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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025.

Commission File Number. 1-14173

MARINEMAX, INC.

(Exact Name of Registrant as Specified in Its Charter)


Florida	59-3496957
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

501 Brooker Creek Boulevard
Oldsmar, Florida	34677
(Address of Principal Executive Offices)	(ZIP Code)

727-531-1700

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	HZO	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of outstanding shares of the registrant’s Common Stock on July 21, 2025 was 21,463,563.

MARINEMAX, INC. AND SUBSIDIARIES

Table of Contents


Item No.		Page

PART I. FINANCIAL INFORMATION
1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Balance Sheets as of June 30, 2025 and September 30, 2024	5
	Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months Ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements	9

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

3.	Quantitative and Qualitative Disclosures About Market Risk	28

4.	Controls and Procedures	29

PART II. OTHER INFORMATION		29
1.	Legal Proceedings	29
1A.	Risk Factors	30
2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
3.	Defaults Upon Senior Securities	30
4.	Mine Safety Disclosures	30
5.	Other Information	30
6.	Exhibits	31
SIGNATURES		32

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)


	Three Months Ended					Nine Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
Revenue	$	657,159		$	757,720	$	1,757,135		$	1,867,886
Cost of sales		457,538			515,621		1,198,349			1,259,885
Gross profit		199,621			242,099		558,786			608,001

Selling, general, and administrative expenses		172,106			181,072		469,558			506,574
Goodwill impairment		69,055			—		69,055			—
(Loss) income from operations		(41,540	)		61,027		20,173			101,427

Interest expense		16,936			18,229		53,860			55,968
(Loss) income before income tax (benefit) provision		(58,476	)		42,798		(33,687	)		45,459

Income tax (benefit) provision		(6,506	)		11,085		(3,003	)		11,452
Net (loss) income		(51,970	)		31,713		(30,684	)		34,007

Less: Net income (loss) attributable to non-controlling interests		176			163		96			(60	)
Net (loss) income attributable to MarineMax, Inc.	$	(52,146	)	$	31,550	$	(30,780	)	$	34,067

Basic net (loss) income per common share	$	(2.42	)	$	1.42	$	(1.38	)	$	1.53

Diluted net (loss) income per common share	$	(2.42	)	$	1.37	$	(1.38	)	$	1.48

Weighted average number of common shares used in computing net (loss) income per common share:

Basic		21,515,092			22,268,758		22,249,076			22,254,619
Diluted		21,515,092			23,049,097		22,249,076			22,952,234

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Net (loss) income	$	(51,970	)	$	31,713		$	(30,684	)	$	34,007

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		8,291			(458	)		5,232			1,161
Interest rate swap contract		(85	)		(47	)		(119	)		(272	)
Total other comprehensive income (loss), net of tax		8,206			(505	)		5,113			889

Comprehensive (loss) income		(43,764	)		31,208			(25,571	)		34,896
Comprehensive income attributable to non-controlling interests		863			104			518			47
Comprehensive (loss) income attributable to MarineMax, Inc.	$	(44,627	)	$	31,104		$	(26,089	)	$	34,849

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

(Unaudited)


	June 30,			September 30,
	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	151,017		$	224,326
Accounts receivable, net		106,849			106,409
Inventories		906,219			906,641
Prepaid expenses and other current assets		33,793			35,835
Total current assets		1,197,878			1,273,211
Property and equipment, net of accumulated depreciation of $189,823 and $167,252		551,912			532,766
Operating lease right-of-use assets, net		138,143			136,599
Goodwill		527,144			592,293
Other intangible assets, net		36,661			37,458
Other long-term assets		35,999			32,741
Total assets	$	2,487,737		$	2,605,068
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	44,504		$	54,481
Contract liabilities (customer deposits)		48,900			64,845
Accrued expenses		116,892			197,295
Short-term borrowings (Floor Plan)		735,215			708,994
Current maturities on long-term debt		35,593			33,766
Current operating lease liabilities		10,045			9,762
Total current liabilities		991,149			1,069,143
Long-term debt, net of current maturities		365,070			355,906
Noncurrent operating lease liabilities		127,860			124,525
Deferred tax liabilities, net		45,539			60,317
Other long-term liabilities		6,796			8,928
Total liabilities		1,536,414			1,618,819
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of June 30, 2025 and September 30, 2024		—			—
Common stock, $.001 par value, 40,000,000 shares authorized, 30,130,499 and 29,898,545 shares issued and 21,455,444 and 22,544,308 shares outstanding as of June 30, 2025 and September 30, 2024, respectively		30			30
Additional paid-in capital		362,216			343,911
Accumulated other comprehensive income		9,322			4,636
Retained earnings		747,239			778,015
Treasury stock, at cost, 8,675,055 and 7,354,237 shares held as of June 30, 2025 and September 30, 2024, respectively		(178,277	)		(150,797	)
Total shareholders’ equity attributable to MarineMax, Inc.		940,530			975,795
Non-controlling interests		10,793			10,454
Total shareholders’ equity		951,323			986,249
Total liabilities and shareholders’ equity	$	2,487,737		$	2,605,068

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(Amounts in thousands, except share data)

(Unaudited)


					Additional			Accumulated Other												Total
	Common Stock				Paid-in			Comprehensive			Retained			Treasury			Non-controlling			Shareholders’
	Shares		Amount		Capital			Income (loss)			Earnings			Stock			Interests			Equity
BALANCE, September 30, 2024		29,898,545	$	30	$	343,911		$	4,636		$	778,015		$	(150,797	)	$	10,454		$	986,249
Net income		—		—		—			—			18,066			—			58			18,124
Distributions to non-controlling interests		—		—		—			—			—			—			(179	)		(179	)
Shares issued pursuant to employee stock purchase plan		47,774		—		1,368			—			—			—			—			1,368
Shares issued upon vesting of equity awards, net of minimum tax withholding		106,348		—		(723	)		—			—			—			—			(723	)
Shares issued upon exercise of stock options		5,750		—		109			—			—			—			—			109
Stock-based compensation		1,744		—		5,473			—			—			—			—			5,473
Other comprehensive (loss)		—		—		—			(6,629	)		—			—			(591	)		(7,220	)
BALANCE, December 31, 2024		30,060,161	$	30	$	350,138		$	(1,993	)	$	796,081		$	(150,797	)	$	9,742		$	1,003,201
Net income (loss)		—		—		—			—			3,304			—			(142	)		3,162
Purchase of treasury stock		—		—		—			—			—			(12,431	)		—			(12,431	)
Stock-based compensation		1,408		—		5,321			—			—			—			—			5,321
Other comprehensive income		—		—		—			3,796			—			—			330			4,126
BALANCE, March 31, 2025		30,061,569		30		355,459			1,803			799,385			(163,228	)		9,930			1,003,379
Net income (loss)		—		—		—			—			(52,146	)		—			176			(51,970	)
Purchase of Treasury Stock		—		—		—			—			—			(15,049	)		—			(15,049	)
Shares issued pursuant to employee stock purchase plan		62,033		—		1,114			—			—			—			—			1,114
Shares issued upon vesting of equity awards, net of minimum tax withholding		5,000		—		—			—			—			—			—			—
Stock-based compensation		1,897		—		5,643			—			—			—			—			5,643
Other comprehensive income		—		—		—			7,519			—			—			687			8,206
BALANCE, June 30, 2025		30,130,499		30		362,216			9,322			747,239			(178,277	)		10,793			951,323


					Additional			Accumulated Other											Total
	Common Stock				Paid-in			Comprehensive			Retained		Treasury			Non-controlling			Shareholders’
	Shares		Amount		Capital			Income (loss)			Earnings		Stock			Interests			Equity
BALANCE, September 30, 2023		29,374,724	$	29	$	323,218		$	1,303		$	739,949	$	(148,656	)	$	2,574		$	918,417
Net income (loss)		—		—		—			—			930		—			(85	)		845
Non-controlling interests in subsidiaries from acquisitions		—		—		—			—			—		—			6,655			6,655
Distributions to non-controlling interests		—		—		—			—			—		—			(23	)		(23	)
Shares issued pursuant to employee stock purchase plan		55,375		—		1,353			—			—		—			—			1,353
Shares issued upon vesting of equity awards, net of minimum tax withholding		128,065		—		(1,116	)		—			—		—			—			(1,116	)
Shares issued upon exercise of stock options		5,000		—		81			—			—		—			—			81
Stock-based compensation		1,875		—		5,419			—			—		—			—			5,419
Other comprehensive income		—		—		—			2,588			—		—			352			2,940
BALANCE, December 31, 2023		29,565,039	$	29	$	328,955		$	3,891		$	740,879	$	(148,656	)	$	9,473		$	934,571
Net income (loss)		—		—		—			—			1,587		—		$	(138	)		1,449
Stock-based compensation		1,581		—		5,984			—			—		—			—			5,984
Other comprehensive loss		—		—		—			(1,360	)		—		—			(186	)		(1,546	)
BALANCE, March 31, 2024		29,566,620		29		334,939			2,531			742,466		(148,656	)		9,149			940,458
Net income (loss)		—		—		—			—			31,550		—		$	163			31,713
Non-controlling interests in subsidiaries from acquisitions		—		—		—			—			—		—			129			129
Purchase of Treasury Stock		—		—		—			—			—		(2,141	)		—			(2,141	)
Shares issued pursuant to employee stock purchase plan		41,554		1		1,159			—			—		—			—			1,160
Shares issued upon exercise of stock options		2,500		—		40			—			—		—			—			40
Stock-based compensation		1,847		—		6,080			—			—		—			—			6,080
Other comprehensive loss		—		—		—			(447	)		—		—			(58	)		(505	)
BALANCE, June 30, 2024		29,612,521		30		342,218			2,084			774,016		(150,797	)		9,383			976,934

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands) (Unaudited)


	Nine Months Ended June 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	(30,684	)	$	34,007
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		36,385			33,087
Deferred income tax (benefit) provision, net of effects of acquisitions		(14,778	)		2,283
Goodwill impairment		69,055			—
Weather expenses		4,748			142
Change in fair value of contingent consideration		(25,652	)		1,110
(Gain) loss on sale of property and equipment and assets held for sale		(744	)		14
Proceeds from insurance settlements		117			—
Stock-based compensation expense		16,438			17,483
(Increase) decrease in, net of effects of acquisitions —
Accounts receivable, net		(1,953	)		(19,490	)
Inventories		(3,447	)		(63,833	)
Prepaid expenses and other assets		(2,215	)		(2,400	)
(Decrease) increase in, net of effects of acquisitions —
Accounts payable		(10,171	)		(26,309	)
Contract liabilities (customer deposits)		(15,473	)		(14,939	)
Accrued expenses and other liabilities		(10,272	)		13,967
Net cash provided by (used in) operating activities		11,354			(24,878	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(47,414	)		(43,682	)
Cash used in acquisition of businesses, net of cash acquired		(10,482	)		(21,955	)
Proceeds from insurance settlements		1,764			531
Issuance of notes receivable		(2,811	)		—
Proceeds from trade name and warranties assumed in asset exchange agreement		6,170			—
Proceeds from sale of property and equipment and other assets		10,708			282
Net cash used in investing activities		(42,065	)		(64,824	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on short-term borrowings (Floor Plan)		26,221			162,191
Proceeds from long-term debt		36,540			—
Payments of long-term debt		(25,325	)		(25,325	)
Contingent acquisition consideration payments		(51,127	)		(3,032	)
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans		2,591			2,634
Payments on tax withholdings for equity awards		(4,520	)		(4,198	)
Purchase of treasury stock		(27,480	)		(2,141	)
Net cash (used in) provided by financing activities		(43,100	)		130,129
Effect of exchange rate changes on cash	$	502			541
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(73,309	)		40,968
CASH AND CASH EQUIVALENTS, beginning of period	$	224,326			201,456
CASH AND CASH EQUIVALENTS, end of period	$	151,017		$	242,424
Supplemental disclosures of cash flow information:
Cash paid for:
Interest	$	58,145		$	59,872
Income taxes	$	2,013		$	8,100
Non-cash items:
Contingent consideration liabilities from acquisitions		—		$	1,313
Other current assets held for sale previously classified as property and equipment		—		$	7,115

See accompanying Notes to Condensed Consolidated Financial Statements.

MARINEMAX, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

COMPANY BACKGROUND:

We believe we are the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company. As of June 30, 2025, we have over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of June 30, 2025, we own or operate 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Additionally, Intrepid Powerboats manufactures powerboats and sells through our retail dealership locations. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company, through a wholly owned subsidiary New Wave Innovations, also owns Boatyard, an industry-leading customer experience digital product company, and Boatzon, a boat and marine digital retail platform.

We are the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 20% of our revenue in fiscal 2024. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 9% and 9%, respectively, of our revenue in fiscal 2024. Brunswick is a world leading manufacturer of marine products and marine engines.

We have dealership agreements with Sea Ray, Boston Whaler, Harris, and Mercury Marine, all of which are subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut and Benetti yachts and mega yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations. The agreements for Sea Ray and Boston Whaler products, respectively, appoint us as the exclusive dealer of Sea Ray and Boston Whaler boats, respectively, in our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States. Sales of new Azimut yachts accounted for approximately 8% of our revenue in fiscal 2024. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands.

In January 2023, we acquired Boatzon, a boat and marine digital retail platform, through our technology entity, New Wave Innovations. In June 2023, we acquired C&C Boat Works, a full-service boat dealer based in Crosslake, Minnesota. In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece. In March 2024, we acquired Williams Tenders USA, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market. In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida. In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats. In January 2025, we acquired the service and parts departments of Treasure Island Marina in the Florida Panhandle. In March 2025, we acquired Shelter Bay Marina in Marathon, Florida.

As is typical in the industry, we deal with most of our manufacturers, other than Sea Ray, Boston Whaler, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray, Boston Whaler, and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could adversely affect operating results.

General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 53%, 53% and 51% of our dealership revenue during fiscal 2024, 2023 and 2022, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricanes Harvey and Irma in 2017, Hurricane Ian in 2022, and Hurricanes Milton and Helene in 2024, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets.

In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. Additionally, the Federal Reserve's prior increases of its benchmark interest rate have resulted in significantly higher long-term interest rates, which have negatively impacted, and may continue to negatively

impact, our customers’ willingness or desire to purchase our products. As a result, an economic downturn or inflation could impact us more than certain of our competitors due to our strategic focus on the higher end of our market. While the Federal Reserve cut interest rates in late 2024, it has since kept interest rates stable and future decreases or increases are uncertain. Additionally, the current U.S. administration has imposed and may continue to impose, significant tariff actions on imports from a broad set of countries, including countries that produce certain of our products. In response to these tariffs, U.S. trading partners have imposed, or are likely to impose, their own tariffs. Further, U.S. and international tariff policies remain uncertain and difficult to predict. Due to the uncertainty in the retail environment caused by the tariffs, we have experienced decreased revenues and profits. Additional effects of these tariffs and reciprocal tariffs are uncertain, but the tariffs are likely to increase production and supply chain costs for certain of our products and some experts predict an increased chance of an economic recession and/or inflation as a result of the disruption of international trade. Although we have previously expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions, low consumer confidence or inflation is likely to have a negative effect on our business.

Historically, in periods of lower consumer spending and depressed economic conditions, we have, among other things, substantially reduced our acquisition program, delayed new store openings, reduced our inventory purchases, engaged in inventory reduction efforts, closed a number of our retail locations, reduced our headcount, and amended and replaced our credit facility.

BASIS OF PRESENTATION:

These Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Accordingly, these Unaudited Condensed Consolidated Financial Statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States for complete financial statements. All adjustments, consisting of only normal recurring adjustments considered necessary for fair presentation, have been reflected in these Unaudited Condensed Consolidated Financial Statements. The operating results for the nine months ended June 30, 2025, are not necessarily indicative of the results that may be expected in future periods.

The preparation of Unaudited Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Unaudited Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying Unaudited Condensed Consolidated Financial Statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets and valuation of contingent consideration liabilities. Actual results could differ from those estimates.

All references to the “Company,” “we,” “us,” and “our” mean, as a combined company, MarineMax, Inc. and its subsidiaries.

The Unaudited Condensed Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All intercompany transactions and accounts have been eliminated.

NEW ACCOUNTING PRONOUNCEMENTS:

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, which for the Company would be the fiscal year ending September 30, 2025, with early adoption permitted. The adoption is expected to result in expanded disclosures about our segment operations, including significant segment expenses.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending September 30, 2026. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending September 30, 2028. Early adoption is permitted and is effective on either

a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

The Company currently has no other material accounting pronouncements recently adopted or yet to be adopted as of June 30, 2025.

FAIR VALUE MEASUREMENTS:

The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

Level 2 - Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 - Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets:


	June 30, 2025
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	553	$	—	$	553
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	4,532	$	4,532


	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Interest rate swap contract	$	—	$	716	$	—	$	716
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	81,311	$	81,311

There were no transfers between the valuation hierarchy Levels 1, 2, and 3 for the nine months ended June 30, 2025 and for the fiscal year ended September 30, 2024.

The fair value of the Company's interest rate swap contract is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. The inputs to the fair value measurements reflect Level 2 inputs. The interest rate swap contract balance is included in other long-term assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The interest rate swap contract is designated as a cash flow hedge with changes in fair value reported in other comprehensive income in the accompanying Unaudited Condensed Consolidated Statements of Comprehensive Income. For the three and nine months ended June 30, 2025 and 2024, no significant amounts were reclassified out of accumulated other comprehensive income.

The fair value of the Company's contingent consideration liabilities is based on the present value of the expected future payments to be made to the sellers of the acquired entities in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, we estimated the acquired entity’s future performance using financial projections developed by management for the acquired entity and market participant assumptions that were derived for revenue growth and/or profitability. We estimated future payments using the earnout formula and performance targets specified in each purchase agreement and the financial projections just described. The risk associated with the financial projections was evaluated using a Monte Carlo simulation analysis, pursuant to which the projections were discounted to present value using a discount rate that takes into consideration market-based rates of return, and then simulated to reflect the ability of the acquired entity to achieve the earnout targets. Such calculated earnout payments were further discounted at our estimated cost of debt, to account for counterparty risk. We note that changes in financial projections, market participant assumptions for revenue growth and/or profitability, or market risk factors, would result in a change in the fair value of recorded earnout obligations.

The contingent consideration liabilities balance is included in accrued expenses and other long-term liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets. Contingent consideration liabilities, recorded in accrued expenses, totaled approximately $1.9 million and $77.4 million as of June 30, 2025 and September 30, 2024, respectively. Contingent consideration liabilities, recorded in other long-term liabilities, totaled approximately $2.6 million and $3.9 million as of June 30, 2025 and September 30, 2024, respectively. Changes in fair value and net present value of the contingent consideration liabilities are included in selling, general, and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations.

The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the nine months ended June 30, 2025 and 2024:


	Contingent Consideration Liabilities
	2025			2024
	(Amounts in thousands)
Beginning balance - September 30,	$	81,311		$	86,059
Additions from business acquisitions		—			1,313
Settlements		(51,127	)		(3,032	)
Change in fair value and net present value of contingency		(25,655	)		2,393
Ending balance June 30,	$	4,529		$	86,733

We determined the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, short-term borrowings, and the revolving mortgage facility approximate their fair values because of the nature of their terms and current market rates of these instruments. Assets held for sale, recorded in Prepaid expenses and other current assets, totaled approximately $7.8 million and $12.0 million as of June 30, 2025 and September 30, 2024, respectively. The fair value of our mortgage facilities and term loan, which are not carried at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets, was determined using Level 2 inputs based on the discounted cash flow method. We estimate the fair value of our mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. The following table summarizes the carrying value and fair value of our mortgage facilities and term loan as of June 30, 2025 and September 30, 2024:


	June 30, 2025				September 30, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
	(Amounts in thousands)
Mortgage facility payable to Flagship Bank	$	4,977	$	5,039	$	5,501	$	5,411
Mortgage facility payable to Seacoast National Bank		13,930		14,360		15,467		15,378
Mortgage facility payable to Hancock Whitney Bank		19,989		19,931		21,781		21,366
Mortgage facility payable to M&T Bank		36,540		36,540		—		—
Term loan payable to M&T Bank		326,873		325,000		347,250		347,500

REVENUE RECOGNITION:

The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, or trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of, the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer.

We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the Unaudited Condensed Consolidated Financial Statements taken as a whole as of June 30, 2025, on our experience with repayments or defaults on the related finance contracts. We recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized.

We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $5.9 million and $5.7 million as of June 30, 2025 and September 30, 2024, respectively.

We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer, which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of, the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity.

We recognize lessor common area charges, utility sales, food and beverage sales and other ancillary goods and services. Performance obligations include performing common area maintenance and providing utilities, food and beverages, and other ancillary goods and services when goods are transferred or services are performed. Payment terms typically align with when the goods and services are provided.

Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers.

We recognize revenue from service operations and slip and storage rentals over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met.

The following table sets forth percentages on the timing of revenue recognition by reportable segment:


	Retail Operations						Product Manufacturing
	Three Months Ended						Three Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Goods and services transferred at a point in time		87.0	%		88.9	%		100.0	%		100.0	%
Goods and services transferred over time		13.0	%		11.1	%		—			—
Revenue		100.0	%		100.0	%		100.0	%		100.0	%

	Retail Operations						Product Manufacturing
	Nine Months Ended						Nine Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Goods and services transferred at a point in time		86.8	%		87.5	%		100.0	%		100.0	%
Goods and services transferred over time		13.2	%		12.5	%		—			—
Revenue		100.0	%		100.0	%		100.0	%		100.0	%

The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors.


	Three Months Ended June 30, 2025									Three Months Ended June 30, 2024
	Retail Operations			Product Manufacturing			Total			Retail Operations			Product Manufacturing			Total
New boat sales		63.2	%		98.4	%		63.6	%		69.5	%		98.4	%		69.9	%
Used boat sales		12.2	%		—			12.2	%		9.0	%		—			8.9	%
Maintenance and repair services		5.2	%		—			5.1	%		4.2	%		—			4.1	%
Storage and charter rentals		6.7	%		—			6.4	%		5.7	%		—			5.6	%
Finance and insurance products		3.6	%		—			3.6	%		3.0	%		—			3.0	%
Parts and accessories		4.6	%		1.6	%		4.6	%		4.0	%		1.6	%		4.0	%
Brokerage sales		4.5	%		—

MARINEMAX INC 10-Q