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Goodwill Other Intangible Assets and Other Long Term Assets | 12 Months Ended
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Sep. 30, 2024
Goodwill Intangible Assets And Other Long Term Assets Disclosure [Abstract] |
Goodwill Other Intangible Assets and Other Long Term Assets | 9. GOODWILL, OTHER INTANGIBLE ASSETS, AND OTHER LONG-TERM ASSETS: 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 June 2023, we acquired C&C Boat Works, a full-service boat dealer based in Crosslake, Minnesota. In January 2023, we acquired Boatzon, a boat and marine digital retail platform, through our technology entity, New Wave Innovations. In December 2022, we acquired Midcoast Marine Group, a leading full-service marine construction Company based on Central Florida's Gulf Coast. These three acquisitions completed in fiscal year 2023 were purchased for an aggregate consideration of approximately $49.0 million (net of cash acquired of $0.1 million), including estimated contingent consideration of $9.7 million. Tangible assets acquired, net of liabilities assumed and cash acquired, totaled approximately $20.3 million; intangible assets acquired totaled $1.9 million; and total goodwill recognized was approximately $26.8 million. The goodwill represents the assembled workforce, acquired capabilities, and future economic benefits resulting from the acquisitions. Approximately $13.6 million of goodwill related to these acquisitions is deductible for tax purposes. In October 2022, we purchased all of the outstanding equity of IGY Marinas for an aggregate consideration of approximately $552.9 million (net of cash acquired of $28.1 million), including estimated contingent consideration of $67.7 million. Tangible assets acquired, net of liabilities assumed and cash acquired, totaled approximately $259.4 million; intangible assets acquired totaled $30.4 million; and total goodwill recognized was approximately $293.5 million. The goodwill represents the future economic benefits resulting from the acquisition. Approximately $193.3 million of goodwill related to this acquisition is deductible for tax purposes. In April 2022, through Northrop & Johnson, we acquired Superyacht Management, S.A.R.L., better known as SYM, a superyacht management company based in Golfe-Juan, France. In total, goodwill and other intangible assets increased, primarily due to acquisitions, by $353.1 million and $30.2 million, for the fiscal years ended September 30, 2023 and 2024, respectively. These acquisitions have resulted in the recording of goodwill deductible for tax purposes of $216.0 million and $0.7 million, for the fiscal years ended September 30, 2023 and 2024, respectively. Current and previous acquisitions have resulted in the recording of $559.8 million and $592.3 million in goodwill and $39.7 million and $37.5 million in other intangible assets as of September 30, 2023 and 2024, respectively. The following table sets forth the changes in carrying amount of goodwill by reportable segment for the fiscal years ended September 30, 2023 and 2024:
|  | Retail Operations |  |  | Product Manufacturing |  |  | Total |
|  | (Amounts in thousands) |
Balance as of September 30, 2022 |  | $ | 166,551 |  |  | $ | 69,034 |  |  | $ | 235,585 |
Goodwill acquired |  |  | 321,166 |  |  |  | — |  |  |  | 321,166 |
Foreign currency translation |  |  | 3,069 |  |  |  | — |  |  |  | 3,069 |
Balance as of September 30, 2023 |  | $ | 490,786 |  |  | $ | 69,034 |  |  | $ | 559,820 |
Goodwill acquired |  |  | 29,335 |  |  |  | — |  |  |  | 29,335 |
Foreign currency translation |  |  | 3,138 |  |  |  | — |  |  |  | 3,138 |
Balance as of September 30, 2024 |  | $ | 523,259 |  |  | $ | 69,034 |  |  | $ | 592,293 |
Other intangible assets, net, at September 30, consisted of the following:
|  | 2023 |  |  | 2024 |
|  | (Amounts in thousands) |
Trade names — indefinite-lived |  | $ | 17,712 |  |  | $ | 18,270 |
Other intangible assets, primarily customer relationships |  |  | 25,929 |  |  |  | 32,818 |
|  |  | 43,641 |  |  |  | 51,088 |
Less: accumulated amortization |  |  | (3,928 | ) |  |  | (13,630 | )
Intangible assets, net |  | $ | 39,713 |  |  | $ | 37,458 |
The weighted average amortization period for other intangible assets is 4.1 years and they have no expected residual value. The following table sets forth the aggregate amortization expense for each of the five succeeding fiscal years:
|  | (Amounts in thousands) |
2025 |  | $ | 9,154 |
2026 |  |  | 5,801 |
2027 |  |  | 4,214 |
2028 |  |  | 19 |
2029 |  |  | — |
Total |  | $ | 19,188 |

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