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
|
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
|
Description
|
|
Press Release issued by OneWater Marine Inc., dated April 29, 2021.*
|
*
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Furnished herewith.
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ONEWATER MARINE INC.
|
||
By:
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/s/ Jack Ezzell
|
|
Name: Jack Ezzell
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||
Title: Chief Financial Officer
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||
Dated: April 29, 2021
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|
|
• |
Record Revenue increased 74% to $329.6 million
|
• |
Same-store sales increased 57%
|
• |
Net income increased 10-times to $30.6 million, or $1.83 per diluted share
|
• |
Adjusted EBITDA1 increased 315% to $40.1 million
|
For the Three Months
Ended March 31
|
2021
|
2020
|
$ Change
|
% Change
|
||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
239,654
|
$
|
132,719
|
$
|
106,935
|
80.6
|
%
|
||||||||
Pre-owned boat sales
|
56,082
|
38,186
|
17,896
|
46.9
|
%
|
|||||||||||
Finance & insurance income
|
11,789
|
8,083
|
3,706
|
45.8
|
%
|
|||||||||||
Service, parts & other sales
|
22,086
|
10,975
|
11,111
|
101.2
|
%
|
|||||||||||
Total revenues
|
$
|
329,611
|
$
|
189,963
|
$
|
139,648
|
73.5
|
%
|
Three Months Ended March 31,
|
Six Months Ended March 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenues
|
||||||||||||||||
New boat sales
|
$
|
239,654
|
$
|
132,719
|
$
|
391,482
|
$
|
235,571
|
||||||||
Pre-owned boat sales
|
56,082
|
38,186
|
94,662
|
71,257
|
||||||||||||
Finance & insurance income
|
11,789
|
8,083
|
17,752
|
12,408
|
||||||||||||
Service, parts & other sales
|
22,086
|
10,975
|
39,798
|
24,425
|
||||||||||||
Total revenues
|
329,611
|
189,963
|
543,694
|
343,661
|
||||||||||||
Gross Profit
|
||||||||||||||||
New boat
|
52,507
|
24,465
|
81,803
|
41,362
|
||||||||||||
Pre-owned boat
|
13,534
|
6,843
|
21,662
|
12,048
|
||||||||||||
Finance & insurance
|
11,789
|
8,083
|
17,752
|
12,408
|
||||||||||||
Service, parts & other
|
10,956
|
5,193
|
20,005
|
10,955
|
||||||||||||
Total gross profit
|
88,786
|
44,584
|
141,222
|
76,773
|
||||||||||||
Selling, general and administrative expenses
|
48,348
|
32,383
|
83,208
|
60,688
|
||||||||||||
Depreciation and amortization
|
1,378
|
791
|
2,341
|
1,551
|
||||||||||||
Transaction costs
|
368
|
2,925
|
568
|
3,362
|
||||||||||||
Loss on contingent consideration
|
-
|
-
|
377
|
-
|
||||||||||||
Income from operations
|
38,692
|
8,485
|
54,728
|
11,172
|
||||||||||||
Other expense (income)
|
||||||||||||||||
Interest expense – floor plan
|
330
|
2,525
|
1,250
|
5,184
|
||||||||||||
Interest expense – other
|
1,215
|
2,457
|
2,139
|
4,310
|
||||||||||||
Change in fair value of warrant liability
|
-
|
-
|
-
|
(771
|
)
|
|||||||||||
Other expense (income), net
|
5
|
52
|
(89
|
)
|
65
|
|||||||||||
Total other expense (income), net
|
1,550
|
5,034
|
3,300
|
8,788
|
||||||||||||
Income before income tax expense
|
37,142
|
3,451
|
51,428
|
2,384
|
||||||||||||
Income tax expense
|
6,550
|
472
|
9,061
|
472
|
||||||||||||
Net income
|
30,592
|
2,979
|
42,367
|
1,912
|
||||||||||||
Less: Net income attributable to non-controlling interests
|
-
|
103
|
-
|
350
|
||||||||||||
Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC
|
10,117
|
1,791
|
14,104
|
477
|
||||||||||||
Net income attributable to OneWater Marine Inc
|
$
|
20,475
|
$
|
1,085
|
$
|
28,263
|
$
|
1,085
|
||||||||
Earnings per share of Class A common stock – basic
|
$
|
1.88
|
$
|
0.18
|
$
|
2.61
|
$
|
0.18
|
||||||||
Earnings per share of Class A common stock – diluted
|
$
|
1.83
|
$
|
0.18
|
$
|
2.55
|
$
|
0.18
|
||||||||
Basic weighted-average shares of Class A common stock outstanding
|
10,901
|
6,088
|
10,838
|
6,088
|
||||||||||||
Diluted weighted-average shares of Class A common stock outstanding
|
11,171
|
6,088
|
11,083
|
6,088
|
March 31,
2021
|
March 31,
2020
|
|||||||
Cash
|
$
|
76,713
|
$
|
20,401
|
||||
Restricted cash
|
10,769
|
567
|
||||||
Accounts receivable, net
|
41,005
|
19,839
|
||||||
Inventories
|
186,089
|
333,377
|
||||||
Prepaid expenses and other current assets
|
14,324
|
11,817
|
||||||
Total current assets
|
328,900
|
386,001
|
||||||
Property and equipment, net
|
64,612
|
16,699
|
||||||
Other assets:
|
||||||||
Deposits
|
478
|
364
|
||||||
Deferred tax assets
|
13,113
|
2,845
|
||||||
Identifiable intangible assets
|
74,004
|
61,304
|
||||||
Goodwill
|
151,417
|
113,059
|
||||||
Total other assets
|
239,012
|
177,572
|
||||||
Total assets
|
$
|
632,524
|
$
|
580,272
|
||||
Accounts payable
|
$
|
25,931
|
$
|
7,819
|
||||
Other payables and accrued expenses
|
22,276
|
8,547
|
||||||
Customer deposits
|
39,395
|
13,471
|
||||||
Notes payable – floor plan
|
183,802
|
294,262
|
||||||
Current portion of long-term debt
|
13,995
|
7,012
|
||||||
Current portion of tax receivable agreement liability
|
306
|
-
|
||||||
Total current liabilities
|
285,705
|
331,111
|
||||||
Other long-term liabilities
|
8,634
|
1,540
|
||||||
Tax receivable agreement liability, net of current portion
|
17,560
|
-
|
||||||
Long-term debt, net of current portion and unamortized debt issuance costs
|
105,079
|
108,954
|
||||||
Total liabilities
|
416,978
|
441,605
|
||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of March 31, 2021 and March 31, 2020
|
-
|
-
|
||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 10,968,152 shares issued and outstanding as of March 31, 2021 and 6,087,906 shares
issued and outstanding as of March 31, 2020
|
110
|
61
|
||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 4,070,872 shares issued and outstanding as of March 31, 2021 and 8,462,392 shares
issued and outstanding as of March 31, 2020
|
41
|
85
|
||||||
Additional paid-in capital
|
113,088
|
56,730
|
||||||
Retained earnings
|
44,959
|
1,085
|
||||||
Total stockholders’ equity attributable to OneWater Marine Inc. and members’ equity
|
158,198
|
57,961
|
||||||
Equity attributable to non-controlling interests
|
57,348
|
80,706
|
||||||
Total stockholders’ and members’ equity
|
215,546
|
138,667
|
||||||
Total liabilities, stockholders’ and members’ equity
|
$
|
632,524
|
$
|
580,272
|
Three months ended
March 31,
|
Six months ended
March 31,
|
|||||||||||||||
Description
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net income
|
$
|
30,592
|
$
|
2,979
|
$
|
42,367
|
$
|
1,912
|
||||||||
Interest expense – other
|
1,215
|
2,457
|
2,139
|
4,310
|
||||||||||||
Income taxes
|
6,550
|
472
|
9,061
|
472
|
||||||||||||
Depreciation and amortization
|
1,378
|
791
|
2,341
|
1,551
|
||||||||||||
Loss on contingent consideration
|
-
|
-
|
377
|
-
|
||||||||||||
Transaction costs
|
368
|
2,925
|
568
|
3,362
|
||||||||||||
Change in fair value of warrant liability
|
-
|
-
|
-
|
(771
|
)
|
|||||||||||
Other expense (income), net
|
5
|
52
|
(89
|
)
|
65
|
|||||||||||
Adjusted EBITDA
|
$
|
40,108
|
$
|
9,676
|
$
|
56,764
|
$
|
10,901
|