OneWater Marine Q1 Revenue Dips to $315.8M

TL;DR

OneWater Marine Q1 revenue down to $315.8M, net income $10.1M. Boat sales slowing.

AI Summary

OneWater Marine Inc. reported its first quarter results for the period ending December 31, 2024. The company's total revenue for the quarter was $315.8 million, a decrease from $334.7 million in the same period last year. Net income attributable to OneWater Marine Inc. was $10.1 million, down from $14.2 million year-over-year.

Why It Matters

This filing indicates a slowdown in sales for OneWater Marine, which could impact investor confidence and future growth prospects in the recreational boating market.

Risk Assessment

Risk Level: medium — The decrease in revenue and net income suggests potential market headwinds or operational challenges that could affect future performance.

Key Numbers

• $315.8M — Total Revenue (Q1 2025 revenue, down from $334.7M in Q1 2024)
• $10.1M — Net Income (Q1 2025 net income, down from $14.2M in Q1 2024)
• 2024-12-31 — Reporting Period End Date (End of the first fiscal quarter)

Key Players & Entities

• OneWater Marine Inc. (company) — Filer of the 10-Q report
• December 31, 2024 (date) — End of the reporting period
• $315.8 million (dollar_amount) — Total revenue for the quarter
• $334.7 million (dollar_amount) — Total revenue for the prior year's quarter
• $10.1 million (dollar_amount) — Net income for the current quarter
• $14.2 million (dollar_amount) — Net income for the prior year's quarter

FAQ

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share ONEW The Nasdaq Global Market
• $250,000 b — h of the institutions are insured up to $250,000 by the Federal Deposit Insurance Corporat

Filing Documents

• onew-20241231.htm (10-Q) — 1121KB
• onew-20241231xexx311.htm (EX-31.1) — 11KB
• onew-20241231xexx312.htm (EX-31.2) — 11KB
• onew-20241231xexx321.htm (EX-32.1) — 6KB
• onew-20241231xexx322.htm (EX-32.2) — 6KB
• 0001772921-25-000013.txt ( ) — 7033KB
• onew-20241231.xsd (EX-101.SCH) — 49KB
• onew-20241231_cal.xml (EX-101.CAL) — 69KB
• onew-20241231_def.xml (EX-101.DEF) — 318KB
• onew-20241231_lab.xml (EX-101.LAB) — 721KB
• onew-20241231_pre.xml (EX-101.PRE) — 501KB
• onew-20241231_htm.xml (XML) — 800KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 5 Item 1. Condensed Consolidated Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024 5 Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended December 31, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended December 31, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2024 and December 31, 2023 9 Notes to the Condensed Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3. Quantitative and Qualitative Disclosure about Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39

– OTHER INFORMATION

PART II – OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 2 Table of Content CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS The information in this Quar terly Report on Form 10-Q includes "forward-looking statements." All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q, 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 headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" included in our Annual Report on Form 10-K for the year ended September 30, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on December 10, 2024 , and under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q. 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-Q that are not historical. 3 Table of Content We caution you that these forward-looking statements are subject to all of the

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) ONEWATER MARINE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share data) (Unaudited) December 31, 2024 September 30, 2024 ASSETS CURRENT ASSETS: Cash $ 22,711 $ 16,849 Restricted cash 13,847 10,488 Accounts receivable, net 56,912 73,269 Inventories 636,676 590,838 Prepaid expenses and other current assets 67,328 85,922 Total current assets 797,474 777,366 Property and equipment, net 91,499 93,224 Operating lease right-of-use assets 136,275 138,829 Other long-term assets 4,911 1,299 Deferred tax assets, net 41,154 37,278 Intangible assets, net 203,631 205,391 Goodwill 336,602 336,602 Total assets $ 1,611,546 $ 1,589,989 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 29,266 $ 32,106 Other payables and accrued expenses 38,055 42,116 Customer deposits 53,454 63,955 Notes payable – floor plan 490,107 443,386 Current portion of operating lease liabilities 15,752 15,704 Current portion of long-term debt, net 15,672 7,874 Current portion of tax receivable agreement liability 2,578 2,578 Total current liabilities 644,884 607,719 Other long-term liabilities 9,105 12,563 Tax receivable agreement liability 38,019 38,019 Long-term operating lease liabilities 123,330 126,001 Long-term debt, net 412,590 414,934 Total liabilities 1,227,928 1,199,236 COMMITMENTS AND CONTINGENCIES (Note 15) STOCKHOLDERS' EQUITY Preferred stock, $ 0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and September 30, 2024 — — Class A common stock, $ 0.01 par value, 40,000,000 shares authorized, 14,847,008 and 14,686,696 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively 148 147 Class B common stock, $ 0.01 par value, 10,000,000 shares authorized, 1,429,940 shares issued and outstanding as of December 31, 2024 and September 30, 2024 14 14 Additional

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