|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices) |
(Zip Code)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits.
|
Exhibit
Number
|
Description
|
|
Press Release issued by OneWater Marine Inc., dated February 2, 2023.
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
ONEWATER MARINE INC.
|
||
By:
|
/s/ Jack Ezzell
|
|
Name:
|
Jack Ezzell
|
|
Title:
|
Chief Financial Officer
|
|
Dated: February 2, 2023
|
• |
Revenue increased 9% to $367 million, a new fiscal first quarter record
|
• |
Service, parts & other revenue surged 86% to $70 million
|
• |
Same-store sales decreased 14% as seasonality returns
|
• |
Gross profit margin of 30%, remains strong as expected
|
• |
Net income was $11 million in the quarter or $0.61 per diluted share
|
• |
Adjusted EBITDA1 of $28 million
|
• |
Completed two strategic dealership acquisitions
|
For the Three Months
Ended December 31
|
2022
|
2021
|
$ Change
|
% Change
|
||||||||||||
Revenues
|
(unaudited, $ in thousands)
|
|||||||||||||||
New boat
|
$
|
232,405
|
$
|
236,198
|
$
|
(3,793
|
)
|
(1.6
|
%)
|
|||||||
Pre-owned boat
|
55,778
|
53,449
|
2,329
|
4.4
|
%
|
|||||||||||
Finance & insurance income
|
8,934
|
9,307
|
(373
|
)
|
(4.0
|
)%
|
||||||||||
Service, parts & other
|
69,542
|
37,318
|
32,224
|
86.3
|
%
|
|||||||||||
Total revenues
|
$
|
366,659
|
$
|
336,272
|
$
|
30,387
|
9.0
|
%
|
Three Months Ended
December 31,
|
||||||||
2022
|
2021
|
|||||||
Revenues
|
||||||||
New boat
|
$
|
232,405
|
$
|
236,198
|
||||
Pre-owned boat
|
55,778
|
53,449
|
||||||
Finance & insurance income
|
8,934
|
9,307
|
||||||
Service, parts & other
|
69,542
|
37,318
|
||||||
Total revenues
|
366,659
|
336,272
|
||||||
Gross Profit
|
||||||||
New boat
|
57,147
|
60,302
|
||||||
Pre-owned boat
|
15,474
|
14,079
|
||||||
Finance and insurance
|
8,934
|
9,307
|
||||||
Service, parts & other
|
28,433
|
17,277
|
||||||
Total gross profit
|
109,988
|
100,965
|
||||||
Selling, general and administrative expenses
|
77,838
|
59,096
|
||||||
Depreciation and amortization
|
5,693
|
1,749
|
||||||
Transaction costs
|
1,330
|
3,045
|
||||||
Change in fair value of contingent consideration
|
(1,409
|
)
|
5,746
|
|||||
Income from operations
|
26,536
|
31,329
|
||||||
Other expense (income)
|
||||||||
Interest expense – floor plan
|
4,779
|
877
|
||||||
Interest expense – other
|
7,584
|
1,529
|
||||||
Other (income) expense, net
|
(639
|
)
|
548
|
|||||
Total other expense, net
|
11,724
|
2,954
|
||||||
Income before income tax expense
|
14,812
|
28,375
|
||||||
Income tax expense
|
3,384
|
4,889
|
||||||
Net income
|
11,428
|
23,486
|
||||||
Less: Net income attributable to non-controlling
interests
|
(1,365
|
)
|
-
|
|||||
Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC
|
(1,163
|
)
|
(3,467
|
)
|
||||
Net income attributable to OneWater Marine Inc.
|
$
|
8,900
|
$
|
20,019
|
||||
Earnings per share of Class A common stock – basic
|
$
|
0.62
|
$
|
1.50
|
||||
Earnings per share of Class A common stock – diluted
|
$
|
0.61
|
$
|
1.45
|
||||
Basic weighted-average shares of Class A common stock outstanding
|
14,297
|
13,380
|
||||||
Diluted weighted-average shares of Class A common stock outstanding
|
14,587
|
13,761
|
December 31,
2022
|
December 31,
2021
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$
|
43,535
|
$
|
67,908
|
||||
Restricted cash
|
14,673
|
6,861
|
||||||
Accounts receivable, net
|
63,613
|
37,643
|
||||||
Inventories, net
|
527,023
|
248,212
|
||||||
Prepaid expenses and other current assets
|
61,548
|
34,321
|
||||||
Total current assets
|
710,392
|
394,945
|
||||||
Property and equipment, net
|
114,802
|
74,638
|
||||||
Operating lease right-of-use assets
|
126,760
|
118,054
|
||||||
Other assets:
|
||||||||
Other assets
|
3,844
|
539
|
||||||
Deferred tax assets, net
|
7,248
|
32,956
|
||||||
Intangible assets, net
|
311,579
|
121,244
|
||||||
Goodwill
|
397,468
|
419,675
|
||||||
Total other assets
|
720,139
|
574,414
|
||||||
Total assets
|
$
|
1,672,093
|
$
|
1,162,051
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
25,859
|
$
|
33,262
|
||||
Other payables and accrued expenses
|
44,835
|
30,096
|
||||||
Customer deposits
|
60,084
|
56,986
|
||||||
Notes payable – floor plan
|
425,368
|
195,638
|
||||||
Current portion of operating lease liabilities
|
13,410
|
11,173
|
||||||
Current portion of long-term debt, net
|
29,247
|
19,420
|
||||||
Current portion of tax receivable agreement liability
|
2,363
|
915
|
||||||
Total current liabilities
|
601,166
|
347,490
|
||||||
Long-term Liabilities:
|
||||||||
Other long-term liabilities
|
19,850
|
29,617
|
||||||
Tax receivable agreement liability
|
43,991
|
45,290
|
||||||
Noncurrent operating lease liabilities
|
114,601
|
107,452
|
||||||
Long-term debt, net
|
434,670
|
327,008
|
||||||
Total liabilities
|
1,214,278
|
856,857
|
||||||
Stockholders’ Equity:
|
||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of December 31, 2022 and
September 30, 2022
|
-
|
-
|
||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 14,297,607 shares issued and outstanding as of
December 31, 2022 and 13,852,296 issued and outstanding as of December 31, 2021
|
143
|
139
|
||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 1,429,940 shares issued and outstanding as of
December 31, 2022 and December 31, 2021
|
14
|
14
|
||||||
Additional paid-in capital
|
182,113
|
166,411
|
||||||
Retained earnings
|
213,770
|
94,529
|
||||||
Accumulated other comprehensive income
|
3
|
-
|
||||||
Total stockholders’ equity attributable to OneWater Marine Inc.
|
396,043
|
261,093
|
||||||
Equity attributable to non-controlling interests
|
61,772
|
44,101
|
||||||
Total stockholders’ equity
|
457,815
|
305,194
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,672,093
|
$
|
1,162,051
|
Three months ended
December 31,
|
Trailing twelve
months ended
December 31,
|
|||||||||||
2022
|
2021
|
2022
|
||||||||||
Net income
|
$
|
11,428
|
$
|
23,486
|
$
|
140,553
|
||||||
Interest expense – other
|
7,584
|
1,529
|
19,256
|
|||||||||
Income tax expense
|
3,384
|
4,889
|
41,720
|
|||||||||
Depreciation and amortization
|
6,182
|
1,749
|
20,730
|
|||||||||
Change in fair value of contingent consideration
|
(1,409
|
)
|
5,746
|
3,225
|
||||||||
Loss on extinguishment of debt
|
-
|
-
|
356
|
|||||||||
Transaction costs
|
1,330
|
3,045
|
6,009
|
|||||||||
Other (income) expense, net
|
(639
|
)
|
548
|
2,606
|
||||||||
Adjusted EBITDA
|
$
|
27,860
|
$
|
40,992
|
$
|
234,455
|