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Segment Information
 9 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information

17.

SEGMENT INFORMATION:

 

Change in Reportable Segments

Effective May 2, 2021, our reportable segments changed as a result of the Company’s acquisition of Cruisers Yachts, which changed management’s reporting structure and operating activities. We now report our operations through two new reportable segments: Retail Operations and Product Manufacturing.

 

Reportable Segments

The Company’s segments are defined by management’s reporting structure and operating activities. The Company’s reportable segments are the following:

Retail Operations. As of June 30, 2021, the Retail Operations segment includes the activity of our 77 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 services; we arrange related boat financing, insurance, and extended service contracts; we offer boat and yacht brokerage sales; yacht charter services; and we operate a yacht charter business in the British Virgin Islands. We also own Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries. The Retail Operations segment includes the majority of all corporate costs.

Product Manufacturing. The Product Manufacturing segment includes activity of Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufacturing boats 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 yachts, producing models from 33’ to 60’ feet.

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 for the three and nine months ended June 30,

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

 

 

June 30,

 

(Amounts in thousands)

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

498,304

 

 

$

656,826

 

 

$

1,110,951

 

 

$

1,591,445

 

Product Manufacturing

 

 

-

 

 

 

20,417

 

 

 

-

 

 

 

20,417

 

Elimination of intersegment revenue

 

 

-

 

 

 

(10,915

)

 

 

-

 

 

 

(10,915

)

Revenue

 

$

498,304

 

 

$

666,328

 

 

$

1,110,951

 

 

$

1,600,947

 

Income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

48,615

 

 

$

79,988

 

 

$

73,963

 

 

$

164,841

 

Product Manufacturing

 

 

-

 

 

 

3,521

 

 

 

-

 

 

 

3,521

 

Elimination of intersegment income from operations

 

 

-

 

 

 

(2,601

)

 

 

-

 

 

 

(2,601

)

Income from operations

 

$

48,615

 

 

$

80,908

 

 

$

73,963

 

 

$

165,761