Financial Analysis

16. COMMITMENTS AND CONTINGENCIES: We are party to various legal actions arising in the ordinary course of business. While it is not feasible to determine the actual outcome of these actions as of June 30, 2026, we believe that these matters should not have a material adverse effect on our unaudited condensed consolidated financial condition, results of operations, or cash flows. On February 20, 2026, the United States Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). In March 2026, the U.S. Court of International Trade issued an additional ruling stating that importers that have paid tariffs under IEEPA are due refunds. We began to receive tariff refunds in the third quarter of fiscal 2026, and as of June 30, 2026, have received refunds of approximately $ 15.7 million, inclusive of an immaterial amount of interest. Through the nine months ended June 30, 2026, $ 6.8 million of the tariff refund related to sold boats was recognized as a reduction in cost of sales of which $ 5.1 million related to sales of boats in this fiscal year. The Company continues to monitor developments and assess the potential impact on its consolidated financial statements and results of operations. …

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"10. SHORT-TERM BORROWINGS AND LONG-TERM DEBT: Short-term Borrowings In June 2026, we executed the Amended and Restated Credit Facility with Manufacturers and Traders Trust Company (""M&T Bank"") as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the lenders party thereto (the New Credit Facility). The New Credit Facility provides the Company short-term borrowing in the form of a line of credit with asset-based borrowing availability (the ""Floor Plan"") of up to $ 950 million and establishes a revolving credit facility in the maximum amount of $ 150 million (including a $ 20 million swingline facility and a $ 20 million letter of credit sublimit). The New Credit Facility also provides long-term debt in the form of a delayed draw term loan facility. The maturity of each of the facilities is June 2031 . As of June 30, 2026, our available borrowings under the delayed draw mortgage loan facili ty were approximately $ 54 million, and our available borrowings under the revolving credit facility were approximately $ 136 million. The interest rate is (a) for amounts outstanding under the Floor Plan, 3.25 % above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (SOFR), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50 % to 2.0 %, depending on the total net leverage ratio, above the one …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type. Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 (Amounts in thousands) Marina/storage locations $ 78,390 $ 69,700 Locations without marina/storage 38,561 38,499 Maintenance, repair, storage, rental, charter services, parts and accessories revenue $ 116,951 $ 108,199 Nine Months Ended Nine Months Ended June 30, 2026 June 30, 2025 (Amounts in thousands) Marina/storage locations $ 226,276 $ 211,724 Locations without marina/storage 99,858 92,853 Maintenance, repair, storage, rental, charter services, parts and accessories revenue $ 326,134 $ 304,577

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11. STOCK-BASED COMPENSATION: We account for our stock-based compensation plans following the provisions of FASB ASC 718, Compensation Stock Compensation (ASC 718). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all options granted (Note 14) and shares purchased under our Amended 2008 Employee Stock Purchase Plan (Stock Purchase Plan). We measure compensation for restricted stock awards and restricted stock units (Note 14) 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. During the three months ended June 30, 2026 and 2025 , we recognized stock-based compensation expense of approximately $ 4.4 million and $ 5.6 million, respectively, and for the nine months ended June 30, 2026 and 2025 , we recognized stock-based compensation expense of approximately $ 11.2 million and $ 16.4 million, respectively, in selling, general, and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations. Cash received from option exercises under all share-based compensation arrangements including the Stock Purchase Plan for each of the nine months ended June 30, 2026 and 2025 , was approximately $ 2.6 million in both periods. We currently expect to satisfy share-based awards with …

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4. FAIR VALUE MEASUREMENTS: The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 - Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The following tables summarize the Companys financial assets and liabilities measured at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets: June 30, 2026 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets: Interest rate swap contract $ $ 371 $ $ 371 Liabilities: Contingent …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

9. INCOME TAXES: We account for income taxes in accordance with FASB ASC 740, Income Taxes (ASC 740). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. During the three months ended June 30, 2026 , we recognized an income tax provision of $ 7.3 million. During the three months ended June 30, 2025 , we recognized an income tax benefit of $ 6.5 million. During the nine months ended June 30, 2026 , we recognized an income tax provision of $ 3.3 million. During the nine months ended June 30, 2025 , we recognized an income tax benefit of $ 3.0 million. The effective income tax rate for the three months ended June 30, 2026 and 2025 was 31.7 % and 11.1 %, respectively. The effective income tax rate for the nine months ended June 30, 2026 and 2025 was 40.7 % and 8.9 %, respe ctively. The increase in the effective income tax rate is due mainly to use of an annual effective tax rate for the three and nine months ended June 30, 2026. The …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"6. LEASES: Lessee Substantially all of the leases that we enter into are real estate leases. We lease numerous facilities relating to our operations, including showrooms, display lots, marinas, 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 June 30, 2026 , the weighted-average remaining lease term for our leases was approximately 19 years. All of our leases are classified as operating leases, which are included as right-of-use (""ROU"") assets and operating lease liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets. For the three months ended June 30, 2026 and 2025 , operating lease costs recorded in selling, general, and administrative expenses were approximately $ 8.9 million and $ 9.3 million, respectively. For the nine months ended June 30, 2026 and 2025 , operating lease costs recorded in selling, general, and administrative expenses were approximately $ 25.4 million and $ 25.4 million, 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 Topic 842 to not separate lease and no …

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In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending September 30, 2026. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending September 30, 2028. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In September 2025, the FASB issued ASU 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to …

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5. REVENUE RECOGNITION: The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, or trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of, the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer. We do not directly finance our customers boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated ag …

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17. SEGMENT INFORMATION: Reportable Segments The Companys reportable segments are defined by managements reporting structure and operating activities. Our chief operating decision maker (CODM) is our Chief Executive Officer . Our CODM reviews income from operations by segment for purposes of making operating decisions, assessing financial performance, and deciding how to allocate resources (including team members, property, and financial or capital resources). The CODM considers forecast-to-actual variances when making decisions about allocating resources to the segments. The CODM does not evaluate segments using asset information, and therefore, such information is not presented . The Companys reportable segments are the following: Retail Operations. The Retail Operations segment includes the sale of new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. We also sell related marine products, including engines, trailers, parts, and accessories. In addition, we provide repair, maintenance, and slip and storage rentals; we arrange related boat financing, insurance, and extended service contracts; we offer boat and yacht brokerage sales; and we offer yacht charter services. In the British Virgin Islands, we offer the charter of catamarans through MarineMax Vacations. Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing