Restructuring and Impairment

9 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Impairment

Restructuring and Impairment

During the nine months ended June 30, 2025, the Company underwent various restructuring actions, primarily a reduction of headcount, closure of certain locations and inventory adjustments related to the cancellation of certain dealer agreements. As a result of the restructuring activities, the Company recognized $0.7 million of restructuring charges during the three months ended June 30, 2025, of which $0.2 million is recorded in restructuring and impairment and $0.5 million is recorded in new boat cost of sales in the unaudited consolidated statement of operations. Of the $0.7 million of restructuring charges, $0.5 million and $0.2 million is reported in the Dealership and Distribution reporting segments, respectively. The Company recognized $3.0 million of restructuring charges during the nine months ended June 30, 2025, of which $1.5 million is recorded in restructuring and impairment and $1.5 million is recorded in new boat cost of sales in the unaudited consolidated statement of operations. Of the $3.0 million restructuring charges, $1.6 million and $1.4 million is reported in the Dealerships and Distribution reporting segments, respectively.

In March 2024, the Company evaluated its operations and decided to undergo a restructuring plan (the "2024 Restructuring") which resulted in the reduction of headcount and retail locations, cancellation of certain dealer agreements, and the cancellation of certain in-process information and technology ("IT") related projects. As a result of the 2024 Restructuring, the Company recognized $11.8 million of charges during the nine months ended June 30, 2024, which are recorded in restructuring and impairment in the unaudited consolidated statement of operations. No charges were recognized during the three months ended June 30, 2024.