Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2018	Jan. 25, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	HZO
Entity Registrant Name	MARINEMAX INC
Entity Central Index Key	0001057060
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		27,320,216

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenue	$ 241,937	$ 236,921
Cost of sales	178,459	177,672
Gross profit	63,478	59,249
Selling, general, and administrative expenses	54,492	50,246
Income from operations	8,986	9,003
Interest expense	2,516	2,542
Income before income tax provision	6,470	6,461
Income tax provision	1,560	2,249
Net income	$ 4,910	$ 4,212
Basic net income per common share	$ 0.22	$ 0.19
Diluted net income per common share	$ 0.21	$ 0.19
Weighted average number of common shares used in computing net income per common share:
Basic	22,779,567	21,986,981
Diluted	23,400,685	22,712,648

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 38,581	$ 48,822
Accounts receivable, net	25,711	34,003
Inventories, net	445,465	377,074
Prepaid expenses and other current assets	10,904	5,392
Total current assets	520,661	465,291
Property and equipment, net of accumulated depreciation of $72,013 and $74,344	138,730	138,716
Goodwill and other long-term assets, net	33,715	33,123
Deferred tax assets, net	2,588	3,408
Total assets	695,694	640,538
CURRENT LIABILITIES:
Accounts payable	11,840	23,134
Customer deposits	21,071	17,006
Accrued expenses	29,790	32,926
Short-term borrowings	270,715	212,949
Total current liabilities	333,416	286,015
Long-term liabilities	840	1,431
Total liabilities	334,256	287,446
SHAREHOLDERS' EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of September 30, 2018 and December 31, 2018
Common stock, $.001 par value, 40,000,000 shares authorized, 27,141,267 and 27,317,327 shares issued and 22,670,536 and 22,833,093 shares outstanding as of September 30, 2018 and December 31, 2018, respectively	27	27
Additional paid-in capital	265,516	262,250
Retained earnings	171,380	166,071
Treasury stock, at cost, 4,470,731 and 4,484,234 shares held as of September 30, 2018 and December 31, 2018, respectively	(75,485)	(75,256)
Total shareholders’ equity	361,438	353,092
Total liabilities and shareholders’ equity	$ 695,694	$ 640,538

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018
Statement Of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 74,344	$ 72,013
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	27,317,327	27,141,267
Common stock, shares outstanding	22,833,093	22,670,536
Treasury stock, shares	4,484,234	4,470,731

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Dec. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Beginning Balance at Sep. 30, 2018	$ 353,092	$ 27	$ 262,250	$ 166,071	$ (75,256)
Beginning Balance, Shares at Sep. 30, 2018	27,141,267	27,141,267
Net income	$ 4,910			4,910
Purchase of treasury stock	(229)				(229)
Shares issued pursuant to employee stock purchase plan	507		507
Shares issued pursuant to employee stock purchase plan, Shares		30,650
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares		35,000
Shares issued upon exercise of stock options	1,311		1,311
Shares issued upon exercise of stock options, Shares		108,275
Stock-based compensation	1,448		1,448
Stock-based compensation, Shares		2,135
Cumulative effect of change in accounting principle - revenue recognition, net of tax	399			399
Ending Balance at Dec. 31, 2018	$ 361,438	$ 27	$ 265,516	$ 171,380	$ (75,485)
Ending Balance, Shares at Dec. 31, 2018	27,317,327	27,317,327

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,910	$ 4,212
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,775	2,461
Deferred income tax provision	683	1,298
(Gain) loss on sale of property and equipment and assets held for sale	84	(21)
Gain on insurance settlements		(82)
Proceeds from insurance settlements	475	906
Stock-based compensation expense	1,448	1,507
(Increase) decrease in —
Accounts receivable, net	7,817	(5,035)
Inventories, net	(68,946)	(39,419)
Prepaid expenses and other assets	(5,013)	(872)
Increase (decrease) in —
Accounts payable	(11,294)	(16,066)
Customer deposits	4,065	(1,410)
Accrued expenses and long-term liabilities	(2,093)	(3,663)
Net cash used in operating activities	(65,089)	(56,184)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(3,025)	(2,724)
Proceeds from insurance settlements		146
Proceeds from sale of property and equipment and assets held for sale	43	101
Net cash used in investing activities	(2,982)	(2,477)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on short-term borrowings	57,766	53,562
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans	1,818	2,352
Contingent acquisition consideration payments		(2,826)
Payments on tax withholdings for equity awards	(1,525)	(118)
Purchase of treasury stock	(229)	(695)
Net cash provided by financing activities	57,830	52,275
NET DECREASE IN CASH AND CASH EQUIVALENTS	(10,241)	(6,386)
CASH AND CASH EQUIVALENTS, beginning of period	48,822	41,952
CASH AND CASH EQUIVALENTS, end of period	38,581	35,566
Cash paid for:
Interest	$ 2,711	2,841
Non-cash items:
Accrued acquisition of property and equipment		$ 364

Company Background

3 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Company Background

1.	COMPANY BACKGROUND:

We are the largest recreational boat and yacht retailer in the United States. We engage primarily in the retail sale, brokerage, and service of new and used boats, motors, trailers, marine parts and accessories and offer slip and storage accommodations in certain locations. In addition, we arrange related boat financing, insurance, and extended service contracts. We also offer the charter of power yachts in the British Virgin Islands. As of December 31, 2018, we operated through 63 retail locations in 16 states, consisting of Alabama, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas. Our MarineMax Vacations operation maintains a facility in Tortola, British Virgin Islands.

We are the nation’s largest retailer of Sea Ray and Boston Whaler recreational boats and yachts, which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 40% of our revenue in fiscal 2018. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 21% and 17%, respectively, of our revenue in fiscal 2018. Brunswick is a world leading manufacturer of marine products and marine engines. We believe we represented approximately 42% of Brunswick’s Sea Ray boat sales, during our fiscal 2018.

In June 2018 Brunswick announced it will discontinue Sea Ray sport yacht and yacht models. Sea Ray sport yacht and yacht models represented approximately 10% of revenue during fiscal year 2018. We believe our brand and product diversification should allow us to replace the Sea Ray sport yacht and yacht revenue.

We have dealership agreements with Sea Ray, Boston Whaler, Harris, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut 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.

We have multi-year dealer agreements with Brunswick covering Sea Ray products that appoint us as the exclusive dealer of Sea Ray boats in our geographic markets. We are the exclusive dealer for Boston Whaler through multi-year dealer agreements for many of our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States through a multi-year dealer agreement. Sales of new Azimut boats accounted for approximately 11% of our revenue in fiscal 2018. 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.

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 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 affect operating results adversely.

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 55%, 55%, and 51% of our revenue during fiscal 2016, 2017, and 2018, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy in 2012 or Hurricanes Harvey and Irma in 2017, 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. As a result, an economic downturn could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have 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 or low consumer confidence 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. Acquisitions and new store openings remain important strategies to our company, and we plan to accelerate our growth through these strategies as industry conditions continue to improve.

Basis of Presentation

3 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

2.	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, 2018. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and footnotes 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. As of December 31, 2018, our financial instruments consisted of cash and cash equivalents, accounts receivable, accounts payable, customer deposits, and short-term borrowings. The carrying amounts of our financial instruments reported on the balance sheet as of December 31, 2018, approximated fair value due either to length to maturity or existence of variable interest rates, which approximate prevailing market rates. The operating results for the three months ended December 31, 2018, 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 accruals. Actual results could differ from those estimates.

Unless the context otherwise requires, all references to “MarineMax” mean MarineMax, Inc. prior to its acquisition of five previously independent recreational boat dealers in March 1998 (including their related real estate companies) and all references to the “Company,” “our company,” “we,” “us,” and “our” mean, as a combined company, MarineMax, Inc. and the 28 recreational boat dealers, two boat brokerage operations, and two full-service yacht repair operations acquired as of December 31, 2018 (the “acquired dealers,” and together with the brokerage and repair operations, “operating subsidiaries” or the “acquired companies”).

In order to provide comparability between periods presented, certain amounts have been reclassified from the previously reported unaudited condensed consolidated financial statements to conform to the unaudited condensed consolidated financial statement presentation for the current period. The unaudited condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are wholly owned. All significant intercompany transactions and accounts have been eliminated.

New Accounting Pronouncements

3 Months Ended

Dec. 31, 2018

Accounting Changes And Error Corrections [Abstract]

New Accounting Pronouncements

3.	NEW ACCOUNTING PRONOUNCEMENTS:

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer, as well as enhanced disclosure requirements. The FASB also subsequently issued several amendments to the standard, including clarification on principal versus agent guidance, identifying performance obligations, and immaterial goods and services in a contract.

The new accounting standard update must be applied using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which requires additional footnote disclosures).

The new accounting standard is effective for reporting periods beginning after December 15, 2017. We adopted the accounting standard effective October 1, 2018, using the modified retrospective approach applied only to contracts not completed as of the date of adoption, with no restatement of comparative periods. Therefore, the comparative information has not been adjusted and continues to be reported under ASC Topic 605. We recognized a net after-tax cumulative effect adjustment to retained earnings of $399,000 as of the date of adoption. The details and quantitative impacts of the significant changes are described below.

We previously recognized revenue for parts and service operations (boat maintenance and repairs) when the services were completed and recorded amounts due to us as receivables. Under ASC Topic 606, performance obligations associated with parts and service operations are satisfied over time, which results in the acceleration of revenue recognition, and amounts due to us are reflected as a contract asset until the right to such consideration becomes unconditional, at which time amounts due to us are reclassified to receivables.

Consolidated Balance Sheet Line Items
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Inventories, net	$	445,465		$	446,228		$	(763	)
Prepaid expenses and other current assets		10,904			6,940			3,964
Deferred tax assets, net		2,588			2,725			(137	)
Accounts payable		11,840			11,703			137
Accrued expenses		29,790			27,725			2,065
Retained earnings		171,380			170,518			862

Consolidated Statements of Operations Line Items
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
Three Months Ended December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Revenue	$	241,937		$	241,130		$	807
Cost of sales		178,459			178,252			207
Income from operations		8,986			8,386			600
Income before income tax provision		6,470			5,870			600
Income tax provision		1,560			1,423			137
Net Income		4,910			4,447			463

Consolidated Statements of Cash flows
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
Three Months Ended December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Net income	$	4,910		$	4,447		$	463
(Increase) decrease in —
Inventories, net		(68,946	)		(69,154	)		208
Prepaid expenses and other assets		(5,013	)		(2,140	)		(2,873	)
Increase (decrease) in —
Accounts payable		(11,294	)		(11,431	)		137
Accrued expenses and other long-term liabilities		(2,093	)		(4,158	)		2,065

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). This update requires organizations to recognize lease assets and lease liabilities on the balance sheet and also disclose key information about leasing arrangements. ASU 2016-02 is effective for annual reporting periods beginning on or after December 15, 2018, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual period. While we are continuing to evaluate the impact of the adoption of ASU 2016-02 on our unaudited condensed consolidated financial statements, we believe the adoption of ASU 2016-02 will have a significant and material impact to our unaudited condensed consolidated balance sheet given our current lease agreements for our leased retail locations. We are continuing to evaluate the impact the adoption of ASU 2016-02 will have on our other unaudited condensed consolidated financial statements. Based on our current assessment, we expect that most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a material increase in the assets and liabilities recorded on our unaudited condensed consolidated balance sheet. We expect to elect the majority of the standard’s available practical expedients on adoption. We are continuing our assessment, which may identify additional impacts this standard will have on our unaudited condensed consolidated financial statements and related disclosures and internal control over financial reporting. We plan to adopt ASU 2016-02 in fiscal 2020.

.

Revenue Recognition

3 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenue Recognition

4.	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 or delivery to the customer. At the time of acceptance or delivery, the customer is able to direct the use of, and obtain substantially all of the benefits of the boat, motor, or trailer at such time. 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 or delivery to 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 December 31, 2018, 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 variable consideration from marketing fees earned on insurance products sold by 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 and 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, since 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 $2.7 million and $4.0 million as of October 1, 2018 (beginning of the period of adoption of ASC 606) and December 31, 2018, respectively.

We recognize deferred revenue from service operations and slip and storage services over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize income from the rentals of chartering power and sailing 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 for the three months ended December 31, 2018.

	Three Months Ended
	December 31,
	2018
Goods and services transferred at a point in time		88.3	%
Goods and services transferred over time		11.7	%
Total Revenue		100.0	%

Inventories

3 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

5.	INVENTORIES:

Inventory costs consist of the amount paid to acquire inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, and transportation costs relating to acquiring inventory for sale. We state new and used boat, motor, and trailer inventories at the lower of cost, determined on a specific-identification basis, or net realizable value. We state parts and accessories at the lower of cost, determined on an average cost basis, or net realizable value. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value valuation allowance. As of September 30, 2018 and December 31, 2018, our lower of cost or net realizable value valuation allowance for new and used boat, motor, and trailer inventories was $1.5 million and $1.8 million, respectively. If events occur and market conditions change, causing the fair value to fall below carrying value, the lower of cost or net realizable value valuation allowance could increase.

Impairment of Long-Lived Assets

3 Months Ended

Dec. 31, 2018

Asset Impairment Charges [Abstract]

Impairment of Long-Lived Assets

6.	IMPAIRMENT OF LONG-LIVED ASSETS:

FASB Accounting Standards Codification 360-10-40, “Property, Plant, and Equipment - Impairment or Disposal of Long-Lived Assets” (“ASC 360-10-40”), requires that long-lived assets, such as property and equipment and purchased intangibles subject to amortization, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair market value. Estimates of expected future cash flows represent our best estimate based on currently available information and reasonable and supportable assumptions. Any impairment recognized in accordance with ASC 360-10-40 is permanent and may not be restored. The analysis is performed at a regional level for indicators of permanent impairment given the geographical interdependencies among our locations. Based upon our most recent analysis, we believe no impairment of long-lived assets existed as of December 31, 2018.

Income Taxes

3 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

7.	INCOME TAXES:

We account for income taxes in accordance with FASB Accounting Standards Codification 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. As of September 30, 2018 and December 31, 2018, we had a valuation allowance on our deferred tax assets of $119,000.

During the three months ended December 31, 2017 and 2018 we recognized an income tax provision of $2.2 million and $1.6 million, respectively. The effective income tax rate for the three months ended December 31, 2017 and 2018 was 34.8% and 24.1%, respectively. Due to the passage of the Tax Cuts and Jobs Act legislation in December 2017 which lowered the federal corporate tax rate from 35% to 21% (among other changes), our deferred tax assets were re-measured as of December 31, 2017 resulting in an approximately $889,000 reduction in our beginning deferred tax assets and corresponding increase in our income tax provision for the three months ended December 31, 2017.

Short-Term Borrowings

3 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Short-Term Borrowings

8.	SHORT-TERM BORROWINGS:

In October 2018, we amended and restated our Inventory Financing Agreement (the “Amended Credit Facility”), originally entered into in June 2010, as subsequently amended, with Wells Fargo Commercial Distribution Finance LLC (formerly GE Commercial Distribution Finance Corporation). The October 2018 amendment and restatement extended the maturity date of the Credit Facility to October 2021, and the Amended Credit Facility includes two additional one-year extension periods, with lender approval. The October 2018 amendment and restatement, among other things, modified the amount of borrowing availability and maturity date of the Credit Facility. The Amended Credit Facility provides a floor plan financing commitment of up to $400.0 million, an increase from the previous limit of $350.0 million, subject to borrowing base availability resulting from the amount and aging of our inventory.

The Amended Credit Facility has certain financial covenants as specified in the agreement. The covenants include provisions that our leverage ratio must not exceed 2.75 to 1.0 and that our current ratio must be greater than 1.2 to 1.0. The interest rate for amounts outstanding under the Amended Credit Facility is 345 basis points above the one-month London Inter-Bank Offering Rate (“LIBOR”). There is an unused line fee of ten basis points on the unused portion of the Amended Credit Facility.

Advances under the Amended Credit Facility are initiated by the acquisition of eligible new and used inventory or are re-advances against eligible new and used inventory that have been partially paid-off. Advances on new inventory will generally mature 1,080 days from the original invoice date. Advances on used inventory will mature 361 days from the date we acquire the used inventory. Each advance is subject to a curtailment schedule, which requires that we pay down the balance of each advance on a periodic basis starting after six months. The curtailment schedule varies based on the type and value of the inventory. The collateral for the Amended Credit Facility is all of our personal property with certain limited exceptions. None of our real estate has been pledged for collateral for the Amended Credit Facility.

As of December 31, 2018, our indebtedness associated with financing our inventory and working capital needs totaled approximately $270.7 million. As of December 31, 2017 and 2018, the interest rate on the outstanding short-term borrowings was approximately 4.7% and 5.5%, respectively. As of December 31, 2018, our additional available borrowings under our Amended Credit Facility were approximately $60.1 million based upon the outstanding borrowing base availability.

As is common in our industry, we receive interest assistance directly from boat manufacturers, including Brunswick. The interest assistance programs vary by manufacturer, but generally include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to us or our lender depending on the arrangements the manufacturer has established. We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales as opposed to netting the assistance against our interest expense incurred with our lenders.

The availability and costs of borrowed funds can adversely affect our ability to obtain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. As of December 31, 2018, we had no long-term debt. However, we rely on our Amended Credit Facility to purchase our inventory of boats. The aging of our inventory limits our borrowing capacity as defined curtailments reduce the allowable advance rate as our inventory ages. Our access to funds under our Amended Credit Facility also depends upon the ability of our lenders to meet their funding commitments, particularly if they experience shortages of capital or experience excessive volumes of borrowing requests from others during a short period of time. Unfavorable economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to utilize our Amended Credit Facility to fund our operations. Any inability to utilize our Amended Credit Facility could require us to seek other sources of funding to repay amounts outstanding under the credit agreements or replace or supplement our credit agreements, which may not be possible at all or under commercially reasonable terms.

Similarly, decreases in the availability of credit and increases in the cost of credit adversely affect the ability of our customers to purchase boats from us and thereby adversely affect our ability to sell our products and impact the profitability of our finance and insurance activities.

Stock-Based Compensation

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

9.	STOCK-BASED COMPENSATION:

We account for our stock-based compensation plans following the provisions of FASB Accounting Standards Codification 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all stock-based compensation and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award.

During the three months ended December 31, 2017 and 2018, we recognized stock-based compensation expense of approximately $1.5 million and $1.4 million, respectively, in selling, general, and administrative expenses in the unaudited condensed consolidated statements of operations.

Cash received from option exercises under all share-based compensation arrangements and the employee stock purchase plan for the three months ended December 31, 2017 and 2018, was approximately $2.4 million and $1.8 million, respectively. We currently expect to satisfy share-based awards with registered shares available to be issued.

The Incentive Stock Plans

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The Incentive Stock Plans

10.	THE INCENTIVE STOCK PLANS:

During February 2017, our shareholders approved a proposal to amend the 2011 Stock-Based Compensation Plan (“2011 Plan”) to increase the 2,200,456 share threshold by 1,000,000 shares to 3,200,456 shares. During January 2011, our shareholders approved a proposal to authorize our 2011 Plan, which replaced our 2007 Incentive Compensation Plan (“2007 Plan”). Our 2011 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, bonus stock, dividend equivalents, other stock related awards, and performance awards (collectively “awards”), that may be settled in cash, stock, or other property. Our 2011 Plan is designed to attract, motivate, retain, and reward our executives, employees, officers, directors, and independent contractors by providing such persons with annual and long-term performance incentives to expend their maximum efforts in the creation of shareholder value. Subsequent to the February 2017 amendment described above, the total number of shares of our common stock that may be subject to awards under the 2011 Plan is equal to 3,000,000 shares, plus: (i) any shares available for issuance and not subject to an award under the 2007 Plan, which was 200,456 shares at the time of approval of the 2011 Plan; (ii) the number of shares with respect to which awards granted under the 2011 Plan and the 2007 Plan terminate without the issuance of the shares or where the shares are forfeited or repurchased; (iii) with respect to awards granted under the 2011 Plan and the 2007 Plan, the number of shares that are not issued as a result of the award being settled for cash or otherwise not issued in connection with the exercise or payment of the award; and (iv) the number of shares that are surrendered or withheld in payment of the exercise price of any award or any tax withholding requirements in connection with any award granted under the 2011 Plan or the 2007 Plan. The 2011 Plan terminates in January 2021, and awards may be granted at any time during the life of the 2011 Plan. The dates on which awards vest are determined by the Board of Directors or the Plan Administrator. The Board of Directors has appointed the Compensation Committee as the Plan Administrator. The exercise prices of options are determined by the Board of Directors or the Plan Administrator and are at least equal to the fair market value of shares of common stock on the date of grant. The term of options under the 2011 Plan may not exceed ten years. The options granted have varying vesting periods. To date, we have not settled or been under any obligation to settle any awards in cash.

The following table summarizes activity from our incentive stock plans from September 30, 2018 through December 31, 2018:

	Shares Available for Grant			Options Outstanding			Aggregate Intrinsic Value (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance as of September 30, 2018		1,047,247			611,223		$	5,544	$	12.18		4.4
Options granted		-			-			-		-
Options cancelled/forfeited/expired		4,667			(4,667	)		-		5.42
Options exercised		-			(108,275	)		-		12.11
Restricted stock awards issued		(319,624	)		-			-		-
Restricted stock awards forfeited		2,700			-			-		-
Additional shares of stock issued		(2,135	)		-			-		-
Balance as of December 31, 2018		732,855			498,281		$	2,986	$	12.26		4.4

Exercisable as of December 31, 2018					494,947		$	2,986	$	12.21		4.3

No options were granted for the three months ended December 31, 2017 and 2018. The total intrinsic value of options exercised during the three months ended December 31, 2017 and 2018 was $1.9 million and $1.3 million, respectively. The total fair value of options vested during the three months ended December 31, 2017 and 2018 was approximately $1.3 million and $0, respectively.

We used the Black-Scholes model to estimate the fair value of options granted. The expected term of options granted is estimated based on historical experience. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant.

Employee Stock Purchase Plan

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Employee Stock Purchase Plan

11.	EMPLOYEE STOCK PURCHASE PLAN:

During February 2012, our shareholders approved a proposal to amend our 2008 Employee Stock Purchase Plan (“Stock Purchase Plan”) to increase the number of shares available under that plan by 500,000 shares. The Stock Purchase Plan as amended provides for up to 1,000,000 shares of common stock to be available for purchase by our regular employees who have completed at least one year of continuous service. In addition, there were 52,837 shares of common stock available under our 1998 Employee Stock Purchase Plan, which have been made available for issuance under our Stock Purchase Plan. The Stock Purchase Plan provides for implementation of up to 10 annual offerings beginning on the first day of October starting in 2008, with each offering terminating on September 30 of the following year. Each annual offering may be divided into two six-month offerings. For each offering, the purchase price per share will be the lower of: (i) 85% of the closing price of the common stock on the first day of the offering or (ii) 85% of the closing price of the common stock on the last day of the offering. The purchase price is paid through periodic payroll deductions not to exceed 10% of the participant’s earnings during each offering period. However, no participant may purchase more than $25,000 worth of common stock annually.

We used the Black-Scholes model to estimate the fair value of options granted to purchase shares issued pursuant to the Stock Purchase Plan. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant.

The following are the weighted average assumptions used for each respective period:

	Three Months Ended
	December 31,
	2017	2018
Dividend yield	0.0%	0.0%
Risk-free interest rate	1.2%	2.4%
Volatility	50.9%	52.2%
Expected life	Six months	Six months

As of December 31, 2018, we had issued 891,185 shares of common stock under our Stock Purchase Plan.

Restricted Stock Awards

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Restricted Stock Awards

12.	RESTRICTED STOCK AWARDS:

We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to employees and officers pursuant to the 2011 Plan and the 2007 Plan. The restricted stock awards and RSUs have varying vesting periods, but generally become fully vested between two and four years after the grant date, depending on the specific award, performance targets met for performance based awards granted to officers, and vesting period for time based awards. Officer performance based awards are granted at the target amount of shares that may be earned and the actual amount of the award earned generally could range from 0% to 200% of the target number of shares based on the actual specified performance target met. We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards, including performance based awards, is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award.

The following table summarizes restricted stock award activity from September 30, 2018 through December 31, 2018:

	Shares/ Units			Weighted Average Grant Date Fair Value
Non-vested balance as of September 30, 2018		704,326		$	17.61
Changes during the period
Awards granted		319,624		$	20.89
Awards vested		(35,000	)	$	20.40
Awards forfeited		(2,700	)	$	20.60
Non-vested balance as of December 31, 2018		986,250

As of December 31, 2018, we had approximately $11.7 million of total unrecognized compensation cost, assuming applicable performance conditions are met, related to non-vested restricted stock awards. We expect to recognize that cost over a weighted average period of 2.5 years.

Net Income Per Share

3 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Net Income Per Share

13.	NET INCOME PER SHARE:

The following is a reconciliation of the shares used in the denominator for calculating basic and diluted net income per share:

	Three Months Ended
	December 31,
	2017		2018
Weighted average common shares outstanding used in calculating basic income per share		21,986,981		22,779,567
Effect of dilutive options and non-vested restricted stock awards		725,667		621,118
Weighted average common and common equivalent shares used in calculating diluted income per share		22,712,648		23,400,685

For the three months ended December 31, 2017 and 2018, there were 116,844 and no weighted average shares related to options outstanding and non-vested restricted stock awards, respectively, that were not included in the computation of diluted income per share because the options’ exercise prices or assumed proceeds per share were greater than the average market price of our common stock, and therefore, would have an anti-dilutive effect.

Commitments and Contingencies

3 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.	COMMITMENTS AND CONTINGENCIES:

We are party to various legal actions arising in the ordinary course of business. While it is not feasible to determine the actual outcome of these actions as of December 31, 2018, we believe that these matters should not have a material adverse effect on our unaudited condensed consolidated financial condition, results of operations, or cash flows.

Basis of Presentation (Policies)

3 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Fair Value of Financial Instruments

The carrying amounts of our financial instruments reported on the balance sheet as of December 31, 2018, approximated fair value due either to length to maturity or existence of variable interest rates, which approximate prevailing market rates.

Use of Estimates

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 accruals. Actual results could differ from those estimates.

Consolidation

In order to provide comparability between periods presented, certain amounts have been reclassified from the previously reported unaudited condensed consolidated financial statements to conform to the unaudited condensed consolidated financial statement presentation for the current period. The unaudited condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are wholly owned. All significant intercompany transactions and accounts have been eliminated.

New Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer, as well as enhanced disclosure requirements. The FASB also subsequently issued several amendments to the standard, including clarification on principal versus agent guidance, identifying performance obligations, and immaterial goods and services in a contract.

The new accounting standard update must be applied using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which requires additional footnote disclosures).

The new accounting standard is effective for reporting periods beginning after December 15, 2017. We adopted the accounting standard effective October 1, 2018, using the modified retrospective approach applied only to contracts not completed as of the date of adoption, with no restatement of comparative periods. Therefore, the comparative information has not been adjusted and continues to be reported under ASC Topic 605. We recognized a net after-tax cumulative effect adjustment to retained earnings of $399,000 as of the date of adoption. The details and quantitative impacts of the significant changes are described below.

We previously recognized revenue for parts and service operations (boat maintenance and repairs) when the services were completed and recorded amounts due to us as receivables. Under ASC Topic 606, performance obligations associated with parts and service operations are satisfied over time, which results in the acceleration of revenue recognition, and amounts due to us are reflected as a contract asset until the right to such consideration becomes unconditional, at which time amounts due to us are reclassified to receivables.

Consolidated Balance Sheet Line Items
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Inventories, net	$	445,465		$	446,228		$	(763	)
Prepaid expenses and other current assets		10,904			6,940			3,964
Deferred tax assets, net		2,588			2,725			(137	)
Accounts payable		11,840			11,703			137
Accrued expenses		29,790			27,725			2,065
Retained earnings		171,380			170,518			862

Consolidated Statements of Operations Line Items
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
Three Months Ended December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Revenue	$	241,937		$	241,130		$	807
Cost of sales		178,459			178,252			207
Income from operations		8,986			8,386			600
Income before income tax provision		6,470			5,870			600
Income tax provision		1,560			1,423			137
Net Income		4,910			4,447			463

Consolidated Statements of Cash flows
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
Three Months Ended December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Net income	$	4,910		$	4,447		$	463
(Increase) decrease in —
Inventories, net		(68,946	)		(69,154	)		208
Prepaid expenses and other assets		(5,013	)		(2,140	)		(2,873	)
Increase (decrease) in —
Accounts payable		(11,294	)		(11,431	)		137
Accrued expenses and other long-term liabilities		(2,093	)		(4,158	)		2,065

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). This update requires organizations to recognize lease assets and lease liabilities on the balance sheet and also disclose key information about leasing arrangements. ASU 2016-02 is effective for annual reporting periods beginning on or after December 15, 2018, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual period. While we are continuing to evaluate the impact of the adoption of ASU 2016-02 on our unaudited condensed consolidated financial statements, we believe the adoption of ASU 2016-02 will have a significant and material impact to our unaudited condensed consolidated balance sheet given our current lease agreements for our leased retail locations. We are continuing to evaluate the impact the adoption of ASU 2016-02 will have on our other unaudited condensed consolidated financial statements. Based on our current assessment, we expect that most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a material increase in the assets and liabilities recorded on our unaudited condensed consolidated balance sheet. We expect to elect the majority of the standard’s available practical expedients on adoption. We are continuing our assessment, which may identify additional impacts this standard will have on our unaudited condensed consolidated financial statements and related disclosures and internal control over financial reporting. We plan to adopt ASU 2016-02 in fiscal 2020.

.

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 or delivery to the customer. At the time of acceptance or delivery, the customer is able to direct the use of, and obtain substantially all of the benefits of the boat, motor, or trailer at such time. 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 or delivery to 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 December 31, 2018, 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 variable consideration from marketing fees earned on insurance products sold by 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 and 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, since 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 $2.7 million and $4.0 million as of October 1, 2018 (beginning of the period of adoption of ASC 606) and December 31, 2018, respectively.

We recognize deferred revenue from service operations and slip and storage services over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize income from the rentals of chartering power and sailing 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 for the three months ended December 31, 2018.

	Three Months Ended
	December 31,
	2018
Goods and services transferred at a point in time		88.3	%
Goods and services transferred over time		11.7	%
Total Revenue		100.0	%

Inventories

Inventory costs consist of the amount paid to acquire inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, and transportation costs relating to acquiring inventory for sale. We state new and used boat, motor, and trailer inventories at the lower of cost, determined on a specific-identification basis, or net realizable value. We state parts and accessories at the lower of cost, determined on an average cost basis, or net realizable value. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value valuation allowance. As of September 30, 2018 and December 31, 2018, our lower of cost or net realizable value valuation allowance for new and used boat, motor, and trailer inventories was $1.5 million and $1.8 million, respectively. If events occur and market conditions change, causing the fair value to fall below carrying value, the lower of cost or net realizable value valuation allowance could increase.

Impairment of Long-Lived Assets

FASB Accounting Standards Codification 360-10-40, “Property, Plant, and Equipment - Impairment or Disposal of Long-Lived Assets” (“ASC 360-10-40”), requires that long-lived assets, such as property and equipment and purchased intangibles subject to amortization, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair market value. Estimates of expected future cash flows represent our best estimate based on currently available information and reasonable and supportable assumptions. Any impairment recognized in accordance with ASC 360-10-40 is permanent and may not be restored. The analysis is performed at a regional level for indicators of permanent impairment given the geographical interdependencies among our locations. Based upon our most recent analysis, we believe no impairment of long-lived assets existed as of December 31, 2018.

New Accounting Pronouncements (Table)

3 Months Ended

Dec. 31, 2018

Accounting Standards Update 2014-09 [Member]

Revenue Initial Application Period Cumulative Effect Transition [Line Items]

Schedule of Impact of Adoption of New Revenue Standard

Consolidated Balance Sheet Line Items
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Inventories, net	$	445,465		$	446,228		$	(763	)
Prepaid expenses and other current assets		10,904			6,940			3,964
Deferred tax assets, net		2,588			2,725			(137	)
Accounts payable		11,840			11,703			137
Accrued expenses		29,790			27,725			2,065
Retained earnings		171,380			170,518			862

Consolidated Statements of Operations Line Items
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
Three Months Ended December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Revenue	$	241,937		$	241,130		$	807
Cost of sales		178,459			178,252			207
Income from operations		8,986			8,386			600
Income before income tax provision		6,470			5,870			600
Income tax provision		1,560			1,423			137
Net Income		4,910			4,447			463

Consolidated Statements of Cash flows
	Impact of changes in accounting policies
				Balances without			Impact of
				adoption of ASC			adoption
Three Months Ended December 31, 2018	As Reported			Topic 606			Higher/(Lower)
Net income	$	4,910		$	4,447		$	463
(Increase) decrease in —
Inventories, net		(68,946	)		(69,154	)		208
Prepaid expenses and other assets		(5,013	)		(2,140	)		(2,873	)
Increase (decrease) in —
Accounts payable		(11,294	)		(11,431	)		137
Accrued expenses and other long-term liabilities		(2,093	)		(4,158	)		2,065

Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

Summary of Percentage on Timing of Revenue Recognition

The following table sets forth percentages on the timing of revenue recognition for the three months ended December 31, 2018.

	Three Months Ended
	December 31,
	2018
Goods and services transferred at a point in time		88.3	%
Goods and services transferred over time		11.7	%
Total Revenue		100.0	%

The Incentive Stock Plans (Tables)

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Incentive Stock Plans Activity

The following table summarizes activity from our incentive stock plans from September 30, 2018 through December 31, 2018:

	Shares Available for Grant			Options Outstanding			Aggregate Intrinsic Value (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance as of September 30, 2018		1,047,247			611,223		$	5,544	$	12.18		4.4
Options granted		-			-			-		-
Options cancelled/forfeited/expired		4,667			(4,667	)		-		5.42
Options exercised		-			(108,275	)		-		12.11
Restricted stock awards issued		(319,624	)		-			-		-
Restricted stock awards forfeited		2,700			-			-		-
Additional shares of stock issued		(2,135	)		-			-		-
Balance as of December 31, 2018		732,855			498,281		$	2,986	$	12.26		4.4

Exercisable as of December 31, 2018					494,947		$	2,986	$	12.21		4.3

Employee Stock Purchase Plan (Tables)

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Weighted Average Assumptions of Employee Stock Purchase Plan

The following are the weighted average assumptions used for each respective period:

	Three Months Ended
	December 31,
	2017	2018
Dividend yield	0.0%	0.0%
Risk-free interest rate	1.2%	2.4%
Volatility	50.9%	52.2%
Expected life	Six months	Six months

Restricted Stock Awards (Tables)

3 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Restricted Stock Award Activity

The following table summarizes restricted stock award activity from September 30, 2018 through December 31, 2018:

	Shares/ Units			Weighted Average Grant Date Fair Value
Non-vested balance as of September 30, 2018		704,326		$	17.61
Changes during the period
Awards granted		319,624		$	20.89
Awards vested		(35,000	)	$	20.40
Awards forfeited		(2,700	)	$	20.60
Non-vested balance as of December 31, 2018		986,250

Net Income Per Share (Tables)

3 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Share

The following is a reconciliation of the shares used in the denominator for calculating basic and diluted net income per share:

	Three Months Ended
	December 31,
	2017		2018
Weighted average common shares outstanding used in calculating basic income per share		21,986,981		22,779,567
Effect of dilutive options and non-vested restricted stock awards		725,667		621,118
Weighted average common and common equivalent shares used in calculating diluted income per share		22,712,648		23,400,685

Company Background - Additional Information (Detail)	12 Months Ended
Company Background - Additional Information (Detail)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2018 Store State
Concentration Risk [Line Items]
Number of retail locations \| Store				63
Number of states wherein retail locations are established \| State				16
Product Concentration Risk [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	40.00%
Product Concentration Risk [Member] \| Brunswick Sea Ray Boat [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	21.00%
Product Concentration Risk [Member] \| Brunswick Boston Whaler Boats [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	17.00%
Product Concentration Risk [Member] \| Brunswick Sea Ray Sport Yacht and Yacht Models [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	10.00%
Product Concentration Risk [Member] \| Azimut Benetti Groups \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	11.00%
Supplier Concentration Risk [Member] \| Brunswick [Member] \| Sales [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	42.00%
Geographic Concentration Risk [Member] \| Sales [Member] \| Florida [Member]
Concentration Risk [Line Items]
Revenue percentage from sale of boats	51.00%	55.00%	55.00%

Basis of Presentation - Additional Information (Detail)	3 Months Ended
Basis of Presentation - Additional Information (Detail)	Dec. 31, 2018 Dealer Operations
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Previously independent recreational boat dealers \| Dealer	5
Recreational boat dealers \| Dealer	28
Boat brokerage operations \| Operations	2
Full-service yacht repair operations \| Operations	2

New Accounting Pronouncements - Additional Information (Detail) - USD ($)	Dec. 31, 2018	Oct. 01, 2018	Sep. 30, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings, net of tax as a result of adopting new standard	$ 171,380,000		$ 166,071,000
Accounting Standards Update 2014-09 [Member] \| Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings, net of tax as a result of adopting new standard	$ 862,000	$ 399,000

New Accounting Pronouncements - Schedule of Impact of Adoption of New Revenue Standard on Consolidated Balance Sheet Line Items (Detail) - USD ($)	Dec. 31, 2018	Oct. 01, 2018	Sep. 30, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Inventories, net	$ 445,465,000		$ 377,074,000
Prepaid expenses and other current assets	10,904,000		5,392,000
Deferred tax assets, net	2,588,000		3,408,000
Accounts payable	11,840,000		23,134,000
Accrued expenses	29,790,000		32,926,000
Retained earnings	171,380,000		$ 166,071,000
Balances without adoption of ASC Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Inventories, net	446,228,000
Prepaid expenses and other current assets	6,940,000
Deferred tax assets, net	2,725,000
Accounts payable	11,703,000
Accrued expenses	27,725,000
Retained earnings	170,518,000
Impact of adoption Higher/(Lower) [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Inventories, net	(763,000)
Prepaid expenses and other current assets	3,964,000
Deferred tax assets, net	(137,000)
Accounts payable	137,000
Accrued expenses	2,065,000
Retained earnings	$ 862,000	$ 399,000

New Accounting Pronouncements - Schedule of Impact of Adoption of New Revenue Standard on Consolidated Statements of Operations Line Items (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 241,937	$ 236,921
Cost of sales	178,459	177,672
Income from operations	8,986	9,003
Income before income tax provision	6,470	6,461
Income tax provision	1,560	2,249
Net income	4,910	$ 4,212
Balances without adoption of ASC Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	241,130
Cost of sales	178,252
Income from operations	8,386
Income before income tax provision	5,870
Income tax provision	1,423
Net income	4,447
Impact of adoption Higher/(Lower) [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	807
Cost of sales	207
Income from operations	600
Income before income tax provision	600
Income tax provision	137
Net income	$ 463

New Accounting Pronouncements - Schedule of Impact of Adoption of New Revenue Standard on Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net income	$ 4,910	$ 4,212
(Increase) decrease in —
Inventories, net	(68,946)	(39,419)
Prepaid expenses and other assets	(5,013)	(872)
Increase (decrease) in —
Accounts payable	(11,294)	(16,066)
Accrued expenses and long-term liabilities	(2,093)	$ (3,663)
Balances without adoption of ASC Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net income	4,447
(Increase) decrease in —
Inventories, net	(69,154)
Prepaid expenses and other assets	(2,140)
Increase (decrease) in —
Accounts payable	(11,431)
Accrued expenses and long-term liabilities	(4,158)
Impact of adoption Higher/(Lower) [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net income	463
(Increase) decrease in —
Inventories, net	208
Prepaid expenses and other assets	(2,873)
Increase (decrease) in —
Accounts payable	137
Accrued expenses and long-term liabilities	$ 2,065

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Oct. 01, 2018
Revenue From Contract With Customer [Abstract]
Contract assets recorded in prepaid expenses and other current assets	$ 4.0	$ 2.7
Revenue remaining obligation description	As a practical expedient, since 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.

Revenue Recognition - Summary of Percentage on Timing of Revenue Recognition (Details)	3 Months Ended
	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Total Revenue	100.00%
Goods and Services Transferred at a Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	88.30%
Goods and Services Transferred Over Time [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	11.70%

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories valuation allowance, net realizable value	$ 1.8	$ 1.5

Impairment of Long-Lived Assets - Additional Information (Detail)	3 Months Ended
	Dec. 31, 2018 USD ($)
Asset Impairment Charges [Abstract]
Impairment charges	$ 0

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Income Taxes [Line Items]
Valuation allowance on deferred tax assets	$ 119,000		$ 119,000
Income tax provision	$ 1,560,000	$ 2,249,000
Effective income tax rate	24.10%	34.80%
Federal corporate tax rate	21.00%	35.00%
Tax Cuts and Jobs Act [Member]
Income Taxes [Line Items]
Reduction in beginning deferred tax assets		$ 889,000
Increase in income tax provision		$ 889,000

Short-Term Borrowings - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2018	May 31, 2017
Line Of Credit Facility [Line Items]
Additional borrowings	$ 60,100,000
Long-term debt	$ 0
Minimum [Member]
Line Of Credit Facility [Line Items]
Current ratio	1.20%
Borrowing Base Amount and Aging Inventory [Member]
Line Of Credit Facility [Line Items]
Inventory and working capital needs	$ 270,700,000
Interest rate on short-term borrowings	5.50%	4.70%
Amended Credit Facility [Member]
Line Of Credit Facility [Line Items]
Additional extension for two one-year periods	Oct. 31, 2021
Interest rate for amounts outstanding under the Amended Credit Facility	3.45%
Amended Credit Facility [Member] \| Borrowing Base Amount and Aging Inventory [Member]
Line Of Credit Facility [Line Items]
Amount of borrowing availability			$ 400,000,000.0	$ 350,000,000.0
Line of Credit Facility, Description	The October 2018 amendment and restatement extended the maturity date of the Credit Facility to October 2021, and the Amended Credit Facility includes two additional one-year extension periods, with lender approval.
Leverage ratio	2.75%
Credit Facility interest rate description	The interest rate for amounts outstanding under the Amended Credit Facility is 345 basis points above the one-month London Inter-Bank Offering Rate (“LIBOR”).
Debt instrument, covenant compliance	The covenants include provisions that our leverage ratio must not exceed 2.75 to 1.0 and that our current ratio must be greater than 1.2 to 1.0.
Unused line fee on the unused portion of the amended Credit Facility	0.10%
Advances on new inventory mature date	1080 days
Advances on used inventory maturity period	361 days
Advance is subject to a curtailment schedule, periodic basis	6 months
Real estate property pledged for collateral	$ 0

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans	$ 1,818	$ 2,352
Selling, General, and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, approximately	$ 1,400	$ 1,500

The Incentive Stock Plans - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted		0	0
Total intrinsic value of options exercised		$ 1,300,000	$ 1,900,000
Fair value of options vested		$ 0	$ 1,300,000
Incentive Stock Plan 2011 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized				2,200,456
Additional common shares authorized	1,000,000
Expiration of Plan 2011		2021-01
Contractual term of plan 2011		10 years
Incentive Stock Plan 2011 [Member] \| Subject To Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized		3,000,000
Incentive Stock Plan 2011 [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized	3,200,456
Incentive Stock Plan 2007 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common stock shares available		200,456

The Incentive Stock Plans - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, Options Outstanding	0	0
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Available for Grant, Beginning Balance	1,047,247
Options cancelled/forfeited/expired, Shares Available for Grant	4,667
Restricted stock awards issued, Shares Available for Grant	(319,624)
Restricted stock awards forfeited, Shares Available for Grant	2,700
Additional shares of stock issued, Shares Available for Grant	(2,135)
Shares Available for Grant, Ending Balance	732,855		1,047,247
Options Outstanding, Beginning Balance	611,223
Options cancelled/forfeited/expired, Options Outstanding	(4,667)
Options exercised, Options Outstanding	(108,275)
Options Outstanding, Ending Balance	498,281		611,223
Exercisable as of December 31, 2017, Options Outstanding	494,947
Aggregate Intrinsic Value	$ 2,986		$ 5,544
Exercisable as of December 31, 2017, Aggregate Intrinsic Value	$ 2,986
Weighted Average Exercise Price, Beginning Balance	$ 12.18
Options cancelled/forfeited/expired, Weighted Average Exercise Price	5.42
Options exercised, Weighted Average Exercise Price	12.11
Weighted Average Exercise Price, Ending Balance	12.26		$ 12.18
Exercisable as of December 31, 2017, Weighted Average Exercise Price	$ 12.21
Weighted Average Remaining Contractual Life	4 years 4 months 24 days		4 years 4 months 24 days
Exercisable as of December 31, 2018, Weighted Average Remaining Contractual Life	4 years 3 months 18 days

Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2012	Dec. 31, 2018	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued		27,317,327	27,141,267
Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional common shares authorized	500,000
Common stock available for issuance		1,000,000
Stock Purchase Plan, requisite continuous service		1 year
Annual offerings description		implementation of up to 10 annual offerings beginning on the first day of October starting in 2008, with each offering terminating on September 30 of the following year.
Closing price of common stock on the first and last day of the offering		85.00%
Percentage not exceeding to periodic payment of purchase price		10.00%
Maximum common stock value purchased by participant annually		$ 25,000
Common stock, shares issued		891,185
1998 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional Common Shares Authorized		52,837

Employee Stock Purchase Plan - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) - Stock Purchase Plan [Member]	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate	2.40%	1.20%
Volatility	52.20%	50.90%
Expected life	6 months	6 months

Restricted Stock Awards - Additional Information (Detail) - Restricted Stock Awards [Member] $ in Millions	3 Months Ended
	Dec. 31, 2018 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted stock awards	$ 11.7
Weighted average period unrecognized compensation costs related to non-vested restricted awards are expected to be recognized	2 years 6 months
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting periods of restricted stock award	2 years
Percentage of actual amount of award earned based on actual specified performance target met	0.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting periods of restricted stock award	4 years
Percentage of actual amount of award earned based on actual specified performance target met	200.00%

Restricted Stock Awards - Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member]	3 Months Ended
	Dec. 31, 2018 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/ Units, Non-vested beginning balance	704,326
Shares/ Units, Awards granted	319,624
Shares/ Units, Awards vested	(35,000)
Shares/ Units, Awards forfeited	(2,700)
Shares/ Units, Non-vested ending balance	986,250
Weighted Average Grant Date Fair Value, Non-vested beginning balance \| $ / shares	$ 17.61
Weighted Average Grant Date Fair Value, Awards granted \| $ / shares	20.89
Weighted Average Grant Date Fair Value, Awards vested \| $ / shares	20.40
Weighted Average Grant Date Fair Value, Awards forfeited \| $ / shares	$ 20.60

Net Income Per Share - Basic and Diluted Net Income Per Share (Detail) - shares	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Weighted average common shares outstanding used in calculating basic income per share	22,779,567	21,986,981
Effect of dilutive options and non-vested restricted stock awards	621,118	725,667
Weighted average common and common equivalent shares used in calculating diluted income per share	23,400,685	22,712,648

Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Stock Options and Non-Vested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share calculation	0	116,844