$ONEW
OneWater Marine Inc.

2020 Q1 Form 10-Q Financial Statement

#000114036120011571 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $190.0M $180.8M
YoY Change 5.08%
Cost Of Revenue $145.4M $141.0M
YoY Change 3.11%
Gross Profit $44.58M $39.73M
YoY Change 12.23%
Gross Profit Margin 23.47% 21.98%
Selling, General & Admin $32.38M $27.50M
YoY Change 17.76%
% of Gross Profit 72.63% 69.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $600.0K
YoY Change 33.33% -14.29%
% of Gross Profit 1.79% 1.51%
Operating Expenses $32.38M $28.20M
YoY Change 14.83%
Operating Profit $8.485M $12.80M
YoY Change -33.73%
Interest Expense -$5.000M -$15.80M
YoY Change -68.35%
% of Operating Profit -58.93% -123.41%
Other Income/Expense, Net -$5.034M $0.00
YoY Change
Pretax Income $3.451M -$3.000M
YoY Change -215.03%
Income Tax $472.0K $0.00
% Of Pretax Income 13.68%
Net Earnings $1.085M $0.00
YoY Change
Net Earnings / Revenue 0.57% 0.0%
Basic Earnings Per Share $0.18 $0.00
Diluted Earnings Per Share $0.18 $0.00
COMMON SHARES
Basic Shares Outstanding 6.088M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.40M $15.50M
YoY Change 31.61%
Cash & Equivalents $20.97M $17.02M
Short-Term Investments
Other Short-Term Assets $12.40M $2.700M
YoY Change 359.26%
Inventory $333.4M $295.3M
Prepaid Expenses
Receivables $19.84M $26.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $386.0M $339.5M
YoY Change 13.7%
LONG-TERM ASSETS
Property, Plant & Equipment $16.70M $21.80M
YoY Change -23.4%
Goodwill $113.1M
YoY Change
Intangibles $61.30M
YoY Change
Long-Term Investments
YoY Change
Other Assets $177.6M $300.0K
YoY Change 59090.67%
Total Long-Term Assets $194.3M $182.1M
YoY Change 6.68%
TOTAL ASSETS
Total Short-Term Assets $386.0M $339.5M
Total Long-Term Assets $194.3M $182.1M
Total Assets $580.3M $521.6M
YoY Change 11.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.819M $9.600M
YoY Change -18.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $294.3M $263.2M
YoY Change 11.82%
Long-Term Debt Due $7.012M $3.300M
YoY Change 112.48%
Total Short-Term Liabilities $331.1M $299.8M
YoY Change 10.44%
LONG-TERM LIABILITIES
Long-Term Debt $109.0M $63.00M
YoY Change 72.94%
Other Long-Term Liabilities $1.540M $60.70M
YoY Change -97.46%
Total Long-Term Liabilities $110.5M $123.7M
YoY Change -10.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $331.1M $299.8M
Total Long-Term Liabilities $110.5M $123.7M
Total Liabilities $441.6M $428.6M
YoY Change 3.03%
SHAREHOLDERS EQUITY
Retained Earnings $1.085M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.96M $93.00M
YoY Change
Total Liabilities & Shareholders Equity $580.3M $521.6M
YoY Change 11.25%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $1.085M $0.00
YoY Change
Depreciation, Depletion And Amortization $800.0K $600.0K
YoY Change 33.33% -14.29%
Cash From Operating Activities -$18.40M -$16.80M
YoY Change 9.52% -65.57%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$1.500M
YoY Change -6.67% -58.33%
Acquisitions
YoY Change
Other Investing Activities $1.400M -$600.0K
YoY Change -333.33% 100.0%
Cash From Investing Activities $0.00 -$2.100M
YoY Change -100.0% -46.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.70M 28.10M
YoY Change 2.14% -55.18%
NET CHANGE
Cash From Operating Activities -18.40M -16.80M
Cash From Investing Activities 0.000 -2.100M
Cash From Financing Activities 28.70M 28.10M
Net Change In Cash 10.30M 9.200M
YoY Change 11.96% -8.0%
FREE CASH FLOW
Cash From Operating Activities -$18.40M -$16.80M
Capital Expenditures -$1.400M -$1.500M
Free Cash Flow -$17.00M -$15.30M
YoY Change 11.11% -66.15%

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CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
87053000
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
81536000
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
83620000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
465000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4155000
CY2020Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
567000
CY2019Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
384000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1085000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
0
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
189963000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
343661000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60586000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32146000
us-gaap Share Based Compensation
ShareBasedCompensation
818000
us-gaap Share Based Compensation
ShareBasedCompensation
77000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
616000
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
39000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
38000
CY2019Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
39000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
163000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
57961000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
31770000
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
37969000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21056000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20765000
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
138667000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
33675000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14489000
CY2020Q1 us-gaap Temporary Equity Elimination As Partof Reorganization
TemporaryEquityEliminationAsPartofReorganization
88131000
CY2020Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
74000
CY2019Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
156000
CY2019Q4 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
162000
CY2018Q4 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
157000
CY2018Q4 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
2057000
CY2019Q1 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
2108000
CY2020Q1 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
1004000
CY2019Q4 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
2183000
CY2019Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1013000
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1611000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #231F20; font-weight: bold;">Use of Estimates</div><div>&#160;</div><div style="color: rgb(35, 31, 32); text-indent: 18pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, those relating to inventory mark downs, certain assumptions related to intangible and long-lived assets, share based compensation, fair value of warrants and accruals for expenses relating to business operations.</div></div>
CY2020Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0
CY2019Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
50887000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6088000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6088000
CY2019Q3 onew Note Payable Floor Plan
NotePayableFloorPlan
225377000
CY2020Q1 onew Note Payable Floor Plan
NotePayableFloorPlan
294262000
onew Net Borrowings On Floorplan
NetBorrowingsOnFloorplan
68886000
onew Net Borrowings On Floorplan
NetBorrowingsOnFloorplan
81320000
onew Distributions To Redeemable Preferred Interest Members
DistributionsToRedeemablePreferredInterestMembers
823000
onew Distributions To Redeemable Preferred Interest Members
DistributionsToRedeemablePreferredInterestMembers
90503000
onew Non Cash Gain On Settlement Of Contingent Consideration
NonCashGainOnSettlementOfContingentConsideration
0
onew Non Cash Gain On Settlement Of Contingent Consideration
NonCashGainOnSettlementOfContingentConsideration
1655000
onew Deferred Offering Costs Accrued Not Yet Paid
DeferredOfferingCostsAccruedNotYetPaid
0
onew Deferred Offering Costs Accrued Not Yet Paid
DeferredOfferingCostsAccruedNotYetPaid
600000
CY2020Q1 onew Floorplan Interest Expense
FloorplanInterestExpense
2525000
onew Floorplan Interest Expense
FloorplanInterestExpense
5184000
onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.000
CY2020Q1 onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.000
CY2020Q1 onew Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
9681000
onew Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
12692000
onew Percentage Of Net Cash Savings Payable To Unit Holders
PercentageOfNetCashSavingsPayableToUnitHolders
0.85
onew Percentage Of Net Cash Savings Retained
PercentageOfNetCashSavingsRetained
0.15
CY2019Q4 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-162000
CY2020Q1 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-74000
CY2018Q4 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-157000
CY2019Q1 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-156000
CY2018Q4 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2057000
CY2019Q4 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2183000
CY2020Q1 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-1004000
CY2019Q1 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2108000
CY2020Q1 onew Effect Of Organizational Transactions Value
EffectOfOrganizationalTransactionsValue
102433000
onew Number Of Top Brands
NumberOfTopBrands
10

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