In January 2025, we acquired the service and parts departments of Treasure Island Marina in the Florida Panhandle. In March 2025, we acquired Shelter Bay Marina in Marathon, Florida. 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 total, goodwill and other intangible assets decreased, primarily due to impairments, by $67.4 million, for the fiscal year ended September 30, 2025. In total, goodwill and other intangible assets increased, primarily due to acquisitions by $30.2 million, for the fiscal year ended September 30, 2024. These acquisitions have resulted in the recording of goodwill deductible for tax purposes of $0.7 million, for the fiscal year ended September 30, 2024. Current and previous acquisitions less impairments have resulted in the recording of $526.9 million and $592.3 million in goodwill and $35.4 million and $37.5 million in other intangible assets as of September 30, 2025 and 2024, respectively.

As a result of a sustained decline in market capitalization, based on the Company’s publicly quoted share price and macroeconomic conditions including increases in worldwide tariffs and related uncertainty that existed during the three months ended June 30, 2025, the Company performed a quantitative impairment assessment of goodwill at each of our four reporting units. The Company utilized the income approach (discounted cash flow method) corroborated by the market approach (guideline public company method), which are Level 3 non-recurring fair value measurements. Under the income approach, the Company projects its future cash flows and discounts these cash flows to reflect their relative risk. The cash flows used are consistent with those the Company uses in its internal planning, which reflects actual business trends experienced and its long-term business strategy. As such, key estimates and factors used in this method include, but are not limited to, revenue, margin and operating expense growth rates, as well as a discount rate and a terminal growth rate.

Under the market approach, the Company uses the guideline company method to develop valuation multiples and compares the Company’s reporting units to similar publicly traded companies. In order to further validate the reasonableness of fair value as determined by the income and market approaches described above, a reconciliation to market capitalization is then performed by estimating a reasonable control premium and other market factors.

As a result of the declining marine industry performance and the performance of the product manufacturing reporting unit and segment due to the challenging environment, the Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit, which was included in goodwill impairment in the Consolidated Statements of Operations. There was no remaining carrying value of the goodwill for the product manufacturing reporting unit and segment as a result of the goodwill impairment. No impairments were recorded for the reporting units: Retail Dealerships, Superyacht Services, or IGY Marinas, which are included in the Retail Operations reportable segment, as these reporting units all had fair values greater than their carrying values. Changes in the judgments, assumptions and estimates, including but not limited to: revenue, margin, operating expense growth rates, discount rates, terminal growth rates, and other assumptions, that are used in the impairment testing for goodwill, could result in significantly different estimates of fair value for our reporting units and potentially result in additional material non-cash impairment charges.

During the three months ended September 30, 2025, the Company determined through a qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values. As a result, we did not perform a quantitative goodwill impairment test in the fourth quarter of fiscal 2025.


	Retail Operations		Product Manufacturing			Total
	(Amounts in thousands)
Balance as of September 30, 2023	$	490,765	$	69,055		$	559,820
Goodwill acquired		29,335		—			29,335
Foreign currency translation		3,138		—			3,138
Balance as of September 30, 2024	$	523,238	$	69,055		$	592,293
Goodwill acquired		680		—			680
Foreign currency translation		3,013		—			3,013
Goodwill impairment		—		(69,055	)		(69,055	)
Balance as of September 30, 2025	$	526,931	$	-		$	526,931

Other intangible assets, net, at September 30, consisted of the following:


	2025			2024
	(Amounts in thousands)
Trade names — indefinite-lived	$	20,404		$	18,270
Other intangible assets, primarily customer relationships		29,483			32,818
		49,887			51,088
Less: accumulated amortization		(14,471	)		(13,630	)
Intangible assets, net	$	35,416		$	37,458

The weighted average amortization period for other intangible assets is 4.0 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)
2026	$	7,769
2027		6,153
2028		1,090
2029		—
2030		—
Total	$	15,012