Core Viewpoint - The analyst previously held a bearish stance on OneWater Marine (ONEW) but has identified two factors that could prompt a more favorable outlook on the stock [1]. Group 1: Analyst Background - The analyst is the founder of Goulart's Restaurant Stocks, focusing on the U.S. restaurant industry, including various segments from quick-service to fine dining [2]. - The research firm applies advanced financial modeling and sector-specific KPIs to uncover hidden value in public equities, particularly in micro and small caps often overlooked by mainstream analysts [2]. - The analyst has a strong academic background with an MBA in Controllership and Accounting Forensics and a Bachelor's in Business Administration, along with specialized training in valuation and financial modeling [2].

Core Insights - BYD's vehicle sales experienced a significant decline of 30.1% in January compared to the same month last year, marking the fifth consecutive month of sales decrease [1] Company Summary - The decline in sales is attributed to external uncertainties and intense competition within the electric vehicle market [1]

OneWater Marine (NasdaqGM:ONEW) Q1 2026 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsAnthony Aisquith - CEOAustin Singleton - Executive ChairmanJack Ezzell - CFOJoseph Altobello - Managing DirectorConference Call ParticipantsCraig Kennison - Senior Research AnalystGerrick Johnson - Senior Research AnalystMichael Albanese - Equity Research AnalystNoah Zatzkin - VP and Equity Research AnalystOperatorGood morning. My name is Julie, and I will be your conference operator today. At this time, I ...

OneWater Marine (NasdaqGM:ONEW) Q1 2026 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsAnthony Aisquith - CEOAustin Singleton - Executive ChairmanJack Ezzell - CFOJoseph Altobello - Managing DirectorConference Call ParticipantsCraig Kennison - Senior Research AnalystGerrick Johnson - Senior Research AnalystMichael Albanese - Equity Research AnalystNoah Zatzkin - VP and Equity Research AnalystOperatorGood morning. My name is Julie, and I will be your conference operator today. At this time, I ...

OneWater Marine (NasdaqGM:ONEW) Q1 2026 Earnings call January 29, 2026 08:30 AM ET Speaker8Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the OneWater Marine Inc. Fiscal First Quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, press Star, followed by the numbe ...

分组1 - OneWater Marine reported a quarterly loss of $0.04 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.39, and an improvement from a loss of $0.54 per share a year ago, resulting in an earnings surprise of +89.74% [1] - The company posted revenues of $380.56 million for the quarter ended December 2025, which missed the Zacks Consensus Estimate by 3.51%, but showed an increase from year-ago revenues of $375.81 million [2] - OneWater Marine shares have increased by approximately 22.2% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.27 on revenues of $509.3 million, and for the current fiscal year, it is $0.72 on revenues of $1.89 billion [7] - The Leisure and Recreation Products industry, to which OneWater Marine belongs, is currently ranked in the top 40% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Revenue Performance - Revenue for fiscal first quarter 2026 was $380.6 million, an increase of 1.3% compared to $375.8 million in fiscal first quarter 2025[4] - New boat revenue decreased by 5.9% to $233.3 million, while pre-owned boat revenue increased by 24.0% to $70.4 million[4] - The company expects total revenue for fiscal full-year 2026 to be in the range of $1.83 billion to $1.93 billion[10] Profitability - Gross profit totaled $89.4 million, up $5.3 million from $84.1 million, with a gross profit margin of 23.5%, an increase of 110 basis points year-over-year[5] - Net loss for fiscal first quarter 2026 was $(7.7) million, compared to a net loss of $(13.6) million in the same period last year[7] - Adjusted EBITDA increased 88.9% to $3.6 million compared to $1.9 million for fiscal first quarter 2025[8] - Adjusted EBITDA for the trailing twelve months ended December 31, 2025, was $71.808 million, reflecting an increase from $1.907 million in the previous year[20] - Adjusted Net Income (Loss) attributable to OneWater Marine Inc. is calculated by excluding transaction costs and other unusual expenses, providing a clearer view of operational performance[28] Inventory and Debt Management - Total inventory as of December 31, 2025, decreased to $601.5 million from $636.7 million on December 31, 2024, reflecting disciplined inventory management[9] - As of December 31, 2025, total long-term debt was $399.4 million, with adjusted long-term net debt at 5.1 times trailing twelve-month Adjusted EBITDA[9] - Long-term debt, including the current portion, stood at $399.351 million, with adjusted long-term net debt calculated at $367.117 million after accounting for cash[20] - The pro forma adjusted net debt leverage ratio was reported at 5.1x, indicating the company's financial leverage position[20] Strategic Initiatives - The company plans to divest certain Distribution segment assets, with assets held for sale totaling $52.8 million at quarter-end[8] - OneWater Marine operates 95 retail locations and 8 distribution centers across 18 states, positioning itself as a leading premium marine retailer in the U.S.[21] - The company emphasizes diversified revenue streams, including sales of new and pre-owned boats, finance and insurance products, and maintenance services[21] Market Conditions and Risks - Same-store sales are used to assess organic growth in the Dealership segment, excluding new and acquired stores until they reach their thirteenth month of operations[31] - The company faces risks including changes in demand, supply chain challenges, and geopolitical factors that could impact financial performance[23] - Forward-looking statements indicate management's expectations regarding future revenue and growth, though these are subject to uncertainties and risks[22]

Group 1 - The article discusses the expertise of a research firm focused on the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap companies [1] - The research has been featured on multiple financial platforms, indicating a broad recognition of the firm's insights and analysis [1] Group 2 - The analyst has a strong academic background with an MBA in Controllership and Accounting Forensics, and a Bachelor's in Business Administration, enhancing the credibility of the research [1] - Specialized training in valuation, financial modeling, and restaurant operations contributes to the depth of analysis provided by the firm [1] - The analyst's previous experience as a franchise partner for a regional ice cream shop adds practical industry knowledge to the research efforts [1]

Business Operations - As of September 30, 2025, OneWater Marine Inc. operates 95 dealerships across 17 states, representing approximately 92% of total revenues for the fiscal year 2025[24]. - The company has completed 35 acquisitions since its formation in 2014, expanding its dealership footprint significantly[27][31]. - The Distribution segment, which includes 9 distribution centers, accounted for approximately 8% of total revenues in fiscal year 2025[25]. - The company operates 95 dealerships across 17 states as of September 30, 2025[60]. - The company has relationships with over 35 manufacturers covering more than 50 brands, with top ten brands representing approximately 41% of total sales volume for fiscal year 2025[70]. - The company has acquired 83 additional dealerships and 12 warehouses/distribution centers through 35 acquisitions since 2014, indicating a strong growth strategy[155]. - The company aims to enhance revenue by increasing distribution, repair and maintenance services, parts and accessories, and financing and insurance businesses, which are higher margin areas[153]. Financial Performance - In fiscal year 2025, OneWater sold over 9,500 new and pre-owned boats, with new boat sales accounting for approximately $1,158.2 million or 61.9% of consolidated revenue[24][37]. - Non-boat sales contributed approximately 18.7% of revenue and 41.7% of gross profit in fiscal year 2025, indicating a diversification strategy[26]. - Revenue from fishing boats comprised 37% of new boat revenue for fiscal year 2025, highlighting a strong market presence in this segment[39]. - Revenue from yachts accounted for 27% of new boat revenue for fiscal year 2025[43]. - Revenue from service, parts, and other generated approximately $295.3 million, representing 15.8% of total revenue for fiscal year 2025[49]. - Fee income from finance and insurance products was approximately $55.0 million, or 2.9% of total revenue during fiscal year 2025[48]. - The inventory turnover ratio was 2.6x for fiscal year 2025, compared to 2.2x for fiscal year 2024[75]. - Approximately 80% of the company's revenue during fiscal years 2025, 2024, and 2023 was generated from the Southeast and Gulf Coast regions[127]. - Sales of new boats from the top ten brands represented approximately 40.8%, 41.7%, and 39.4% of total revenues for the fiscal years ended September 30, 2025, 2024, and 2023, respectively[137]. - Malibu Boats, Inc. accounted for 12.2%, 13.1%, and 13.9% of total revenues for the fiscal years ended September 30, 2025, 2024, and 2023, respectively[137]. Market and Industry Trends - Consumer spending on recreational boating in the U.S. reached $55.6 billion in 2024, with new powerboat sales contributing $15.5 billion, reflecting a 10% average annual growth rate since 2012[28][34]. - The boat dealership market is highly fragmented, with OneWater comprising less than 4% of total industry sales, indicating significant growth potential[29]. - The recreational boat industry faces intense competition, particularly from local marine retailers and larger operators, impacting customer acquisition and sales[149]. - The recreational boat industry is affected by changing consumer attitudes towards ownership, with younger consumers preferring sharing options over purchasing[148]. Strategic Initiatives - The company aims to leverage its scale for organic growth, focusing on same-store sales growth and expanding its online presence for boat sales and related products[30]. - OneWater's acquisition strategy targets family-owned businesses in a fragmented market, enhancing profitability through operational improvements[31]. - The company is focused on expanding its market presence and enhancing operational efficiency through experienced leadership[111][112][114]. - The company aims to enhance its online presence and sales through digital platforms, including online boat sales and finance products[65]. Risks and Challenges - The company faces intense competition in the marine retail industry, competing with local retailers and larger operators, as well as online merchants[95]. - Inflationary pressures on labor costs and raw materials could adversely impact profitability and operational expenses[129]. - Material increases in interest rates could negatively impact customers' ability or desire to purchase products, affecting profitability and margins[131]. - Tariffs on boats manufactured in Europe or parts sourced from Asia could materially increase costs or render specific product lines less competitive in the U.S. market[135]. - The company may face challenges in maintaining dealer agreements, which are crucial for product availability and competitive positioning[141]. - The integration of acquired businesses may require significant management resources and could impact profitability if not executed effectively[156]. - The company anticipates fluctuations in operating results due to the size and timing of future acquisitions, which may affect stock market performance[157]. - The company is exposed to international risks due to sales of products from foreign manufacturers, which could be affected by changes in trade policies[188]. - The company’s online marketplaces face risks such as cybersecurity threats and technical failures, which could disrupt sales and growth prospects[191]. Human Resources and Management - The company has 2,231 employees as of September 30, 2025, with 1,973 in location-level operations and 258 in corporate administration and management[101]. - The company has developed a robust training curriculum for employees, focusing on proprietary technology and retail strategies to enhance customer experience[102]. - The company maintains a performance-based compensation philosophy, which may lead to significant pay variations among employees based on individual and area performance[103]. - The company is focused on recruiting and retaining top talent, with a philosophy of paying competitive wages to reduce turnover and motivate employees[104]. Compliance and Regulations - The company is subject to numerous environmental and occupational health and safety laws, which may impose additional costs and operational restrictions[84]. - The company is required to estimate the fair value of contingent consideration liabilities related to acquisitions, which could materially affect financial results based on future performance[198]. - The company is subject to stringent federal, state, and local laws and regulations that could impose significant liabilities and affect operations[209]. - The company’s operations are subject to environmental regulations that could result in liabilities for past contamination by third parties[214]. - Future compliance with environmental regulations may lead to additional material expenditures for the company, its suppliers, or customers[219].

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, the humanoid robot market could be valued at $250 trillion, driven by an ecosystem of AI innovators [2][3] - Major firms like PwC and McKinsey recognize the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is believed to be redefining work, learning, and creativity, attracting significant interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, are positioning themselves around AI, highlighting its potential to improve various sectors such as healthcare and education [8]