XML 44 R30.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Information
 12 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information

21. SEGMENT INFORMATION:

Reportable Segments

The Company’s 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 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 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 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 depreciation and amortization for each of the Company’s reportable segments for the fiscal years ended September 30,

 

 

 

2022

 

 

2023

 

 

2024

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

16,577

 

 

$

28,172

 

 

$

30,952

 

Product Manufacturing

 

 

131

 

 

 

4,138

 

 

 

4,748

 

Depreciation

 

$

16,708

 

 

$

32,310

 

 

$

35,700

 

Amortization:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

857

 

 

$

7,096

 

 

$

8,494

 

Product Manufacturing

 

 

1,853

 

 

 

1,626

 

 

 

293

 

Amortization

 

$

2,710

 

 

$

8,722

 

 

$

8,787

 

 

The following table sets forth revenue and income from operations for each of the Company’s reportable segments for the fiscal years ended September 30,

 

 

 

2022

 

 

2023

 

 

2024

 

 

 

(Amounts in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

2,212,922

 

 

$

2,294,362

 

 

$

2,417,941

 

Product Manufacturing

 

 

176,273

 

 

 

222,289

 

 

 

154,753

 

Elimination of intersegment revenue

 

 

(81,097

)

 

 

(121,945

)

 

 

(141,686

)

Revenue

 

$

2,308,098

 

 

$

2,394,706

 

 

$

2,431,008

 

Income from operations:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

249,186

 

 

$

192,487

 

 

$

122,863

 

Product Manufacturing

 

 

20,258

 

 

 

23,420

 

 

 

431

 

Intersegment adjustments

 

 

(4,240

)

 

 

(15,105

)

 

 

4,932

 

Income from operations

 

$

265,204

 

 

$

200,802

 

 

$

128,226

 

 

Intersegment adjustments represent eliminations of intersegment income from sales of boats from Product Manufacturing to Retail Operations and additional income recognized when manufactured boats are sold to the customer through the Retail Operations segment.