Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Nov. 14, 2022 | Mar. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HZO | ||
Entity Registrant Name | MarineMax, Inc. | ||
Entity Central Index Key | 0001057060 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock, par value $.001 per share | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 1-14173 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 59-3496957 | ||
Entity Address, Address Line One | 2600 McCormick Drive | ||
Entity Address, Address Line Two | Suite 200, | ||
Entity Address, City or Town | Clearwater | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33759 | ||
City Area Code | 727 | ||
Local Phone Number | 531-1700 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 21,718,893 | ||
Entity Public Float | $ 849,285,707 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for the 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Tampa, Florida |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 228,274 | $ 222,192 |
Accounts receivable, net | 50,287 | 47,651 |
Inventories | 454,359 | 230,984 |
Prepaid expenses and other current assets | 21,077 | 16,692 |
Total current assets | 753,997 | 517,519 |
Property and equipment, net | 246,011 | 175,463 |
Operating lease right-of-use assets, net | 96,837 | 104,901 |
Goodwill | 235,585 | 195,563 |
Other intangible assets, net | 10,886 | 5,559 |
Other long-term assets | 9,455 | 8,818 |
Total assets | 1,352,771 | 1,007,823 |
CURRENT LIABILITIES: | ||
Accounts payable | 34,342 | 25,739 |
Contract liabilities (customer deposits) | 144,427 | 100,660 |
Accrued expenses | 89,402 | 86,594 |
Short-term borrowings | 132,026 | 23,943 |
Current maturities on long-term debt | 2,882 | 3,587 |
Current operating lease liabilities | 9,693 | 10,570 |
Total current liabilities | 412,772 | 251,093 |
Long-term debt, net of current maturities | 45,301 | 47,498 |
Noncurrent operating lease liabilities | 89,657 | 96,956 |
Deferred tax liabilities, net | 15,401 | 9,268 |
Other long-term liabilities | 6,974 | 8,116 |
Total liabilities | 570,105 | 412,931 |
COMMITMENTS AND CONTINGENCIES (Note 19) | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of September 30, 2021 and 2022 | ||
Common stock, $.001 par value; 40,000,000 shares authorized, 28,588,863 and 28,939,846 shares issued and 21,821,842 and 21,672,825 shares outstanding as of September 30, 2021 and 2022, respectively | 29 | 29 |
Additional paid-in capital | 303,432 | 288,901 |
Accumulated other comprehensive income (loss) | (2,806) | 648 |
Retained earnings | 630,667 | 432,678 |
Treasury stock, at cost, 6,767,021 and 7,267,021 shares held as of September 30, 2021 and 2022, respectively | (148,656) | (127,364) |
Total shareholders’ equity | 782,666 | 594,892 |
Total liabilities and shareholders’ equity | $ 1,352,771 | $ 1,007,823 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Sep. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 28,939,846 | 28,588,863 |
Common stock, shares outstanding | 21,672,825 | 21,821,842 |
Treasury stock, shares | 7,267,021 | 6,767,021 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 2,308,098 | $ 2,063,257 | $ 1,509,713 |
Cost of sales | 1,502,344 | 1,403,824 | 1,111,000 |
Gross profit | 805,754 | 659,433 | 398,713 |
Selling, general and administrative expenses | 540,550 | 449,974 | 291,998 |
Income from operations | 265,204 | 209,459 | 106,715 |
Interest expense | 3,283 | 3,665 | 9,275 |
Income before income tax provision | 261,921 | 205,794 | 97,440 |
Income tax provision | 63,932 | 50,815 | 22,806 |
Net income | $ 197,989 | $ 154,979 | $ 74,634 |
Basic net income per common share | $ 9.12 | $ 7.04 | $ 3.46 |
Diluted net income per common share | $ 8.84 | $ 6.78 | $ 3.37 |
Weighted average number of common shares used in computing net income per common share: | |||
Basic | 21,706,225 | 22,010,130 | 21,547,665 |
Diluted | 22,399,209 | 22,859,498 | 22,125,338 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 197,989 | $ 154,979 | $ 74,634 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (4,476) | (300) | 1,498 |
Interest rate swap contract | 1,022 | 119 | |
Total other comprehensive income (loss), net of tax | (3,454) | (181) | 1,498 |
Comprehensive income | $ 194,535 | $ 154,798 | $ 76,132 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] |
Beginning Balance at Sep. 30, 2019 | $ 368,819 | $ 28 | $ 269,969 | $ (669) | $ 202,455 | $ (102,964) | ||
Beginning Balance, Shares at Sep. 30, 2019 | 27,508,473 | |||||||
Net income | 74,634 | 74,634 | ||||||
Purchase of treasury stock | (631) | (631) | ||||||
Shares issued pursuant to employee stock purchase plan | 1,004 | 1,004 | ||||||
Shares issued pursuant to employee stock purchase plan, Shares | 94,741 | |||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding | (1,659) | (1,659) | ||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares | 228,304 | |||||||
Shares issued upon exercise of stock options | 3,625 | 3,625 | ||||||
Shares issued upon exercise of stock options, Shares | 286,702 | |||||||
Stock-based compensation | 7,497 | 7,497 | ||||||
Stock-based compensation, Shares | 12,092 | |||||||
Other comprehensive income (loss) | 1,498 | 1,498 | ||||||
Ending Balance at Sep. 30, 2020 | 455,397 | $ 28 | 280,436 | 829 | 277,699 | (103,595) | ||
Ending Balance (Accounting Standards Update 2014-09 [Member]) at Sep. 30, 2020 | $ 610 | $ 610 | ||||||
Ending Balance, Shares at Sep. 30, 2020 | 28,130,312 | |||||||
Net income | 154,979 | 154,979 | ||||||
Purchase of treasury stock | (23,769) | (23,769) | ||||||
Shares issued pursuant to employee stock purchase plan | 1,578 | 1,578 | ||||||
Shares issued pursuant to employee stock purchase plan, Shares | 121,984 | |||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding | (3,909) | $ 1 | (3,910) | |||||
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares | 254,521 | |||||||
Shares issued upon exercise of stock options | 1,048 | 1,048 | ||||||
Shares issued upon exercise of stock options, Shares | 77,079 | |||||||
Stock-based compensation | 9,749 | 9,749 | ||||||
Stock-based compensation, Shares | 4,967 | |||||||
Other comprehensive income (loss) | (181) | (181) | ||||||
Ending Balance at Sep. 30, 2021 | $ 594,892 | $ 29 | 288,901 | 648 | 432,678 | (127,364) | ||
Ending Balance, Shares at Sep. 30, 2021 | 28,588,863 | 28,588,863 | ||||||
Net income | $ 197,989 | 197,989 | ||||||
Purchase of treasury stock | (21,292) | (21,292) | ||||||
Shares issued pursuant to employee stock purchase plan | 1,945 | 1,945 | ||||||
Shares issued pursuant to employee stock purchase plan, Shares | 52,232 | |||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding | (3,681) | (3,681) | ||||||
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares | 262,449 | |||||||
Shares issued upon exercise of stock options | 254 | 254 | ||||||
Shares issued upon exercise of stock options, Shares | 32,500 | |||||||
Stock-based compensation | 16,013 | 16,013 | ||||||
Stock-based compensation, Shares | 3,802 | |||||||
Other comprehensive income (loss) | (3,454) | (3,454) | ||||||
Ending Balance at Sep. 30, 2022 | $ 782,666 | $ 29 | $ 303,432 | $ (2,806) | $ 630,667 | $ (148,656) | ||
Ending Balance, Shares at Sep. 30, 2022 | 28,939,846 | 28,939,846 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 197,989 | $ 154,979 | $ 74,634 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 19,418 | 15,606 | 12,772 |
Deferred income tax provision, net of effects of acquisitions | 2,149 | 4,759 | 3,157 |
Loss from hurricane | 4,800 | ||
Loss (gain) on sale of property and equipment | (108) | 366 | |
Proceeds from insurance settlements | 941 | 703 | |
Stock-based compensation expense | 16,013 | 9,749 | 7,497 |
(Increase) decrease in, net of effects of acquisitions — | |||
Accounts receivable, net | (563) | (627) | 2,584 |
Inventories, net | (198,018) | 139,833 | 179,466 |
Prepaid expenses and other assets | (4,259) | (1,862) | 101 |
(Decrease) increase in, net of effects of acquisitions — | |||
Accounts payable | 7,358 | (16,128) | 2,887 |
Contract liabilities (customer deposits) | 26,273 | 60,960 | 7,411 |
Accrued expenses and other liabilities | 5,543 | 5,671 | 13,097 |
Net cash provided by operating activities | 76,595 | 373,881 | 304,675 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (58,456) | (26,125) | (12,807) |
Proceeds from insurance settlements | 1,099 | ||
Cash used in acquisition of businesses, net of cash acquired | (83,198) | (134,205) | (19,766) |
Proceeds from investments | 2,250 | ||
Purchases of investments | (1,750) | (2,250) | |
Proceeds from sale of property and equipment | 703 | 350 | 2,464 |
Net cash used in investing activities | (140,451) | (161,131) | (30,109) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net borrowings (payments) on short-term borrowings | 107,798 | (162,655) | (167,672) |
Proceeds from long-term debt | 46,375 | 7,437 | |
Payments for long-term debt | (2,902) | (2,404) | (41) |
Payments for debt issuance costs | (3,145) | (1,081) | |
Net proceeds from issuance of common stock under incentive compensation, and employee purchase plans | 2,199 | 2,626 | 4,629 |
Contingent acquisition consideration payments | (4,950) | (2,640) | (148) |
Payments on tax withholdings for equity awards | (4,644) | (2,196) | (1,703) |
Purchase of treasury stock | (21,292) | (23,769) | (631) |
Net cash (used in) provided by financing activities | 73,064 | (145,744) | (158,129) |
Effect of exchange rate changes on cash | (3,126) | (307) | 545 |
NET INCREASE IN CASH AND CASH EQUIVALENTS: | 6,082 | 66,699 | 116,982 |
CASH AND CASH EQUIVALENTS, beginning of year | 222,192 | 155,493 | 38,511 |
CASH AND CASH EQUIVALENTS, end of year | 228,274 | 222,192 | 155,493 |
Cash paid for: | |||
Interest | 2,592 | 4,452 | 13,082 |
Income taxes | 64,843 | 53,356 | 18,930 |
Non-cash items: | |||
Initial operating lease right-of-use assets for adoption of ASU 2016-02 | 42,070 | ||
Initial current and noncurrent operating lease liabilities for adoption of ASU 2016-02 | 43,953 | ||
Accrued tax withholdings upon vesting of equity awards | 1,903 | 2,866 | 1,153 |
Contingent consideration liabilities from acquisitions | $ 7,350 | $ 10,640 | 2,270 |
Accrued acquisition of property and equipment | $ 491 |
Company Background and Basis of
Company Background and Basis of Presentation | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Company Background and Basis of Presentation | 1. COMPANY BACKGROUND AND BASIS OF PRESENTATION: We believe we are the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts, and related marine products and services. As of September 30, 2022, we have over 100 locations worldwide, including 78 retail dealership locations, some of which include marinas. Also, as of September 30, 2022, we own or operate 34 marinas worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. We also own Boatyard, an industry-leading customer experience digital product company. We are the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 23 % of our revenue in fiscal 2022 . Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 11 % and 9 %, respectively, of our revenue in fiscal 2022. Brunswick is a world leading manufacturer of marine products and marine engines. We have dealership agreements with Sea Ray, Boston Whaler, Harris, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut and Benetti yachts and mega yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations. The agreements for Sea Ray and Boston Whaler products, respectively, appoint us as the exclusive dealer of Sea Ray and Boston Whaler boats, respectively, in our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States. Sales of new Azimut yachts accounted for approximately 8 % of our revenue in fiscal 2022. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands. As is typical in the industry, we deal with most of our manufacturers, other than Sea Ray, Boston Whaler, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray, Boston Whaler, and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely. General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 54 %, 50 % and 51 % of our dealership revenue during fiscal 2020, 2021, and 2022, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricanes Harvey and Irma in 2017 and Hurricane Ian in 2022, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets. In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. As a result, an economic downturn would likely impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions or low consumer confidence is likely to have a negative effect on our business. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Vendor Consideration Received We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales. Amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses. Our consideration received from our vendors contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including our ability to collect amounts due from vendors and the ability to meet certain criteria stipulated by our vendors. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our vendor considerations which would result in a material effect on our operating results. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories purchased from our vendors consist of the amount paid to acquire the inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, inventory deposits, and transportation costs relating to acquiring inventory for sale. Trade-in used boats are initially recorded at fair value and adjusted for reconditioning and other costs. The cost of inventories that are manufactured by the Company consist of material, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. New and used boats, motors, and trailers inventories are accounted for on a specific identification basis. Raw materials and parts, accessories, and other inventories are accounted for on an average cost basis. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate the lower of cost or net realizable value. If events occur and market conditions change, the net realizable value of our inventories could change. Property and Equipment We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method. We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows: Years Buildings and improvements 5 - 40 Machinery and equipment 3 - 10 Furniture and fixtures 5 - 10 Vehicles 3 - 5 We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the accompanying Consolidated Statements of Operations. We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives. Goodwill We account for acquisitions in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”). For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill. In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the third fiscal quarter. If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350. Based upon our most recent analysis, we determined through our 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 were not required to perform a quantitative goodwill impairment test. Impairment of Long-Lived Assets no impairment of long-lived assets existed as of September 30, 2022. Insurance We retain varying levels of risk relating to the insurance policies we maintain, most significantly, workers’ compensation insurance and employee medical benefits. We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits. Our third-party insurance carriers pay any losses above the pre-determined exposure limits. We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information. Revenue Recognition The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer. We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2021 and 2022, on our experience with repayments or defaults on the related finance contracts. We recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized. We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $ 5.7 million and $ 5.9 million as of September 30, 2021 and September 30, 2022, respectively. We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity. Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers. Total contract liabilities of approximately $ 31.8 million recorded as of September 30, 2020 were recognized in revenue during the fiscal year ended September 30, 2021. Total contract liabilities of approximately $ 94.9 million recorded as of September 30, 2021 were recognized in revenue during the fiscal year ended September 30, 2022. We recognize revenue from service operations and slip and storage services over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met. The following table sets forth percentages on the timing of revenue recognition by reportable segment for the fiscal years ended September 30, Retail Operations Product Manufacturing 2020 2021 2022 2020 2021 2022 Goods and services transferred at a point in time 92.7 % 91.6 % 90.9 % — 100.0 % 100.0 % Goods and services transferred over time 7.3 % 8.4 % 9.1 % — — — Revenue 100.0 % 100.0 % 100.0 % — 100.0 % 100.0 % The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors for the fiscal years ended September 30, 2022 Retail Operations Product Manufacturing Total New boat sales 71.9 % 100.0 % 73.2 % Used boat sales 7.7 % — 7.3 % Maintenance, repair, storage, rental, and charter services 7.7 % — 7.4 % Finance and insurance products 3.1 % — 3.0 % Parts and accessories 3.5 % — 3.3 % Brokerage sales 6.1 % — 5.8 % Revenue 100.0 % 100.0 % 100.0 % 2021 Retail Operations Product Manufacturing Total New boat sales 70.3 % 100.0 % 70.5 % Used boat sales 11.0 % — 10.9 % Maintenance, repair, storage, rental, and charter services 7.1 % — 7.1 % Finance and insurance products 2.7 % — 2.7 % Parts and accessories 3.2 % — 3.2 % Brokerage sales 5.7 % — 5.6 % Revenue 100.0 % 100.0 % 100.0 % 2020 Retail Operations Product Manufacturing Total New boat sales 70.2 % — 70.2 % Used boat sales 15.1 % — 15.1 % Maintenance, repair, storage, rental, and charter services 6.4 % — 6.4 % Finance and insurance products 2.7 % — 2.7 % Parts and accessories 3.0 % — 3.0 % Brokerage sales 2.6 % — 2.6 % Revenue 100.0 % — 100.0 % Cost of Sales Cost of sales primarily includes cost of products sold, transportation costs from manufacturers to our retail stores, and vendor consideration. Cost of sales includes depreciation of property and equipment from our product manufacturing segment (manufacturing overhead). Selling, General, and Administrative expenses Selling, general, and administrative expenses primarily include salaries and incentive-based compensation, sales commissions, brokerage commissions, advertising, insurance, utilities, depreciation and amortization, and other customary operating expenses. Stock-Based Compensation We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for estimating the fair value of stock option grants and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock on the grant date. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. Foreign Currency Transactions For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the weighted average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income. No amounts were reclassified out of accumulated other comprehensive income in fiscal 2022. Advertising and Promotional Cost We expense advertising and promotional costs as incurred and include them in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. We net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses. Total advertising and promotional expenses approximated $ 14.0 million, $ 14.8 million and $ 25.8 million, net of related co-op assistance, which was not material to the consolidated financial statements, for the fiscal years ended September 30, 2020, 2021, and 2022 , respectively. Income Taxes We account for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions. Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions. Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of contingent consideration liabilities. Actual results could differ materially from those estimates. Segment Reporting Effective May 2, 2021, our reportable 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 reportable segments: Retail Operations and Product Manufacturing. The change in reportable segments had no impact on the Company’s previously reported historical consolidated financial statements. Where applicable, all prior periods presented have been revised to conform to the change in reportable segments. See Note 21. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. NEW ACCOUNTING PRONOUNCEMENTS: We adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) effective October 1, 2019 the first day of fiscal 2020. We elected the package of practical expedients available under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification of our existing leases. Consequently, on adoption, we recognized additional operating lease liabilities of $ 44.0 million and right-of-use (“ROU”) assets of $ 42.1 million. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. As a result, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and we did not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components. We recognized a net after-tax cumulative effect adjustment to retained earnings of $ 0.6 million as of the date of adoption. See Note 8 for additional information on our leases. In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities (i.e., unearned revenue) acquired in a business combination to be recognized and measured in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company has early adopted ASU 2021-08 as of October 1, 2021, on a prospective basis. The impact of the adoption of ASU 2021-08 had an immaterial impact on the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS: The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 - Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Consolidated Balance Sheets as of September 30, 2022 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 1,528 $ — $ 1,528 Liabilities: Contingent consideration liabilities $ — $ — $ 15,207 $ 15,207 2021 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 150 $ — $ 150 Liabilities: Contingent consideration liabilities $ — $ — $ 12,364 $ 12,364 There were no transfers between the valuation hierarchy Levels 1, 2, and 3 for the fiscal years ended September 30, 2021, and 2022. The fair value of the Company’s interest rate swap contract is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. The inputs to the fair value measurements reflect Level 2 inputs. The interest rate swap contract balance is included in other long-term assets in the accompanying Consolidated Balance Sheets. The interest rate swap contract is designated as a cash flow hedge with changes in fair value reported in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income. We estimate the fair value of our contingent consideration liabilities using a probability-weighted discounted cash flow model. The contingent consideration liabilities are estimated based on forecasted pre-tax earnings as a base scenario (among other assumptions) subject to a Monte Carlo simulation. The fair value of the contingent consideration liabilities, which reflect Level 3 inputs, is reassessed on a quarterly basis. The contingent consideration liabilities balance is included in accrued expenses and other long-term liabilities in the accompanying Consolidated Balance Sheets. Changes in fair value and net present value of the contingent consideration liabilities are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the fiscal the years ended September 30, 2021 and 2022: Contingent Consideration Liabilities (Amounts in thousands) Balance as of September 30, 2020 $ 2,960 Additions from business acquisitions 10,640 Settlement of contingent consideration liabilities ( 3,000 ) Change in fair value and net present value of contingency 1,764 Balance as of September 30, 2021 $ 12,364 Additions from business acquisitions 7,350 Settlement of contingent consideration liabilities ( 5,500 ) Change in fair value and net present value of contingency 993 Balance as of September 30, 2022 $ 15,207 We determined the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, short-term borrowings, and the revolving mortgage facility approximate their fair values because of the nature of their terms and current market rates of these instruments. The fair value of our mortgage facilities, which are not carried at fair value in the accompanying Consolidated Balance Sheets, was determined using Level 2 inputs based on the discounted cash flow method. We estimate the fair value of our mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. The following table summarizes the carrying value and fair value of our mortgage facilities as of September 30, 2021 2022 Fair Value Carrying Value Fair Value Carrying Value (Amounts in thousands) Mortgage facility payable to Flagship Bank $ 6,872 $ 6,899 $ 6,355 $ 6,403 Mortgage facility payable to Seacoast National Bank 17,529 17,675 16,681 17,098 Mortgage facility payable to Hancock Whitney Bank 27,089 27,106 24,977 25,192 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | 5. ACCOUNTS RECEIVABLE: Trade receivables consist primarily of receivables from financial institutions, which provide funding for customer boat financing and amounts due from financial institutions earned from arranging financing with our customers. We normally collect these receivables within 30 days of the sale. Trade receivables also include amounts due from customers on the sale of boats, parts, service, and storage. Amounts due from manufacturers represent receivables for various manufacturer programs and parts and service work performed pursuant to the manufacturers’ warranties. Accounts receivable are presented net of an allowance for expected credit losses. The allowance for expected credit losses, which was not material to the consolidated financial statements as of September 30, 2021 or 2022, was based on our consideration of past collection experience, current information, and reasonable and supportable forecasts. Accounts receivable, net consisted of the following as of September 30, 2021 2022 (Amounts in thousands) Trade receivables, net $ 38,953 $ 41,215 Amounts due from manufacturers 7,344 7,826 Other receivables 1,354 1,246 Accounts receivable, net $ 47,651 $ 50,287 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES: Inventories consisted of the following as of September 30, 2021 2022 (Amounts in thousands) New and used boats, motors, and trailers $ 143,267 $ 272,422 In transit inventory and deposits 50,621 117,268 Parts, accessories, and other 13,779 17,143 Work-in-process 11,358 21,691 Raw materials 11,959 25,835 Inventories $ 230,984 $ 454,359 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. PROPERTY AND EQUIPMENT: Property and equipment, net consisted of the following as of September 30, 2021 2022 (Amounts in thousands) Land $ 57,330 $ 80,312 Buildings and improvements 137,271 179,162 Machinery and equipment 54,510 70,445 Furniture and fixtures 5,897 6,523 Vehicles 18,269 20,843 Gross property and equipment 273,277 357,285 Less: accumulated depreciation and amortization ( 97,814 ) ( 111,274 ) Property and equipment, net $ 175,463 $ 246,011 Depreciation and amortization expense on property and equipment totaled approximately $ 12.8 million, $ 13.9 million, and $ 16.7 million, for the fiscal years ended September 30, 2020, 2021, and 2022 , respectively. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 8. LEASES: Substantially all of the leases that we enter into are real estate leases. We lease numerous facilities relating to our operations, including showrooms, display lots, marinas, service facilities, slips, offices, equipment and our corporate headquarters. Leases for real property have terms, including renewal options, ranging from one to in excess of twenty-five years . In addition, we lease certain charter boats for our yacht charter business. As of September 30, 2022, the weighted-average remaining lease term for our leases was approximately 12 years. All of our leases are classified as operating leases, which are included as right-of-use ("ROU") assets and operating lease liabilities in the accompanying Consolidated Balance Sheets. For the fiscal years ended September 30, 2020, 2021, and 2022, operating lease expenses recorded in selling, general, and administrative expenses were approximately $ 13.9 million, $ 24.1 million, and $ 23.5 million, of which approximately $ 0.5 million, $ 0.7 million, and $ 0.6 million, related to variable lease expenses, respectively. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any significant leases that have not yet commenced but that create significant rights and obligations for us. We have elected the practical expedient under ASC Topic 842 to not separate lease and nonlease components. Our real estate and equipment leases often require that we pay maintenance in addition to rent. Additionally, our real estate leases generally require payment of real estate taxes and insurance. Maintenance, real estate taxes, and insurance payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the ROU asset and lease liability, but are reflected as variable lease expenses. Substantially all of our lease agreements include fixed rental payments. Certain of our lease agreements include fixed rental payments that are adjusted periodically by a fixed rate or changes in an index. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. Most of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. If it is reasonably certain that we will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of our right of use assets and lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised . For our incremental borrowing rate, we generally use a portfolio approach to determine the discount rate for leases with similar characteristics . We determine discount rates based upon our hypothetical credit rating, taking into consideration our short-term borrowing rates, and then adjusting as necessary for the appropriate lease term. As of September 30, 2022, the weighted-average discount rate used was approximately 5.5 %. As of September 30, 2022, maturities of lease liabilities by fiscal year are summarized as follows: (Amounts in thousands) 2023 $ 14,715 2024 13,744 2025 11,172 2026 10,311 2027 9,905 Thereafter 78,917 Total lease payments 138,764 Less: interest ( 39,414 ) Present value of lease liabilities $ 99,350 The following table sets forth supplemental cash flow information related to leases for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Cash paid for amounts included in the measurement of Operating cash flows from operating leases $ 10,209 $ 16,917 $ 16,039 Right-of-use assets obtained in exchange for lease Operating leases $ 3,811 $ 74,097 $ 4,588 The Company reports the amortization of ROU assets and the change in operating lease liabilities on a net basis in accrued expenses and other liabilities in the accompanying Consolidated Statements of Cash Flows. |
Goodwill Other Intangible Asset
Goodwill Other Intangible Assets and Other Long Term Assets | 12 Months Ended |
Sep. 30, 2022 | |
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 August 2022, we expanded our presence in Texas by acquiring Endeavour Marina in Seabrook. 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 November 2021, we completed acquisitions for Intrepid Powerboats, a premier manufacturer of powerboats, and Texas MasterCraft, a watersports dealer in Northern Texas, for aggregate consideration of approximately $ 67.2 million (net of cash acquired of $ 9.4 million), including estimated contingent consideration of $ 6.0 million. Tangible assets acquired, net of liabilities assumed and cash acquired, totaled approximately $ 20.3 million; intangible assets acquired totaled $ 7.3 million; and total goodwill recognized was approximately $ 39.6 million. The goodwill represents the assembled workforce, acquired capabilities, and future economic benefits resulting from the acquisitions. Approximately $ 10.7 million of goodwill related to the acquisitions, wholly attributable to Texas MasterCraft, is deductible for tax purposes. In July 2021 we purchased Nisswa Marine, Inc. a full-service dealer located in Nisswa, Minnesota. Goodwill and other intangible assets associated with the Nisswa Marine acquisition was approximately $ 15.3 million. In May 2021, we purchased all of the outstanding equity of KCS International Holdings, Inc., and certain affiliates (“Cruisers Yachts”) for an aggregate purchase price of $ 62.7 million, subject to certain customary closing and post-closing adjustments, and net working capital adjustments including certain holdbacks. The former owners of Cruisers Yachts are subject to certain customary post-closing covenants and indemnities. The following table summarizes the consideration paid for Cruisers Yachts and the allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date. (Amounts in thousands) Consideration: Cash purchase price and net working capital adjustments, net of cash acquired of $ 5,993 $ 61,448 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets, net of cash acquired of $ 5,993 $ 29,869 Property and equipment 12,126 Intangible assets 4,602 Current liabilities ( 25,283 ) Total identifiable net assets acquired: 21,314 Goodwill $ 40,134 Total $ 61,448 The fair value of current assets acquired includes accounts receivable and inventory of approximately $ 3.1 million and $ 26.2 million, respectively. The fair value of current liabilities assumed includes short-term borrowings of approximately $ 11.7 million, accrued expenses of approximately $ 10.3 million, and accounts payable of approximately $ 3.0 million. The intangible assets acquired include the trade name and customer relationships. The goodwill represents the assembled workforce, acquired capabilities, and future economic benefits resulting from the acquisition. The majority of the goodwill is expected to be deductible for tax purposes. The customer relationships have a weighted average useful life of approximately 2.0 years. The tradename has an indefinite life. Our results for fiscal 2021 include results from Cruisers Yachts between May 2, 2021 and September 30, 2021. Refer to Note 21 for disclosure of the revenues and income from operations. We have not disclosed the pro forma effect of Cruisers Yachts’ financial information for fiscal 2020 and prior to acquisition on May 2, 2021, because Cruisers Yachts’ historical monthly internal accounting and reporting processes and practices would not provide complete information sufficient for the purposes of this pro forma disclosure. In October 2020, we purchased all of the outstanding equity of Skipper Marine Holdings, Inc., and certain affiliates (“SkipperBud’s”) for an aggregate purchase price of $ 55.0 million, subject to certain customary closing and post-closing adjustments, and net working capital adjustments including certain holdbacks. In addition, the former equity owners of SkipperBud’s (“Skippers Sellers”), have the opportunity to earn additional consideration as part of an contingent consideration liability subject to the achievement of certain pre-tax earnings levels. The maximum amount of consideration that can be paid under the contingent consideration liability is approximately $ 9.3 million. The fair value of $ 8.2 million of the contingent consideration liability arrangement was estimated by a third party valuation expert by applying an income valuation approach. The contingent consideration liability was estimated based on forecasted pre-tax earnings as a base scenario (among other assumptions) subject to a Monte Carlo simulation. The Skippers Sellers are subject to certain customary post-closing covenants and indemnities. The acquisition of SkipperBud’s enhances our sales, brokerage, service and marina/storage presence in the Great Lakes region and West Coast of the Unites States. The following table summarizes the consideration paid for SkipperBud’s and the allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date. (Amounts in thousands) Consideration: Cash purchase price and net working capital adjustments, net of cash acquired of $ 30,615 $ 50,261 Contingent consideration liability 8,200 Fair value of total consideration transferred $ 58,461 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets, net of cash acquired of $ 30,615 $ 50,688 Property and equipment 4,859 Intangible assets 1,978 Current liabilities ( 55,427 ) Total identifiable net assets acquired: 2,098 Goodwill $ 56,363 Total $ 58,461 The fair value of current assets acquired includes accounts receivable and inventory of approximately $ 5.4 million and $ 42.3 million, respectively. The fair value of current liabilities assumed includes short-term borrowings of approximately $ 30.5 million, accrued expenses of approximately $ 14.6 million, and customer deposits of approximately $ 7.5 million. We recorded approximately $ 56.4 million in goodwill and approximately $ 2.0 million of other identifiable intangibles (trade name and customer relationships) in connection with the SkipperBud’s acquisition. The goodwill represents our enhanced geographic reach and brand infrastructure in the Great Lakes region and West Coast of the Unites States. The majority of the goodwill is expected to be deductible for tax purposes. The intangible assets have a weighted average useful life of approximately 3.3 years. For fiscal 2021, SkipperBud’s revenue was approximately $ 302.6 million and income before taxes was approximately $ 31.3 million. We have not disclosed the pro forma effect of SkipperBud’s financial information for fiscal 2020 because it is not practical to obtain for comparative purposes and as such is not presented because SkipperBud’s historical monthly internal accounting and reporting processes and practices would not provide complete information sufficient for the purposes of this pro forma disclosure. In total, goodwill and other intangible assets increased, primarily due to acquisitions, by $ 116.8 million and $ 45.3 million, for the fiscal years ended September 30, 2021 and 2022, respectively. These acquisitions have resulted in the recording of goodwill for tax purposes of $ 110.8 million and $ 10.5 million, for the fiscal years ended September 30, 2021 and 2022, respectively. Current and previous acquisitions have resulted in the recording of $ 195.6 million and $ 235.6 million in goodwill and $ 5.6 million and $ 10.9 million in other intangible assets as of September 30, 2021 and 2022, respectively. Effective May 2, 2021, our reportable 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 reportable segments: Retail Operations and Product Manufacturing. As a result, the Company allocated goodwill to its reporting units within the Company’s two reportable segments. The following table sets forth the changes in carrying amount of goodwill by reportable segment for the fiscal years ended September 30, 2021 and 2022: Retail Operations Product Manufacturing Total (Amounts in thousands) Balance as of September 30, 2020 $ 84,240 $ — $ 84,240 Goodwill acquired 71,306 40,134 111,440 Foreign currency translation ( 117 ) — ( 117 ) Balance as of September 30, 2021 $ 155,429 $ 40,134 $ 195,563 Goodwill acquired 14,035 28,900 42,935 Foreign currency translation ( 2,913 ) — ( 2,913 ) Balance as of September 30, 2022 $ 166,551 $ 69,034 $ 235,585 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Sep. 30, 2022 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Accrued Expenses | 10. ACCRUED EXPENSES: Accrued expenses consisted of the following as of September 30, 2021 2022 (Amounts in thousands) Payroll accruals $ 42,138 $ 41,413 Customer and storage accruals 17,390 18,095 Sales and other taxes payable 8,462 5,930 Other accruals 18,604 23,964 Accrued expenses $ 86,594 $ 89,402 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | 11. SHORT-TERM BORROWINGS AND LONG-TERM DEBT: In August 2022, we entered into a Credit Agreement with Manufacturers and Traders Trust Company as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the lenders party thereto (the “New Credit Agreement”). The New Credit Agreement provides the Company short-term borrowing in the form of a line of credit with asset based borrowing availability of up to $ 750 million and establishes a revolving credit facility in the maximum amount of $ 100 million (including a $ 20 million swingline facility and a $ 20 million letter of credit sublimit). The New Credit Agreement also provides long-term debt in the form of a delayed draw term loan facility to finance the acquisition of IGY Marinas in the maximum amount of $ 400 million, and a $ 100 million delayed draw mortgage loan facility. The maturity of each of the facilities is August 2027 . The interest rate is (a) for amounts outstanding under the floor plan facility, 3.45 % above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (“SOFR”), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50 % to 2.0 %, depending on the total net leverage ratio, above the one month, three month, or six month term SOFR rate, and (c) for amounts outstanding under the mortgage loan facility, 2.20 % above the one month, three month, or six month term SOFR rate. The alternate base rate with a margin is available for amounts outstanding under the revolving credit, term, and mortgage loan facilities and the Euro Interbank Offered Rate plus a margin is available for borrowings in Euro or other currencies other than dollars under the revolving credit facility. The New Credit Agreement has certain financial covenants as specified in the agreement. The covenants include provisions that our leverage ratio must not exceed 3.35 to 1.0 and that our consolidated fixed charge coverage ratio must be greater than 1.10 to 1.0. As of September 30, 2022, we were in compliance with all covenants under the New Credit Agreement. The New Credit Agreement is secured by the Company’s personal property assets, including inventory and related accounts receivable. The mortgage loans will also be secured by the real estate pledged as collateral for such loans. In May 2020, we entered into a Loan and Security Agreement (the “Credit Facility”), with Wells Fargo Commercial Distribution Finance LLC, M&T Bank, Bank of the West, and Truist Bank. In July 2021, we amended the Credit Facility to increase the borrowing availability to $ 500 million, extend the term to expire by one year to July 2024 , with two one-year options to renew, subject to lender approval, and modify certain provisions to provide additional liquidity to the Company. The Credit Facility provided the Company a line of credit with asset based borrowing availability of up to $ 500 million for working capital and inventory financing, with the amount permissible pursuant to a borrowing base formula. The Credit Facility was set to expire in July 2024 , subject to extension for two one-year periods, with lender approval. The Credit Facility was replaced by the New Credit Agreement. As of September 30, 2022, our indebtedness associated with financing our inventory and working capital needs totaled approximately $135 .1 million. As of September 30, 2022, short-term borrowings included unamortized debt issuance costs of approximately $3 .1 million. As of September 30, 2021, our indebtedness associated with financing our inventory and working capital needs totaled approximately $ 24.1 million, and included unamortized debt issuance costs of approximately $ 0.2 million. As of September 30, 2021 and 2022, the interest rate on the outstanding short-term borrowings was approximately 4.20 % and 6.0 %, respectively. As of September 30, 2022, our additional available borrowings under our Credit Facility were approximately $65 .8 million based upon the outstanding borrowing base availability. As of September 30, 2022, no amounts were withdrawn on the delayed draw term loan facility to finance the acquisition of IGY Marinas or the delayed draw mortgage loan facility. Refer to Note 22 for the closing of the IGY Marinas acquisition in October 2022. As is common in our industry, we receive interest assistance directly from boat manufacturers, including Brunswick. The interest assistance programs vary by manufacturer, but generally include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to us or our lender depending on the arrangements the manufacturer has established. We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales. The availability and costs of borrowed funds can adversely affect our ability to obtain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. However, we rely on our New Credit Agreement to purchase our inventory of boats. The aging of our inventory limits our borrowing capacity as defined curtailments reduce the allowable advance rate as our inventory ages. Our access to funds under our New Credit Agreement also depends upon the ability of our lenders to meet their funding commitments, particularly if they experience shortages of capital or experience excessive volumes of borrowing requests from others during a short period of time. Unfavorable economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to utilize our New Credit Agreement to fund our operations. Any inability to utilize our New Credit Agreement could require us to seek other sources of funding to repay amounts outstanding under the credit agreements or replace or supplement our credit agreements, which may not be possible at all or under commercially reasonable terms. Similarly, decreases in the availability of credit and increases in the cost of credit adversely affect the ability of our customers to purchase boats from us and thereby adversely affect our ability to sell our products and impact the profitability of our finance and insurance activities. Long-term Debt The below table summarizes the Company's long-term debt. September 30, 2022 (Amounts in thousands) Mortgage facility payable to Flagship Bank bearing interest at 5.25 % ( prime minus 100 basis points with a floor of 2.00 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 4.0 million due August 2027 . $ 6,403 Mortgage facility payable to Seacoast National Bank bearing interest at 5.63 % ( greater of 3.00% or prime minus 62.5 basis points ). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $ 6.0 million due September 2031 . 17,098 Mortgage facility payable to Hancock Whitney Bank bearing interest at 5.63 % ( prime minus 62.5 basis points with a floor of 2.25 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 15.5 million due November 2027 . 50 % of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20 %. 25,192 Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 6.00 % ( prime minus 25 basis points with a floor of 3.00 % ). Facility matures in October 2027 . Current available borrowings under the facility were approximately $ 24.5 million at September 30, 2022. — Total long-term debt 48,693 Less: current portion ( 2,882 ) Less: unamortized portion of debt issuance costs ( 510 ) Long-term debt, net current portion and unamortized debt issuance costs $ 45,301 September 30, 2021 (Amounts in thousands) Mortgage facility payable to Flagship Bank bearing interest at 2.25 % ( prime minus 100 basis points with a floor of 2.00 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 4.0 million due August 2027 . $ 6,899 Mortgage facility payable to Seacoast National Bank bearing interest at 3.00 % ( greater of 3.00% or prime minus 62.5 basis points ). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $ 6.0 million due September 2031 . 17,675 Mortgage facility payable to Hancock Whitney Bank bearing interest at 2.63 % ( prime minus 62.5 basis points with a floor of 2.25 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 15.5 million due November 2027 . 50 % of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20 %. 27,106 Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 3.00 % ( prime minus 25 basis points with a floor of 3.00 % ). Facility matures in October 2027. Current available borrowings under the facility were approximately $ 26.1 million at September 30, 2021. — Total long-term debt 51,680 Less: current portion ( 3,587 ) Less: unamortized portion of debt issuance costs ( 595 ) Long-term debt, net current portion and unamortized debt issuance costs $ 47,498 As of September 30, 2022, the aggregate maturities of long-term debt by fiscal year are summarized as follows: (Amounts in thousands) 2023 $ 2,882 2024 2,882 2025 2,882 2026 2,882 2027 6,882 Thereafter 30,283 Total long-term debt $ 48,693 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES: Income before income tax provision consisted of the following components for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Income before income tax provision: United States $ 94,854 $ 202,643 $ 254,052 Other 2,586 3,151 7,869 Total $ 97,440 $ 205,794 $ 261,921 The components of our provision from income taxes consisted of the following for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Current provision: Federal $ 17,654 $ 38,028 $ 49,380 Foreign 654 1,516 1,739 State 1,365 6,527 11,004 Total current provision $ 19,673 $ 46,071 $ 62,123 Deferred provision: Federal $ 2,262 $ 4,201 $ 1,650 Foreign — — — State 871 543 159 Total deferred provision 3,133 4,744 1,809 Total income tax provision $ 22,806 $ 50,815 $ 63,932 Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30, 2020 2021 2022 Federal tax provision 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 3.1 % 3.7 % 3.4 % Stock-based compensation ( 0.5 )% ( 0.7 )% ( 0.6 )% Valuation allowance ( 0.2 )% — — Foreign rate differential 0.1 % 0.1 % — Other ( 0.1 )% 0.6 % 0.6 % Effective tax rate 23.4 % 24.7 % 24.4 % Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets as of September 30, 2021 2022 (Amounts in thousands) Deferred tax assets: Inventories $ 771 $ 831 Operating lease liabilities 25,924 23,323 Accrued expenses 1,225 889 Stock-based compensation 2,810 4,147 Tax loss carryforwards 667 599 Other 852 1,154 Total long-term deferred tax assets $ 32,249 $ 30,943 Deferred tax liabilities: Depreciation and amortization ( 16,226 ) ( 22,369 ) Operating lease right-of-use assets ( 25,291 ) ( 22,733 ) Other — ( 1,242 ) Total long-term deferred tax liabilities $ ( 41,517 ) $ ( 46,344 ) Net deferred tax liabilities $ ( 9,268 ) $ ( 15,401 ) Pursuant to ASC 740, we must consider all positive and negative evidence regarding the realization of deferred tax assets. ASC 740 provides four possible sources of taxable income to realize deferred tax assets: 1) taxable income in prior carryback years, 2) reversals of existing deferred tax liabilities, 3) tax planning strategies and 4) projected future taxable income. As of September 30, 2022, we have no available taxable income in prior carryback years and have not identified prudent and feasible tax planning strategies. Therefore, the recoverability of our deferred tax assets is dependent upon the reversal of existing deferred tax liabilities and generating future taxable income. It is more likely than not that we will generate sufficient taxable income to realize the deferred tax asset not offset by reversing deferred tax liabilities. As of September 30, 2022, the Company has NOL carryforwards of approximately $ 9.5 million for state income tax purposes, which resulted in a deferred tax asset of $ 0.6 million, and expire at various dates from 2029 through 2032 . Significant judgment is required in evaluating our uncertain tax positions. Although we believe our tax return positions are sustainable, we recognize tax benefits from uncertain tax positions in the consolidated financial statements only when it is more likely than not that the positions will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority’s administrative practices and precedents. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties. We are subject to tax by federal, state, and foreign taxing authorities. Until the respective statutes of limitations expire, we are subject to income tax audits in the jurisdictions in which we operate. We are no longer subject to U.S. federal tax assessments for fiscal years prior to 2019, we are not subject to assessments prior to the 2016 fiscal year for the majority of the State jurisdictions and we are not subject to assessments prior to the 2017 calendar year for the majority of the foreign jurisdictions. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | 13. SHAREHOLDERS’ EQUITY: In March 2020, our Board of Directors approved a new share repurchase plan allowing the Company to repurchase up to 10 million shares of our common stock through March 2022. The share repurchase plan was subsequently extended in March 2022 through March 2024. Under the plan, we may buy back common stock from time to time in the open market or in privately negotiated blocks, dependent upon various factors, including price and availability of the shares, and general market conditions. Through September 30, 2022 we had purchased an aggregate of 7,267,021 shares of common stock under the current and historical share repurchase plans for an aggregate purchase price of approximately $ 148.7 million. As of September 30, 2022 , approximately 8.9 million shares remained available for future purchases under the share repurchase program. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 14. STOCK-BASED COMPENSATION: We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all options granted (Note 16) and shares purchased under our Amended 2008 Employee Stock Purchase Plan (“Stock Purchase Plan”). We measure compensation for restricted stock awards and restricted stock units (Note 17) at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. We recognize compensation cost for all awards in operations on a straight-line basis over the requisite service period for each separately vesting portion of the award. Stock-based compensation expense recorded in selling, general, and administrative expenses was approximately $ 7.5 million, $ 9.7 million, and $ 16.0 million, for the fiscal years ended September 30, 2020, 2021, and 2022, respectively. Cash received from option exercises under all share-based compensation arrangements for the fiscal years ended September 30, 2020, 2021 and 2022 was approximately $ 4.6 million, $ 2.6 million, and $ 2.2 million, respectively. We currently expect to satisfy share-based awards with registered shares available to be issued from the Stock Purchase Plan. |
The Incentive Stock Plans
The Incentive Stock Plans | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
The Incentive Stock Plans | 15. THE INCENTIVE STOCK PLANS: In February 2022, our shareholders approved a proposal to authorize our 2021 Stock-Based Compensation Plan (“2021 Plan”), which replaced our 2011 Stock-Based Compensation Plan (“2011 Plan”). Our 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, bonus stock, dividend equivalents, other stock related awards, and performance awards (collectively “awards”), that may be settled in cash, stock, or other property. Our 2021 Plan is designed to attract, motivate, retain, and reward our executives, employees, officers, directors, and independent contractors by providing such persons with annual and long-term performance incentives to expend their maximum efforts in the creation of shareholder value. The total number of shares of our common stock that may be subject to awards under the 2021 Plan is equal to 1,000,000 shares, plus: (i) any shares available for issuance and not subject to an award under the 2007 Plan or the 2011 Plan, which was 545,729 in aggregate at the time of the approval of the 2021 Plan; (ii) the number of shares with respect to which awards granted under the 2021 Plan, the 2011 Plan or the 2007 Plan terminate without the issuance of the shares or where the shares are forfeited or repurchased; (iii) with respect to awards granted under the 2021 Plan, the 2011 Plan and the 2007 Plan, the number of shares that are not issued as a result of the award being settled for cash or otherwise not issued in connection with the exercise or payment of the award; and (iv) the number of shares that are surrendered or withheld in payment of the exercise price of any award or any tax withholding requirements in connection with any award granted under the 2021 Plan, the 2011 Plan or the 2007 Plan. The 2021 Plan terminates in February 2032 , and awards may be granted at any time during the life of the 2021 Plan. The dates on which awards vest are determined by the Board of Directors or the Plan Administrator. The Board of Directors has appointed the Compensation Committee as the Plan Administrator. The exercise prices of options are determined by the Board of Directors or the Plan Administrator and are at least equal to the fair market value of shares of common stock on the date of grant. The term of options under the 2021 Plan may not exceed ten years . The options granted have varying vesting periods. To date, we have not settled or been under any obligation to settle any awards in cash. The following table summarizes activity from our incentive stock plans from September 30, 2021 through September 30, 2022: Shares Options Aggregate Weighted Weighted Balance as of September 30, 2021 918,061 115,250 $ 4,085 $ 13.08 1.9 Shares authorized 1,000,000 Options granted - — — Options cancelled/forfeited/expired 20,000 ( 20,000 ) 7.39 Options exercised - ( 32,500 ) 7.81 Restricted stock awards granted ( 391,208 ) — — Restricted stock awards forfeited 13,684 — — Additional shares of stock issued ( 24,443 ) — — Balance as of September 30, 2022 1,536,094 62,750 $ 893 $ 17.62 2.3 Exercisable as of September 30, 2022 60,083 $ 870 $ 16.93 2.2 No options were granted during the fiscal years ended September 30, 2020, and 2022. The weighted-average grant date fair value of options granted during the fiscal year ended September 30, 2021 was $ 25.29 . The total intrinsic value of options exercised during the fiscal years ended September 30, 2020, 2021 and 2022 was approximately $ 3.8 million, $ 1.8 million, and $ 1.4 million, respectively. We used the Black-Scholes model to estimate the fair value of options granted. The expected term of options granted is estimated based on historical experience. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Purchase Plan | 16. EMPLOYEE STOCK PURCHASE PLAN: In February 2019, our shareholders approved a proposal to amend our Stock Purchase Plan to increase the number of shares available under that plan by 500,000 shares. The Stock Purchase Plan as amended provides for up to 1,500,000 shares of common stock to be available for purchase by our regular employees who have completed at least one year of continuous service. In addition, there were 52,837 shares of common stock available under our 1998 Employee Stock Purchase Plan, which have been made available for issuance under our Stock Purchase Plan. The Stock Purchase Plan provides for implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, with each offering terminating on September 30 of the following year. Each annual offering may be divided into two six-month offerings. For each offering, the purchase price per share will be the lower of: (i) 85% of the closing price of the common stock on the first day of the offering or (ii) 85 % of the closing price of the common stock on the last day of the offering. The purchase price is paid through periodic payroll deductions not to exceed 10 % of the participant’s earnings during each offering period. However, no participant may purchase more than $ 25,000 worth of common stock annually. We used the Black-Scholes model to estimate the fair value of options granted to purchase shares issued pursuant to the Stock Purchase Plan. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. The following are the weighted-average assumptions used for the fiscal years ended September 30, 2020 2021 2022 Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.8 % 0.1 % 0.7 % Volatility 69.7 % 69.6 % 49.0 % Expected life Six months Six months Six months As of September 30, 2022 , we had issued 1,191,779 shares of common stock under our Stock Purchase Plan. |
Restricted Stock Awards
Restricted Stock Awards | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Restricted Stock Awards | 17. RESTRICTED STOCK AWARDS: We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to employees, directors, and officers pursuant to the 2021 Plan, 2011 Plan, and the 2007 Plan. The restricted stock awards and RSUs have varying vesting periods, but generally become fully vested between two and four years after the grant date, depending on the specific award, performance targets met for performance-based awards granted to officers, and vesting period for time-based awards. Officer performance-based awards are granted at the target amount of shares that may be earned and the actual amount of the award earned generally could range from 0 % to 175 % of the target number of shares based on the actual specified performance target met. We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards, including performance-based awards, is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award. The following table summarizes restricted stock award activity from September 30, 2021 through September 30, 2022: Shares/ Weighted Non-vested balance as of September 30, 2021 911,429 $ 22.33 Changes during the period: Awards granted 391,208 $ 52.52 Awards vested ( 354,436 ) $ 21.49 Awards forfeited ( 13,684 ) $ 26.05 Non-vested balance as of September 30, 2022 934,517 $ 35.23 As of September 30, 2022 , we had approximately $ 19.4 million of total unrecognized compensation cost, assuming applicable performance conditions are met, related to non-vested restricted stock awards. We expect to recognize that cost over a weighted-average period of 2.1 years. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 18. NET INCOME PER SHARE: The following table presents shares used in the calculation of basic and diluted net income per share for the fiscal years ended September 30, 2020 2021 2022 Weighted average common shares outstanding used in 21,547,665 22,010,130 21,706,225 Effect of dilutive options and non-vested restricted 577,673 849,368 692,984 Weighted average common and common equivalent 22,125,338 22,859,498 22,399,209 For the fiscal years ended September 30, 2020, 2021, and 2022 there were 9,650 , 1,619 , and 71,976 weighted average shares of options outstanding and non-vested restricted stock outstanding, respectively, that were not included in the computation of diluted net income per share because the options’ exercise prices or non-vested restricted stock prices were greater than the average market price of our common stock, and therefore, their effect would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. COMMITMENTS AND CONTINGENCIES: We are party to various legal actions arising in the ordinary course of business. While it is not feasible to determine the actual outcome of these actions as of September 30, 2022, we believe that these matters should not have a material adverse effect on our consolidated financial condition, results of operations or cash flows. During the fiscal year ended September 30, 2020, we incurred costs associated with store closings and lease terminations of approximately $ 1.7 million. During the fiscal years ended September 30, 2021, and 2022, we incurred no costs associated with store closings and lease terminations. The store closing costs have been included in selling, general, and administrative expenses in the accompanying Consolidated Statements of Operations. In connection with certain of our workers’ compensation insurance policies, we maintain standby letters of credit and surety bonds for our insurance carriers in the amount of $ 2.0 million relating primarily to retained risk on our workers compensation claims. We are subject to federal and state environmental regulations, including rules relating to air and water pollution and the storage and disposal of gasoline, oil, other chemicals and waste. We believe that we are in compliance with such regulations. |
Employee 401(k) Profit Sharing
Employee 401(k) Profit Sharing Plans | 12 Months Ended |
Sep. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee 401(k) Profit Sharing Plans | 20. EMPLOYEE 401(k) PROFIT SHARING PLANS: Employees are eligible to participate in our 401(k) Profit Sharing Plan (the “Plan”) following their 90 -day introductory period starting either April 1 or October 1 , provided that they are 21 years of age. Under the Plan, we matched 50 % of participants’ contributions, up to a maximum of 6 % of each participant’s compensation. We contributed, under the Plan, or pursuant to previous similar plans, approximately $ 2.7 million, $ 5.0 million, and $ 6.1 million for the fiscal years ended September 30, 2020, 2021 and 2022 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 21. SEGMENT INFORMATION: Change in Reportable Segments Effective May 2, 2021, our reportable 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 operating segments, which are also reportable segments: Retail Operations and Product Manufacturing. 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 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. 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, produces customized boats. Intrepid Powerboats follows a direct-to-consumer distribution model. 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, 2020 2021 2022 (Amounts in thousands) Depreciation: Retail Operations $ 12,756 $ 13,821 $ 16,577 Product Manufacturing — 32 131 Depreciation $ 12,756 $ 13,853 $ 16,708 Amortization: Retail Operations $ 16 $ 1,429 $ 857 Product Manufacturing — 324 1,853 Amortization $ 16 $ 1,753 $ 2,710 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, 2020 2021 2022 (Amounts in thousands) Revenue: Retail Operations $ 1,509,713 $ 2,043,613 $ 2,199,026 Product Manufacturing — 44,000 176,273 Elimination of intersegment revenue — ( 24,356 ) ( 67,201 ) Revenue $ 1,509,713 $ 2,063,257 $ 2,308,098 Income from operations: Retail Operations $ 106,715 $ 207,034 $ 249,186 Product Manufacturing — 6,940 20,258 Elimination of intersegment income from operations — ( 4,515 ) ( 4,240 ) Income from operations $ 106,715 $ 209,459 $ 265,204 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. SUBSEQUENT EVENTS: On October 3, 2022, the Company and its wholly-owned subsidiary, MarineMax East, Inc., a Delaware corporation, completed the purchase of all of the outstanding membership interest units of Island Global Yachting LLC, a Delaware limited liability company, pursuant to the terms of a Securities Purchase Agreement (the “Purchase Agreement”) with Island Marina Holdings LLC, a Delaware limited liability company, and Island Marinas Subsidiary Corp., a Delaware corporation, dated August 8, 2022 (the “Transaction”). The Transaction was consummated for an aggregate cash purchase price of $ 480 million in cash, subject to customary purchase price adjustments set forth in the Purchase Agreement, with an additional potential payment of up to $ 100 million in cash two years after closing, subject to the achievement of certain performance metrics set forth in the Purchase Agreement. The Transaction was financed through MarineMax’s New Credit Agreement which included drawing $ 400 million from the term loan facility and cash on hand. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Vendor Consideration Received | Vendor Consideration Received We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales. Amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses. Our consideration received from our vendors contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including our ability to collect amounts due from vendors and the ability to meet certain criteria stipulated by our vendors. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our vendor considerations which would result in a material effect on our operating results. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories purchased from our vendors consist of the amount paid to acquire the inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, inventory deposits, and transportation costs relating to acquiring inventory for sale. Trade-in used boats are initially recorded at fair value and adjusted for reconditioning and other costs. The cost of inventories that are manufactured by the Company consist of material, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. New and used boats, motors, and trailers inventories are accounted for on a specific identification basis. Raw materials and parts, accessories, and other inventories are accounted for on an average cost basis. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate the lower of cost or net realizable value. If events occur and market conditions change, the net realizable value of our inventories could change. |
Property and Equipment | Property and Equipment We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method. We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows: Years Buildings and improvements 5 - 40 Machinery and equipment 3 - 10 Furniture and fixtures 5 - 10 Vehicles 3 - 5 We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the accompanying Consolidated Statements of Operations. We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives. |
Goodwill | Goodwill We account for acquisitions in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”). For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill. In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the third fiscal quarter. If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350. Based upon our most recent analysis, we determined through our 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 were not required to perform a quantitative goodwill impairment test. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets no impairment of long-lived assets existed as of September 30, 2022. |
Insurance | Insurance We retain varying levels of risk relating to the insurance policies we maintain, most significantly, workers’ compensation insurance and employee medical benefits. We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits. Our third-party insurance carriers pay any losses above the pre-determined exposure limits. We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information. |
Revenue Recognition | Revenue Recognition The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer. We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2021 and 2022, on our experience with repayments or defaults on the related finance contracts. We recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized. We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $ 5.7 million and $ 5.9 million as of September 30, 2021 and September 30, 2022, respectively. We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity. Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers. Total contract liabilities of approximately $ 31.8 million recorded as of September 30, 2020 were recognized in revenue during the fiscal year ended September 30, 2021. Total contract liabilities of approximately $ 94.9 million recorded as of September 30, 2021 were recognized in revenue during the fiscal year ended September 30, 2022. We recognize revenue from service operations and slip and storage services over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met. The following table sets forth percentages on the timing of revenue recognition by reportable segment for the fiscal years ended September 30, Retail Operations Product Manufacturing 2020 2021 2022 2020 2021 2022 Goods and services transferred at a point in time 92.7 % 91.6 % 90.9 % — 100.0 % 100.0 % Goods and services transferred over time 7.3 % 8.4 % 9.1 % — — — Revenue 100.0 % 100.0 % 100.0 % — 100.0 % 100.0 % The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors for the fiscal years ended September 30, 2022 Retail Operations Product Manufacturing Total New boat sales 71.9 % 100.0 % 73.2 % Used boat sales 7.7 % — 7.3 % Maintenance, repair, storage, rental, and charter services 7.7 % — 7.4 % Finance and insurance products 3.1 % — 3.0 % Parts and accessories 3.5 % — 3.3 % Brokerage sales 6.1 % — 5.8 % Revenue 100.0 % 100.0 % 100.0 % 2021 Retail Operations Product Manufacturing Total New boat sales 70.3 % 100.0 % 70.5 % Used boat sales 11.0 % — 10.9 % Maintenance, repair, storage, rental, and charter services 7.1 % — 7.1 % Finance and insurance products 2.7 % — 2.7 % Parts and accessories 3.2 % — 3.2 % Brokerage sales 5.7 % — 5.6 % Revenue 100.0 % 100.0 % 100.0 % 2020 Retail Operations Product Manufacturing Total New boat sales 70.2 % — 70.2 % Used boat sales 15.1 % — 15.1 % Maintenance, repair, storage, rental, and charter services 6.4 % — 6.4 % Finance and insurance products 2.7 % — 2.7 % Parts and accessories 3.0 % — 3.0 % Brokerage sales 2.6 % — 2.6 % Revenue 100.0 % — 100.0 % |
Cost of Sales | Cost of Sales Cost of sales primarily includes cost of products sold, transportation costs from manufacturers to our retail stores, and vendor consideration. Cost of sales includes depreciation of property and equipment from our product manufacturing segment (manufacturing overhead). |
Selling, General, and Administrative expenses | Selling, General, and Administrative expenses Selling, general, and administrative expenses primarily include salaries and incentive-based compensation, sales commissions, brokerage commissions, advertising, insurance, utilities, depreciation and amortization, and other customary operating expenses. |
Stock-Based Compensation | Stock-Based Compensation We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for estimating the fair value of stock option grants and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock on the grant date. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. |
Foreign Currency Transactions | Foreign Currency Transactions For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the weighted average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income. No amounts were reclassified out of accumulated other comprehensive income in fiscal 2022. |
Advertising and Promotional Costs | Advertising and Promotional Cost We expense advertising and promotional costs as incurred and include them in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. We net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses. Total advertising and promotional expenses approximated $ 14.0 million, $ 14.8 million and $ 25.8 million, net of related co-op assistance, which was not material to the consolidated financial statements, for the fiscal years ended September 30, 2020, 2021, and 2022 , respectively. |
Income Taxes | Income Taxes We account for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions. Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of contingent consideration liabilities. Actual results could differ materially from those estimates. |
Segment Reporting | Segment Reporting Effective May 2, 2021, our reportable 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 reportable segments: Retail Operations and Product Manufacturing. The change in reportable segments had no impact on the Company’s previously reported historical consolidated financial statements. Where applicable, all prior periods presented have been revised to conform to the change in reportable segments. See Note 21. |
New Accounting Pronouncements | We adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) effective October 1, 2019 the first day of fiscal 2020. We elected the package of practical expedients available under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification of our existing leases. Consequently, on adoption, we recognized additional operating lease liabilities of $ 44.0 million and right-of-use (“ROU”) assets of $ 42.1 million. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. As a result, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and we did not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components. We recognized a net after-tax cumulative effect adjustment to retained earnings of $ 0.6 million as of the date of adoption. See Note 8 for additional information on our leases. In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities (i.e., unearned revenue) acquired in a business combination to be recognized and measured in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company has early adopted ASU 2021-08 as of October 1, 2021, on a prospective basis. The impact of the adoption of ASU 2021-08 had an immaterial impact on the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Estimated Life of Property and Equipment | Useful lives for purposes of computing depreciation are as follows: Years Buildings and improvements 5 - 40 Machinery and equipment 3 - 10 Furniture and fixtures 5 - 10 Vehicles 3 - 5 |
Summary of Percentage on Timing of Revenue Recognition by Reportable Segment | The following table sets forth percentages on the timing of revenue recognition by reportable segment for the fiscal years ended September 30, Retail Operations Product Manufacturing 2020 2021 2022 2020 2021 2022 Goods and services transferred at a point in time 92.7 % 91.6 % 90.9 % — 100.0 % 100.0 % Goods and services transferred over time 7.3 % 8.4 % 9.1 % — — — Revenue 100.0 % 100.0 % 100.0 % — 100.0 % 100.0 % |
Product Concentration Risk [Member] | Sales [Member] | |
Summary of Revenue Disaggregated Into Categories Depict the Nature, Amount, Timing, and Uncertainty of Revenue and Cash Flows Affected by Economic Factor | The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors for the fiscal years ended September 30, 2022 Retail Operations Product Manufacturing Total New boat sales 71.9 % 100.0 % 73.2 % Used boat sales 7.7 % — 7.3 % Maintenance, repair, storage, rental, and charter services 7.7 % — 7.4 % Finance and insurance products 3.1 % — 3.0 % Parts and accessories 3.5 % — 3.3 % Brokerage sales 6.1 % — 5.8 % Revenue 100.0 % 100.0 % 100.0 % 2021 Retail Operations Product Manufacturing Total New boat sales 70.3 % 100.0 % 70.5 % Used boat sales 11.0 % — 10.9 % Maintenance, repair, storage, rental, and charter services 7.1 % — 7.1 % Finance and insurance products 2.7 % — 2.7 % Parts and accessories 3.2 % — 3.2 % Brokerage sales 5.7 % — 5.6 % Revenue 100.0 % 100.0 % 100.0 % 2020 Retail Operations Product Manufacturing Total New boat sales 70.2 % — 70.2 % Used boat sales 15.1 % — 15.1 % Maintenance, repair, storage, rental, and charter services 6.4 % — 6.4 % Finance and insurance products 2.7 % — 2.7 % Parts and accessories 3.0 % — 3.0 % Brokerage sales 2.6 % — 2.6 % Revenue 100.0 % — 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Consolidated Balance Sheets as of September 30, 2022 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 1,528 $ — $ 1,528 Liabilities: Contingent consideration liabilities $ — $ — $ 15,207 $ 15,207 2021 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ — $ 150 $ — $ 150 Liabilities: Contingent consideration liabilities $ — $ — $ 12,364 $ 12,364 |
Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs | The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the fiscal the years ended September 30, 2021 and 2022: Contingent Consideration Liabilities (Amounts in thousands) Balance as of September 30, 2020 $ 2,960 Additions from business acquisitions 10,640 Settlement of contingent consideration liabilities ( 3,000 ) Change in fair value and net present value of contingency 1,764 Balance as of September 30, 2021 $ 12,364 Additions from business acquisitions 7,350 Settlement of contingent consideration liabilities ( 5,500 ) Change in fair value and net present value of contingency 993 Balance as of September 30, 2022 $ 15,207 |
Summary of Carrying Value and Fair Value of Mortgage Facilities | The following table summarizes the carrying value and fair value of our mortgage facilities as of September 30, 2021 2022 Fair Value Carrying Value Fair Value Carrying Value (Amounts in thousands) Mortgage facility payable to Flagship Bank $ 6,872 $ 6,899 $ 6,355 $ 6,403 Mortgage facility payable to Seacoast National Bank 17,529 17,675 16,681 17,098 Mortgage facility payable to Hancock Whitney Bank 27,089 27,106 24,977 25,192 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net consisted of the following as of September 30, 2021 2022 (Amounts in thousands) Trade receivables, net $ 38,953 $ 41,215 Amounts due from manufacturers 7,344 7,826 Other receivables 1,354 1,246 Accounts receivable, net $ 47,651 $ 50,287 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following as of September 30, 2021 2022 (Amounts in thousands) New and used boats, motors, and trailers $ 143,267 $ 272,422 In transit inventory and deposits 50,621 117,268 Parts, accessories, and other 13,779 17,143 Work-in-process 11,358 21,691 Raw materials 11,959 25,835 Inventories $ 230,984 $ 454,359 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following as of September 30, 2021 2022 (Amounts in thousands) Land $ 57,330 $ 80,312 Buildings and improvements 137,271 179,162 Machinery and equipment 54,510 70,445 Furniture and fixtures 5,897 6,523 Vehicles 18,269 20,843 Gross property and equipment 273,277 357,285 Less: accumulated depreciation and amortization ( 97,814 ) ( 111,274 ) Property and equipment, net $ 175,463 $ 246,011 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Summary of Maturities of Lease Liabilities by Fiscal Year | As of September 30, 2022, maturities of lease liabilities by fiscal year are summarized as follows: (Amounts in thousands) 2023 $ 14,715 2024 13,744 2025 11,172 2026 10,311 2027 9,905 Thereafter 78,917 Total lease payments 138,764 Less: interest ( 39,414 ) Present value of lease liabilities $ 99,350 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table sets forth supplemental cash flow information related to leases for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Cash paid for amounts included in the measurement of Operating cash flows from operating leases $ 10,209 $ 16,917 $ 16,039 Right-of-use assets obtained in exchange for lease Operating leases $ 3,811 $ 74,097 $ 4,588 |
Goodwill Other Intangible Ass_2
Goodwill Other Intangible Assets and Other Long Term Assets (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment | The following table sets forth the changes in carrying amount of goodwill by reportable segment for the fiscal years ended September 30, 2021 and 2022: Retail Operations Product Manufacturing Total (Amounts in thousands) Balance as of September 30, 2020 $ 84,240 $ — $ 84,240 Goodwill acquired 71,306 40,134 111,440 Foreign currency translation ( 117 ) — ( 117 ) Balance as of September 30, 2021 $ 155,429 $ 40,134 $ 195,563 Goodwill acquired 14,035 28,900 42,935 Foreign currency translation ( 2,913 ) — ( 2,913 ) Balance as of September 30, 2022 $ 166,551 $ 69,034 $ 235,585 |
Summary of Other Intangible Assets, Net | Other intangible assets, net, at September 30, consisted of the following: 2021 2022 (Amounts in thousands) Trade names - indefinite-lived $ 3,051 $ 7,736 Other intangible assets, primarily customer relationships 3,970 5,948 7,021 13,684 Less: accumulated amortization ( 1,462 ) ( 2,798 ) Intangible assets, net $ 5,559 $ 10,886 |
Cruisers Yachts [Member] | |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date | The following table summarizes the consideration paid for Cruisers Yachts and the allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date. (Amounts in thousands) Consideration: Cash purchase price and net working capital adjustments, net of cash acquired of $ 5,993 $ 61,448 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets, net of cash acquired of $ 5,993 $ 29,869 Property and equipment 12,126 Intangible assets 4,602 Current liabilities ( 25,283 ) Total identifiable net assets acquired: 21,314 Goodwill $ 40,134 Total $ 61,448 |
SkipperBuds [Member] | |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date | The following table summarizes the consideration paid for SkipperBud’s and the allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date. (Amounts in thousands) Consideration: Cash purchase price and net working capital adjustments, net of cash acquired of $ 30,615 $ 50,261 Contingent consideration liability 8,200 Fair value of total consideration transferred $ 58,461 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets, net of cash acquired of $ 30,615 $ 50,688 Property and equipment 4,859 Intangible assets 1,978 Current liabilities ( 55,427 ) Total identifiable net assets acquired: 2,098 Goodwill $ 56,363 Total $ 58,461 |
Accrued Expenses (Table)
Accrued Expenses (Table) | 12 Months Ended |
Sep. 30, 2022 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following as of September 30, 2021 2022 (Amounts in thousands) Payroll accruals $ 42,138 $ 41,413 Customer and storage accruals 17,390 18,095 Sales and other taxes payable 8,462 5,930 Other accruals 18,604 23,964 Accrued expenses $ 86,594 $ 89,402 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The below table summarizes the Company's long-term debt. September 30, 2022 (Amounts in thousands) Mortgage facility payable to Flagship Bank bearing interest at 5.25 % ( prime minus 100 basis points with a floor of 2.00 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 4.0 million due August 2027 . $ 6,403 Mortgage facility payable to Seacoast National Bank bearing interest at 5.63 % ( greater of 3.00% or prime minus 62.5 basis points ). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $ 6.0 million due September 2031 . 17,098 Mortgage facility payable to Hancock Whitney Bank bearing interest at 5.63 % ( prime minus 62.5 basis points with a floor of 2.25 % ). Requires monthly principal and interest payments with a balloon payment of approximately $ 15.5 million due November 2027 . 50 % of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20 %. 25,192 Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 6.00 % ( prime minus 25 basis points with a floor of 3.00 % ). Facility matures in October 2027 . Current available borrowings under the facility were approximately $ 24.5 million at September 30, 2022. — Total long-term debt 48,693 Less: current portion ( 2,882 ) Less: unamortized portion of debt issuance costs ( 510 ) Long-term debt, net current portion and unamortized debt issuance costs $ 45,301 |
Summary of Aggregate Maturities of Long Term Debt | As of September 30, 2022, the aggregate maturities of long-term debt by fiscal year are summarized as follows: (Amounts in thousands) 2023 $ 2,882 2024 2,882 2025 2,882 2026 2,882 2027 6,882 Thereafter 30,283 Total long-term debt $ 48,693 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Before Income Tax Provision | Income before income tax provision consisted of the following components for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Income before income tax provision: United States $ 94,854 $ 202,643 $ 254,052 Other 2,586 3,151 7,869 Total $ 97,440 $ 205,794 $ 261,921 |
Components of Income Taxes Provision | The components of our provision from income taxes consisted of the following for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Current provision: Federal $ 17,654 $ 38,028 $ 49,380 Foreign 654 1,516 1,739 State 1,365 6,527 11,004 Total current provision $ 19,673 $ 46,071 $ 62,123 Deferred provision: Federal $ 2,262 $ 4,201 $ 1,650 Foreign — — — State 871 543 159 Total deferred provision 3,133 4,744 1,809 Total income tax provision $ 22,806 $ 50,815 $ 63,932 |
Summary of Tax Rates | Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30, 2020 2021 2022 Federal tax provision 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 3.1 % 3.7 % 3.4 % Stock-based compensation ( 0.5 )% ( 0.7 )% ( 0.6 )% Valuation allowance ( 0.2 )% — — Foreign rate differential 0.1 % 0.1 % — Other ( 0.1 )% 0.6 % 0.6 % Effective tax rate 23.4 % 24.7 % 24.4 % |
Components of Deferred Tax Assets | Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets as of September 30, 2021 2022 (Amounts in thousands) Deferred tax assets: Inventories $ 771 $ 831 Operating lease liabilities 25,924 23,323 Accrued expenses 1,225 889 Stock-based compensation 2,810 4,147 Tax loss carryforwards 667 599 Other 852 1,154 Total long-term deferred tax assets $ 32,249 $ 30,943 Deferred tax liabilities: Depreciation and amortization ( 16,226 ) ( 22,369 ) Operating lease right-of-use assets ( 25,291 ) ( 22,733 ) Other — ( 1,242 ) Total long-term deferred tax liabilities $ ( 41,517 ) $ ( 46,344 ) Net deferred tax liabilities $ ( 9,268 ) $ ( 15,401 ) |
The Incentive Stock Plans (Tabl
The Incentive Stock Plans (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Stock Plans Activity | The following table summarizes activity from our incentive stock plans from September 30, 2021 through September 30, 2022: Shares Options Aggregate Weighted Weighted Balance as of September 30, 2021 918,061 115,250 $ 4,085 $ 13.08 1.9 Shares authorized 1,000,000 Options granted - — — Options cancelled/forfeited/expired 20,000 ( 20,000 ) 7.39 Options exercised - ( 32,500 ) 7.81 Restricted stock awards granted ( 391,208 ) — — Restricted stock awards forfeited 13,684 — — Additional shares of stock issued ( 24,443 ) — — Balance as of September 30, 2022 1,536,094 62,750 $ 893 $ 17.62 2.3 Exercisable as of September 30, 2022 60,083 $ 870 $ 16.93 2.2 |
Employee Stock Purchase Plan (T
Employee Stock Purchase Plan (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Weighted Average Assumptions of Employee Stock Purchase Plan | The following are the weighted-average assumptions used for the fiscal years ended September 30, 2020 2021 2022 Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.8 % 0.1 % 0.7 % Volatility 69.7 % 69.6 % 49.0 % Expected life Six months Six months Six months |
Restricted Stock Awards (Tables
Restricted Stock Awards (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Restricted Stock Award Activity | The following table summarizes restricted stock award activity from September 30, 2021 through September 30, 2022: Shares/ Weighted Non-vested balance as of September 30, 2021 911,429 $ 22.33 Changes during the period: Awards granted 391,208 $ 52.52 Awards vested ( 354,436 ) $ 21.49 Awards forfeited ( 13,684 ) $ 26.05 Non-vested balance as of September 30, 2022 934,517 $ 35.23 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The following table presents shares used in the calculation of basic and diluted net income per share for the fiscal years ended September 30, 2020 2021 2022 Weighted average common shares outstanding used in 21,547,665 22,010,130 21,706,225 Effect of dilutive options and non-vested restricted 577,673 849,368 692,984 Weighted average common and common equivalent 22,125,338 22,859,498 22,399,209 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Depreciation and Amortization of Reportable Segments | The following table sets forth depreciation and amortization for each of the Company’s reportable segments for the fiscal years ended September 30, 2020 2021 2022 (Amounts in thousands) Depreciation: Retail Operations $ 12,756 $ 13,821 $ 16,577 Product Manufacturing — 32 131 Depreciation $ 12,756 $ 13,853 $ 16,708 Amortization: Retail Operations $ 16 $ 1,429 $ 857 Product Manufacturing — 324 1,853 Amortization $ 16 $ 1,753 $ 2,710 |
Summary of Revenue and Income from Operations of Reportable Segments | 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, 2020 2021 2022 (Amounts in thousands) Revenue: Retail Operations $ 1,509,713 $ 2,043,613 $ 2,199,026 Product Manufacturing — 44,000 176,273 Elimination of intersegment revenue — ( 24,356 ) ( 67,201 ) Revenue $ 1,509,713 $ 2,063,257 $ 2,308,098 Income from operations: Retail Operations $ 106,715 $ 207,034 $ 249,186 Product Manufacturing — 6,940 20,258 Elimination of intersegment income from operations — ( 4,515 ) ( 4,240 ) Income from operations $ 106,715 $ 209,459 $ 265,204 |
Company Background and Basis _2
Company Background and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | ||||
Sep. 30, 2022 Location | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2022 RetailDealership | Sep. 30, 2022 Marina | |
Concentration Risk [Line Items] | |||||
Number of retail locations | 100 | 78 | 34 | ||
Product Concentration Risk [Member] | Sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue percentage from sale of boats | 100% | 100% | 100% | ||
Product Concentration Risk [Member] | Brunswick [Member] | Sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue percentage from sale of boats | 23% | ||||
Product Concentration Risk [Member] | Brunswick Sea Ray Boat [Member] | Brunswick [Member] | Sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue percentage from sale of boats | 11% | ||||
Product Concentration Risk [Member] | Brunswick Boston Whaler Boats [Member] | Brunswick [Member] | Sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue percentage from sale of boats | 9% | ||||
Product Concentration Risk [Member] | Azimut Benetti Groups and Yachts | Sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue percentage from sale of boats | 8% | ||||
Geographic Concentration Risk [Member] | Sales [Member] | Florida [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue percentage from sale of boats | 51% | 50% | 54% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Accounting Policies [Abstract] | |||
Goodwill and other intangible assets increased from acquisitions | $ 45,300,000 | $ 116,800,000 | |
Business acquisition, goodwill for tax purposes | 10,500,000 | 110,800,000 | |
Impairment charges | 0 | ||
Contract assets recorded in prepaid expenses and other current assets | $ 5,900,000 | 5,700,000 | |
Revenue remaining obligation description | As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. | ||
Contract liabilities | $ 144,427,000 | 100,660,000 | |
Contract liabilities recognized in revenue | 94,900,000 | $ 31,800,000 | |
Accumulated other comprehensive income (loss) | (2,806,000) | 648,000 | |
Reclassified out of accumulated other comprehensive income | 0 | ||
Total advertising and promotional expenses | $ 25,800,000 | $ 14,800,000 | $ 14,000,000 |
Number of reporting segment | Segment | 2 |
Significant Accounting Polici_5
Significant Accounting Policies - Estimated Life of Property and Equipment (Detail) | 12 Months Ended |
Sep. 30, 2022 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Percentage on Timing of Revenue Recognition by Reportable Segment (Details) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retail Operations [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total Revenue | 100% | 100% | 100% |
Product Manufacturing [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total Revenue | 100% | 100% | |
Goods and Services Transferred at a Point in Time [Member] | Retail Operations [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total Revenue | 90.90% | 91.60% | 92.70% |
Goods and Services Transferred at a Point in Time [Member] | Product Manufacturing [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total Revenue | 100% | 100% | |
Goods and Services Transferred Over Time [Member] | Retail Operations [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total Revenue | 9.10% | 8.40% | 7.30% |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Revenue Disaggregated Into Categories Depict the Nature, Amount, Timing, and Uncertainty of Revenue and Cash Flows Affected by Economic Factor (Detail) - Product Concentration Risk [Member] - Sales [Member] | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 100% | 100% | 100% |
Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 100% | 100% | 100% |
Product Manufacturing [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 100% | 100% | |
New Boat Sales [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 73.20% | 70.50% | 70.20% |
New Boat Sales [Member] | Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 71.90% | 70.30% | 70.20% |
New Boat Sales [Member] | Product Manufacturing [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 100% | 100% | |
Used Boat Sales [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 7.30% | 10.90% | 15.10% |
Used Boat Sales [Member] | Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 7.70% | 11% | 15.10% |
Maintenance, Repair, Storage, Rental, and Charter Services [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 7.40% | 7.10% | 6.40% |
Maintenance, Repair, Storage, Rental, and Charter Services [Member] | Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 7.70% | 7.10% | 6.40% |
Finance and Insurance Products [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 3% | 2.70% | 2.70% |
Finance and Insurance Products [Member] | Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 3.10% | 2.70% | 2.70% |
Parts and Accessories [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 3.30% | 3.20% | 3% |
Parts and Accessories [Member] | Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 3.50% | 3.20% | 3% |
Brokerage Sales [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 5.80% | 5.60% | 2.60% |
Brokerage Sales [Member] | Retail Operations [Member] | |||
Product Information [Line Items] | |||
Sales Revenue Goods And Services Net Percentage | 6.10% | 5.70% | 2.60% |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Oct. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease, liabilities | $ 99,350 | ||
Operating lease right-of-use assets, net | 96,837 | $ 104,901 | |
Cumulative effect adjustment to retained earnings, net after tax | $ 630,667 | $ 432,678 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease, liabilities | $ 44,000 | ||
Operating lease right-of-use assets, net | 42,100 | ||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Cumulative effect adjustment to retained earnings, net after tax | $ 600 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Assets: | ||
Interest rate swap contract | $ 1,528 | $ 150 |
Liabilities: | ||
Contingent consideration liabilities | 15,207 | 12,364 |
Level 2 [Member] | ||
Assets: | ||
Interest rate swap contract | 1,528 | 150 |
Level 3 [Member] | ||
Liabilities: | ||
Contingent consideration liabilities | $ 15,207 | $ 12,364 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair value, assets, level 1 to level 2 transfers | $ 0 | $ 0 |
Fair value, assets, level 2 to level 1 transfers | 0 | 0 |
Fair value, assets, level 2 to level 3 transfers | 0 | 0 |
Fair value, assets, level 3 to level 2 transfers | 0 | 0 |
Fair value, assets, level 1 to level 3 transfers | 0 | 0 |
Fair value, assets, level 3 to level 1 transfers | 0 | 0 |
Fair value, liabilities, level 1 to level 2 transfers | 0 | 0 |
Fair value, liabilities, level 2 to level 1 transfers | 0 | 0 |
Fair value, liabilities, level 2 to level 3 transfers | 0 | 0 |
Fair value, liabilities, level 3 to level 2 transfers | 0 | 0 |
Fair value, liabilities, level 1 to level 3 transfers | 0 | 0 |
Fair value, liabilities, level 3 to level 1 transfers | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs (Details) - Contingent Consideration Liabilities [Member] - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 12,364 | $ 2,960 |
Additions from business acquisitions | 7,350 | 10,640 |
Settlement of contingent consideration liabilities | (5,500) | (3,000) |
Change in fair value and net present value of contingency | 993 | 1,764 |
Ending Balance | $ 15,207 | $ 12,364 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Value and Fair Value of Mortgage Facilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Fair Value [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility payable | $ 6,355 | $ 6,872 |
Fair Value [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility payable | 16,681 | 17,529 |
Fair Value [Member] | Mortgage Facility Payable to Hancock Whitney Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility payable | 24,977 | 27,089 |
Carrying Value [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility payable | 6,403 | 6,899 |
Carrying Value [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility payable | 17,098 | 17,675 |
Carrying Value [Member] | Mortgage Facility Payable to Hancock Whitney Bank [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Mortgage facility payable | $ 25,192 | $ 27,106 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Receivable Collection Period | 30 days |
Accounts Receivable - Accounts
Accounts Receivable - Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Receivables [Abstract] | ||
Trade receivables, net | $ 41,215 | $ 38,953 |
Amounts due from manufacturers | 7,826 | 7,344 |
Other receivables | 1,246 | 1,354 |
Accounts receivable, net | $ 50,287 | $ 47,651 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Inventory [Line Items] | ||
Inventories | $ 454,359 | $ 230,984 |
Work-in-process | 21,691 | 11,358 |
Raw materials | 25,835 | 11,959 |
New and Used Boats, Motors, and Trailers [Member] | ||
Inventory [Line Items] | ||
Inventories | 272,422 | 143,267 |
In Transit Inventory and Deposits [Member] | ||
Inventory [Line Items] | ||
Inventories | 117,268 | 50,621 |
Parts, Accessories, and Other [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 17,143 | $ 13,779 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 357,285 | $ 273,277 |
Less: accumulated depreciation and amortization | (111,274) | (97,814) |
Property and equipment, net | 246,011 | 175,463 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 80,312 | 57,330 |
Buildings and Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 179,162 | 137,271 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 70,445 | 54,510 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 6,523 | 5,897 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 20,843 | $ 18,269 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 16.7 | $ 13.9 | $ 12.8 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | |||
Weighted average remaining lease term (years) | 12 years | ||
Operating lease expense | $ 23.5 | $ 24.1 | $ 13.9 |
Variable lease expense | $ 0.6 | $ 0.7 | $ 0.5 |
Operating lease renewal term | 25 years | ||
Weighted average discount rate | 5.50% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities by Fiscal Year (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating Leases | |
2023 | $ 14,715 |
2024 | 11,172 |
2025 | 13,744 |
2026 | 10,311 |
2027 | 9,905 |
Thereafter | 78,917 |
Total lease payments | 138,764 |
Less: interest | (39,414) |
Present value of lease liabilities | $ 99,350 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 16,039 | $ 16,917 | $ 10,209 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ 4,588 | $ 74,097 | $ 3,811 |
Goodwill Other Intangible Ass_3
Goodwill Other Intangible Assets and Other Long Term Assets - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 USD ($) | Jul. 31, 2021 USD ($) | May 31, 2021 USD ($) | Oct. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Accounts receivable, net | $ 50,287 | $ 47,651 | |||||
Inventories | 454,359 | 230,984 | |||||
Short-term borrowings | 132,026 | 23,943 | |||||
Accrued expenses | 89,402 | 86,594 | |||||
Accounts payable | 34,342 | 25,739 | |||||
Customer deposits | 144,427 | 100,660 | |||||
Goodwill | 235,585 | 195,563 | $ 84,240 | ||||
Other identifiable intangibles | 10,886 | 5,559 | |||||
Revenue | 2,308,098 | 2,063,257 | 1,509,713 | ||||
Estimated income before taxes | 261,921 | 205,794 | $ 97,440 | ||||
Other intangible assets, net | 10,886 | 5,559 | |||||
Goodwill and other intangible assets increased from acquisitions | 45,300 | 116,800 | |||||
Business acquisition, goodwill for tax purposes | $ 10,500 | 110,800 | |||||
Number of reportable segments | Segment | 2 | ||||||
Other long-term assets | $ 9,455 | $ 8,818 | |||||
Nisswa Marine, Inc [Member] | |||||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Aggregate purchase price | $ 15,300 | ||||||
Cruisers Yachts [Member] | |||||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Aggregate purchase price | $ 62,700 | ||||||
Accounts receivable, net | 3,100 | ||||||
Inventories | 26,200 | ||||||
Short-term borrowings | 11,700 | ||||||
Accrued expenses | 10,300 | ||||||
Accounts payable | 3,000 | ||||||
Goodwill | 40,134 | ||||||
Intangible assets | 4,602 | ||||||
Cash acquired | $ 5,993 | ||||||
Cruisers Yachts [Member] | Customer Relationships [Member] | |||||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Weighted average useful life | 2 years | ||||||
SkipperBuds [Member] | |||||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Aggregate purchase price | $ 55,000 | ||||||
Accounts receivable, net | 5,400 | ||||||
Inventories | 42,300 | ||||||
Short-term borrowings | 30,500 | ||||||
Accrued expenses | $ 14,600 | ||||||
Weighted average useful life | 3 years 3 months 18 days | ||||||
Maximum amount of consideration paid under earnout | $ 9,300 | ||||||
Fair value of contingent consideration | 8,200 | ||||||
Customer deposits | 7,500 | ||||||
Goodwill | 56,363 | ||||||
Other identifiable intangibles | 2,000 | ||||||
Revenue | 302,600 | ||||||
Estimated income before taxes | $ 31,300 | ||||||
Other intangible assets, net | 2,000 | ||||||
Estimated contingent consideration | 8,200 | ||||||
Intangible assets | 1,978 | ||||||
Cash acquired | 30,615 | ||||||
Aggregate consideration | $ 58,461 | ||||||
Intrepid And Texas Master Craft [Member] | |||||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Tangible assets acquired | $ 20,300 | ||||||
Goodwill | 39,600 | ||||||
Estimated contingent consideration | 6,000 | ||||||
Intangible assets | 7,300 | ||||||
Cash acquired | 9,400 | ||||||
Aggregate consideration | 67,200 | ||||||
Texas Master Craft [Member] | |||||||
Schedule Of Goodwill And Other Assets [Line Items] | |||||||
Goodwill | $ 10,700 |
Goodwill Other Intangible Ass_4
Goodwill Other Intangible Assets and Other Long Term Assets - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||||
May 31, 2021 | Oct. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill | $ 235,585 | $ 195,563 | $ 84,240 | ||
Cruisers Yachts [Member] | |||||
Consideration: | |||||
Cash purchase price and net working capital adjustments, net of cash acquired of $5,993 | $ 61,448 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Current assets, net of cash acquired | 29,869 | ||||
Property and equipment | 12,126 | ||||
Intangible assets | 4,602 | ||||
Current liabilities | (25,283) | ||||
Total identifiable net assets acquired: | 21,314 | ||||
Goodwill | 40,134 | ||||
Total | $ 61,448 | ||||
SkipperBuds [Member] | |||||
Consideration: | |||||
Cash purchase price and net working capital adjustments, net of cash acquired of $5,993 | $ 50,261 | ||||
Contingent consideration liability | 8,200 | ||||
Fair value of total consideration transferred | 58,461 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Current assets, net of cash acquired | 50,688 | ||||
Property and equipment | 4,859 | ||||
Intangible assets | 1,978 | ||||
Current liabilities | (55,427) | ||||
Total identifiable net assets acquired: | 2,098 | ||||
Goodwill | 56,363 | ||||
Total | $ 58,461 |
Goodwill Other Intangible Ass_5
Goodwill Other Intangible Assets and Other Long Term Assets - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 | Oct. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | |||||
Cash purchase price and net working capital adjustments, net of cash acquired | $ 83,198 | $ 134,205 | $ 19,766 | ||
Cruisers Yachts [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash acquired | $ 5,993 | ||||
Cash purchase price and net working capital adjustments, net of cash acquired | $ 5,993 | ||||
SkipperBuds [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash acquired | $ 30,615 | ||||
Cash purchase price and net working capital adjustments, net of cash acquired | $ 30,615 |
Goodwill Other Intangible Ass_6
Goodwill Other Intangible Assets and Other Long Term Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill [Line Items] | ||
Beginning balance | $ 195,563 | $ 84,240 |
Goodwill acquired | 42,935 | 111,440 |
Foreign currency translation | (2,913) | (117) |
Ending balance | 235,585 | 195,563 |
Retail Operations [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 155,429 | 84,240 |
Goodwill acquired | 14,035 | 71,306 |
Foreign currency translation | (2,913) | (117) |
Ending balance | 166,551 | 155,429 |
Product Manufacturing [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 40,134 | |
Goodwill acquired | 28,900 | 40,134 |
Ending balance | $ 69,034 | $ 40,134 |
Goodwill Other Intangible Ass_7
Goodwill Other Intangible Assets and Other Long Term Assets - Summary of Other Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 13,684 | $ 7,021 |
Less: accumulated amortization | (2,798) | (1,462) |
Intangible assets, net | 10,886 | 5,559 |
Trade names - Iindefinite-lived [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 7,736 | 3,051 |
Other Intangible Assets, Primarily Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 5,948 | $ 3,970 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Accrued expenses | $ 89,402 | $ 86,594 |
Payroll Accruals [Member] | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Accrued expenses | 41,413 | 42,138 |
Customer and Storage Accruals [Member] | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Accrued expenses | 18,095 | 17,390 |
Sales and Other Taxes Payable [Member] | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Accrued expenses | 5,930 | 8,462 |
Other Accruals [Member] | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Accrued expenses | $ 23,964 | $ 18,604 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 | Jul. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Line Of Credit Facility [Line Items] | |||||
Additional borrowings | $ 800,000 | ||||
Unamortized debt issuance costs | $ 100,000 | 100,000 | $ 200,000 | ||
Long-term debt, net of current maturities | $ 45,301,000 | 45,301,000 | 47,498,000 | ||
Interest rate on floor plan facility | 3.45% | ||||
Long-term debt | $ 48,693,000 | $ 48,693,000 | |||
Mortgage Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 2.20% | 2.20% | |||
Long-term debt | $ 48,693,000 | $ 48,693,000 | 51,680,000 | ||
Borrowing Base Amount and Aging Inventory [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Inventory and working capital needs | $ 100,000 | $ 100,000 | $ 24,100,000 | ||
Interest rate on short-term borrowings | 6% | 4.20% | |||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 1.50% | 1.50% | |||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 2% | 2% | |||
Term Loan Facility | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 1.50% | 1.50% | |||
Term Loan Facility | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 2% | 2% | |||
Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility, term | 1 year | ||||
Line of Credit Facility, Description | we amended the Credit Facility to increase the borrowing availability to $500 million, extend the term to expire by one year to July 2024, with two one-year options to renew, subject to lender approval, and modify certain provisions to provide additional liquidity to the Company. | ||||
Additional extension for two one-year periods | Jul. 31, 2024 | Jul. 31, 2024 | |||
Credit Facility [Member] | Borrowing Base Amount and Aging Inventory [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | $ 500,000,000 | ||||
Line of Credit Facility, Description | The Credit Facility was set to expire in July 2024, subject to extension for two one-year periods, with lender approval. | ||||
New Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | $ 750,000,000 | ||||
Leverage ratio | 3.35% | 3.35% | |||
Debt instrument, covenant compliance | The covenants include provisions that our leverage ratio must not exceed 3.35 to 1.0 and that our consolidated fixed charge coverage ratio must be greater than 1.10 to 1.0. As of September 30, 2022, we were in compliance with all covenants under the New Credit Agreement. The New Credit Agreement is secured by the Company’s personal property assets, including inventory and related accounts receivable. The mortgage loans will also be secured by the real estate pledged as collateral for such loans. | ||||
Credit facility interest rate description | The interest rate is (a) for amounts outstanding under the floor plan facility, 3.45% above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (“SOFR”), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50% to 2.0%, depending on the total net leverage ratio, above the one month, three month, or six month term SOFR rate, and (c) for amounts outstanding under the mortgage loan facility, 2.20% above the one month, three month, or six month term SOFR rate. The alternate base rate with a margin is available for amounts outstanding under the revolving credit, term, and mortgage loan facilities and the Euro Interbank Offered Rate plus a margin is available for borrowings in Euro or other currencies other than dollars under the revolving credit facility. | ||||
New Credit Agreement [Member] | Delayed Draw Term Loan Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Long Term Debt Maturity | 2027-08 | ||||
New Credit Agreement [Member] | Delayed Draw Mortgage Loan Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Long Term Debt Maturity | 2027-08 | ||||
Long-term debt | $ 100,000,000 | ||||
New Credit Agreement [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Fixed coverage ratio | 110 | ||||
New Credit Agreement [Member] | Maximum [Member] | Delayed Draw Term Loan Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Long-term debt | 400,000,000 | ||||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Amount of borrowing availability | 100,000,000 | ||||
Swingline facility | 20,000,000 | ||||
Letter of credit sublimit amount | $ 20,000,000 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 48,693 | |
Less: current portion | (2,882) | $ (3,587) |
Less: unamortized portion of debt issuance costs | (510) | (595) |
Long-term debt, net current portion and unamortized debt issuance costs | 45,301 | 47,498 |
Mortgage Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 48,693 | 51,680 |
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,403 | 6,899 |
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,098 | 17,675 |
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 25,192 | $ 27,106 |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - Mortgage Facility [Member] - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.20% | |
Mortgage Facility Payable to Flagship Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.25% | 2.25% |
Debt instrument basis percentage | 1% | 1% |
Principal and interest payments with a balloon payment | $ 4 | $ 4 |
Additional extension for two one-year periods | Aug. 31, 2027 | Aug. 31, 2027 |
Mortgage Facility Payable to Flagship Bank [Member] | Interest Rate Prime [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | prime minus 100 basis points with a floor of 2.00% | prime minus 100 basis points with a floor of 2.00% |
Mortgage Facility Payable to Flagship Bank [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2% | 2% |
Mortgage Facility Payable to Seacoast National Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.63% | 3% |
Debt instrument basis percentage | 0.625% | 0.625% |
Principal and interest payments with a balloon payment | $ 6 | $ 6 |
Additional extension for two one-year periods | Sep. 30, 2031 | |
Mortgage Facility Payable to Seacoast National Bank [Member] | Interest Rate Prime [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | greater of 3.00% or prime minus 62.5 basis points | |
Mortgage facility payable to Hancock Whitney Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.63% | 2.63% |
Debt instrument basis percentage | 0.625% | 0.625% |
Principal and interest payments with a balloon payment | $ 15.5 | $ 15.5 |
Additional extension for two one-year periods | Nov. 30, 2027 | Nov. 30, 2027 |
Percentage of outstanding borrowings hedged | 50% | 50% |
Fixed interest rate | 3.20% | 3.20% |
Mortgage facility payable to Hancock Whitney Bank [Member] | Interest Rate Prime [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | prime minus 62.5 basis points with a floor of 2.25% | prime minus 62.5 basis points with a floor of 2.25% |
Mortgage facility payable to Hancock Whitney Bank [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.25% | 2.25% |
Revolving mortgage facility with FineMark National Bank & Trust [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6% | 3% |
Debt instrument basis percentage | 0.25% | 0.25% |
Additional extension for two one-year periods | Oct. 31, 2027 | |
Current available borrowings | $ 24.5 | $ 26.1 |
Revolving mortgage facility with FineMark National Bank & Trust [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument description of variable rate basis | prime minus 25 basis points with a floor of 3.00% | |
Revolving mortgage facility with FineMark National Bank & Trust [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3% | 3% |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term Debt - Summary of Aggregate Maturities of Long Term Debt (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 2,882 |
2024 | 2,882 |
2025 | 2,882 |
2026 | 2,882 |
2027 | 6,882 |
Thereafter | 30,283 |
Total long-term debt | $ 48,693 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Before Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income before income tax provision: | |||
United States | $ 254,052 | $ 202,643 | $ 94,854 |
Other | 7,869 | 3,151 | 2,586 |
Income before income tax provision | $ 261,921 | $ 205,794 | $ 97,440 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Current provision: | |||
Federal | $ 49,380 | $ 38,028 | $ 17,654 |
Foreign | 1,739 | 1,516 | 654 |
State | 11,004 | 6,527 | 1,365 |
Total current provision | 62,123 | 46,071 | 19,673 |
Deferred provision: | |||
Federal | 1,650 | 4,201 | 2,262 |
State | 159 | 543 | 871 |
Total deferred provision | 1,809 | 4,744 | 3,133 |
Total income tax provision | $ 63,932 | $ 50,815 | $ 22,806 |
Income Taxes - Summary of Tax R
Income Taxes - Summary of Tax Rates (Detail) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal tax provision | 21% | 21% | 21% |
State taxes, net of federal benefit | 3.40% | 3.70% | 3.10% |
Stock-based compensation | (0.60%) | (0.70%) | (0.50%) |
Valuation allowance | (0.20%) | ||
Foreign rate differential | 0.10% | 0.10% | |
Other | 0.60% | 0.60% | (0.10%) |
Effective tax rate | 24.40% | 24.70% | 23.40% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Deferred tax assets: | ||
Inventories | $ 831 | $ 771 |
Operating lease liabilities | 23,323 | 25,924 |
Accrued expenses | 889 | 1,225 |
Stock-based compensation | 4,147 | 2,810 |
Tax loss carryforwards | 599 | 667 |
Other | 1,154 | 852 |
Total long-term deferred tax assets | 30,943 | 32,249 |
Deferred tax liabilities: | ||
Depreciation and amortization | (22,369) | (16,226) |
Operating lease right-of-use assets | (22,733) | (25,291) |
Other | (1,242) | |
Total long-term deferred tax liabilities | (46,344) | (41,517) |
Net deferred tax liabilities | $ (15,401) | $ (9,268) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Income Taxes [Line Items] | |
Deferred tax asset | $ 0.6 |
Domestic Country | |
Income Taxes [Line Items] | |
Net operating loss (NOL) carryforwards | $ 9.5 |
Minimum [Member] | State And Local Jurisdiction | |
Income Taxes [Line Items] | |
Operating loss carry forwards expiration year | 2029 |
Maximum [Member] | State And Local Jurisdiction | |
Income Taxes [Line Items] | |
Operating loss carry forwards expiration year | 2032 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Mar. 31, 2020 |
Equity [Abstract] | ||
Shares approved to repurchase | 10,000,000 | |
Shares purchased | 7,267,021 | |
Aggregate purchase price | $ 148.7 | |
Remaining shares available for future purchases under share repurchase program, amount | $ 8.9 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans | $ 2,199 | $ 2,626 | $ 4,629 |
Selling, General, and Administrative Expenses [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, approximately | $ 16,000 | $ 9,700 | $ 7,500 |
The Incentive Stock Plans - Add
The Incentive Stock Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant fair value of options granted | $ 25.29 | ||
Options granted | 0 | 0 | |
Total intrinsic value of options exercised | $ 1.4 | $ 1.8 | $ 3.8 |
Incentive Stock Plan 2021 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expiration of Plan 2021 | 2032-02 | ||
Contractual term of plan 2021 | 10 years | ||
Incentive Stock Plan 2021 [Member] | Subject To Award [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, shares authorized | 1,000,000 | ||
Incentive Stock Plan 2007 or 2011 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Common stock shares available | 545,729 |
The Incentive Stock Plans - Sum
The Incentive Stock Plans - Summary of Activity from Incentive Stock Plans (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Available for Grant, Beginning Balance | 918,061 | |
Shares authorized, Shares Available for Grant | 1,000,000 | |
Options cancelled/forfeited/expired, Shares Available for Grant | 20,000 | |
Restricted stock awards granted, Shares Available for Grant | (391,208) | |
Restricted stock awards forfeited, Shares Available for Grant | 13,684 | |
Additional shares of stock issued, Shares Available for Grant | (24,443) | |
Shares Available for Grant, Ending Balance | 1,536,094 | 918,061 |
Options Outstanding, Beginning Balance | 62,750 | 115,250 |
Options cancelled/forfeited/expired, Options Outstanding | (20,000) | |
Options exercised, Options Outstanding | (32,500) | |
Options Outstanding, Ending Balance | 62,750 | 115,250 |
Exercisable as of September 30, 2022, Options Outstanding | 60,083 | |
Aggregate Intrinsic Value | $ 893 | $ 4,085 |
Exercisable as of September 30 2022, Aggregate Intrinsic Value | $ 870 | |
Weighted Average Exercise Price, Beginning Balance | $ 17.62 | $ 13.08 |
Options cancelled/forfeited/expired, Weighted Average Exercise Price | 7.39 | |
Options exercised, Weighted Average Exercise Price | 7.81 | |
Weighted Average Exercise Price, Ending Balance | 17.62 | $ 13.08 |
Exercisable as of September 30 2022, Weighted Average Exercise Price | $ 16.93 | |
Weighted Average Remaining Contractual Life | 2 years 3 months 18 days | 1 year 10 months 24 days |
Exercisable as of September 30, 2022, Weighted Average Remaining Contractual Life | 2 years 2 months 12 days |
Employee Stock Purchase Plan -
Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, shares issued | 28,939,846 | 28,588,863 | |
Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Additional common shares authorized | 500,000 | ||
Common stock available for issuance | 1,500,000 | ||
Stock Purchase Plan, requisite continuous service | 1 year | ||
Annual offerings description | implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, with each offering terminating on September 30 of the following year. | ||
Closing price of common stock on the first and last day of the offering | 85% | ||
Percentage not exceeding to periodic payment of purchase price | 10% | ||
Maximum common stock value purchased by participant annually | $ 25,000 | ||
Common stock, shares issued | 1,191,779 | ||
1998 Employee Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Additional Common Shares Authorized | 52,837 |
Employee Stock Purchase Plan _2
Employee Stock Purchase Plan - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) - Stock Purchase Plan [Member] | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | 0% |
Risk-free interest rate | 0.70% | 0.10% | 0.80% |
Volatility | 49% | 69.60% | 69.70% |
Expected life | 6 months | 6 months | 6 months |
Restricted Stock Awards - Addit
Restricted Stock Awards - Additional Information (Detail) - Restricted Stock Awards [Member] $ in Millions | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested restricted stock awards | $ 19.4 |
Weighted average period unrecognized compensation costs related to non-vested restricted awards are expected to be recognized | 2 years 1 month 6 days |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting periods of restricted stock award | 2 years |
Percentage of actual amount of award earned based on actual specified performance target met | 0% |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting periods of restricted stock award | 4 years |
Percentage of actual amount of award earned based on actual specified performance target met | 175% |
Restricted Stock Awards - Restr
Restricted Stock Awards - Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member] | 12 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares/ Units, Non-vested beginning balance | shares | 911,429 |
Shares/ Units, Awards granted | shares | 391,208 |
Shares/ Units, Awards vested | shares | (354,436) |
Shares/ Units, Awards forfeited | shares | (13,684) |
Shares/ Units, Non-vested ending balance | shares | 934,517 |
Weighted Average Grant Date Fair Value, Non-vested beginning balance | $ / shares | $ 22.33 |
Weighted Average Grant Date Fair Value, Awards granted | $ / shares | 52.52 |
Weighted Average Grant Date Fair Value, Awards vested | $ / shares | 21.49 |
Weighted Average Grant Date Fair Value, Awards forfeited | $ / shares | 26.05 |
Weighted Average Grant Date Fair Value, Non-vested ending balance | $ / shares | $ 35.23 |
Net Income Per Share - Basic an
Net Income Per Share - Basic and Diluted Net Income Per Share (Detail) - shares | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding used in calculating basic net income per share | 21,706,225 | 22,010,130 | 21,547,665 |
Effect of dilutive options and non-vested restricted stock awards | 692,984 | 849,368 | 577,673 |
Weighted average common and common equivalent shares used in calculating diluted net income per share | 22,399,209 | 22,859,498 | 22,125,338 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from earnings per share calculation | 71,976 | 1,619 | 9,650 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Loss Contingencies [Line Items] | |||
Costs incurred for store closings and lease terminations | $ 0 | $ 0 | $ 1,700,000 |
Asset Pledged as Collateral without Right [Member] | Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Workers compensation insurance policies | $ 2,000,000 |
Employee 401(k) Profit Sharin_2
Employee 401(k) Profit Sharing Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |||
Duration of profit sharing plan | 90 days | ||
Introductory period of profit sharing | April 1 or October 1 | ||
Employees eligibility age for participating in profit sharing plan | 21 years | ||
Total participants contributions in Profit sharing plan | 50% | ||
Maximum of each participants compensation | 6% | ||
Contribution under the Profit sharing plan | $ 6.1 | $ 5 | $ 2.7 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2022 Feet Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 2 |
Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number of models producing premium yachts | 33 |
Maximum [Member] | |
Segment Reporting Information [Line Items] | |
Number of models producing premium yachts | 60 |
Segment Information - Summary o
Segment Information - Summary of Depreciation and Amortization of Reportable Segments (Detail) - Operating Segments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Depreciation | $ 16,708 | $ 13,853 | $ 12,756 |
Amortization | 2,710 | 1,753 | 16 |
Retail Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 16,577 | 13,821 | 12,756 |
Amortization | 857 | 1,429 | $ 16 |
Product Manufacturing [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 131 | 324 | |
Amortization | $ 1,853 | $ 32 |
Segment Information - Summary_2
Segment Information - Summary of Revenue and Income from Operations of Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | |||
Revenue | $ 2,308,098 | $ 2,063,257 | $ 1,509,713 |
Income from operations: | |||
Income from operations | 265,204 | 209,459 | 106,715 |
Operating Segments [Member] | Retail Operations [Member] | |||
Revenue: | |||
Revenue | 2,199,026 | 2,043,613 | 1,509,713 |
Income from operations: | |||
Income from operations | 249,186 | 207,034 | $ 106,715 |
Operating Segments [Member] | Product Manufacturing [Member] | |||
Revenue: | |||
Revenue | 176,273 | 44,000 | |
Income from operations: | |||
Income from operations | 20,258 | 6,940 | |
Elimination of Intersegment [Member] | |||
Revenue: | |||
Revenue | (67,201) | (24,356) | |
Income from operations: | |||
Income from operations | $ (4,240) | $ (4,515) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - Island Global Yachting LLC [Member] $ in Millions | Oct. 03, 2022 USD ($) |
Subsequent Event [Line Items] | |
Aggregate cash purchase price | $ 480 |
Additional potential payment | 100 |
Term Loan Facility [Member] | |
Subsequent Event [Line Items] | |
Borrowing through new credit agreement | $ 400 |