$ONEW
OneWater Marine Inc.

2020 Q2 Form 10-Q Financial Statement

#000114036120017691 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $408.3M $274.8M
YoY Change 48.56% 22.8%
Cost Of Revenue $313.6M $212.1M
YoY Change 47.85% 22.04%
Gross Profit $94.69M $62.73M
YoY Change 50.94% 25.46%
Gross Profit Margin 23.19% 22.83%
Selling, General & Admin $43.13M $34.70M
YoY Change 24.31% 29.0%
% of Gross Profit 45.56% 55.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $700.0K
YoY Change 14.29% 75.0%
% of Gross Profit 0.84% 1.12%
Operating Expenses $43.13M $35.40M
YoY Change 21.85% 29.67%
Operating Profit $50.70M $26.93M
YoY Change 88.27% 18.62%
Interest Expense -$5.400M $5.800M
YoY Change -193.1% -155.24%
% of Operating Profit -10.65% 21.54%
Other Income/Expense, Net -$5.337M $0.00
YoY Change -100.0%
Pretax Income $45.36M $32.70M
YoY Change 38.71% 168.03%
Income Tax $4.737M $0.00
% Of Pretax Income 10.44% 0.0%
Net Earnings $14.37M $0.00
YoY Change -100.0%
Net Earnings / Revenue 3.52% 0.0%
Basic Earnings Per Share $2.36 $0.00
Diluted Earnings Per Share $2.36 $0.00
COMMON SHARES
Basic Shares Outstanding 6.088M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.00M $25.10M
YoY Change 250.6%
Cash & Equivalents $91.07M $26.43M
Short-Term Investments
Other Short-Term Assets $14.00M $4.100M
YoY Change 241.46%
Inventory $171.3M $259.3M
Prepaid Expenses
Receivables $57.44M $31.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $330.7M $319.4M
YoY Change 3.53%
LONG-TERM ASSETS
Property, Plant & Equipment $16.79M $30.60M
YoY Change -45.15%
Goodwill $113.1M
YoY Change
Intangibles $61.30M
YoY Change
Long-Term Investments
YoY Change
Other Assets $177.6M $300.0K
YoY Change 59088.0%
Total Long-Term Assets $194.3M $194.6M
YoY Change -0.13%
TOTAL ASSETS
Total Short-Term Assets $330.7M $319.4M
Total Long-Term Assets $194.3M $194.6M
Total Assets $525.0M $514.0M
YoY Change 2.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.15M $11.30M
YoY Change 122.6%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $176.1M $235.0M
YoY Change -25.06%
Long-Term Debt Due $8.435M $5.500M
YoY Change 53.36%
Total Short-Term Liabilities $242.9M $274.3M
YoY Change -11.44%
LONG-TERM LIABILITIES
Long-Term Debt $108.8M $69.30M
YoY Change 56.97%
Other Long-Term Liabilities $1.512M $49.50M
YoY Change -96.95%
Total Long-Term Liabilities $110.3M $118.8M
YoY Change -7.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $242.9M $274.3M
Total Long-Term Liabilities $110.3M $118.8M
Total Liabilities $353.2M $399.0M
YoY Change -11.48%
SHAREHOLDERS EQUITY
Retained Earnings $15.45M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.28M $115.0M
YoY Change
Total Liabilities & Shareholders Equity $525.0M $514.0M
YoY Change 2.15%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $14.37M $0.00
YoY Change -100.0%
Depreciation, Depletion And Amortization $800.0K $700.0K
YoY Change 14.29% 75.0%
Cash From Operating Activities $199.7M $55.50M
YoY Change 259.82% 17.09%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$2.400M
YoY Change -79.17% 140.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$500.0K -$2.400M
YoY Change -79.17% -83.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.1M -43.60M
YoY Change 196.1% 31.72%
NET CHANGE
Cash From Operating Activities 199.7M 55.50M
Cash From Investing Activities -500.0K -2.400M
Cash From Financing Activities -129.1M -43.60M
Net Change In Cash 70.10M 9.500M
YoY Change 637.89% -4850.0%
FREE CASH FLOW
Cash From Operating Activities $199.7M $55.50M
Capital Expenditures -$500.0K -$2.400M
Free Cash Flow $200.2M $57.90M
YoY Change 245.77% 19.63%

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RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
0
CY2020Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
0
CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
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CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
87053000
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
83620000
CY2019Q2 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
84230000
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
81356000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
19380000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7022000
CY2020Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
3080000
CY2019Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
384000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
0
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
15452000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
751934000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
408273000
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43152000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
103738000
us-gaap Share Based Compensation
ShareBasedCompensation
1598000
us-gaap Share Based Compensation
ShareBasedCompensation
116000
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
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
39000
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
780000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
616000
CY2019Q2 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
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
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14489000
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
138667000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20765000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
33675000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
171830000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36728000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
31770000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
72281000
CY2020Q2 us-gaap Temporary Equity Elimination As Partof Reorganization
TemporaryEquityEliminationAsPartofReorganization
0
CY2020Q1 us-gaap Temporary Equity Elimination As Partof Reorganization
TemporaryEquityEliminationAsPartofReorganization
88131000
CY2019Q4 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
162000
CY2020Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
74000
CY2018Q4 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
157000
CY2019Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
156000
CY2019Q2 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
157000
CY2019Q1 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
2108000
CY2018Q4 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
2057000
CY2019Q2 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
2161000
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
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2470000
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>
CY2019Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
50887000
CY2020Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0
dei Entity Registrant Name
EntityRegistrantName
OneWater Marine Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001772921
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6088000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6088000
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
GA
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q2 onew Note Payable Floor Plan
NotePayableFloorPlan
176061000
CY2019Q3 onew Note Payable Floor Plan
NotePayableFloorPlan
225377000
onew Net Payments Borrowings From Floorplan
NetPaymentsBorrowingsFromFloorplan
49263000
onew Net Payments Borrowings From Floorplan
NetPaymentsBorrowingsFromFloorplan
-49316000
onew Distributions To Redeemable Preferred Interest Members And Redemption Of Redeemable Preferred Interest
DistributionsToRedeemablePreferredInterestMembersAndRedemptionOfRedeemablePreferredInterest
90503000
onew Distributions To Redeemable Preferred Interest Members And Redemption Of Redeemable Preferred Interest
DistributionsToRedeemablePreferredInterestMembersAndRedemptionOfRedeemablePreferredInterest
2531000
onew Non Cash Gain On Settlement Of Contingent Consideration
NonCashGainOnSettlementOfContingentConsideration
1674000
onew Non Cash Gain On Settlement Of Contingent Consideration
NonCashGainOnSettlementOfContingentConsideration
0
CY2020Q2 onew Expense Related To Performance Award
ExpenseRelatedToPerformanceAward
200000
onew Expense Related To Performance Award
ExpenseRelatedToPerformanceAward
300000
CY2020Q2 onew Percentage Of Expected Performance Targets To Be Achieved Target Award
PercentageOfExpectedPerformanceTargetsToBeAchievedTargetAward
1.75
onew Floorplan Interest Expense
FloorplanInterestExpense
7482000
CY2020Q2 onew Floorplan Interest Expense
FloorplanInterestExpense
2298000
onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.000
CY2020Q2 onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.000
onew Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
12778000
CY2020Q2 onew Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
9958000
onew Increase To Net Income From New Revenue Recognition Standard
IncreaseToNetIncomeFromNewRevenueRecognitionStandard
300000
CY2020Q2 onew Increase To Net Income From New Revenue Recognition Standard
IncreaseToNetIncomeFromNewRevenueRecognitionStandard
300000
onew Increase To Diluted Eps From New Revenue Recognition Standard
IncreaseToDilutedEPSFromNewRevenueRecognitionStandard
0.06
CY2020Q2 onew Increase To Diluted Eps From New Revenue Recognition Standard
IncreaseToDilutedEPSFromNewRevenueRecognitionStandard
0.06
onew Increase To Basic Eps From New Revenue Recognition Standard
IncreaseToBasicEPSFromNewRevenueRecognitionStandard
0.06
CY2020Q2 onew Increase To Basic Eps From New Revenue Recognition Standard
IncreaseToBasicEPSFromNewRevenueRecognitionStandard
0.05
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
CY2019Q1 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-156000
CY2018Q4 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-157000
CY2019Q2 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
-157000
CY2018Q4 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2057000
CY2019Q2 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2161000
CY2019Q4 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2183000
CY2019Q1 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-2108000
CY2020Q1 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
-1004000
CY2020Q2 onew Effect Of Organizational Transactions Value
EffectOfOrganizationalTransactionsValue
-827000
CY2020Q1 onew Effect Of Organizational Transactions Value
EffectOfOrganizationalTransactionsValue
102433000
onew Number Of Top Brands
NumberOfTopBrands
10

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