☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | 83-4330138 (IRS Employer Identification No.) |
6275 Lanier Islands Parkway Buford, Georgia (Address of principal executive offices) | 30518 (Zip code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Class A common stock, par value $0.01 per share | ONEW | The Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | |
Non-accelerated filer | Smaller reporting company | ||
Emerging growth company |
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Item 2. | |||
Item 3. | 33 | ||
Item 4. | 34 | ||
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Item 1. | 34 | ||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | 34 | ||
Item 5. | |||
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Item 6. | 35 |
• | the impact of the novel coronavirus (“COVID-19”) on our business and results of operations; |
December 31, 2021 | September 30, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 67,908 | $ | 62,606 | ||||
Restricted cash | 6,861 | 11,343 | ||||||
Accounts receivable, net | 37,643 | 28,529 | ||||||
Inventories | 248,212 | 143,880 | ||||||
Prepaid expenses and other current assets | 34,321 | 34,580 | ||||||
Total current assets | 394,945 | 280,938 | ||||||
Property and equipment, net | 74,638 | 67,114 | ||||||
Operating lease right-of-use assets | 118,054 | 89,141 | ||||||
Other assets: | ||||||||
Deposits | 539 | 526 | ||||||
Deferred tax assets | 32,956 | 29,110 | ||||||
Identifiable intangible assets | 121,244 | 85,294 | ||||||
Goodwill | 419,675 | 168,491 | ||||||
Total other assets | 574,414 | 283,421 | ||||||
Total assets | $ | 1,162,051 | $ | 720,614 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 33,262 | $ | 18,114 | ||||
Other payables and accrued expenses | 30,096 | 27,665 | ||||||
Customer deposits | 56,986 | 46,610 | ||||||
Notes payable – floor plan | 195,638 | 114,234 | ||||||
Current portion of operating lease liabilities | 11,173 | 9,159 | ||||||
Current portion of long-term debt | 19,420 | 11,366 | ||||||
Current portion of tax receivable agreement liability | 915 | 482 | ||||||
Total current liabilities | 347,490 | 227,630 | ||||||
Long-term Liabilities: | ||||||||
Other long-term liabilities | 29,617 | 14,991 | ||||||
Tax receivable agreement liability | 45,290 | 39,622 | ||||||
Noncurrent operating lease liabilities | 107,452 | 80,464 | ||||||
Long-term debt, net of current portion and unamortized debt issuance costs | 327,008 | 103,074 | ||||||
Total liabilities | 856,857 | 465,781 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, NaN issued and outstanding as of December 31, 2021 and September 30, 2021 | 0 | 0 | ||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 13,852,296 shares issued and outstanding as of December 31, 2021 and 13,276,538 issued and outstanding as of September 30, 2021 | 139 | �� | 133 | |||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 1,429,940 shares issued and outstanding as of December 31, 2021 and 1,819,112 issued and outstanding as of September 30, 2021 | 14 | 18 | ||||||
Additional paid-in capital | 166,411 | 150,825 | ||||||
Retained earnings | 94,529 | 74,952 | ||||||
Total stockholders’ equity attributable to OneWater Marine Inc. | 261,093 | 225,928 | ||||||
Equity attributable to non-controlling interests | 44,101 | 28,905 | ||||||
Total stockholders’ equity | 305,194 | 254,833 | ||||||
Total liabilities and stockholders’ equity | $ | 1,162,051 | $ | 720,614 |
December 31, 2020 | September 30, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 25,952 | $ | 66,087 | ||||
Restricted cash | 3,984 | 2,066 | ||||||
Accounts receivable, net | 14,499 | 18,479 | ||||||
Inventories | 196,114 | 150,124 | ||||||
Prepaid expenses and other current assets | 13,307 | 15,302 | ||||||
Total current assets | 253,856 | 252,058 | ||||||
Property and equipment, net | 62,833 | 18,442 | ||||||
Other assets: | ||||||||
Deposits | 392 | 350 | ||||||
Deferred tax assets | 14,690 | 12,854 | ||||||
Identifiable intangible assets | 74,004 | 61,304 | ||||||
Goodwill | 146,562 | 113,059 | ||||||
Total other assets | 235,648 | 187,567 | ||||||
Total assets | $ | 552,337 | $ | 458,067 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 10,545 | $ | 12,781 | ||||
Other payables and accrued expenses | 17,880 | 24,221 | ||||||
Customer deposits | 23,386 | 17,280 | ||||||
Notes payable – floor plan | 170,320 | 124,035 | ||||||
Current portion of long-term debt | 10,481 | 7,419 | ||||||
Total current liabilities | 232,612 | 185,736 | ||||||
Long-term Liabilities: | ||||||||
Other long-term liabilities | 6,220 | 1,482 | ||||||
Tax receivable agreement liability | 17,556 | 15,585 | ||||||
Long-term debt, net of current portion and unamortized debt issuance costs | 111,466 | 81,977 | ||||||
Total liabilities | 367,854 | 284,780 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of December 31, 2020 and September 30, 2020 | - | - | ||||||
Class A common stock, $0.01 par value, 40,000,000 shares authorized, 10,867,291 shares issued and outstanding as of December 31, 2020 and 10,391,661 issued and outstanding as of September 30, 2020 | 109 | 104 | ||||||
Class B common stock, $0.01 par value, 10,000,000 shares authorized, 4,108,007 shares issued and outstanding as of December 31, 2020 and 4,583,637 issued and outstanding as of September 30, 2020 | 41 | 46 | ||||||
Additional paid-in capital | 111,859 | 105,947 | ||||||
Retained earnings | 24,545 | 16,757 | ||||||
Total stockholders’ equity attributable to OneWater Marine Inc. | 136,554 | 122,854 | ||||||
Equity attributable to non-controlling interests | 47,929 | 50,433 | ||||||
Total stockholders’ equity | 184,483 | 173,287 | ||||||
Total liabilities and stockholders’ equity | $ | 552,337 | $ | 458,067 |
Three Months Ended December 31, | ||||||||||||||||
2020 | 2019 | Three Months Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||||
Revenues | ||||||||||||||||
New boat sales | $ | 151,828 | $ | 102,852 | ||||||||||||
Pre-owned boat sales | 38,580 | 33,071 | ||||||||||||||
New boat | $ | 236,198 | $ | 151,828 | ||||||||||||
Pre-owned boat | 53,449 | 38,580 | ||||||||||||||
Finance & insurance income | 5,963 | 4,325 | 9,307 | 5,963 | ||||||||||||
Service, parts & other sales | 17,712 | 13,450 | ||||||||||||||
Service, parts & other | 37,318 | 17,712 | ||||||||||||||
Total revenues | 214,083 | 153,698 | 336,272 | 214,083 | ||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | ||||||||||||||||
New boat | 122,532 | 85,955 | 175,896 | 122,532 | ||||||||||||
Pre-owned boat | 30,452 | 27,866 | 39,370 | 30,452 | ||||||||||||
Service, parts & other | 8,663 | 7,688 | 20,041 | 8,663 | ||||||||||||
Total cost of sales | 161,647 | 121,509 | 235,307 | 161,647 | ||||||||||||
Selling, general and administrative expenses | 34,860 | 28,305 | 59,096 | 34,860 | ||||||||||||
Depreciation and amortization | 963 | 760 | 1,749 | 963 | ||||||||||||
Transaction costs | 200 | 437 | 3,045 | 200 | ||||||||||||
Loss on contingent consideration | 377 | - | ||||||||||||||
Change in fair value of contingent consideration | 5,746 | 377 | ||||||||||||||
Income from operations | 16,036 | 2,687 | 31,329 | 16,036 | ||||||||||||
Other expense (income) | ||||||||||||||||
Interest expense – floor plan | 920 | 2,659 | 877 | 920 | ||||||||||||
Interest expense – other | 924 | 1,853 | 1,529 | 924 | ||||||||||||
Change in fair value of warrant liability | - | (771 | ) | |||||||||||||
Other (income) expense, net | (94 | ) | 13 | |||||||||||||
Other expense (income), net | 548 | (94 | ) | |||||||||||||
Total other expense, net | 1,750 | 3,754 | 2,954 | 1,750 | ||||||||||||
Income (loss) before income tax expense | 14,286 | (1,067 | ) | |||||||||||||
Income before income tax expense | 28,375 | 14,286 | ||||||||||||||
Income tax expense | 2,511 | - | 4,889 | 2,511 | ||||||||||||
Net income (loss) | 11,775 | (1,067 | ) | |||||||||||||
Net income | 23,486 | 11,775 | ||||||||||||||
Less: Net income attributable to non-controlling interests | (247 | ) | 0 | 0 | ||||||||||||
Net loss attributable to One Water Marine Holdings, LLC | $ | (1,314 | ) | |||||||||||||
Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC | (3,987 | ) | (3,467 | ) | (3,987 | ) | ||||||||||
Net income attributable to OneWater Marine Inc | $ | 7,788 | $ | 20,019 | $ | 7,788 | ||||||||||
Earnings per share of Class A common stock – basic | $ | 0.72 | $ | 1.50 | $ | 0.72 | ||||||||||
Earnings per share of Class A common stock – diluted | $ | 0.71 | $ | 1.45 | $ | 0.71 | ||||||||||
Basic weighted-average shares of Class A common stock outstanding | 10,776 | 13,380 | 10,776 | |||||||||||||
Diluted weighted-average shares of Class A common stock outstanding | 10,986 | 13,761 | 10,986 |
Class A Common Stock | Class B Common Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Non-controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at September 30, 2021 | 13,277 | $ | 133 | 1,819 | $ | 18 | $ | 150,825 | $ | 74,952 | $ | 28,905 | $ | 254,833 | ||||||||||||||||||
Net income | - | 0 | - | 0 | 0 | 20,019 | 3,467 | 23,486 | ||||||||||||||||||||||||
Distributions to members | - | 0 | - | 0 | 0 | (442 | ) | (177 | ) | (619 | ) | |||||||||||||||||||||
Non-controlling interest in subsidiary | - | 0 | - | 0 | 0 | 0 | 19,311 | 19,311 | ||||||||||||||||||||||||
Exchange of B shares for A shares | 389 | 4 | (389 | ) | (4 | ) | 7,405 | 0 | (7,405 | ) | 0 | |||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | - | 0 | - | 0 | (283 | ) | 0 | 0 | (283 | ) | ||||||||||||||||||||||
Shares issued upon vesting of equity-based awards, net of tax withholding | 53 | 1 | 0 | 0 | (469 | ) | 0 | 0 | (468 | ) | ||||||||||||||||||||||
Shares issued in connection with a business combination | 133 | 1 | 0 | 0 | 6,833 | 0 | 0 | 6,834 | ||||||||||||||||||||||||
Equity-based compensation | - | 0 | - | 0 | 2,100 | 0 | 0 | 2,100 | ||||||||||||||||||||||||
Balance at December 31, 2021 | 13,852 | $ | 139 | 1,430 | $ | 14 | $ | 166,411 | $ | 94,529 | $ | 44,101 | $ | 305,194 |
Class A Common Stock | Class B Common Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Non-controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at September 30, 2020 | 10,392 | $ | 104 | 4,583 | $ | 46 | $ | 105,947 | $ | 16,757 | $ | 50,433 | $ | 173,287 | ||||||||||||||||||
Net income | - | 0 | - | 0 | 0 | 7,788 | 3,987 | 11,775 | ||||||||||||||||||||||||
Distributions to members | - | 0 | - | 0 | 0 | 0 | (1,319 | ) | (1,319 | ) | ||||||||||||||||||||||
Effect of September offering, including underwriter exercise of option to purchase shares | 387 | 4 | (387 | ) | (4 | ) | 4,146 | 0 | (4,256 | ) | (110 | ) | ||||||||||||||||||||
Exchange of B shares for A shares | 88 | 1 | (88 | ) | (1 | ) | 916 | 0 | (916 | ) | 0 | |||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | - | 0 | - | 0 | (228 | ) | 0 | 0 | (228 | ) | ||||||||||||||||||||||
Adjustment to adopt Topic 842 | - | 0 | - | 0 | 0 | 1,073 | 0 | 1,073 | ||||||||||||||||||||||||
Equity-based compensation | - | 0 | - | 0 | 1,078 | 0 | 0 | 1,078 | ||||||||||||||||||||||||
Balance at December 31, 2020 | 10,867 | $ | 109 | 4,108 | $ | 41 | $ | 111,859 | $ | 25,618 | $ | 47,929 | $ | 185,556 |
For the Three Months Ended December 31 | 2021 | 2020 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 23,486 | $ | 11,775 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,749 | 963 | ||||||
Equity-based awards | 2,100 | 1,078 | ||||||
Gain on asset disposals | (37 | ) | (102 | ) | ||||
Non-cash interest expense, net | 200 | 191 | ||||||
Deferred income tax provision | 1,659 | (94 | ) | |||||
Loss on change in fair value of contingent consideration | 5,746 | 0 | ||||||
(Increase) decrease in assets: | ||||||||
Accounts receivable | 240 | 4,089 | ||||||
Inventories | (71,660 | ) | (40,576 | ) | ||||
Prepaid expenses and other current assets | 2,137 | 2,051 | ||||||
Deposits | (14 | ) | (42 | ) | ||||
Increase (decrease) in liabilities: | ||||||||
Accounts payable | 13,911 | (2,799 | ) | |||||
Other payables and accrued expenses | (6,414 | ) | (9,920 | ) | ||||
Tax receivable agreement liability | 313 | 0 | ||||||
Customer deposits | 3,759 | 4,771 | ||||||
Net cash used in operating activities | (22,825 | ) | (28,615 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment and construction in progress | (3,428 | ) | (2,423 | ) | ||||
Proceeds from disposal of property and equipment | 6 | 91 | ||||||
Cash used in acquisitions | (278,798 | ) | (77,631 | ) | ||||
Net cash used in investing activities | (282,220 | ) | (79,963 | ) | ||||
Cash flows from financing activities | ||||||||
Net borrowings from floor plan | 81,403 | 42,269 | ||||||
Proceeds from long-term debt | 240,000 | 30,000 | ||||||
Payments on long-term debt | (5,507 | ) | (211 | ) | ||||
Payments of debt issuance costs | (3,979 | ) | (252 | ) | ||||
Payments of September 2020 offering costs | 0 | (540 | ) | |||||
Payments of tax withholdings for equity-based awards | (468 | ) | 0 | |||||
Distributions to members | (5,584 | ) | (905 | ) | ||||
Net cash provided by financing activities | 305,865 | 70,361 | ||||||
Net change in cash | 820 | (38,217 | ) | |||||
Cash and restricted cash at beginning of period | 73,949 | 68,153 | ||||||
Cash and restricted cash at end of period | $ | 74,769 | $ | 29,936 | ||||
Supplemental cash flow disclosures | ||||||||
Cash paid for interest | $ | 2,206 | $ | 1,653 | ||||
Cash paid for income taxes | 702 | 6,613 | ||||||
Noncash items | ||||||||
Acquisition purchase price funded by seller notes payable | $ | 1,126 | $ | 2,056 | ||||
Acquisition purchase price funded by contingent consideration | 9,967 | 4,766 | ||||||
Accrued purchase consideration | 5,353 | 3,719 | ||||||
Acquisition purchase price funded by issuance of Class A common stock | 6,834 | 0 | ||||||
Purchase of property and equipment funded by long-term debt | 231 | 833 | ||||||
Initial operating lease right-of-use assets for adoption of Topic 842 | 0 | 71,835 | ||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 31,529 | 3,091 | ||||||
Distributions, declared not yet paid | 0 | 414 |
Class A Common Stock | Class B Common Stock | |||||||||||||||||||||||||||||||||||||||
Redeemable Preferred Interest in Subsidiary | Members’ Equity | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Non-controlling Interest | Total Stockholders’ and Members’ Equity | |||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | - | $ | - | 10,392 | $ | 104 | 4,583 | $ | 46 | $ | 105,947 | $ | 16,757 | $ | 50,433 | $ | 173,287 | ||||||||||||||||||||||
Net income | - | - | - | - | - | - | - | 7,788 | 3,987 | 11,775 | ||||||||||||||||||||||||||||||
Distributions to members | - | - | - | - | - | - | - | - | (1,319 | ) | (1,319 | ) | ||||||||||||||||||||||||||||
Effect of September offering, including underwriter exercise of option to purchase shares | - | - | 387 | 4 | (387 | ) | (4 | ) | 4,146 | - | (4,256 | ) | (110 | ) | ||||||||||||||||||||||||||
Exchange of B shares for A shares | - | - | 88 | 1 | (88 | ) | (1 | ) | 916 | - | (916 | ) | - | |||||||||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | - | - | - | - | - | - | (228 | ) | - | - | (228 | ) | ||||||||||||||||||||||||||||
Equity-based compensation | - | - | - | - | - | - | 1,078 | - | - | 1,078 | ||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | - | $ | - | 10,867 | $ | 109 | 4,108 | $ | 41 | $ | 111,859 | $ | 24,545 | $ | 47,929 | $ | 184,483 |
Class A Common Stock | Class B Common Stock | |||||||||||||||||||||||||||||||||||||||
Redeemable Preferred Interest in Subsidiary | Members’ Equity | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Non- controlling Interest | Total Stockholders’ and Members’ Equity | |||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | 86,018 | $ | 31,770 | - | $ | - | - | $ | - | $ | - | $ | - | $ | 6,199 | $ | 37,969 | ||||||||||||||||||||||
Net (loss) income | - | (1,314 | ) | - | - | - | - | - | - | 247 | (1,067 | ) | ||||||||||||||||||||||||||||
Distributions to members | (1,310 | ) | (189 | ) | - | - | - | - | - | - | (732 | ) | (921 | ) | ||||||||||||||||||||||||||
Accumulated unpaid preferred returns | 2,183 | (2,183 | ) | - | - | - | - | - | - | - | (2,183 | ) | ||||||||||||||||||||||||||||
Accretion of redeemable preferred and issuance costs | 162 | (162 | ) | - | - | - | - | - | - | - | (162 | ) | ||||||||||||||||||||||||||||
Equity-based compensation | - | 39 | - | - | - | - | - | - | - | 39 | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 87,053 | $ | 27,961 | - | $ | - | - | $ | - | $ | - | $ | - | $ | 5,714 | $ | 33,675 |
Three Months Ended December 31, | ||||||||
2020 | 2019 | |||||||
Net income (loss) | $ | 11,775 | $ | (1,067 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Depreciation and amortization | 963 | 760 | ||||||
Equity-based awards | 1,078 | 39 | ||||||
Gain on asset disposals | (102 | ) | (143 | ) | ||||
Change in fair value of long-term warrant liability | - | (771 | ) | |||||
Non-cash interest expense | 191 | 1,721 | ||||||
Deferred income tax provision | (94 | ) | - | |||||
Payment of acquisition contingent consideration | (5,520 | ) | - | |||||
(Increase) decrease in assets: | ||||||||
Accounts receivable | 4,089 | 5,720 | ||||||
Inventories | (40,576 | ) | (36,499 | ) | ||||
Prepaid expenses and other current assets | 2,013 | 70 | ||||||
Deposits | (42 | ) | - | |||||
Increase (decrease) in liabilities: | ||||||||
Accounts payable | (2,799 | ) | 64 | |||||
Other payables and accrued expenses | (4,362 | ) | (1,472 | ) | ||||
Customer deposits | 4,771 | 2,855 | ||||||
Net cash used in operating activities | (28,615 | ) | (28,723 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment and construction in progress | (2,423 | ) | (1,997 | ) | ||||
Proceeds from disposal of property and equipment | 91 | 235 | ||||||
Cash used in acquisitions | (77,631 | ) | - | |||||
Net cash used in investing activities | (79,963 | ) | (1,762 | ) | ||||
Cash flows from financing activities | ||||||||
Net borrowings from floor plan | 42,269 | 39,105 | ||||||
Proceeds from long-term debt | 30,000 | - | ||||||
Payments on long-term debt | (211 | ) | (2,504 | ) | ||||
Payments of debt issuance costs | (252 | ) | (79 | ) | ||||
Payments of initial public offering costs | - | (3,547 | ) | |||||
Payments of September offering costs | (540 | ) | - | |||||
Payment of acquisition contingent consideration | - | (1,040 | ) | |||||
Distributions to redeemable preferred interest members | - | (1,310 | ) | |||||
Distributions to members | (905 | ) | (921 | ) | ||||
Net cash provided by financing activities | 70,361 | 29,704 | ||||||
Net change in cash | (38,217 | ) | (781 | ) | ||||
Cash and restricted cash at beginning of period | 68,153 | 11,492 | ||||||
Cash and restricted cash at end of period | $ | 29,936 | $ | 10,711 | ||||
Supplemental cash flow disclosures | ||||||||
Cash paid for interest | $ | 1,653 | $ | 2,791 | ||||
Cash paid for income taxes | 6,613 | - | ||||||
Noncash items | ||||||||
Acquisition purchase price funded by seller notes payable | $ | 2,056 | - | |||||
Acquisition purchase price funded by contingent consideration | 4,766 | - | ||||||
Accrued purchase consideration | 3,719 | - | ||||||
Purchase of property and equipment funded by long-term debt | 833 | 419 | ||||||
Distributions, declared not yet paid | 414 | - |
1. | Description of Company and Basis of Presentation |
2. | Summary of Significant Accounting Policies |
($ in thousands) | Three Months Ended December 31, 2020 | Three Months Ended December 31, 2021 | ||||||
Beginning contract liability | $ | 17,280 | $ | 46,610 | ||||
Revenue recognized from contract liabilities included in the beginning balance | (11,647 | ) | (27,465 | ) | ||||
Increases due to cash received, net of amounts recognized in revenue during the period | 17,753 | 37,841 | ||||||
Ending contract liability | $ | 23,386 | $ | 56,986 |
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||
Goods and services transferred at a point in time | 93.2 | % | 93.1 | % | ||||
Goods and services transferred over time | 6.8 | % | 6.9 | % | ||||
Total Revenue | 100.0 | % | 100.0 | % |
3. | New Accounting Pronouncements |
4. | Acquisitions |
Summary of Assets Acquired and Liabilities Assumed | ($ in thousands) | |||
Tangible assets | $ | 5,794 | ||
Identifiable intangible assets | 2,940 | |||
Goodwill | 6,854 | |||
Liabilities assumed | (5,341 | ) | ||
Total purchase price | $ | 10,247 |
Summary of Assets Acquired and Liabilities Assumed | ||||||||||||||||
($ in thousands) | T-H Marine | Quality Boats | Other Acquisitions | Total Acquisitions | ||||||||||||
Accounts receivable | $ | 8,955 | $ | 0 | $ | 399 | $ | 9,354 | ||||||||
Inventories | 19,856 | 5,937 | 6,879 | 32,672 | ||||||||||||
Prepaid expenses | 1,547 | 187 | 56 | 1,790 | ||||||||||||
Property and equipment | 3,896 | 803 | 916 | 5,615 | ||||||||||||
Operating lease right-of-use assets | 5,960 | 428 | 0 | 6,388 | ||||||||||||
Identifiable intangible assets | 0 | 31,700 | 4,250 | 35,950 | ||||||||||||
Goodwill | 157,367 | 78,682 | 15,135 | 251,184 | ||||||||||||
Accounts payable | (3,876 | ) | (2,108 | ) | (219 | ) | (6,203 | ) | ||||||||
Accrued expenses | (1,870 | ) | 0 | (483 | ) | (2,353 | ) | |||||||||
Customer deposits | (394 | ) | (3,997 | ) | (2,227 | ) | (6,618 | ) | ||||||||
Operating lease liabilities | (5,960 | ) | (428 | ) | 0 | (6,388 | ) | |||||||||
Aggregate acquisition date fair value | $ | 185,481 | $ | 111,204 | $ | 24,706 | $ | 321,391 | ||||||||
Consideration transferred | $ | 185,481 | $ | 91,893 | $ | 24,706 | $ | 302,080 | ||||||||
Fair value of non-controlling interests | 0 | 19,311 | 0 | 19,311 | ||||||||||||
Aggregate acquisition date fair value | $ | 185,481 | $ | 111,204 | $ | 24,706 | $ | 321,391 |
Summary of Assets Acquired | ($ in thousands) | |||
Tangible assets | $ | 474 | ||
Identifiable intangible assets | 8,230 | |||
Goodwill | 23,643 | |||
Total purchase price | $ | 32,347 |
Summary of Assets Acquired and Liabilities Assumed | ($ in thousands) | |||
Property and equipment | $ | 41,300 | ||
Other tangible assets | 88 | |||
Identifiable intangible assets | 1,530 | |||
Goodwill | 3,005 | |||
Liabilities assumed | (346 | ) | ||
Total purchase price | $ | 45,577 |
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||
($ in thousands) | ||||||||
(Unaudited) | ||||||||
Pro forma revenue | $ | 374,940 | $ | 318,198 | ||||
Pro forma net income | $ | 23,949 | $ | 17,803 |
5. | Inventories |
($ in thousands) | December 31, 2020 | September 30, 2020 | ||||||
New vessels | $ | 160,723 | $ | 120,012 | ||||
Pre-owned vessels | 24,478 | 21,262 | ||||||
Work in process, parts and accessories | 10,913 | 8,850 | ||||||
Total inventories | $ | 196,114 | $ | 150,124 |
($ in thousands) | December 31, 2021 | September 30, 2021 | ||||||
New vessels | $ | 177,814 | $ | 105,625 | ||||
Pre-owned vessels | 30,182 | 22,906 | ||||||
Work in process, parts and accessories | 40,216 | 15,349 | ||||||
$ | 248,212 | $ | 143,880 |
6. | Goodwill and Other Identifiable Intangible Assets |
($ in thousands) | Goodwill | |||
Balance as of September 30, 2020 | $ | 113,059 | ||
Goodwill acquisitions during the year | 33,503 | |||
Balance as of December 31, 2020 | $ | 146,562 |
($ in thousands) | Goodwill | |||
Balance as of September 30, 2021 | $ | 168,491 | ||
Goodwill acquisitions during the three months ended December 31, 2021 | 251,184 | |||
Balance as of December 31, 2021 | $ | 419,675 |
($ in thousands) | Identifiable Intangible Assets | |||
Balance as of September 30, 2020 | $ | 61,304 | ||
Identifiable intangible assets acquisitions during the year | 12,700 | |||
Balance as of December 31, 2020 | $ | 74,004 |
($ in thousands) | Identifiable Intangible Assets | |||
Balance as of September 30, 2021 | $ | 85,294 | ||
Acquired identifiable intangible assets during the three months ended December 31, 2021 | 35,950 | |||
Balance as of December 31, 2021 | $ | 121,244 |
7. | Notes Payable — Floor Plan |
8. | Long-term Debt and Line of Credit |
($ in thousands) | December 31, 2020 | September 30, 2020 | ||||||
Term note payable to Truist Bank, secured and bearing interest at 2.75% at December 31, 2020 and 3.0% September 30, 2020. The note requires quarterly principal payments commencing on March 31, 2021 and maturing with a full repayment on July 22, 2025 | $ | 80,000 | $ | 80,000 | ||||
Revolving note payable for an amount up to $30.0 million to Truist Bank, secured and bearing interest at 4.5% at December 31, 2020. The revolver requires quarterly interest payments commencing on March 31, 2021 and maturing with a full repayment on July 22, 2025 | 30,000 | - | ||||||
Note payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 8.9% per annum. The note requires monthly installment payments of principal and interest ranging from $100 to $5,600 through January 2026 | 3,076 | 2,454 | ||||||
Note payable to Central Marine Services, Inc., unsecured and bearing interest at 5.5% per annum. The note requires monthly interest payments, with a balloon payment of principal due on February 1, 2022 | 2,164 | 2,164 | ||||||
Note payable to Tom George Yacht Sales, Inc., unsecured and bearing interest at 5.5% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2023 | 2,056 | - | ||||||
Note payable to Ocean Blue Yacht Sales, unsecured and bearing interest at 5.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on February 1, 2022 | 1,920 | 1,920 | ||||||
Note payable to Lab Marine, Inc., unsecured and bearing interest at 6.0% per annum. The note requires annual interest payments, with a balloon payment of principal due on March 1, 2021 | 1,500 | 1,500 | ||||||
Note payable to Slalom Shop, LLC, unsecured and bearing interest at 5.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2021 | 1,271 | 1,271 | ||||||
Note payable to Bosun’s Marine, Inc., unsecured and bearing interest at 4.5% per annum. The note requires annual interest payments with a balloon payment due on June 1, 2021 | 1,227 | 1,227 | ||||||
Note payable to Rebo, Inc., unsecured and bearing interest at 5.5% per annum. The note requires annual interest payments with a balloon payment due on April 1, 2021 | 1,000 | 1,000 | ||||||
Total debt outstanding | 124,214 | 91,536 | ||||||
Less current portion (net of current debt issuance costs) | (10,481 | ) | (7,419 | ) | ||||
Less unamortized portion of debt issuance costs | (2,267 | ) | (2,140 | ) | ||||
Long-term debt, net of current portion of unamortized debt issuance costs | $ | 111,466 | $ | 81,977 |
($ in thousands) | December 31, 2021 | September 30, 2021 | ||||||
Term note payable to Truist Bank, secured and bearing interest at 3.0% at December 31, 2021 and 2.75% at September 30, 2021. The note requires quarterly principal payments, maturing with a full repayment on July 22, 2025 | $ | 301,903 | $ | 105,875 | ||||
Revolving note payable for an amount up to $50.0 million to Truist Bank, secured and bearing interest at 3.0% at December 31, 2021. The note requires full repayment on July 22, 2025 | 40,000 | 0 | ||||||
Note payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 8.9% per annum. The note requires monthly installment payments of principal and interest ranging from $100 to $5,600 through July 2028 | 3,216 | 3,248 | ||||||
Note payable to Central Marine Services, Inc., unsecured and bearing interest at 5.5% per annum. The note requires monthly interest payments, with a balloon payment of principal due on February 1, 2022 | 2,164 | 2,164 | ||||||
Note payable to Tom George Yacht Sales, Inc., unsecured and bearing interest at 5.5% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2023 | 2,056 | 2,056 | ||||||
Note payable to Ocean Blue Yacht Sales, unsecured and bearing interest at 5.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on February 1, 2022 | 1,920 | 1,920 | ||||||
Note payable to Norfolk Marine Company, unsecured and bearing interest at 4.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2024 | 1,126 | 0 | ||||||
Note payable to Slalom Shop, LLC, unsecured and bearing interest at 5.0% per annum. The note was repaid in full | 0 | 1,271 | ||||||
Total debt outstanding | 352,385 | 116,534 | ||||||
Less current portion (net of debt issuance costs) | (19,420 | ) | (11,366 | ) | ||||
Less unamortized portion of debt issuance costs | (5,957 | ) | (2,094 | ) | ||||
Long-term debt, net of current portion of unamortized debt issuance costs | $ | 327,008 | $ | 103,074 |
9. | Stockholders’ and Members’ Equity |
Restricted Stock Unit Awards | ||||||||
Number of Shares | Weighted Average Grant Date Fair Value ($) | |||||||
Unvested at September 30, 2020 | 301,643 | $ | 15.78 | |||||
Awarded | 141,020 | 20.49 | ||||||
Vested | - | - | ||||||
Forfeited | - | - | ||||||
Unvested at December 31, 2020 | 442,663 | $ | 17.28 |
Restricted Stock Unit Awards | ||||||||
Number of Shares | Weighted Average Grant Date Fair Value ($) | |||||||
Unvested at September 30, 2021 | 545,094 | $ | 22.68 | |||||
Awarded | 158,107 | 40.21 | ||||||
Vested | (64,704 | ) | 17.78 | |||||
Forfeited | 0 | 0 | ||||||
Unvested at December 31, 2021 | 638,497 | $ | 31.12 |
Earnings per share: | Three Months Ended December 31, 2020 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||||
Numerator: | ||||||||||||
Net income attributable to OneWater Inc | $ | 7,788 | $ | 20,019 | $ | 7,788 | ||||||
Denominator: | ||||||||||||
Weighted-average number of unrestricted outstanding common shares used to calculate basic net income per share | 10,776 | 13,380 | 10,776 | |||||||||
Effect of dilutive securities: | ||||||||||||
Restricted stock units | 210 | 381 | 210 | |||||||||
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share | 10,986 | |||||||||||
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted earnings per share | 13,761 | 10,986 | ||||||||||
Earnings per share of Class A common stock – basic | $ | 0.72 | $ | 1.50 | $ | 0.72 | ||||||
Earnings per share of Class A common stock – diluted | $ | 0.71 | $ | 1.45 | $ | 0.71 |
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||
Class B common stock | 1,815 | 4,199 | ||||||
Restricted Stock Units | 233 | 206 | ||||||
2,048 | 4,405 |
10. |
December 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($ in thousands) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Contingent Consideration | $ | 0 | $ | 0 | $ | 27,785 | $ | 27,785 |
September 30, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($ in thousands) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Contingent Consideration | $ | 0 | $ | 0 | $ | 12,072 | $ | 12,072 |
($ in thousands) | Contingent Consideration | |||
Balance as of September 30, 2021 | $ | 12,072 | ||
Additions from acquisitions | 9,967 | |||
Settlement of contingent consideration | 0 | |||
Change in fair value, including accretion | 5,746 | |||
Balance as of December 31, 2021 | $ | 27,785 |
11. | Income Taxes |
12. | Contingencies and Commitments |
13. | Leases |
Related Party Transactions |
Subsequent |
For the three months ended December 31, 2020 | For the three months ended December 31, 2019 | For the three months ended December 31, 2021 | For the three months ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ Change | % Change | Amount | % of Revenue | Amount | % of Revenue | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||
New boat sales | $ | 151,828 | 70.9 | % | $ | 102,852 | 66.9 | % | $ | 48,976 | 47.6 | % | ||||||||||||||||||||||||||||||||||||
Pre-owned boat sales | 38,580 | 18.0 | % | 33,071 | 21.5 | % | 5,509 | 16.7 | % | |||||||||||||||||||||||||||||||||||||||
New boat | $ | 236,198 | 70.2 | % | $ | 151,828 | 70.9 | % | $ | 84,370 | 55.6 | % | ||||||||||||||||||||||||||||||||||||
Pre-owned boat | 53,449 | 15.9 | % | 38,580 | 18.0 | % | 14,869 | 38.5 | % | |||||||||||||||||||||||||||||||||||||||
Finance & insurance income | 5,963 | 2.8 | % | 4,325 | 2.8 | % | 1,638 | 37.9 | % | 9,307 | 2.8 | % | 5,963 | 2.8 | % | 3,344 | 56.1 | % | ||||||||||||||||||||||||||||||
Service, parts and other sales | 17,712 | 8.3 | % | 13,450 | 8.8 | % | 4,262 | 31.7 | % | |||||||||||||||||||||||||||||||||||||||
Service, parts and other | 37,318 | 11.1 | % | 17,712 | 8.3 | % | 19,606 | 110.7 | % | |||||||||||||||||||||||||||||||||||||||
Total revenues | 214,083 | 100.0 | % | 153,698 | 100.0 | % | 60,385 | 39.3 | % | 336,272 | 100.0 | % | 214,083 | 100.0 | % | 122,189 | 57.1 | % | ||||||||||||||||||||||||||||||
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||
New boat gross profit | 29,296 | 13.7 | % | 16,897 | 11.0 | % | 12,399 | 73.4 | % | |||||||||||||||||||||||||||||||||||||||
Pre-owned boat gross profit | 8,128 | 3.8 | % | 5,205 | 3.4 | % | 2,923 | 56.2 | % | |||||||||||||||||||||||||||||||||||||||
Finance & insurance gross profit | 5,963 | 2.8 | % | 4,325 | 2.8 | % | 1,638 | 37.9 | % | |||||||||||||||||||||||||||||||||||||||
Service, parts & other gross profit | 9,049 | 4.2 | % | 5,762 | 3.7 | % | 3,287 | 57.0 | % | |||||||||||||||||||||||||||||||||||||||
New boat | 60,302 | 17.9 | % | 29,296 | 13.7 | % | 31,006 | 105.8 | % | |||||||||||||||||||||||||||||||||||||||
Pre-owned boat | 14,079 | 4.2 | % | 8,128 | 3.8 | % | 5,951 | 73.2 | % | |||||||||||||||||||||||||||||||||||||||
Finance & insurance | 9,307 | 2.8 | % | 5,963 | 2.8 | % | 3,344 | 56.1 | % | |||||||||||||||||||||||||||||||||||||||
Service, parts & other | 17,277 | 5.1 | % | 9,049 | 4.2 | % | 8,228 | 90.9 | % | |||||||||||||||||||||||||||||||||||||||
Total gross profit | 52,436 | 24.5 | % | 32,189 | 20.9 | % | 20,247 | 62.9 | % | 100,965 | 30.0 | % | 52,436 | 24.5 | % | 48,529 | 92.5 | % | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 34,860 | 16.3 | % | 28,305 | 18.4 | % | 6,555 | 23.2 | % | 59,096 | 17.6 | % | 34,860 | 16.3 | % | 24,236 | 69.5 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 963 | 0.4 | % | 760 | 0.5 | % | 203 | 26.7 | % | 1,749 | 0.5 | % | 963 | 0.4 | % | 786 | 81.6 | % | ||||||||||||||||||||||||||||||
Transaction costs | 200 | 0.1 | % | 437 | 0.3 | % | (237 | ) | -54.2 | % | 3,045 | 0.9 | % | 200 | 0.1 | % | 2,845 | 1422.5 | % | |||||||||||||||||||||||||||||
Gain on contingent consideration | 377 | 0.2 | % | - | 0.0 | % | 377 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Loss on contingent consideration | 5,746 | 1.7 | % | 377 | 0.2 | % | 5,369 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Income from operations | 16,036 | 7.5 | % | 2,687 | 1.7 | % | 13,349 | 496.8 | % | 31,329 | 9.3 | % | 16,036 | 7.5 | % | 15,293 | 95.4 | % | ||||||||||||||||||||||||||||||
Interest expense - floor plan | 920 | 0.4 | % | 2,659 | 1.7 | % | (1,739 | ) | -65.4 | % | 877 | 0.3 | % | 920 | 0.4 | % | (43 | ) | -4.7 | % | ||||||||||||||||||||||||||||
Interest expense - other | 924 | 0.4 | % | 1,853 | 1.2 | % | (929 | ) | -50.1 | % | 1,529 | 0.5 | % | 924 | 0.4 | % | 605 | 65.5 | % | |||||||||||||||||||||||||||||
Change in fair value of warrant liability | - | 0.0 | % | (771 | ) | -0.5 | % | 771 | -100.0 | % | ||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | (94 | ) | 0.0 | % | 13 | 0.0 | % | (107 | ) | -823.1 | % | |||||||||||||||||||||||||||||||||||||
Other expense (income), net | 548 | 0.2 | % | (94 | ) | 0.0 | % | 642 | -683.0 | % | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 14,286 | 6.7 | % | (1,067 | ) | -0.7 | % | 15,353 | -1438.9 | % | 28,375 | 8.4 | % | 14,286 | 6.7 | % | 14,089 | 98.6 | % | |||||||||||||||||||||||||||||
Income tax expense | 2,511 | 1.2 | % | - | 0.0 | % | 2,511 | 100.0 | % | 4,889 | 1.5 | % | 2,511 | 1.2 | % | 2,378 | 100.0 | % | ||||||||||||||||||||||||||||||
Net income (loss) | 11,775 | 5.5 | % | (1,067 | ) | -0.7 | % | 12,842 | -1203.6 | % | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | - | (247 | ) | 247 | -100.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to One Water Marine Holdings, LLC | $ | (1,314 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 23,486 | 7.0 | % | 11,775 | 5.5 | % | 11,711 | 99.5 | % | |||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interests of One Water Marine Holdings, LLC | (3,987 | ) | (3,467 | ) | (3,987 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to One Water Marine Inc. | $ | 7,788 | $ | 20,019 | $ | 7,788 |
Three months ended December 31, | Three months ended December 31, | ||||||||||||||||
Description | 2020 | 2019 | 2021 | 2020 | |||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||
Net income (loss) | $ | 11,775 | $ | (1,067 | ) | ||||||||||||
Net income | $ | 23,486 | $ | 11,775 | |||||||||||||
Interest expense – other | 924 | 1,853 | 1,529 | 924 | |||||||||||||
Income tax expense | 2,511 | - | 4,889 | 2,511 | |||||||||||||
Depreciation and amortization | 963 | 760 | 1,749 | 963 | |||||||||||||
Loss on contingent consideration | 377 | - | |||||||||||||||
Change in fair value of contingent consideration | 5,746 | 377 | |||||||||||||||
Transaction costs | 200 | 437 | 3,045 | 200 | |||||||||||||
Change in fair value of warrant liability | - | (771 | ) | ||||||||||||||
Other (income) expense, net | (94 | ) | 13 | ||||||||||||||
Other expense (income), net | 548 | (94 | ) | ||||||||||||||
Adjusted EBITDA | $ | 16,656 | $ | 1,225 | $ | 40,992 | $ | 16,656 |
Three Months ended December 31, | ||||||||||||||||||||||||
Three Months ended December 31, | ||||||||||||||||||||||||
Description | 2020 | 2019 | Change | 2021 | 2020 | Change | ||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
Net cash used in operating activities | $ | (28,615 | ) | $ | (28,723 | ) | $ | 108 | $ | (22,825 | ) | $ | (28,615 | ) | $ | 5,790 | ||||||||
Net cash used in investing activities | (79,963 | ) | (1,762 | ) | (78,201 | ) | (282,220 | ) | (79,963 | ) | (202,257 | ) | ||||||||||||
Net cash provided by financing activities | 70,361 | 29,704 | 40,657 | 305,865 | 70,361 | 235,504 | ||||||||||||||||||
Net change in cash | $ | (38,217 | ) | $ | (781 | ) | $ | (37,436 | ) | $ | 820 | $ | (38,217 | ) | $ | 39,037 |
Item 3. | Quantitative and Qualitative Disclosure about Market Risk |
Exhibit No. | Description |
Amended and Restated Certificate of Incorporation of OneWater Marine Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on February 18, 2020). | |
Amended and Restated Bylaws of OneWater Marine Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on February 18, 2020). | |
Fourth Amendment to Sixth Amended and Restated Inventory Financing Agreement, dated as of October 29, 2021, between Wells Fargo Commercial Distribution Finance, LLC as Agent for the several financial institutions that may from time to time become party thereto and Dealers that may from time to time become party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on November 2, 2021). | |
Fifth Amendment to Sixth Amended and Restated Inventory Financing Agreement and Consent Agreement, dated as of December 1, 2021, between Wells Fargo Commercial Distribution Finance, LLC as Agent for the several financial institutions that may from time to time become party thereto and Dealers that may from time to time become party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on December 7, 2021). | |
Seventh Amended and Restated Inventory Financing Agreement, dated as of December 29, 2021, between Wells Fargo Commercial Distribution Finance, LLC as Agent for the several financial institutions that may from time to time become party thereto and Dealers that may from time to time become party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on January 4, 2022). | |
Fourth Amended and Restated Guaranty, dated December 29, 2021, entered into by Anthony Aisquith, for the benefit of Wells Fargo Commercial Distribution Finance, LLC, as Agent to the A&R Inventory Financing Facility (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on January 4, 2022). | |
Fourth Amended and Restated Guaranty, dated December 29, 2021, entered into by Philip Austin Singleton, Jr., for the benefit of Wells Fargo Commercial Distribution Finance, LLC, as Agent to the A&R Inventory Financing Facility (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K, File No. 001-39213, filed with the Commission on January 4, 2022). | |
*31.1 | Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a). |
Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a). | |
Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
101.INS(a) | |
Inline XBRL Instance Document. | |
101.SCH(a) | |
Inline XBRL Schema Document. | |
101.CAL(a) | |
Inline XBRL Calculation Linkbase Document. | |
101.DEF(a) | |
Inline XBRL Definition Linkbase Document. | |
101.LAB(a) | |
Inline XBRL Labels Linkbase Document. | |
101.PRE(a) | |
Inline XBRL Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. |
** | Furnished herewith. |
ONEWATER MARINE INC. | ||
(Registrant) | ||
By: | /s/ Philip Austin Singleton, Jr. | |
Philip Austin Singleton, Jr. | ||
Chief Executive Officer | ||
By: | /s/ Jack Ezzell | |
Jack Ezzell | ||
Chief Financial Officer | ||