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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☐ |
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 2.02 |
Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit
Number
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Description
|
|
Press Release issued by OneWater Marine Inc., dated July 30, 2020.*
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*
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Furnished herewith.
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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 | ||
Title:
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Chief Financial Officer |
• |
Revenue increased 49% to $408.3 million
|
• |
Same-store sales improved 44%
|
• |
New boat sales increased 59% to $287.0 million
|
• |
Pre-owned boat sales increased 30% to $85.9 million
|
• |
Finance & insurance income increased 66% to $16.6 million
|
• |
Net income increased 24% to $40.6 million
|
• |
Adjusted EBITDA1 increased 95% to $49.2 million
|
|
For the three months
ended June 30
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2020
|
2019
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$ Change
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% Change
|
||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
286,984
|
$
|
180,668
|
$
|
106,316
|
58.8
|
%
|
||||||||
Pre-owned boat sales
|
85,907
|
66,114
|
19,793
|
29.9
|
%
|
|||||||||||
Finance & insurance income
|
16,639
|
10,007
|
6,632
|
66.3
|
%
|
|||||||||||
Service, parts & other sales
|
18,743
|
18,035
|
708
|
3.9
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%
|
|||||||||||
Total revenues
|
$
|
408,273
|
$
|
274,824
|
$
|
133,449
|
48.6
|
%
|
|
|
|
Three Months Ended June
30,
|
Nine Months Ended June
30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
286,984
|
$
|
180,668
|
$
|
512,999
|
$
|
375,160
|
||||||||
Pre-owned boat sales
|
85,907
|
66,114
|
166,720
|
122,043
|
||||||||||||
Finance & insurance income
|
16,639
|
10,007
|
29,047
|
18,525
|
||||||||||||
Service, parts & other sales
|
18,743
|
18,035
|
43,168
|
43,144
|
||||||||||||
Total revenues
|
408,273
|
274,824
|
751,934
|
558,872
|
||||||||||||
Gross Profit
|
||||||||||||||||
New boat gross profit
|
53,607
|
32,441
|
94,233
|
66,831
|
||||||||||||
Pre-owned boat gross profit
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15,041
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10,637
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27,825
|
19,847
|
||||||||||||
Finance & insurance gross profit
|
16,639
|
10,007
|
29,047
|
18,525
|
||||||||||||
Service, parts & other gross profit
|
9,398
|
9,646
|
20,353
|
20,571
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||||||||||||
Total gross profit
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94,685
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62,731
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171,458
|
125,774
|
||||||||||||
Selling, general and administrative expenses
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43,152
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34,713
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103,738
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83,890
|
||||||||||||
Depreciation and amortization
|
824
|
691
|
2,375
|
1,883
|
||||||||||||
Transaction costs
|
31
|
419
|
3,393
|
1,161
|
||||||||||||
Gain on settlement of contingent consideration
|
-
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(19
|
)
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-
|
(1,674
|
)
|
||||||||||
Income from operations
|
50,678
|
26,927
|
61,952
|
40,514
|
||||||||||||
Other expense (income)
|
||||||||||||||||
Interest expense – floor plan
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2,298
|
2,734
|
7,482
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6,730
|
||||||||||||
Interest expense – other
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3,082
|
1,869
|
7,392
|
4,391
|
||||||||||||
Change in fair value of warrant liability
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-
|
(10,373
|
)
|
(771
|
)
|
(2,773
|
)
|
|||||||||
Other (income) expense, net
|
(61
|
)
|
17
|
106
|
(73
|
)
|
||||||||||
Total other expense (income), net
|
5,319
|
(5,753
|
)
|
14,209
|
8,275
|
|||||||||||
Income before income tax expense
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45,359
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32,680
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47,743
|
32,239
|
||||||||||||
Income tax expense
|
4,737
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-
|
5,209
|
-
|
||||||||||||
Net income
|
40,622
|
32,680
|
42,534
|
32,239
|
||||||||||||
Less: Net income attributable to non-controlling interests
|
-
|
(772
|
)
|
(350
|
)
|
(1,318
|
)
|
|||||||||
Net income attributable to One Water Marine Holdings, LLC
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$
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31,908
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$
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30,921
|
||||||||||||
Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC
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(26,255
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)
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(26,732
|
)
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||||||||||||
Net income attributable to OneWater Marine Inc
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$
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14,367
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$
|
15,452
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||||||||||||
Earnings per share of Class A common stock – basic (1)
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$
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2.36
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$
|
2.54
|
||||||||||||
Earnings per share of Class A common stock – diluted (1)
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$
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2.36
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$
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2.54
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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
|
||||||||||||||
Diluted weighted-average shares of Class A common stock outstanding (1)
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6,097
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6,093
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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 June 30, 2020, the period following the
organizational transactions and OneWater Marine Inc.’s initial public offering (“IPO”).
|
|
June 30,
2020
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June 30,
2019
|
|||||||
Cash
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$
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87,989
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$
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25,074
|
||||
Restricted cash
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3,080
|
1,360
|
||||||
Accounts receivable
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57,439
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31,064
|
||||||
Inventories
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171,300
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259,253
|
||||||
Prepaid expenses and other current assets
|
10,880
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2,658
|
||||||
Total current assets
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330,688
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319,409
|
||||||
Property and equipment, net
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16,785
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30,575
|
||||||
Other assets:
|
||||||||
Deposits
|
356
|
337
|
||||||
Deferred tax asset
|
2,845
|
-
|
||||||
Identifiable intangible assets
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61,304
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57,584
|
||||||
Goodwill
|
113,059
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106,127
|
||||||
Total other assets
|
177,564
|
164,048
|
||||||
Total assets
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$
|
525,037
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$
|
514,032
|
||||
Accounts payable
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$
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25,154
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$
|
11,333
|
||||
Other payables and accrued expenses
|
20,414
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17,287
|
||||||
Customer deposits
|
12,851
|
5,168
|
||||||
Notes payable – floor plan
|
176,061
|
235,010
|
||||||
Current portion of long-term debt
|
8,435
|
5,479
|
||||||
Total current liabilities
|
242,915
|
274,277
|
||||||
Other long-term liabilities
|
1,512
|
-
|
||||||
Warrant liability
|
-
|
49,450
|
||||||
Long-term debt, net of current portion and unamortized
debt issuance costs
|
108,780
|
69,345
|
||||||
Total liabilities
|
353,207
|
393,072
|
||||||
Redeemable preferred interest in subsidiary
|
-
|
84,230
|
||||||
Members’ equity
|
-
|
30,819
|
||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of June 30, 2020 and June 30, 2019
|
-
|
-
|
||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 6,087,906 shares issued and outstanding as of June 30, 2020 and none issued and outstanding as of June 30, 2019
|
61
|
-
|
||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 8,462,392 shares issued and outstanding as of June 30, 2020 and none issued and outstanding as of June 30, 2019
|
85
|
-
|
||||||
Additional paid-in capital
|
56,683
|
-
|
||||||
Retained earnings
|
15,452
|
-
|
||||||
Total stockholders’ equity attributable to OneWater Marine Inc. and members’ equity
|
72,281
|
30,819
|
||||||
Equity attributable to non-controlling interests
|
99,549
|
5,911
|
||||||
Total stockholders’ and members’ equity
|
171,830
|
36,730
|
||||||
Total liabilities, stockholders’ and members’ equity
|
$
|
525,037
|
$
|
514,032
|
|
Three months ended
June 30,
|
Nine months ended
June 30,
|
|||||||||||||||
Description
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Net income
|
$
|
40,622
|
$
|
32,680
|
$
|
42,534
|
$
|
32,239
|
||||||||
Interest expense – other
|
3,082
|
1,869
|
7,392
|
4,391
|
||||||||||||
Income taxes
|
4,737
|
-
|
5,209
|
-
|
||||||||||||
Depreciation and amortization
|
824
|
691
|
2,375
|
1,883
|
||||||||||||
Gain on settlement of contingent consideration
|
-
|
(19
|
)
|
-
|
(1,674
|
)
|
||||||||||
Transaction costs (1)
|
31
|
419
|
3,393
|
1,161
|
||||||||||||
Change in fair value of warrant liability (2)
|
-
|
(10,373
|
)
|
(771
|
)
|
(2,773
|
)
|
|||||||||
Other (income) expense, net
|
(61
|
)
|
17
|
106
|
(73
|
)
|
||||||||||
Adjusted EBITDA
|
$
|
49,235
|
$
|
25,284
|
$
|
60,238
|
$
|
35,154
|
(1) |
Consists of transaction costs related to the Company’s fiscal year 2019 acquisitions and costs related to the Company’s IPO.
|