Restructuring and Impairment

12 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Impairment

Restructuring and Impairment

During year ended September 30, 2025, the Company recorded impairment charges to adjust the carrying value of the goodwill and identifiable intangible assets to fair value (the "2025 Impairment") as discussed in Note 8. Additionally, during year ended September 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 2025 Impairment and the restructuring activities, the Company recognized $149.7 million of restructuring and impairment charges during the year ended September 30, 2025, of which $148.1 million is recorded in restructuring and impairment and $1.6 million is recorded in new boat cost of sales in the consolidated statement of operations. Of the $149.7 million of restructuring charges, $50.0 million and $99.7 million is reported in the Dealership and Distribution reporting segments, respectively. See Note 8 for more information about the impairment of goodwill and identifiable intangible assets.

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-progress information and technology related projects. As a result of the 2024 Restructuring, during the year ended September 30, 2024 the Company recognized $15.3 million of charges, of which $12.4 million is recorded in restructuring and impairment, $1.8 million is recorded in new boat cost of sales and $1.1 million is recorded in service, parts & other cost of sales in the consolidated statement of operations. Of the $15.3 million of charges related to the 2024 Restructuring, $13.0 million and $2.3 million is reported in the Dealerships and Distribution reporting segment, respectively. No charges related to the 2024 Restructuring were recorded during the years ended September 30, 2025 and 2023.

During the year ended September 2023, the Company recorded impairment charges to adjust the carrying value of the goodwill and identifiable intangible assets to fair value (the "2023 Impairment"). As a result of the 2023 Impairment, during the year ended September 30, 2023 the Company recognized a loss of $147.4 million, which is recorded in restructuring and impairment on the consolidated statement of operations. Of the $147.4 million impairment loss, $6.5 million and $140.9 million is reported in the Dealerships and Distribution reporting segment, respectively.