OneWater(ONEW) - 2025 Q2 - Quarterly Results

Revenue and Sales Performance - Fiscal second quarter 2025 revenue was $483.5 million, a decrease of 1.0% from $488.3 million in the same quarter of 2024[4] - Same-store sales decreased by 2% due to lower sales in the West Coast of Florida[3] - New boat revenue decreased by 5.4% to $309.5 million, while pre-owned boat revenue increased by 14.1% to $89.7 million[4] - For fiscal year 2025, the company anticipates revenue between $1.7 billion and $1.8 billion, with dealership same-store sales expected to be flat to down low single digits[9] Profitability and Expenses - Gross profit for the quarter was $110.4 million, down from $120.4 million, resulting in a gross profit margin of 22.8%, a decrease of 180 basis points year-over-year[5] - Selling, general and administrative expenses totaled $87.8 million, representing 18.2% of revenue, up from 17.7% in the prior year[6] - Adjusted EBITDA decreased to $17.9 million from $28.3 million in the prior year quarter[8] - Adjusted net income attributable to OneWater Marine Inc. was $2,031,000 for the three months ended March 31, 2025, compared to $9,831,000 for the same period in 2024[18] - Adjusted EBITDA for the three months ended March 31, 2025, was $17,857,000, while for the same period in 2024, it was $28,295,000[21] Net Loss and Earnings Per Share - The net loss for the quarter was $(0.4) million, or $(0.02) per diluted share, compared to a net loss of $(4.5) million, or $(0.27) per diluted share, in the same quarter of 2024[8] - OneWater Marine Inc. reported a net loss of $368,000 for the three months ended March 31, 2025, compared to a net loss of $3,969,000 for the same period in 2024[18] - The net loss per share of Class A common stock - diluted was $(0.02) for the three months ended March 31, 2025, compared to $(0.27) for the same period in 2024[18] Inventory and Assets - Total inventory decreased by 12.4% to $602.4 million compared to $687.5 million a year earlier[8] - Total assets increased to $1,643.66 million from $1,712.61 million[16] - Total current assets amounted to $833.70 million, compared to $391.30 million previously[16] - Accounts receivable, net stood at $91.63 million, reflecting a slight increase from $91.10 million[16] Liabilities and Equity - Total liabilities were reported at $696.77 million, a decrease from $750.10 million[16] - Current portion of long-term debt, net was $26.70 million, down from $88.64 million[16] - Total current liabilities reached $696.77 million, compared to $750.10 million previously[16] - Total stockholders' equity attributed to One Water Marine Inc. was $381.61 million, a decrease from $397.69 million[16] - Long-term debt, net was reported at $400.48 million, down from $485.41 million[16] - Long-term debt, including the current portion, stood at $427,193,000, with adjusted long-term net debt calculated at $359,732,000 after accounting for cash[21] Operational Highlights - The company operates 98 retail locations and 9 distribution centers across 19 states, positioning itself as one of the largest marine retailers in the U.S.[22] - Same-store sales are used to assess organic growth, excluding new and acquired stores, which is crucial for evaluating the performance of the Dealership segment[29] Transaction and Restructuring Costs - The company incurred transaction costs of $377,000 for the three months ended March 31, 2025, compared to $145,000 for the same period in 2024[21] - Restructuring and impairment costs were $388,000 for the three months ended March 31, 2025, significantly lower than $11,847,000 for the same period in 2024[21]