OneWater Marine Files 2024 10-K

TL;DR

OneWater Marine's 2024 10-K is in. Check financials for FY ending 9/30/24.

AI Summary

OneWater Marine Inc. filed its 2024 10-K report for the fiscal year ending September 30, 2024. The company, headquartered in Buford, GA, operates in the retail auto & home supply stores sector. Key financial data and operational details for the fiscal years 2023 and 2024 are presented in this filing.

Why It Matters

This filing provides a comprehensive overview of OneWater Marine's financial performance and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for a publicly traded company in its sector.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending September 30, 2024.)
• 2023 — Prior Fiscal Year End (Comparative data for the fiscal year ending September 30, 2023, is included.)

Key Players & Entities

• OneWater Marine Inc. (company) — Filer of the 10-K
• Buford, GA (location) — Company headquarters and mailing address
• 2024-09-30 (date) — Fiscal year end
• 2024-12-10 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share ONEW The Nasdaq Global Market
• $57.7 billion — cessories and related purchases reached $57.7 billion in 2023, down 2.6% from 2022, and has,
• $15.8 billion — s have driven market growth and reached $15.8 billion in 2023, resulting in an 11% average an
• $10.3 billion — onal powerboat sales were approximately $10.3 billion in 2023, which represents a decrease of
• $9.2 billion — in excess of the pre-pandemic level of $9.2 billion in 2019. With the exception of 2020 - 2
• $1,118.3 million — boat sales accounted for approximately $1,118.3 million or 63.1% of our consolidated revenue, a
• $312.2 million — boat sales accounted for approximately $312.2 million or 17.6% of our consolidated revenue.

Filing Documents

• onew-20240930.htm (10-K) — 2500KB
• onew-20240930xex1032x5tham.htm (EX-10.32) — 98KB
• onew-20240930xex191xinside.htm (EX-19.1) — 61KB
• onew-20240930xex211.htm (EX-21.1) — 16KB
• onew-20240930xex231.htm (EX-23.1) — 2KB
• onew-20240930xex311.htm (EX-31.1) — 11KB
• onew-20240930xex312.htm (EX-31.2) — 10KB
• onew-20240930xex321.htm (EX-32.1) — 5KB
• onew-20240930xex322.htm (EX-32.2) — 5KB
• onew-20240930_g1.jpg (GRAPHIC) — 67KB
• 0001772921-24-000101.txt ( ) — 12251KB
• onew-20240930.xsd (EX-101.SCH) — 76KB
• onew-20240930_cal.xml (EX-101.CAL) — 120KB
• onew-20240930_def.xml (EX-101.DEF) — 459KB
• onew-20240930_lab.xml (EX-101.LAB) — 984KB
• onew-20240930_pre.xml (EX-101.PRE) — 728KB
• onew-20240930_htm.xml (XML) — 1586KB

Risk Factors

Item 1A. Risk Factors 16 Item 1B. Unresolved Staff Comments. 40 Item 2. Properties. 42 Item 3. Legal Proceedings. 42 Item 4. Mine Safety Disclosures. 42 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 43 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 69 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 101 Item 9A.

Controls and Procedures

Controls and Procedures. 101 Item 9B. Other Information. 102 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 102 PART III Item 10. Directors, Executive Officers and Corporate Governance. 103 Item 11.

Executive Compensation

Executive Compensation. 103 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 103 Item 13. Certain Relationships and Related Transactions, and Director Independence. 103 Item 14. Principal Accounting Fees and Services. 103 PART IV Item 15. Exhibits, Financial Statement Schedules. 104 Item 16. Form 10-K Summary 107 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The information in this Form 10-K includes "forward-looking statements." All statements, other than statements of historical fact included in this Form 10-K, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Form 10-K, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors," "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in this Form 10-K. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events.

Forward-looking statements may include statements about

Forward-looking statements may include statements about: general economic conditions, including changes in employment levels, rates of inflation, consumer demand, preferences and confidence levels, fuel prices, levels of discretionary income, and consumer spending patterns; economic conditions in certain geographic regions in which we primarily generate our revenue; credit markets and the availability and cost of borrowed funds; our business strategy, including acquisitions and Dealership same-store growth; our ability to integrate acquisitions or conduct dispositions; competition; our ability to maintain our relationships with manufacturers, including meeting the requirements of our dealer agreements and receiving the benefits of certain manufacturer incentives; changes in industry seasonality and changes in demand for our products and our ability to maintain acceptable pricing for our products and services, including financing, insurance and extended service contracts; effects of an inflationary environment on the cost of the products we sell and personnel and other expenses that are incurred within our operations; our ability to finance working capital and capital expenditures; our operating cash flows, the availability of capital and our liquidity; our future revenue, Dealership same-store sales, income, financial condition, and operating performance; our ability to sustain and improve our utilization, revenue and margins; seasonality and inclement weather such as hurricanes, tornadoes, other severe storms, fire and floods, generally and in certain geographic regions in which we primarily generate our revenue; any potential tax savings we may realize as a result of our organizational structure; our future operating results and profitability; and plans, objectives, expectations and intentions contained in this Form 10-K that are not historical. 1 Table of Contents We caution you that these forward-looking statements are subject to all of the

Business

Item 1. Business. OneWater Marine Inc. ("OneWater Inc.") is a holding company and the sole managing member of One Water Marine Holdings, LLC ("OneWater LLC"), which became the principal operating subsidiary of OneWater Inc. on February 11, 2020 in the corporate reorganization (the "Reorganization") completed in connection with OneWater Inc.'s initial public offering (the "IPO"), which closed on February 11, 2020. Except as otherwise indicated or required by the context, all references in this Form 10-K to the "Company," "OneWater," "we," "us" or "our" relate to (i) for periods after the Reorganization, OneWater Inc. and its consolidated subsidiaries, and (ii) for periods on or prior to the Reorganization, to OneWater LLC, our accounting predecessor, and its consolidated subsidiaries. Overview We believe that we are one of the largest and fastest-growing marine retailers in the United States with 96 dealership locations, 10 distribution centers/warehouses and multiple online marketplaces as of September 30, 2024. Our retail locations are located in highly attractive markets throughout the Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in the top twenty states for marine retail expenditures. We believe that we are a market leader by volume in sales of premium boats in many of the markets in which we operate. Additionally, the acquisitions of T-H Marine Supplies, LLC ("T-H Marine") and Ocean Bio-Chem, Inc. (now Ocean Bio-Chem, LLC) ("Ocean Bio-Chem") have significantly expanded our sales of marine-related parts and accessories. The combination of our significant scale, diverse inventory, access to premium boat brands, access to a broad array of parts and accessories, and meaningful group brand equity enables us to provide a consistently professional experience as reflected in the number of our repeat customers and Dealership same-store sales growth. Effective August 9, 2022, our reportable segments changed as a result of the Company's acquisi

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View this 10-K filing on SEC EDGAR