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Segment Information
 9 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information
17.
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 report our operations through two 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. 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; 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 word through IGY Marinas. The Retail Operations segment includes the majority of all corporate costs.

Product Manufacturing. 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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

 

(Amounts in thousands)

 

 

(Amounts in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

657,930

 

 

$

687,168

 

 

$

1,690,172

 

 

$

1,707,049

 

Product Manufacturing

 

 

48,802

 

 

 

51,884

 

 

 

129,804

 

 

 

164,959

 

Elimination of intersegment revenue

 

 

(18,195

)

 

 

(17,208

)

 

 

(48,642

)

 

 

(71,897

)

Revenue

 

$

688,537

 

 

$

721,844

 

 

$

1,771,334

 

 

$

1,800,111

 

Income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

90,655

 

 

$

68,050

 

 

$

204,124

 

 

$

158,514

 

Product Manufacturing

 

 

5,903

 

 

 

5,089

 

 

 

13,733

 

 

 

17,834

 

Intersegment adjustments

 

 

(1,258

)

 

 

1,442

 

 

 

(3,572

)

 

 

(9,862

)

Income from operations

 

$

95,300

 

 

$

74,581

 

 

$

214,285

 

 

$

166,486