$ONEW
OneWater Marine Inc.

2021 Q1 Form 10-Q Financial Statement

#000114036121016311 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $329.6M $190.0M
YoY Change 73.51% 5.08%
Cost Of Revenue $240.8M $145.4M
YoY Change 65.65% 3.11%
Gross Profit $88.79M $44.58M
YoY Change 99.14% 12.23%
Gross Profit Margin 26.94% 23.47%
Selling, General & Admin $48.35M $32.38M
YoY Change 49.3% 17.76%
% of Gross Profit 54.45% 72.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $800.0K
YoY Change 62.5% 33.33%
% of Gross Profit 1.46% 1.79%
Operating Expenses $48.35M $32.38M
YoY Change 49.3% 14.83%
Operating Profit $38.69M $8.485M
YoY Change 356.0% -33.73%
Interest Expense -$1.500M -$5.000M
YoY Change -70.0% -68.35%
% of Operating Profit -3.88% -58.93%
Other Income/Expense, Net -$1.550M -$5.034M
YoY Change -69.21%
Pretax Income $37.14M $3.451M
YoY Change 976.27% -215.03%
Income Tax $6.550M $472.0K
% Of Pretax Income 17.64% 13.68%
Net Earnings $20.48M $1.085M
YoY Change 1787.1%
Net Earnings / Revenue 6.21% 0.57%
Basic Earnings Per Share $0.18
Diluted Earnings Per Share $1.830M $0.18
COMMON SHARES
Basic Shares Outstanding 6.088M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.70M $20.40M
YoY Change 275.98% 31.61%
Cash & Equivalents $87.48M $20.97M
Short-Term Investments
Other Short-Term Assets $25.10M $12.40M
YoY Change 102.42% 359.26%
Inventory $186.1M $333.4M
Prepaid Expenses
Receivables $41.01M $19.84M
Other Receivables $0.00 $0.00
Total Short-Term Assets $328.9M $386.0M
YoY Change -14.79% 13.7%
LONG-TERM ASSETS
Property, Plant & Equipment $64.61M $16.70M
YoY Change 286.92% -23.4%
Goodwill $151.4M $113.1M
YoY Change 33.93%
Intangibles $74.00M $61.30M
YoY Change 20.72%
Long-Term Investments
YoY Change
Other Assets $239.0M $177.6M
YoY Change 34.6% 59090.67%
Total Long-Term Assets $303.6M $194.3M
YoY Change 56.29% 6.68%
TOTAL ASSETS
Total Short-Term Assets $328.9M $386.0M
Total Long-Term Assets $303.6M $194.3M
Total Assets $632.5M $580.3M
YoY Change 9.0% 11.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.93M $7.819M
YoY Change 231.64% -18.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $183.8M $294.3M
YoY Change -37.55% 11.82%
Long-Term Debt Due $14.00M $7.012M
YoY Change 99.59% 112.48%
Total Short-Term Liabilities $285.7M $331.1M
YoY Change -13.71% 10.44%
LONG-TERM LIABILITIES
Long-Term Debt $105.1M $109.0M
YoY Change -3.56% 72.94%
Other Long-Term Liabilities $8.634M $1.540M
YoY Change 460.65% -97.46%
Total Long-Term Liabilities $113.7M $110.5M
YoY Change 2.91% -10.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $285.7M $331.1M
Total Long-Term Liabilities $113.7M $110.5M
Total Liabilities $417.0M $441.6M
YoY Change -5.58% 3.03%
SHAREHOLDERS EQUITY
Retained Earnings $44.96M $1.085M
YoY Change 4043.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $158.2M $57.96M
YoY Change
Total Liabilities & Shareholders Equity $632.5M $580.3M
YoY Change 9.0% 11.25%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $20.48M $1.085M
YoY Change 1787.1%
Depreciation, Depletion And Amortization $1.300M $800.0K
YoY Change 62.5% 33.33%
Cash From Operating Activities $59.20M -$18.40M
YoY Change -421.74% 9.52%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$1.400M
YoY Change 92.86% -6.67%
Acquisitions
YoY Change
Other Investing Activities -$7.900M $1.400M
YoY Change -664.29% -333.33%
Cash From Investing Activities -$10.50M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.900M 28.70M
YoY Change -68.99% 2.14%
NET CHANGE
Cash From Operating Activities 59.20M -18.40M
Cash From Investing Activities -10.50M 0.000
Cash From Financing Activities 8.900M 28.70M
Net Change In Cash 57.60M 10.30M
YoY Change 459.22% 11.96%
FREE CASH FLOW
Cash From Operating Activities $59.20M -$18.40M
Capital Expenditures -$2.700M -$1.400M
Free Cash Flow $61.90M -$17.00M
YoY Change -464.12% 11.11%

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us-gaap Repayments Of Long Term Debt
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1078000
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39000
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0
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88131000
CY2020Q1 us-gaap Temporary Equity Net Income
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0
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TemporaryEquityAccretionToRedemptionValue
162000
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TemporaryEquityAccretionToRedemptionValue
74000
CY2020Q1 us-gaap Temporary Equity Accretion Of Dividends
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2183000
CY2021Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2464000
CY2020Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2140000
us-gaap Use Of Estimates
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(35, 31, 32); 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 and accruals for expenses relating to business operations.</div></div>
CY2021Q1 us-gaap Warrants And Rights Outstanding
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
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--09-30
dei Document Period End Date
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2021-03-31
dei Entity Address State Or Province
EntityAddressStateOrProvince
GA
dei Entity Current Reporting Status
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Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
OneWater Marine Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001772921
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
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Q2
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Small Business
EntitySmallBusiness
true
onew Number Of Top Brands
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10
onew Percentage Of Net Cash Savings
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0.85
CY2020Q1 onew Effect Of Organizational Transactions Value
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102433000
CY2021Q1 onew Share Based Payment Arrangement Shares Withheld For Tax Withholding Obligation
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-449000
CY2020Q4 onew Effect Of Offering Including Underwriter Exercise Of Option To Purchase Shares Value
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-110000
CY2019Q4 onew Accumulated Unpaid Preferred Returns
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2183000
CY2020Q1 onew Accumulated Unpaid Preferred Returns
AccumulatedUnpaidPreferredReturns
1004000
CY2019Q4 onew Accretion Of Redeemable Preferred And Issuance Costs
AccretionOfRedeemablePreferredAndIssuanceCosts
162000
CY2020Q1 onew Accretion Of Redeemable Preferred And Issuance Costs
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74000
CY2020Q4 onew Business Combination Contingent Consideration Transaction Final Payout
BusinessCombinationContingentConsiderationTransactionFinalPayout
5900000
onew Recognized Income Expense
RecognizedIncomeExpense
-800000
onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.0000
onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.0000
CY2020Q1 onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.0000
CY2021Q1 onew Percentage Timing Of Revenue Recognition
PercentageTimingOfRevenueRecognition
1.0000
onew Contract With Customer Liability Increase Due To Cash Received
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38415000
CY2021Q1 onew Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
30853000
onew Loss Gain On Contingent Consideration
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377000
CY2021Q1 onew Loss Gain On Contingent Consideration
LossGainOnContingentConsideration
0
CY2020Q1 onew Loss Gain On Contingent Consideration
LossGainOnContingentConsideration
0
onew Loss Gain On Contingent Consideration
LossGainOnContingentConsideration
0
CY2020Q1 onew Floorplan Interest Expense
FloorplanInterestExpense
2525000
onew Floorplan Interest Expense
FloorplanInterestExpense
1250000
onew Floorplan Interest Expense
FloorplanInterestExpense
5184000
CY2021Q1 onew Floorplan Interest Expense
FloorplanInterestExpense
330000
CY2021Q1 onew Percentage Of Expected Performance Targets To Be Achieved Target Award
PercentageOfExpectedPerformanceTargetsToBeAchievedTargetAward
1.5
onew Expense Related To Performance Award
ExpenseRelatedToPerformanceAward
300000
CY2021Q1 onew Expense Related To Performance Award
ExpenseRelatedToPerformanceAward
200000
onew Noncash Or Part Noncash Acquisition Purchase Price Funded By Contingent Consideration
NoncashOrPartNoncashAcquisitionPurchasePriceFundedByContingentConsideration
0
onew Noncash Or Part Noncash Acquisition Purchase Price Funded By Contingent Consideration
NoncashOrPartNoncashAcquisitionPurchasePriceFundedByContingentConsideration
5482000
onew Distributions To Redeemable Preferred Interest Members
DistributionsToRedeemablePreferredInterestMembers
90503000
onew Distributions To Redeemable Preferred Interest Members
DistributionsToRedeemablePreferredInterestMembers
0
onew Deferred Offering Costs Accrued Not Yet Paid
DeferredOfferingCostsAccruedNotYetPaid
600000
onew Deferred Offering Costs Accrued Not Yet Paid
DeferredOfferingCostsAccruedNotYetPaid
0
onew Net Payments Borrowings From Floorplan
NetPaymentsBorrowingsFromFloorplan
68886000
onew Net Payments Borrowings From Floorplan
NetPaymentsBorrowingsFromFloorplan
55751000
onew Payments Of Offering Costs
PaymentsOfOfferingCosts
0
onew Payments Of Offering Costs
PaymentsOfOfferingCosts
540000
CY2020Q3 onew Current Portion Of Tax Receivable Agreement Liability
CurrentPortionOfTaxReceivableAgreementLiability
0
CY2021Q1 onew Current Portion Of Tax Receivable Agreement Liability
CurrentPortionOfTaxReceivableAgreementLiability
306000
CY2020Q3 onew Note Payable Floor Plan
NotePayableFloorPlan
124035000
CY2021Q1 onew Note Payable Floor Plan
NotePayableFloorPlan
183802000
CY2021Q1 onew Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
17560000
CY2020Q3 onew Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
15585000

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