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Acquisitions
 9 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
The results of operations of acquisitions are included in the accompanying unaudited condensed consolidated financial statements from the acquisition date. The purchase price of acquisitions is allocated to identifiable tangible assets and intangible assets acquired based on their estimated fair values at the acquisition date, with the excess being allocated to goodwill. Under the acquisitions method of accounting, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on information currently available. For the acquisition of Garden State Yacht Sales, the valuation of tangible assets and assumed liabilities are preliminary as the acquisition is subject to certain customary closing and post-closing adjustments.
For the nine months ended June 30, 2024, the Company completed the following transaction:
•On May 1, 2024, Garden State Yacht Sales, a full service marine retailer located in New Jersey
The table below summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date:
Summary of Assets Acquired and Liabilities Assumed
($ in thousands)Total Acquisitions
Accounts receivable$113 
Inventories6,676 
Prepaid expenses11 
Property and equipment478 
Operating lease right-of-use assets4,360 
Accounts payable(1,263)
Accrued expenses(36)
Customer deposits(267)
Operating lease liabilities(4,360)
Aggregate acquisition date fair value$5,712 
Consideration transferred$5,712 
Included in our results for the three and nine months ended June 30, 2024, the acquisition contributed $2.9 million to our consolidated revenue and $0.3 million to our income before income tax expense. Costs related to acquisitions are included in transaction costs and primarily relate to legal, accounting and other fees, which are charged directly to operations in the accompanying consolidated statements of operations as incurred in the amount of $0.1 million for the three and nine months ended June 30, 2024. Comparatively, we recorded $0.1 million and $1.1 million for the three and nine months ended June 30, 2023, respectively.
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and nine month period ended June 30, 2024 and 2023 had occurred on October 1, 2022:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
($ in thousands)(Unaudited)
Pro forma revenue$544,029 $600,277 
Pro forma net income$16,773 $33,786 
Nine Months Ended June 30, 2024Nine Months Ended June 30, 2023
($ in thousands)(Unaudited)
Pro forma revenue$1,401,695 $1,501,573 
Pro forma net income$3,876 $72,611 
The amounts have been calculated by applying our accounting policies and estimates. Pro forma net income has been tax affected based on the Company's effective tax rate in the historical periods presented.
On October 31, 2023, the Company exercised its right to acquire the remaining 20% economic interest in Quality Assets and Operations, LLC for consideration totaling $18.8 million. Subsequent to the acquisition, the Company owns 100% of the economic interest in Quality Assets and Operations, LLC.