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) |
Exhibits.
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Exhibit
Number
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Description
|
|
Press Release issued by OneWater Marine Inc., dated November 19, 2020.*
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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: Jack Ezzell
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||
Title: Chief Financial Officer
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||
Dated: November 19, 2020
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• |
Record revenue of $1.0 billion increased 33%
|
• |
Same-store sales increased 24%
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• |
Net income increased 30% to $48.5 million
|
• |
Adjusted EBITDA1 rose 80% to $83.3 million
|
For the Three Months Ended September 30
|
2020
|
2019
|
$ Change
|
% Change
|
||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Revenues
|
||||||||||||||||
New boat sales
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$
|
186,844
|
$
|
144,436
|
$
|
42,408
|
29.4
|
%
|
||||||||
Pre-owned boat sales
|
56,180
|
38,145
|
18,035
|
47.3
|
%
|
|||||||||||
Finance & insurance income
|
7,745
|
7,626
|
119
|
1.6
|
%
|
|||||||||||
Service, parts & other sales
|
20,267
|
18,545
|
1,722
|
9.3
|
%
|
|||||||||||
Total revenues
|
$
|
271,036
|
$
|
208,752
|
$
|
62,284
|
29.8
|
%
|
For the Twelve Months Ended September 30
|
2020
|
2019
|
$ Change
|
% Change
|
||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
717,093
|
$
|
526,774
|
$
|
190,319
|
36.1
|
%
|
||||||||
Pre-owned boat sales
|
205,650
|
153,010
|
52,640
|
34.4
|
%
|
|||||||||||
Finance & insurance income
|
36,792
|
26,151
|
10,641
|
40.7
|
%
|
|||||||||||
Service, parts & other sales
|
63,435
|
61,689
|
1,746
|
2.8
|
%
|
|||||||||||
Total revenues
|
$
|
1,022,970
|
$
|
767,624
|
$
|
255,346
|
33.3
|
%
|
For the Years Ended September 30,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
Revenues
|
||||||||||||
New boat sales
|
$
|
717,093
|
$
|
526,774
|
$
|
398,586
|
||||||
Pre-owned boat sales
|
205,650
|
153,010
|
140,931
|
|||||||||
Finance & insurance income
|
36,792
|
26,151
|
16,623
|
|||||||||
Service, parts & other sales
|
63,435
|
61,689
|
46,665
|
|||||||||
Total revenues
|
1,022,970
|
767,624
|
602,805
|
|||||||||
Gross profit
|
||||||||||||
New boat
|
131,373
|
92,532
|
76,461
|
|||||||||
Pre-owned boat
|
37,389
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25,992
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24,473
|
|||||||||
Finance & insurance
|
36,792
|
26,151
|
16,623
|
|||||||||
Service, parts & other
|
29,970
|
27,451
|
20,097
|
|||||||||
Total gross profit
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235,524
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172,126
|
137,654
|
|||||||||
Selling, general and administrative expenses
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143,396
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116,503
|
91,297
|
|||||||||
Depreciation and amortization
|
3,249
|
2,682
|
1,685
|
|||||||||
Transaction costs
|
3,648
|
1,323
|
438
|
|||||||||
Loss (gain) on contingent consideration
|
6,762
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(1,674
|
)
|
-
|
||||||||
Income from operations
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78,469
|
53,292
|
44,234
|
|||||||||
Other expense (income)
|
||||||||||||
Interest expense – floor plan
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8,861
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9,395
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5,534
|
|||||||||
Interest expense – other
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8,828
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6,568
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3,836
|
|||||||||
Change in fair value of warrant liability
|
(771
|
)
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(1,336
|
)
|
33,187
|
|||||||
Loss (gain) on extinguishment of debt
|
6,559
|
-
|
(209
|
)
|
||||||||
Other expense (income), net
|
155
|
1,402
|
(60
|
)
|
||||||||
Total other expense (income), net
|
23,632
|
16,029
|
42,288
|
|||||||||
Income before income tax expense
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54,837
|
37,263
|
1,946
|
|||||||||
Income tax expense
|
6,329
|
-
|
-
|
|||||||||
Net income
|
48,508
|
37,263
|
1,946
|
|||||||||
Less: Net income attributable to non-controlling interests
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(350
|
)
|
(1,606
|
)
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(830
|
)
|
||||||
Net income attributable to One Water Marine Holdings, LLC
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$
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35,657
|
$
|
1,116
|
||||||||
Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC
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(30,733
|
)
|
||||||||||
Net income attributable to OneWater Marine Inc
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$
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17,425
|
||||||||||
Earnings per share of Class A common stock – basic (1)
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$
|
2.79
|
||||||||||
Earnings per share of Class A common stock – diluted (1)
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$
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2.77
|
||||||||||
Basic weighted-average shares of Class A common stock outstanding (1)
|
6,243
|
|||||||||||
Diluted weighted-average shares of Class A common stock outstanding (1)
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6,287
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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 September 30, 2020, the period following the
Organizational Transactions (as defined below) and OneWater Marine Inc.’s initial public offering. See Note 1.
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September 30,
2020
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September 30,
2019
|
|||||||
Cash
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$
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66,087
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$
|
11,108
|
||||
Restricted cash
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2,066
|
384
|
||||||
Accounts receivable
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18,479
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15,294
|
||||||
Inventories
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150,124
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277,338
|
||||||
Prepaid expenses and other current assets
|
15,302
|
9,969
|
||||||
Total current assets
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252,058
|
314,093
|
||||||
Property and equipment, net
|
18,442
|
15,954
|
||||||
Other assets:
|
||||||||
Deposits
|
350
|
345
|
||||||
Deferred tax asset
|
12,854
|
-
|
||||||
Identifiable intangible assets
|
61,304
|
61,304
|
||||||
Goodwill
|
113,059
|
113,059
|
||||||
Total other assets
|
187,567
|
174,708
|
||||||
Total assets
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$
|
458,067
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$
|
504,755
|
||||
Accounts payable
|
$
|
12,781
|
$
|
5,546
|
||||
Other payables and accrued expenses
|
24,221
|
16,567
|
||||||
Customer deposits
|
17,280
|
4,880
|
||||||
Notes payable – floor plan
|
124,035
|
225,377
|
||||||
Current portion of long-term debt
|
7,419
|
11,124
|
||||||
Total current liabilities
|
185,736
|
263,494
|
||||||
Other long-term liabilities
|
1,482
|
1,598
|
||||||
Warrant liability
|
-
|
50,887
|
||||||
Tax receivable agreement liability
|
15,585
|
-
|
||||||
Long-term debt, net of current portion and unamortized
debt issuance costs
|
81,977
|
64,789
|
||||||
Total liabilities
|
284,780
|
380,768
|
||||||
Redeemable preferred interest in subsidiary
|
-
|
86,018
|
||||||
Members' equity
|
-
|
31,770
|
||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of September 30, 2020 and September 30, 2019
|
-
|
-
|
||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized,10,391,661 shares issued and outstanding as of September 30, 2020 and none issued and outstanding as of September 30,
2019
|
104
|
-
|
||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 4,583,637 shares issued and outstanding as of September 30, 2020 and none issued and outstanding as of September 30,
2019
|
46
|
-
|
||||||
Additional paid-in capital
|
105,947
|
-
|
||||||
Retained earnings
|
16,757
|
-
|
||||||
Total stockholders’ equity attributable to OneWater Marine Inc.and members’ equity
|
122,854
|
31,770
|
||||||
Equity attributable to non-controlling interests
|
50,433
|
6,199
|
||||||
Total stockholders’ and members’ equity
|
173,287
|
37,969
|
||||||
Total liabilities, stockholders’ and members' equity
|
$
|
458,067
|
$
|
504,755
|
For the Years Ended September 30,
|
||||||||||||
Description
|
2020
|
2019
|
2018
|
|||||||||
Net income
|
$
|
48,508
|
$
|
37,263
|
$
|
1,946
|
||||||
Interest expense – other
|
8,828
|
6,568
|
3,836
|
|||||||||
Income tax expense
|
6,329
|
-
|
-
|
|||||||||
Depreciation and amortization
|
3,249
|
2,682
|
1,685
|
|||||||||
Loss (gain) on contingent consideration
|
6,762
|
(1,674
|
)
|
-
|
||||||||
Transaction costs(1)
|
3,648
|
1,323
|
438
|
|||||||||
Change in fair value of warrant liability(2)
|
(771
|
)
|
(1,336
|
)
|
33,187
|
|||||||
Loss (gain) on extinguishment of debt
|
6,559
|
-
|
(209
|
)
|
||||||||
Other expense (income), net
|
155
|
1,402
|
(60
|
)
|
||||||||
Adjusted EBITDA
|
$
|
83,267
|
$
|
46,228
|
$
|
40,823
|
(1) |
Consists of transaction costs related to the Company’s fiscal year 2019 and 2018 acquisitions and certain costs related to the Company’s IPO.
|