v3.26.1
Segment Information
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
17.
SEGMENT INFORMATION:

 

Reportable Segments

The Company’s reportable segments are defined by management’s reporting structure and operating activities. Our chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM reviews income from operations by segment for purposes of making operating decisions, assessing financial performance, and deciding how to allocate resources (including team members, property, and financial or capital resources). The CODM considers forecast-to-actual variances when making decisions about allocating resources to the segments. The CODM does not evaluate segments using asset information, and therefore, such information is not presented. The Company’s reportable segments are the following:

Retail Operations. The Retail Operations segment includes the sale of new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. We also sell related marine products, including engines, trailers, parts, and accessories. In addition, we provide repair, maintenance, and slip and storage rentals; we arrange related boat financing, insurance, and extended service contracts; we offer boat and yacht brokerage sales; and we offer yacht charter services. In the British Virgin Islands, we offer the charter of catamarans through MarineMax Vacations. Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries, are also included in this segment. We also maintain a network of strategically positioned luxury marinas situated in yachting and sport fishing destinations around the world through IGY Marinas, which is also included in this segment. The Retail Operations segment includes the majority of all corporate costs.

Product Manufacturing. The Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats. Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufacturing sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers. Cruisers Yachts is recognized as one of the world’s premier manufacturers of premium sport yacht and yachts, producing models from 33’ to 60’ feet. Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Intrepid Powerboats sells through our retail dealership locations and through independent dealers and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.

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

The following table sets forth revenue, income from operations, and significant expenses for each of the Company’s reportable segments for the three and six months ended March 31,

 

 

Three Months Ended March 31, 2026

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

525,332

 

 

$

23,705

 

 

$

(21,625

)

 

$

527,412

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

348,836

 

 

 

22,423

 

 

 

(25,133

)

 

 

346,126

 

Selling, general and administrative expenses

 

 

164,092

 

 

 

6,356

 

 

 

-

 

 

 

170,448

 

Income (loss) from operations

 

$

12,404

 

 

$

(5,074

)

 

$

3,508

 

 

$

10,838

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

14,659

 

(Loss) before income tax provision

 

 

 

 

 

 

 

 

 

 

$

(3,821

)

 

 

 

Three Months Ended March 31, 2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

626,340

 

 

$

35,503

 

 

$

(30,328

)

 

$

631,515

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

444,233

 

 

 

33,328

 

 

 

(35,557

)

 

 

442,004

 

Selling, general and administrative expenses

 

 

161,166

 

 

 

5,604

 

 

 

-

 

 

 

166,770

 

Income (loss) from operations

 

$

20,941

 

 

$

(3,429

)

 

$

5,229

 

 

$

22,741

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

18,179

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

4,562

 

 

 

 

Six Months Ended March 31, 2026

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

1,029,745

 

 

$

45,327

 

 

$

(42,482

)

 

$

1,032,590

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

695,915

 

 

 

44,789

 

 

 

(49,870

)

 

 

690,834

 

Selling, general and administrative expenses

 

 

314,261

 

 

 

11,737

 

 

 

-

 

 

 

325,998

 

Income (loss) from operations

 

$

19,569

 

 

$

(11,199

)

 

$

7,388

 

 

$

15,758

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

30,515

 

(Loss) before income tax provision

 

 

 

 

 

 

 

 

 

 

$

(14,757

)

 

 

 

Six Months Ended March 31, 2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

1,094,689

 

 

$

73,441

 

 

$

(68,154

)

 

$

1,099,976

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

745,544

 

 

 

66,149

 

 

 

(70,882

)

 

 

740,811

 

Selling, general and administrative expenses

 

 

286,954

 

 

 

10,498

 

 

 

-

 

 

 

297,452

 

Income (loss) from operations

 

$

62,191

 

 

$

(3,206

)

 

$

2,728

 

 

$

61,713

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

36,924

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

24,789

 

 

The following table sets forth depreciation and amortization for each of the Company’s reportable segments for the three and six months ended March 31,

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

Retail Operations

 

$

8,465

 

 

$

7,780

 

Product Manufacturing

 

 

1,969

 

 

 

1,950

 

Depreciation

 

$

10,434

 

 

$

9,730

 

Amortization:

 

 

 

 

 

 

Retail Operations

 

$

2,278

 

 

$

2,522

 

Product Manufacturing

 

 

-

 

 

 

-

 

Amortization

 

$

2,278

 

 

$

2,522

 

 

 

 

Six Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

Retail Operations

 

$

17,003

 

 

$

15,509

 

Product Manufacturing

 

 

3,672

 

 

 

3,470

 

Depreciation

 

$

20,675

 

 

$

18,979

 

Amortization:

 

 

 

 

 

 

Retail Operations

 

$

4,619

 

 

$

4,870

 

Product Manufacturing

 

 

-

 

 

 

-

 

Amortization

 

$

4,619

 

 

$

4,870