, 2024, 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.

The Unaudited Condensed Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All intercompany transactions and accounts have been eliminated.

NEW ACCOUNTING PRONOUNCEMENTS:

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, which for the Company would be the fiscal year ending September 30, 2025, with early adoption permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending September 30, 2026. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending September 30, 2028. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

The Company currently has no other material accounting pronouncements recently adopted or yet to be adopted as of December 31, 2024.

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, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	824	$	—	$	824
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	55,494	$	55,494


	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	716	$	—	$	716
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	81,311	$	81,311

There were no transfers between the valuation hierarchy Levels 1, 2, and 3 for the three months ended December 31, 2024 and for the fiscal year ended September 30, 2024.

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, 2024 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, 2024
Discount rate		11% - 17%

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 accrued expenses, totaled approximately $52.3 million and $77.4 million as of December 31, 2024 and September 30, 2024, respectively. Contingent consideration liabilities, recorded in other long-term liabilities, totaled approximately $3.2 million and $3.9 million as of December 31, 2024 and September 30, 2024, 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, 2024 and 2023:


	Contingent Consideration Liabilities
	2024			2023
	(Amounts in thousands)
Beginning balance - September 30,	$	81,311		$	86,059
Additions from business acquisitions		—			613
Settlement of contingent consideration liabilities		—			(2,250	)
Change in fair value and net present value of contingency		(25,817	)		219
Ending balance - December 31,	$	55,494		$	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. Assets held for sale, recorded in Prepaid expenses and other current assets, totaled approximately $10.7 million and $12.0 million as of December 31, 2024 and September 30, 2024, respectively. 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 December 31, 2024 and September 30, 2024:


	December 31, 2024				September 30, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank	$	5,445	$	5,287	$	5,501	$	5,411
Mortgage facility payable to Seacoast National Bank		15,774		15,039		15,467		15,378
Mortgage facility payable to Hancock Whitney Bank		21,885		20,887		21,781		21,366
Term loan payable to M&T Bank		342,338		340,000		347,250		347,500

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, or 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, 2024, 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 $6.8 million and $5.7 million as of December 31, 2024 and September 30, 2024, 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,
	2024			2023			2024			2023
Goods and services transferred at a point in time		83.8	%		85.7	%		100.0	%		100.0	%
Goods and services transferred over time		16.2	%		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, 2024									Three months ended December 31, 2023
	Retail Operations			Product Manufacturing			Total			Retail Operations			Product Manufacturing			Total
New boat sales		58.7	%		98.8	%		58.8	%		66.3	%		98.9	%		66.4	%
Used boat sales		11.1	%		—			11.1	%		7.9	%		—			7.8	%
Maintenance and repair services		6.4	%		—			6.4	%		5.9	%		—			5.9	%
Storage and charter rentals		9.4	%		—			9.3	%		7.7	%		—			7.7	%
Finance and insurance products		3.1	%		—			3.1	%		2.4	%		—			2.4	%
Parts and accessories		5.7	%		1.2	%		5.7	%		5.1	%		1.1	%		5.1	%
Brokerage sales		5.6	%		—			5.6	%		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, 2024		December 31, 2023
	(Amounts in thousands)
Marina/storage locations	$	71,012	$	69,590
Locations without marina/storage		29,683		28,414
Maintenance, repair, storage, rental, charter services, parts and accessories revenue	$	100,695	$	98,004

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, 2024, the weighted-average remaining lease term for our leases was approximately 19 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, 2024 and 2023, operating lease expenses recorded in selling, general, and administrative expenses were approximately $7.7 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, 2024, the weighted-average discount rate used was approximately 6.6%.

As of December 31, 2024, maturities of lease liabilities by fiscal year are summarized as follows:


	(Amounts in thousands)
2025 (remaining)	$	12,935
2026		17,023
2027		17,297
2028		16,551
2029		15,136
Thereafter		258,103
Total lease payments		337,045
Less: interest		(196,226	)
Present value of lease liabilities	$	140,819

The following table sets forth supplemental cash flow information related to leases:


	Three Months Ended
	December 31,
	2024		2023
	(Amounts in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,764	$	4,614
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	13,557	$	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,
	2024		2023
	(Amounts in thousands)
Operating leases:
Operating lease income	$	2,439	$	2,454
Variable lease income	$	196	$	435
Total rental income	$	2,635	$	2,889

As of December 31, 2024, future minimum payments to be received during the next five years and thereafter are as follows:


	(Amounts in thousands)
2025 (remaining)	$	7,042
2026		5,967
2027		4,184
2028		2,279
2029		1,128
Thereafter		204
Total lease payments	$	20,804

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 consists 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 material 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:


	December 31, 2024		September 30, 2024
	(Amounts in thousands)
New and used boats, motors, and trailers	$	903,580	$	784,152
In transit inventory and deposits		73,722		60,470
Parts, accessories, and other		13,238		14,569
Work-in-process		23,258		24,996
Raw materials		21,385		22,454
Inventories	$	1,035,183	$	906,641

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 March 2024, we acquired Williams Tenders USA, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market. In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida.

In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece.

In total, current and previous acquisitions have resulted in goodwill and other intangible assets of $626.5 million and $629.8 million as of December 31, 2024 and September 30, 2024, 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, 2024, 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, 2024:


	Retail Operations			Product Manufacturing		Total
	(Amounts in thousands)
Balance as of September 30, 2024	$	523,259		$	69,034	$	592,293
Goodwill acquired		—			—		—
Foreign currency translation		(4,326	)		—		(4,326	)
Balance as of December 31, 2024	$	518,933		$	69,034	$	587,967

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, 2024, we recognized an income tax provision of $2.1 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, 2024 and 2023 before discrete items was 25.1% and 26.4%, respectively.

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, 2024, 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 $86 million.

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, 2024, 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.

As of December 31, 2024, our outstanding short-term borrowings under the Floor Plan associated with financing our inventory and working capital needs totaled approximately $795.2 million. As of December 31, 2024, our short-term borrowings, which solely consisted of the Floor Plan, included unamortized debt issuance costs of approximately $1.2 million. As of December 31, 2023, our indebtedness associated with financing our inventory and working capital needs totaled approximately $664.9 million and included unamortized debt issuance costs of approximately $1.5 million.

As of December 31, 2024 and 2023, the interest rate on the outstanding short-term borrowings, which solely consisted of the current Floor Plan, was approximately 8.0% and 8.8%, respectively. As of December 31, 2024, our additional Floor Plan available borrowings under our Amended Credit Facility were approximately $3.8 million based upon the outstanding borrowing base availability (Floor Plan). As of December 31, 2024, no amounts were withdrawn on the revolving credit facility or the delayed draw mortgage loan facility. As of December 31, 2024, we had approximately $14.0 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.


	December 31, 2024			September 30, 2024
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank bearing interest at 6.50% (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.	$	5,287		$	5,411
Mortgage facility payable to Seacoast National Bank bearing interest at 6.59% (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.		15,039			15,378
Mortgage facility payable to Hancock Whitney Bank bearing interest at 6.88% (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%.		20,887			21,366
Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 7.25% (prime minus 25 basis points with a floor of 3.00%). Facility matures in October 2027. Current available borrowings under the facility were approximately $20.5 million at December 31, 2024.		—			—
Term loan payable to M&T Bank bearing interest at 6.03%. Requires quarterly principal and interest payments. Facility matures in August 2027.		340,000			347,500
Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 6.78%. Requires quarterly principal and interest payments. Facility matures in December 2030.		1,263			1,531
Total long-term debt		382,476			391,186
Less: current portion		(33,766	)		(33,766	)
Less: unamortized portion of debt issuance costs		(1,416	)		(1,514	)
Long-term debt, net current portion and unamortized debt issuance costs	$	347,294		$	355,906

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 14) 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, 2024 and 2023, we recognized stock-based compensation expense of approximately $5.5 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, 2024 and 2023, was approximately $1.5 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.

12.

THE INCENTIVE STOCK PLANS:

In February 2023, our shareholders approved a proposal to amend our 2021 Plan (as defined below), 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 our 2007 Stock-Based Compensation Plan (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, 2024 through December 31, 2024:


	Shares Available for Grant			Options Outstanding			Aggregate Intrinsic Value (Amounts in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance as of September 30, 2024		1,295,064			30,750		$	296	$	26.97		5.0
Options exercised		—			(5,750	)				19.02
Restricted stock awards granted		(553,692	)		—					—
Restricted stock awards forfeited		201			—					—
Additional shares of stock issued		(1,744	)		—					—
Balance as of December 31, 2024		739,829			25,000		$	93	$	30.19		5.9
Exercisable as of December 31, 2024					21,666		$	93	$	29.40		5.3

During the three months ended December 31, 2024 and 2023, no 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.

13.

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, 2024 through December 31, 2024:


	Shares/ Units			Weighted Average Grant Date Fair Value
Non-vested balance as of September 30, 2024		1,453,229		$	32.04
Changes during the period:
Awards granted		553,692		$	30.28
Awards vested		(128,509	)	$	32.30
Awards forfeited		(251	)	$	31.25
Non-vested balance as of December 31, 2024		1,878,161

As of December 31, 2024, we had approximately $33.5 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.

14.

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,
	2024	2023
Dividend yield	0.0%	0.0%
Risk-free interest rate	4.4%	5.3%
Volatility	63.8%	39.2%
Expected life	Six Months	Six Months

As of December 31, 2024, we have issued 1,428,555 shares of common stock under our Stock Purchase Plan.

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,
	2024		2023
Weighted average common shares outstanding used in calculating basic net income per share		22,615,629		22,196,141
Effect of dilutive options and non-vested restricted stock awards		769,745		612,876
Weighted average common and common equivalent shares used in calculating diluted net income per share		23,385,374		22,809,017

For the three months ended December 31, 2024 and 2023, there were 21,252 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.

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, 2024, 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.

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,
	2024			2023
	(Amounts in thousands)
Revenue:
Retail Operations	$	468,349		$	524,085
Product Manufacturing		37,938			46,128
Elimination of intersegment revenue		(37,826	)		(42,939	)
Revenue	$	468,461		$	527,274
Income from operations:
Retail Operations	$	41,250		$	14,806
Product Manufacturing		223			3,970
Intersegment adjustments		(2,501	)		223
Income from operations	$	38,972		$	18,999

Intersegment adjustments represent eliminations of intersegment income from sales of boats from Product Manufacturing to Retail Operations and additional income recognized when manufactured boats are sold to the customer through the Retail Operations segment.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our “expectations,” “anticipations,” “intentions,” “plans,” “beliefs,” or “strategies” regarding the future. These forward-looking statements include statements relating to market risks such as interest rate risk and foreign currency exchange rate risk; economic and industry conditions and corresponding effects on consumer behavior and our operating results; environmental conditions; inclement weather; certain specific and isolated events; our future estimates, assumptions and judgments, including statements regarding whether such estimates, assumptions and judgments could have a material adverse effect on our operating results; the impact of changes in accounting policy and standards; the impact of our core strengths and retailing strategies on our growth and earnings potential; impacts of steps taken to counteract weak market conditions; our plans to accelerate our growth through acquisitions and new store openings; our belief that our existing capital resources will be sufficient to finance our operations for at least the next 12 months, and thereafter for the foreseeable future, except for possible significant acquisitions; the seasonality and cyclicality of our business and the effect of such seasonality and cyclicality on our business, financial results and inventory levels; and the Company’s ability to manage growth effectively. Actual results could differ materially from those

currently anticipated as a result of a number of factors, including those set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

All references to the “Company,” “MarineMax,” “we,” “us,” and “our” mean, as a combined company, MarineMax, Inc. and its subsidiaries.

General

We believe we are the world’s largest recreational boat, yacht and superyacht services company. Through our over 70 retail locations in 21 states, we sell new and used recreational boats and related marine products, including engines, trailers, parts, and accessories. We also arrange related boat financing, insurance, and extended service contracts; provide boat repair and maintenance services; offer yacht and boat brokerage sales; and, where available, offer slip and storage accommodations. In the British Virgin Islands we offer the charter of catamarans, through MarineMax Vacations. We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries, Northrop & Johnson, another leading superyacht brokerage and services company with operations in multiple countries, SkipperBud’s, one of the largest boat sales, brokerage, service and marina/storage groups in the United States, and Cruisers Yachts, a manufacturer of sport yacht and yachts with sales through our select retail dealership locations and through independent dealers.

MarineMax was incorporated in January 1998 (and reincorporated in Florida in March 2015). We commenced operations with the acquisition of five independent recreational boat dealers on March 1, 1998. Since the initial acquisitions in March 1998, we have, as of the filing of this Quarterly Report on Form 10-Q, acquired 35 recreational boat dealers, multiple marinas, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations, and two boat and yacht manufacturers. As a part of our acquisition strategy, we frequently engage in discussions with various recreational boat dealers regarding their potential acquisition by us. Potential acquisition discussions frequently take place over a long period of time and involve difficult business integration and other issues, including, in some cases, management succession and related matters. As a result of these and other factors, a number of potential acquisitions that from time to time appear likely to occur do not result in binding legal agreements and are not consummated. We completed three acquisitions in the fiscal year ending September 30, 2024, and two acquisitions to date in fiscal 2025.

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 53%, 53% and 51% of our dealership revenue during fiscal 2024, 2023, and 2022, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, and inclement weather such as hurricanes and other storms, 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. Additionally, the Federal Reserve's prior increases of its benchmark interest rate have resulted in significantly higher long-term interest rates, which may continue to negatively impact our customers’ willingness or desire to purchase our products. As a result, an economic downturn or inflation could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. However, the Federal Reserve has recently cut interest rates but future decreases or increases are uncertain. 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, low consumer confidence or inflation is likely to have a negative effect on our business.

Although past economic conditions have adversely affected our operating results, we believe during and after such conditions we have capitalized on our core strengths to substantially outperform the industry, resulting in market share gains. Our ability to capture

such market share supports the alignment of our retailing strategies with the desires of consumers. We believe the steps we have taken to address weak market conditions in the past have yielded, and we believe are likely to yield in the future, an increase in revenue. 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 explore opportunities through this strategy. We expect our core strengths and retailing strategies, including our digital platform, will position us to capitalize on growth opportunities as they occur and will allow us to emerge with greater earnings potential.

As of December 31, 2024, the Retail Operations segment includes the activity of over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell 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; and we offer boat and yacht brokerage sales, and 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. Through IGY Marinas, which is also included in this segment, we maintain a network of strategically positioned luxury marinas situated in yachting and sport fishing destinations around the world. The Retail Operations segment includes the majority of all corporate costs.

As of December 31, 2024, the Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats, both wholly-owned MarineMax subsidiaries. Cruisers Yachts manufactures 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 produces customized boats. 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.

Application of Critical Accounting Policies

See Part II, Item 7, “Application of Critical Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Recent Accounting Pronouncements

See Note 3 of the Notes to Unaudited Condensed Consolidated Financial Statements.

Consolidated Results of Operations

The following discussion compares the three months ended December 31, 2024, with the three months ended December 31, 2023 and should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, including the related notes thereto, appearing elsewhere in this report.

Three Months Ended December 31, 2024 Compared with Three Months Ended December 31, 2023

Revenue. Revenue decreased $58.8 million, or 11.2%, to $468.5 million for the three months ended December 31, 2024, from $527.3 million for three months ended December 31, 2023. The decrease was due to a decrease of $57.0 million or 11% in comparable-store sales in addition to a $1.8 million net decrease primarily from manufacturing revenue, which is not included in comparable retail store sales, partially offset by revenue from new locations that are not eligible for inclusion in comparable-store sales. The comparable-store decrease was primarily driven by declines in new boat revenue resulting from challenging economic trends and the lingering impact of Hurricanes Helene and Milton.

Gross Profit. Gross profit decreased $5.8 million, or 3.3%, to $169.7 million for the three months ended December 31, 2024, from $175.5 million for the three months ended December 31, 2023. Gross profit as a percentage of revenue increased to 36.2% for the three months ended December 31, 2024, from 33.3% for the three months ended December 31, 2023. The increase in gross profit as a percentage of revenue was attributable to the promotional environment, mix of sales, and increased contribution from our higher-margin businesses.

Selling, General, and Administrative Expenses. Selling, general, and administrative expenses decreased $25.8 million, or 16.5% to $130.7 million for the three months ended December 31, 2024, from $156.5 million for the three months ended December 31, 2023. The decrease in selling, general, and administrative expenses was primarily the result of changes in the fair value of contingent consideration liabilities and cost-saving initiatives implemented in the prior fiscal year.

Interest Expense. Interest expense increased $0.3 million to $18.7 million for the three months ended December 31, 2024, from $18.4 million for the three months ended December 31, 2023. The increase in interest expense was primarily the result of increased borrowings from higher inventory levels.

Income Taxes. Income tax increased $2.3 million to $2.1 million, for the three months ended December 31, 2024, from a benefit of $0.2 million for the three months ended December 31, 2023. The effective income tax rate for the three months ended December 31, 2024 and 2023 before discrete items was 25.1% and 26.4%, respectively.

Liquidity and Capital Resources

Our cash needs are primarily for working capital to support operations, including new and used boat and related parts inventories, off-season liquidity, and growth through acquisitions. Acquisitions remain an important strategy for us, and we plan to continue our growth through this strategy in appropriate circumstances. We cannot predict the length of prevailing economic or financial conditions. We regularly monitor the aging of our inventories and current market trends (including supply chain issues) to evaluate our current and future inventory needs. We also use this evaluation in conjunction with our review of our current and expected operating performance and expected business levels to determine the extent of our financing needs.

These cash needs historically have been financed with cash generated from operations and borrowings under the Amended Credit Facility (described below). Our ability to utilize the Amended Credit Facility to fund operations depends upon the collateral levels and compliance with the covenants of the Amended Credit Facility. Any turmoil in the credit markets and weakness in the retail markets may interfere with our ability to remain in compliance with the covenants of the Amended Credit Facility and therefore affect our ability to utilize the Amended Credit Facility to fund operations. As of December 31, 2024, we were in compliance with all covenants under the Amended Credit Facility. We currently depend upon dividends and other payments from our businesses and the Amended Credit Facility to fund our current operations and meet our cash needs. As the majority owner of each of our businesses, we determine the amounts of such distributions subject to applicable law, and currently, no agreements exist that restrict this flow of funds from our businesses.

For the three months ended December 31, 2024 and 2023, cash used in operating activities was approximately $146.1 million and $89.1 million, respectively. For the three months ended December 31, 2024, cash used in operating activities was primarily related to increases in inventory, decreases in accounts payable, decreases in contract liabilities (customer deposits), partially offset by our net income adjusted for non-cash expenses and gains such as depreciation and amortization expense, deferred income tax provision, and stock-based compensation expense. For the three months ended December 31, 2023, cash used in operating activities was primarily related to increases in inventory, increases in accounts receivable, decreases in accounts payable, decreases in in contract liabilities (customer deposits), partially offset by our net income adjusted for non-cash expenses and gains such as depreciation and amortization expense, deferred income tax provision, and stock-based compensation expense.

For the three months ended December 31, 2024 and 2023, cash used in investing activities was approximately $6.5 million and $17.3 million, respectively. For the three months ended December 31, 2024, cash used in investing activities was primarily used to purchase property and equipment associated with improving existing retail facilities, partially offset by proceeds from the sale of property and equipment and other assets and proceeds from the acquisition of a trade name. For the three months ended December 31, 2023, cash used in investing activities was primarily used to purchase property and equipment associated with improving existing retail facilities, partially offset by proceeds from insurance settlements.

For the three months ended December 31, 2024 and 2023, cash provided by financing activities was approximately $74.7 million and $114.3 million, respectively. For the three months ended December 31, 2024, cash provided by financing activities was primarily attributable to net increases in short-term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on long-term debt and payments on tax withholdings for equity awards. For the three months ended December 31, 2023, cash provided by financing activities was primarily attributable to net increases in short-term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on long-term debt, contingent acquisition consideration payments and payments on tax withholdings for equity awards.

We are party to the Amended Credit Facility 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 Amended Credit Facility provides the Company 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), 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.

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.

Advances under the Floor Plan are initiated by the acquisition of eligible new and used inventory or are re-advanced against eligible new and used inventory that have been partially paid-off. Advances on new inventory will generally mature 1,080 days from the original invoice date. Advances on used inventory will mature 361 days from the date we acquire the used inventory. Each advance is subject to a curtailment schedule, which requires that we pay down the balance of each advance on a periodic basis starting six months

after receiving such advance. The curtailment schedule varies based on the type and value of the inventory. The collateral for the Amended Credit Agreement is primarily the Company’s inventory that is financed through the Amended Credit Agreement and related accounts receivable. None of our real estate has been pledged for collateral for the Amended Credit Agreement.

As of December 31, 2024, our indebtedness associated with our short-term borrowings, which solely consisted of the Floor Plan, and our long-term debt, totaled approximately $795.2 million and $347.3 million, respectively. As of December 31, 2024, short-term borrowings, which solely consisted of the Floor Plan, and long-term debt recorded on the Unaudited Condensed Consolidated Balance Sheets included unamortized debt issuance costs of approximately $1.2 million and $1.4 million, respectively. Refer to Note 10 of the Notes to the Consolidated Financial Statements for disclosure of borrowing availability, interest rates, and terms of our short-term borrowings (Floor Plan) and long-term debt.

Except as specified in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in the Unaudited Condensed Consolidated Financial Statements in the “Financial Statements (Unaudited)”, we have no material commitments for capital for the next 12 months. Based on the information currently available to us (including the potential re-emergence of or increase in inflation, the effects of potentially higher interest rates, and potential recession, all of which are uncertain), we believe that the cash generated from sales and our existing capital resources will be adequate to meet our liquidity and capital requirements for at least the next 12 months, and thereafter for the foreseeable future, except in the case of possible significant acquisitions.

Impact of Seasonality and Weather on Operations

Our business, as well as the entire recreational boating industry, is highly seasonal, with seasonality varying in different geographic markets. With the exception of Florida, we generally realize significantly lower sales, higher levels of inventories, and increased related short-term borrowings, which solely consisted of the Floor Plan, in the quarterly periods ending December 31 and March 31. The onset of the public boat and recreation shows in January generally stimulates boat sales and typically allows us to reduce our inventory levels and related short-term borrowings, which solely consisted of the Floor Plan, throughout the remainder of the fiscal year. Our expansion into boat storage may act to reduce our seasonality and cyclicality.

Our business is also subject to weather patterns, which may adversely affect our results of operations. For example, prolonged winter conditions, drought conditions (or merely reduced rainfall levels) or excessive rain, may limit access to area boating locations or render boating dangerous or inconvenient, thereby curtailing customer demand for our products. In addition, unseasonably cool weather and prolonged winter conditions may lead to a shorter selling season in certain locations. Hurricanes and other storms could result in disruptions of our operations or damage to our boat inventories and facilities, as has been the case when Florida and other markets were affected by hurricanes, such as Hurricanes Harvey and Irma in 2017, Hurricane Ian in 2022, and Hurricanes Helene and Milton in 2024. Although we believe our geographic diversity is likely to reduce the overall impact to us of adverse weather conditions in any one market area, these conditions will continue to represent potential, material adverse risks to us and our future financial performance.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

We are exposed to risk from changes in interest rates on our outstanding indebtedness. Changes in the underlying interest rates on our short-term borrowings and long-term debt, which have variable interest rates, could affect our earnings. For example, a hypothetical 100 basis point, 200 basis point, or 300 basis point increase in the interest rate would result in an increase of approximately $11.3 million, $22.7 million, or $34.0 million, respectively, in annual pre-tax interest expense. These estimated increases are based upon the outstanding balance of our short-term borrowings and long-term debt as of December 31, 2024 and assumes no mitigating changes by us to reduce the outstanding balances and no additional interest assistance that could be received from vendors due to the interest rate increase.

Foreign Currency Exchange Rate Risk

Products purchased from European-based and Chinese-based manufacturers are transacted in U.S. dollars. Fluctuations in the U.S. dollar exchange rate may impact the retail price at which we can sell foreign products. Accordingly, fluctuations in the value of other currencies compared with the U.S. dollar may impact the price points at which we can profitably sell such foreign products, and such price points may not be competitive with other products in the United States. Thus, such fluctuations in exchange rates ultimately may impact the amount of revenue, cost of goods sold, cash flows and earnings we recognize for such foreign products. We cannot predict the effects of exchange rate fluctuations on our operating results. In certain cases, we may enter into foreign currency cash flow hedges to reduce the variability of cash flows associated with forecasted purchases of boats and yachts from European-based and Chinese-based manufacturers. We are not currently engaged in foreign currency exchange hedging transactions to manage our foreign currency exposure. If and when we do engage in foreign currency exchange hedging transactions, there can be no assurance that our strategies will adequately protect our operating results from the effects of exchange rate fluctuations.

Additionally, the Fraser Yachts Group, Northrop & Johnson and IGY Marinas have transactions and balances denominated in currencies other than the U.S. dollar. Most of the transactions not denominated in U.S. dollars are denominated in euros. Net revenues recognized whose functional currency was not the U.S. dollar were approximately 4% of our total revenues in fiscal 2024.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed by us in Securities Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Controls

During the quarter ended December 31, 2024, there were no changes in our internal control over financial reporting that materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures and internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Although our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

CEO and CFO Certifications

Exhibits 31.1 and 31.2 are the Certifications of the Chief Executive Officer and Chief Financial Officer, respectively. The Certifications are required in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 (the “Section 302 Certifications”). This Item of this report, which you are currently reading, is the information concerning the Evaluation referred to in the Section 302 Certifications and this information should be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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, 2024, we do not believe that these matters will have a material adverse effect on our unaudited condensed consolidated financial condition, result of operations, or cash flows.

ITEM 1A. RISK FACTORS

None.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Insider trading arrangements and policies. During the three months ended December 31, 2024, none of the Company’s officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K.

ITEM 6. EXHIBITS


3.1		Articles of Incorporation of MarineMax, Inc., a Florida corporation. (1)

3.2		Bylaws of MarineMax, Inc., a Florida corporation. (1)

4.1		Form of Common Stock Certificate. (1)

10.1		Fourth Amendment to Credit Agreement dated October 29, 2024 by and among MarineMax, Inc., the other loan parties thereto, the lenders party thereto, Manufacturers and Traders Trust Company as Administrative Agent, Swingline Lender and Issuing Bank and Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent.

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.

32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

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104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

(1)

Incorporated by reference to Registrant’s Form 8-K as filed March 20, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		MARINEMAX, INC.

January 23, 2025	By:	/s/ Michael H. McLamb

		Michael H. McLamb
		Executive Vice President,
		Chief Financial Officer, Secretary, and Director
		(Principal Accounting and Financial Officer)

NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” HAVE BEEN OMITTED FROM THIS EXHIBIT AS THESE PORTIONS ARE NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

Exhibit 10.1

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of October 29, 2024 (this “Fourth Amendment”), is made and entered into by and among MARINEMAX, INC., a Florida corporation (the “Borrower Representative”), each of the other Loan Parties party hereto, each of the Lenders party hereto, MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation (the “Administrative Agent”), as Administrative Agent, Swingline Lender and Issuing Bank and WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC (the “Floor Plan Agent”), as Floor Plan Agent.

RECITALS:

WHEREAS, reference is made to the Credit Agreement dated as of August 8, 2022 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement,” and as amended by this Fourth Amendment, the “Credit Agreement”), by and among the Borrower Representative, the Loan Parties party thereto, the Lenders party thereto, the Administrative Agent and the Floor Plan Agent; and

WHEREAS, subject to the terms and conditions of the Existing Credit Agreement the Borrowers have requested that the Existing Credit Agreement be amended in the manner provided for herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1.

Defined Terms; Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. This Fourth Amendment is a “Credit Document”, as defined in the Credit Agreement.

SECTION 2.

Amendments to Existing Credit Agreement. Subject to the terms and conditions set forth herein, the parties hereto agree that the Existing Credit Agreement is hereby amended in the following manner:

(a)

Section 2.01(a)(iii) of the Existing Credit Agreement is hereby amended by deleting such Section 2.01(a)(iii) in its entirety and replacing in lieu thereof the following:

(iii) the aggregate outstanding principal amount of advances of proceeds of the Floor Plan Loans (including WF Advances) used to finance (A) Eligible New Floor Plan Units larger than 80 feet shall not exceed $158,333,333; (B) Eligible New Floor Plan Units purchased from a foreign OEM (excluding Eligible New Floor Plan Units manufactured or branded by Azimut and Galeon) shall not exceed $158,333,333; (C) Eligible Used Floor Plan Units shall not exceed $158,333,333 and (D) Eligible Floor Plan Units individually having a value in excess of $1,000,000 shall not exceed $450,000,000;

The parties hereto acknowledge and agree that this Fourth Amendment is not a novation of the Existing Credit Agreement, any other Credit Document or of any credit facility or guaranty provided thereunder or in respect thereof. As used in the Credit Agreement, the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, from and after the Fourth Amendment Effective Date (as defined below), mean or refer to the Credit Agreement, as further amended, supplemented or modified from time to time in accordance with its terms. As used in any other Credit Document, from and after the Fourth Amendment Effective Date, all references to the “Credit Agreement” in such Credit Documents shall, unless the context otherwise requires, mean or refer to the Credit Agreement, as further amended, restated, supplemented or otherwise modified from time to time in accordance with its terms.

SECTION 3.

Conditions Precedent. This Fourth Amendment shall become effective as of the date on which the following conditions precedent are satisfied (such date, the “Fourth Amendment Effective Date”):

(a)

The Administrative Agent (or its counsel) shall have received from each Borrower, each other Loan Party, the Required Floor Plan Lenders and the Floor Plan Agent a counterpart of this Fourth Amendment duly executed and delivered on behalf of such party and acknowledged by the Administrative Agent; and

(b)

The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Fourth Amendment Effective Date and reimbursement or payment of all reasonable and documented out-of-pocket expenses (including reasonable and documented fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party pursuant to the terms of the Credit Agreement to the extent invoiced prior to or on the Fourth Amendment Effective Date.

The Administrative Agent shall promptly notify the Borrowers and the Lenders of the Fourth Amendment Effective Date, and such notice shall be conclusive and binding.

SECTION 4.

Representations and Warranties. In order to induce the applicable Floor Plan Lenders, the Floor Plan Agent and the Administrative Agent to enter into this Fourth Amendment, each Loan Party hereby represents and warrants to the Floor Plan Lenders, the Floor Plan Agent and the Administrative Agent on and as of the Fourth Amendment Effective Date that:

(a)

Authorization; No Contravention. The execution and delivery by each Loan Party of this Fourth Amendment and performance by each Loan Party of this Fourth Amendment and the Credit Agreement have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) conflict with, constitute a default under or result in any breach of (i) the terms and conditions of the Organization Documents of any Loan Party, or (ii) any Law or any agreement or instrument or order, writ, judgment, injunction or decree to which any Loan Party is a party or by which it is bound or to which it is subject, which conflict, default or breach would cause a Material Adverse Change, or (b) result in the creation or enforcement of any Lien upon any property (now or hereafter acquired) of any of the Loan Parties (other than Liens securing the Obligations and the Permitted Encumbrances). No event has occurred and is continuing and no condition exists or will exist after giving effect to the Fourth Amendment which constitutes an Event of Default or a Default.

(b)

Binding Effect. This Fourth Amendment has been executed and delivered by the respective Loan Parties and will, upon such execution and delivery, constitute the legal, valid and binding obligations of such Loan Parties, enforceable against the respective Loan Parties in

accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization moratorium or similar Laws affecting the rights of creditors generally and to the effect of general principles of equity whether applied by a court of Law or equity.

(c)

Representations and Warranties. The representations and warranties of the Loan Parties contained in this Fourth Amendment or in any other Credit Document shall be true and correct in all material respects (and, in the case of any representation or warranty that is qualified by materiality or Material Adverse Change, shall be true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and, in the case of any representation or warranty that is qualified by materiality or Material Adverse Change, shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 4(c), the representations and warranties contained in Section 3.08.1 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.09.2 and 5.09.3 of the Credit Agreement, respectively (on and after the date that financial statements have been delivered pursuant to such Sections).

SECTION 5.

Reaffirmation of Guarantees and Security Interests. Each Loan Party hereby acknowledges its receipt of a copy of this Fourth Amendment and its review of the terms and conditions hereof and consents to the terms and conditions of this Fourth Amendment and the transactions contemplated hereby. Except as provided in this Fourth Amendment, including as it relates to the scope of Obligations secured by the Collateral on and after the Fourth Amendment Effective Date, each Loan Party hereby (a) affirms and confirms its guarantees, pledges, grants and other undertakings under the Existing Credit Agreement, the Guarantee and Collateral Agreement, and the other Credit Documents to which it is a party and (b) agrees that (i) each Credit Document to which it is a party shall continue to be in full force and effect and (ii) all guarantees, pledges, grants and other undertakings thereunder shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties, including the Floor Plan Lenders. In furtherance of the foregoing, each Loan Party party hereto affirms and confirms its guarantee of the Obligations as a “Guarantor” party to the Guarantee and Collateral Agreement.

SECTION 6.

Miscellaneous.

(a)

No Waiver. Nothing contained herein shall be deemed to constitute a waiver of compliance with, or consent to any deviation from, any term or condition contained in the Credit Agreement or any of the other Credit Documents except as expressly stated herein, or constitute a course of conduct or dealing among the parties. The Administrative Agent and the Lenders reserve all rights, privileges and remedies under the Credit Documents.

(b)

Fees and Expenses. The Borrowers shall reimburse the Administrative Agent and the Floor Plan Agent for all reasonable and documented out-of-pocket costs and expenses (including all outstanding reasonable and documented attorneys’ fees of counsel to the Administrative Agent and counsel to the Floor Plan Agent) incurred by the Administrative Agent and the Floor Plan Agent in connection with the preparation, negotiation, and execution of this Fourth Amendment and the other agreements and documents executed and delivered in connection herewith in addition to any other outstanding fees and expenses owing, in each case, in accordance with the terms of the Credit Agreement and incurred prior to the date hereof.

(c)

Release. In consideration of the agreements of Administrative Agent, Floor Plan Agent and each Lender contained in this Fourth Amendment and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Borrower (collectively, the “Releasors”), on behalf of itself and its successors, assigns, and other legal

representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Administrative Agent, Floor Plan Agent and each Lender, each of their successors and assigns, each of their respective affiliates, and their respective affiliates’ present and former shareholders, members, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Administrative Agent, Floor Plan Agent, Lenders and all such other Persons being hereinafter referred to collectively as the “Releasees,” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually a “Claim” and collectively, “Claims”) of every name and nature, either known or unknown, both at law and in equity, which Releasors, or any of them, or any of their successors, assigns or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the date hereof, including, without limitation, for or on the account of, or in relation to, or in any way in connection with the Credit Agreement, or any of the other Credit Documents or transactions thereunder or related thereto.

(d)

Governing Law. This Fourth Amendment and any claims, disputes or causes of action (whether in contract or tort) arising out of or related to this Fourth Amendment and the transaction contemplated hereby shall be governed by, and construed in accordance with, the Laws of the Governing State.

(e)

JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, THE FLOOR PLAN AGENT, ANY LENDER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS FOURTH AMENDMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING, OR ANY OTHER ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS FOURTH AMENDMENT OR ANY OTHER CREDIT DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS FOURTH AMENDMENT OR IN ANY OTHER CREDIT DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS FOURTH AMENDMENT OR ANY OTHER CREDIT DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(f)

VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS FOURTH AMENDMENT OR ANY OTHER CREDIT DOCUMENT IN ANY COURT REFERRED TO IN SECTION 10.20 OF THE CREDIT AGREEMENT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(g)

SERVICE OF PROCESS. EACH LOAN PARTY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.10 OF THE CREDIT AGREEMENT. NOTHING IN THIS FOURTH AMENDMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

(h)

WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS FOURTH AMENDMENT OR THE OBLIGATIONS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FOURTH AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

(i)

Benefits. This Fourth Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

(j)

Counterparts and Integration. This Fourth Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Fourth Amendment and the other Credit Documents constitute the entire contract among the parties hereto relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 3, this Fourth Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Fourth Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be just as effective as the delivery of a manually executed counterpart of this Fourth Amendment.

[Remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

BORROWER REPRESENTATIVE AND

BORROWERS AND GUARANTORS:

MARINEMAX, INC.

By: /s/ Michael H. McLamb
Michael H. McLamb
Executive Vice President, Chief Financial Officer, and Secretary

BOATING GEAR CENTER, LLC

BOATYARD, LLC

FWW, LLC

[****]

GULFPORT MARINA, LLC

KCS INTERNATIONAL INC.

MARINEMAX CHARTER SERVICES, LLC

MARINEMAX EAST, INC.

MARINEMAX KW, LLC

MARINEMAX NORTHEAST, LLC

MARINEMAX PRODUCTS, INC.

MY WEB SERVICES, LLC

N & J GROUP, LLC

N & J MEDIA, LLC

NEWCOAST INSURANCE SERVICES, LLC

NISSWA MARINE, LLC

NORTHROP & JOHNSON HOLDING LLC

NORTHROP & JOHNSON YACHTS-SHIPS LLC

NVGH, LLC

PERFECT YACHT CHARTER, LLC

SILVER SEAS CALIFORNIA, INC.

SILVER SEAS YACHTS, LLC

SKIPPER BUD’S OF ILLINOIS, LLC

SKIPPER MARINE, LLC

SKIPPER MARINE OF CHICAGO-LAND, LLC

SKIPPER MARINE OF FOX VALLEY, LLC

SKIPPER MARINE OF MADISON, LLC

SKIPPER MARINE OF MICHIGAN, LLC

SKIPPER MARINE OF OHIO, LLC

US LIQUIDATORS, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

MARINEMAX SERVICES, INC.

NEWCOAST FINANCIAL SERVICES, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
Vice President, Secretary, and Treasurer

NORTHROP & JOHNSON CALIFORNIA INC.

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Chief Financial Officer

INTREPID POWERBOATS, INC.

INTREPID SOUTHEAST, INC.

By: /s/ Michael H. McLamb
Michael H. McLamb
Secretary, and Treasurer

FRASER YACHTS CALIFORNIA

FRASER YACHTS FLORIDA, INC.

By: /s/ Alessandrea Nenci
Alessandra Nenci
Chief Financial Officer

KCS RE ACQUISITION COMPANY, LLC

By: KCS INTERNATIONAL INC.
Sole Manager

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

WAVE AVIATION, LLC

By: MARINEMAX EAST, INC.
Sole Manager

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

CABO MARINA, S. DE R.L. DE C.V.

By: /s/ Jordan A.E. Franklin
Jordan A.E. Franklin
Power of Attorney

FAIRPORT YACHT SUPPORT LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

IGY TRIDENT SERVICES LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
EVP and Secretary

IGY-AYH ST. THOMAS HOLDINGS, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
Secretary

ISLAND GARDENS DEEP HARBOUR, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
EVP and Secretary

ISLAND GLOBAL YACHTING LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
EVP and Secretary

RODNEY BAY MARINA LIMITED

By: /s/ Michael H. McLamb
Michael H. McLamb
Secretary

YACHT HAVEN USVI LLC

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

By: /s/ Michael H. McLamb
Michael H. McLamb
Secretary

YHUSVI MARINA, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
Secretary

IGY SETE MARINA SAS

By: /s/ Michael H. McLamb
Michael H. McLamb
Director

IGY-RED FROG LLC

By: /s/ Steven A. English
Steven A. English
President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

GULFWIND DEVELOPMENT, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

MIDCOAST CONSTRUCTION ENTERPRISES LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

MIDCOAST MARINE GROUP, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
President, Secretary, and Treasurer

NEW WAVE INNOVATIONS, LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
President and Secretary

BOATZON HOLDINGS LLC

By: /s/ Michael H. McLamb
Michael H. McLamb
Secretary

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

HOP-INN ENTERPRISES N.V.

By: /s/ Michael H. McLamb
Michael H. McLamb
Director

SIMPSONBAY YACHT CLUB MARINA N.V.

By: /s/ Michael H. McLamb
Michael H. McLamb
Director

YACHTCLUB AT ISLE DE SOL B.V.

By: /s/ Michael H. McLamb
Michael H. McLamb
Director

WILLIAMS TENDERS USA, INC.

By: /s/ Michael H. McLamb
Michael H. McLamb
Director

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

REQUIRED FLOOR PLAN LENDERS:

MANUFACTURERS AND TRADERS TRUST COMPANY,

in its capacities as Administrative Agent, Swingline Lender, Issuing Bank and as a Lender

By: /s/ Matthew Fahey
Matthew Fahey
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC,

in its capacities as Floor Plan Agent and as a Lender

By: /s/ Thomas M. Adamski
Thomas M. Adamski
Managing Director

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

BANK OF AMERICA, N.A., as a Lender

By: /s/ Sam Scott
Sam Scott
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

PNC BANK, N.A., as a Lender

By: /s/ Carmen Campise
Carmen Campise
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

FLAGSTAR BANK, N.A., Assignee of Flagstar Specialty Finance Company, LLC, as successor-in-interest to NYCB Specialty Finance Company, LLC, as a Lender

By: /s/ Jennifer Gobeil
Jennifer Gobeil
First Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

BMO BANK N.A., as a Lender

By: /s/ Jonathan Terrell
Jonathan Terrell
Director

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

THE HUNTINGTON NATIONAL BANK, as a Lender

By: /s/ Scott Pritchett
Scott Pritchett
Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

NORTHPOINT COMMERCIAL FINANCE LLC, as a Lender

By: /s/ Jeff Craver
Jeff Craver
Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

HANCOCK WHITNEY BANK, as a Lender

By: /s/ Kenneth C. Misemer
Kenneth C. Misemer
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

BANKUNITED, N.A., as a Lender

By: /s/ Michael Del Rocco
Michael Del Rocco
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

RAYMOND JAMES BANK, as a Lender

By: /s/ Dennis Szczesuil
Dennis Szczesuil
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

CADENCE BANK, as a Lender

By: /s/ Leslie Fredericks
Leslie Fredericks
Senior Vice President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

COASTAL STATES BANK, as a Lender

By: /s/ Brian P. Smith
Brian P. Smith
Regional President

[FOURTH AMENDMENT TO CREDIT AGREEMENT]

Exhibit 31.1

CERTIFICATION

I, W. Brett McGill, certify that:

I have reviewed this quarterly report on Form 10-Q of MarineMax, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


	/s/ W. BRETT McGILL
	W. Brett McGill
	Chief Executive Officer and President
	(Principal Executive Officer)

Date: January 23, 2025

Exhibit 31.2

CERTIFICATION

I, Michael H. McLamb, certify that:

I have reviewed this quarterly report on Form 10-Q of MarineMax, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


	/s/ MICHAEL H. MCLAMB
	Michael H. McLamb
	Chief Financial Officer
	(Principal Financial Officer)

Date: January 23, 2025

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of MarineMax, Inc., (the “Company”) on Form 10-Q for the quarterly period ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, W. Brett McGill, Chief Executive Officer of the Company, certify, to my best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


	/s/ W. BRETT McGILL
	W. Brett McGill
	Chief Executive Officer and President

Date: January 23, 2025

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of MarineMax, Inc., (the “Company”) on Form 10-Q for the quarterly period ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael H. McLamb, Chief Financial Officer of the Company, certify, to my best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


	/s/ MICHAEL H. MCLAMB
	Michael H. McLamb
	Chief Financial Officer

Date: January 23, 2025

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2024	Jan. 20, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2025
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		22,707,321
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	501 Brooker Creek Boulevard
Entity Address, City or Town	Oldsmar
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34677
City Area Code	727
Local Phone Number	531-1700
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 468,461	$ 527,274
Cost of sales	298,807	351,793
Gross profit	169,654	175,481
Selling, general, and administrative expenses	130,682	156,482
Income from operations	38,972	18,999
Interest expense	18,745	18,365
Income before income tax provision (benefit)	20,227	634
Income tax provision (benefit)	2,103	(211)
Net income	18,124	845
Less: Net income (loss) attributable to non-controlling interests	58	(85)
Net income attributable to MarineMax, Inc.	$ 18,066	$ 930
Basic net income per common share	$ 0.8	$ 0.04
Diluted net income per common share	$ 0.77	$ 0.04
Weighted average number of common shares used in computing net income per common share:
Basic	22,615,629	22,196,141
Diluted	23,385,374	22,809,017

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 18,124	$ 845
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(7,303)	3,226
Interest rate swap contract	83	(286)
Total other comprehensive (loss) income, net of tax	(7,220)	2,940
Comprehensive income	10,904	3,785
comprehensive (loss) income attributable to non-controlling interests	(532)	267
Comprehensive income attributable to MarineMax, Inc.	$ 11,436	$ 3,518

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 145,010	$ 224,326
Accounts receivable, net	83,272	106,409
Inventories	1,035,183	906,641
Prepaid expenses and other current assets	34,958	35,835
Total current assets	1,298,423	1,273,211
Property and equipment, net of accumulated depreciation of $172,627 and $167,252	535,903	532,766
Operating lease right-of-use assets, net	142,741	136,599
Goodwill	587,967	592,293
Other intangible assets, net	38,493	37,458
Other long-term assets	30,818	32,741
Total assets	2,634,345	2,605,068
CURRENT LIABILITIES:
Accounts payable	35,532	54,481
Contract liabilities (customer deposits)	52,504	64,845
Accrued expenses	164,145	197,295
Short-term borrowings (Floor Plan)	795,170	708,994
Current maturities on long-term debt	33,766	33,766
Current operating lease liabilities	10,330	9,762
Total current liabilities	1,091,447	1,069,143
Long-term debt, net of current maturities	347,294	355,906
Noncurrent operating lease liabilities	130,489	124,525
Deferred tax liabilities, net	54,364	60,317
Other long-term liabilities	7,550	8,928
Total liabilities	1,631,144	1,618,819
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of December 31, 2024 and September 30, 2024
Common stock, $.001 par value, 40,000,000 shares authorized, 30,060,161 and 29,898,545 shares issued and 22,705,924 and 22,544,308 shares outstanding as of December 31, 2024 and September 30, 2024, respectively	30	30
Additional paid-in capital	350,138	343,911
Accumulated other comprehensive (loss) income	(1,993)	4,636
Retained earnings	796,081	778,015
Treasury stock, at cost, 7,354,237 shares held as of December 31, 2024 and September 30, 2024	(150,797)	(150,797)
Total shareholders' equity attributable to MarineMax, Inc.	993,459	975,795
Non-controlling interests	9,742	10,454
Total shareholders' equity	1,003,201	986,249
Total liabilities and shareholders’ equity	$ 2,634,345	$ 2,605,068

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 172,627	$ 167,252
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	30,060,161	29,898,545
Common stock, shares outstanding	22,705,924	22,544,308
Treasury stock, shares	7,354,237	7,354,237

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, 2023	$ 918,417	$ 29	$ 323,218	$ 1,303	$ 739,949	$ (148,656)	$ 2,574
Beginning Balance, Shares at Sep. 30, 2023		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 (loss) 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
Beginning Balance at Sep. 30, 2024	$ 986,249	$ 30	343,911	4,636	778,015	(150,797)	10,454
Beginning Balance, Shares at Sep. 30, 2024	29,898,545	29,898,545
Net income (loss)	$ 18,124				18,066		58
Distributions to non-controlling interests	(179)						(179)
Shares issued pursuant to employee stock purchase plan	1,368		1,368
Shares issued pursuant to employee stock purchase plan, Shares		47,774
Shares issued upon vesting of equity awards, net of minimum tax withholding	(723)		(723)
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares		106,348
Shares issued upon exercise of stock options	109		109
Shares issued upon exercise of stock options, Shares		5,750
Stock-based compensation	5,473		5,473
Stock-based compensation, Shares		1,744
Other comprehensive (loss) income	(7,220)			(6,629)			(591)
Ending Balance at Dec. 31, 2024	$ 1,003,201	$ 30	$ 350,138	$ (1,993)	$ 796,081	$ (150,797)	$ 9,742
Ending Balance, Shares at Dec. 31, 2024	30,060,161	30,060,161

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 18,124	$ 845
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	11,597	10,932
Deferred income tax (benefit) provision, net of effects of acquisitions	(5,953)	1,012
Weather expenses (recoveries)	4,968	(289)
Change in fair value of contingent consideration	(25,817)	219
(Gain) loss on sale of property and equipment and assets held for sale		(7)
Proceeds from insurance settlements	118
Stock-based compensation expense	5,473	5,419
(Increase) decrease in, net of effects of acquisitions —
Accounts receivable, net	22,147	(8,550)
Inventories	(133,459)	(63,403)
Prepaid expenses and other assets	1,112	(1,591)
(Decrease) increase in, net of effects of acquisitions —
Accounts payable	(18,787)	(28,049)
Contract liabilities (customer deposits)	(11,869)	(7,064)
Accrued expenses and other liabilities	(13,735)	1,431
Net cash used in operating activities	(146,081)	(89,095)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(18,316)	(13,329)
Cash used in acquisition of businesses, net of cash acquired		(4,362)
Proceeds from insurance settlements		382
Proceeds from trade name and warranties assumed in asset exchange agreement	6,170
Proceeds from sale of property and equipment and other assets	5,684	9
Net cash used in investing activities	(6,462)	(17,300)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on short-term borrowings (Floor Plan)	86,176	127,798
Payments of long-term debt	(8,441)	(8,442)
Contingent acquisition consideration payments		(2,250)
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans	1,477	1,434
Payments on tax withholdings for equity awards	(4,520)	(4,198)
Net cash provided by financing activities	74,692	114,342
Effect of exchange rate changes on cash	(1,465)	920
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(79,316)	8,867
CASH AND CASH EQUIVALENTS, beginning of period	224,326	201,456
CASH AND CASH EQUIVALENTS, end of period	145,010	210,323
Cash paid for:
Interest	19,245	18,493
Income taxes	$ 1,368	843
Non-cash items:
Contingent consideration liabilities from acquisitions		$ 613

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 18,066	$ 930

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
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

3 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Company Background

COMPANY BACKGROUND:

Basis of Presentation

3 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION:

All references to the “Company,” “we,” “us,” and “our” mean, as a combined company, MarineMax, Inc. and its subsidiaries.

The Unaudited Condensed Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All intercompany transactions and accounts have been eliminated.

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	3. NEW ACCOUNTING PRONOUNCEMENTS: In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, which for the Company would be the fiscal year ending September 30, 2025, with early adoption permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending September 30, 2026. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending September 30, 2028. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. The Company currently has no other material accounting pronouncements recently adopted or yet to be adopted as of December 31, 2024.

Fair Value Measurements

3 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS:

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.

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, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	824	$	—	$	824
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	55,494	$	55,494


	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	716	$	—	$	716
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	81,311	$	81,311

There were no transfers between the valuation hierarchy Levels 1, 2, and 3 for the three months ended December 31, 2024 and for the fiscal year ended September 30, 2024.

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, 2024
Discount rate		11% - 17%

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, 2024 and 2023:


	Contingent Consideration Liabilities
	2024			2023
	(Amounts in thousands)
Beginning balance - September 30,	$	81,311		$	86,059
Additions from business acquisitions		—			613
Settlement of contingent consideration liabilities		—			(2,250	)
Change in fair value and net present value of contingency		(25,817	)		219
Ending balance - December 31,	$	55,494		$	84,641


	December 31, 2024				September 30, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank	$	5,445	$	5,287	$	5,501	$	5,411
Mortgage facility payable to Seacoast National Bank		15,774		15,039		15,467		15,378
Mortgage facility payable to Hancock Whitney Bank		21,885		20,887		21,781		21,366
Term loan payable to M&T Bank		342,338		340,000		347,250		347,500

Revenue Recognition

3 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION:

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.

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,
	2024			2023			2024			2023
Goods and services transferred at a point in time		83.8	%		85.7	%		100.0	%		100.0	%
Goods and services transferred over time		16.2	%		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, 2024									Three months ended December 31, 2023
	Retail Operations			Product Manufacturing			Total			Retail Operations			Product Manufacturing			Total
New boat sales		58.7	%		98.8	%		58.8	%		66.3	%		98.9	%		66.4	%
Used boat sales		11.1	%		—			11.1	%		7.9	%		—			7.8	%
Maintenance and repair services		6.4	%		—			6.4	%		5.9	%		—			5.9	%
Storage and charter rentals		9.4	%		—			9.3	%		7.7	%		—			7.7	%
Finance and insurance products		3.1	%		—			3.1	%		2.4	%		—			2.4	%
Parts and accessories		5.7	%		1.2	%		5.7	%		5.1	%		1.1	%		5.1	%
Brokerage sales		5.6	%		—			5.6	%		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, 2024		December 31, 2023
	(Amounts in thousands)
Marina/storage locations	$	71,012	$	69,590
Locations without marina/storage		29,683		28,414
Maintenance, repair, storage, rental, charter services, parts and accessories revenue	$	100,695	$	98,004

Leases

3 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

LEASES:

Lessee

As of December 31, 2024, maturities of lease liabilities by fiscal year are summarized as follows:


	(Amounts in thousands)
2025 (remaining)	$	12,935
2026		17,023
2027		17,297
2028		16,551
2029		15,136
Thereafter		258,103
Total lease payments		337,045
Less: interest		(196,226	)
Present value of lease liabilities	$	140,819

The following table sets forth supplemental cash flow information related to leases:


	Three Months Ended
	December 31,
	2024		2023
	(Amounts in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,764	$	4,614
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	13,557	$	3,363

Lessor

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,
	2024		2023
	(Amounts in thousands)
Operating leases:
Operating lease income	$	2,439	$	2,454
Variable lease income	$	196	$	435
Total rental income	$	2,635	$	2,889

As of December 31, 2024, future minimum payments to be received during the next five years and thereafter are as follows:


	(Amounts in thousands)
2025 (remaining)	$	7,042
2026		5,967
2027		4,184
2028		2,279
2029		1,128
Thereafter		204
Total lease payments	$	20,804

Inventories

3 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES:

Inventories consisted of the following as of:


	December 31, 2024		September 30, 2024
	(Amounts in thousands)
New and used boats, motors, and trailers	$	903,580	$	784,152
In transit inventory and deposits		73,722		60,470
Parts, accessories, and other		13,238		14,569
Work-in-process		23,258		24,996
Raw materials		21,385		22,454
Inventories	$	1,035,183	$	906,641

Goodwill

3 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL:

In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece.

The following table sets forth the changes in carrying amount of goodwill by reportable segment during the three months ended December 31, 2024:


	Retail Operations			Product Manufacturing		Total
	(Amounts in thousands)
Balance as of September 30, 2024	$	523,259		$	69,034	$	592,293
Goodwill acquired		—			—		—
Foreign currency translation		(4,326	)		—		(4,326	)
Balance as of December 31, 2024	$	518,933		$	69,034	$	587,967

Income Taxes

3 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES:

Short-Term Borrowings and Long-Term Debt

3 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

10.

SHORT-TERM BORROWINGS AND LONG-TERM DEBT:

Short-term Borrowings

Long-term Debt

The below table summarizes the Company's long-term debt.


	December 31, 2024			September 30, 2024
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank bearing interest at 6.50% (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.	$	5,287		$	5,411
Mortgage facility payable to Seacoast National Bank bearing interest at 6.59% (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.		15,039			15,378
Mortgage facility payable to Hancock Whitney Bank bearing interest at 6.88% (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%.		20,887			21,366
Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 7.25% (prime minus 25 basis points with a floor of 3.00%). Facility matures in October 2027. Current available borrowings under the facility were approximately $20.5 million at December 31, 2024.		—			—
Term loan payable to M&T Bank bearing interest at 6.03%. Requires quarterly principal and interest payments. Facility matures in August 2027.		340,000			347,500
Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 6.78%. Requires quarterly principal and interest payments. Facility matures in December 2030.		1,263			1,531
Total long-term debt		382,476			391,186
Less: current portion		(33,766	)		(33,766	)
Less: unamortized portion of debt issuance costs		(1,416	)		(1,514	)
Long-term debt, net current portion and unamortized debt issuance costs	$	347,294		$	355,906

Stock-Based Compensation

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11.

STOCK-BASED COMPENSATION:

The Incentive Stock Plans

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

The Incentive Stock Plans

12.

THE INCENTIVE STOCK PLANS:

The following table summarizes activity from our incentive stock plans from September 30, 2024 through December 31, 2024:


	Shares Available for Grant			Options Outstanding			Aggregate Intrinsic Value (Amounts in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance as of September 30, 2024		1,295,064			30,750		$	296	$	26.97		5.0
Options exercised		—			(5,750	)				19.02
Restricted stock awards granted		(553,692	)		—					—
Restricted stock awards forfeited		201			—					—
Additional shares of stock issued		(1,744	)		—					—
Balance as of December 31, 2024		739,829			25,000		$	93	$	30.19		5.9
Exercisable as of December 31, 2024					21,666		$	93	$	29.40		5.3

During the three months ended December 31, 2024 and 2023, no options were granted.

Employee Stock Purchase Plan

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Employee Stock Purchase Plan

14.

EMPLOYEE STOCK PURCHASE PLAN:

The following are the weighted average assumptions used for each respective period:


	Three Months Ended
	December 31,
	2024	2023
Dividend yield	0.0%	0.0%
Risk-free interest rate	4.4%	5.3%
Volatility	63.8%	39.2%
Expected life	Six Months	Six Months

As of December 31, 2024, we have issued 1,428,555 shares of common stock under our Stock Purchase Plan.

Restricted Stock Awards

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Restricted Stock Awards

13.

RESTRICTED STOCK AWARDS:

The following table summarizes restricted stock award activity from September 30, 2024 through December 31, 2024:


	Shares/ Units			Weighted Average Grant Date Fair Value
Non-vested balance as of September 30, 2024		1,453,229		$	32.04
Changes during the period:
Awards granted		553,692		$	30.28
Awards vested		(128,509	)	$	32.30
Awards forfeited		(251	)	$	31.25
Non-vested balance as of December 31, 2024		1,878,161

Net Income Per Share

3 Months Ended

Dec. 31, 2024

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,
	2024		2023
Weighted average common shares outstanding used in calculating basic net income per share		22,615,629		22,196,141
Effect of dilutive options and non-vested restricted stock awards		769,745		612,876
Weighted average common and common equivalent shares used in calculating diluted net income per share		23,385,374		22,809,017

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 2024
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, 2024, 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

3 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

17.

SEGMENT INFORMATION:

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,
	2024			2023
	(Amounts in thousands)
Revenue:
Retail Operations	$	468,349		$	524,085
Product Manufacturing		37,938			46,128
Elimination of intersegment revenue		(37,826	)		(42,939	)
Revenue	$	468,461		$	527,274
Income from operations:
Retail Operations	$	41,250		$	14,806
Product Manufacturing		223			3,970
Intersegment adjustments		(2,501	)		223
Income from operations	$	38,972		$	18,999

Basis of Presentation (Policies)

3 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Use of Estimates

Consolidation

The Unaudited Condensed Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All intercompany transactions and accounts have been eliminated.

New Accounting Pronouncements

The Company currently has no other material accounting pronouncements recently adopted or yet to be adopted as of December 31, 2024.

Revenue Recognition

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.

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,
	2024			2023			2024			2023
Goods and services transferred at a point in time		83.8	%		85.7	%		100.0	%		100.0	%
Goods and services transferred over time		16.2	%		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, 2024									Three months ended December 31, 2023
	Retail Operations			Product Manufacturing			Total			Retail Operations			Product Manufacturing			Total
New boat sales		58.7	%		98.8	%		58.8	%		66.3	%		98.9	%		66.4	%
Used boat sales		11.1	%		—			11.1	%		7.9	%		—			7.8	%
Maintenance and repair services		6.4	%		—			6.4	%		5.9	%		—			5.9	%
Storage and charter rentals		9.4	%		—			9.3	%		7.7	%		—			7.7	%
Finance and insurance products		3.1	%		—			3.1	%		2.4	%		—			2.4	%
Parts and accessories		5.7	%		1.2	%		5.7	%		5.1	%		1.1	%		5.1	%
Brokerage sales		5.6	%		—			5.6	%		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, 2024		December 31, 2023
	(Amounts in thousands)
Marina/storage locations	$	71,012	$	69,590
Locations without marina/storage		29,683		28,414
Maintenance, repair, storage, rental, charter services, parts and accessories revenue	$	100,695	$	98,004

Inventories

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2024

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, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	824	$	—	$	824
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	55,494	$	55,494


	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	716	$	—	$	716
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	81,311	$	81,311

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, 2024
Discount rate		11% - 17%

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, 2024 and 2023:


	Contingent Consideration Liabilities
	2024			2023
	(Amounts in thousands)
Beginning balance - September 30,	$	81,311		$	86,059
Additions from business acquisitions		—			613
Settlement of contingent consideration liabilities		—			(2,250	)
Change in fair value and net present value of contingency		(25,817	)		219
Ending balance - December 31,	$	55,494		$	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 December 31, 2024 and September 30, 2024:


	December 31, 2024				September 30, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank	$	5,445	$	5,287	$	5,501	$	5,411
Mortgage facility payable to Seacoast National Bank		15,774		15,039		15,467		15,378
Mortgage facility payable to Hancock Whitney Bank		21,885		20,887		21,781		21,366
Term loan payable to M&T Bank		342,338		340,000		347,250		347,500

Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2024

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,
	2024			2023			2024			2023
Goods and services transferred at a point in time		83.8	%		85.7	%		100.0	%		100.0	%
Goods and services transferred over time		16.2	%		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, 2024		December 31, 2023
	(Amounts in thousands)
Marina/storage locations	$	71,012	$	69,590
Locations without marina/storage		29,683		28,414
Maintenance, repair, storage, rental, charter services, parts and accessories revenue	$	100,695	$	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, 2024									Three months ended December 31, 2023
	Retail Operations			Product Manufacturing			Total			Retail Operations			Product Manufacturing			Total
New boat sales		58.7	%		98.8	%		58.8	%		66.3	%		98.9	%		66.4	%
Used boat sales		11.1	%		—			11.1	%		7.9	%		—			7.8	%
Maintenance and repair services		6.4	%		—			6.4	%		5.9	%		—			5.9	%
Storage and charter rentals		9.4	%		—			9.3	%		7.7	%		—			7.7	%
Finance and insurance products		3.1	%		—			3.1	%		2.4	%		—			2.4	%
Parts and accessories		5.7	%		1.2	%		5.7	%		5.1	%		1.1	%		5.1	%
Brokerage sales		5.6	%		—			5.6	%		4.7	%		—			4.7	%
Revenue		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Leases (Tables)

3 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Maturities of Lease Liabilities by Fiscal Year

As of December 31, 2024, maturities of lease liabilities by fiscal year are summarized as follows:


	(Amounts in thousands)
2025 (remaining)	$	12,935
2026		17,023
2027		17,297
2028		16,551
2029		15,136
Thereafter		258,103
Total lease payments		337,045
Less: interest		(196,226	)
Present value of lease liabilities	$	140,819

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,
	2024		2023
	(Amounts in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,764	$	4,614
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	13,557	$	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,
	2024		2023
	(Amounts in thousands)
Operating leases:
Operating lease income	$	2,439	$	2,454
Variable lease income	$	196	$	435
Total rental income	$	2,635	$	2,889

Summary of Future Minimum Payments Received

As of December 31, 2024, future minimum payments to be received during the next five years and thereafter are as follows:


	(Amounts in thousands)
2025 (remaining)	$	7,042
2026		5,967
2027		4,184
2028		2,279
2029		1,128
Thereafter		204
Total lease payments	$	20,804

Inventories (Tables)

3 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following as of:


	December 31, 2024		September 30, 2024
	(Amounts in thousands)
New and used boats, motors, and trailers	$	903,580	$	784,152
In transit inventory and deposits		73,722		60,470
Parts, accessories, and other		13,238		14,569
Work-in-process		23,258		24,996
Raw materials		21,385		22,454
Inventories	$	1,035,183	$	906,641

Goodwill (Tables)

3 Months Ended

Dec. 31, 2024

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, 2024:


	Retail Operations			Product Manufacturing		Total
	(Amounts in thousands)
Balance as of September 30, 2024	$	523,259		$	69,034	$	592,293
Goodwill acquired		—			—		—
Foreign currency translation		(4,326	)		—		(4,326	)
Balance as of December 31, 2024	$	518,933		$	69,034	$	587,967

Short-Term Borrowings and Long-Term Debt (Tables)

3 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The below table summarizes the Company's long-term debt.


	December 31, 2024			September 30, 2024
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank bearing interest at 6.50% (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.	$	5,287		$	5,411
Mortgage facility payable to Seacoast National Bank bearing interest at 6.59% (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.		15,039			15,378
Mortgage facility payable to Hancock Whitney Bank bearing interest at 6.88% (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%.		20,887			21,366
Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 7.25% (prime minus 25 basis points with a floor of 3.00%). Facility matures in October 2027. Current available borrowings under the facility were approximately $20.5 million at December 31, 2024.		—			—
Term loan payable to M&T Bank bearing interest at 6.03%. Requires quarterly principal and interest payments. Facility matures in August 2027.		340,000			347,500
Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 6.78%. Requires quarterly principal and interest payments. Facility matures in December 2030.		1,263			1,531
Total long-term debt		382,476			391,186
Less: current portion		(33,766	)		(33,766	)
Less: unamortized portion of debt issuance costs		(1,416	)		(1,514	)
Long-term debt, net current portion and unamortized debt issuance costs	$	347,294		$	355,906

The Incentive Stock Plans (Tables)

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Incentive Stock Plans Activity

The following table summarizes activity from our incentive stock plans from September 30, 2024 through December 31, 2024:


	Shares Available for Grant			Options Outstanding			Aggregate Intrinsic Value (Amounts in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance as of September 30, 2024		1,295,064			30,750		$	296	$	26.97		5.0
Options exercised		—			(5,750	)				19.02
Restricted stock awards granted		(553,692	)		—					—
Restricted stock awards forfeited		201			—					—
Additional shares of stock issued		(1,744	)		—					—
Balance as of December 31, 2024		739,829			25,000		$	93	$	30.19		5.9
Exercisable as of December 31, 2024					21,666		$	93	$	29.40		5.3

Employee Stock Purchase Plan (Tables)

3 Months Ended

Dec. 31, 2024

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,
	2024	2023
Dividend yield	0.0%	0.0%
Risk-free interest rate	4.4%	5.3%
Volatility	63.8%	39.2%
Expected life	Six Months	Six Months

Restricted Stock Awards (Tables)

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Restricted Stock Award Activity

The following table summarizes restricted stock award activity from September 30, 2024 through December 31, 2024:


	Shares/ Units			Weighted Average Grant Date Fair Value
Non-vested balance as of September 30, 2024		1,453,229		$	32.04
Changes during the period:
Awards granted		553,692		$	30.28
Awards vested		(128,509	)	$	32.30
Awards forfeited		(251	)	$	31.25
Non-vested balance as of December 31, 2024		1,878,161

Net Income Per Share (Tables)

3 Months Ended

Dec. 31, 2024

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,
	2024		2023
Weighted average common shares outstanding used in calculating basic net income per share		22,615,629		22,196,141
Effect of dilutive options and non-vested restricted stock awards		769,745		612,876
Weighted average common and common equivalent shares used in calculating diluted net income per share		23,385,374		22,809,017

Segment Information (Tables)

3 Months Ended

Dec. 31, 2024

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,
	2024			2023
	(Amounts in thousands)
Revenue:
Retail Operations	$	468,349		$	524,085
Product Manufacturing		37,938			46,128
Elimination of intersegment revenue		(37,826	)		(42,939	)
Revenue	$	468,461		$	527,274
Income from operations:
Retail Operations	$	41,250		$	14,806
Product Manufacturing		223			3,970
Intersegment adjustments		(2,501	)		223
Income from operations	$	38,972		$	18,999

Company Background - Additional Information (Detail)	3 Months Ended		12 Months Ended
Company Background - Additional Information (Detail)	Dec. 31, 2024 Location	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2024 RetailDealership	Dec. 31, 2024 Marina
Concentration Risk [Line Items]
Number of retail locations	120					70	65
Product Concentration Risk [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	100.00%	100.00%
Product Concentration Risk [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats			20.00%
Product Concentration Risk [Member] \| Brunswick Sea Ray Boat [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats			9.00%
Product Concentration Risk [Member] \| Brunswick Boston Whaler Boats [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats			9.00%
Product Concentration Risk [Member] \| Azimut Benetti Groups and Yachts \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats			8.00%
Geographic Concentration Risk [Member] \| Sales [Member] \| Florida [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats			53.00%	53.00%	51.00%

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Assets:
Interest rate swap contract	$ 824	$ 716
Liabilities:
Contingent consideration liabilities	55,494	81,311
Level 2 [Member]
Assets:
Interest rate swap contract	824	716
Level 3 [Member]
Liabilities:
Contingent consideration liabilities	$ 55,494	$ 81,311

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
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
Assets held for sale	10,700,000		12,000,000
Accrued Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liabilities	52,300,000		77,400,000
Other Noncurrent Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liabilities	$ 3,200,000		$ 3,900,000

Fair Value Measurements - Summary of Ranges for Significant Quantitative Unobservable Inputs Utilized in Fair Value Measurements (Details)	3 Months Ended
	Dec. 31, 2024
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	17.00%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	11.00%

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, 2024	Dec. 31, 2023
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 81,311	$ 86,059
Additions from business acquisitions		613
Settlement of contingent consideration liabilities		(2,250)
Change in fair value and net present value of contingency	(25,817)	219
Ending Balance	$ 55,494	$ 84,641

Fair Value Measurements - Summary of Carrying Value and Fair Value of Mortgage Facilities and Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
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	$ 5,445	$ 5,501
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	15,774	15,467
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	21,885	21,781
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	342,338	347,250
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	5,287	5,411
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	15,039	15,378
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	20,887	21,366
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	$ 340,000	$ 347,500

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
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	$ 6.8	$ 5.7

Revenue Recognition - Summary of Percentage on Timing of Revenue Recognition by Reportable Segment (Details)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retail Operations [Member]
Disaggregation Of Revenue [Line Items]
Revenue	100.00%	100.00%
Product Manufacturing [Member]
Disaggregation Of Revenue [Line Items]
Revenue	100.00%	100.00%
Goods and Services Transferred at a Point in Time [Member] \| Retail Operations [Member]
Disaggregation Of Revenue [Line Items]
Revenue	83.80%	85.70%
Goods and Services Transferred at a Point in Time [Member] \| Product Manufacturing [Member]
Disaggregation Of Revenue [Line Items]
Revenue	100.00%	100.00%
Goods and Services Transferred Over Time [Member] \| Retail Operations [Member]
Disaggregation Of Revenue [Line Items]
Revenue	16.20%	14.30%

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, 2024	Dec. 31, 2023
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	100.00%	100.00%
Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	100.00%	100.00%
Product Manufacturing [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	100.00%	100.00%
New Boat Sales [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	58.80%	66.40%
New Boat Sales [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	58.70%	66.30%
New Boat Sales [Member] \| Product Manufacturing [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	98.80%	98.90%
Used Boat Sales [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	11.10%	7.80%
Used Boat Sales [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	11.10%	7.90%
Maintenance and Repair Services [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	6.40%	5.90%
Maintenance and Repair Services [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	6.40%	5.90%
Storage and Charter Rentals [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	9.30%	7.70%
Storage and Charter Rentals [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	9.40%	7.70%
Finance and Insurance Products [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	3.10%	2.40%
Finance and Insurance Products [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	3.10%	2.40%
Parts and Accessories [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	5.70%	5.10%
Parts and Accessories [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	5.70%	5.10%
Parts and Accessories [Member] \| Product Manufacturing [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	1.20%	1.10%
Brokerage Sales [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	5.60%	4.70%
Brokerage Sales [Member] \| Retail Operations [Member]
Product Information [Line Items]
Sales Revenue Goods And Services Net Percentage	5.60%	4.70%

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, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 468,461	$ 527,274
Retail Operations [Member] \| Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	100,695	98,004
Retail Operations [Member] \| Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member] \| Marina/Storage Locations [Member]
Disaggregation of Revenue [Line Items]
Revenue	71,012	69,590
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	$ 29,683	$ 28,414

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (years)	19 years
Operating lease expense	$ 7.7	$ 8.0
Operating lease renewal term	25 years
Weighted average discount rate	6.60%

Leases - Summary of Maturities of Lease Liabilities by Fiscal Year (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025 (remaining)	$ 12,935
2026	17,023
2027	17,297
2028	16,551
2029	15,136
Thereafter	258,103
Total lease payments	337,045
Less: interest	(196,226)
Present value of lease liabilities	$ 140,819

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4,764	$ 4,614
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 13,557	$ 3,363

Leases - Summary of Operating Lease Income and Other Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating leases:
Operating lease income	$ 2,439	$ 2,454
Variable lease income	196	435
Total rental income	$ 2,635	$ 2,889
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag	true	true

Leases - Summary of Future Minimum Payments Received (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025 (remaining)	$ 7,042
2026	5,967
2027	4,184
2028	2,279
2029	1,128
Thereafter	204
Total lease payments	$ 20,804

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Inventory [Line Items]
Inventories	$ 1,035,183	$ 906,641
Work-in-process	23,258	24,996
Raw materials	21,385	22,454
New and Used Boats, Motors, and Trailers [Member]
Inventory [Line Items]
Inventories	903,580	784,152
In Transit Inventory and Deposits [Member]
Inventory [Line Items]
Inventories	73,722	60,470
Parts, Accessories, and Other [Member]
Inventory [Line Items]
Inventories	$ 13,238	$ 14,569

Goodwill - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Goodwill And Other Assets Disclosure [Abstract]
Goodwill and other intangible assets, net	$ 626.5	$ 629.8

Goodwill - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Line Items]
Beginning balance	$ 592,293
Foreign currency translation	(4,326)
Ending balance	587,967
Retail Operations [Member]
Goodwill [Line Items]
Beginning balance	523,259
Foreign currency translation	(4,326)
Ending balance	518,933
Product Manufacturing [Member]
Goodwill [Line Items]
Beginning balance	69,034
Ending balance	$ 69,034

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 2,103	$ (211)
Effective income tax rate	25.10%	26.40%

Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs		$ 1,200,000	$ 1,500,000
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		$ 382,476,000		$ 391,186,000
Borrowing Base Amount and Aging Inventory [Member]
Line Of Credit Facility [Line Items]
Inventory and working capital needs		$ 795,200,000	$ 664,900,000
Interest rate on short-term borrowings		8.00%	8.80%
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		2.00%
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		2.00%
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, 2024, 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 borrowings		$ 3,800,000
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	$ 86,000,000
Swingline facility	20,000,000
Letter of credit sublimit amount	$ 20,000,000
Letter of Credit [Member]
Line Of Credit Facility [Line Items]
Letters of credit for insurance carriers and equity investment		$ 14,000,000

Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Less: current portion	$ (33,766)	$ (33,766)
Less: unamortized portion of debt issuance costs	(1,416)	(1,514)
Long-term debt, net current portion and unamortized debt issuance costs	347,294	355,906
Mortgage Facility [Member]
Debt Instrument [Line Items]
Long-term debt	382,476	391,186
Mortgage Facility [Member] \| Mortgage Facility Payable to Flagship Bank [Member]
Debt Instrument [Line Items]
Long-term debt	5,287	5,411
Mortgage Facility [Member] \| Mortgage Facility Payable to Seacoast National Bank [Member]
Debt Instrument [Line Items]
Long-term debt	15,039	15,378
Mortgage Facility [Member] \| Mortgage facility payable to Hancock Whitney Bank [Member]
Debt Instrument [Line Items]
Long-term debt	20,887	21,366
Term Loan [Member] \| Term loan payable to M&T Bank [Member]
Debt Instrument [Line Items]
Long-term debt	340,000	347,500
Term Loan [Member] \| Loan payable to TRANSPORT S.a.s di Taula Vittorio and C. [Member]
Debt Instrument [Line Items]
Long-term debt	$ 1,263	$ 1,531

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, 2024	Sep. 30, 2024
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	6.50%	6.50%
Debt instrument basis percentage	1.00%	1.00%
Principal and interest payments with a balloon payment	$ 4.0	$ 4.0
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	2.00%	2.00%
Mortgage Facility [Member] \| Mortgage Facility Payable to Seacoast National Bank [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.59%	6.59%
Principal and interest payments with a balloon payment	$ 10.0	$ 10.0
Additional extension for two one-year periods	Sep. 30, 2031	Sep. 30, 2031
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	6.88%	6.88%
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	50.00%	50.00%
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	7.25%	7.25%
Debt instrument basis percentage	0.25%	0.25%
Additional extension for two one-year periods	Oct. 31, 2027	Oct. 31, 2027
Current available borrowings	$ 20.5
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	3.00%	3.00%
Term Loan [Member] \| Term loan payable to M&T Bank [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.03%	6.03%
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	6.78%	6.78%
Additional extension for two one-year periods	Dec. 31, 2030	Dec. 31, 2030

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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	$ 1,477	$ 1,434
Selling, General, and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, approximately	$ 5,500	$ 5,400

The Incentive Stock Plans - Additional Information (Detail) - shares	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted		0	0
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 - Summary of Activity from Incentive Stock Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, Options Outstanding	0	0
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Available for Grant, Beginning Balance	1,295,064
Restricted stock awards granted, Shares Available for Grant	(553,692)
Restricted stock awards forfeited, Shares Available for Grant	201
Additional shares of stock issued, Shares Available for Grant	(1,744)
Shares Available for Grant, Ending Balance	739,829		1,295,064
Options Outstanding, Beginning Balance	30,750
Options exercised, Options Outstanding	(5,750)
Options Outstanding, Ending Balance	25,000		30,750
Exercisable as of December 31, 2024, Options Outstanding	21,666
Aggregate Intrinsic Value	$ 93		$ 296
Exercisable as of December 31, 2024, Aggregate Intrinsic Value	$ 93
Weighted Average Exercise Price, Beginning Balance	$ 26.97
Options exercised, Weighted Average Exercise Price	19.02
Weighted Average Exercise Price, Ending Balance	30.19		$ 26.97
Exercisable as of December 31, 2024, Weighted Average Exercise Price	$ 29.4
Weighted Average Remaining Contractual Life	5 years 10 months 24 days		5 years
Exercisable as of December 31, 2024, Weighted Average Remaining Contractual Life	5 years 3 months 18 days

Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2019	Dec. 31, 2024	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued		30,060,161	29,898,545
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		85.00%
Percentage not exceeding to periodic payment of purchase price		10.00%
Maximum common stock value purchased by participant annually		$ 25,000
Common stock, shares issued		1,428,555
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 - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) - Stock Purchase Plan [Member]	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate	4.40%	5.30%
Volatility	63.80%	39.20%
Expected life	6 months	6 months

Restricted Stock Awards - Additional Information (Detail) - Restricted Stock Awards [Member] $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted stock awards	$ 33.5
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	0.00%
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	175.00%

Restricted Stock Awards - Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member]	3 Months Ended
	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/ Units, Non-vested beginning balance	1,453,229
Shares/ Units, Awards granted	553,692
Shares/ Units, Awards vested	(128,509)
Shares/ Units, Awards forfeited	(251)
Shares/ Units, Non-vested ending balance	1,878,161
Weighted Average Grant Date Fair Value, Non-vested beginning balance \| $ / shares	$ 32.04
Weighted Average Grant Date Fair Value, Awards granted \| $ / shares	30.28
Weighted Average Grant Date Fair Value, Awards vested \| $ / shares	32.3
Weighted Average Grant Date Fair Value, Awards forfeited \| $ / shares	$ 31.25

Net Income Per Share - Basic and Diluted Net Income Per Share (Detail) - shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Weighted average common shares outstanding used in calculating basic net income per share	22,615,629	22,196,141
Effect of dilutive options and non-vested restricted stock awards	769,745	612,876
Weighted average common and common equivalent shares used in calculating diluted net income per share	23,385,374	22,809,017

Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share calculation	21,252	10,216

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2024 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 of Revenue and Income from Operations of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Revenue	$ 468,461	$ 527,274
Income from operations:
Income from operations	38,972	18,999
Operating Segments [Member] \| Retail Operations [Member]
Revenue:
Revenue	468,349	524,085
Income from operations:
Income from operations	41,250	14,806
Operating Segments [Member] \| Product Manufacturing [Member]
Revenue:
Revenue	37,938	46,128
Income from operations:
Income from operations	223	3,970
Intersegment adjustments [Member]
Revenue:
Revenue	(37,826)	(42,939)
Income from operations:
Income from operations	$ (2,501)	$ 223

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