Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. And welcome to the OneWater Marine Inc. Fiscal First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. advised is be recorded. Please Instructions] today's being conference [Operator

conference to your Executive I like the [ph] over Chief would now Ezzell, hand to Jack speaker Officer. today,

may You begin.

Jack Ezzell

XXXX to call the by President Austin Officer; fiscal Good and joined Executive today OneWater Chief Anthony and call. I'm welcome first morning, quarter and earnings Singleton, Chief conference on Officer. Marine's Aisquith, Operating

its management remind operations in statements law I'd begin, and certain that we OneWater forward-looking you Marine be uncertainties. like regarding may to and morning's considered under this and made number Before conference involve call by of statements securities a risks

and As of to those from in company factors, cautions the differ the the a which described forward-looking of that results are beyond result, would there events number many which company's materially are a control, statements. you actual cause

that company's the SEC. the company's discussed with its affect earnings found future Relations filings release, website section Factors results on are be the of in Investor can in might and which the

The date company or after by or occur the update are that events reflect to the statements law. undertaking to forward-looking except forward-looking as circumstances statements made, required disclaims the any obligation

over that, with to like with the Austin Austin? turn begin And who Singleton, will a call remarks. I'd opening few to

Austin Singleton

Thanks everyone Jack and for thank call. you joining today's

into Ian. get to thank efforts Hurricane to our I we the Before want continued quarter, response team for in their

process is over. our help to from communities impacted but by far continue the to We storm the rebuild,

As are operating of but today, of capacity. in all our stores limited are open, several

storage facilities remain impacted the repaired. to and until in lean homes, heavily areas expect be docks, activity by sales We can storm

the put recovery boats. not as will difficult recovered, project, demand The to but team have be timing to anywhere customers many yet and this our has still support volume continue to community. we is of do their to Lost

expectations. gross once quarterly in of our XX%. quarter first line delivered and the the in margins We record again to with largely played results, quarter out our revenue Turning

from service our cycles. which growth evolving boat XX% that demonstrating an our model saw parts more in business is away businesses, buying and we Importantly, the us cyclical other diversifying is

are buying As customers our we discussed last to quarter, patterns. normal returning pre-COVID

improving lead-times longer feel need boats advance no supply months of the decreasing, and many season. the in the their preorder With chain to urgent customers

overall as backlog is so show this year, up evidenced healthy, activity demand boat said, That the remains season. our strong the that prior and traffic, by over store at robust far

XX% prior want quarter the means to seasonality few for XX% I period. discussing a and growth Sales for on a XX% and quarter, quarterly spend of grew sales And respectively. returns first first results. Same-store were in XX% the the of XXXX minutes quarter increase OneWater. in same-store of a down X% the XXXX what top historical sales following in

the typical of in a In higher realized lower first we environment, of seasonal typical levels quarter sales smallest the quarter, of inventory which the is and have year.

Looking annual to back XX sales to period, and represented of the EBITDA. annual XXXX of quarter XX% our XX% the our December XXXX about

diversification parts regardless growth a record cycles. over to of last XX of industry the quarter track our of has enable of and number and business to grow and or The service supported strategic maintain our organically in acquisitions from months. also Our economic profitable margins the businesses us gross continues will benefited

in strong Marine our also and we Taylor completed During award-winning presence Marine. the an View complements of the is reputation quarter, the US. and mid-Atlantic centers Marine with acquisition Harbor Taylor dealer

our market. Florida fortifies presence in Gulf View Harbor While Coast the

environment the and macro a forward, economic The will and while to acquisition transaction. potential we opportunistic, pipeline we remains robust any thorough monitor analysis going imply remain

upbeat been Boat season remains selling is today, shows intact. pointing Based signs on where have XXXX. to-date demand good, we are stand traffic an all strong, and in to

interest current and are holding margins customers rate are not the gross resisting environment. up Additionally,

all and consumer the unknowns, At is the uncertainty With of think demand. same seasonality clear data we impact it so recent considerable is fiscal the year. outlook is the historical down. not it or is It industry to our time, revise for many if there's macro-economic prudent

consumer we out and have an believe level improve, sentiment interest conditions holds opportunity to macro we rates However, outperform.

are of demand health the around we clarity there a know few questions back months we a with bit be a will on While there and consumer season. selling lot peak the the out in of current more the levels, here

would the and Mitch guidance to announced IPO his thank Mitch tremendous as for last growth. contribution over the of of Legler period a I month OneWater and the several will rapid years we Finally, retire through like Chairman Board. and to last

of succession our serves elected at upcoming governance. working Schraudenbach, our with expect annual to we and line forward plan, the currently and ensuring John leadership John capacity look John I as in meeting. the and new Chairman Chairman In Board, be as continuity his Vice with of to

I over will it With turn that, to Anthony.

Anthony Aisquith

Austin. Thanks

a During in macro decline in growth. on Ian, from rising the interest we and drive the impacts a the and economic solid quarter, yet still cadence, capitalize experienced we environment the rates, Hurricane to customer change demand buying

consumer boat to Manufacturer pricing logged We shows and normalized pre environment. made discounts boat rebates in the shows, quarter, several activity. key on trends strong return a resulted were more COVID at a we during in able to where

higher be rates. Additionally, deterred to did interest customers not seem by

sales made In Show financed. were at the vast majority the a fact, of Atlanta

with sense certain months especially deal is customers the the inventory many the advance. in has of to for units normalized. normalization smaller in parts urgency chain, mentioned, of As a true for supply feel This Austin longer lock standard no of the

XX votes in However, there of more feet. wait still extended are larger, times for sophisticated excess

right Fortunately, across portfolio boat customers line finish we of their dreams. and get the the to team, tools into of the sales right the strong a innovative products, have

of the fiscal compared built ago, first and of million acquired return at seasonal XXX% increased a the the businesses. inventory end $XXX by driven Total to quarter year to inventory

seasonality, our about levels. to orders in proprietary expected inventory optimistic beyond remain relation tools closely us also our monitoring and to inventory will trend we we're Should allow our sales. stocking future, shift While retail the adjust levels

model our operating new to of swiftly align with the flexible levels our enables demand. structure us cost Furthermore,

to beyond return -- a We we have times, not shift seasonal said several have it seasonality. material seen

show to keep boat consumer make but and pulse identify Retail of fingers our demand and any to on the changes. necessary at remains we activity the robust, continue

significantly and Our parts business businesses other occurred service big the in quarter. contributed and gross margins and service the buildup in box parts inventory also Despite the by and sales response challenged with delays. supply had the retailers our to chain other a destocking to that macro-economic pressures seasonality, that was

profit and XX-month over basis, continues This the for few the revenues the years. a consistently XX% area business accounts total of XX% of on to last trailing be growing of important the OneWater for gross growth now driver an and

in contribution diversification, stable This remarks revenue OneWater. high a a our significant to profile offering shift margin

cyclical more sales, the of boat rely As this environment we for stability we business to smooth return margins. on gross to will overall out a our

the as industry to cycle remains traditional chain and supply summary, In to healthy recover. returns the sales demand continues

business while adapt providing value Our allows continue our driving to to excellent environment to our to flexible model operating shareholders. customers, us service the dynamic to

turn review over now will I the to call to the Jack financials.

Jack Ezzell

year in from first decrease million same-store million XX% quarter in revenue XXXX $XXX Anthony. Thanks X% to despite in quarter a prior sales. increased the $XXX Fiscal

pre-own sales $XXX to and million. million New fell to $XX XXXX X% sales increased quarter X% in fiscal boat boat of first the

and climbed results parts We our of to higher sales in businesses. substantially our continue benefit Service our recently $XX our parts quarter. business, from on to by which driven the other million, to emphasis growing margin contributions XX% contributed acquired from our

by quarter boat Finance first to and insurance to a offset compared revenue $XXX the the year, driven service, boat sold. our and other prior continues by with increased profit size and the pre-owned million mix the new by primarily revenues, in shift insulation in X% to parts, offered of pace sales. margin Gross of partially the

XX% flat at remained prior compared margin the profit to Gross year.

selling, of increase level million. of and expenses as million and of First in to quarter increased to general, the XXXX SG&A seasonal the the sales quarter typically an with first from show $XX XXXX. sales environment, participation. quarter In fiscal related percentage boat marketing normal was SG&A December higher a associated from a administrative is activity $XX XX%,

per increase compared in years. cost show we boat shows average the when year this to addition, prior In attended

We more of to levels as activity expect revert sales to return these cycle. we promotional a traditional

as SG&A service businesses. higher levels our acquired expect integrate parts to be and we than historical Additionally, we

XX% compared by and Operating EBITDA the in decreased $XX to million compared prior SG&A year, million associated the $XX $XX decreased higher driven in to million acquisitions. $XX Adjusted income to to our million expenses year. prior with

the in fiscal diluted share $XX result interest income quarter down or first $X of million in up $XX million $XX in facilities. rate interest million the which Net diluted the expense, average is was debt this for This Contributing in borrowing quarter prior increase XX% the a rising increase the per decline per $X.XX $X.XX to a $XX year. an from and on our or from share, also in the increase prior totaled million year. million was

the December as constraints Turning of balance and supply to revolving cash credit floorplan facilities. $XXX sheet, balance liquidity under total excess sheet, first of inventory industry-wide the was the Total in $XXX XXst, availability line on continued million, credit, quarter. of including in as our was million XXXX, to chain ease

months peak XXXX occurs was in long-term Adjusted you Long-term debt remind debt cash net or and EBITDA. that was approaching currently February of million. of December are like that would times $XXX of seasonal I XX trailing XXst, inventory the we as to typically bill X.X March. net the debt

with to our We allocation. are position continue environment and capital our liquidity as monitor the comfortable we and leverage manage macro

potential reduce it's around believe and the the our marine annual the impacts macroeconomic we reflect to to on the environment ahead, uncertainty demand. prudent Looking guidance

sales be earnings in may EBITDA These are range per million acquisitions share year range to per additional same-store $XXX we result, be year. projections $X.XX to to diluted of the in $XXX $X and be a exclude million, up share. any now completed As to the adjusted during expect be to the that of with to compared the guiding prior flat to mid-single-digits

from Our has perspective allocation not a strategy capital changed.

the levels shares, in are of leverage. M&A on opportunities, to reinvesting pursuing while repurchasing appropriate and maintaining We debt, strategic down accelerate organic business paying focused growth,

it to long-term our drive we're methodical always, our work we'll put will value. As shareholder in approach and cash where

our you will concludes remarks. please Operator, This the line questions. open prepared for

Operator

[Operator Instructions] you. Thank

question Raymond our the of from with line comes And first Joe James. Altobello

Your open, ahead. line go is please

Joe Altobello

the that quarter? I in item comp housekeeping question, Jack, Hey, guess number, units guys. Good in maybe a the first morning. break for Thanks. did price you opportunity the

Jack Ezzell

some say quarter, saw be was Yes, say during we would -- and units. in I a would then mid-single-digits. in in price down decline the units that It I'd increase the

Joe Altobello

guess you the demand, in yet helpful. and I Talked your positive boat that's the line expectations. your concerned outlook. talked dramatically. mentioned you activity, quarter healthy show the season, on much ago? about in cloud the your macro just here? that with there then know months selling guidance about are and a Okay, be that strong I terms cloudier And it And of guidance three going really is your seasonality you cutting was may Or versus than quarter, more But

Austin Singleton

think it's a know of too Joe, I that's that early think Well, and our to little issue. I bit

if I still today it, out less think and what it was to on think out there's saying. of than guidance like we doubts lowered there I or were lot we're raise or come our a

So, the to alone, it it still just if crazy. we're did left that, said people $XX, we we said take naysayers were were wrong. If we

know boat And to a more really through, model time new spent be compression. we lot going line went so to margin there's on we and back items the going compression, of

based adjust And the hey, we went it that back, we have line know. off approach down in and factored get just so in and said, next a of kind the, and so that conservative we what look, quarter this quarter, in don't last or right, again. adjust, or come to get in let's and let's take And

just manufacturers, door yet. think three think seasonality, we we're it as where feel can't we'll conservative know just clearer internet like I in just leads, answer feels the sits, approach. we as weeks. like, mean, just little at it's I because things just more so have that everything far the up And bit today, We seasonality a lot taking don't I demand, picture back swings, but a

Joe Altobello

Okay.

sounds It seasonality. than more want I like. guide, the So

Austin Singleton

mean, last mean, been year we're a and I could half recession. a Yes. be geez, It the in on that for I we've

we So of I looked let's said, kind it at and get think this right.

coming back make keep don't adjustment. we to have and an it to So

because okay, come compressed this, spend to to looked of it, if at model what want we so we just back to pretty of we and going And took a the conservative it again. time really and a margins lot kind don't to approach it on well, have

Joe Altobello

Okay. Got it. guys. Thank you,

Jack Ezzell

The consensus. only the a thing on kind I'd out just models say of two and there looking at

typical higher year. a that's And than cycle, difficult have then largest. seasonal not than Looking seasonal and at consensus, bigger the QX our the QX, is QX quarters QX. are of a QX QX. is And people smallest cycle again, right? most little bit the Our -- QX is

out just there. that, So that there's cadence some point I And of that want out. to

Joe Altobello

you. Got it. Thank

Operator

Thank Stifel. question. And you. And for our question with Drew moment comes our Crum the line one from next next of

open, is please line go Your ahead.

Drew Crum

Thanks. Hey, guys. Good morning.

store guidance think what's improves the in same you of would that factors obviously being to behind contributed want just that assumption? updated down I'm sales I So course to metric and several XX% XXXX. The that fiscal fiscal confidence over XQ. that that the suggest understand and driving and confirm

Jack Ezzell

mean, a The definitely. to confidence Yes, XX% right? backlog gives the a comp, last change, some we XX% it, December the Yes. it's seasonal two and I you but years. yes, had

has change. normal to return not it that surprised was so to seasonal it And, And was, I'm cycle to at. would, we so that that was dynamic order where in would, we a

I in back quarters. at quarter. comps look were were half We in larger comps year, up think we some were heavy so think there's XX%. But in there. trends to if comps in second you softer against were a X%. year pretty the tougher the prior that, we I quarter year some is, next Last the The those

I then a product years, the think will our selling carry and we lot more to the also as think way became, through short we that today, see availability send now the us I falling as season, versus, the the what seasonal of to us product as boats season, through the have start the as And we'll of And see you in replenish, supplies, you inventory quarter. traditional end inventory leaner. as build we have prior for season. get manufacturers September worked

Drew Crum

I also, January's Jack com is mean, the positive it?

Jack Ezzell

there. Again, positive. out again, optimistic was that's, the cautiously we're data January Yes. with

of down I SSI think I average data it at, XX%. some think quarter, look if the XX%, December you in around, being

than a So just, out it's of But, as there them. the being just down XX lot a is forecast. and unknowns considerably of there's in better cloudiness lot

Drew Crum

it. Got

you a Okay. That's talked about preamble, little helpful. And then your think. Austin, in bit, I M&A

the to current to to understanding you months that, few going pause want of better the thinking and stances of the a the definitively where strategy? so, shows to can what And are gauge a you the Just on ago, Are point rely January on hit balance of XXXX? industry. share if company's a health what the what decided the the are button, now you boat plans at more get for some is of we're fiscal

Austin Singleton

going probably up end were we to Yes, holding tight.

in been vote remain But doing opinion, the other dealing people inflated, our shows not macro. Milwaukee, the Like hearing more sediment shows good. other with, shows both we're out that and in there's the new from strong. opening that through not margin I They're mean, boat that questions. that we're our but So only a have were some in, big bigger in the industry. were the we've good, all and -- still shows there. clarity we're the remarks said in of hearing We're answering pretty

and So, think next, to And with how hold this right somewhat. watching on any that steady watch hurry see unfolds. go do kind XX think days, and I quick. don't maybe basis. out But we're there And macro, for needs deal. XXX things just now, for overall us of daily can to we're the change XXX, mean, normalize I I in and pretty a the to it a

Just do to deal. a

is something prudent along. something just are do at be not good normal back But But to our on to ready the we're just getting we that's right build price balance going to us to it's think that into cadence yet. comes opportunistic, I the cash if continue for sheet. too

Drew Crum

Got it.

Okay. Thanks, guys.

Operator

and for line one the Thank our Swartz of our And you, question with Michael next moment question. next comes from Truist.

go ahead. Your line open, please is

Michael Swartz

Hey, guys, good morning.

us how mix, gave help update terms the a thinking a bottom the pricing, on here. comparable you that gains, up maybe guidance, it outlook. you few store you questions of us can in took the of kind your much you're when anything Give outlook guidance that your build look of down it about where store in with Today, Just first was too shared with? outlook like comparable nature versus sense industry that we're follow-up doesn't and of

Jack Ezzell

it about, September. December Yes, if and may I that quarter, to that that that's say December negative related data, would out little was of SSI I come the been more numbers think a has probably everything than kind bit a as of

that positive. been feedback that like seeing, mentioned, et lead for Austin has cetera, all with think and the I respect we're generation, to traffic

So, we're to optimistic. cautiously trying be,

the leads think us start industry, to that going you'll than, degree price see off. I recent level outperform think but too And to to that much I less it's a much unit And, think be will still in volumes years. so factor, the be I think I

Michael Swartz

pertains And about in us now made, the helpful. actually past that of most your maybe how point you of, maybe you should two expect pertains versus relative or margins that mid-XXs, boat margins to a some think to seen expected? or sense give Austin, year or you what That's How boat have Okay. we think the people Can is guidance, which margin new maybe like? to then so, pre it thinking I years as spin, you're this I what your to COVID the the about -- the think you elevated we've guidance? to as prior made it

Austin Singleton

we that. he Jack, don't lot ended get Yes, ended on, Boat up bunch spend in putting with of what we've through what to model kind Lauderdale, since on I to Lauderdale, in about, me we I'll these, we I once what or But boat the speak the what time he Show, mean, got number, up a the model. shows us of up to what around Jack first threw know let a of January. in we the talking settling done and settling these Anthony ended seen Atlanta numbers,

that the thing of a a pretty us to and is manufacturers, lot use was discount. expected bat, expected one because margins, in for we to right more it there into is good, as maintain way off the which of our a lot pricing And evident ease that them kind promotions promotional was those than we allowed

But that's like phase one.

so And just there. continues to from it go

dealer sell network third first a to price, boat offer they said many never price and the they don't get they usually can consumer that because of usually has sell zero on another I've and As there customer times, out offer but they a then else them. time, the to anything the have sell

a these, So promotional you'll these usually just own. their than side, that the road start pricing discounting will lower which use on the work manufacturer doesn't way dealers continue anymore to from see that leads say

So margins. they'll of And start working on kind have we follow suit. to their

let's say, quicker got about, longer still So lot the earlier when XX bigger still you a stuff got in was backlog. and times. XX opening feet what build that than down, his about down, remarks start that'll thinking the It's a Anthony move about feet speaking

to start up a model. we'll ended into see What the know that putting ended So I what selling? road. up But you Jack, don't you

Jack Ezzell

taken we're definitely work throughout different on bit. at, parts seen year, discounting where it. down of boats, margins as this drastically, modeling them. And And but that's quarter-to-quarter margins think a is, ended a Yes, different types as I you the the quarter, not bringing again, we we're quarters what as year. certainly we've haircut of I fluctuate that that's to-date. and you as think But up Again, see how look we'll through sell you the obviously,

Michael Swartz

Okay.

Jack Ezzell

handful seeing it just business, well, new our thing the we've service, reemphasize margin up point this is times, haircut boat other also made those boat expansion and higher to margin right that parts overall a The supporting seeing despite we're expansions XX%. our of we're used and hold the margins, keeping point that into margins on I'll really out, that

there, likelihood at the staying range. us of think likely I and XX, so are around plus is that And XX% a XX in

Austin Singleton

Yes.

boat past, really business. got liked said -- mean, lot That's the a why in are real never lowest the margin thing of our One we've it. shows to you to, largest competitive. we've this be our I

go effort that. to got worth You it in in you an the on that and money there spent make you

margins. you So show out a ended your boat coming some of lowest with up of

got to We're working are that still still consumer. every we we needy as pipeline, the some dollar can hard So out coming deals that sold. in as get in, in are

to of that's one discipline stepped the working the and we're would that, I of hard the into really just up. with And we're And team really the say the takeaway that was, get and teams things got I not back selling we've taking. mean, true

be, up I team it's that to saw coming always and sales going think the shows we're not coming that's shows whole nobody's the business. boat to But boat been get us. to entire elite margin out this we hey, it used were sales to that of back going to staff like have be quarter of out we that beat game, our because step those our lowest the

Michael Swartz

Jack. then just for maybe for one And question Okay. me, last

for said you give that is there on an sense at million a Just excluding was to think to terms relative Maybe boat quarter, plus to I way look us just same-store pre-COVID? of any in inventory? acquisition? apples-to-apples basis what new the the in like or looks at $XXX inventory

Jack Ezzell

if don't weeks go bit acquisitions, to hand. looking sequential. And, currently We're again, XX weeks we've I I were little a at Yes. we at have hand, at a back influenced which tried, into, weeks. is number by is We've which XX, dug we've acquisitions. XX, same-store on by XX, per But a XX inventory on little been influenced

we're -- peak, that at right. it's seasonal again, So

to depends whether and to it we're we out. season expect see think we volumes March, you'll But peak, it out. lot off, the spring of kicks into on as to at So and when the that from highest exactly I we as February, close now a things then -- the get see times, go

basis. on think I comparable a But

don't the our And and and into I'll there's that other inventory the but get I me, that number piece, of of future business. getting think is releases. chunk service too, to that have parts front some related maybe work of I get think right good that out to you a in you're to I it

Michael Swartz

Thank you. wonderful. Okay,

Operator

Thank you. one question. for And next moment our

Our comes the Craig from Baird. with next Kennison question of line

Please Your open. ahead. go line is

Craig Kennison

guys. morning, good for taking Thanks Hey, question. my

for follow-up to markets by that I'm on to wanted markets parse catastrophe looked the in at Hurricane by Just hurricane look if affected versus you way same-stores wondering maybe Ian, a were there's sales context? the and unaffected that that environment

Austin Singleton

Yes, it at little I million, lot of at mean, EBITDA you we on and expenses, bit. we're I -- and side looked more either lot had of I the, a $X people, it those looked down rebuilding. guess, our I'll paying about the a say were a still it's stores carrying --

to it's think So I certainly contributed it.

again, customers as isn't didn't when and hurricane market, effort go complicated something because forward, caused to gets more revenue, right, that track. oh, want the move much the try that of the is But easy through this to to it cycle lot say, then to to replenishment back come just even as it a in I we And hit.

it numbers, impact same-stores is said the two day points. could month, truckload the met a So, we boat big if a of or deliveries can last miss couple also like that we many of a impacting the times, also certainly

Craig Kennison

a stuff. Good Great, thanks lot.

Austin Singleton

seeing. we’re mean, I

Operator

you. Thank

Austin Singleton

Sorry, Anthony.

Anthony Aisquith

that seeing that. as was docks just of in I No, markets, that consumers and a like fill saying things we're lot

So still to business a be had of there. there's lot

Craig Kennison

Very good. guys. Hey, thank you,

Operator

of the Davidson. from line Thank Instructions] question next Ryan you. D.A. Griffin [Operator with our comes And

line Your go ahead. open. Please is

Griffin Ryan

of wondering looks you boats, about for current them? could availability talk I like just the used if and guys. what demand Yes. Thanks, was the

Austin Singleton

gotten Yes, availability little I'd a bit say, better. has

little Anthony, bit think continues results have different to I think pre-owned our And in that for a the if market be you sense. I strong was see a pre-owned. where up. you

Anthony Aisquith

that trying mean, a in is have, continually we're that go things continue market source to and that. where it's like employing they that's and direction buyers to there's we great grow and mean, I all boats we something I business the -- after. it’s Yes, we do

and focus any go it there's to after that it's of on, tremendous amount upside we So of and continue been there a hasn't -- whatsoever. a slowing

Griffin Ryan

the Okay, just great. you talk segment just And to to then value about in compared and mention can now? premium the segments right seeing

Anthony Aisquith

where buying. been more I I whatnot as people the think value that we're it it, segment two last And years, we've think of of Boat both matter going portion the a Well, as seeing talking over our didn't it were thing. seasonality did the in back about value boats. why as past. few versus type weeks the Atlanta the most ago, That's Show in were the selling seasonal good type But recent we're build to the

seasonality. So our it's think I more turning businesses back just to

Austin Singleton

abnormal the on the Yes, people their December boat want X in the to coming that be first and of and people sunny a to who the for to water on so -- it who they are be customers quarters and and was pretty person value customer out day. March versus be those get in the those comes April the looking to roll in Wednesday almost, in new tends and by weekend, a hook

Griffin Ryan

Thanks, Okay, great. guys.

Operator

I'm no And you. further showing Thank questions.

conclude So for conclude Ladies going today's question-and-answer conference to is this participating. is you going today's also and session. gentlemen, to Thank this call.

You have day. a great may now Everyone, disconnect.

OneWater Marine (ONEW) 2 Feb 232023 Q1 Earnings call transcript