OneWater Marine (ONEW) 10-Q 20 Mar 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2019	Mar. 09, 2020
Entity Registrant Name	OneWater Marine Inc.
Entity Central Index Key	0001772921
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Address, State or Province	GA
Common Class A [Member]
Entity Common Stock, Shares Outstanding		6,087,906
Common Class B [Member]
Entity Common Stock, Shares Outstanding		8,462,392

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019
Current assets:
Cash	$ 10	$ 10
Other assets:
Total assets	10	10
Liabilities and Members' Equity
Commitments and Contingencies (Note 4)
Stockholder's Equity:
Common stock, $0.01 par value per share, 1,000 shares authorized, 1,000 shares issued and outstanding at December 31, 2019 and September 30, 2019	10	10
Total liabilities and stockholder's equity	10	10
OneWater LLC [Member]
Current assets:
Cash	10,461	11,108
Restricted cash	250	384
Accounts receivable	9,574	15,294
Inventories	313,837	277,338
Prepaid expenses and other current assets	11,945	9,969
Total current assets	346,067	314,093
Property and equipment, net	17,489	15,954
Other assets:
Deposits	345	345
Identifiable intangible assets	61,304	61,304
Goodwill	113,059	113,059
Total other assets	174,708	174,708
Total assets	538,264	504,755
Current liabilities:
Accounts payable	5,610	5,546
Other payables and accrued expenses	14,188	16,567
Customer deposits	7,736	4,880
Note payable - floor plan	264,481	225,377
Current portion of long-term debt	6,823	11,124
Total current liabilities	298,838	263,494
Long-term Liabilities:
Other long-term liabilities	1,569	1,598
Warrant liability	50,116	50,887
Long-term debt, net of current portion and unamortized debt issuance costs	67,013	64,789
Total liabilities	417,536	380,768
Redeemable preferred interest in subsidiary	87,053	86,018
Members' Equity:
Members' Equity attributable to One Water Marine Holdings, LLC	27,961	31,770
Equity attributable to non-controlling interests	5,714	6,199
Stockholder's Equity:
Total liabilities and stockholder's equity	$ 538,264	$ 504,755

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2019	Sep. 30, 2019
Stockholder's Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - OneWater LLC [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues	$ 153,698	$ 103,278
Cost of sales (exclusive of depreciation and amortization shown separately below)
Total cost of sales	121,509	79,959
Selling, general and administrative expenses	28,440	21,629
Depreciation and amortization	760	607
Income from operations	2,989	1,083
Other expense (income)
Interest expense - floor plan	2,659	1,787
Interest expense - other	1,853	1,228
Transaction costs	437	298
Change in fair value of warrant liability	(771)	(4,695)
Other income, net	(122)	(45)
Total other expense (income), net	4,056	(1,427)
Net (loss) income	(1,067)	2,510
Less: Net income attributable to non-controlling interest	247	277
Net (loss) income attributable to One Water Marine Holdings, LLC	(1,314)	2,233
Redeemable preferred interest, dividends and accretion	2,345	2,214
OneWater LLC preferred distribution	49	47
Net loss attributable to common interest holders	$ (3,708)	$ (28)
Loss per unit attributable to common interest holders:
Basic (in dollars per share)	$ (48.42)	$ (0.37)
Diluted (in dollars per share)	$ (48.42)	$ (0.37)
New Boat [Member]
Revenues
Total revenues	$ 98,102	$ 67,564
Cost of sales (exclusive of depreciation and amortization shown separately below)
Total cost of sales	81,601	55,322
Pre-Owned Boat [Member]
Revenues
Total revenues	37,821	19,914
Cost of sales (exclusive of depreciation and amortization shown separately below)
Total cost of sales	32,220	16,881
Finance & Insurance [Member]
Revenues
Total revenues	4,325	2,164
Service, Parts & Other [Member]
Revenues
Total revenues	13,450	13,636
Cost of sales (exclusive of depreciation and amortization shown separately below)
Total cost of sales	$ 7,688	$ 7,756

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Members' Equity (Unaudited) - OneWater LLC [Member] - USD ($) $ in Thousands	Redeemable Preferred Interest in Subsidiary [Member]	Redeemable Preferred Interest in Subsidiary [Member]Cash Distribution [Member]	Members' Equity, Common Interest [Member]	Members' Equity, Common Interest [Member]Cash Distribution [Member]	Members' Equity, Non-controlling Interest in Subsidiary [Member]	Members' Equity, Non-controlling Interest in Subsidiary [Member]Cash Distribution [Member]	Members Equity [Member]	Members Equity [Member]Cash Distribution [Member]	Total
Redeemable Preferred Interest in Subsidiary, Beginning Balance at Sep. 30, 2018	$ 79,965		$ 15,963		$ 5,093		$ 21,056
Increase (Decrease) in Temporary Equity [Roll Forward]
Net (loss) income	0		2,233		277		2,510
Distributions to members		$ (823)		$ (126)		$ (500)		$ (626)
Accumulated unpaid preferred returns	2,057		(2,057)		0		(2,057)
Accretion of redeemable preferred and issuance costs	157		(157)		0		(157)
Equity-based compensation	0		39		0		39
Redeemable Preferred Interest in Subsidiary, Ending Balance at Dec. 31, 2018	81,356		15,895		4,870		20,765
Redeemable Preferred Interest in Subsidiary, Beginning Balance at Sep. 30, 2019	86,018		31,770		6,199		37,969		$ 86,018
Increase (Decrease) in Temporary Equity [Roll Forward]
Net (loss) income	0		(1,314)		247		(1,067)
Distributions to members		$ (1,310)		$ (189)		$ (732)		$ (921)
Accumulated unpaid preferred returns	2,183		(2,183)		0		(2,183)
Accretion of redeemable preferred and issuance costs	162		(162)		0		(162)
Equity-based compensation	0		39		0		39
Redeemable Preferred Interest in Subsidiary, Ending Balance at Dec. 31, 2019	$ 87,053		$ 27,961		$ 5,714		$ 33,675		$ 87,053

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - OneWater LLC [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net (loss) income	$ (1,067)	$ 2,510
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	760	607
Equity-based awards	39	39
(Gain) loss on asset disposals	(143)	27
Change in fair value of long-term warrant liability	(771)	(4,695)
Non-cash interest expense	1,721	708
(Increase) decrease in assets:
Accounts receivable	5,720	1,553
Inventories	(36,499)	(60,179)
Prepaid expenses and other current assets	70	(566)
Deposits	0	22
Increase (decrease) in liabilities:
Accounts payable	64	(2,066)
Other payables and accrued expenses	(1,472)	(1,331)
Customer deposits	2,855	1,639
Net cash used in operating activities	(28,723)	(61,732)
Cash flows from investing activities
Purchases of property and equipment and construction in progress	(1,997)	(1,979)
Proceeds on disposal of property and equipment	235	27
Cash used in acquisitions	0	(1,567)
Net cash used in investing activities	(1,762)	(3,519)
Cash flows from financing activities
Net borrowings from floor plan	39,105	55,728
Proceeds from long-term debt	0	3,000
Payments on long-term debt	(2,504)	(127)
Payments of debt issuance costs	(79)	0
Payments of deferred offering costs	(3,547)	0
Payment of acquisition contingent consideration	(1,040)	0
Distributions to redeemable preferred interest members	(1,310)	(823)
Distributions to members	(921)	(626)
Net cash provided by financing activities	29,704	57,152
Net change in cash	(781)	(8,099)
Cash and restricted cash at beginning of period	11,492	15,757
Cash and restricted cash at end of period	10,711	7,658
Supplemental cash flow disclosures
Cash paid for interest	2,791	2,307
Noncash items
Acquisition purchase price funded by seller notes payable	0	6,354
Purchase of property and equipment funded by long-term debt	$ 419	$ 293

Organization

Organization	3 Months Ended
	Dec. 31, 2019
Organization [Abstract]
Organization	1. Organization OneWater Marine Inc. (“OneWater Inc’’) was incorporated in Delaware on April 3, 2019 and was a wholly owned subsidiary of One Water Marine Holdings, LLC (‘‘OneWater LLC’’) as of September 30 2019 and December 31, 2019. Pursuant to a reorganization into a holding company structure, OneWater Inc will be the holding company and its sole material asset will be the minority equity interest in OneWater LLC, which holds all of the equity interest in One Water Assets & Operations (‘‘OWAO’’ or “Opco”). As the sole managing member of OneWater LLC, OneWater Inc will operate and control all of the business and affairs of OneWater LLC, and through OneWater LLC and its subsidiaries, conduct its business. As a result, beginning in the second quarter of fiscal year 2020, OneWater Inc will consolidate the financial results of OneWater LLC and report a non-controlling interest in its consolidated financial statements. OneWater Inc is a subchapter C corporation subject to both federal and state income taxes. On February 11, 2020, OneWater Marine Inc. completed its initial public offering (the “Offering”) of 5,307,693 shares of Class A common stock, $0.01 par value per share (the “Class A common stock”), which includes the exercise in full of the underwriters’ option to purchase up to 692,308 additional shares of Class A common stock pursuant to the Underwriting Agreement, at an offering price of $12.00 per share. OneWater Inc received proceeds from the Offering of $59.2 million, net of underwriting discounts and commissions, which was used to purchase limited liability company interests in OneWater LLC (“LLC Units”). The material terms of the Offering are described in the prospectus, dated February 6, 2020, filed by OneWater Inc with the Securities and Exchange Commission on February 10, 2020, which forms a part of OneWater Inc’s Registration Statement on Form S-1 (File No. 333-232639) (the “Registration Statement”). See Note 5 for additional detail.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2 Summary of Significant Accounting Policies Basis of Presentation The condensed balance sheets were prepared in conformity with U.S. generally accepted accounting principles. Separate statements of operations, changes in stockholder’s equity and cash flows have not been presented because OneWater Inc has not engaged in any business or other activities except in connection with its formation and initial capitalization.
OneWater LLC [Member]
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Initial Public Offering On February 11, 2020, OneWater Marine Inc. (“OneWater Inc”) completed its initial public offering (the “Offering”) of 5,307,693 shares of OneWater Inc’s Class A common stock, par value $0.01 per share (the “Class A common stock”), at a price to the public of $12.00 per share. See Note 13 for additional information on our initial public offering. Fair Value of Financial Instruments The Company’s financial instruments include cash, accounts receivable, accounts payable, other payables and accrued expenses and debt. The carrying values of cash, accounts receivable, accounts payable and other payables and accrued expenses approximate their fair values due to their short-term nature. The carrying value of debt approximates its fair value due to the debt agreements bearing interest at rates that approximate current market rates for debt agreements with similar maturities and credit quality. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of the new and pre-owned boat inventory is determined using the specific identification method. In assessing lower of cost or net realizable value the Company considers the aging of the boats, historical sales of a brand and current market conditions. The cost of parts and accessories is determined using the weighted average cost method. Deferred Offering Costs Deferred offering costs, consisting primarily of legal, accounting, printing and filing services, and other direct fees and costs related to the initial public offering are capitalized. The deferred offering costs will be offset against proceeds from the Offering upon the closing. As of December 31, 2019 and September 30, 2019, respectively, $4.7 million and $2.6 million of deferred offering costs have been recorded in prepaid expenses and other current assets. Goodwill and Other Identifiable Intangible Assets Goodwill and intangible assets are accounted for in accordance with FASB Accounting Standards Codification 350, ‘‘ Intangibles - Goodwill and Other ’’ (‘‘ASC 350’’), which provides that the excess of cost over the fair value of the net assets of businesses acquired, including other identifiable intangible assets, is recorded as goodwill. Goodwill is an asset representing operational synergies and future economic Identifiable intangible assets consist of trade names related to the acquisitions the Company has completed. The Company has determined that trade names have an indefinite life, as there is no economic, contractual or other factors that limit their useful lives and they are expected to generate value as long as the trade name is utilized by the dealer group, and therefore, are not subject to amortization. Sales Tax The Company collects sales tax on all of the Company’s sales to nonexempt customers and remits the entire amount to the states that imposed the sales tax on and concurrent with specific sales transactions. The Company’s accounting policy is to exclude the tax collected and remitted to the states from revenues and cost of sales. Revenue Recognition Revenue is recognized from the sale of products and commissions earned on new and pre-owned boats (including used, brokerage, consignment and wholesale) when ownership is transferred to the customer, which is generally upon acceptance or delivery to the customer. At the time of acceptance or delivery, the customer is able to direct the use of, and obtain substantially all of the benefits at such time. We are the principal with respect to revenue from new, used and consignment sales and such revenue is recorded at the gross sales price. With respect to brokerage transactions, we are acting as an agent in the transaction, therefore the fee or commission is recorded on a net basis. Revenue from parts and service operations (boat maintenance and repairs) are recorded over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a period of one year or less from contract inception. Prior to the adoption of ASU 2014-09 (as defined below), revenue from parts and service operations were recognized when the customer took delivery of the part or serviced boat. Due to the short period of time from contract inception to completion, the impact of recording labor and parts incurred but not billed at the end of the reporting period in accordance with the standard adoption was de minimis. Deferred revenue from storage and marina operations is recognized on a straight-line basis over the term of the contract as services are completed. Revenue from arranging financing, insurance and extended warranty contracts to customers through various third-party financial institutions and insurance companies is recognized when the related boats are sold. We do not directly finance our customers’ boat, motor or trailer purchases. Subject to our agreements and in the event of early cancellation of such loans or insurance contracts by the customer, we may be assessed a charge back for a portion of the transaction price by the third-party financial institutions and insurance companies. We constrain our estimate of variable consideration associated with chargebacks based on our historical experience with repayments or defaults. Chargebacks were not material to the unaudited condensed consolidated financial statements for the three months ended December 31, 2019 and December 31, 2018. Contract liabilities consist of deferred revenues from marina and storage operations and customer deposits and are classified in customer deposits in the Company’s unaudited consolidated condensed balance sheets. Deposits received from customers are recorded as a liability until the related sales orders have been fulfilled by us and control of the vessel is transferred to the customer. The activity in customer deposits for the three months ended December 31, 2019 is as follows: Three Months Ended December 31, 2019 Beginning contract liability $ 4,880 Revenue recognized from contract liabilities included in the beginning balance (4,673 ) Increases due to cash received, net of amounts recognized in revenue during the period 7,529 Ending contract liability $ 7,736 The following table sets forth percentages on the timing of revenue recognition for the three months ended December 31, 2019. Three Months Ended December 31, 2019 Goods and services transferred at a point in time 94.9 % Goods and services transferred over time 5.1 % Total Revenue 100.0 % Loss per Share Basic loss per common interest is computed by dividing net loss attributable to common interest holders by the weighted-average common units outstanding during the period. Diluted loss per common interest is computed by dividing loss attributable to common interest holders by the weighted-average common units and unit equivalents outstanding during the period. Loss attributable to common interest holders reflects accretion of redeemable preferred interest in subsidiary, dividends and issuance costs. The following table illustrates the dilutive effect of profits in interest unit agreements and common warrants outstanding: For the three months ended December 31 2019 2018 Common units outstanding 76,573 75,816 Weighted average common unit equivalents outstanding 26,545 27,217 Diluted common unit equivalents 103,118 103,033 For the three months ended December 31, 2019 and 2018, the diluted common unit equivalents were not utilized in calculating loss per unit attributable to common interest holders as the impact would be anti-dilutive. Income Taxes No provision for income taxes is made in the accompanying unaudited condensed consolidated financial statements since the Company, as a limited liability company (LLC), is treated as a partnership for federal and state income tax purposes whereby the members are responsible for recording their proportionate share of the Company’s income or loss in their tax returns. Management does not believe there are any uncertain tax positions as defined by FASB Accounting Standards Codification (ASC) 740, ‘‘ Income Taxes’’ Vendor Consideration Received Consideration received from vendors is accounted for in accordance with the ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” Pursuant to ASC 606, manufacturer incentives based upon cumulative volume of sales and purchases are recorded as a reduction of inventory cost and related cost of sales when the amounts are probable and reasonably estimable. Use of Estimates 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. Segment Information As of December 31, 2019 and September 30, 2019, the Company had one operating segment. The marine retail segment consists of retail boat dealerships offering the sale of new and pre-owned boats, arrangement of finance and insurance products, performance of repair and maintenance services and offering marine related parts and accessories. The marine retail business has discrete financial information and is regularly reviewed by the Company’s chief operating decision maker (“CODM”) to assess performance and allocate resources. The Company has identified its Chief Executive Officer as its CODM. The Company has determined its marine retail operating segment is its reporting unit and is also the reportable segment.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Dec. 31, 2019
Stockholder's Equity [Abstract]
Stockholder's Equity	3 Stockholder’s Equity OneWater Inc was authorized to issue 1,000 shares of common stock, par value $0.01 per share, all of which were issued and outstanding as of September 30, 2019 and December 31, 2019. On April 3, 2019, OneWater Inc issued 1,000 shares of common stock to OneWater LLC for $10.00. On February 11, 2020 in connection with the Organizational Transactions (as defined below), OneWater Inc amended and restated its certificate of incorporation to authorize (i) 40,000,000 shares of Class A common stock, par value $0.01 per share, (ii) 10,000,000 shares of Class B common stock, par value $0.01 per share, and (iii) 1,000,000 shares of Preferred stock, par value $0.01 per share. Shares of Class A common stock have one vote per share and have economic rights. Shares of Class B common stock have no economic rights, but have one vote per share. Holders of OneWater LLC Units (“LLC Unitholders”) are entitled to exchange LLC Units, together with an equal number of shares of Class B common stock of OneWater Inc, for shares of Class A common stock of OneWater Inc on a one-for-one basis or, at OneWater LLC’s election, for cash. Accordingly, as LLC Unitholders exchange LLC Units, the voting power afforded to them by their shares of Class B common stock will be correspondingly replaced by the voting power afforded to them by their shares of Class A common stock received in the exchange.

Description of Company and Basi

Description of Company and Basis of Presentation	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Description of Business and Basis of Presentation [Abstract]
Description of Company and Basis of Presentation	1. Description of Company and Basis of Presentation Description of the Business One Water Marine Holdings, LLC (‘‘OneWater LLC’’ or the “Company”) was organized as a limited liability company under the law of the State of Delaware in 2014. OneWater LLC does not have revenue generating operations of its own and is dependent on the earnings and cash flows of its operating subsidiaries. After formation of OneWater LLC, the assets of Singleton Marine and Legendary Marine were contributed in 2014 in exchange for an equity interest in OneWater LLC. Subsequently, the Company has completed the acquisition of 17 dealer groups comprised of 40 stores and as of December 31, 2019, operates a total of 63 stores in eleven states, consisting of Alabama, Florida, Georgia, Kentucky, Maryland, Massachusetts, New York, North Carolina, Ohio, South Carolina, and Texas. The Company is one of the largest recreational boat retailers in the United States. The Company engages primarily in the retail sale, brokerage, and service of new and pre-owned boats, motors, trailers, marine parts and accessories, and offers slip and storage accommodations in certain locations. The Company also arranges related boat financing, insurance, and extended service contracts for customers with third-party lenders and insurance companies. Operating results are generally subject to seasonal variations. Demand for products are generally highest during the third and fourth quarters of the fiscal year and, accordingly, revenues are generally expected to be higher during these periods. General economic conditions and consumer spending patterns can negatively impact the Company’s operating results. Unfavorable local, regional, national, or global economic developments, global public health concerns or uncertainties could reduce consumer spending and adversely affect the Company’s business. Consumer spending on discretionary goods may also decline as a result of lower consumer confidence levels, even if prevailing economic conditions are otherwise favorable. Economic conditions in areas in which the Company operates stores, particularly in the Southeast, can have a major impact on the Company’s overall results of operations. Local influences such as corporate downsizing, inclement weather such as hurricanes and other storms, environmental conditions, and other events could adversely affect the Company’s operations in certain markets and in certain periods. Any extended period of adverse economic conditions or low consumer confidence is likely to have a negative effect on the Company’s business. Sales of new boats from the Company’s top ten brands represent approximately 41.8% and 45.2% of total sales for the three months ended December 31, 2019 and 2018, respectively, making them major suppliers of the Company. Of this amount, Malibu Boats, Inc., including its brands Malibu, Axis, Cobalt and Pursuit, accounted for 14.4% and 11.9% of consolidated revenue for the three months ended December 31, 2019 and 2018, respectively. Pre-owned boats are usually trade-ins from retail customers who are purchasing a boat from the Company. As is typical in the industry, the Company contracts with most manufacturers under renewable annual dealer agreements, each of which provides the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory, or marketing practices, including rebate or incentive programs, could adversely affect results of operations. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of OneWater LLC and its wholly-owned subsidiaries. Additionally, the Company consolidates two subsidiaries with minority members: South Shore Assets and Operations (“SSAO”) and Bosun’s Assets and Operations (“BAO”). The Company maintains control over both SSAO and BAO as it has 100.0% voting rights of each entity but only a 75.0% ownership interest. Accordingly, the results of operations of SSAO and BAO have been included in accompanying unaudited condensed consolidated financial statements from the date of their respective acquisition and their minority interest in these subsidiaries has been recorded accordingly. Singleton Assets and Operations (“SAO”), Legendary Assets and Operations (“LAO”), South Florida Assets and Operations (“SFAO”), Midwest Assets and Operations (“MAO”), One Water Assets & Operations (“OWAO”), BAO and SSAO are collectively referred to herein as ‘‘the Company’’. All significant intercompany accounts and transactions have been eliminated in consolidation. See Note 13 for additional information on our non-controlling interests. Basis of Financial Statement Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements which do not include all the information and notes required by such accounting principles for annual financial statements and reflect the consolidated accounts of OneWater LLC, wholly-owned subsidiaries and the majority-owned subsidiaries SSAO and BAO. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the prospectus filed by OneWater Inc with the SEC on February 10, 2020 in accordance with Rule 424(b) of the Securities Exchange Act of 1933. All adjustments, consisting of only normal recurring adjustments considered necessary for fair presentation, have been reflected in these unaudited condensed consolidated financial statements. All intercompany transactions have been eliminated in consolidation. In addition, certain reclassifications of amounts previously reported have been made to the accompanying unaudited condensed consolidated financial statements in order to conform to current presentation. The Company operates on a fiscal year basis with the first day of the fiscal year being October 1, and the last day of the year ending on September 30. Additionally, since there are no differences between net income and comprehensive income, all references to comprehensive income have been excluded from the accompanying unaudited condensed consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	3. New Accounting Pronouncements As an ‘‘emerging growth company’’ (‘‘EGC’’), the Jumpstart Our Business Startups Act (‘‘JOBS Act’’) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update (‘‘ASU’’) No. 2014-09, ‘‘ Revenue from Contracts with Customers (Topic 606) As part of the adoption of the ASU, the Company elected to use the following practical expedients (i) not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company’s transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less and (ii) to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less. In August 2016, the FASB issued ASU 2016-15, ‘‘ Statement of Cash Flows (Topic 230) Statement of Cash Flows (Topic 230) In January 2017, the FASB issued ASU 2017-01, ‘‘ Business Combinations (Topic 805) Adoption of Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, ‘‘ Leases (Topic 842) In August 2018, the FASB issued ASU 2018-15, ‘‘ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In June 2016, the FASB issued ASU 2016-13, ‘‘ Financial instruments — Credit Losses

Acquisitions

Acquisitions	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Acquisitions [Abstract]
Acquisitions	4. Acquisitions The Company completed no acquisitions in the three months ended December 31, 2019. The Company completed 5 acquisitions for the fiscal year ended September 30, 2019. The Company completed one acquisition for the three months ended December 31, 2018. On December 1, 2018, the Company purchased The Slalom Shop, LLC (‘‘Slalom Shop’’), a Texas boat retailer comprised of two stores. The acquisition expands the Company’s presence in the state of Texas, expands the Company’s product offering and strengthens its market share in a top boating market. The purchase price was $7.9 million with $1.6 million paid at closing, $5.1 million due to seller note payable which was paid in full during Fiscal 2019 and $1.3 million financed through a note payable to the seller bearing interest at a rate of 5.0% per year. The note is payable in one lump sum three years from the closing date, with interest payments due quarterly. The table below summarizes the fair values of the assets acquired at the acquisition date, including the goodwill recorded as a result of this transaction. ($ in thousands) Three months ended December 31, 2018 Prepaid expenses $ 26 Inventory 6,726 Property and equipment 3 Identifiable intangible assets 3,003 Goodwill 3,348 Liabilities assumed (5,185 ) Total purchase price $ 7,921

Inventories

Inventories	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Inventories [Abstract]
Inventories	5. Inventories Inventories consisted of the following at: ($ in thousands) December 31, 2019 September 30, 2019 New vessels $ 268,552 $ 234,312 Pre-owned vessels 35,169 33,729 Work in process, parts and accessories 10,116 9,297 $ 313,837 $ 277,338

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Goodwill and other Identifiable Intangible Assets [Abstract]
Goodwill and Other Identifiable Intangible Assets	6. Goodwill and Other Identifiable Intangible Assets The Company reviews goodwill for impairment annually in the fiscal fourth quarter, or more often if events or circumstances indicate that impairment may have occurred. In evaluating goodwill for impairment, if the fair value of a reporting unit is less than its carrying value, the difference would represent the amount of required goodwill impairment. To the extent the reporting unit’s earnings decline significantly or there are changes in one or more of these inputs that would result in a lower valuation, it could cause the carrying value of the reporting unit to exceed its fair value and thus require OneWater LLC to record goodwill impairment. As of December 31, 2019, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair value of our reporting unit is less than its carrying value. As a result, we were not required to perform a quantitative goodwill impairment test. Identifiable intangible assets consist of trade names related to the acquisitions the Company has completed. The Company has determined that trade names have an indefinite life, as there is no economic, contractual or other factors that limit their useful lives and they are expected to generate value as long as the trade name is utilized by the dealer group, and therefore, are not subject to amortization. Financial statement risk exists to the extent identifiable intangibles become impaired due to the decrease in the fair value of the identifiable assets. As of December 31, 2019, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our identifiable intangible assets are less than their carrying values. As a result, we were not required to perform a quantitative identifiable intangible assets impairment test.

Notes Payable - Floor Plan

Notes Payable - Floor Plan	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Notes Payable - Floor Plan [Abstract]
Notes Payable - Floor Plan	7. Notes Payable — Floor Plan The Company maintains an ongoing wholesale marine products inventory financing program with a syndicate of banks and administered by Wells Fargo Commercial Distribution Finance, LLC (“Wells Fargo”). On November 26, 2019, the Company and certain of its subsidiaries entered into the fifth amended and restated Inventory Financing Agreement (the “Inventory Financing Facility”) and, among other things, extended the maturity of the Inventory Financing Facility to September 28, 2021 and increased the maximum amount of borrowings under the Inventory Financing Facility from $292.5 million to $392.5 million. The Inventory Financing Facility is used to purchase new and pre-owned inventory (boats, engines, and trailers). The outstanding balance of the facility was $264.5 million and $225.4 million, as of December 31, 2019 and September 30, 2019, respectively. Interest on new boats and for rental units is calculated using the one month London Inter-Bank Offering Rate (“LIBOR”) rate plus an applicable margin of 2.75% to 5.00% depending on the age of the inventory. Interest on pre-owned boats is calculated at the new boat rate plus 0.25%. Wells Fargo will finance 100.0% of the vendor invoice price for new boats, engines and trailers. As of December 31, 2019 the interest rate on the Inventory Financing Facility ranged from 4.51% to 6.76% for new inventory and 4.76% to 7.01% for pre-owned inventory. As of September 30, 2019 the interest rate on the Inventory Financing Facility ranged from 4.77% to 7.02% for new inventory and 5.02% to 7.27% for pre-owned inventory. Borrowing capacity available at December 31, 2019 and September 30, 2019 was $128.0 million and $67.1 million, respectively.

Long-term Debt and Line of Cred

Long-term Debt and Line of Credit	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term Debt and Line of Credit	8. Long-term Debt and Line of Credit ($ in thousands) December 31, 2019 September 30, 2019 Multi-draw term note payable to Goldman Sachs Specialty Lending Group, L.P. and OWM BIP Investor, LLC, secured and bearing interest at 10.0% per annum. Refinanced on February 11, 2020. See Note 13 for further details $ 57,203 $ 58,000 Revolving note payable for an amount up to $5.0 million to Goldman Sachs Specialty Lending Group, L.P. and OWM BIP Investor, LLC, secured and bearing interest at 10.0% per annum. Refinanced on February 11, 2020. See Note 13 for further details - - Note payable to Rambo Marine, Inc., unsecured and bearing interest at 7.5% per annum. The note requires annual interest payments, with a balloon payment of principal due on July 1, 2020 3,133 3,133 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 2025 2,482 2,371 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 Marina Mikes, LLC, unsecured and bearing interest at 5.0% per annum. The note requires annual interest payments, with a balloon payment of principal due on June 1, 2020 2,125 2,125 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 Sunrise Marine, Inc. and Sunrise Marine of Alabama, Inc., unsecured and bearing interest at 6.0% per annum. The note was repaid in full - 1,400 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 Note payable to Texas Marine, Inc., unsecured and bearing interest at 4.5% per annum. The note requires annual interest payments, with a balloon payment of principal due on August 1, 2020 815 815 74,840 76,926 Less current portion (6,823 ) (11,124 ) Less unamortized portion of debt issuance costs (1,004 ) (1,013 ) $ 67,013 $ 64,789

Members' Equity

Members' Equity	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Members' Equity [Abstract]
Members' Equity	9. Members’ Equity The Company was organized as a Delaware limited liability company on March 28, 2014. Each member’s liability is limited to its capital contribution. Within members’ equity, there are three classes of membership units as follows: Units Equity Interest Common Voting Membership Interests (Class A) 73,140 73.1 % Common Non-Voting Membership Interests (Class B) 1,860 1.9 % Investor Voting Warrants 25,000 25.0 % 100,000 100.0 % Investor Voting Warrants On October 28, 2016, the Company issued 25,000 OneWater LLC common unit warrants in exchange for $1.0 million. The common unit warrants have a ten-year life from the date of issuance and provide the holders with a put right after 5 years, or potentially earlier, under certain circumstances. The holders of the warrants maintain full voting rights in OneWater LLC. The common unit warrants can be exercised for $0.0001 per unit in exchange for cash or common units of OneWater LLC. As the common unit warrants may be settled in cash at the election of the holder, the fair value of the common unit warrants has been included in warrant liability in the accompanying unaudited condensed consolidated balance sheets. The Company engaged a third-party valuation specialist to assist management in performing a valuation of the fair value of the common unit warrants outstanding. Accordingly, the warrant liability has been accounted for based on inputs that are unobservable and significant to the overall fair value measurement (Level 3). The valuation considered both a market and a discounted cash flows approach in arriving at the fair value of the common unit warrants. As of December 31, 2019 and September 30, 2019, the fair value of the warrant liability was $50.1 million and $50.9 million, respectively. The Company recognized income of $0.8 million and $4.7 million for the three months ended December 31, 2019 and See Note 13 to our unaudited condensed consolidated financial statements for a discussion of the exchange as part of the initial public offering. OneWater LLC Preferred Distribution During the fiscal year ended September 30, 2015, the Company amended the Limited Liability Company Agreement to require a payment to a founding common member in the form of a preferred distribution of $3.8 million prior to any distributions to common members (including the founding common member that will receive the preferred distribution). This preferred distribution is paid only if and when distributions are declared by the Company’s Board of Directors. As of September 30, 2016, the balance of the preferred distribution was $3.8 million. During the fiscal year ended September 30, 2017, the Limited Liability Company Agreement was amended. Under the terms of the amendment, the preferred distribution will accrue interest at the rate of 5.0% per annum, compounded quarterly commencing on December 31, 2016. If and when distributions are declared by the Board of Directors, the preferred distribution shall be paid until the aggregate preferred distribution is reduced to zero. In the event of liquidation, the Company’s property shall be distributed among the members to first satisfy any remaining preferred distribution and thereafter in accordance with their ownership interest within 90 days after the event of liquidation. As of December 31, 2019 and September 30, 2019, the unpaid balance of the preferred distribution was $3.2 million. The 5% cumulative interest on the preferred distribution is recognized as a distribution when declared by the Board of Directors. As of December 31, 2019 and September 30, 2019, unpaid cumulative interest on the preferred distribution was zero. See Note 13 to our unaudited condensed consolidated financial statements for a discussion of the payment to surrender the preferred distribution as part of the initial public offering. Non-Controlling Interest On June 1, 2018, the Company purchased Bosun’s Marine, a Massachusetts based boat retailer through its subsidiary BAO. The former owner of Bosun’s Marine invested $2.5 million of the purchase price to obtain a 25.0% ownership interest in BAO, with no voting rights in the subsidiary BAO. The results of operations for Bosun’s Marine have been included in the Company’s consolidated financial statements from that date and the former owner’s minority interest in the subsidiary BAO has been recorded accordingly. On August 1, 2017, the Company purchased South Shore Marine, an Ohio based boat retailer through its subsidiary SSAO. The former owner of South Shore Marine invested $1.8 million of the purchase price to obtain a 25.0% ownership interest in SSAO, with no voting rights in the subsidiary SSAO. The results of operations for South Shore Marine have been included in the Company’s consolidated financial statements from that date and the former owner’s minority interest in the subsidiary SSAO has been recorded accordingly. See Note 13 to our unaudited condensed consolidated financial statements for a discussion of the conversion of the non-controlling interest to Class A common stock of OneWater Inc as part of the Offering. Dividend Restrictions Under the credit agreement with Goldman Sachs & Co. LLC and certain of its affiliates (collectively, “Goldman”) and affiliates of The Beekman Group (“Beekman”) and the redeemable preferred interest agreement, the Company and its subsidiaries are generally restricted from making cash dividends or distributions and are required to obtain consent from Goldman and Beekman prior to the payment of dividends, excluding distributions related to the payment of taxes by members and payments of the preferred dividends. These restrictions apply to all income and net assets of the Company and its consolidated subsidiaries. Additionally, certain of the Company’s subsidiaries designated as ‘‘Dealers’’ under its inventory financing program are generally restricted from incurring indebtedness, including certain restrictions on intercompany loans or advances.

Redeemable Preferred Interest i

Redeemable Preferred Interest in Subsidiary	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Redeemable Preferred Interest in Subsidiary [Abstract]
Redeemable Preferred Interest in Subsidiary	10. Redeemable Preferred Interest in Subsidiary On September 1, 2016, the Company organized OWAO. As of September 30, 2016, OWAO was not funded. In conjunction with Goldman and Beekman, OneWater LLC contributed a majority of its assets, including subsidiaries operating all of its retail operations, to OWAO in return for 100,000 common units. Additionally, as a part of the transaction, OWAO issued 68,000 preferred units in OWAO to Goldman and Beekman. The preferred interest has a stated 10.0% rate of return and there is no allocation of profits in excess of the stated return. The preferred interests are not convertible but may be redeemed by the holder after 5 years or upon certain triggering events at face value plus accrued interest. The Company has classified the redeemable preferred interest as temporary equity in the consolidated balance sheets. The discount on the issuance of the redeemable preferred interest is being accreted to retained common interests as a dividend from the date of issuance through the fifth anniversary of the issuance date. See Note 13 to our unaudited condensed consolidated financial statements for a discussion of the redemption of the preferred interest in subsidiary as part of the Offering.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Dec. 31, 2019
Commitments and Contingencies [Abstract]
Contingencies and Commitments	4 Commitments and Contingencies We did not have any commitments or contingencies as of September 30, 2019 or December 31, 2019.
OneWater LLC [Member]
Commitments and Contingencies [Abstract]
Contingencies and Commitments	11. Contingencies and Commitments Operating Leases The Company recorded rent expense of $2.9 million and $2.2 million during the three months ended December 31, 2019 and 2018, respectively. The Company leases certain facilities and equipment under noncancelable operating lease agreements having terms in excess of one year which expire at various dates through 2037. Claims and Litigation The Company is involved in various legal proceedings as either the defendant or plaintiff. Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between the affected parties and other actions. Management assesses the probability of losses or gains for such contingencies and accrues a liability and/or discloses the relevant circumstances as appropriate. In the opinion of management, it is not reasonably probable that the pending litigation, disputes or claims against the Company, if decided adversely, will have a material adverse effect on its financial condition, results of operations or cash flows. Additionally, based on the Company’s review of the various types of claims currently known, there is no indication of a material reasonably possible loss in excess of amounts accrued. The Company currently does not anticipate that any known claim will materially adversely affect our financial condition, liquidity, or results of operations. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on the Company’s financial condition, liquidity or results of operations.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions In accordance with agreements approved by the Board of Directors of the Company, we purchased inventory, in conjunction with our retail sale of the products, from certain entities affiliated with common members of the Company. For the three months ended December 31, 2019 and 2018, $10.8 million and $6.5 million, respectively, in total purchases were incurred under these arrangements. A subsidiary of the Company holds a warrant to purchase one such entity for equity in inventory plus $1, which approximates fair value, that expires on March 1, 2021. In accordance with agreements approved by the Board of Directors of the Company, certain entities affiliated with common members of the Company receive fees for rent of commercial property. For the three months ended December 31, 2019 and 2018, $0.6 million and $0.5 million, respectively, in total expenses were incurred under these arrangements. In accordance with agreements approved by the Board of Directors of the Company, the Company received fees from certain entities and individuals affiliated with common members of the Company for goods and services. For each of the three months ended December 31, 2019 and 2018, $0.1 million was recorded under these arrangements. In accordance with agreements approved by the Board of Directors of the Company, the Company made payments to certain entities and individuals affiliated with common members of the Company for goods and services. For the three months ended December 31, 2019 and 2018, $0.2 million and $0.3 million, respectively, were recorded under these arrangements. Included in these amounts and in connection with our notes payable floor plan financing, our Chief Executive Officer was paid a guarantee fee of $0.2 million for each of the three months ended December 31, 2019 and 2018 for his personal guarantee associated with this arrangement. In connection with transactions noted above, the Company was due certain amounts as recorded within accounts receivable as of December 31, 2019 and September 30, 2019, of $29,360 and $0.1 million, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	5 Subsequent Events Organizational Transactions In connection with the Offering and the related reorganization, OneWater Inc and OneWater LLC completed the following transactions (collectively, the “Organizational Transactions”): ● OneWater LLC amended and restated its limited liability company agreement to, among other things, provide for a single class of common units representing ownership interests in OneWater LLC and provide a mechanism pursuant to which LLC Unitholders may exchange LLC Units, together with an equal number of shares of Class B common stock of OneWater Inc, for shares of Class A common stock of OneWater Inc on a one-for-one basis or, at OneWater LLC’s elections, cash; ● OneWater Inc amended and restated its certificate of incorporation and bylaws to, among other things, provide for Class A and Class B common stock and Preferred stock; ● Legacy Owners (references made herein to “Legacy Owners” refer to the owners of OneWater LLC as they existed immediately prior to OneWater Inc’s public offering) exchanged their existing membership interests in OneWater LLC for LLC Units; ● Certain Legacy Owners contributed, directly or indirectly, their OneWater LLC Units to OneWater Inc in exchange for 780,213 shares of Class A common stock; ● OneWater Inc issued 5,307,693 shares of Class A common stock (including the full exercise of the underwriters’ option to purchase additional shares of Class A common stock) to purchasers in the Offering in exchange for $59.2 million, net of underwriting discounts and commissions; ● OneWater Inc contributed the $59.2 million of net proceeds of the Offering to OneWater LLC in exchange for an additional number of OneWater LLC Units such that OneWater Inc holds a total number of OneWater LLC Units equal to the number of shares of Class A common stock outstanding following the Offering; ● OneWater LLC used the net proceeds, cash on hand and borrowings under the Amended and Restated Credit and Guaranty Agreement (the “Term and Revolver Credit Facility”) by and among OneWater Inc, OneWater LLC and its subsidiaries, with Goldman Sachs Specialty Lending Group, L.P. (i) to pay $3.2 million to one Legacy Owner in exchange for the surrender of a preferred distribution right and (ii) to contribute cash to OWAO in exchange for additional units therein, and OWAO used such cash to fully redeem the preferred interest in subsidiary held by Goldman Sachs & Co. LLC and certain of its affiliates (collectively, “Goldman”) and affiliates of The Beekman Group (“Beekman”). ● OneWater Inc entered into a tax receivable agreement (the ‘‘Tax Receivable Agreement”) with certain of the Legacy Owners that will continue to be LLC Unitholders. The Tax Receivable Agreement generally provides for the payment by OneWater Inc to such LLC Unitholders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax (computed using the estimated impact of state and local taxes) that OneWater Inc actually realizes (or is deemed to realize in certain circumstances) in periods after the Offering as a result of, as applicable to each such LLC Unitholder, (i) certain increases in tax basis that occur as a result of OneWater Inc’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such LLC Unitholder’s LLC Units pursuant to the exercise of the Redemption Right or the Call Right (each as defined in the Tax Receivable Agreement) or that relate to prior transfers of such LLC Units that will be available to OneWater Inc as a result of its acquisitions of those units and (ii) imputed interest deemed to be paid by OneWater Inc as a result of, and additional tax basis arising from, any payments OneWater Inc makes under the Tax Receivable Agreement. OneWater Inc will retain the benefit of the remaining 15% of these net cash savings; ● In connection with the Offering, the Board of Directors of OneWater Inc (the “Board”) adopted a long-term incentive plan (the “LTIP”) to incentivize individuals providing services to OneWater Inc and its subsidiaries and affiliates. The total number of shares reserved for issuance under the LTIP that may be issued pursuant to incentive stock options (which generally are stock options that meet the requirements of Section 422 of the code) is 1,385,799. The LTIP will be administered by the Board, except to the extent the Board elects a committee of directors to administer the LTIP; ● In connection with the consummation of the Offering, OneWater Inc granted to its named executive officers equity-based awards under the LTIP, which consist of (i) 17,333 restricted stock units subject to time-based vesting (“RSUs”) for each of Messrs. Singleton (Chief Executive Officer) and Aisquith (Chief Operating Officer), and (ii) 10,000 RSUs for Mr. Ezzell (Chief Financial Officer). As a result of the Organizational Transactions and the Offering: ● OneWater Inc’s shareholders purchasing in the Offering collectively own approximately 5.3 million shares of the Class A common stock; ● Legacy Owners collectively own approximately 0.8 million shares of the Class A common stock; ● LLC Unitholders own approximately 8.5 million LLC Units and approximately 8.5 million shares of Class B common stock; ● the Class A common stock collectively represents 100% of the economic interest and approximately 42% of the voting power in OneWater Inc; and ● the Class B common stock collectively represents approximately 58% of the voting power in OneWater Inc.
OneWater LLC [Member]
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent events On February 11, 2020, in connection with the Offering, the members of OneWater LLC entered into the Fourth Amended and Restated Limited Liability Company Agreement of OneWater LLC (the “OneWater LLC Agreement”). The OneWater LLC Agreement, among other things, (i) converted all of the membership interests of OneWater LLC into a single class of units in OneWater LLC and (ii) admitted OneWater Marine Inc. as the sole managing member of OneWater LLC. In accordance with the terms of the OneWater LLC Agreement, the holders of OneWater LLC Units generally have the right, subject to certain limitations, to redeem their OneWater LLC Units for, at OneWater LLC’s election, (i) shares of Class A common stock at a redemption ratio of one share of Class A common stock for each OneWater LLC Unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassifications or (ii) an equivalent amount of cash. On February 11, 2020, OneWater Inc completed its Offering of 5,307,693 shares of OneWater Inc’s Class A common stock, par value $0.01 per share, at a price to the public of $12.00 per share. After deducting underwriting discounts and commissions, OneWater Inc received net proceeds of approximately $59.2 million. OneWater Inc contributed all of the net proceeds of the Offering received to the Company in exchange for limited liability company interests in OneWater LLC (“LLC Units”). The Company used the net proceeds, cash on hand and borrowings under the refinanced Term and Revolver Credit Facility (as defined below) (i) to pay $3.2 million to one Legacy Owner in exchange for the surrender of a preferred distribution right and (ii) to contribute cash to OWAO in exchange for additional units therein, and OWAO used such cash to fully redeem the preferred interest in subsidiary held by Goldman and Beekman. Additionally, the Company provided certain of the existing owners of OneWater LLC, including Goldman and Beekman and certain members of the Company’s management team, the right to receive a tax distribution to cover taxable income arising as a result of OneWater LLC’s operating income through the period ending on the date of the closing of the Offering. On February 11, 2020, in connection with the Offering, OneWater Inc entered into an Amended and Restated Credit and Guaranty Agreement (the “Term and Revolver Credit Facility”) by and among OneWater Inc, OneWater LLC and its subsidiaries, with Goldman Sachs Specialty Lending Group, L.P. The amendment, among other things, modified the terms to (i) increase the Revolving Facility from $5.0 million to $10.0 million, (ii) increase the maximum available under the Multi-Draw Term Loan from $60.0 Million to $100.0 million, (iii) provide an uncommitted and discretionary multi-draw term loan accordion feature of up to $20.0 million, (iv) amend the repayment schedule of the Multi-Draw Term Loan to commence on March 31, 2022 and (iv) amend the scheduled maturity date of the Revolving Facility and Multi-Draw Term Loan to be February 11, 2025. The Term and Revolver Credit Facility will bear interest at a rate that is equal to, at OneWater’s option, (a) LIBOR for such interest period (subject to a 1.50% floor) plus an applicable margin of up to 7.00%, subject to step-downs to be determined based on certain financial leverage ratio measures, or (b) a base rate (subject to a 4.50% floor) plus an applicable margin of up to 6.00%, subject to step-downs to be determined based on certain financial leverage ratio measures. Interest will be payable quarterly for base rate borrowings and up to quarterly for LIBOR borrowings. The Company immediately upon closing of the agreement borrowed an additional $35.3 million on the Multi-Draw Term Loan. Effective February 11, 2020, the Company and certain of its subsidiaries entered into the Sixth Amended and Restated Inventory Financing Facility with Wells Fargo. The Inventory Financing Facility amends and restates the Fifth Amended and Restated Inventory Financing Agreement, dated as of November 26, 2019, to, among other things, permit certain payments and transactions contemplated by or in connection with the Offering, including payments under the Tax Receivable Agreement. The maximum amount of borrowing available, interest rates and the termination date of the agreement remained unchanged. In connection with the Offering (i) Goldman and Beekman received an aggregate of 2,148,806 OneWater LLC Units upon exercise of certain previously held warrants, (ii) previously issued Profit in Interests awards to select members of executive management for Class B units which represented non-voting units were exchanged for 32,754 OneWater LLC Units, and (iii) certain Legacy Owners contributed, directly or indirectly, their OneWater LLC Units to the Company in exchange for 780,213 shares of Class A common stock. With this exchange, the Company’s ownership interest over BAO and SSAO was increased to 100% and the non-controlling interest associated with these subsidiaries was removed. OneWater Inc entered into a tax receivable agreement (the ‘‘Tax Receivable Agreement”) with certain of the Legacy Owners that will continue to be a LLC Unitholder. The Tax Receivable Agreement generally provides for the payment by OneWater Inc to such LLC Unitholders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax (computed using the estimated impact of state and local taxes) that OneWater Inc actually realizes (or is deemed to realize in certain circumstances) in periods after the Offering as a result of, as applicable to each such LLC Unitholder, (i) certain increases in tax basis that occur as a result of OneWater Inc’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such LLC Unitholder’s LLC Units pursuant to the exercise of the Redemption Right or the Call Right (each as defined in the Tax Receivable Agreement) or that relate to prior transfers of such LLC Units that will be available to OneWater Inc as a result of its acquisitions of those units and (ii) imputed interest deemed to be paid by OneWater Inc as a result of, and additional tax basis arising from, any payments OneWater Inc makes under the Tax Receivable Agreement. OneWater Inc will retain the benefit of the remaining 15% of these net cash savings. The spreading of a novel strain of coronavirus, COVID-19, that is impacting global economic activity and market conditions could lead to changes in consumer purchasing patterns, cancellations of boat shows and other events, disruptions to supply chains, including our ability to obtain boats and parts from our suppliers, quarantines, labor shortages, and overall economic and market instability. While we are monitoring the impact of COVID-19 on our business and financial results at this time, we are unable to accurately predict the impact that the coronavirus will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and actions that may be taken by governmental authorities and other third-parties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed balance sheets were prepared in conformity with U.S. generally accepted accounting principles. Separate statements of operations, changes in stockholder’s equity and cash flows have not been presented because OneWater Inc has not engaged in any business or other activities except in connection with its formation and initial capitalization.
OneWater LLC [Member]
Summary of Significant Accounting Policies [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include cash, accounts receivable, accounts payable, other payables and accrued expenses and debt. The carrying values of cash, accounts receivable, accounts payable and other payables and accrued expenses approximate their fair values due to their short-term nature. The carrying value of debt approximates its fair value due to the debt agreements bearing interest at rates that approximate current market rates for debt agreements with similar maturities and credit quality.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. The cost of the new and pre-owned boat inventory is determined using the specific identification method. In assessing lower of cost or net realizable value the Company considers the aging of the boats, historical sales of a brand and current market conditions. The cost of parts and accessories is determined using the weighted average cost method.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting primarily of legal, accounting, printing and filing services, and other direct fees and costs related to the initial public offering are capitalized. The deferred offering costs will be offset against proceeds from the Offering upon the closing. As of December 31, 2019 and September 30, 2019, respectively, $4.7 million and $2.6 million of deferred offering costs have been recorded in prepaid expenses and other current assets.
Goodwill and Other Identifiable Intangible Assets	Goodwill and Other Identifiable Intangible Assets Goodwill and intangible assets are accounted for in accordance with FASB Accounting Standards Codification 350, ‘‘ Intangibles - Goodwill and Other ’’ (‘‘ASC 350’’), which provides that the excess of cost over the fair value of the net assets of businesses acquired, including other identifiable intangible assets, is recorded as goodwill. Goodwill is an asset representing operational synergies and future economic Identifiable intangible assets consist of trade names related to the acquisitions the Company has completed. The Company has determined that trade names have an indefinite life, as there is no economic, contractual or other factors that limit their useful lives and they are expected to generate value as long as the trade name is utilized by the dealer group, and therefore, are not subject to amortization.
Sales Tax	Sales Tax The Company collects sales tax on all of the Company’s sales to nonexempt customers and remits the entire amount to the states that imposed the sales tax on and concurrent with specific sales transactions. The Company’s accounting policy is to exclude the tax collected and remitted to the states from revenues and cost of sales.
Revenue Recognition	Revenue Recognition Revenue is recognized from the sale of products and commissions earned on new and pre-owned boats (including used, brokerage, consignment and wholesale) when ownership is transferred to the customer, which is generally upon acceptance or delivery to the customer. At the time of acceptance or delivery, the customer is able to direct the use of, and obtain substantially all of the benefits at such time. We are the principal with respect to revenue from new, used and consignment sales and such revenue is recorded at the gross sales price. With respect to brokerage transactions, we are acting as an agent in the transaction, therefore the fee or commission is recorded on a net basis. Revenue from parts and service operations (boat maintenance and repairs) are recorded over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a period of one year or less from contract inception. Prior to the adoption of ASU 2014-09 (as defined below), revenue from parts and service operations were recognized when the customer took delivery of the part or serviced boat. Due to the short period of time from contract inception to completion, the impact of recording labor and parts incurred but not billed at the end of the reporting period in accordance with the standard adoption was de minimis. Deferred revenue from storage and marina operations is recognized on a straight-line basis over the term of the contract as services are completed. Revenue from arranging financing, insurance and extended warranty contracts to customers through various third-party financial institutions and insurance companies is recognized when the related boats are sold. We do not directly finance our customers’ boat, motor or trailer purchases. Subject to our agreements and in the event of early cancellation of such loans or insurance contracts by the customer, we may be assessed a charge back for a portion of the transaction price by the third-party financial institutions and insurance companies. We constrain our estimate of variable consideration associated with chargebacks based on our historical experience with repayments or defaults. Chargebacks were not material to the unaudited condensed consolidated financial statements for the three months ended December 31, 2019 and December 31, 2018. Contract liabilities consist of deferred revenues from marina and storage operations and customer deposits and are classified in customer deposits in the Company’s unaudited consolidated condensed balance sheets. Deposits received from customers are recorded as a liability until the related sales orders have been fulfilled by us and control of the vessel is transferred to the customer. The activity in customer deposits for the three months ended December 31, 2019 is as follows: Three Months Ended December 31, 2019 Beginning contract liability $ 4,880 Revenue recognized from contract liabilities included in the beginning balance (4,673 ) Increases due to cash received, net of amounts recognized in revenue during the period 7,529 Ending contract liability $ 7,736 The following table sets forth percentages on the timing of revenue recognition for the three months ended December 31, 2019. Three Months Ended December 31, 2019 Goods and services transferred at a point in time 94.9 % Goods and services transferred over time 5.1 % Total Revenue 100.0 %
Loss per Share	Loss per Share Basic loss per common interest is computed by dividing net loss attributable to common interest holders by the weighted-average common units outstanding during the period. Diluted loss per common interest is computed by dividing loss attributable to common interest holders by the weighted-average common units and unit equivalents outstanding during the period. Loss attributable to common interest holders reflects accretion of redeemable preferred interest in subsidiary, dividends and issuance costs. The following table illustrates the dilutive effect of profits in interest unit agreements and common warrants outstanding: For the three months ended December 31 2019 2018 Common units outstanding 76,573 75,816 Weighted average common unit equivalents outstanding 26,545 27,217 Diluted common unit equivalents 103,118 103,033 For the three months ended December 31, 2019 and 2018, the diluted common unit equivalents were not utilized in calculating loss per unit attributable to common interest holders as the impact would be anti-dilutive.
Income Taxes	Income Taxes No provision for income taxes is made in the accompanying unaudited condensed consolidated financial statements since the Company, as a limited liability company (LLC), is treated as a partnership for federal and state income tax purposes whereby the members are responsible for recording their proportionate share of the Company’s income or loss in their tax returns. Management does not believe there are any uncertain tax positions as defined by FASB Accounting Standards Codification (ASC) 740, ‘‘ Income Taxes’’
Vendor Consideration Received	Vendor Consideration Received Consideration received from vendors is accounted for in accordance with the ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” Pursuant to ASC 606, manufacturer incentives based upon cumulative volume of sales and purchases are recorded as a reduction of inventory cost and related cost of sales when the amounts are probable and reasonably estimable.
Use of Estimates	Use of Estimates 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.
Segment Information	Segment Information As of December 31, 2019 and September 30, 2019, the Company had one operating segment. The marine retail segment consists of retail boat dealerships offering the sale of new and pre-owned boats, arrangement of finance and insurance products, performance of repair and maintenance services and offering marine related parts and accessories. The marine retail business has discrete financial information and is regularly reviewed by the Company’s chief operating decision maker (“CODM”) to assess performance and allocate resources. The Company has identified its Chief Executive Officer as its CODM. The Company has determined its marine retail operating segment is its reporting unit and is also the reportable segment.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
New Accounting Pronouncements [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update (‘‘ASU’’) No. 2014-09, ‘‘ Revenue from Contracts with Customers (Topic 606) As part of the adoption of the ASU, the Company elected to use the following practical expedients (i) not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company’s transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less and (ii) to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less. In August 2016, the FASB issued ASU 2016-15, ‘‘ Statement of Cash Flows (Topic 230) Statement of Cash Flows (Topic 230) In January 2017, the FASB issued ASU 2017-01, ‘‘ Business Combinations (Topic 805) Adoption of Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, ‘‘ Leases (Topic 842) In August 2018, the FASB issued ASU 2018-15, ‘‘ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In June 2016, the FASB issued ASU 2016-13, ‘‘ Financial instruments — Credit Losses

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables) - OneWater LLC [Member]	3 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Activity in Customer Deposits	The activity in customer deposits for the three months ended December 31, 2019 is as follows: Three Months Ended December 31, 2019 Beginning contract liability $ 4,880 Revenue recognized from contract liabilities included in the beginning balance (4,673 ) Increases due to cash received, net of amounts recognized in revenue during the period 7,529 Ending contract liability $ 7,736
Percentages on Timing of Revenue Recognition	The following table sets forth percentages on the timing of revenue recognition for the three months ended December 31, 2019. Three Months Ended December 31, 2019 Goods and services transferred at a point in time 94.9 % Goods and services transferred over time 5.1 % Total Revenue 100.0 %
Dilutive Effect of Profits in Interest Unit Agreements and Common Warrants Outstanding	The following table illustrates the dilutive effect of profits in interest unit agreements and common warrants outstanding: For the three months ended December 31 2019 2018 Common units outstanding 76,573 75,816 Weighted average common unit equivalents outstanding 26,545 27,217 Diluted common unit equivalents 103,118 103,033

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Acquisition [Abstract]
Allocation of Purchase Price	The table below summarizes the fair values of the assets acquired at the acquisition date, including the goodwill recorded as a result of this transaction. ($ in thousands) Three months ended December 31, 2018 Prepaid expenses $ 26 Inventory 6,726 Property and equipment 3 Identifiable intangible assets 3,003 Goodwill 3,348 Liabilities assumed (5,185 ) Total purchase price $ 7,921

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Inventories [Abstract]
Inventories	Inventories consisted of the following at: ($ in thousands) December 31, 2019 September 30, 2019 New vessels $ 268,552 $ 234,312 Pre-owned vessels 35,169 33,729 Work in process, parts and accessories 10,116 9,297 $ 313,837 $ 277,338

Long-term Debt and Line of Cr_2

Long-term Debt and Line of Credit (Tables)	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term Debt and Line of Credit	($ in thousands) December 31, 2019 September 30, 2019 Multi-draw term note payable to Goldman Sachs Specialty Lending Group, L.P. and OWM BIP Investor, LLC, secured and bearing interest at 10.0% per annum. Refinanced on February 11, 2020. See Note 13 for further details $ 57,203 $ 58,000 Revolving note payable for an amount up to $5.0 million to Goldman Sachs Specialty Lending Group, L.P. and OWM BIP Investor, LLC, secured and bearing interest at 10.0% per annum. Refinanced on February 11, 2020. See Note 13 for further details - - Note payable to Rambo Marine, Inc., unsecured and bearing interest at 7.5% per annum. The note requires annual interest payments, with a balloon payment of principal due on July 1, 2020 3,133 3,133 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 2025 2,482 2,371 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 Marina Mikes, LLC, unsecured and bearing interest at 5.0% per annum. The note requires annual interest payments, with a balloon payment of principal due on June 1, 2020 2,125 2,125 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 Sunrise Marine, Inc. and Sunrise Marine of Alabama, Inc., unsecured and bearing interest at 6.0% per annum. The note was repaid in full - 1,400 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 Note payable to Texas Marine, Inc., unsecured and bearing interest at 4.5% per annum. The note requires annual interest payments, with a balloon payment of principal due on August 1, 2020 815 815 74,840 76,926 Less current portion (6,823 ) (11,124 ) Less unamortized portion of debt issuance costs (1,004 ) (1,013 ) $ 67,013 $ 64,789

Members' Equity (Tables)

Members' Equity (Tables)	3 Months Ended
	Dec. 31, 2019
OneWater LLC [Member]
Members' Equity [Abstract]
Classes of Membership Units in Members' Equity	Within members’ equity, there are three classes of membership units as follows: Units Equity Interest Common Voting Membership Interests (Class A) 73,140 73.1 % Common Non-Voting Membership Interests (Class B) 1,860 1.9 % Investor Voting Warrants 25,000 25.0 % 100,000 100.0 %

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 11, 2020	Dec. 31, 2019	Sep. 30, 2019
Organization [Abstract]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common Class A [Member] | Subsequent Event [Member]
Organization [Abstract]
Common stock, par value (in dollars per share)	$ 0.01
Common Class A [Member] | Initial Public Offering [Member] | Subsequent Event [Member]
Organization [Abstract]
Number of shares issued (in shares)	5,307,693
Common stock, par value (in dollars per share)	$ 0.01
Number of shares issued on exercise of options (in shares)	692,308
Offering price of shares (in dollars per share)	$ 12
Proceeds from offering	$ 59.2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Feb. 11, 2020$ / sharesshares	Apr. 03, 2019shares	Dec. 31, 2019USD ($)Segment$ / sharesshares	Dec. 31, 2018shares	Sep. 30, 2019USD ($)$ / shares	Mar. 28, 2014shares
Public Offering [Abstract]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Class A Common Stock [Member] | Subsequent Event [Member]
Public Offering [Abstract]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Initial Public Offering [Member] | Class A Common Stock [Member] | Subsequent Event [Member]
Public Offering [Abstract]
Number of shares issued (in shares)	5,307,693
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Number of shares issued on exercise of options (in shares)	692,308
Share price (in dollars per share) | $ / shares	$ 12
OneWater LLC [Member]
Public Offering [Abstract]
Number of shares issued (in shares)		1,000
Deferred Offering Costs [Abstract]
Deferred offering costs | $			$ 4,700		$ 2,600
Contract Liability [Abstract]
Beginning contract liability | $			4,880
Revenue recognized from contract liabilities included in the beginning balance | $			(4,673)
Increases due to cash received, net of amounts recognized in revenue during the period | $			7,529
Ending contract liability | $			$ 7,736
Segment Information [Abstract]
Number of operating segments | Segment			1
Timing of Revenue [Abstract]
Percentage of revenue			100.00%
Earnings (Loss) per Share [Abstract]
Common units outstanding (in shares)			76,573	75,816		100,000
Weighted average common unit equivalents outstanding (in shares)			26,545	27,217
Diluted common unit equivalents (in shares)			103,118	103,033
OneWater LLC [Member] | Class A Common Stock [Member]
Earnings (Loss) per Share [Abstract]
Common units outstanding (in shares)						73,140
OneWater LLC [Member] | Transferred at Point in Time [Member]
Timing of Revenue [Abstract]
Percentage of revenue			94.90%
OneWater LLC [Member] | Transferred over Time [Member]
Timing of Revenue [Abstract]
Percentage of revenue			5.10%

Stockholder's Equity (Details)

Stockholder's Equity (Details)	Feb. 11, 2020Vote$ / sharesshares	Apr. 03, 2019$ / sharesshares	Dec. 31, 2019$ / sharesshares	Sep. 30, 2019$ / sharesshares
Stockholders' Equity [Abstract]
Common stock, shares authorized (in shares)			1,000	1,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Common stock, shares issued (in shares)			1,000	1,000
Common stock, shares outstanding (in shares)			1,000	1,000
OneWater LLC [Member]
Stockholders' Equity [Abstract]
Number of shares issued (in shares)		1,000
Offering price of shares (in dollars per share) | $ / shares		$ 10
OneWater LLC [Member] | Subsequent Event [Member]
Stockholders' Equity [Abstract]
Common stock, shares outstanding (in shares)	8,500,000
Common stock, conversion basis	one-for-one
Preferred Stock [Member] | Subsequent Event [Member]
Stockholders' Equity [Abstract]
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Common Class A [Member] | Subsequent Event [Member]
Stockholders' Equity [Abstract]
Common stock, shares authorized (in shares)	40,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Voting rights issued for each share of common stock | Vote	1
Common Class B [Member] | Subsequent Event [Member]
Stockholders' Equity [Abstract]
Common stock, shares authorized (in shares)	10,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares outstanding (in shares)	8,500,000
Voting rights issued for each share of common stock | Vote	1

Description of Company and Ba_2

Description of Company and Basis of Presentation (Details) - OneWater LLC [Member]	3 Months Ended
	Dec. 31, 2019DealergroupStoreStateBrandSubsidiary	Dec. 31, 2018
Description of the Business [Abstract]
Number of dealer groups acquired | Dealergroup	17
Number of stores acquired	40
Number of stores operating	63
Number of states in which stores operating | State	11
Number of top brands | Brand	10
Principles of Consolidation [Abstract]
Number of minority member subsidiaries consolidated | Subsidiary	2
South Shore Assets and Operations [Member]
Principles of Consolidation [Abstract]
Percentage of voting rights	100.00%
Ownership interest in subsidiaries	75.00%
Bosun's Assets and Operations [Member]
Principles of Consolidation [Abstract]
Percentage of voting rights	100.00%
Ownership interest in subsidiaries	75.00%
Sales Revenue [Member]
Description of the Business [Abstract]
Concentration risk percentage	41.80%	45.20%
Sales Revenue [Member] | Malibu Boats, Inc [Member] | Supplier Concentration Risk [Member]
Description of the Business [Abstract]
Concentration risk percentage	14.40%	11.90%

Acquisitions (Details)

Acquisitions (Details) - OneWater LLC [Member] $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)StoreAcquisition	Dec. 31, 2018USD ($)Acquisition	Sep. 30, 2019USD ($)Acquisition	Dec. 01, 2018Store
Acquisition [Abstract]
Number of acquisitions completed | Acquisition	0	1	5
Number of stores | Store	63
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill	$ 113,059		$ 113,059
Slalom Shop [Member]
Acquisition [Abstract]
Number of stores | Store				2
Cash paid for acquisition	$ 1,600
Interest rate	5.00%
Notes payable term	3 years
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Prepaid expenses		$ 26
Inventory		6,726
Property and equipment		3
Identifiable intangible assets		3,003
Goodwill		3,348
Liabilities assumed		(5,185)
Total purchase price		$ 7,921
Slalom Shop [Member] | Notes Payable to Seller [Member]
Acquisition [Abstract]
Note payable to seller	$ 5,100
Slalom Shop [Member] | Notes Payable to Seller at 5% [Member]
Acquisition [Abstract]
Note payable to seller	$ 1,300

Inventories (Details)

Inventories (Details) - OneWater LLC [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019
Component of Inventory [Abstract]
Inventories	$ 313,837	$ 277,338
New Vessels [Member]
Component of Inventory [Abstract]
Inventories	268,552	234,312
Pre-owned Vessels [Member]
Component of Inventory [Abstract]
Inventories	35,169	33,729
Work in Process, Parts and Accessories [Member]
Component of Inventory [Abstract]
Inventories	$ 10,116	$ 9,297

Notes Payable - Floor Plan (Det

Notes Payable - Floor Plan (Details) - OneWater LLC [Member] - Inventory Financing Facility [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019
Line of Credit Facility [Abstract]
Credit facility, maturity date	Sep. 28, 2021
Maximum amount of borrowings	$ 392.5	$ 292.5
Outstanding balance of facility	264.5	225.4
Credit facility, available borrowing capacity	$ 128	$ 67.1
New Inventory [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Credit facility, interest rate	4.51%	4.77%
New Inventory [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Credit facility, interest rate	6.76%	7.02%
Pre-owned Inventory [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Credit facility, interest rate	4.76%	5.02%
Pre-owned Inventory [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Credit facility, interest rate	7.01%	7.27%
LIBOR [Member]
Line of Credit Facility [Abstract]
Debt instrument, term of variable rate	1 month
LIBOR [Member] | New Boats [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Debt instrument, variable interest rate	2.75%
LIBOR [Member] | New Boats [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Debt instrument, variable interest rate	5.00%
Boat Rate [Member] | New Boats [Member]
Line of Credit Facility [Abstract]
Debt instrument, variable interest rate	0.25%
Wells Fargo [Member]
Line of Credit Facility [Abstract]
Percentage of finance provided of vendor invoice price	100.00%

Long-term Debt and Line of Cr_3

Long-term Debt and Line of Credit (Details) - OneWater LLC [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 74,840	$ 76,926
Less current portion	(6,823)	(11,124)
Less unamortized portion of debt issuance costs	(1,004)	(1,013)
Long-term debt, net	67,013	64,789
Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 57,203	58,000
Interest rate	10.00%
Revolving note payable to Goldman Sachs Specialty Lending Group, L.P. and OWM BIP Investor, LLC, secured and bearing interest at 10.0% per annum. Refinanced on February 11, 2020 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 0	0
Interest rate	10.00%
Maximum borrowing capacity	$ 5,000
Note Payable To Rambo Marine, Inc., Unsecured And Bearing Interest at 7.5% Per Annum. the Note Requires Annual Interest Payments, with a Balloon Payment of Principal Due on July 1, 2020 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 3,133	3,133
Interest rate	7.50%
Maturity date	Jul. 1, 2020
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 2025 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 2,482	2,371
Maturity date	Jul. 31, 2025
Frequency of periodic payment	Monthly
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 2025 [Member] | Minimum [Member]
Long-term Debt and Line of Credit [Abstract]
Interest rate	0.00%
Monthly installment payment amount	$ 100
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 2025 [Member] | Maximum [Member]
Long-term Debt and Line of Credit [Abstract]
Interest rate	8.90%
Monthly installment payment amount	$ 5,600
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 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 2,164	2,164
Interest rate	5.50%
Maturity date	Feb. 1, 2022
Note Payable to Marina Mikes, LLC, Unsecured and Bearing Interest at 5.0% Per Annum, the Note Requires Annual Interest Payments, with a Balloon Payment of Principal Due on June 1, 2020 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 2,125	2,125
Interest rate	5.00%
Maturity date	Jun. 1, 2020
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 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 1,920	1,920
Interest rate	5.00%
Maturity date	Feb. 1, 2022
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 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 1,500	1,500
Interest rate	6.00%
Maturity date	Mar. 1, 2021
Note Payable to Sunrise Marine, Inc. and Sunrise Marine of Alabama, Inc., Unsecured and Bearing Interest at 6.0% Per Annum [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 0	1,400
Interest rate	6.00%
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 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 1,271	1,271
Interest rate	5.00%
Maturity date	Dec. 1, 2021
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 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 1,227	1,227
Interest rate	4.50%
Maturity date	Jun. 1, 2021
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 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 1,000	1,000
Interest rate	5.50%
Maturity date	Apr. 1, 2021
Note Payable to Texas Marine, Inc., Unsecured and Bearing Interest at 4.5% Per Annum, the Note Requires Annual Interest Payments, with a Balloon Payment of Principal Due on August 1, 2020 [Member]
Long-term Debt and Line of Credit [Abstract]
Long-term debt, gross	$ 815	$ 815
Interest rate	4.50%
Maturity date	Aug. 1, 2020

Members' Equity (Details)

Members' Equity (Details) - OneWater LLC [Member] - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2018	Aug. 01, 2017	Dec. 31, 2016	Oct. 28, 2016	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2016	Mar. 28, 2014
Classes of Membership Units [Abstract]
Units outstanding (in shares)					76,573	75,816			100,000
Equity interest percentage									100.00%
Members' Equity Additional Information [Abstract]
Warrant liability					$ 50,116		$ 50,887
Change in fair value of warrant liability					(771)	$ (4,695)
Bosun's Assets and Operations [Member]
Members' Equity Additional Information [Abstract]
Amount of investment of purchase price	$ 2,500
Ownership interest percentage.	25.00%
South Shore Assets and Operations [Member]
Members' Equity Additional Information [Abstract]
Amount of investment of purchase price		$ 1,800
Ownership interest percentage.		25.00%
Preferred Distribution [Member]
Members' Equity Additional Information [Abstract]
Percentage of accrue interest rate			5.00%
Ownership interest period			90 days
Unpaid balance					$ 3,200		3,200	$ 3,800
Preferred distribution cumulative interest accrual rate					5.00%
Unpaid amount of cumulative interest					$ 0		0
Investor Voting Warrants [Member]
Classes of Membership Units [Abstract]
Units outstanding (in shares)									25,000
Equity interest percentage									25.00%
Members' Equity Additional Information [Abstract]
Common unit warrants issued (in shares)				25,000
Common unit warrants in exchange price				$ 1,000
Common unit warrants term (in years)				10 years
Common units redemption term (in years)				5 years
Warrants exercise price per unit (in dollars per share)				$ 0.0001
Warrant liability					50,116		$ 50,887
Change in fair value of warrant liability					$ 771	$ 4,695
Common Voting Membership Interests (Class A) [Member]
Classes of Membership Units [Abstract]
Units outstanding (in shares)									73,140
Equity interest percentage									73.10%
Common Non-Voting Membership Interests (Class B) [Member]
Classes of Membership Units [Abstract]
Units outstanding (in shares)									1,860
Equity interest percentage									1.90%

Redeemable Preferred Interest_2

Redeemable Preferred Interest in Subsidiary (Details) - OneWater LLC [Member] - shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2016	Mar. 28, 2014
Redeemable Preferred Interest in Subsidiary [Abstract]
Units outstanding (in shares)	76,573	75,816		100,000
One Water Assets & Operations [Member]
Redeemable Preferred Interest in Subsidiary [Abstract]
Units outstanding (in shares)			100,000
Preferred units outstanding (in shares)			68,000
Preferred interest rate of return	10.00%
Preferred interest redemption period	5 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OneWater LLC [Member]
Operating Leases [Abstract]
Rent expense	$ 2.9	$ 2.2

Related Party Transactions (Det

Related Party Transactions (Details) - OneWater LLC [Member] - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Related Party Transactions [Abstract]
Due from related parties	$ 29,360		$ 100,000
Chief Executive Officer [Member]
Related Party Transactions [Abstract]
Payments and fees, related party	200,000	$ 200,000
Affiliated Entities [Member]
Related Party Transactions [Abstract]
Purchase of inventories	10,800,000	6,500,000
Fair value of equity in inventory	1
Expenses incurred	600,000	500,000
Affiliated Entities and Individuals [Member]
Related Party Transactions [Abstract]
Fees received for goods and services	100,000	100,000
Payments and fees, related party	$ 200,000	$ 300,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 11, 2020	Apr. 03, 2019	Feb. 10, 2020	Dec. 31, 2019	Sep. 30, 2019
Organizational Transactions [Abstract]
Common stock, shares outstanding (in shares)				1,000	1,000
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
OneWater LLC [Member]
Organizational Transactions [Abstract]
Number of shares issued (in shares)		1,000
OneWater LLC [Member] | Bosun's Assets and Operations [Member]
Organizational Transactions [Abstract]
Ownership interest in subsidiaries				75.00%
OneWater LLC [Member] | South Shore Assets and Operations [Member]
Organizational Transactions [Abstract]
Ownership interest in subsidiaries				75.00%
OneWater LLC [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member]
Organizational Transactions [Abstract]
Interest rate				10.00%
Subsequent Event [Member]
Organizational Transactions [Abstract]
Percentage of net cash savings payable to unit holders on realization	15.00%
Subsequent Event [Member] | LIBOR [Member]
Organizational Transactions [Abstract]
Frequency of periodic payment	Quarterly
Subsequent Event [Member] | Base Rate [Member]
Organizational Transactions [Abstract]
Frequency of periodic payment	Quarterly
Subsequent Event [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member]
Organizational Transactions [Abstract]
Face amount of debt	$ 100		$ 60
Maturity date	Feb. 11, 2025
Proceeds from term loan	$ 35.3
Subsequent Event [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member] | Maximum [Member]
Organizational Transactions [Abstract]
Accordion feature, amount	20
Subsequent Event [Member] | Revolving Credit Facility [Member]
Organizational Transactions [Abstract]
Maximum borrowing capacity	$ 10		$ 5
Maturity date	Feb. 11, 2025
Subsequent Event [Member] | Revolving Credit Facility [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member] | LIBOR [Member] | Minimum [Member]
Organizational Transactions [Abstract]
Interest rate	1.50%
Subsequent Event [Member] | Revolving Credit Facility [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member] | LIBOR [Member] | Maximum [Member]
Organizational Transactions [Abstract]
Debt instrument, variable interest rate	7.00%
Subsequent Event [Member] | Revolving Credit Facility [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member] | Base Rate [Member] | Minimum [Member]
Organizational Transactions [Abstract]
Interest rate	4.50%
Subsequent Event [Member] | Revolving Credit Facility [Member] | Multi-Draw Term Note Payable to Goldman Sachs Specialty Lending Group, L.P. and Owm Bip Investor, LLC, Secured and Bearing Interest at 10.0% Per Annum, Refinanced on February 11, 2020 [Member] | Base Rate [Member] | Maximum [Member]
Organizational Transactions [Abstract]
Debt instrument, variable interest rate	6.00%
Subsequent Event [Member] | Messrs Singleton [Member] | Restricted Stock Units (RSUs) [Member]
Organizational Transactions [Abstract]
Shares granted (in shares)	17,333
Subsequent Event [Member] | Messrs Aisquith [Member] | Restricted Stock Units (RSUs) [Member]
Organizational Transactions [Abstract]
Shares granted (in shares)	17,333
Subsequent Event [Member] | Mr. Ezzell [Member] | Restricted Stock Units (RSUs) [Member]
Organizational Transactions [Abstract]
Shares granted (in shares)	10,000
Subsequent Event [Member] | Investors [Member]
Organizational Transactions [Abstract]
Common stock, shares outstanding (in shares)	5,300,000
Subsequent Event [Member] | Legacy Owners [Member]
Organizational Transactions [Abstract]
Common stock, shares outstanding (in shares)	800,000
Payment in exchange for surrender of preferred distribution right	$ 3.2
Subsequent Event [Member] | Common Class A [Member]
Organizational Transactions [Abstract]
Total number of shares reserved for issuance (in shares)	1,385,799
Percentage of economic interest	100.00%
Percentage of voting power	42.00%
Common stock, par value (in dollars per share)	$ 0.01
Subsequent Event [Member] | Common Class A [Member] | Initial Public Offering [Member]
Organizational Transactions [Abstract]
Number of shares issued (in shares)	5,307,693
Proceeds from initial public offering	$ 59.2
Common stock, par value (in dollars per share)	$ 0.01
Number of shares issued on exercise of options (in shares)	692,308
Offering price of shares (in dollars per share)	$ 12
Subsequent Event [Member] | Common Class B [Member]
Organizational Transactions [Abstract]
Common stock, shares outstanding (in shares)	8,500,000
Percentage of voting power	58.00%
Common stock, par value (in dollars per share)	$ 0.01
Subsequent Event [Member] | OneWater LLC [Member]
Organizational Transactions [Abstract]
Common stock, conversion basis	one-for-one
Percentage of net cash savings payable to unit holders on realization	85.00%
Common stock, shares outstanding (in shares)	8,500,000
Subsequent Event [Member] | OneWater LLC [Member] | Bosun's Assets and Operations [Member]
Organizational Transactions [Abstract]
Ownership interest in subsidiaries	100.00%
Subsequent Event [Member] | OneWater LLC [Member] | South Shore Assets and Operations [Member]
Organizational Transactions [Abstract]
Ownership interest in subsidiaries	100.00%
Subsequent Event [Member] | OneWater LLC [Member] | Legacy Owners [Member]
Organizational Transactions [Abstract]
Payment in exchange for surrender of preferred distribution right	$ 3.2
Subsequent Event [Member] | OneWater LLC [Member] | Goldman and Beekman [Member]
Organizational Transactions [Abstract]
Number of shares issued (in shares)	2,148,806
Subsequent Event [Member] | OneWater LLC [Member] | Common Class A [Member]
Organizational Transactions [Abstract]
Number of shares issued for each unit redeemed (in shares)	1
Subsequent Event [Member] | OneWater LLC [Member] | Common Class A [Member] | Legacy Owners [Member]
Organizational Transactions [Abstract]
Number of shares issued for each unit redeemed (in shares)	780,213
Subsequent Event [Member] | OneWater LLC [Member] | Common Class B [Member]
Organizational Transactions [Abstract]
Conversion of stock, shares converted (in shares)	1
Subsequent Event [Member] | OneWater LLC [Member] | Common Class B [Member] | Members of Executive Management [Member]
Organizational Transactions [Abstract]
Number of shares issued (in shares)	32,754