MARINEMAX INC, 10-K filed on 12/2/2020
Annual Report
v3.20.2
Document and Entity Information - USD ($)
 12 Months Ended
Sep. 30, 2020
Nov. 25, 2020
Mar. 31, 2020
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Sep. 30, 2020    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Trading Symbol HZO    
Entity Registrant Name MarineMax, Inc.    
Entity Central Index Key 0001057060    
Current Fiscal Year End Date --09-30    
Entity Well-known Seasoned Issuer No    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock, par value $.001 per share    
Entity Interactive Data Current Yes    
Entity File Number 1-14173    
Entity Incorporation, State or Country Code FL    
Entity Tax Identification Number 59-3496957    
Entity Address, Address Line One 2600 McCormick Drive    
Entity Address, Address Line Two Suite 200    
Entity Address, City or Town Clearwater    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33759    
City Area Code 727    
Local Phone Number 531-1700    
Document Annual Report true    
Document Transition Report false    
Entity Common Stock, Shares Outstanding   22,073,368  
Entity Public Float     $ 215,559,040
v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 155,493 $ 38,511
Accounts receivable, net 40,195 42,398
Inventories, net 298,002 477,468
Prepaid expenses and other current assets 9,637 10,206
Total current assets 503,327 568,583
Property and equipment, net 141,934 144,298
Operating lease right-of-use assets, net 37,991  
Goodwill and other intangible assets, net 84,293 64,077
Other long-term assets 7,774 7,125
Total assets 775,319 784,083
CURRENT LIABILITIES:    
Accounts payable 37,343 33,674
Contract liabilities (customer deposits) 31,821 24,305
Accrued expenses 52,123 42,849
Current operating lease liabilities 6,854  
Short-term borrowings 144,393 312,065
Total current liabilities 272,534 412,893
Noncurrent operating lease liabilities 33,473  
Deferred tax liabilities, net 4,509 1,142
Long-term debt, net of current maturities 7,343  
Other long-term liabilities 2,063 1,229
Total liabilities 319,922 415,264
COMMITMENTS AND CONTINGENCIES (Note 17)
SHAREHOLDERS’ EQUITY:    
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding as of September 30, 2019 and 2020
Common stock, $.001 par value; 40,000,000 shares authorized, 27,508,473 and 28,130,312 shares issued and 21,321,688 and 21,863,291 shares outstanding as of September 30, 2019 and 2020, respectively 28 28
Additional paid-in capital 280,436 269,969
Accumulated other comprehensive (loss) income 829 (669)
Retained earnings 277,699 202,455
Treasury stock, at cost, 6,186,785 and 6,267,021 shares held as of September 30, 2019 and 2020, respectively (103,595) (102,964)
Total shareholders’ equity 455,397 368,819
Total liabilities and shareholders’ equity $ 775,319 $ 784,083
v3.20.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2020
Sep. 30, 2019
Statement Of Financial Position [Abstract]    
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 28,130,312 27,508,473
Common stock, shares outstanding 21,863,291 21,321,688
Treasury stock, shares 6,267,021 6,186,785
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]      
Revenue $ 1,509,713 $ 1,237,153 $ 1,177,371
Cost of sales 1,111,000 914,321 879,138
Gross profit 398,713 322,832 298,233
Selling, general and administrative expenses 291,998 262,300 235,050
Income from operations 106,715 60,532 63,183
Interest expense 9,275 11,579 9,903
Income before income tax provision 97,440 48,953 53,280
Income tax provision 22,806 12,968 13,968
Net income $ 74,634 $ 35,985 $ 39,312
Basic net income per common share $ 3.46 $ 1.61 $ 1.77
Diluted net income per common share $ 3.37 $ 1.57 $ 1.71
Weighted average number of common shares used in computing net income per common share:      
Basic 21,547,665 22,294,114 22,269,378
Diluted 22,125,338 22,881,147 23,030,662
v3.20.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]      
Net income $ 74,634 $ 35,985 $ 39,312
Other comprehensive (loss) gain, net of tax:      
Foreign currency translation adjustments 1,498 (669)  
Total other comprehensive (loss) gain, net of tax 1,498 (669)  
Comprehensive income $ 76,132 $ 35,316 $ 39,312
v3.20.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock Issued [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive (Loss) Income [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Treasury Stock [Member]
Beginning Balance at Sep. 30, 2017 $ 302,198   $ 26 $ 249,974   $ 126,759   $ (74,561)
Beginning Balance, Shares at Sep. 30, 2017     26,314,066          
Net income 39,312         39,312    
Purchase of treasury stock (695)             (695)
Shares issued pursuant to employee stock purchase plan 950     950        
Shares issued pursuant to employee stock purchase plan, Shares     67,187          
Shares issued upon vesting of equity awards, net of minimum tax withholding (1,643)     (1,643)        
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares     163,350          
Shares issued upon exercise of stock options 6,733   $ 1 6,732        
Shares issued upon exercise of stock options, Shares     586,531          
Stock-based compensation 6,237     6,237        
Stock-based compensation, Shares     10,133          
Ending Balance at Sep. 30, 2018 353,092   $ 27 262,250   166,071   (75,256)
Ending Balance (Accounting Standards Update 2014-09 [Member]) at Sep. 30, 2018   $ 399         $ 399  
Ending Balance, Shares at Sep. 30, 2018     27,141,267          
Net income 35,985         35,985    
Purchase of treasury stock (27,708)             (27,708)
Shares issued pursuant to employee stock purchase plan 1,022     1,022        
Shares issued pursuant to employee stock purchase plan, Shares     62,287          
Shares issued upon vesting of equity awards, net of minimum tax withholding (1,216)     (1,216)        
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares     174,606          
Shares issued upon exercise of stock options 1,390   $ 1 1,389        
Shares issued upon exercise of stock options, Shares     119,275          
Stock-based compensation 6,524     6,524        
Stock-based compensation, Shares     11,038          
Foreign currency translation adjustments, net of tax (669)       $ (669)      
Ending Balance at Sep. 30, 2019 $ 368,819   $ 28 269,969 (669) 202,455   (102,964)
Ending Balance (Accounting Standards Update 2016-02 [Member]) at Sep. 30, 2019   $ 610         $ 610  
Ending Balance, Shares at Sep. 30, 2019 27,508,473   27,508,473          
Net income $ 74,634         74,634    
Purchase of treasury stock (631)             (631)
Shares issued pursuant to employee stock purchase plan 1,004     1,004        
Shares issued pursuant to employee stock purchase plan, Shares     94,741          
Shares issued upon vesting of equity awards, net of minimum tax withholding (1,659)     (1,659)        
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares     228,304          
Shares issued upon exercise of stock options 3,625     3,625        
Shares issued upon exercise of stock options, Shares     286,702          
Stock-based compensation 7,497     7,497        
Stock-based compensation, Shares     12,092          
Foreign currency translation adjustments, net of tax 1,498       1,498      
Ending Balance at Sep. 30, 2020 $ 455,397   $ 28 $ 280,436 $ 829 $ 277,699   $ (103,595)
Ending Balance, Shares at Sep. 30, 2020 28,130,312   28,130,312          
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 74,634 $ 35,985 $ 39,312
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 12,772 11,597 10,673
Deferred income tax provision 3,157 4,384 5,361
Loss on sale of property and equipment 366 956 330
Gain on insurance settlements     (1,082)
Proceeds from insurance settlements 703 475 2,342
Gain on contingent acquisition consideration     (1,440)
Stock-based compensation expense, net 7,497 6,524 6,237
(Increase) Decrease in, net of effects of acquisitions—      
Accounts receivable, net 2,584 (5,071) (11,279)
Inventories, net 179,466 (84,330) 26,773
Prepaid expenses and other assets 101 (3,182) (996)
(Decrease) Increase in, net of effects of acquisitions —      
Accounts payable 2,887 8,701 (3,325)
Contract liabilities (customer deposits) 7,411 6,804 (4,065)
Accrued expenses and other liabilities 13,097 4,731 1,573
Net cash provided by (used in) operating activities 304,675 (12,426) 70,414
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (12,807) (17,061) (13,804)
Proceeds from insurance settlements   461 823
Cash used in acquisition of businesses, net of cash acquired (19,766) (40,713) (10,524)
Proceeds from sale of property and equipment 2,464 979 190
Net cash used in investing activities (30,109) (56,334) (23,315)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net borrowings on short-term borrowings (167,672) 85,580 (43,383)
Proceeds from long-term debt 7,437    
Payments for long-term debt (41)    
Net proceeds from issuance of common stock under incentive compensation, and employee purchase plans 4,629 2,412 7,683
Contingent acquisition consideration payments (148) (129) (3,324)
Payments on tax withholdings for equity awards (1,703) (1,525) (510)
Purchase of treasury stock (631) (27,708) (695)
Net cash provided (used in) provided by financing activities (158,129) 58,630 (40,229)
Effect of exchange rate changes on cash 545 (181)  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: 116,982 (10,311) 6,870
CASH AND CASH EQUIVALENTS, beginning of year 38,511 48,822 41,952
CASH AND CASH EQUIVALENTS, end of year 155,493 38,511 48,822
Cash paid for:      
Interest 13,082 13,669 12,021
Income taxes 18,930 9,152 9,424
Non-cash items:      
Accrued tax withholdings upon vesting of equity awards 1,153 1,198 1,525
Contingent consideration liabilities from acquisitions 2,270 640  
Accrued acquisition of property and equipment 491 $ 995 $ 129
Accounting Standards Update 2016-02 [Member]      
Non-cash items:      
Initial operating lease right-of-use assets for adoption of ASU 2016-02 42,070    
Initial current and noncurrent operating lease liabilities for adoption of ASU 2016-02 $ 43,953    
v3.20.2
Company Background and Basis of Presentation
 12 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Company Background and Basis of Presentation

1.  COMPANY BACKGROUND AND BASIS OF PRESENTATION:

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 September 30, 2020, we operated through 57 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 operations maintain a facility in Tortola, British Virgin Islands. We also own Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries.

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 33% of our revenue in fiscal 2020.  Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 15% and 16%, respectively, of our revenue in fiscal 2020. 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 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 appoint us as the exclusive dealer of Sea Ray or Boston Whaler boats in our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States. Sales of new Azimut boats and yachts accounted for approximately 9% of our revenue in fiscal 2020.  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.

Beginning in March 2020, we had temporarily closed certain departments or locations based on guidance from local government or health officials as a result of the COVID-19 global pandemic. We are following guidelines to ensure we are safely operating as recommended. As the COVID-19 pandemic is complex and evolving rapidly with many unknowns, the Company will continue to monitor ongoing developments and respond accordingly. Management expects its business, across all of its geographies, will be impacted to some degree, but the significance of the impact of the COVID-19 pandemic on the Company’s business and the duration for which it may have an impact cannot be determined at this time.

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 51%, 54% and 54% of our revenue during fiscal 2018, 2019, and 2020, 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 would likely 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 remain an important strategy for us, and, subject to a number of conditions, including macro-economic conditions and finding attractive acquisition targets, we plan to explore opportunities through this strategy.

v3.20.2
Significant Accounting Policies
 12 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies

2.  SIGNIFICANT ACCOUNTING POLICIES:

Cash and Cash Equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Fraser Yachts Group customer charter management cash accounts are excluded from cash and cash equivalents. These accounts belong to our customers and we provide management assistance at the request of the customer and for the benefit of the customer.

Vendor Consideration Received

We account for consideration received from our vendors in accordance with ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASC 606 requires us to 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.  Pursuant to ASC 606, amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses.  Our consideration received from our vendors contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including our ability to collect amounts due from vendors and the ability to meet certain criteria stipulated by our vendors.  We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our vendor considerations which would result in a material effect on our operating results.

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 lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our valuation allowance which would result in a material effect on our operating results. As of September 30, 2019 and 2020, our valuation allowance for new and used boat, motor and trailer inventories was $2.2 million and $2.4 million, respectively.  If events occur and market conditions change, causing the fair value to fall below carrying value, the valuation allowance could increase.

Property and Equipment

We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method.  We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset.  Useful lives for purposes of computing depreciation are as follows:

 

 

 

Years

Buildings and improvements

 

5-40

Machinery and equipment

 

3-10

Furniture and fixtures

 

5-10

Vehicles

 

3-5

 

We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the consolidated statements of operations.  We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives.

Goodwill

We account for goodwill in accordance with FASB Accounting Standards Codification 350, “Intangibles — Goodwill and Other” (“ASC 350”), which requires the excess purchase price over the estimated fair value of net assets acquired in a business combination to be recorded as goodwill. In July 2020, we purchased Northrop & Johnson, a leading superyacht brokerage and services company. In March 2020, we purchased Boatyard, a digital platform with an expansive range of on-demand services to streamline the boating experience by qualified service providers from a smartphone. In July 2019, we purchased Fraser Yachts Group, a leading superyacht brokerage and largest luxury yacht services company. In April 2019, we purchased Sail & Ski Center, a privately owned boat dealer located in Texas. Goodwill and other intangible assets increased, due to acquisitions, by $37.0 million and $20.2 million, for the fiscal years ended September 30, 2019 and 2020, respectively. These acquisitions have resulted in the recording of goodwill for tax purposes of $10.5 million and $16.8 million, for the fiscal years ended September 30, 2019 and 2020, respectively. In total, current and previous acquisitions have resulted in the recording of $84.3 million in goodwill and other intangible assets as of September 30, 2020. In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.  Our annual impairment test is performed during the fourth fiscal quarter.  If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350. As of September 30, 2020, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values.  As a result, we were not required to perform a quantitative goodwill impairment.

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 intangible assets 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 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. 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 September 30, 2020.

Insurance

We retain varying levels of risk relating to the insurance policies we maintain, most significantly, workers’ compensation insurance and employee medical benefits.  We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits.  Our third-party insurance carriers pay any losses above the pre-determined exposure limits.  We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information.

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. The transaction price is determined with the customer at time of sale. Customers may trade in boats 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 market data and applied as payment to the contract price for the purchased boat. 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 consolidated financial statements taken as a whole as of September 30, 2020, 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 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 liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of delivery or acceptance by the customers.  Total contract liabilities of approximately $24.3 million recorded as of September 30, 2019 were recognized in revenue during the fiscal year ended September 30, 2020. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $2.5 million and $2.6 million as of September 30, 2019 and September 30, 2020, 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 fiscal years ended September 30,

 

 

 

Fiscal Year Ended

 

 

Fiscal Year Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2020

 

Goods and services transferred at a point in time

 

 

90.8

%

 

 

92.7

%

Goods and services transferred over time

 

 

9.2

%

 

 

7.3

%

     Total Revenue

 

 

100.0

%

 

 

100.0

%

 

 

The following table sets forth percentages of our revenue generated by certain products and services, for each of last three fiscal years.

 

 

 

2018

 

 

2019

 

 

2020

 

New boat sales

 

 

71.2

%

 

 

70.1

%

 

 

70.2

%

Used boat sales

 

 

14.8

%

 

 

14.9

%

 

 

15.1

%

Maintenance, repair, storage, and charter services

 

 

6.2

%

 

 

6.9

%

 

 

6.4

%

Finance and insurance products

 

 

2.4

%

 

 

2.6

%

 

 

2.7

%

Parts and accessories

 

 

3.6

%

 

 

3.6

%

 

 

3.0

%

Brokerage sales

 

 

1.8

%

 

 

1.9

%

 

 

2.6

%

Total revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

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.

Leases

 

We lease numerous facilities relating to our operations. See Note 7 of the Notes to Consolidated Financial Statements for a discussion of our significant accounting policies related to leases.

Foreign Currency Transactions

For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the weighted average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income. As of September 30, 2020, our accumulated other comprehensive income, net of tax, was $0.8 million. As of September 30, 2019, our accumulated other comprehensive loss, net of tax, was $0.7 million. The change in accumulated other comprehensive income was the result of foreign currency translation adjustments net of taxes. No amounts were reclassified out of accumulated other comprehensive income in fiscal 2020.  

Advertising and Promotional Cost

We expense advertising and promotional costs as incurred and include them in selling, general and administrative expenses in the accompanying consolidated statements of operations.  Pursuant to ASC 606, we net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses.  Total advertising and promotional expenses approximated $16.5 million, $18.8 million and $14.0 million, net of related co-op assistance of approximately $653,000, $807,000, and $589,000, for the fiscal years ended September 30, 2018, 2019, and 2020, respectively.

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 basis.  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.

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable.  Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions.  Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, other payables and accrued expenses and debt. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, other payables and accrued expenses approximate their fair values due to their short-term nature. The carrying value of debt approximates its fair value due to the debt agreements bearing interest at rates that approximate current market rates for debt agreements with similar maturities and credit quality.

Use of Estimates and Assumptions

The preparation of 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 at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements relate to valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, valuation of contingent consideration, and valuation of accruals.  Actual results could differ materially from those estimates.

Segment Reporting

We operate as one reporting segment in accordance with the FASB Accounting Standards Codification 280, “Segment Reporting”.  The metrics used by our Chief Executive Officer (as the Company’s chief operating decision maker or the “CODM”) to assess the performance of the Company are focused on viewing the business as a single integrated business.

v3.20.2
New Accounting Pronouncements
 12 Months Ended
Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]  
New Accounting Pronouncements

3.  NEW ACCOUNTING PRONOUNCEMENTS:

Revenue Recognition

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

 

September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Inventories, net

 

$

477,468

 

 

$

477,405

 

 

$

63

 

Prepaid expenses and other current assets

 

 

10,206

 

 

 

7,681

 

 

 

2,525

 

     Accounts payable

 

 

33,674

 

 

 

33,708

 

 

 

(34

)

     Accrued expenses

 

 

42,849

 

 

 

40,669

 

 

 

2,180

 

     Deferred tax liabilities

 

 

1,142

 

 

 

1,005

 

 

 

137

 

     Retained earnings

 

$

202,455

 

 

$

202,150

 

 

$

305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations Line Items

 

 

 

Impact of changes in accounting policies

 

 

 

 

 

 

 

Balances without

 

 

Impact of

 

 

 

 

 

 

 

adoption of ASC

 

 

adoption

 

Fiscal Year Ended September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Revenue

 

$

1,237,153

 

 

$

1,237,899

 

 

$

(746

)

Cost of sales

 

 

914,321

 

 

 

914,939

 

 

 

(618

)

Income from operations

 

 

60,532

 

 

 

60,660

 

 

 

(128

)

     Income before income tax provision

 

 

48,953

 

 

 

49,081

 

 

 

(128

)

Income tax provision

 

 

12,968

 

 

 

13,002

 

 

 

(34

)

Net Income

 

$

35,985

 

 

$

36,079

 

 

$

(94

)

 

Consolidated Statements of Cash flows

 

 

 

Impact of changes in accounting policies

 

 

 

 

 

 

 

Balances without

 

 

Impact of

 

 

 

 

 

 

 

adoption of ASC

 

 

adoption

 

Fiscal Year Ended September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Net income

 

$

35,985

 

 

$

36,079

 

 

$

(94

)

(Increase) decrease in —

 

 

 

 

 

 

 

 

 

 

 

 

Inventories, net

 

 

(84,330

)

 

 

(83,712

)

 

 

(618

)

Prepaid expenses and other assets

 

 

(3,182

)

 

 

(1,748

)

 

 

(1,434

)

Increase (decrease) in —

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

8,701

 

 

 

8,735

 

 

 

(34

)

Accrued expenses and other long-term liabilities

 

$

4,731

 

 

$

2,551

 

 

$

2,180

 

 

Accounting for Leases

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 was effective for annual reporting periods beginning on or after December 15, 2018, and interim periods within those annual periods. Earlier application was permitted for all entities as of the beginning of an interim or annual period. Subsequent amendments to the standard provide an additional and optional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (ASC Topic 840) if the optional transition method is elected.

 

We adopted ASU 2016-02 effective October 1, 2019 the first day of fiscal 2020. We elected the package of practical expedients available under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification of our existing leases. Consequently, on adoption, we recognized additional operating lease liabilities of $44.0 million and right-of-use (“ROU”) assets of $42.1 million. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. As a result, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and we did not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components. We recognized a net after-tax cumulative effect adjustment to retained earnings of $0.6 million as of the date of adoption. See Note 7 for additional information on our leases.

 

Other New Pronouncements

 

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance amends Accounting Standards Codification (ASC) 350 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350 to determine which implementation costs should be capitalized in such a cloud computing arrangement. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. We are currently evaluating the impact that this standard will have on our consolidated financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. We are currently evaluating the impact that this standard will have on our consolidated financial statements.
v3.20.2
Accounts Receivable
 12 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Accounts Receivable

4.  ACCOUNTS RECEIVABLE:

Trade receivables consist primarily of receivables from financial institutions, which provide funding for customer boat financing and amounts due from financial institutions earned from arranging financing with our customers.  We normally collect these receivables within 30 days of the sale.  Trade receivables also include amounts due from customers on the sale of boats, parts, service, and storage.  Amounts due from manufacturers represent receivables for various manufacturer programs and parts and service work performed pursuant to the manufacturers’ warranties.

The allowance for uncollectible receivables, which was not material to the consolidated financial statements as of September 30, 2019 or 2020, was based on our consideration of customer payment practices, past transaction history with customers, and economic conditions.  When an account becomes uncollectable, we expense it as a bad debt and we credit payments subsequently received to the bad debt expense account.  We review the allowance for uncollectible receivables when an event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account.

Accounts receivable, net consisted of the following as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Trade receivables, net

 

$

29,750

 

 

$

31,289

 

Amounts due from manufacturers

 

 

11,245

 

 

 

7,575

 

Other receivables

 

 

1,403

 

 

 

1,331

 

 

 

$

42,398

 

 

$

40,195

 
v3.20.2
Inventories
 12 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Inventories

5.  INVENTORIES:

Inventories, net, consisted of the following as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

New boats, motors, and trailers

 

$

413,335

 

 

$

252,605

 

Used boats, motors, and trailers

 

 

56,363

 

 

 

36,686

 

Parts, accessories, and other

 

 

7,770

 

 

 

8,711

 

 

 

$

477,468

 

 

$

298,002

 
v3.20.2
Property and Equipment
 12 Months Ended
Sep. 30, 2020
Property Plant And Equipment [Abstract]  
Property and Equipment

6.  PROPERTY AND EQUIPMENT:

Property and equipment consisted of the following as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Land

 

$

56,549

 

 

$

55,549

 

Buildings and improvements

 

 

112,892

 

 

 

115,394

 

Machinery and equipment

 

 

36,368

 

 

 

39,416

 

Furniture and fixtures

 

 

4,995

 

 

 

5,233

 

Vehicles

 

 

11,292

 

 

 

12,612

 

 

 

 

222,096

 

 

 

228,204

 

Accumulated depreciation and amortization

 

 

(77,798

)

 

 

(86,270

)

 

 

$

144,298

 

 

$

141,934

 

 

Depreciation and amortization expense on property and equipment totaled approximately $10.7 million, $11.6 million, and $12.8 million for the fiscal years ended September 30, 2018, 2019, and 2020, respectively.
v3.20.2
Leases
 12 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases

7.  LEASES:

 

The majority of leases that we enter into are real estate leases. We lease numerous facilities relating to our operations, including showrooms, display lots, service facilities, slips, offices, equipment and our corporate headquarters. Leases for real property have terms, including renewal options, ranging from one to in excess of twenty-five years. In addition, we lease certain charter boats for our yacht charter business. As of September 30, 2020, the weighted-average remaining lease term for our leases was approximately 10 years. All of our leases are classified as operating leases, which are included as ROU assets and operating lease liabilities in our consolidated balance sheet. For the fiscal years ended September 30, 2018, 2019, and 2020, operating lease expenses recorded in selling, general, and administrative expenses were approximately $11.8 million, $12.8 million, and $13.9 million, of which approximately $0.4 million, $0.4 million, and $0.5 million, related to variable lease expenses, respectively. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any significant leases that have not yet commenced but that create significant rights and obligations for us. We have elected the practical expedient under ASC 842 to not separate lease and nonlease components for all asset classes.

 

Our real estate and equipment leases often require that we pay maintenance in addition to rent. Additionally, our real estate leases generally require payment of real estate taxes and insurance. Maintenance, real estate taxes, and insurance payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the ROU asset and lease liability, but are reflected as variable lease expenses.

 

A majority of our lease agreements include fixed rental payments. Certain of our lease agreements include fixed rental payments that are adjusted periodically by a fixed rate or changes in an index. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. Most of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. If it is reasonably certain that we will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of our right of use assets and

lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised.

 

For our incremental borrowing rate, we generally use a portfolio approach to determine the discount rate for leases with similar characteristics. We determine discount rates based upon our hypothetical credit rating, taking into consideration our short-term borrowing rates, and then adjusting as necessary for the appropriate lease term. As of September 30, 2020, the weighted-average discount rate used was approximately 7.3%.

 

As of September 30, 2020, maturities of lease liabilities are summarized as follows:

 

 

 

(Amounts in thousands)

 

2021

 

$

9,433

 

2022

 

 

7,658

 

2023

 

 

6,654

 

2024

 

 

5,138

 

2025

 

 

3,590

 

Thereafter

 

 

27,768

 

Total lease payments

 

 

60,241

 

Less: interest

 

 

(19,914

)

Present value of lease liabilities

 

$

40,327

 

 

Under the previous lease accounting prior to the adoption of ASC 842, future minimum annual rental commitments for operating leases as of September 30, 2019 were as follows:

 

 

(Amounts

in thousands)

 

2020

 

9,480

 

2021

 

8,148

 

2022

 

6,906

 

2023

 

6,329

 

2024

 

5,003

 

Thereafter

 

29,111

 

Total

$

64,977

 

 

Supplemental cash flow information related to leases was as follows (amounts in thousands):

 

 

For the Year Ended

 

 

September 30,

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

Operating cash flows from operating leases

$

10,209

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

Operating leases

$

3,811

 

 

The Company reports the amortization of ROU assets and the change in operating lease liabilities on a net basis in accrued expenses and other liabilities in the accompanying Consolidated Statements of Cash Flows.

 
v3.20.2
Goodwill Intangible Assets and Other Long Term Assets
 12 Months Ended
Sep. 30, 2020
Goodwill Intangible Assets And Other Long Term Assets Disclosure [Abstract]  
Goodwill Intangible Assets and Other Long Term Assets

8.  GOODWILL, INTANGIBLE ASSETS, AND OTHER LONG-TERM ASSETS:

In total, current and previous acquisitions have resulted in the recording of $64.1 million and $84.3 million in goodwill and other intangible assets as of September 30, 2019 and 2020, respectively. Our previous acquisitions and fiscal 2020 acquisitions have not resulted in recording any significant identifiable intangible assets besides goodwill. See Note 2 of the Notes to Consolidated Financial Statements for more information about our annual impairment tests of goodwill and recent acquisitions. Other long-term assets as of September 30, 2019 and 2020 of $7.1 million and $7.8 million, respectively, are primarily long-term deposits and other long-term investments.

 
v3.20.2
Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt

9.  SHORT-TERM BORROWINGS AND LONG-TERM DEBT:

 

Short-term Borrowings

In May 2020, we entered into a Loan and Security Agreement (the “Credit Facility”), with Wells Fargo Commercial Distribution Finance LLC, M&T Bank, Bank of the West, and Truist Bank. The Credit Facility provides the Company a line of credit with asset based borrowing availability of up to $440 million for working capital and inventory financing, with the amount permissible pursuant to a borrowing base formula. The Credit Facility has a three-year term and expires in May 2023, subject to extension for two one-year periods, with lender approval.

The 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 Credit Facility is 345 basis points plus the greater of 75 basis points or the one-month LIBOR. There is an unused line fee of ten basis points on the unused portion of the Credit Facility.

New inventory borrowing eligibility will generally mature 1,080 days from the original invoice date. Used inventory borrowing eligibility will generally mature 361 days from the date we acquire the used inventory. The collateral for the Credit Facility is all of our personal property with certain limited exceptions.  None of our real estate has been pledged for collateral for the Credit Facility.

As of September 30, 2020, our indebtedness associated with financing our inventory and working capital needs totaled approximately $144.4 million. As of September 30, 2019 and 2020, the interest rate on the outstanding short-term borrowings was approximately 5.6% and 4.2%, respectively.  As of September 30, 2020, our additional available borrowings under our Credit Facility were approximately $82.0 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. However, we rely on our 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 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 Credit Facility to fund our operations.  Any inability to utilize our 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.

 

Long-term Debt

As of September 30, 2020 we had approximately $7.4 million under a mortgage facility secured by one of our retail locations. The interest rate for amounts outstanding under the mortgage facility is prime minus 100 basis points with a floor of 2.00%. As of September 30, 2020, the interest rate on amounts outstanding was 2.25%. The mortgage facility requires monthly principal and interest payments with a balloon payment of approximately $4.0 million due August 2027. Prepayment of the mortgage facility may be made in whole or in part at any time without premium or penalty. The current portion of long-term debt of approximately $507,000 was recorded in accrued expenses as of September 30, 2020.  

 
v3.20.2
Income Taxes
 12 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

10.  INCOME TAXES:

 

Earnings before income taxes consisted of the following components for the fiscal years ended September 30,

     

 

 

2018

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

53,280

 

 

$

46,986

 

 

$

94,854

 

Other

 

 

—

 

 

 

1,967

 

 

 

2,586

 

Total

 

$

53,280

 

 

$

48,953

 

 

$

97,440

 

 

The components of our provision from income taxes consisted of the following for the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Current provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

8,055

 

 

$

7,933

 

 

$

17,654

 

Foreign

 

 

—

 

 

 

516

 

 

 

654

 

State

 

 

195

 

 

 

135

 

 

 

1,365

 

Total current provision

 

$

8,250

 

 

$

8,584

 

 

$

19,673

 

Deferred provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

4,205

 

 

 

2,285

 

 

 

2,262

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

State

 

 

1,513

 

 

 

2,099

 

 

 

871

 

Total deferred provision

 

 

5,718

 

 

 

4,384

 

 

 

3,133

 

Total income tax provision

 

$

13,968

 

 

$

12,968

 

 

$

22,806

 

 

On December 22, 2017, the Tax Act was enacted which, among a number of its provisions, lowered the U.S. corporate tax rate from 35% to 21%, effective January 1, 2018. The Company’s blended statutory tax rate for fiscal year 2018 was approximately 24.5% as a result of the change in statutory rates. For fiscal year 2018, we recorded a non-cash adjustment to income tax expense of $805,000 for the remeasurement of deferred taxes on the enactment date.

 

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

Federal tax provision

 

 

24.5

%

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal effect

 

 

4.1

%

 

 

4.1

%

 

 

3.1

%

Stock based compensation

 

 

(2.0

)%

 

 

—

 

 

 

(0.5

)%

Valuation allowance

 

 

(0.3

)%

 

 

(0.1

)%

 

 

(0.2

)%

Foreign rate differential

 

 

—

 

 

 

0.2

%

 

 

0.1

%

Effect of Federal Tax Reform

 

 

1.5

%

 

 

—

 

 

 

—

 

Other

 

 

(1.6

)%

 

 

1.3

%

 

 

(0.1

)%

Effective tax rate

 

 

26.2

%

 

 

26.5

%

 

 

23.4

%

 

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes.  The tax effects of these temporary differences representing the components of deferred tax assets as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Inventories

 

$

774

 

 

$

808

 

Operating lease right-of-use assets

 

 

-

 

 

$

9,926

 

Accrued expenses

 

 

492

 

 

 

640

 

Stock based compensation

 

 

2,388

 

 

 

2,170

 

Tax loss carryforwards

 

 

2,316

 

 

 

810

 

Other

 

 

562

 

 

 

268

 

Valuation allowance

 

 

(164

)

 

 

-

 

Total long-term deferred tax assets

 

 

6,368

 

 

 

14,622

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(7,510

)

 

 

(9,095

)

Operating lease liabilities

 

 

-

 

 

 

(10,036

)

Total long-term deferred tax liabilities

 

$

(7,510

)

 

$

(19,131

)

Net deferred tax liabilities

 

$

(1,142

)

 

$

(4,509

)

 

Pursuant to ASC 740, we must consider all positive and negative evidence regarding the realization of deferred tax assets.  ASC 740 provides four possible sources of taxable income to realize deferred tax assets: 1) taxable income in prior carryback years, 2) reversals of existing deferred tax liabilities, 3) tax planning strategies and 4) projected future taxable income.  As of September 30, 2020, we have no available taxable income in prior carryback years, limited reversals of existing deferred tax liabilities or prudent and feasible tax planning strategies.  Therefore, the recoverability of our deferred tax assets is dependent upon generating future taxable income.

  

The Company included a $164,000 reversal of its outstanding valuation allowance due to the likelihood that the Company would use these deferred tax assets prior to the statute of limitations.  The valuation allowance related to net operating loss (NOL) carryforwards in jurisdictions where the Company has expanded operations.  

As of September 30, 2017, we no longer had federal NOL carryforwards for federal income tax purposes. As of September 30, 2020, the Company has state NOL carryforwards of approximately $15.4 million for state income tax purposes, which resulted in a deferred tax asset of $0.8 million, and expire at various dates from 2029 through 2032.    

Significant judgment is required in evaluating our uncertain tax positions. Although we believe our tax return positions are sustainable, we recognize tax benefits from uncertain tax positions in the financial statements only when it is more likely than not that the positions will not be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority’s administrative practices and precedents. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes

in the period in which such determination is made. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties.

We are subject to tax by both federal and state taxing authorities.  Until the respective statutes of limitations expire, we are subject to income tax audits in the jurisdictions in which we operate.  We are no longer subject to U.S. federal tax assessments for fiscal years prior to 2015, we are not subject to assessments prior to the 2014 fiscal year for the majority of the State jurisdictions and we are not subject to assessments prior to the 2014 calendar year for the majority of the foreign jurisdictions.

 
v3.20.2
Shareholders' Equity
 12 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Shareholders' Equity

11.  SHAREHOLDERS’ EQUITY:

In March 2020, our Board of Directors approved a new share repurchase plan allowing the Company to repurchase up to 10 million shares of our common stock through March 2022.  Under the plan, we may buy back common stock from time to time in the open market or in privately negotiated blocks, dependent upon various factors, including price and availability of the shares, and general market conditions.  Through September 30, 2020 we had purchased an aggregate of 6,267,021 shares of common stock under the current and historical share repurchase plans for an aggregate purchase price of approximately $103.6 million.  As of September 30, 2020, approximately 9.9 million shares remained available for future purchases under the share repurchase program.

v3.20.2
Stock-Based Compensation
 12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

12.  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 on a straight-line basis over the requisite service period for each separately vesting portion of the award.

Cash received from option exercises under all share-based compensation arrangements for the fiscal years ended September 30, 2018, 2019 and 2020 was approximately $7.7 million, $2.4 million, and $4.6 million, respectively. We currently expect to satisfy share-based awards with registered shares available to be issued.
v3.20.2
The Incentive Stock Plans
 12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
The Incentive Stock Plans

13. THE INCENTIVE STOCK PLANS:

During February 2020, our shareholders approved a proposal to amend the 2011 Stock-Based Compensation Plan (“2011 Plan”) to increase the 3,200,456 share threshold by 1,000,000 shares to 4,200,456 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 2020 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 4,000,000 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 option activity from September 30, 2019 through September 30, 2020:

 

 

 

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, 2019

 

 

715,590

 

 

 

484,031

 

 

$

1,569

 

 

$

12.42

 

 

 

3.7

 

Shares authorized

 

 

1,000,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Options granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Options exercised

 

 

—

 

 

 

(287,702

)

 

 

—

 

 

 

12.63

 

 

 

 

 

Restricted stock awards granted

 

 

(477,271

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Restricted stock awards forfeited

 

 

49,188

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Additional shares of stock issued

 

 

(12,092

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Balance as of September 30, 2020

 

 

1,275,415

 

 

 

196,329

 

 

$

2,636

 

 

$

12.12

 

 

 

2.5

 

Exercisable as of September 30, 2020

 

 

 

 

 

 

196,239

 

 

$

2,636

 

 

$

12.12

 

 

 

2.5

 

 

The weighted-average grant date fair value of options granted during the fiscal year ended September 30, 2018 was $8.42. No options were granted during the fiscal years ended September 30, 2019 and September 30, 2020. The total intrinsic value of options exercised during the fiscal years ended September 30, 2018, 2019 and 2020 was approximately $6.3 million, $1.4 million, and $3.8 million, respectively. The total fair value of options vested during the fiscal year ended September 30, 2018, was approximately $1.3 million.

 

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.

Below are the weighted-average assumptions used for the fiscal year ended September 30, 2018. No options were granted for the fiscal years ended September 30, 2019 or September 30, 2020.

 

 

 

2018

 

 

2019

 

 

2020

 

Dividend yield

 

0.0%

 

 

—

 

 

—

 

Risk-free interest rate

 

2.7%

 

 

—

 

 

—

 

Volatility

 

45.4%

 

 

—

 

 

—

 

Expected life

 

5.0 years

 

 

—

 

 

—

 

 
v3.20.2
Employee Stock Purchase Plan
 12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Employee Stock Purchase Plan

14.  EMPLOYEE STOCK PURCHASE PLAN:

During February 2019, our shareholders approved a proposal to amend our Amended 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 1,500,000 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 annual offerings beginning on the first day of October in each of the years 2008 through 2027, 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 the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

Dividend yield

 

0.0%

 

 

0.0%

 

 

0.0%

 

Risk-free interest rate

 

1.5%

 

 

2.4%

 

 

0.8%

 

Volatility

 

49.9%

 

 

48.3%

 

 

69.7%

 

Expected life

 

Six months

 

 

Six months

 

 

Six months

 

 

As of September 30, 2020, we had issued 1,017,563 shares of common stock under our Stock Purchase Plan.
v3.20.2
Restricted Stock Awards
 12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Restricted Stock Awards

15.  RESTRICTED STOCK AWARDS:

We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to employees, Directors, 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 175% 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, 2019 through September 30, 2020:

 

 

 

Shares/

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Non-vested balance as of September 30, 2019

 

 

779,627

 

 

$

18.71

 

Changes during the period

 

 

 

 

 

 

 

 

Awards granted

 

 

477,271

 

 

$

17.07

 

Awards vested

 

 

(305,079

)

 

$

17.78

 

Awards forfeited

 

 

(49,188

)

 

$

20.08

 

Non-vested balance as of September 30, 2020

 

 

902,631

 

 

$

18.08

 

 

As of September 30, 2020, we had approximately $8.1 million of total unrecognized compensation cost related to non-vested restricted stock awards. We expect to recognize that cost over a weighted-average period of 2.1 years.
v3.20.2
Net Income Per Share
 12 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Income Per Share

16.  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 for the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

Weighted average common shares outstanding used in

   calculating basic income per share

 

 

22,269,378

 

 

 

22,294,114

 

 

 

21,547,665

 

Effect of dilutive options and non-vested restricted

   stock awards

 

 

761,284

 

 

 

587,033

 

 

 

577,673

 

Weighted average common and common equivalent shares

   used in calculating diluted income per share

 

 

23,030,662

 

 

 

22,881,147

 

 

 

22,125,338

 

 

During the fiscal years ended September 30, 2018, 2019, and 2020 there were 1,288, 10,988, and 9,650 weighted average shares of options outstanding, respectively, that were not included in the computation of diluted income per share because the options’ exercise prices were greater than the average market price of our common stock, and therefore, their effect would be anti-dilutive.
v3.20.2
Commitments and Contingencies
 12 Months Ended
Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

17.  COMMITMENTS AND CONTINGENCIES:

We are party to various legal actions arising in the ordinary course of business. We believe that these matters should not have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

During the fiscal years ended September 30, 2018, 2019, and 2020, we incurred costs associated with store closings and lease terminations of approximately $0, $3.1 million, and $1.7 million, respectively. The store closing costs have been included in selling, general, and administrative expenses in the consolidated statements of operations during the fiscal years ended September 30, 2018, 2019, and 2020.

In connection with certain of our workers’ compensation insurance policies, we maintain standby letters of credit for our insurance carriers in the amount of $1.1 million relating primarily to retained risk on our workers compensation claims.

We are subject to federal and state environmental regulations, including rules relating to air and water pollution and the storage and disposal of gasoline, oil, other chemicals and waste.  We believe that we are in compliance with such regulations.

 
v3.20.2
Employee 401(k) Profit Sharing Plans
 12 Months Ended
Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee 401(k) Profit Sharing Plans

18.  EMPLOYEE 401(k) PROFIT SHARING PLANS:

Employees are eligible to participate in our 401(k) Profit Sharing Plan (the “Plan”) following their 90-day introductory period starting either April 1 or October 1, provided that they are 21 years of age.  Under the Plan, we matched 50% of participants’ contributions, up to a maximum of 5% of each participant’s compensation. We contributed, under the Plan, or pursuant to previous similar plans, approximately $1.9 million, $2.3 million, and $2.7 million for the fiscal years ended September 30, 2018, 2019 and 2020, respectively.
v3.20.2
Subsequent Events
 12 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

19.  SUBSEQUENT EVENTS:

 

On October 1, 2020, under the Equity Purchase Agreement, dated October 1, 2020, by and among (a) Skipper Marine Holdings, Inc., SSY Holdings, Inc., Michael J. Pretasky, Sr., Michael John Pretasky, Jr. 2014 Trust, Mark Ellerbrock and Robert Ross Tefft, Jr. (collectively the “Skippers Sellers”) and (b) Michael J. Pretasky, Jr., as the representative of the Skippers Sellers, the Company acquired all of the outstanding equity of Skipper Marine Corp., Skipper Marine of Madison, Inc., Skipper Marine of Fox Valley, Inc., Skipper Bud’s of Illinois, Inc., Skipper Marine of Chicago-Land, Inc., Skipper Marine of Michigan, Inc., and Skipper Marine of Ohio, LLC, (collectively, the “Skippers Companies”) for an aggregate purchase price of $55,000,000, subject to certain customary closing and post-closing adjustments including certain holdbacks. The Skippers Sellers have the opportunity to earn additional consideration as part of an earnout subject to the achievement of certain pre-tax earnings levels. The Skippers Sellers will be subject to certain customary post-closing covenants and indemnities.

 

Through the transaction, the Company added 20 locations in Wisconsin, Michigan, Illinois, Ohio, California, Washington and Florida, including 11 marina and storage facilities, expanding the Company’s marina portfolio, and adding to its overall geographic reach in the Great Lakes and the West Coast. The Company is retaining the management of the Skippers Companies.

 

On October 30, 2020, we and the Sea Ray and Boston Whaler Divisions of Brunswick Corporation (each separately “Builder”) each entered into a new Sales and Service Agreement relating to the Builder’s products effective September 1, 2021 and extending through August 31, 2024, under certain conditions, with automatic renewal for successive three-year extensions, unless the agreements are terminated earlier or either party gives the other written notice not less than 6 months prior to the end of the then current term of the agreement that the agreement will not renew at the end of such term. See our Form 8-K filed on November 5, 2020 for a further summary of the agreements.

 

 
v3.20.2
Quarterly Financial Data (Unaudited)
 12 Months Ended
Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

20.  QUARTERLY FINANCIAL DATA (UNAUDITED):

The following table sets forth certain unaudited quarterly financial data for each of our last eight quarters.  The information has been derived from unaudited financial statements that we believe reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of such quarterly financial information.

 

 

 

December 31,

2018

 

 

March 31,

2019

 

 

June 30,

2019

 

 

September 30,

2019

 

 

December 31,

2019

 

 

March 31,

2020

 

 

June 30,

2020

 

 

September 30,

2020

 

 

 

 

 

Revenue

 

$

241,937

 

 

$

303,586

 

 

$

383,494

 

 

$

308,136

 

 

$

304,172

 

 

$

308,475

 

 

$

498,304

 

 

$

398,762

 

Cost of sales

 

 

178,459

 

 

 

229,384

 

 

 

285,784

 

 

 

220,694

 

 

 

224,154

 

 

 

229,699

 

 

 

374,851

 

 

 

282,296

 

Gross profit

 

 

63,478

 

 

 

74,202

 

 

 

97,710

 

 

 

87,442

 

 

 

80,018

 

 

 

78,776

 

 

 

123,453

 

 

 

116,466

 

Selling, general

   and administrative

   expenses

 

 

54,492

 

 

 

63,976

 

 

 

68,968

 

 

 

74,864

 

 

 

64,386

 

 

 

69,060

 

 

 

74,838

 

 

 

83,714

 

Income from

   operations

 

 

8,986

 

 

 

10,226

 

 

 

28,742

 

 

 

12,578

 

 

 

15,632

 

 

 

9,716

 

 

 

48,615

 

 

 

32,752

 

Interest expense

 

 

2,516

 

 

 

3,033

 

 

 

2,936

 

 

 

3,094

 

 

 

3,344

 

 

 

3,013

 

 

 

2,133

 

 

 

785

 

Income before income

   income tax

   provision

 

 

6,470

 

 

 

7,193

 

 

 

25,806

 

 

 

9,484

 

 

 

12,288

 

 

 

6,703

 

 

 

46,482

 

 

 

31,967

 

Income tax

   provision

 

 

1,560

 

 

 

1,890

 

 

 

6,719

 

 

 

2,799

 

 

 

3,229

 

 

 

1,638

 

 

 

11,555

 

 

 

6,384

 

Net income

 

$

4,910

 

 

$

5,303

 

 

$

19,087

 

 

$

6,685

 

 

$

9,059

 

 

$

5,065

 

 

$

34,927

 

 

$

25,583

 

Net income

   per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.21

 

 

$

0.23

 

 

$

0.84

 

 

$

0.31

 

 

$

0.41

 

 

$

0.23

 

 

$

1.58

 

 

$

1.13

 

Weighted average

   number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

23,400,685

 

 

 

23,417,688

 

 

 

22,821,202

 

 

 

21,896,257

 

 

 

21,890,065

 

 

 

21,960,285

 

 

 

22,045,900

 

 

 

22,604,060

 

 
v3.20.2
Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Fraser Yachts Group customer charter management cash accounts are excluded from cash and cash equivalents. These accounts belong to our customers and we provide management assistance at the request of the customer and for the benefit of the customer.

Vendor Consideration Received

Vendor Consideration Received

We account for consideration received from our vendors in accordance with ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASC 606 requires us to 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.  Pursuant to ASC 606, amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses.  Our consideration received from our vendors contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including our ability to collect amounts due from vendors and the ability to meet certain criteria stipulated by our vendors.  We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our vendor considerations which would result in a material effect on our operating results.
Inventories

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 lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our valuation allowance which would result in a material effect on our operating results. As of September 30, 2019 and 2020, our valuation allowance for new and used boat, motor and trailer inventories was $2.2 million and $2.4 million, respectively.  If events occur and market conditions change, causing the fair value to fall below carrying value, the valuation allowance could increase.

Property and Equipment

Property and Equipment

We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method.  We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset.  Useful lives for purposes of computing depreciation are as follows:

 

 

 

Years

Buildings and improvements

 

5-40

Machinery and equipment

 

3-10

Furniture and fixtures

 

5-10

Vehicles

 

3-5

 

We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the consolidated statements of operations.  We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives.
Goodwill

Goodwill

We account for goodwill in accordance with FASB Accounting Standards Codification 350, “Intangibles — Goodwill and Other” (“ASC 350”), which requires the excess purchase price over the estimated fair value of net assets acquired in a business combination to be recorded as goodwill. In July 2020, we purchased Northrop & Johnson, a leading superyacht brokerage and services company. In March 2020, we purchased Boatyard, a digital platform with an expansive range of on-demand services to streamline the boating experience by qualified service providers from a smartphone. In July 2019, we purchased Fraser Yachts Group, a leading superyacht brokerage and largest luxury yacht services company. In April 2019, we purchased Sail & Ski Center, a privately owned boat dealer located in Texas. Goodwill and other intangible assets increased, due to acquisitions, by $37.0 million and $20.2 million, for the fiscal years ended September 30, 2019 and 2020, respectively. These acquisitions have resulted in the recording of goodwill for tax purposes of $10.5 million and $16.8 million, for the fiscal years ended September 30, 2019 and 2020, respectively. In total, current and previous acquisitions have resulted in the recording of $84.3 million in goodwill and other intangible assets as of September 30, 2020. In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.  Our annual impairment test is performed during the fourth fiscal quarter.  If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350. As of September 30, 2020, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values.  As a result, we were not required to perform a quantitative goodwill impairment.
Impairment of Long-Lived Assets

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 intangible assets 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 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. 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 September 30, 2020.
Insurance

Insurance

We retain varying levels of risk relating to the insurance policies we maintain, most significantly, workers’ compensation insurance and employee medical benefits.  We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits.  Our third-party insurance carriers pay any losses above the pre-determined exposure limits.  We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information.
Revenue Recognition

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. The transaction price is determined with the customer at time of sale. Customers may trade in boats 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 market data and applied as payment to the contract price for the purchased boat. 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 consolidated financial statements taken as a whole as of September 30, 2020, 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 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 liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of delivery or acceptance by the customers.  Total contract liabilities of approximately $24.3 million recorded as of September 30, 2019 were recognized in revenue during the fiscal year ended September 30, 2020. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $2.5 million and $2.6 million as of September 30, 2019 and September 30, 2020, 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 fiscal years ended September 30,

 

 

 

Fiscal Year Ended

 

 

Fiscal Year Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2020

 

Goods and services transferred at a point in time

 

 

90.8

%

 

 

92.7

%

Goods and services transferred over time

 

 

9.2

%

 

 

7.3

%

     Total Revenue

 

 

100.0

%

 

 

100.0

%

 

 

The following table sets forth percentages of our revenue generated by certain products and services, for each of last three fiscal years.

 

 

 

2018

 

 

2019

 

 

2020

 

New boat sales

 

 

71.2

%

 

 

70.1

%

 

 

70.2

%

Used boat sales

 

 

14.8

%

 

 

14.9

%

 

 

15.1

%

Maintenance, repair, storage, and charter services

 

 

6.2

%

 

 

6.9

%

 

 

6.4

%

Finance and insurance products

 

 

2.4

%

 

 

2.6

%

 

 

2.7

%

Parts and accessories

 

 

3.6

%

 

 

3.6

%

 

 

3.0

%

Brokerage sales

 

 

1.8

%

 

 

1.9

%

 

 

2.6

%

Total revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
Stock-Based Compensation

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.
Leases

Leases

 

We lease numerous facilities relating to our operations. See Note 7 of the Notes to Consolidated Financial Statements for a discussion of our significant accounting policies related to leases.
Foreign Currency Transactions

Foreign Currency Transactions

For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the weighted average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income. As of September 30, 2020, our accumulated other comprehensive income, net of tax, was $0.8 million. As of September 30, 2019, our accumulated other comprehensive loss, net of tax, was $0.7 million. The change in accumulated other comprehensive income was the result of foreign currency translation adjustments net of taxes. No amounts were reclassified out of accumulated other comprehensive income in fiscal 2020.
Advertising and Promotional Costs

Advertising and Promotional Cost

We expense advertising and promotional costs as incurred and include them in selling, general and administrative expenses in the accompanying consolidated statements of operations.  Pursuant to ASC 606, we net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses.  Total advertising and promotional expenses approximated $16.5 million, $18.8 million and $14.0 million, net of related co-op assistance of approximately $653,000, $807,000, and $589,000, for the fiscal years ended September 30, 2018, 2019, and 2020, respectively.
Income Taxes

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 basis.  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.
Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable.  Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions.  Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, other payables and accrued expenses and debt. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, other payables and accrued expenses approximate their fair values due to their short-term nature. The carrying value of debt approximates its fair value due to the debt agreements bearing interest at rates that approximate current market rates for debt agreements with similar maturities and credit quality.
Use of Estimates and Assumptions

Use of Estimates and Assumptions

The preparation of 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 at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements relate to valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, valuation of contingent consideration, and valuation of accruals.  Actual results could differ materially from those estimates.
Segment Reporting

Segment Reporting

We operate as one reporting segment in accordance with the FASB Accounting Standards Codification 280, “Segment Reporting”.  The metrics used by our Chief Executive Officer (as the Company’s chief operating decision maker or the “CODM”) to assess the performance of the Company are focused on viewing the business as a single integrated business.

New Accounting Pronouncements

Revenue Recognition

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

 

September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Inventories, net

 

$

477,468

 

 

$

477,405

 

 

$

63

 

Prepaid expenses and other current assets

 

 

10,206

 

 

 

7,681

 

 

 

2,525

 

     Accounts payable

 

 

33,674

 

 

 

33,708

 

 

 

(34

)

     Accrued expenses

 

 

42,849

 

 

 

40,669

 

 

 

2,180

 

     Deferred tax liabilities

 

 

1,142

 

 

 

1,005

 

 

 

137

 

     Retained earnings

 

$

202,455

 

 

$

202,150

 

 

$

305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations Line Items

 

 

 

Impact of changes in accounting policies

 

 

 

 

 

 

 

Balances without

 

 

Impact of

 

 

 

 

 

 

 

adoption of ASC

 

 

adoption

 

Fiscal Year Ended September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Revenue

 

$

1,237,153

 

 

$

1,237,899

 

 

$

(746

)

Cost of sales

 

 

914,321

 

 

 

914,939

 

 

 

(618

)

Income from operations

 

 

60,532

 

 

 

60,660

 

 

 

(128

)

     Income before income tax provision

 

 

48,953

 

 

 

49,081

 

 

 

(128

)

Income tax provision

 

 

12,968

 

 

 

13,002

 

 

 

(34

)

Net Income

 

$

35,985

 

 

$

36,079

 

 

$

(94

)

 

Consolidated Statements of Cash flows

 

 

 

Impact of changes in accounting policies

 

 

 

 

 

 

 

Balances without

 

 

Impact of

 

 

 

 

 

 

 

adoption of ASC

 

 

adoption

 

Fiscal Year Ended September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Net income

 

$

35,985

 

 

$

36,079

 

 

$

(94

)

(Increase) decrease in —

 

 

 

 

 

 

 

 

 

 

 

 

Inventories, net

 

 

(84,330

)

 

 

(83,712

)

 

 

(618

)

Prepaid expenses and other assets

 

 

(3,182

)

 

 

(1,748

)

 

 

(1,434

)

Increase (decrease) in —

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

8,701

 

 

 

8,735

 

 

 

(34

)

Accrued expenses and other long-term liabilities

 

$

4,731

 

 

$

2,551

 

 

$

2,180

 

 

Accounting for Leases

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 was effective for annual reporting periods beginning on or after December 15, 2018, and interim periods within those annual periods. Earlier application was permitted for all entities as of the beginning of an interim or annual period. Subsequent amendments to the standard provide an additional and optional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (ASC Topic 840) if the optional transition method is elected.

 

We adopted ASU 2016-02 effective October 1, 2019 the first day of fiscal 2020. We elected the package of practical expedients available under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification of our existing leases. Consequently, on adoption, we recognized additional operating lease liabilities of $44.0 million and right-of-use (“ROU”) assets of $42.1 million. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. As a result, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and we did not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components. We recognized a net after-tax cumulative effect adjustment to retained earnings of $0.6 million as of the date of adoption. See Note 7 for additional information on our leases.

 

Other New Pronouncements

 

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance amends Accounting Standards Codification (ASC) 350 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350 to determine which implementation costs should be capitalized in such a cloud computing arrangement. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. We are currently evaluating the impact that this standard will have on our consolidated financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. We are currently evaluating the impact that this standard will have on our consolidated financial statements.
v3.20.2
Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 30, 2020
Estimated Life of Property and Equipment Useful lives for purposes of computing depreciation are as follows:

 

 

 

Years

Buildings and improvements

 

5-40

Machinery and equipment

 

3-10

Furniture and fixtures

 

5-10

Vehicles

 

3-5
Summary of Percentage on Timing of Revenue Recognition

The following table sets forth percentages on the timing of revenue recognition for the fiscal years ended September 30,

 

 

 

Fiscal Year Ended

 

 

Fiscal Year Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2020

 

Goods and services transferred at a point in time

 

 

90.8

%

 

 

92.7

%

Goods and services transferred over time

 

 

9.2

%

 

 

7.3

%

     Total Revenue

 

 

100.0

%

 

 

100.0

%

 
Product Concentration Risk [Member] | Sales [Member]  
Summary of Percentages of Revenue Generated by Products and Services

The following table sets forth percentages of our revenue generated by certain products and services, for each of last three fiscal years.

 

 

 

2018

 

 

2019

 

 

2020

 

New boat sales

 

 

71.2

%

 

 

70.1

%

 

 

70.2

%

Used boat sales

 

 

14.8

%

 

 

14.9

%

 

 

15.1

%

Maintenance, repair, storage, and charter services

 

 

6.2

%

 

 

6.9

%

 

 

6.4

%

Finance and insurance products

 

 

2.4

%

 

 

2.6

%

 

 

2.7

%

Parts and accessories

 

 

3.6

%

 

 

3.6

%

 

 

3.0

%

Brokerage sales

 

 

1.8

%

 

 

1.9

%

 

 

2.6

%

Total revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
v3.20.2
New Accounting Pronouncements (Table)
 12 Months Ended
Sep. 30, 2020
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

 

September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Inventories, net

 

$

477,468

 

 

$

477,405

 

 

$

63

 

Prepaid expenses and other current assets

 

 

10,206

 

 

 

7,681

 

 

 

2,525

 

     Accounts payable

 

 

33,674

 

 

 

33,708

 

 

 

(34

)

     Accrued expenses

 

 

42,849

 

 

 

40,669

 

 

 

2,180

 

     Deferred tax liabilities

 

 

1,142

 

 

 

1,005

 

 

 

137

 

     Retained earnings

 

$

202,455

 

 

$

202,150

 

 

$

305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations Line Items

 

 

 

Impact of changes in accounting policies

 

 

 

 

 

 

 

Balances without

 

 

Impact of

 

 

 

 

 

 

 

adoption of ASC

 

 

adoption

 

Fiscal Year Ended September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Revenue

 

$

1,237,153

 

 

$

1,237,899

 

 

$

(746

)

Cost of sales

 

 

914,321

 

 

 

914,939

 

 

 

(618

)

Income from operations

 

 

60,532

 

 

 

60,660

 

 

 

(128

)

     Income before income tax provision

 

 

48,953

 

 

 

49,081

 

 

 

(128

)

Income tax provision

 

 

12,968

 

 

 

13,002

 

 

 

(34

)

Net Income

 

$

35,985

 

 

$

36,079

 

 

$

(94

)

 

Consolidated Statements of Cash flows

 

 

 

Impact of changes in accounting policies

 

 

 

 

 

 

 

Balances without

 

 

Impact of

 

 

 

 

 

 

 

adoption of ASC

 

 

adoption

 

Fiscal Year Ended September 30, 2019

 

As Reported

 

 

Topic 606

 

 

Higher/(Lower)

 

Net income

 

$

35,985

 

 

$

36,079

 

 

$

(94

)

(Increase) decrease in —

 

 

 

 

 

 

 

 

 

 

 

 

Inventories, net

 

 

(84,330

)

 

 

(83,712

)

 

 

(618

)

Prepaid expenses and other assets

 

 

(3,182

)

 

 

(1,748

)

 

 

(1,434

)

Increase (decrease) in —

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

8,701

 

 

 

8,735

 

 

 

(34

)

Accrued expenses and other long-term liabilities

 

$

4,731

 

 

$

2,551

 

 

$

2,180

 
v3.20.2
Accounts Receivable (Tables)
 12 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Trade receivables, net

 

$

29,750

 

 

$

31,289

 

Amounts due from manufacturers

 

 

11,245

 

 

 

7,575

 

Other receivables

 

 

1,403

 

 

 

1,331

 

 

 

$

42,398

 

 

$

40,195

 
v3.20.2
Inventories (Tables)
 12 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Summary of Inventories

Inventories, net, consisted of the following as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

New boats, motors, and trailers

 

$

413,335

 

 

$

252,605

 

Used boats, motors, and trailers

 

 

56,363

 

 

 

36,686

 

Parts, accessories, and other

 

 

7,770

 

 

 

8,711

 

 

 

$

477,468

 

 

$

298,002

 
v3.20.2
Property and Equipment (Tables)
 12 Months Ended
Sep. 30, 2020
Property Plant And Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Land

 

$

56,549

 

 

$

55,549

 

Buildings and improvements

 

 

112,892

 

 

 

115,394

 

Machinery and equipment

 

 

36,368

 

 

 

39,416

 

Furniture and fixtures

 

 

4,995

 

 

 

5,233

 

Vehicles

 

 

11,292

 

 

 

12,612

 

 

 

 

222,096

 

 

 

228,204

 

Accumulated depreciation and amortization

 

 

(77,798

)

 

 

(86,270

)

 

 

$

144,298

 

 

$

141,934

 
v3.20.2
Leases (Tables)
 12 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Summary of Maturities of Lease Liabilities

As of September 30, 2020, maturities of lease liabilities are summarized as follows:

 

 

 

(Amounts in thousands)

 

2021

 

$

9,433

 

2022

 

 

7,658

 

2023

 

 

6,654

 

2024

 

 

5,138

 

2025

 

 

3,590

 

Thereafter

 

 

27,768

 

Total lease payments

 

 

60,241

 

Less: interest

 

 

(19,914

)

Present value of lease liabilities

 

$

40,327

 

 
Summary of Future Minimum Annual Rental Commitments for Operating Leases

Under the previous lease accounting prior to the adoption of ASC 842, future minimum annual rental commitments for operating leases as of September 30, 2019 were as follows:

 

 

(Amounts

in thousands)

 

2020

 

9,480

 

2021

 

8,148

 

2022

 

6,906

 

2023

 

6,329

 

2024

 

5,003

 

Thereafter

 

29,111

 

Total

$

64,977

 

 
Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (amounts in thousands):

 

 

For the Year Ended

 

 

September 30,

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

Operating cash flows from operating leases

$

10,209

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

Operating leases

$

3,811

 

 
v3.20.2
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Summary of Earnings Before Income Taxes

Earnings before income taxes consisted of the following components for the fiscal years ended September 30,

     

 

 

2018

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

53,280

 

 

$

46,986

 

 

$

94,854

 

Other

 

 

—

 

 

 

1,967

 

 

 

2,586

 

Total

 

$

53,280

 

 

$

48,953

 

 

$

97,440

 
Components of Income Taxes Provision

The components of our provision from income taxes consisted of the following for the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Current provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

8,055

 

 

$

7,933

 

 

$

17,654

 

Foreign

 

 

—

 

 

 

516

 

 

 

654

 

State

 

 

195

 

 

 

135

 

 

 

1,365

 

Total current provision

 

$

8,250

 

 

$

8,584

 

 

$

19,673

 

Deferred provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

4,205

 

 

 

2,285

 

 

 

2,262

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

State

 

 

1,513

 

 

 

2,099

 

 

 

871

 

Total deferred provision

 

 

5,718

 

 

 

4,384

 

 

 

3,133

 

Total income tax provision

 

$

13,968

 

 

$

12,968

 

 

$

22,806

 
Summary of Tax Rates

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

Federal tax provision

 

 

24.5

%

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal effect

 

 

4.1

%

 

 

4.1

%

 

 

3.1

%

Stock based compensation

 

 

(2.0

)%

 

 

—

 

 

 

(0.5

)%

Valuation allowance

 

 

(0.3

)%

 

 

(0.1

)%

 

 

(0.2

)%

Foreign rate differential

 

 

—

 

 

 

0.2

%

 

 

0.1

%

Effect of Federal Tax Reform

 

 

1.5

%

 

 

—

 

 

 

—

 

Other

 

 

(1.6

)%

 

 

1.3

%

 

 

(0.1

)%

Effective tax rate

 

 

26.2

%

 

 

26.5

%

 

 

23.4

%
Components of Deferred Tax Assets

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes.  The tax effects of these temporary differences representing the components of deferred tax assets as of September 30,

 

 

 

2019

 

 

2020

 

 

 

(Amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Inventories

 

$

774

 

 

$

808

 

Operating lease right-of-use assets

 

 

-

 

 

$

9,926

 

Accrued expenses

 

 

492

 

 

 

640

 

Stock based compensation

 

 

2,388

 

 

 

2,170

 

Tax loss carryforwards

 

 

2,316

 

 

 

810

 

Other

 

 

562

 

 

 

268

 

Valuation allowance

 

 

(164

)

 

 

-

 

Total long-term deferred tax assets

 

 

6,368

 

 

 

14,622

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(7,510

)

 

 

(9,095

)

Operating lease liabilities

 

 

-

 

 

 

(10,036

)

Total long-term deferred tax liabilities

 

$

(7,510

)

 

$

(19,131

)

Net deferred tax liabilities

 

$

(1,142

)

 

$

(4,509

)
v3.20.2
The Incentive Stock Plans (Tables)
 12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Incentive Stock Plans Option Activity

The following table summarizes option activity from September 30, 2019 through September 30, 2020:

 

 

 

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, 2019

 

 

715,590

 

 

 

484,031

 

 

$

1,569

 

 

$

12.42

 

 

 

3.7

 

Shares authorized

 

 

1,000,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Options granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Options exercised

 

 

—

 

 

 

(287,702

)

 

 

—

 

 

 

12.63

 

 

 

 

 

Restricted stock awards granted

 

 

(477,271

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Restricted stock awards forfeited

 

 

49,188

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Additional shares of stock issued

 

 

(12,092

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Balance as of September 30, 2020

 

 

1,275,415

 

 

 

196,329

 

 

$

2,636

 

 

$

12.12

 

 

 

2.5

 

Exercisable as of September 30, 2020

 

 

 

 

 

 

196,239

 

 

$

2,636

 

 

$

12.12

 

 

 

2.5

 
Weighted Average Assumptions of Incentive Stock Plans

Below are the weighted-average assumptions used for the fiscal year ended September 30, 2018. No options were granted for the fiscal years ended September 30, 2019 or September 30, 2020.

 

 

 

2018

 

 

2019

 

 

2020

 

Dividend yield

 

0.0%

 

 

—

 

 

—

 

Risk-free interest rate

 

2.7%

 

 

—

 

 

—

 

Volatility

 

45.4%

 

 

—

 

 

—

 

Expected life

 

5.0 years

 

 

—

 

 

—

 
v3.20.2
Employee Stock Purchase Plan (Tables)
 12 Months Ended
Sep. 30, 2020
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 the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

Dividend yield

 

0.0%

 

 

0.0%

 

 

0.0%

 

Risk-free interest rate

 

1.5%

 

 

2.4%

 

 

0.8%

 

Volatility

 

49.9%

 

 

48.3%

 

 

69.7%

 

Expected life

 

Six months

 

 

Six months

 

 

Six months

 
v3.20.2
Restricted Stock Awards (Tables)
 12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Restricted Stock Award Activity

The following table summarizes restricted stock award activity from September 30, 2019 through September 30, 2020:

 

 

 

Shares/

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Non-vested balance as of September 30, 2019

 

 

779,627

 

 

$

18.71

 

Changes during the period

 

 

 

 

 

 

 

 

Awards granted

 

 

477,271

 

 

$

17.07

 

Awards vested

 

 

(305,079

)

 

$

17.78

 

Awards forfeited

 

 

(49,188

)

 

$

20.08

 

Non-vested balance as of September 30, 2020

 

 

902,631

 

 

$

18.08

 
v3.20.2
Net Income Per Share (Tables)
 12 Months Ended
Sep. 30, 2020
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 for the fiscal years ended September 30,

 

 

 

2018

 

 

2019

 

 

2020

 

Weighted average common shares outstanding used in

   calculating basic income per share

 

 

22,269,378

 

 

 

22,294,114

 

 

 

21,547,665

 

Effect of dilutive options and non-vested restricted

   stock awards

 

 

761,284

 

 

 

587,033

 

 

 

577,673

 

Weighted average common and common equivalent shares

   used in calculating diluted income per share

 

 

23,030,662

 

 

 

22,881,147

 

 

 

22,125,338

 
v3.20.2
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Information

The following table sets forth certain unaudited quarterly financial data for each of our last eight quarters.  The information has been derived from unaudited financial statements that we believe reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of such quarterly financial information.

 

 

 

December 31,

2018

 

 

March 31,

2019

 

 

June 30,

2019

 

 

September 30,

2019

 

 

December 31,

2019

 

 

March 31,

2020

 

 

June 30,

2020

 

 

September 30,

2020

 

 

 

 

 

Revenue

 

$

241,937

 

 

$

303,586

 

 

$

383,494

 

 

$

308,136

 

 

$

304,172

 

 

$

308,475

 

 

$

498,304

 

 

$

398,762

 

Cost of sales

 

 

178,459

 

 

 

229,384

 

 

 

285,784

 

 

 

220,694

 

 

 

224,154

 

 

 

229,699

 

 

 

374,851

 

 

 

282,296

 

Gross profit

 

 

63,478

 

 

 

74,202

 

 

 

97,710

 

 

 

87,442

 

 

 

80,018

 

 

 

78,776

 

 

 

123,453

 

 

 

116,466

 

Selling, general

   and administrative

   expenses

 

 

54,492

 

 

 

63,976

 

 

 

68,968

 

 

 

74,864

 

 

 

64,386

 

 

 

69,060

 

 

 

74,838

 

 

 

83,714

 

Income from

   operations

 

 

8,986

 

 

 

10,226

 

 

 

28,742

 

 

 

12,578

 

 

 

15,632

 

 

 

9,716

 

 

 

48,615

 

 

 

32,752

 

Interest expense

 

 

2,516

 

 

 

3,033

 

 

 

2,936

 

 

 

3,094

 

 

 

3,344

 

 

 

3,013

 

 

 

2,133

 

 

 

785

 

Income before income

   income tax

   provision

 

 

6,470

 

 

 

7,193

 

 

 

25,806

 

 

 

9,484

 

 

 

12,288

 

 

 

6,703

 

 

 

46,482

 

 

 

31,967

 

Income tax

   provision

 

 

1,560

 

 

 

1,890

 

 

 

6,719

 

 

 

2,799

 

 

 

3,229

 

 

 

1,638

 

 

 

11,555

 

 

 

6,384

 

Net income

 

$

4,910

 

 

$

5,303

 

 

$

19,087

 

 

$

6,685

 

 

$

9,059

 

 

$

5,065

 

 

$

34,927

 

 

$

25,583

 

Net income

   per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.21

 

 

$

0.23

 

 

$

0.84

 

 

$

0.31

 

 

$

0.41

 

 

$

0.23

 

 

$

1.58

 

 

$

1.13

 

Weighted average

   number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

23,400,685

 

 

 

23,417,688

 

 

 

22,821,202

 

 

 

21,896,257

 

 

 

21,890,065

 

 

 

21,960,285

 

 

 

22,045,900

 

 

 

22,604,060

 
v3.20.2
Company Background and Basis of Presentation - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2020
Store
State
Sep. 30, 2019
Sep. 30, 2018
Concentration Risk [Line Items]      
Number of retail locations | Store 57    
Number of states wherein retail locations are established | State 16    
Product Concentration Risk [Member] | Sales [Member]      
Concentration Risk [Line Items]      
Revenue percentage from sale of boats 100.00% 100.00% 100.00%
Product Concentration Risk [Member] | Brunswick [Member] | Sales [Member]      
Concentration Risk [Line Items]      
Revenue percentage from sale of boats 33.00%    
Product Concentration Risk [Member] | Brunswick Sea Ray Boat [Member] | Brunswick [Member] | Sales [Member]      
Concentration Risk [Line Items]      
Revenue percentage from sale of boats 15.00%    
Product Concentration Risk [Member] | Brunswick Boston Whaler Boats [Member] | Brunswick [Member] | Sales [Member]      
Concentration Risk [Line Items]      
Revenue percentage from sale of boats 16.00%    
Product Concentration Risk [Member] | Azimut Benetti Groups and Yachts | Sales [Member]      
Concentration Risk [Line Items]      
Revenue percentage from sale of boats 9.00%    
Geographic Concentration Risk [Member] | Sales [Member] | Florida [Member]      
Concentration Risk [Line Items]      
Revenue percentage from sale of boats 54.00% 54.00% 51.00%
v3.20.2
Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2020
USD ($)
Segment
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Accounting Policies [Abstract]      
Inventories valuation allowance $ 2,400,000 $ 2,200,000  
Goodwill and other intangible assets increased from acquisitions 20,200,000 37,000,000.0  
Goodwill and other intangible assets 84,293,000 64,077,000  
Business acquisition, goodwill for tax purposes 16,800,000 10,500,000  
Impairment charges 0    
Contract assets recorded in prepaid expenses and other current assets $ 2,600,000 2,500,000  
Revenue remaining obligation description 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 liabilities $ 31,821,000 24,305,000  
Contract liabilities recognized in revenue 24,300,000    
Accumulated other comprehensive (loss) income 829,000 (669,000)  
Reclassified out of accumulated other comprehensive income 0    
Total advertising and promotional expenses 14,000,000.0 18,800,000 $ 16,500,000
Net of related co-op assistance $ 589,000 $ 807,000 $ 653,000
Number of reporting segment | Segment 1    
v3.20.2
Significant Accounting Policies - Estimated Life of Property and Equipment (Detail)
 12 Months Ended
Sep. 30, 2020
Buildings and Improvements [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 5 years
Buildings and Improvements [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 40 years
Machinery and Equipment [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 3 years
Machinery and Equipment [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 10 years
Furniture and Fixtures [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 5 years
Furniture and Fixtures [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 10 years
Vehicles [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 3 years
Vehicles [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 5 years
v3.20.2
Significant Accounting Policies - Summary of Percentage on Timing of Revenue Recognition (Details)
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Disaggregation Of Revenue [Line Items]    
Total Revenue 100.00% 100.00%
Goods and Services Transferred at a Point in Time [Member]    
Disaggregation Of Revenue [Line Items]    
Total Revenue 92.70% 90.80%
Goods and Services Transferred Over Time [Member]    
Disaggregation Of Revenue [Line Items]    
Total Revenue 7.30% 9.20%
v3.20.2
Significant Accounting Policies - Summary of Percentages of Revenue Generated by Products and Services (Detail) - Product Concentration Risk [Member] - Sales [Member]
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 100.00% 100.00% 100.00%
New Boat Sales [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 70.20% 70.10% 71.20%
Used Boat Sales [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 15.10% 14.90% 14.80%
Maintenance, Repair, Storage and Charter Services [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 6.40% 6.90% 6.20%
Finance and Insurance Products [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 2.70% 2.60% 2.40%
Parts and Accessories [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 3.00% 3.60% 3.60%
Brokerage Sales [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 2.60% 1.90% 1.80%
v3.20.2
New Accounting Pronouncements - Additional Information (Detail) - USD ($)
Sep. 30, 2020
Oct. 01, 2019
Sep. 30, 2019
Oct. 01, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Cumulative effect adjustment to retained earnings, net after tax $ 277,699,000   $ 202,455,000  
Operating lease, liabilities 40,327,000      
Operating lease right-of-use assets, net $ 37,991,000      
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 after tax     $ 305,000 $ 399,000
Accounting Standards Update 2016-02 [Member]        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Operating lease, liabilities   $ 44,000,000.0    
Operating lease right-of-use assets, net   42,100,000    
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Cumulative effect adjustment to retained earnings, net after tax   $ 600,000    
v3.20.2
New Accounting Pronouncements - Schedule of Impact of Adoption of New Revenue Standard on Consolidated Balance Sheet Line Items (Detail) - USD ($)
Sep. 30, 2020
Sep. 30, 2019
Oct. 01, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]      
Inventories, net $ 298,002,000 $ 477,468,000  
Prepaid expenses and other current assets 9,637,000 10,206,000  
Accounts payable 37,343,000 33,674,000  
Accrued expenses 52,123,000 42,849,000  
Deferred tax liabilities 4,509,000 1,142,000  
Retained earnings $ 277,699,000 202,455,000  
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   477,405,000  
Prepaid expenses and other current assets   7,681,000  
Accounts payable   33,708,000  
Accrued expenses   40,669,000  
Deferred tax liabilities   1,005,000  
Retained earnings   202,150,000  
Impact of adoption Higher/(Lower) [Member] | Accounting Standards Update 2014-09 [Member]      
Revenue Initial Application Period Cumulative Effect Transition [Line Items]      
Inventories, net   63,000  
Prepaid expenses and other current assets   2,525,000  
Accounts payable   (34,000)  
Accrued expenses   2,180,000  
Deferred tax liabilities   137,000  
Retained earnings   $ 305,000 $ 399,000
v3.20.2
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 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]                      
Revenue $ 398,762 $ 498,304 $ 308,475 $ 304,172 $ 308,136 $ 383,494 $ 303,586 $ 241,937 $ 1,509,713 $ 1,237,153 $ 1,177,371
Cost of sales 282,296 374,851 229,699 224,154 220,694 285,784 229,384 178,459 1,111,000 914,321 879,138
Income from operations 32,752 48,615 9,716 15,632 12,578 28,742 10,226 8,986 106,715 60,532 63,183
Income before income tax provision 31,967 46,482 6,703 12,288 9,484 25,806 7,193 6,470 97,440 48,953 53,280
Income tax provision 6,384 11,555 1,638 3,229 2,799 6,719 1,890 1,560 22,806 12,968 13,968
Net income $ 25,583 $ 34,927 $ 5,065 $ 9,059 $ 6,685 $ 19,087 $ 5,303 $ 4,910 $ 74,634 35,985 $ 39,312
Balances without adoption of ASC Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]                      
Revenue Initial Application Period Cumulative Effect Transition [Line Items]                      
Revenue                   1,237,899  
Cost of sales                   914,939  
Income from operations                   60,660  
Income before income tax provision                   49,081  
Income tax provision                   13,002  
Net income                   36,079  
Impact of adoption Higher/(Lower) [Member] | Accounting Standards Update 2014-09 [Member]                      
Revenue Initial Application Period Cumulative Effect Transition [Line Items]                      
Revenue                   (746)  
Cost of sales                   (618)  
Income from operations                   (128)  
Income before income tax provision                   (128)  
Income tax provision                   (34)  
Net income                   $ (94)  
v3.20.2
New Accounting Pronouncements - Schedule of Impact of Adoption of New Revenue Standard on Consolidated Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]      
Net income $ 74,634 $ 35,985 $ 39,312
(Increase) decrease in —      
Inventories, net 179,466 (84,330) 26,773
Prepaid expenses and other assets 101 (3,182) (996)
Increase (decrease) in —      
Accounts payable $ 2,887 8,701 $ (3,325)
Accrued expenses and other long-term liabilities   4,731  
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   36,079  
(Increase) decrease in —      
Inventories, net   (83,712)  
Prepaid expenses and other assets   (1,748)  
Increase (decrease) in —      
Accounts payable   8,735  
Accrued expenses and other long-term liabilities   2,551  
Impact of adoption Higher/(Lower) [Member] | Accounting Standards Update 2014-09 [Member]      
Revenue Initial Application Period Cumulative Effect Transition [Line Items]      
Net income   (94)  
(Increase) decrease in —      
Inventories, net   (618)  
Prepaid expenses and other assets   (1,434)  
Increase (decrease) in —      
Accounts payable   (34)  
Accrued expenses and other long-term liabilities   $ 2,180  
v3.20.2
Accounts Receivable - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Receivable Collection Period 30 days
v3.20.2
Accounts Receivable - Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
Receivables [Abstract]    
Trade receivables, net $ 31,289 $ 29,750
Amounts due from manufacturers 7,575 11,245
Other receivables 1,331 1,403
Accounts receivable, net $ 40,195 $ 42,398
v3.20.2
Inventories - Summary of Inventories (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
Inventory [Line Items]    
Inventories, net $ 298,002 $ 477,468
New Boats, Motors, and Trailers [Member]    
Inventory [Line Items]    
Inventories, net 252,605 413,335
Used Boats, Motors, and Trailers [Member]    
Inventory [Line Items]    
Inventories, net 36,686 56,363
Parts, Accessories, and Other [Member]    
Inventory [Line Items]    
Inventories, net $ 8,711 $ 7,770
v3.20.2
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
Property Plant And Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 228,204 $ 222,096
Accumulated depreciation and amortization (86,270) (77,798)
Property and equipment, net 141,934 144,298
Land [Member]    
Property Plant And Equipment [Line Items]    
Property, Plant and Equipment, Gross 55,549 56,549
Buildings and Improvements [Member]    
Property Plant And Equipment [Line Items]    
Property, Plant and Equipment, Gross 115,394 112,892
Machinery and Equipment [Member]    
Property Plant And Equipment [Line Items]    
Property, Plant and Equipment, Gross 39,416 36,368
Furniture and Fixtures [Member]    
Property Plant And Equipment [Line Items]    
Property, Plant and Equipment, Gross 5,233 4,995
Vehicles [Member]    
Property Plant And Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 12,612 $ 11,292
v3.20.2
Property and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Property Plant And Equipment [Abstract]      
Depreciation and amortization $ 12,772 $ 11,597 $ 10,673
v3.20.2
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Leases [Abstract]      
Weighted average remaining lease term (years) 10 years    
Operating lease expense $ 13.9 $ 12.8 $ 11.8
Variable lease expense $ 0.5 $ 0.4 $ 0.4
Operating lease renewal term 25 years    
Weighted average discount rate 7.30%    
v3.20.2
Leases - Summary of Maturities of Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2020
USD ($)
Operating Leases  
2021 $ 9,433
2022 7,658
2023 6,654
2024 5,138
2025 3,590
Thereafter 27,768
Total lease payments 60,241
Less: interest (19,914)
Present value of lease liabilities $ 40,327
v3.20.2
Leases - Summary of Future Minimum Annual Rental Commitments for Operating Leases (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
Operating Leases  
2020 $ 9,480
2021 8,148
2022 6,906
2023 6,329
2024 5,003
Thereafter 29,111
Total $ 64,977
v3.20.2
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
USD ($)
Cash paid for amounts included in the measurement of lease liabilities:  
Operating cash flows from operating leases $ 10,209
Right-of-use assets obtained in exchange for lease obligations:  
Operating leases $ 3,811
v3.20.2
Goodwill Intangible Assets and Other Long Term Assets - Additional Information (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
Schedule Of Goodwill And Other Assets [Line Items]    
Goodwill and other intangible assets $ 84,293 $ 64,077
Other long-term assets 7,774 7,125
long Term Deposits and Other Long Term Investments [Member]    
Schedule Of Goodwill And Other Assets [Line Items]    
Other long-term assets $ 7,800 $ 7,100
v3.20.2
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($)
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
May 31, 2020
Line Of Credit Facility [Line Items]      
Additional borrowings $ 82,000,000.0    
Long-term debt $ 7,343,000    
Mortgage Facility [Member]      
Line Of Credit Facility [Line Items]      
Additional extension for two one-year periods Aug. 31, 2027    
Long-term debt $ 7,400,000    
Debt instrument description of variable rate basis prime minus 100 basis points with a floor of 2.00%.    
Debt instrument interest rate on amounts outstanding 2.25%    
Principal and interest payments with a balloon payment $ 4,000,000.0    
Mortgage Facility [Member] | Accrued Expenses [Member]      
Line Of Credit Facility [Line Items]      
Current portion of long-term debt $ 507,000    
Mortgage Facility [Member] | Interest Rate Prime [Member]      
Line Of Credit Facility [Line Items]      
Interest rate for amounts outstanding under the Credit Facility 1.00%    
Mortgage Facility [Member] | Interest Rate Floor [Member]      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate 2.00%    
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 $ 144,400,000    
Interest rate on short-term borrowings 4.20% 5.60%  
Credit Facility [Member]      
Line Of Credit Facility [Line Items]      
Line of credit facility, term 3 years    
Additional extension for two one-year periods May 31, 2023    
Interest rate for amounts outstanding under the Credit Facility 3.45%    
Credit Facility [Member] | Borrowing Base Amount and Aging Inventory [Member]      
Line Of Credit Facility [Line Items]      
Amount of borrowing availability     $ 440,000,000
Line of Credit Facility, Description The Credit Facility has a three-year term and expires in May 2023, subject to extension for two one-year periods, with lender approval    
Leverage ratio 2.75%    
Credit Facility interest rate description The interest rate for amounts outstanding under the Credit Facility is 345 basis points plus the greater of 75 basis points or the one-month 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.    
Interest rate for amounts outstanding under the Credit Facility 0.75%    
Unused line fee on the unused portion of the amended Credit Facility 0.10%    
New inventory mature date 1080 days    
Used inventory maturity period 361 days    
Real estate property pledged for collateral $ 0    
v3.20.2
Income Taxes - Summary of Earnings Before Income Taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Earnings before income taxes                      
United States                 $ 94,854 $ 46,986 $ 53,280
Other                 2,586 1,967  
Income before income tax provision $ 31,967 $ 46,482 $ 6,703 $ 12,288 $ 9,484 $ 25,806 $ 7,193 $ 6,470 $ 97,440 $ 48,953 $ 53,280
v3.20.2
Income Taxes - Components of Income Taxes Provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Current provision:                      
Federal                 $ 17,654 $ 7,933 $ 8,055
Foreign                 654 516  
State                 1,365 135 195
Total current provision                 19,673 8,584 8,250
Deferred provision:                      
Federal                 2,262 2,285 4,205
State                 871 2,099 1,513
Total deferred provision                 3,133 4,384 5,718
Total income tax provision $ 6,384 $ 11,555 $ 1,638 $ 3,229 $ 2,799 $ 6,719 $ 1,890 $ 1,560 $ 22,806 $ 12,968 $ 13,968
v3.20.2
Income Taxes - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2017
Income Taxes [Line Items]            
Federal corporate tax rate 35.00% 21.00% 21.00% 21.00% 24.50%  
Non-cash adjustment to income tax expense         $ 805,000  
Reversal of outstanding deferred tax asset valuation allowance due     $ 164,000      
Deferred tax asset     800,000      
Domestic Country            
Income Taxes [Line Items]            
Net operating loss (NOL) carryforwards     $ 15,400,000     $ 0
Minimum [Member] | State And Local Jurisdiction            
Income Taxes [Line Items]            
Operating loss carry forwards expiration year     2029      
Maximum [Member] | State And Local Jurisdiction            
Income Taxes [Line Items]            
Operating loss carry forwards expiration year     2032      
v3.20.2
Income Taxes - Summary of Tax Rates (Detail)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Income Tax Disclosure [Abstract]          
Federal tax provision 35.00% 21.00% 21.00% 21.00% 24.50%
State taxes, net of federal effect     3.10% 4.10% 4.10%
Stock based compensation     (0.50%)   (2.00%)
Valuation allowance     (0.20%) (0.10%) (0.30%)
Foreign rate differential     0.10% 0.20%  
Effect of Federal Tax Reform         1.50%
Other     (0.10%) 1.30% (1.60%)
Effective tax rate     23.40% 26.50% 26.20%
v3.20.2
Income Taxes - Components of Deferred Tax Asset (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
Deferred tax assets:    
Inventories $ 808 $ 774
Operating lease right-of-use assets 9,926  
Accrued expenses 640 492
Stock based compensation 2,170 2,388
Tax loss carryforwards 810 2,316
Other 268 562
Valuation allowance   (164)
Total long-term deferred tax assets 14,622 6,368
Deferred tax liabilities:    
Depreciation and amortization (9,095) (7,510)
Operating lease liabilities (10,036)  
Total long-term deferred tax liabilities (19,131) (7,510)
Net deferred tax liabilities $ (4,509) $ (1,142)
v3.20.2
Shareholders' Equity - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Mar. 31, 2020
Equity [Abstract]    
Shares approved to repurchase   10,000,000
Shares purchased 6,267,021  
Aggregate purchase price $ 103.6  
Remaining shares available for future purchases under share repurchase program, amount $ 9.9  
v3.20.2
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]      
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans $ 4,629 $ 2,412 $ 7,683
v3.20.2
The Incentive Stock Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 29, 2020
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Jan. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Weighted average grant fair value of options granted       $ 8.42  
Options granted   0 0    
Total intrinsic value of options exercised   $ 3.8 $ 1.4 $ 6.3  
Fair value of options vested       $ 1.3  
Incentive Stock Plan 2011 [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock, shares authorized         3,200,456
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   4,000,000      
Incentive Stock Plan 2011 [Member] | Maximum [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock, shares authorized 4,200,456        
Incentive Stock Plan 2007 [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of Common stock shares available   200,456      
v3.20.2
The Incentive Stock Plans - Summary of Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
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 715,590  
Common stock, shares authorized 1,000,000  
Restricted stock awards granted, Shares Available for Grant (477,271)  
Restricted stock awards forfeited, Shares Available for Grant 49,188  
Additional shares of stock issued, Shares Available for Grant (12,092)  
Shares Available for Grant, Ending Balance 1,275,415 715,590
Options Outstanding, Beginning Balance 484,031  
Options exercised, Options Outstanding (287,702)  
Options Outstanding, Ending Balance 196,329 484,031
Exercisable as of September 30, 2020, Options Outstanding 196,239  
Aggregate Intrinsic Value $ 2,636 $ 1,569
Exercisable as of September 30, 2020, Aggregate Intrinsic Value $ 2,636  
Weighted Average Exercise Price, Beginning Balance $ 12.42  
Options exercised, Weighted Average Exercise Price 12.63  
Weighted Average Exercise Price, Ending Balance 12.12 $ 12.42
Exercisable as of September 30, 2020, Weighted Average Exercise Price $ 12.12  
Weighted Average Remaining Contractual Life 2 years 6 months 3 years 8 months 12 days
Exercisable as of September 30, 2020, Weighted Average Remaining Contractual Life 2 years 6 months  
v3.20.2
The Incentive Stock Plans - Weighted Average Assumptions of Incentive Stock Plans (Detail) - Incentive Stock Plans [Member]
 12 Months Ended
Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Dividend yield 0.00%
Risk-free interest rate 2.70%
Volatility 45.40%
Expected life 5 years
v3.20.2
Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 28, 2019
Sep. 30, 2020
Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Common stock, shares issued   28,130,312 27,508,473
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   1,500,000  
Stock Purchase Plan, requisite continuous service   1 year  
Annual offerings description   implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, 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   1,017,563  
1998 Employee Stock Purchase Plan [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Additional Common Shares Authorized   52,837  
v3.20.2
Employee Stock Purchase Plan - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) - Stock Purchase Plan [Member]
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate 0.80% 2.40% 1.50%
Volatility 69.70% 48.30% 49.90%
Expected life 6 months 6 months 6 months
v3.20.2
Restricted Stock Awards - Additional Information (Detail) - Restricted Stock Awards [Member]
$ in Millions
 12 Months Ended
Sep. 30, 2020
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized compensation cost related to non-vested restricted stock awards $ 8.1
Weighted average period unrecognized compensation costs related to non-vested restricted awards are expected to be recognized 2 years 1 month 6 days
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 175.00%
v3.20.2
Restricted Stock Awards - Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member]
 12 Months Ended
Sep. 30, 2020
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/ Units, Non-vested beginning balance | shares 779,627
Shares/ Units, Awards granted | shares 477,271
Shares/ Units, Awards vested | shares (305,079)
Shares/ Units, Awards forfeited | shares (49,188)
Shares/ Units, Non-vested ending balance | shares 902,631
Weighted Average Grant Date Fair Value, Non-vested beginning balance | $ / shares $ 18.71
Weighted Average Grant Date Fair Value, Awards granted | $ / shares 17.07
Weighted Average Grant Date Fair Value, Awards vested | $ / shares 17.78
Weighted Average Grant Date Fair Value, Awards forfeited | $ / shares 20.08
Weighted Average Grant Date Fair Value, Non-vested ending balance | $ / shares $ 18.08
v3.20.2
Net Income Per Share - Basic and Diluted Net Income Per Share (Detail) - shares
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Earnings Per Share [Abstract]                      
Weighted average common shares outstanding used in calculating basic income per share                 21,547,665 22,294,114 22,269,378
Effect of dilutive options and non-vested restricted stock awards                 577,673 587,033 761,284
Weighted average common and common equivalent shares used in calculating diluted income per share 22,604,060 22,045,900 21,960,285 21,890,065 21,896,257 22,821,202 23,417,688 23,400,685 22,125,338 22,881,147 23,030,662
v3.20.2
Net Income Per Share - Additional Information (Detail) - shares
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Stock Options [Member]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from earnings per share calculation 9,650 10,988 1,288
v3.20.2
Commitments and Contingencies - Additional Information (Detail) - USD ($)
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]      
Costs incurred for store closings and lease terminations $ 1,700,000 $ 3,100,000 $ 0
Workers compensation insurance policies $ 1,100,000    
v3.20.2
Employee 401(k) Profit Sharing Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Compensation And Retirement Disclosure [Abstract]      
Duration of profit sharing plan 90 days    
Introductory period of profit sharing April 1 or October 1    
Employees eligibility age for participating in profit sharing plan 21 years    
Total participants contributions in Profit sharing plan 50.00%    
Maximum of each participants compensation 5.00%    
Contribution under the Profit sharing plan $ 2.7 $ 2.3 $ 1.9
v3.20.2
Subsequent Events - Additional Information (Details) - Skippers Companies [Member] - Subsequent Event [Member]
Oct. 01, 2020
USD ($)
Store
Subsequent Event [Line Items]  
Aggregate purchase price | $ $ 55,000,000
Number of added retail locations 20
Marina and Storage Facilities [Member]  
Subsequent Event [Line Items]  
Number of added retail locations 11
v3.20.2
Quarterly Financial Data - Summary of Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Revenue $ 398,762 $ 498,304 $ 308,475 $ 304,172 $ 308,136 $ 383,494 $ 303,586 $ 241,937 $ 1,509,713 $ 1,237,153 $ 1,177,371
Cost of sales 282,296 374,851 229,699 224,154 220,694 285,784 229,384 178,459 1,111,000 914,321 879,138
Gross profit 116,466 123,453 78,776 80,018 87,442 97,710 74,202 63,478 398,713 322,832 298,233
Selling, general and administrative expenses 83,714 74,838 69,060 64,386 74,864 68,968 63,976 54,492 291,998 262,300 235,050
Income from operations 32,752 48,615 9,716 15,632 12,578 28,742 10,226 8,986 106,715 60,532 63,183
Interest expense 785 2,133 3,013 3,344 3,094 2,936 3,033 2,516 9,275 11,579 9,903
Income before income tax provision 31,967 46,482 6,703 12,288 9,484 25,806 7,193 6,470 97,440 48,953 53,280
Income tax provision 6,384 11,555 1,638 3,229 2,799 6,719 1,890 1,560 22,806 12,968 13,968
Net income $ 25,583 $ 34,927 $ 5,065 $ 9,059 $ 6,685 $ 19,087 $ 5,303 $ 4,910 $ 74,634 $ 35,985 $ 39,312
Net income per share:                      
Diluted $ 1.13 $ 1.58 $ 0.23 $ 0.41 $ 0.31 $ 0.84 $ 0.23 $ 0.21 $ 3.37 $ 1.57 $ 1.71
Weighted average number of shares:                      
Diluted 22,604,060 22,045,900 21,960,285 21,890,065 21,896,257 22,821,202 23,417,688 23,400,685 22,125,338 22,881,147 23,030,662