Segment Information

9 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Segment Information

We report our operations through two reportable segments: (1) Dealership 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 nine months ended June 30, 2026 and 2025 is as follows:

Dealership:	Three Months Ended June 30,
	2026		2025
Revenues:
New boat	$	319,960	$	326,134
Pre-owned boat	121,058		125,941
Finance & insurance income	17,293		17,782
Service, parts & other	43,061		42,904
Total revenues	501,372		512,761
Cost of sales:
New boat (1)	262,826		273,691
Pre-owned boat	96,559		103,406
Service, parts & other	23,613		21,234
Total cost of sales	382,998		398,331
Selling, general and administrative expenses (2)	75,427		76,454
Interest expense - floor plan	6,763		7,340
Segment income	$	36,184	$	30,636
(1) Cost of sales - new boat excludes restructuring impairment charges.
(2) Selling, general and administrative expenses exclude equity-based compensation.

Distribution:	Three Months Ended June 30,
	2026	2025
Revenues:
Service, parts & other	29,339	40,103
Cost of sales:
Service, parts & other (1)	19,955	24,669
Selling, general and administrative expenses	7,810	13,225
Segment income	1,574	2,209
(1) Cost of sales - Service, parts & other excludes depreciation and amortization

	Three Months Ended June 30,
Reconciliation of segment income:	2026	2025
Dealership segment income	36,184	30,636
Distribution segment income	1,574	2,209
Segment income	37,758	32,845
Interest expense - other	(7,070)	(9,041)
Restructuring and impairment	(304)	(727)
Change in fair value of contingent consideration	—	(144)
Equity-based compensation	(4,006)	(2,459)
Transaction costs	(210)	(175)
Depreciation and amortization	(4,352)	(6,301)
Other income, net	150	224
Net income before income tax expense	21,966	14,222

	Three Months Ended June 30,
Interest expense - other:	2026	2025
Dealership segment	7,070	9,041
Distribution segment	—	—
Total interest expense - other	7,070	9,041

Dealership:	Nine Months Ended June 30,
	2026	2025
Revenues:
New boat	825,267	883,631
Pre-owned boat	285,840	272,467
Finance & insurance income	40,206	42,185
Service, parts & other	109,748	108,393
Total revenues	1,261,061	1,306,676
Cost of sales:
New boat (1)	681,366	742,982
Pre-owned boat	229,022	222,865
Service, parts & other	56,131	52,145
Total cost of sales	966,519	1,017,992
Selling, general and administrative expenses (2)	217,988	216,208
Interest expense - floor plan	20,530	21,870
Segment income	56,024	50,606
(1) Cost of sales - new boat excludes restructuring impairment charges.
(2) Selling, general and administrative expenses exclude equity-based compensation.

Distribution:	Nine Months Ended June 30,
	2026	2025
Revenues:
Service, parts & other	92,504	105,523
Cost of sales:
Service, parts & other (1)	63,506	67,456
Selling, general and administrative expenses	27,319	36,064
Segment income	1,679	2,003
(1) Cost of sales - Service, parts & other excludes depreciation and amortization