Segment Information

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Segment Information

We report our operations through two reportable segments: (1) Dealerships and (2) Distribution. See Note 2 for more information about our segments. The Company evaluates performance and allocates resources for all of its reportable segments based on metrics such as segment revenues and segment income. These segment profit metrics are consistent across all segments. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Reportable segment financial information for the three and six months ended March 31, 2026 and 2025 are as follows:

Dealerships:	Three Months Ended March 31,
	2026		2025
Revenues:
New boat	$	272,042	$	309,500
Pre-owned boat	94,367		89,728
Finance & insurance income	14,021		15,003
Service, parts & other	31,405		32,059
Total revenues	411,835		446,290
Cost of sales:
New boat	223,583		259,217
Pre-owned boat	76,650		73,877
Service, parts & other	15,486		15,347
Total cost of sales	315,719		348,441
Selling, general and administrative expenses (1)	74,328		73,941
Interest expense - floor plan	6,611		7,504
Segment income	$	15,177	$	16,404
(1) Selling, general and administrative expenses exclude equity-based compensation.

Distribution:	Three Months Ended March 31,
	2026		2025
Revenues:
Service, parts & other	$	30,458	$	37,231
Cost of sales:
Service, parts & other (1)	20,765		24,016
Selling, general and administrative expenses	8,528		11,762
Segment income	$	1,165	$	1,453
(1) Cost of sales - Service, parts & other excludes depreciation and amortization

	Three Months Ended March 31,
Reconciliation of segment income:	2026		2025
Dealership segment income	$	15,177	$	16,404
Distribution segment income	1,165		1,453
Segment income	16,342		17,857
Interest expense - other	(7,345)		(9,100)
Restructuring and impairment	(6,594)		(388)
Change in fair value of contingent consideration	—		(66)
Equity-based compensation	(2,805)		(2,088)
Transaction costs	(1,464)		(377)
Depreciation and amortization	(4,453)		(6,171)
Other expense, net	(1,056)		(190)
Net loss before income tax expense (benefit)	$	(7,375)	$	(523)

	Three Months Ended March 31,
Interest expense - other:	2026		2025
Dealership segment	$	7,345	$	9,100
Distribution segment	—		—
Total interest expense - other	$	7,345	$	9,100

Dealerships:	Six Months Ended March 31,
	2026		2025
Revenues:
New boat	$	505,307	$	557,497
Pre-owned boat	164,782		146,526
Finance & insurance income	22,913		24,403
Service, parts & other	66,687		65,489
Total revenues	759,689		793,915
Cost of sales:
New boat (1)	418,540		469,291
Pre-owned boat	132,463		119,459
Service, parts & other	32,518		30,911
Total cost of sales	583,521		619,661
Selling, general and administrative expenses (2)	142,560		139,754
Interest expense - floor plan	13,767		14,530
Segment income	$	19,841	$	19,970
(1) Cost of sales - new boat excludes restructuring and impairment charges.
(2) Selling, general and administrative expenses exclude equity-based compensation.

Distribution:	Six Months Ended March 31,
	2026		2025
Revenues:
Service, parts & other	$	63,165	$	65,420
Cost of sales:
Service, parts & other (1)	43,551		42,787
Selling, general and administrative expenses	19,510		22,839
Segment income (loss)	$	104	$	(206)
(1) Cost of sales - Service, parts & other excludes depreciation and amortization

	Six Months Ended March 31,
Reconciliation of segment income (loss):	2026		2025
Dealership segment income (loss)	$	19,841	$	19,970
Distribution segment income (loss)	104		(206)
Segment income	19,945		19,764
Interest expense - other	(15,981)		(18,088)
Restructuring and impairment	(14,026)		(2,286)
Change in fair value of contingent consideration	(203)		(308)
Equity-based compensation	(4,941)		(4,258)
Transaction costs	(2,636)		(936)
Depreciation and amortization	(9,443)		(12,208)
Other expense, net	(1,181)		(1,077)
Net loss before income tax expense (benefit)	$	(28,466)	$	(19,397)

	Six Months Ended March 31,
Interest expense - other:	2026		2025
Dealership segment	$	15,981	$	18,088
Distribution segment	—		—
Total interest expense - other	$	15,981	$	18,088

Assets:	March 31, 2026		September 30, 2025
Dealership segment	$	1,312,864	$	1,276,828
Distribution segment	62,952		126,997
Total Assets	$	1,375,816	$	1,403,825