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Segment Information (Tables)

6 Months Ended

Mar. 31, 2026

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


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


	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


	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


	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)


	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)