3 unchanged sentences
These forward-looking statements include statements relating to market risks such as interest rate risk and foreign currency exchange rate risk;
−Removed: economic and industry conditions and corresponding effects on
−Removed: consumer behavior and our operating results;
+Added: economic and industry conditions and corresponding effects on consumer behavior and our operating results;
environmental conditions;
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In the British Virgin Islands, we offer the charter of catamarans, through MarineMax Vacations.
−Removed: We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries, Northrop & Johnson, another leading superyacht brokerage and services company with operations in multiple countries, SkipperBud’s, one of the largest boat sales, brokerage, service and marina/storage groups in the United States, and Cruisers Yachts, a manufacturer of sport yacht and yachts with sales through our select retail dealership locations and through independent dealers.
−Removed: In January 2023, we acquired Boatzon, a boat and marine digital retail platform, through our technology entity, New Wave Innovations.
−Removed: In June 2023, we acquired C&C Boat Works, a full-service boat dealer based in Crosslake, Minnesota.
−Removed: In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece.
−Removed: In March 2024, we acquired Williams Tenders USA, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market.
+Added: We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries, Northrop & Johnson, another leading superyacht brokerage and services company with operations in multiple countries, SkipperBud’s, one of the largest boat sales, brokerage, service and marina/storage groups in the United States, and Cruisers Yachts, a manufacturer of sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers.
+Added: In October 2023, we acquired AGY, a luxury charter management agency based in Athens, Greece.
+Added: In March 2024, we acquired Williams, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market.
In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida.
In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats.
−Removed: In January 2025, we acquired the service and parts departments at our retail location in Panama City Beach, Florida.
+Added: In January 2025,
+Added: we acquired the service and parts departments at our retail location in Panama City Beach, Florida.
In March 2025, we acquired Shelter Bay Marina in Marathon, Florida.
1 unchanged sentence
We commenced operations with the acquisition of five independent recreational boat dealers on March 1, 1998.
−Removed: Since the initial acquisitions in March 1998, we have, as of the filing of this Quarterly Report on Form 10-Q, acquired 35 recreational boat dealers, multiple marinas, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations, and two boat and yacht manufacturers.
+Added: Since the initial acquisitions in March 1998, we have, as of the filing of this Quarterly Report on Form 10-Q, acquired 37 recreational boat dealers, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations and three boat and yacht manufacturers.
As a part of our acquisition strategy, we frequently engage in discussions with various recreational boat dealers regarding their potential acquisition by us.
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As a result of these and other factors, a number of potential acquisitions that from time to time appear likely to occur do not result in binding legal agreements and are not consummated.
−Removed: We completed three acquisitions in the fiscal year ending September 30, 2024, and three acquisitions to date in fiscal 2025.
+Added: We completed three acquisitions in the fiscal year ending September 30, 2025.
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.
−Removed: Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 53%, 53% and 51% of our dealership revenue during fiscal 2024, 2023, and 2022, respectively, can have a major impact on our operations.
+Added: Economic conditions in areas in which we operate dealerships, particularly Florida where we generated approximately 54%, 53%, and 53% of our dealership revenue during fiscal 2025, 2024, and 2023, respectively, can have a major impact on our operations.
Local influences, such as corporate downsizing, military base closings, and inclement weather such as hurricanes and other storms, 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.
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Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable.
−Removed: Additionally, the Federal Reserve's prior increases of its benchmark interest rate have resulted in significantly higher long-term interest rates, which have negatively impacted, and may continue to negatively impact, our customers’ willingness or desire to purchase our products.
+Added: Additionally, the Federal Reserve's increases of its benchmark interest rate in recent years resulted in significantly higher long-term interest rates, which have negatively impacted, and may continue to negatively impact, our customers’ willingness or desire to purchase our products.
As a result, an economic downturn or inflation could impact us more than certain of our competitors due to our strategic focus on the higher end of our market.
−Removed: While the Federal Reserve cut interest
−Removed: rates in late 2024, it has since kept interest rates stable and future decreases or increases are uncertain.
Additionally, the current U.S.
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We expect our core strengths and retailing strategies including our digital platform, will position us to capitalize on growth opportunities as they occur and will allow us to emerge with greater earnings potential.
−Removed: As of June 30, 2025, the Retail Operations segment includes the activity of over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment.
+Added: As of December 31, 2025, the Retail Operations segment includes the activity of over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell 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.
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Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries, are also included in this segment.
−Removed: Through IGY Marinas, which is also included in this segment, we maintain a network of strategically positioned luxury marinas situated in yachting and sport fishing destinations around the world.
+Added: Through IGY Marinas, which is also included in this segment, we maintain a network of strategically positioned luxury
+Added: marinas situated in yachting and sport fishing destinations around the world.
The Retail Operations segment includes the majority of all corporate costs.
−Removed: As of June 30, 2025, the Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats, both wholly-owned MarineMax subsidiaries.
−Removed: Cruisers Yachts manufactures sport yacht and yachts with sales through our select retail dealership locations and through independent dealers.
+Added: As of December 31, 2025, the Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats.
+Added: Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufactures sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers.
Cruisers Yachts is recognized as one of the world’s premier manufacturers of premium sport yacht and yachts, producing models from 33’ to 60’ feet.
−Removed: Intrepid Powerboats produces customized boats.
−Removed: Intrepid Powerboats has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.
+Added: Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is a producer of customized boats.
+Added: Intrepid Powerboats sells through our retail dealership locations as well as independent dealers and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.
Application of Critical Accounting Policies
See Part II, Item 7, “Application of Critical Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
−Removed: There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, with the exception of a critical accounting policy originally contained in the Form 10-K, which is set forth, as modified, below.
−Removed: We account for acquisitions in accordance with FASB ASC 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”).
−Removed: For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill.
−Removed: 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.
−Removed: Our annual impairment test is performed during the third fiscal quarter.
−Removed: If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350.
−Removed: When required to be performed, a quantitative goodwill impairment test compares the carrying value of a reporting unit to its fair value, and a goodwill impairment charge results when the reporting unit’s carrying value exceeds its fair value.
−Removed: The performance of a quantitative goodwill impairment test requires management to apply significant estimates and judgment – particularly to estimate the fair value of the Company and each of our reporting units.
−Removed: The Company has three reporting units:
−Removed: Retail Dealerships, Superyacht Services, and IGY Marinas, which are included in the Retail Operations reportable segment, and one reporting unit, Product Manufacturing, which is its own reportable segment.
−Removed: When performing a quantitative goodwill impairment test, the Company utilizes the income approach (discounted cash flow method) corroborated by the market approach (guideline public company method).
−Removed: Under the income approach, the Company projects its future cash flows and discounts these cash flows to reflect their relative risk.
−Removed: The cash flows used are consistent with those the Company uses in its internal planning, which reflects actual business trends experienced and its long-term business strategy.
−Removed: Under the market approach, the Company uses the guideline company method to develop valuation multiples and compare the Company’s reporting unit to similar publicly traded companies.
−Removed: In order to further validate the reasonableness of fair value as determined by the income and market approaches described above, a reconciliation to market capitalization is then performed by estimating a reasonable control premium and other market factors.
−Removed: Impairment testing requires the assessment of both qualitative and quantitative factors, including, but not limited to whether there has been a significant or adverse change in the business climate that could affect the value of an asset and/or significant or adverse changes in cash flow projections or earnings forecasts.
−Removed: These assessments require management to make judgements, assumptions and estimates regarding the macroeconomic and industry conditions, our financial performance, and other factors and are often interdependent;
−Removed: therefore, they do not change in isolation.
−Removed: Factors and assumptions that management must estimate include, among others, revenue, margin, operating expense growth rates, discount rates, terminal growth rates, comparable public companies and historical transactions, market multiples, tax rates, capital spending, and customers’ financial condition.
−Removed: The estimates and assumptions used in these tests are evaluated and updated as appropriate.
−Removed: The variability of these factors depends on a number of conditions, including uncertainty about future events, and thus our accounting estimates may change from period to period.
−Removed: If other assumptions and estimates had been used when these tests were performed, impairment charges could have changed.
−Removed: During the three months ended June 30, 2025, the Company performed a quantitative impairment assessment of goodwill at each of our four reporting units.
−Removed: As a result of the declining performance of the product manufacturing reporting unit and segment the Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment during the three and nine months ended June 30, 2025, which was included in goodwill impairment in the Unaudited Condensed Consolidated Statements of Operations.
−Removed: There was no remaining carrying value of the goodwill for the product manufacturing reporting unit and segment as of June 30, 2025 as a result of the goodwill impairment.
−Removed: No impairments were recorded for the reporting units:
−Removed: Retail Dealerships, Superyacht Services, or IGY Marinas, which are included in the Retail Operations reportable segment, for the three and nine months ended June 30, 2025 as these reporting units all had fair values greater than their carrying values.
−Removed: The excess of fair values as compared to carrying values for the Retail Operations reportable segment reporting units ranged from 4% to 15%.
−Removed: Changes in the judgments, assumptions and estimates, including but not limited to:
−Removed: revenue, margin, operating expense growth rates, discount rates, terminal growth rates, and other assumptions, that are used in the impairment testing for goodwill, could result in significantly different estimates of fair value for our reporting units and potentially result in additional material non-cash impairment charges.
+Added: There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
Recent Accounting Pronouncements
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Consolidated Results of Operations
−Removed: The following discussion compares the nine months ended June 30, 2025, with the nine months ended June 30, 2024 and should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, including the related notes thereto, appearing elsewhere in this report.
−Removed: Three Months Ended June 30, 2025 Compared with Three Months Ended June 30, 2024
−Removed: Revenue decreased $100.5 million, or 13.3%, to $657.2 million for the three months ended June 30, 2025, from $757.7 million for three months ended June 30, 2024.
−Removed: The decrease was due to a decrease of $67.0 million or 9% in comparable-store sales and a $33.5 million net decrease from closed stores and manufacturing revenue that are not eligible for inclusion in comparable-store sales.
−Removed: The comparable-store decreases were primarily driven by decreases in new boat revenue as a result of the challenging retail environment, ongoing economic uncertainty, evolving trade policies and geopolitical tensions.
−Removed: Gross Profit.
−Removed: Gross profit decreased $42.5 million, or 17.6%, to $199.6 million for the three months ended June 30, 2025, from $242.1 million for the three months ended June 30, 2024.
−Removed: Gross profit as a percentage of revenue decreased to 30.4% for the three months ended June 30, 2025, from 32.0% for the three months ended June 30, 2024.
−Removed: The decrease in gross profit as a percentage of revenue was primarily a result of lower boat margins due to the challenging retail environment.
−Removed: Selling, General, and Administrative Expenses.
−Removed: Selling, general, and administrative expenses decreased $9.0 million, or 5.0% to $172.1 million for the three months ended June 30, 2025, from $181.1 million for the three months ended June 30, 2024.
−Removed: The decrease in selling, general, and administrative expenses was primarily the result of cost-saving initiatives implemented in fiscal 2024 and fiscal 2025.
−Removed: Goodwill impairment.
−Removed: Goodwill impairment increased $69.1 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, as a result of recording the non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment.
−Removed: Interest Expense.
−Removed: Interest expense decreased $1.3 million to $16.9 million for the three months ended June 30, 2025, from $18.2 million for the three months ended June 30, 2024.
−Removed: The decrease in interest expense was primarily the result of lower interest rates.
−Removed: Income Taxes.
−Removed: Income taxes decreased $17.6 million to a benefit of $6.5 million, for the three months ended June 30, 2025, from a provision of $11.1 million for the three months ended June 30, 2024 primarily as a result of the goodwill impairment.
−Removed: The effective income tax rate for the three months ended June 30, 2025 and 2024 was 11.1% and 25.9%, respectively.
−Removed: Nine Months Ended June 30, 2025 Compared with Three Months Ended June 30, 2024
−Removed: Revenue decreased $111.0 million, or 5.9%, to $1.757 billion for the nine months ended June 30, 2025, from $1.868 billion for nine months ended June 30, 2024.
−Removed: The decrease was due to a decrease of $60.9 million or 3% in comparable-store sales and a $50.1 million net decrease from closed stores and manufacturing revenue that are not eligible for inclusion in comparable-store sales.
−Removed: The comparable-store decreases were primarily driven by decreases in new boat revenue as a result of the challenging retail environment, ongoing economic uncertainty, evolving trade policies and geopolitical tensions.
+Added: The following discussion compares the three months ended December 31, 2025, with the three months ended December 31, 2024 and should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, including the related notes thereto, appearing elsewhere in this report.
+Added: Three Months Ended December 31, 2025 Compared with Three Months Ended December 31, 2024
+Added: Revenue increased $36.7 million, or 7.8%, to $505.2 million for the three months ended December 31, 2025, from $468.5 million for three months ended December 31, 2024.
+Added: The increase was due to an increase of $48.6 million or 10.7% in comparable-store sales, partially offset by a net decrease from closed stores that are not eligible for inclusion in comparable-store sales.
+Added: Revenue for the three months ended December 31, 2024 was adversely impacted by Hurricanes Helene and Milton.
Gross Profit.
−Removed: Gross profit decreased $49.2 million, or 8.1%, to $558.8 million for the nine months ended June 30, 2025, from $608.0 million for the nine months ended June 30, 2024.
−Removed: Gross profit as a percentage of revenue decreased to 31.8% for the nine months ended June 30, 2025, from 32.5% for the nine months ended June 30, 2024.
−Removed: The decrease in gross profit as a percentage of revenue was primarily a result of lower boat margins due to the challenging retail environment.
+Added: Gross profit decreased $9.2 million, or 5.4%, to $160.5 million for the three months ended December 31, 2025, from $169.7 million for the three months ended December 31, 2024.
+Added: Gross profit as a percentage of revenue decreased to 31.8% for the three months ended December 31, 2025, from 36.2% for the three months ended December 31, 2024.
+Added: The decrease in gross profit as a percentage of revenue was attributable to the increased promotional environment due to challenging retail conditions and mix of sales, partially offset by increased contributions from our higher-margin businesses.
Selling, General, and Administrative Expenses.
−Removed: Selling, general, and administrative expenses decreased $37.0 million, or 7.3% to $469.6 million for the nine months ended June 30, 2025, from $506.6 million for the nine months ended June 30, 2024.
−Removed: The decrease in selling, general, and administrative expenses was primarily the result of changes in the fair value of contingent consideration liabilities and cost-saving initiatives implemented in fiscal 2024 and fiscal 2025.
−Removed: Goodwill impairment.
−Removed: Goodwill impairment increased $69.1 million for the nine months ended June 30, 2025, as compared to the nine months ended June 30, 2024, as a result of recording the non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment.
+Added: Selling, general, and administrative expenses increased $24.9 million, or 19.1% to $155.6 million for the three months ended December 31, 2025, from $130.7 million for the three months ended December 31, 2024.
+Added: The increase in selling, general, and administrative expenses was primarily the result of changes in the fair value of contingent consideration liabilities which lowered selling, general, and administrative expenses for the three months ended December 31, 2024.
+Added: Excluding changes in the fair value of contingent consideration, hurricane and tornado expenses, intangible amortization, restructuring charges, and transaction and other costs, selling, general and administrative expenses increased $1.6 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024.
Interest Expense.
−Removed: Interest expense decreased $2.1 million to $53.9 million for the nine months ended June 30, 2025, from $56.0 million for the nine months ended June 30, 2024.
−Removed: The decrease in interest expense was primarily the result of lower interest rates.
+Added: Interest expense decreased $2.8 million to $15.9 million for the three months ended December 31, 2025, from $18.7 million for the three months ended December 31, 2024.
+Added: The decrease in interest expense was primarily the result of decreased borrowings from lower inventory levels and lower interest rates.
Income Taxes.
−Removed: Income taxes decreased $14.5 million, to a benefit of $3.0 million for the nine months ended June 30, 2025, from a provision of $11.5 million for the nine months ended June 30, 2024 primarily as a result of the goodwill impairment.
−Removed: The effective income tax rate for the nine months ended June 30, 2025 and 2024 was 8.9% and 25.2%, respectively.
+Added: Income tax decreased $4.9 million to benefit of $2.8 million, for the three months ended December 31, 2025, from a provision of $2.1 million for the three months ended December 31, 2024.
+Added: The effective income tax rate for the three months ended December 31, 2025 and 2024 was 26.0% and 10.4%, respectively.
+Added: The increase in the effective income tax rate is due mainly to non-cash tax benefits related to the change in tax status of certain foreign entities recorded during the three months ended December 31, 2024.
Liquidity and Capital Resources
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Any turmoil in the credit markets and weakness in the retail markets may interfere with our ability to remain in compliance with the covenants of the Amended Credit Facility and therefore affect our ability to utilize the Amended Credit Facility to fund operations.
−Removed: As of June 30, 2025, we were in compliance with all covenants under the Amended Credit Facility.
+Added: As of December 31, 2025, we were in compliance with all covenants under the Amended Credit Facility.
We currently depend upon dividends and other payments from our businesses and the Amended Credit Facility to fund our current operations and meet our cash needs.
As the majority owner of each of our businesses, we determine the amounts of such distributions subject to applicable law, and currently, no agreements exist that restrict this flow of funds from our businesses.
−Removed: For the nine months ended June 30, 2025 cash provided by operating activities was $11.4 million.
−Removed: For the nine months ended June 30, 2024, cash used in operating activities was approximately $24.9 million.
−Removed: For the nine months ended June 30, 2025, cash provided by operating activities was primarily related to net income adjusted for non-cash expenses and gains such as depreciation and amortization expense, changes in fair value of contingent consideration, goodwill impairment, and stock-based compensation expense, partially offset by increases in inventory, increases in accounts receivable, decreases in accounts payable, decreases in contract liabilities (customer deposits), decreases in accrued expenses and other liabilities.
−Removed: For the nine months ended June 30, 2024, cash used in operating activities was primarily related to increases in inventory, increases in accounts receivable, decreases in accounts payable, decreases in contract liabilities (customer deposits), partially offset by our net income adjusted for non-cash expenses and gains such as depreciation and amortization expense, deferred income tax provision, and stock-based compensation expense.
−Removed: For the nine months ended June 30, 2025 and 2024, cash used in investing activities was approximately $42.1 million and $64.8 million, respectively.
−Removed: For the nine months ended June 30, 2025, cash used in investing activities was primarily used to purchase property and equipment associated with improving existing retail facilities, acquisitions, and issuance of notes receivable, partially offset by proceeds from the sale of property and equipment and other assets, proceeds from the acquisition of a trade name, and proceeds from insurance settlements.
−Removed: For the nine months ended June 30, 2024, cash used in investing activities was primarily used to purchase property and equipment associated with improving existing retail facilities and acquisitions, partially offset by proceeds from insurance settlements.
−Removed: For the nine months ended June 30, 2025 cash used in financing activities was $43.1 million.
−Removed: For the nine months ended June 30, 2024 cash provided by financing activities was approximately $130.1 million.
−Removed: For the nine months ended June 30, 2025, cash used in financing activities was primarily attributable to payments on long-term debt, payments on tax withholdings for equity awards, contingent consideration payments from acquisitions, and purchases of treasury stock, partially offset by net increases in short-term borrowings, which solely consisted of the Floor Plan (as defined below), proceeds from long-term debt, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans.
−Removed: For the nine months ended June 30, 2024, cash provided by financing activities was primarily attributable to net increases in short-term borrowings, which solely consisted of the Floor Plan (as defined below), and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on long-term debt, contingent acquisition consideration payments, purchases of treasury stock, and payments on tax withholdings for equity awards.
+Added: For the three months ended December 31 2025, cash provided by operating activities was approximately $16.9 million.
+Added: For the three months ended December 31 2024, cash used in operating activities was approximately $146.1 million.
+Added: For the three months ended December 31, 2025, cash provided by operating activities was primarily related to our net loss adjusted for non-cash expenses and gains such as depreciation and amortization expense, deferred income tax benefit, and stock-based compensation expense, decreases in accounts receivable, decreases in prepaid expenses and other assets, and increases in contract in contract liabilities (customer deposits), partially offset by decreases in accounts payable and decreases in accrued expenses and other liabilities.
+Added: For the three months ended December 31, 2024, cash used in operating activities was primarily related to increases in inventory, decreases in accounts payable, decreases in contract liabilities (customer deposits), partially offset by our net income adjusted for non-cash expenses and gains such as depreciation and amortization expense, deferred income tax provision, and stock-based compensation expense.
+Added: For the three months ended December 31, 2025, cash provided by investing activities was approximately $2.6 million.
+Added: For the three months ended December 31, 2024, cash used in investing activities was approximately $6.5 million.
+Added: For the three months ended December 31, 2025, cash provided by investing activities was primarily from proceeds from the sale of property and equipment and other assets, partially offset by the purchase property and equipment associated with improving existing retail facilities.
+Added: For the three months ended December 31, 2024, cash used in investing activities was primarily used to purchase property and equipment associated with improving existing retail facilities, partially offset by proceeds from the sale of property and equipment and other assets and proceeds from the acquisition of a trade name.
+Added: For the three months ended December 31, 2025, cash used in financing activities was approximately $25.2 million.
+Added: For the three months ended December 31, 2024, cash provided by financing activities was approximately $74.7 million.
+Added: For the three months ended December 31, 2025, cash used in financing activities was primarily attributable to net decreases in short-term borrowings, which solely consisted of the Floor Plan, payments on long-term debt and payments on tax withholdings for equity awards, partially offset by net proceeds from issuance of common stock under incentive compensation and employee purchase plans.
+Added: For the three months ended December 31, 2024, cash provided by financing activities was primarily attributable to net increases in short-term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on long-term debt and payments on tax withholdings for equity awards.
We are party to the Amended Credit Facility with Manufacturers and Traders Trust Company as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the lenders party thereto.
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The curtailment schedule varies based on the type and value of the inventory.
−Removed: The collateral for the Amended Credit Agreement is primarily the Company’s inventory that is financed through the Amended Credit Agreement and related accounts receivable.
−Removed: None of our real estate has been pledged for collateral for the Amended Credit Agreement.
−Removed: As of June 30, 2025, our indebtedness associated with our short-term borrowings, which solely consisted of the Floor Plan, and our long-term debt, totaled approximately $735.2 million and $365.1 million, respectively.
−Removed: As of June 30, 2025, short-term borrowings, which solely consisted of the Floor Plan, and long-term debt recorded on the Unaudited Condensed Consolidated Balance Sheets included unamortized debt issuance costs of approximately $0.9 million and $1.6 million, respectively.
+Added: The collateral for the Amended Credit Facility is primarily the Company’s inventory that is financed through the Amended Credit Facility and related accounts receivable.
+Added: None of our real estate has been pledged for collateral for the Amended Credit Facility.
+Added: As of December 31, 2025, our indebtedness associated with our short-term borrowings, which solely consisted of the Floor Plan, and our long-term debt, totaled approximately $702.7 million and $347.5 million, respectively.
+Added: As of December 31, 2025, short-term borrowings, which solely consisted of the Floor Plan, and long-term debt recorded on the Unaudited Condensed Consolidated Balance Sheets included unamortized debt issuance costs of approximately $0.7 million and $1.2 million, respectively.
Refer to Note 10 of the Notes to the Consolidated Financial Statements for disclosure of borrowing availability, interest rates, and terms of our short-term borrowings (Floor Plan) and long-term debt.
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For example, a hypothetical 100 basis point, 200 basis point, or 300 basis point increase in the interest rate would result in an increase of approximately $6.9 million, $13.9 million, or $20.8 million, respectively, in annual pre-tax interest expense.
−Removed: These estimated increases are based upon the outstanding balance of our short-term borrowings and long-term debt as of June 30, 2025 and assumes no mitigating changes by us to reduce the outstanding balances and no additional interest assistance that could be received from vendors due to the interest rate increase.
+Added: These estimated increases are based upon the outstanding balance of our short-term borrowings and long-term debt as of December 31, 2025 and assumes no mitigating changes by us to reduce the outstanding balances and no additional interest assistance that could be received from vendors due to the interest rate increase.
Foreign Currency Exchange Rate Risk
7 unchanged sentences
In certain cases, we may enter into foreign currency cash flow hedges to reduce the variability of cash flows associated with forecasted purchases of boats and yachts from European-based and Chinese-based manufacturers.
−Removed: We are not currently engaged in foreign currency exchange hedging transactions to manage our foreign currency
+Added: We are not currently engaged in foreign currency exchange hedging transactions to manage our foreign
+Added: currency exposure.
If and when we do engage in foreign currency exchange hedging transactions, there can be no assurance that our strategies will adequately protect our operating results from the effects of exchange rate fluctuations.
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.