OneWater(ONEW)2025-05-02 20:50Financial Performance - Total revenues for the three months ended March 31, 2025, were 488.3 million for the same period in 2024[19]. - For the six months ended March 31, 2025, total revenue was 852.3 million for the same period in 2024, indicating an increase of approximately 0.7%[138]. - Net loss attributable to OneWater Marine Inc. for the three months ended March 31, 2025, was 3.97 million for the same period in 2024[19]. - For the six months ended March 31, 2025, the net loss was 12,479,000 for the same period in 2024, representing an increase in loss of approximately 12.1%[24]. - The company reported a gross profit margin of 22.9% for the three months ended March 31, 2025, compared to 24.6% for the same period in 2024[19]. Cash and Assets - Cash and cash equivalents increased to 16.8 million as of September 30, 2024[17]. - Total assets rose to 1.59 billion as of September 30, 2024[17]. - Cash and restricted cash at the end of the period was 48,216,000 from the beginning of the period[24]. - Total accounts receivable increased to 73.3 million as of September 30, 2024, representing a 24.9% increase[67]. - The company experienced a decrease in accounts receivable by 602.4 million as of March 31, 2025, from 509.0 million as of March 31, 2025, up from 309.0 million as of March 31, 2025, with a potential interest expense change of approximately 3.1 million for a 100 basis point interest rate fluctuation[251]. - The A&R Credit Facility had an outstanding balance of 231.4 million as of March 31, 2025, with a potential interest expense change of approximately 87.8 million for the three months ended March 31, 2025, slightly up from 7.5 million for the three months ended March 31, 2025, compared to 12,208,000 for the six months ended March 31, 2025, up from 40.8 million under the Tax Receivable Agreement as of March 31, 2025, representing 85% of anticipated net cash savings from tax benefits[119]. Shareholder Equity and Stock - OneWater Marine Inc. reported a total stockholders' equity of 390,753,000 at the end of 2024[21]. - The company issued 160 shares upon vesting of equity-based awards, resulting in a decrease of 7.8 million as of March 31, 2025[87]. - As of March 31, 2025, the company has repurchased and retired 73,487 shares of Class A common stock for approximately 48.1 million remaining available for future purchases under the share repurchase program[91]. Operational Insights - The company experienced a decrease in new boat revenues, which totaled 327.3 million in 2024[19]. - The company anticipates continued challenges in the boat industry due to seasonality and economic conditions affecting consumer demand[12]. - As of March 31, 2025, OneWater Marine Inc. operates 98 retail locations and 9 distribution centers across 19 states[27]. - The company recorded a loss on asset disposals of $200,000 for the six months ended March 31, 2025[24]. Tax and Regulatory Matters - The effective tax rates for the three months ended March 31, 2025, and 2024, were 28.3% and 29.0%, respectively, while for the six months ended March 31, 2025, and 2024, they were 27.9% and 24.8%[113]. - The Company has not recognized any uncertain tax positions or penalties as of March 31, 2025, indicating a stable tax position[118]. Risk Factors - Economic conditions, including rising interest rates and trade policy uncertainties, may negatively impact the Company's operating results[28]. - The company is exposed to foreign currency risk due to purchasing new boats and parts from foreign manufacturers, which may affect competitive pricing in the U.S.[254]. - Fluctuations in foreign currency rates could adversely impact the company's future operating results if not recaptured in customer pricing[254].