Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ______________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number 001-39213 ______________________________________ OneWate ...

Financial Performance - Total revenues for the three months ended June 30, 2023, were $594.3 million, a 4.3% increase from $568.9 million in the same period of 2022[17] - Net income attributable to OneWater Marine Inc. for the three months ended June 30, 2023, was $28.6 million, compared to $56.0 million in the same period of 2022, reflecting a decrease of 48.9%[17] - Earnings per share (EPS) for Class A common stock was $2.00 for the three months ended June 30, 2023, down from $3.96 in the prior year[17] - Net income for the three months ended June 30, 2023, was $33,290,000, a decrease from $64,483,000 in the same period of 2022, representing a decline of approximately 48.3%[19] - Comprehensive income attributable to One Water Holdings, Inc. for the three months ended June 30, 2023, was $28,566,000, down from $55,977,000 in the prior year, reflecting a decrease of about 48.9%[19] - For the nine months ended June 30, 2023, net income totaled $71,755,000, compared to $130,323,000 for the same period in 2022, indicating a decline of approximately 45%[19] - The total comprehensive income for the nine months ended June 30, 2023, was $71,770,000, down from $130,323,000 in the same period of 2022, reflecting a decrease of approximately 44.9%[19] - Net income for the nine months ended June 30, 2023, was $71.755 million, a decrease of 44.9% compared to $130.323 million in the same period of 2022[23] - Adjusted EBITDA for the three months ended June 30, 2023, was $59.8 million, down from $95.1 million for the same period in 2022, reflecting a decrease of approximately 37.1%[202] - For the nine months ended June 30, 2023, Adjusted EBITDA was $139.4 million, compared to $202.2 million for the same period in 2022, representing a decline of about 30.9%[203] Revenue Breakdown - New boat sales generated $371.6 million, slightly down from $376.9 million year-over-year, while pre-owned boat sales increased to $111.5 million from $98.2 million[17] - Sales of new boats from the company's top ten brands accounted for approximately 40.2% of total sales for the nine months ended June 30, 2023, down from 42.9% in 2022[30] - Non-boat sales contributed 18.7% to revenue in Q3 2023, up from 16.5% in Q3 2022, and accounted for 36.5% of gross profit in Q3 2023, compared to 28.4% in Q3 2022[139] - The Dealerships segment generated approximately 91% of total revenues for the three and nine months ended June 30, 2023, with revenue of $543.3 million and $1.348 billion, respectively[127] - The Distribution segment accounted for approximately 9% of total revenues, reporting $51.2 million for the three months and $137.0 million for the nine months ended June 30, 2023[128] Expenses and Liabilities - Total liabilities rose to $1.25 billion as of June 30, 2023, compared to $1.05 billion as of September 30, 2022, indicating a 18.5% increase[16] - Selling, general and administrative expenses increased by $5.0 million, or 5.7%, to $92.8 million, remaining flat as a percentage of revenue at 15.6%[165] - Interest expense related to floor plans surged by $6.3 million, or 557.5%, to $7.4 million, primarily due to increased average inventory and rising interest rates[170] - Interest expense related to floor plans increased by $14.6 million, or 478.8%, to $17.7 million for the nine months ended June 30, 2023, due to higher average inventory and interest rates[193] Assets and Inventory - Total current assets increased to $808.5 million as of June 30, 2023, from $566.9 million as of September 30, 2022, representing a 42.6% growth[16] - The company reported a significant increase in inventories, which rose to $572.9 million from $373.0 million year-over-year, a 53.4% increase[16] - Accounts receivable increased to $94.8 million as of June 30, 2023, compared to $59.1 million as of September 30, 2022, driven by a rise in contracts in transit[67] - The outstanding balance of the Inventory Financing Facility was $444.8 million as of June 30, 2023, compared to $267.1 million as of September 30, 2022[71] Acquisitions and Growth Strategy - The company plans to continue its acquisition strategy, aiming to integrate operations and realize synergies from recent acquisitions[10] - The company completed acquisitions of Taylor Marine Centers and Harbor View Marine for a total consideration of $41.8 million, contributing $20.5 million to consolidated revenue for the three months ended June 30, 2023[60][63] - The company has acquired a total of 79 additional dealerships and 12 distribution centers/warehouses since its formation in 2014, significantly expanding its market presence[129] - The company has strategically acquired 12 distribution centers and warehouses through 5 parts and accessories companies to diversify its growth strategy[132] Market Conditions and Outlook - Future outlook remains cautious due to economic uncertainties, including inflation and consumer demand fluctuations[10] - The company noted that its business is highly seasonal, with lower sales typically occurring in the December and March quarters, except in Florida[204] - The company anticipates adequate cash flow from operations and borrowings to fund current operations and acquisitions for the next twelve months[206] Compliance and Financial Health - The Company was in compliance with all financial and non-financial covenants related to its financing facilities as of June 30, 2023[73] - Cash needs for acquisitions have historically been financed through Credit Facilities and cash generated from operations, with compliance to covenants being crucial[207] - The company has not recognized any uncertain tax positions as of June 30, 2023, indicating management's confidence in its tax positions[106]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended March 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number: 001-39213 OneWater Marine Inc. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ þ QUARTE ...

Financial Data and Key Metrics Changes - Fiscal second quarter revenue increased by 19% to $524 million in 2023 from $442 million in the prior year quarter, driven by an 11% increase in same-store sales and revenue from acquisitions [38][50] - New boat sales rose by 23% to $355 million, while pre-owned boat sales remained flat at $75 million [38] - Gross margin for new boat sales decreased to 23%, down from 28% a year ago, but still ahead of the 17% range of 2019 [33][38] - Operating income decreased by 18% to $49 million compared to $59 million in the prior year, and adjusted EBITDA decreased to $52 million from $66 million [58] - Net income for the fiscal second quarter totaled $27 million or $1.56 per diluted share, down from $42 million or $2.54 per diluted share in the prior year [58] Business Line Data and Key Metrics Changes - Service parts and other sales climbed by 28% to $78 million, driven by contributions from recently acquired businesses and solid organic growth [57] - Finance and Insurance increased slightly by 3% [57] - Selling, general and administrative expenses increased to $90 million from $75 million, with SG&A as a percentage of sales remaining flat at 17% [39] Market Data and Key Metrics Changes - The demand environment remains healthy, with good boat show attendance and store traffic [32] - Inventory weeks on hand are lower than both industry averages and 2019 metrics, indicating effective inventory management [36] - The company is seeing a change in customer buying cadence as the industry returns to a normal seasonal cycle [53] Company Strategy and Development Direction - The company aims to maintain appropriate inventory levels as it prepares for the summer selling season, focusing on clean inventory as it transitions into the 2024 model year [66] - The acquisition pipeline remains robust, with the company remaining opportunistic yet disciplined in evaluating potential transactions [30][60] - The company is focused on maintaining a double-digit EBITDA margin and close to 30% gross margin, even if it means adjusting new boat margins [20][78] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the macroeconomic environment but remains optimistic about the upcoming boating season [2][3] - The company anticipates that destocking at retailers will normalize over the summer selling season, positioning it to capitalize on returning demand [37] - Management noted that customer credit is still available, albeit at higher rates, and banks continue to be diligent in underwriting loans [54] Other Important Information - Total liquidity as of March 31, 2023, was in excess of $100 million, with total inventory at $593 million [59] - The company is actively assessing strategic targets for acquisitions while maintaining a balance between internal investments and share repurchases [60] Q&A Session All Questions and Answers Question: How did the same-store sales performance compare to industry data? - The company outperformed the industry due to strong execution and aggressive marketplace strategies, resulting in a same-store sales growth of 11% [42][43] Question: What are the expectations for April's performance? - April is expected to show flat to mid-single-digit same-store sales growth, with a decent start noted [62] Question: Can you provide more detail on the balance of unit growth versus price growth? - Unit growth was about half driven by units and half by price, indicating a balanced approach in sales [74] Question: How does the company view the current inventory levels in the industry? - The company believes that the industry is starting to normalize inventory levels, with a focus on being better positioned than competitors [79] Question: What is the outlook for the marine market compared to the RV market? - The marine industry appears stronger than the RV market, with elevated margins expected to continue [30]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number: 001-39213 OneWater Marine Inc. (Exact name of registrant as specified in its charter) Delaware (State or other juri ...

OneWater Marine Inc. Q1 2023 Earnings Conference Call February 2, 2023 8:30 AM ET Company Participants Jack Ezzell - CFO Austin Singleton - CEO Anthony Aisquith - President and COO Conference Call Participants Joe Altobello - Raymond James Drew Crum - Stifel Michael Swartz - Truist Craig Kennison - Baird Griffin Ryan - D.A. Davidson Operator Good day and thank you for standing by. And welcome to the OneWater Marine Inc. Fiscal First Quarter 2023 Earnings Conference Call. At this time, all participants are i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number 001-39213 OneWater Marine Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdictio ...

Financial Data and Key Metrics Changes - Full year 2022 revenue increased 42% to $1.7 billion, following a 20% growth in 2021 [5][25] - Adjusted EBITDA for full year 2022 was $248 million, a nearly 60% increase [6][27] - Fiscal fourth quarter revenue rose 42% to $398 million from $280 million in the prior year quarter [21] - Net income for the fiscal fourth quarter totaled $22 million or $1.28 per diluted share, flat compared to the prior year [24] Business Line Data and Key Metrics Changes - Service, parts, and other sales increased 164% year-over-year to $255 million for fiscal 2022 [5][25] - In the fourth quarter, revenue from service, parts, and other sales increased 201% to $81 million [22][16] - New boat sales grew 22% to $236 million in the fiscal fourth quarter of 2022 [21] Market Data and Key Metrics Changes - Same-store sales growth for the full year was 12%, marking the fifth consecutive year of double-digit growth [5][25] - Inventory levels improved but remained below pre-COVID levels, with total inventory at $373 million as of September 30, 2022 [28] Company Strategy and Development Direction - The company is focused on diversifying its revenue streams, particularly in higher-margin service and parts sales [5][16] - The acquisition strategy remains a priority, with four dealership acquisitions completed in 2022 and plans for more in 2023 [7][31] - Partnerships with Forza X1 and The Sport Fishing Championship were established to enhance customer engagement and brand visibility [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from Hurricane Ian, estimating a $25 million revenue impact due to delayed sales [18][21] - The company expects robust demand to moderate to traditional seasonal cycles in 2023, with same-store sales anticipated to increase in low to mid-single digits [30] - Management remains cautious about the M&A market, indicating a prudent approach to acquisitions in the current environment [40][41] Other Important Information - Total long-term debt stands at $443 million, with a net debt to adjusted EBITDA ratio of 1.6x [29] - The company reported $2 million in expenses related to Hurricane Ian, with ongoing recovery efforts in affected locations [44] Q&A Session Summary Question: Product mix impact on gross margin - Management indicated that the demand for larger boats (40 feet and above) remains strong, while smaller boats are seeing easing demand [34] Question: Inventory status compared to 2019 - Current inventory levels are around 11 to 12 weeks on hand, compared to 20 to 22 weeks in 2019, indicating room for growth [37][39] Question: M&A market outlook for 2023 - Management plans to monitor the macro environment closely and will be prudent in pursuing acquisitions, focusing on those with significant upside potential [40][41] Question: Costs associated with Hurricane Ian - Estimated costs related to Hurricane Ian are around $2 million, with ongoing recovery efforts at impacted locations [44] Question: Promotional activity and market dynamics - Currently, there is limited promotional activity, with some dealers discounting last year's models as inventory remains in good shape [46][47]

Financial Data and Key Metrics Changes - Revenue increased 41% to $569 million compared to $404 million in the prior year quarter [5][23] - Adjusted EBITDA rose 45% to $95 million from $66 million in the prior year [5][27] - Net income for the fiscal third quarter totaled $65 million or $3.86 per diluted share, up 25% from $52 million or $3.04 per diluted share in the prior year [27][28] - Gross profit increased 45% to $184 million, with gross profit margin rising 90 basis points to 32.3% [25][27] Business Line Data and Key Metrics Changes - New boat sales grew 31% to $377 million [24] - Pre-owned boat sales increased 38% to $98 million [24] - Service parts and other sales climbed 153% to $75 million, driven by contributions from recently acquired businesses [24] Market Data and Key Metrics Changes - Same-store sales increased 12%, outperforming the industry which reportedly declined 10% to 20% [6][15] - Customer deposits increased nearly 50% compared to the prior year, indicating strong demand [16] Company Strategy and Development Direction - The company continues to leverage its aggressive acquisition strategy, with a focus on higher-margin revenue streams [9][10] - The integration of acquired companies has significantly improved EBITDA and contributed to overall growth [11][12] - The company aims to maintain a disciplined approach to acquisitions while also considering share repurchases as a means to return value to shareholders [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong finish to the fiscal year, raising the outlook for adjusted EBITDA to $240 million to $250 million [33][34] - The company anticipates same-store sales to be up low-double digits for the year despite ongoing inventory challenges [34] - Management noted that demand remains robust, with presold inventory at record levels [16][20] Other Important Information - Total inventory as of June 30, 2022, was $269 million, down $24 million from the previous quarter [17][29] - The company has completed its acquisition guidance for the year and has a robust pipeline for future acquisitions [12][34] Q&A Session Summary Question: How much of a factor is supply chain in inventory normalization? - Management indicated it is a combination of supply chain improvements and strong consumer demand [38][39] Question: Is the acquisition strategy still reasonable in the current environment? - Management stated they will evaluate the best return on capital but do not plan to lower the acquisition cadence [40][44] Question: What was the breakdown of the 12% same-store sales increase? - Management noted that unit growth was essentially flat, with the increase driven more by price [47] Question: Why is the customer less impacted by macro headwinds? - Management attributed this to selling high-end products and ongoing consumer excitement due to innovative new products [48][50] Question: Are new boat margins expected to stabilize? - Management indicated that margin variations are due to seasonality and product mix, with a robust margin environment expected [55][56] Question: Does the new guidance include the Ocean Bio-Chem acquisition? - Management confirmed that the new guidance does not include this acquisition, which is expected to close in the fiscal fourth quarter [64] Question: Are there any changes in demand trends across different geographies? - Management has not observed any significant changes in demand trends among geographies at this time [66]

Financial Performance - Total revenues for the three months ended June 30, 2022, were $568.9 million, a 40.7% increase from $404.2 million in the same period of 2021[21] - Net income for the three months ended June 30, 2022, was $64.5 million, compared to $51.6 million for the same period in 2021, representing a 25% increase[21] - Earnings per share for Class A common stock were $3.96 for the three months ended June 30, 2022, compared to $3.14 for the same period in 2021[21] - Net income for the quarter ending June 30, 2022, was $64.483 million, up from $42.354 million for the same period in the previous year, representing a year-over-year increase of about 52.2%[24] - For the nine months ended June 30, 2022, net income increased to $130.3 million from $93.9 million in the same period of 2021, representing a growth of approximately 38.8%[29] - Net income attributable to OneWater Inc. increased by $21.5 million, or 62.2%, to $56.0 million for the three months ended June 30, 2022[159] - Net income attributable to One Water Marine Inc. increased by $49.5 million, or 78.9%, to $112.3 million for the nine months ended June 30, 2022, compared to $62.8 million for the same period in 2021[182] Revenue Breakdown - New boat sales reached $376.9 million for the three months ended June 30, 2022, up 30.7% from $288.2 million in the prior year[21] - Revenue from the company's top ten brands accounted for approximately 42.9% of total sales for the nine months ended June 30, 2022, compared to 41.1% in 2021, highlighting the importance of these brands to overall sales[34] - Non-boat sales contributed 16.5% and 11.1% to revenue in the three months ended June 30, 2022 and 2021, respectively, and 16.1% and 10.8% in the nine months ended June 30, 2022 and 2021, respectively[145] - New boat sales increased by $223.4 million, or 32.9%, to $903.1 million for the nine months ended June 30, 2022, compared to $679.7 million for the same period in 2021[184] - Service, parts, and other sales increased by $104.0 million, or 149.9%, to $173.5 million for the nine months ended June 30, 2022, compared to $69.4 million for the same period in 2021[188] Expenses and Liabilities - Selling, general and administrative expenses for the three months ended June 30, 2022, were $87.9 million, a 45.4% increase from $60.5 million in the same period of 2021[21] - The company reported a total current liability of $421.9 million as of June 30, 2022, compared to $227.6 million as of September 30, 2021[19] - The company incurred cash paid for interest amounting to $9.6 million for the nine months ended June 30, 2022, compared to $4.9 million in 2021, reflecting increased borrowing costs[29] - Interest expense - other increased by $2.2 million, or 205.7%, to $3.3 million, related to the increase in long-term debt for acquisitions[177] - The company has a liability under the Tax Receivable Agreement of $46.2 million as of June 30, 2022, compared to $40.1 million as of September 30, 2021[106] Acquisitions and Growth Strategy - The company is in the process of acquiring Ocean Bio-Chem, Inc. and aims to integrate its operations to realize expected synergies[14] - The company completed acquisitions totaling $357.2 million for the nine months ended June 30, 2022, with $326.1 million paid at closing[61] - The acquisitions contributed $91.8 million to consolidated revenue for the three months ended June 30, 2022, and $178.5 million for the nine months ended June 30, 2022[62] - The company has completed 29 acquisitions since its formation in 2014, adding 75 retail locations and enhancing its market presence[124] Inventory and Assets - The company reported a significant increase in inventories, totaling $269.4 million as of June 30, 2022, compared to $143.9 million as of September 30, 2021[19] - The total assets of the company increased to $1.35 billion as of June 30, 2022, from $720.6 million as of September 30, 2021[19] - Goodwill increased to $342.6 million as of June 30, 2022, up from $168.5 million as of September 30, 2021, reflecting acquisitions during the period[70] Market Presence and Operations - The company operated a total of 96 retail locations and 10 distribution centers/warehouses across 19 states as of June 30, 2022, indicating a robust market presence[32] - The company aims to acquire stores at attractive EBITDA multiples, historically below 4.0x EBITDA on a trailing twelve-month basis[130] - The company has a strategy to enhance customer experience and expand retail locations in regions with strong boating cultures[129] Tax and Compliance - The effective tax rates for the three and nine months ending June 30, 2022, were 22.6% and 21.9%, respectively[103] - The company maintained compliance with all financial covenants related to its credit facilities as of June 30, 2022[75][78] Seasonal and Economic Factors - The business is highly seasonal, with lower sales typically occurring in the quarters ending December 31 and March 31, except in Florida[210] - The COVID-19 pandemic has led to an industry-wide inventory shortage, impacting the availability of boats and marine parts[127] - The company is monitoring the impact of the COVID-19 pandemic on its operations, particularly regarding supply chain constraints and consumer demand[39]