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|
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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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(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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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 February 3, 2022.
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
* |
Furnished herewith.
|
ONEWATER MARINE INC.
|
||
By:
|
/s/ Jack Ezzell
|
|
Name:
|
Jack Ezzell
|
|
Title:
|
Chief Financial Officer
|
|
Dated: February 3, 2022
|
|
• |
Revenue increased 57% to $336 million
|
• |
Same-store sales increased 28%
|
• |
Gross profit margin expanded 550 basis points to 30%
|
• |
Net income increased 99% to $23 million
|
• |
Net income per diluted share attributable to OneWater increased 105% to $1.45
|
• |
Adjusted EBITDA1 increased 146% to $41 million
|
• |
Completed four strategic acquisitions, including the largest in company history
|
For the Three Months
Ended December 31
|
2021
|
2020
|
$ Change
|
% Change
|
||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Revenues
|
||||||||||||||||
New boat
|
$
|
236,198
|
$
|
151,828
|
$
|
84,370
|
55.6
|
%
|
||||||||
Pre-owned boat
|
53,449
|
38,580
|
14,869
|
38.5
|
%
|
|||||||||||
Finance & insurance income
|
9,307
|
5,963
|
3,344
|
56.1
|
%
|
|||||||||||
Service, parts & other
|
37,318
|
17,712
|
19,606
|
110.7
|
%
|
|||||||||||
Total revenues
|
$
|
336,272
|
$
|
214,083
|
$
|
122,189
|
57.1
|
%
|
|
|
|
|
|
|
Three Months Ended December 31
|
||||||||
2021
|
2020
|
|||||||
Revenues
|
||||||||
New boat
|
$
|
236,198
|
$
|
151,828
|
||||
Pre-owned boat
|
53,449
|
38,580
|
||||||
Finance & insurance income
|
9,307
|
5,963
|
||||||
Service, parts & other
|
37,318
|
17,712
|
||||||
Total revenues
|
336,272
|
214,083
|
||||||
Gross Profit
|
||||||||
New boat
|
60,302
|
29,296
|
||||||
Pre-owned boat
|
14,079
|
8,128
|
||||||
Finance & insurance
|
9,307
|
5,963
|
||||||
Service, parts & other
|
17,277
|
9,049
|
||||||
Total gross profit
|
100,965
|
52,436
|
||||||
Selling, general and administrative expenses
|
59,096
|
34,860
|
||||||
Depreciation and amortization
|
1,749
|
963
|
||||||
Transaction costs
|
3,045
|
200
|
||||||
Loss on contingent consideration
|
5,746
|
377
|
||||||
Income from operations
|
31,329
|
16,036
|
||||||
Other expense (income)
|
||||||||
Interest expense – floor plan
|
877
|
920
|
||||||
Interest expense – other
|
1,529
|
924
|
||||||
Other expense (income), net
|
548
|
(94
|
)
|
|||||
Total other expense, net
|
2,954
|
1,750
|
||||||
Income before income tax expense
|
28,375
|
14,286
|
||||||
Income tax expense
|
4,889
|
2,511
|
||||||
Net income
|
23,486
|
11,775
|
||||||
Less: Net income attributable to non-controlling interests
|
-
|
-
|
||||||
Less: Net income attributable to non-controlling interests of
One Water Marine Holdings, LLC
|
3,467
|
3,987
|
||||||
Net income attributable to OneWater Marine Inc
|
$
|
20,019
|
$
|
7,788
|
||||
Earnings per share of Class A common stock – basic
|
$
|
1.50
|
$
|
0.72
|
||||
Earnings per share of Class A common stock – diluted
|
$
|
1.45
|
$
|
0.71
|
||||
Basic weighted-average shares of Class A
common stock outstanding
|
13,380
|
10,776
|
||||||
Diluted weighted-average shares of Class A
common stock outstanding
|
13,761
|
10,986
|
||||||
|
|
December 31,
2021
|
December 31,
2020
|
|||||||
Cash
|
$
|
67,908
|
$
|
25,952
|
||||
Restricted cash
|
6,861
|
3,984
|
||||||
Accounts receivable, net
|
37,643
|
14,499
|
||||||
Inventories
|
248,212
|
196,114
|
||||||
Prepaid expenses and other current assets
|
34,321
|
13,339
|
||||||
Total current assets
|
394,945
|
253,888
|
||||||
Property and equipment, net
|
74,638
|
62,833
|
||||||
Operating lease right-of-use assets
|
118,054
|
73,196
|
||||||
Other assets:
|
||||||||
Deposits
|
539
|
392
|
||||||
Deferred tax assets
|
32,956
|
14,342
|
||||||
Identifiable intangible assets
|
121,244
|
74,004
|
||||||
Goodwill
|
419,675
|
146,562
|
||||||
Total other assets
|
574,414
|
235,300
|
||||||
Total assets
|
$
|
1,162,051
|
$
|
625,217
|
||||
Accounts payable
|
$
|
33,262
|
$
|
10,545
|
||||
Other payables and accrued expenses
|
30,096
|
17,557
|
||||||
Customer deposits
|
56,986
|
23,386
|
||||||
Notes payable – floor plan
|
195,638
|
170,320
|
||||||
Current operating lease liabilities
|
11,173
|
7,054
|
||||||
Current portion of long-term debt
|
19,420
|
10,481
|
||||||
Current portion of tax receivable agreement liability
|
915
|
-
|
||||||
Total current liabilities
|
347,490
|
239,343
|
||||||
Other long-term liabilities
|
29,617
|
4,766
|
||||||
Tax receivable agreement liability, net of current portion
|
45,290
|
17,556
|
||||||
Noncurrent operating lease liabilities
|
107,452
|
66,530 | ||||||
Long-term debt, net of current portion and unamortized debt issuance costs
|
327,008
|
111,466
|
||||||
Total liabilities
|
856,857
|
439,661
|
||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none
issued and outstanding as of December 31, 2021 and December 31, 2020
|
-
|
-
|
||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 13,852,296 shares issued and outstanding as of December 31, 2021 and 10,867,291 shares issued and
outstanding as of December 31, 2020
|
139
|
109
|
||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 1,429,940 shares issued and outstanding as of December 31, 2021 and 4,108,007 shares issued and
outstanding as of December 31, 2020
|
14
|
41
|
||||||
Additional paid-in capital
|
166,411
|
111,859
|
||||||
Retained earnings
|
94,529
|
25,618
|
||||||
Total stockholders’ equity attributable to OneWater Marine Inc
|
261,093
|
137,627
|
||||||
Equity attributable to non-controlling interests
|
44,101
|
47,929
|
||||||
Total stockholders’ equity
|
305,194
|
185,556
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,162,051
|
$
|
625,217
|
|
|
Three months ended
December 31,
|
Trailing twelve months ended December 31,
|
|||||||||||
Description
|
2021
|
2020
|
2021
|
|||||||||
Net income
|
$
|
23,486
|
$
|
11,775
|
$
|
128,124
|
||||||
Interest expense – other
|
1,529
|
924
|
4,949
|
|||||||||
Income tax expense
|
4,889
|
2,511
|
28,180
|
|||||||||
Depreciation and amortization
|
1,749
|
963
|
6,197
|
|||||||||
Loss on contingent consideration
|
5,746
|
377
|
8,618
|
|||||||||
Loss on extinguishment of debt
|
-
|
-
|
-
|
|||||||||
Transaction costs
|
3,045
|
200
|
3,714
|
|||||||||
Other expense (income), net
|
548
|
(94
|
)
|
394
|
||||||||
Adjusted EBITDA
|
$
|
40,992
|
$
|
16,656
|
$
|
180,176
|
||||||
|
|
|
|