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Segment Information
 3 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information

18.

SEGMENT INFORMATION:

 

Change in Reportable Segments

Effective May 2, 2021, our operating 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 operating segments, which are also reporting segments: Retail Operations and Product Manufacturing.

 

Reportable Segments

The Company’s operating 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. As of December 31, 2021, 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 services; 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. The Retail Operations segment includes the majority of all corporate costs.

Product Manufacturing. As of December 31, 2021, the Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid. 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, 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 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 for the three months ended December 31,

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

 

2020

 

 

2021

 

 

 

(Amounts in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

Retail Operations

 

$

411,524

 

 

$

454,618

 

Product Manufacturing

 

 

—

 

 

 

34,244

 

Elimination of intersegment revenue

 

 

—

 

 

 

(16,171

)

Revenue

 

$

411,524

 

 

$

472,691

 

Income from operations:

 

 

 

 

 

 

 

 

Retail Operations

 

$

31,984

 

 

$

45,123

 

Product Manufacturing

 

 

—

 

 

 

3,443

 

Elimination of intersegment income from operations

 

 

—

 

 

 

(1,364

)

Income from operations

 

$

31,984

 

 

$

47,202