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OneWater Marine Inc. (ONEW)

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27.96-0.28 (-0.99%)
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Neutralpattern detected
Previous Close28.24
Open28.47
Bid0.00 x 2200
Ask0.00 x 800
Day's Range26.88 - 28.47
52 Week Range3.41 - 33.60
Volume95,410
Avg. Volume123,636
Market Cap418.709M
Beta (5Y Monthly)N/A
PE Ratio (TTM)0.11
EPS (TTM)252.18
Earnings DateNov 19, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est34.00
  • ACCESSWIRE

    Onewater Marine Inc - Ordinary Shares - Class A to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / November 19, 2020 / Onewater Marine Inc - Ordinary Shares - Class A (NASDAQ:ONEW) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on November 19, 2020 at 8:30 AM Eastern Time.

  • OneWater Marine Inc. Announces Fiscal Fourth Quarter and Record Full-Year 2020 Results
    GlobeNewswire

    OneWater Marine Inc. Announces Fiscal Fourth Quarter and Record Full-Year 2020 Results

    Strong top- and bottom-line growth driven by solid execution and an industry-leading digital platformFiscal Year 2020 Highlights * Record revenue of $1.0 billion increased 33% * Same-store sales increased 24% * Net income increased 30% to $48.5 million * Adjusted EBITDA1 rose 80% to $83.3 millionBUFORD, Ga., Nov. 19, 2020 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal fourth quarter and full-year ended September 30, 2020.“The OneWater team delivered exceptional results in our first year as a publicly traded company, including record full year revenues and profitability. Our performance highlighted the strength of our team and its execution, as well as our industry-leading market position. Our investments in innovative technology continue to set us apart, as we captured the surge of new customers to the marine industry in 2020. Further, our custom CRM, inventory management tools and operational dashboards have enabled us to remain agile and outperform the industry,” commented Austin Singleton, Chief Executive Officer at OneWater. “During the fourth quarter, retail demand remained elevated, resulting in substantial growth across our core business segments, including new and pre-owned boat sales, which grew by 29% and 47%, respectively. I am really proud of the entire OneWater team for their commitment to the Company and their relentless focus on our customers.”“Looking ahead, we expect strong retail demand to continue into the 2021 boating season. Our M&A pipeline remains robust and is a cornerstone to our long-term growth strategy, and we anticipate returning to the cadence of transactions that we routinely completed prior to our IPO. We remain focused on executing our growth strategy and driving long-term shareholder value,” Mr. Singleton concluded.          For the Three Months    Ended September 30 2020 2019 $ Change % Change       (unaudited, $ in thousands) Revenues         New boat sales $186,844  $144,436  $42,408  29.4% Pre-owned boat sales  56,180   38,145   18,035  47.3% Finance & insurance income  7,745   7,626   119  1.6% Service, parts & other sales  20,267   18,545   1,722  9.3% Total revenues $271,036  $208,752  $62,284  29.8%           Fiscal Fourth Quarter 2020 ResultsRevenue for the fiscal fourth quarter 2020 was $271.0 million, an increase of 29.8% compared to $208.8 million in fiscal fourth quarter 2019, primarily driven by an increase in the average unit price of new and pre-owned boats sold and the continued execution of operational improvements on previously acquired dealers. During the fiscal fourth quarter 2020 same-store sales increased 25%, on top of a 20% increase in the comparable period of 2019. In the current year, the Company realized a 29.4% increase in new boat sales to $186.8 million from $144.4 million in the fiscal fourth quarter of 2019, and an increase of 47.3% in pre-owned boat sales to $56.2 million from $38.1 million in the fiscal fourth quarter of 2019. Service, parts & other sales increased 9.3% to $20.3 million from $18.5 million in the fiscal fourth quarter of 2019.Gross profit totaled $64.1 million for the fiscal fourth quarter 2020, compared to $46.4 million for the fiscal fourth quarter 2019. Gross profit margin of 23.6% increased 140 basis points compared to the prior year primarily due to a shift in the mix and size of boat models sold, the Company’s focus on dynamic pricing, the increase in service, parts & other sales, and the emphasis on meeting customer demand.Fiscal fourth quarter 2020 selling, general and administrative expenses totaled $39.7 million, or 14.6% of revenue, compared to $32.6 million, or 15.6% of revenue, in the fiscal fourth quarter of 2019. The decrease in selling, general and administrative expenses as a percentage of revenue was due mainly to leverage on the significant increase in sales and the cost reduction actions enacted following the acceleration of COVID-19 at the end of March of this year.Net income for the fiscal fourth quarter of 2020 totaled $6.0 million, compared to net income of $5.0 million in the fiscal fourth quarter of 2019, an increase of 18.9%. The increase is primarily due to the increase in sales, leveraging our expense structure and a reduction in interest expense, partially offset by a $6.6 million loss from the extinguishment of debt and a $6.8 million loss on contingent consideration.Fiscal fourth quarter 2020 Adjusted EBITDA (see reconciliation of Non-GAAP financial measures) increased 108.0% to $23.0 million, compared to $11.1 million for the fiscal fourth quarter of 2019.          For the Twelve Months    Ended September 30  2020   2019  $ Change % Change       (unaudited, $ in thousands) Revenues         New boat sales $717,093  $526,774  $190,319  36.1% Pre-owned boat sales  205,650   153,010   52,640  34.4% Finance & insurance income  36,792   26,151   10,641  40.7% Service, parts & other sales  63,435   61,689   1,746  2.8% Total revenues $1,022,970  $767,624  $255,346  33.3%           Fiscal Year Ended September 30, 2020 ResultsRevenue for the fiscal year ended September 30, 2020 increased 33.3% to $1,023.0 million from $767.6 million for the fiscal year ended September 30, 2019 driven by an increase in unit sales and average unit price of new and pre-owned boats and a 40.7% increase in finance & insurance sales compared to the prior year. Same store sales increased 24% compared to the prior year.Gross profit totaled $235.5 million for the fiscal year 2020, compared to $172.1 million for the fiscal year 2019. Gross profit margin of 23.0% increased 60 basis points compared to the prior year primarily due to the increase in the margin achieved on boat sales, increases in finance & insurance income and increases in service, parts & other gross profit.Fiscal year 2020 selling, general and administrative expenses totaled $143.4 million, or 14.0% of revenue, compared to $116.5 million, or 15.2% of revenue in fiscal year 2019. The decrease in selling, general and administrative expenses as a percentage of revenue was due mainly to leverage achieved on the significant increase in sales and the cost reduction actions enacted following the acceleration of COVID-19 in March of 2020.Net income for fiscal year 2020 totaled $48.5 million compared to $37.3 million in fiscal year 2019, an increase of 30.2%. The increase is primarily due to the increase in sales we experienced in 2020.Fiscal 2020 Adjusted EBITDA (see reconciliation of Non-GAAP financial measures) increased 80.1% to $83.3 million, compared to $46.2 million in fiscal year 2019.As of September 30, 2020, the Company’s cash and cash equivalents balance was $68.2 million, an increase of $56.7 million compared to $11.5 million as of September 30, 2019. The Company also had in excess of $40.0 million of availability on its revolving line of credit and floor plan credit facility as of September 30, 2020. Total inventory as of September 30, 2020 decreased to $150.1 million compared to $277.3 million on September 30, 2019, primarily due to the increased retail sales volume in the year and the lower level of manufacturer replenishments.Fiscal Year 2021 GuidanceFor fiscal full year 2021, OneWater anticipates same store sales to be up mid-single digits and Adjusted EBITDA to be up low- to mid-single digits, excluding acquisitions completed during the year.Conference Call and WebcastOneWater will host a conference call to discuss its fiscal fourth quarter and full-year 2020 earnings on Thursday, November 19, 2020 at 8:30 am Eastern time. The conference call may be accessed by dialing (866) 220-5793 in the U.S./Canada or (615) 622-8064 for participants outside the U.S./Canada using the Conference ID 5366308. This call is being webcast and can be accessed through the “Events” section of the Company’s website at https://investor.onewatermarine.com/ where it will be archived for one year.About OneWater Marine Inc. OneWater Marine Inc. is one of the largest and fastest-growing premium recreational boat retailers in the United States. OneWater operates 61 stores throughout 10 different states, seven of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage.Non-GAAP Financial Measures and Key Performance IndicatorsThis press release and our related earnings call contain certain non-GAAP financial measures, including Adjusted EBITDA as a measure of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of the Company’s ongoing operations and how management views the business. Reconciliations of reported GAAP measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. Because our non-GAAP financial measures may be defined differently by other companies, our definition of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. We have not reconciled non‐GAAP forward-looking measures, including Adjusted EBITDA guidance, to their corresponding GAAP measures because certain items that impact these measures are unavailable or cannot be reasonably predicted without unreasonable efforts.Adjusted EBITDAWe define Adjusted EBITDA as net income (loss) before interest expense – other, income taxes, depreciation and amortization and other (income) expense, further adjusted to eliminate the effects of items such as the change in the fair value of warrant liability, gain (loss) on contingent consideration, gain (loss) on extinguishment of debt and transaction costs. See reconciliation below.Our board of directors, management team and lenders use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and other items (such as the fair value adjustment of the warrants, gain or loss on contingent consideration, gain or loss on extinguishment of debt and transaction costs) that impact the comparability of financial results from period to period. We present Adjusted EBITDA because we believe it provides useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Adjusted EBITDA is not a financial measure presented in accordance with GAAP. We believe that the presentation of this non-GAAP financial measure will provide useful information to investors and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance.Same-Store SalesWe define same-store sales as sales from our stores excluding new and acquired stores. New and acquired stores become eligible for inclusion in the comparable store base at the end of the store’s thirteenth month of operations under our ownership and revenues are only included for identical months in the same-store base periods. Stores relocated within an existing market remain in the comparable store base for all periods. Additionally, amounts related to closed stores are excluded from each comparative base period. We use same-store sales to assess the organic growth of our revenue on a same-store basis. We believe that our assessment on a same-store basis represents an important indicator of comparative financial results and provides relevant information to assess our performance.Cautionary Statement Concerning Forward-Looking StatementsThis press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding our strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct.Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: changes in demand for our products and services, the seasonality and volatility of the boat industry, our acquisition strategies, the inability to comply with the financial and other covenants and metrics in our credit facilities, cash flow and access to capital, effects of the COVID-19 pandemic on the Company’s business, the timing of development expenditures, and other risks. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Registration Statement on Form S-1 (File No. 333-248774), filed on September 14, 2020. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.Investor or Media Contact: Jack Ezzell Chief Financial Officer IR@OneWaterMarine.com ONEWATER MARINE INC. CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands except per share data) (Unaudited)    For the Years Ended September 30,   2020   2019   2018  Revenues            New boat sales$717,093  $526,774  $398,586  Pre-owned boat sales 205,650   153,010   140,931  Finance & insurance income 36,792   26,151   16,623  Service, parts & other sales 63,435   61,689   46,665  Total revenues 1,022,970   767,624   602,805               Gross profit            New boat 131,373   92,532   76,461  Pre-owned boat 37,389   25,992   24,473  Finance & insurance 36,792   26,151   16,623  Service, parts & other 29,970   27,451   20,097  Total gross profit 235,524   172,126   137,654               Selling, general and administrative expenses 143,396   116,503   91,297  Depreciation and amortization 3,249   2,682   1,685  Transaction costs 3,648   1,323   438  Loss (gain) on contingent consideration 6,762   (1,674)  -  Income from operations 78,469   53,292   44,234               Other expense (income)            Interest expense – floor plan 8,861   9,395   5,534  Interest expense – other 8,828   6,568   3,836  Change in fair value of warrant liability (771)  (1,336)  33,187  Loss (gain) on extinguishment of debt 6,559   -   (209) Other expense (income), net 155   1,402   (60) Total other expense (income), net 23,632   16,029   42,288  Income before income tax expense 54,837   37,263   1,946  Income tax expense 6,329   -   -  Net income 48,508   37,263   1,946  Less: Net income attributable to non-controlling interests (350)  (1,606)  (830) Net income attributable to One Water Marine Holdings, LLC    $35,657  $1,116  Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC (30,733)         Net income attributable to OneWater Marine Inc.$17,425                       Earnings per share of Class A common stock – basic (1)$2.79          Earnings per share of Class A common stock – diluted (1)$2.77                       Basic weighted-average shares of Class A common stock outstanding (1) 6,243          Diluted weighted-average shares of Class A common stock outstanding (1) 6,287           (1) Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from February 11, 2020 through September 30, 2020, the period following the Organizational Transactions (as defined below) and OneWater Marine Inc.’s initial public offering. See Note 1. ONEWATER MARINE INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands, except par value and share data) (Unaudited)         September 30, 2020 September 30, 2019 Cash $66,087  $11,108  Restricted cash  2,066   384  Accounts receivable  18,479   15,294  Inventories  150,124   277,338  Prepaid expenses and other current assets  15,302   9,969  Total current assets  252,058   314,093          Property and equipment, net  18,442   15,954          Other assets:       Deposits  350   345  Deferred tax asset  12,854   -  Identifiable intangible assets  61,304   61,304  Goodwill  113,059   113,059  Total other assets  187,567   174,708  Total assets $458,067  $504,755          Accounts payable $12,781  $5,546  Other payables and accrued expenses  24,221   16,567  Customer deposits  17,280   4,880  Notes payable – floor plan  124,035   225,377  Current portion of long-term debt  7,419   11,124  Total current liabilities  185,736   263,494          Other long-term liabilities  1,482   1,598  Warrant liability  -   50,887  Tax receivable agreement liability  15,585   -  Long-term debt, net of current portion and unamortized debt issuance costs  81,977   64,789  Total liabilities  284,780   380,768          Redeemable preferred interest in subsidiary  -   86,018          Members' equity  -   31,770  Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of September 30, 2020 and September 30, 2019  -   -  Class A common stock, $0.01 par value, 40,000,000 shares authorized, 10,391,661 shares issued and outstanding as of September 30, 2020 and none issued and outstanding as of September 30, 2019  104   -  Class B common stock, $0.01 par value, 10,000,000 shares authorized, 4,583,637 shares issued and outstanding as of September 30, 2020 and none issued and outstanding as of September 30, 2019  46   -  Additional paid-in capital  105,947   -  Retained earnings  16,757   -  Total stockholders’ equity attributable to OneWater Marine Inc. and members’ equity  122,854   31,770  Equity attributable to non-controlling interests  50,433   6,199  Total stockholders’ and members’ equity  173,287   37,969  Total liabilities, stockholders’ and members' equity $458,067  $504,755  ONEWATER MARINE INC. Reconciliation of Net Income to Adjusted EBITDA ($ in thousands) (Unaudited)  For the Years Ended September 30, Description 2020   2019   2018  Net income$48,508  $37,263  $1,946  Interest expense – other 8,828   6,568   3,836  Income tax expense 6,329   -   -  Depreciation and amortization 3,249   2,682   1,685  Loss (gain) on contingent consideration 6,762   (1,674)  -  Transaction costs(1) 3,648   1,323   438  Change in fair value of warrant liability(2) (771)  (1,336)  33,187  Loss (gain) on extinguishment of debt 6,559   -   (209) Other expense (income), net 155   1,402   (60) Adjusted EBITDA$83,267  $46,228  $40,823   (1)Consists of transaction costs related to the Company’s fiscal year 2019 and 2018 acquisitions and certain costs related to the Company’s IPO.  (2)Represents the non-cash (income) expense recognized during the period for the change in the fair value of the warrants, which were exercised at the IPO, that were previously accounted for as a liability on our balance sheets.

  • OneWater Marine Inc. Announces Definitive Agreement to Acquire Tom George Yacht Group
    GlobeNewswire

    OneWater Marine Inc. Announces Definitive Agreement to Acquire Tom George Yacht Group

    Extends presence in attractive Florida market and marks a return to OneWater’s M&A; StrategyBUFORD, Ga., Nov. 18, 2020 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”) announced today that it has entered into a definitive agreement to acquire substantially all of the assets of Tom George Yacht Group (“TGYG”), which will enhance the Company’s presence on the west coast of Florida and expand new and pre-owned boat sales, as well as yacht brokerage and service & parts. The transaction is expected to close before the end of the calendar year. With an operating history of more than 11 years and two locations to serve customers, TGYG is an authorized dealer for a number of prestigious brands, including Everglades, Cobalt, and EdgeWater, Invincible, Marquis, and Carver, among others. In addition, TGYG offers quality service and parts, as well as finance and insurance, to its loyal and growing customer base. TGYG generated revenues in excess of $30 million over the past twelve months from these offerings.“We are pleased to welcome Tom George and his team to the OneWater family. TGYG further diversifies our product portfolio and deepens our presence in Florida, particularly in the Clearwater and Dunedin markets. Since 2014, we have successfully acquired 40 retail locations; this transaction marks the first since going public in early fiscal year 2020 and is one of the largest acquisitions in the Company’s history. We have a strong track record delivering operational synergies and fueling margin expansion by working collaboratively with our dealers to identify and implement opportunities expanding our offering and process improvement. We look forward to supporting their continued growth in the future,” said Austin Singleton, Chief Executive Officer of OneWater.Tom George, owner of TGYG, said, “We are thrilled to be joining the OneWater network of dealerships. TGYG has cultivated a premium product portfolio and has a strong reputation for delivering superior customer service, making it a perfect addition for OneWater. Now having access to OneWater’s digital platform, finance & insurance capabilities, and best practices, I believe we can take the business to new heights, maximizing new and existing revenue streams and overall operating efficiency. I couldn’t be more excited about this partnership and the opportunities that lie ahead for our team.” About OneWater Marine Inc. OneWater Marine Inc. is one of the largest and fastest-growing premium recreational boat retailers in the United States. OneWater operates 61 stores throughout 10 different states, eight of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage.Investor or Media Contact: Jack Ezzell Chief Financial Officer IR@OneWaterMarine.comCautionary Statement Concerning Forward-Looking StatementsThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding our plans and expectations for TGYG and our digital platform, future strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct.Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: risks related to the satisfaction of the conditions to closing the acquisition in the anticipated timeframe or at all, risks related to the ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the proposed acquisition will not be realized or will not be realized within the expected time period, the risk that the businesses will not be integrated successfully, decline in demand for our products and services, the seasonality and volatility of the boat industry, our acquisition strategies, the inability to comply with the financial and other covenants and metrics in our credit facilities, cash flow and access to capital, effects of the COVID-19 pandemic and related governmental actions or restrictions on the Company’s business, the timing of development expenditures, and other risks. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the prospectus filed in connection with our Registration Statement on Form S-1 (File No. 333-248774), filed on September 14, 2020. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.