Delaware
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001-39213
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83-4330138
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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6275 Lanier Islands Parkway
Buford, Georgia
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30518
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s Telephone Number, including Area Code: (678) 541-6300
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A common stock, par value $0.01 per share
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ONEW
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The Nasdaq Global Market
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Item 1.02 |
Termination of a Material Definitive Agreement.
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Item 7.01 |
Regulation FD Disclosure.
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Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
Number
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Description
|
|
Press Release issued by OneWater Marine Inc., dated May 7, 2020.*
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ONEWATER MARINE INC.
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||
By:
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/s/ Jack Ezzell
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|
Name:
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Jack Ezzell
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|
Title:
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Chief Financial Officer
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• |
Revenue increased 5.1% to $190.0 million
|
• |
Same-store sales declined 2.7%, driven by the effects of COVID-19 late in the quarter
|
• |
Pre-owned boat sales increased 19.4% to $43.0 million
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• |
Finance & insurance income increased 27.2% to $8.1 million
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• |
Net income increased $5.9 million to $3.0 million
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• |
Adjusted EBITDA1 of $9.9 million, flat compared to prior year
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For the three months
ended March 31
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2020
|
2019
|
$ Change
|
% Change
|
||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
127,913
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$
|
126,928
|
$
|
985
|
0.8
|
%
|
||||||||
Pre-owned boat sales
|
42,992
|
36,015
|
6,977
|
19.4
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%
|
|||||||||||
Finance & insurance income
|
8,083
|
6,354
|
1,729
|
27.2
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%
|
|||||||||||
Service, parts & other sales
|
10,975
|
11,474
|
(499
|
)
|
(4.3
|
)%
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||||||||||
Total revenues
|
$
|
189,963
|
$
|
180,771
|
$
|
9,192
|
5.1
|
%
|
Three Months Ended March 31,
|
Six Months Ended March 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
127,913
|
$
|
126,928
|
$
|
226,015
|
$
|
194,492
|
||||||||
Pre-owned boat sales
|
42,992
|
36,015
|
80,813
|
55,929
|
||||||||||||
Finance & insurance income
|
8,083
|
6,354
|
12,408
|
8,518
|
||||||||||||
Service, parts & other sales
|
10,975
|
11,474
|
24,425
|
25,110
|
||||||||||||
Total revenues
|
189,963
|
180,771
|
343,661
|
284,049
|
||||||||||||
Gross Profit
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||||||||||||||||
New boat gross profit
|
24,125
|
22,148
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40,626
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34,390
|
||||||||||||
Pre-owned boat gross profit
|
7,183
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6,177
|
12,784
|
9,210
|
||||||||||||
Finance & insurance gross profit
|
8,083
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6,354
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12,408
|
8,518
|
||||||||||||
Service, parts & other gross profit
|
5,193
|
5,046
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10,955
|
10,926
|
||||||||||||
Total gross profit
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44,584
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39,725
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76,773
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63,044
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||||||||||||
Selling, general and administrative expenses
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32,146
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27,548
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60,586
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49,177
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||||||||||||
Depreciation and amortization
|
791
|
585
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1,551
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1,192
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||||||||||||
Transaction costs
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2,925
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444
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3,362
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742
|
||||||||||||
Gain on settlement of contingent consideration
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-
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(1,655
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)
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-
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(1,655
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)
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||||||||||
Income from operations
|
8,722
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12,803
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11,274
|
13,588
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||||||||||||
Other expense (income)
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||||||||||||||||
Interest expense – floor plan
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2,525
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2,210
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5,184
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3,997
|
||||||||||||
Interest expense – other
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2,457
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1,294
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4,310
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2,522
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||||||||||||
Change in fair value of warrant liability
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-
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12,295
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(771
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)
|
7,600
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|||||||||||
Other expense (income), net
|
289
|
(45
|
)
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167
|
(90
|
)
|
||||||||||
Total other expense, net
|
5,271
|
15,754
|
8,890
|
14,029
|
||||||||||||
Income (loss) before income tax expense
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3,451
|
(2,951
|
)
|
2,384
|
(441
|
)
|
||||||||||
Income tax expense
|
472
|
-
|
472
|
-
|
||||||||||||
Net income (loss)
|
2,979
|
(2,951
|
)
|
1,912
|
(441
|
)
|
||||||||||
Less: Net income attributable to non-controlling interests
|
(103
|
)
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(270
|
)
|
(350
|
)
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(546
|
)
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||||||||
Net loss attributable to One Water Marine Holdings, LLC
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$
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(3,221
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)
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$
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(987
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)
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||||||||||
Plus: Net loss attributable to non-controlling interests of One Water Marine Holdings, LLC
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(1,791
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)
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(477
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)
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||||||||||||
Net income attributable to OneWater Marine Inc.
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$
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1,085
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$
|
1,085
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||||||||||||
Earnings per share of Class A common stock – basic (1)
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$
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0.18
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$
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0.18
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||||||||||||
Earnings per share of Class A common stock – diluted (1)
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$
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0.18
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$
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0.18
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||||||||||||
Basic weighted-average shares of Class A common stock outstanding (1)
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6,088
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6,088
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||||||||||||||
Diluted weighted-average shares of Class A common stock outstanding (1)
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6,088
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6,088
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(1)
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Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from February 11, 2020 through March 31, 2020, the period following the
organizational transactions and OneWater Marine Inc.’s initial public offering.
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March 31,
2020
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March 31,
2019
|
|||||||
Cash
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$
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20,401
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$
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15,489
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||||
Restricted cash
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567
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1,536
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||||||
Accounts receivable
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19,839
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25,981
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||||||
Inventories
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333,377
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298,519
|
||||||
Prepaid expenses and other current assets
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11,817
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1,153
|
||||||
Total current assets
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386,001
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342,678
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||||||
Property and equipment, net
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16,699
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21,835
|
||||||
Other assets:
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||||||||
Deposits
|
364
|
333
|
||||||
Deferred tax asset
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2,845
|
-
|
||||||
Identifiable intangible assets
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61,304
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55,724
|
||||||
Goodwill
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113,059
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104,267
|
||||||
Total other assets
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177,572
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160,324
|
||||||
Total assets
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$
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580,272
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$
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524,837
|
||||
Accounts payable
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$
|
7,819
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$
|
12,824
|
||||
Other payables and accrued expenses
|
8,547
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12,535
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||||||
Customer deposits
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13,471
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11,111
|
||||||
Notes payable – floor plan
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294,262
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263,235
|
||||||
Current portion of long-term debt
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7,012
|
3,344
|
||||||
Total current liabilities
|
331,111
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303,049
|
||||||
Other long-term liabilities
|
1,540
|
900
|
||||||
Warrant liability
|
-
|
59,823
|
||||||
Long-term debt, net of current portion and unamortized
debt issuance costs
|
108,954
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62,954
|
||||||
Total liabilities
|
441,605
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426,726
|
||||||
Redeemable preferred interest in subsidiary
|
-
|
83,620
|
||||||
Members' equity
|
-
|
9,351
|
||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of March 31, 2020 and March 31, 2019
|
-
|
-
|
||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 6,087,906 shares issued and outstanding as of March 31, 2020 and none issued and outstanding as of March 31, 2019
|
61
|
-
|
||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 8,462,392 shares issued and outstanding as of March 31, 2020 and none issued and outstanding as of March 31, 2019
|
85
|
-
|
||||||
Additional paid-in capital
|
56,730
|
-
|
||||||
Retained earnings
|
1,085
|
-
|
||||||
Total stockholders’ equity attributable to OneWater Marine Inc. and members’ equity
|
57,961
|
9,351
|
||||||
Equity attributable to non-controlling interests
|
80,706
|
5,140
|
||||||
Total stockholders’ and members’ equity
|
138,667
|
14,491
|
||||||
Total liabilities, stockholders’ and members' equity
|
$
|
580,272
|
$
|
524,837
|
Three months ended
March 31
|
Six months ended
March 31
|
|||||||||||||||
Description
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Net income (loss)
|
$
|
2,979
|
$
|
(2,951
|
)
|
$
|
1,912
|
$
|
(441
|
)
|
||||||
Interest expense – other
|
2,457
|
1,294
|
4,310
|
2,522
|
||||||||||||
Income taxes
|
472
|
-
|
472
|
-
|
||||||||||||
Depreciation and amortization
|
791
|
585
|
1,551
|
1,192
|
||||||||||||
Gain on settlement of contingent consideration
|
-
|
(1,655
|
)
|
-
|
(1,655
|
)
|
||||||||||
Transaction costs (1)
|
2,925
|
444
|
3,362
|
742
|
||||||||||||
Change in fair value of warrant liability (2)
|
-
|
12,295
|
(771
|
)
|
7,600
|
|||||||||||
Other expense (income), net
|
289
|
(45
|
)
|
167
|
(90
|
)
|
||||||||||
Adjusted EBITDA
|
$
|
9,913
|
$
|
9,967
|
$
|
11,003
|
$
|
9,870
|
(1) |
Consists of transaction costs related to the Company’s fiscal year 2019 acquisitions and costs related to the Company’s initial public offering (“IPO”).
|