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- **Q1 2026 Results**: Revenue up 1% to $381M, with Pre-Owned sales surging 24%. Gross margin expanded 110 bps to 23.5%, driven by strategic initiatives.
- **Strategic Moves**: Sold non-core assets to reduce leverage to ~4x by year-end. Brand rationalization boosted margins, with 1% improvement expected from discontinued brands.
- **Operational Focus**: CRM and inventory tools enhance customer experience, supporting 100 bps New Boat margin expansion. Pre-Owned growth offsets New Boat volume declines.
- **Guidance**: Maintain FY2026 targets amid flat industry outlook, with cautious optimism for margin-driven recovery.

**【Management Opening Remarks】**
- **Q1 2026 Performance**: Revenue increased 1% to $381 million, with flat same-store sales despite strategic inventory reductions. Pre-Owned Boat sales surged 24%, driven by higher unit sales and average price.
- **Inventory Health**: Entered the year with a healthy mix of new boats and improved trade-in availability, supporting Pre-Owned growth. Inventory levels are at their best in years, with a focus on premium brands.
- **Strategic Actions**: Completed brand rationalization, leading to better gross margins. Announced sale of non-core distribution assets to strengthen balance sheet and reduce leverage.

**【CEO Commentary】**
- **Margin Improvement**: New Boat gross margins expanded due to pricing and mix, with a 100 basis point improvement expected for the year. Pre-Owned sales growth offset New Boat volume declines.
- **Customer Sentiment**: Reduced price resistance in the first quarter, attributed to stable macro conditions (tariffs, interest rates). Early boat show activity suggests cautious optimism.
- **Operational Focus**: Leveraging CRM and inventory tools to enhance customer experience and drive profitability.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net loss of $8 million (-43% YoY), with adjusted EBITDA up 100% to $4 million. Gross margin expanded 110 basis points to 23.5%, driven by New Boat margins and portfolio optimization.
- **Expense Management**: SG&A rose 2.5% due to higher sales commissions, reflecting strong gross margin performance. Recognized a $7 million impairment charge on held-for-sale assets.
- **Guidance**: Maintained FY2026 targets: $1.83B-$1.93B revenue, $65M-$85M adjusted EBITDA, and 5.1x net debt leverage. Expecting flat same-store sales amid industry headwinds.

**【Q&A Highlights】**
- **Pre-Owned Growth**: Increased trade-ins and better inventory availability drove Pre-Owned sales, with 0.5%-1% market share gains.
- **Inventory Freshness**: Inventory age profile is the healthiest in years, with minimal aged units. Industry-wide inventory normalization expected to continue.
- **Leverage Reduction**: Sale of distribution assets expected to reduce net debt to ~4x by year-end. Focus on disciplined inventory management to navigate macro uncertainty.
- **Boat Show Insights**: Early season activity was flat to slightly down, but margin performance exceeded expectations due to model mix and reduced competition.

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

- **Revenue Growth**: Q4 revenue up 22% to $460M, driven by new boat (+27%) and pre-owned (+25%) sales. Full year same-store sales +6%.
- **Inventory Management**: Inventory down 8.5% YoY, with cleanest levels in years. 2026 outlook includes modest inventory growth.
- **Margin Improvement**: Q4 gross margin improved, with new boat gross margins stabilizing. Full year adjusted EBITDA $70M.
- **2026 Outlook**: Flat same-store sales expected, with total sales $1.83B-$1.93B and adjusted EBITDA $65M-$85M.
- **Market Momentum**: Fort Lauderdale Boat Show sales up 20% YoY, with reduced discounting and improving consumer confidence.
- **Strategic Actions**: Completed exit of underperforming brands, positioning for long-term margin expansion.


**【Management Opening Remarks】**
- Jack Ezzell provided an overview of the call, emphasizing the company's strategic focus on inventory management and disciplined cost control. He highlighted the impact of exiting certain brands and the importance of maintaining a clean inventory position.

**【Philip Singleton - Executive Chairman】**
- **Performance Overview**: Delivered 6% same-store sales growth for the year, outperforming the industry. New boat sales were strong in Q4, while pre-owned sales remained a standout throughout the year.
- **Inventory Management**: Exited 2025 with the cleanest inventory levels in years, enabling quick responses to market shifts. Gross margins improved in Q4, driven by reduced discounting.
- **Strategic Actions**: Completed exit of underperforming brands, creating long-term margin improvement potential. Channel inventories are normalizing, supporting healthier price/volume balance.

**【Anthony Aisquith - CEO】**
- **Operational Strength**: Team executed disciplined inventory management, with inventory levels down 8.5% YoY. Finance and insurance penetration remained healthy, benefiting from lower interest rates.
- **Service Segment Growth**: Service parts and other sales were solid, despite challenges in the distribution segment due to reduced OEM production.
- **Market Positioning**: Positioned to capitalize on industry stabilization, with strong customer relationships and a flexible operating model.

**【Jack Ezzell - CFO】**
- **Q4 Financials**: Revenue increased 22% to $460M, driven by new boat sales (+27%) and pre-owned sales (+25%). Adjusted EBITDA was $18M, with a net loss of $113M due to non-cash impairments.
- **Full Year Results**: Total revenue grew 6% to $1.9B, with adjusted EBITDA of $70M. Gross margin was 23%, impacted by brand exits.
- **2026 Outlook**: Flat same-store sales expected, with total sales $1.83B-$1.93B and adjusted EBITDA $65M-$85M. Focus on inventory management and cost control.

**【Q&A Highlights】**
- **Inventory Strategy**: Inventory down 8.5% YoY, with plans for modest growth in 2026. Management expects to offset brand exit headwinds with core brand growth.
- **Interest Rate Impact**: Lower rates support affordability, with floorplan interest flattish to up slightly in 2026.
- **Fort Lauderdale Boat Show**: Sales up ~20% YoY, with margin improvement. Momentum expected to continue into 2026.
- **Promotional Environment**: Reduced discounting as industry inventory normalizes. Management cautious on near-term promotional activity.
- **Pre-Owned Dynamics**: Trade-in activity rebounding, driving pre-owned sales growth.
- **M&A Strategy**: Disciplined approach, prioritizing debt reduction and strategic acquisitions.


OneWater Marine Inc. (ONEW) Q4 2025 Earnings Call Transcript

- **Revenue resilience**: 2% growth to $553M vs industry decline >15%, with same-store sales +2%.
- **Pre-owned outperformance**: 18% QoQ growth driven by trade-ins and larger boat purchases.
- **Inventory optimization**: 14% YoY reduction; on track for 10-15% full-year decline.
- **Guidance update**: FY2025 adj EBITDA $65-80M, adj EPS $0.50-0.75.
- **Tariff clarity**: 2026 model price increases moderate, July sales positive but cautious on macro trends.

**【CEO Opening Remarks】**
- Q3 2025 revenue increased 2% to $553 million, with same-store sales up 2% despite broader industry declines of over 15%.
- Gross margins under pressure due to industry-wide promotions and strategic brand exits, but pricing strategy maintains margin discipline.
- Inventory reduced 14% YoY, on track for 10-15% full-year decline; brand rationalization on schedule to exit underperforming brands by year-end.
- Focused on three priorities: healthy inventory of high-performing brands, disciplined cost management, and leveraging scale to outperform industry trends.

**【COO Business Operations】**
- Dealership traffic remained steady despite industry headwinds; new boat unit sales declined but ASP increased, reflecting premium segment strength.
- Pre-owned boat sales grew 18% QoQ, driven by higher volume and ASP, offsetting new boat sales decline.
- Finance & Insurance (F&I) revenue stable YoY; parts/service revenue down 2% due to lower manufacturer production.
- Pre-owned market growth driven by trade-ins and improved availability, with customers trading up to larger boats.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $553M (2% YoY growth); new boat sales $326M (-2%), pre-owned $126M (+18%), service/parts $83M (-2%).
- Gross profit $129M (-3% YoY) due to lower new boat volumes and promotional environment.
- SG&A expenses $92M (+6% YoY), driven by higher personnel and selling costs.
- Net income $11M ($0.65/share) vs $17M ($0.99/share) YoY; adjusted EBITDA $33M.
- Balance sheet: liquidity $85M+, inventory $517M (-14% YoY), long-term debt $419M, net leverage 5.8x.
- Updated FY2025 guidance: revenue $1.8-1.85B, same-store sales +low single digits, adj EBITDA $65-80M, adj EPS $0.50-0.75.

**【Q&A Highlights】**
- **Tariff Impact**: Clarity on 2026 model year price increases (low mid-single digits) reduced customer uncertainty; July sales positive but cautious on sustained trends.
- **Pre-owned Growth**: Driven by increased trade-ins (customers prefer dealership convenience over self-selling), not trade-downs. Used boat stand-alone stores strategic focus.
- **Trade-in Dynamics**: Trickle-down effect as customers upgrade to larger boats, creating demand for smaller pre-owned boats.

OneWater Marine Inc. (ONEW) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: Down 1% vs. industry 10%+ decline, with pre-owned sales up 14%.
- **Inventory Cleanup**: 12% YoY reduction, targeting 10-15% full-year drop. 15 brands exited, 56 units of outdated inventory left.
- **Margin Pressure**: Gross profit down 8%, SG&A up 1%, but cautious outlook on 2025 with $65-95M EBITDA guidance.
- **Tariff Watch**: No immediate impact, but demand concerns weigh on outlook.
- **Premium Play**: Outperforming in high-end segments, positioning for long-term margin recovery.


**【CEO Opening Remarks】**
- **Revenue Performance**: Total revenue decreased 1% to $484 million, with new boat sales down 5% and pre-owned sales up 14%. Same-store sales declined 2%, outperforming the industry's 10%+ unit decline.
- **Inventory Management**: Reduced inventory by 12% YoY and 5% sequentially, targeting a 10-15% full-year reduction. Focused on rationalizing 15 brands, with 56 units of outdated inventory remaining.
- **Cost Control**: Higher SG&A expenses (+1%) due to boat shows and inflation, offset by cost-saving initiatives. Margins remain pressured by promotional activity.
- **Tariff Impact**: No immediate impact on current inventory, but cautious outlook on demand amid tariff uncertainty.

**【CFO Financial Breakdown】**
- **Revenue**: $484 million (Q2 2025) vs. $488 million (Q2 2024). Service/parts revenue up 2%, driven by dealership performance.
- **Gross Profit**: $110 million (-8%) due to margin erosion on exiting brands and promotional pricing.
- **SG&A**: $88 million (+1%), with 50bps increase as a percentage of sales.
- **Liquidity**: $74 million in cash and credit facilities. Inventory reduced to $602 million from $687 million YoY.
- **Updated Guidance**: FY2025 sales $1.7-1.8B, adjusted EBITDA $65-95M, EPS $0.75-1.25, reflecting cautious macro outlook.

**【Q&A Highlights】**
- **April Sales**: Units and dollars up vs. Q2 2024, with May starting strong. Focus on margin recovery as inventory clears.
- **Used Boat Margins**: Softness due to trade-in mix and aggressive pricing to drive turnover. Long-term positive as trades increase.
- **Share Gains**: Outperforming industry in premium segments, driven by brand rationalization and inventory cleanliness.
- **Industry Consolidation**: Tariffs and higher carrying costs may lead to fewer brands, favoring premium players. Company targeting 50+ brands post-rationalization.


OneWater Marine (ONEW)-1 May 25-2025 Q2 Earnings call transcript

- **Revenue Growth**: Q1 2025 revenue up 3% to $376 million, driven by 3% new boat sales and 7% pre-owned growth, despite industry-wide unit declines.
- **Inventory Management**: Inventory down 10% Y/Y to $637 million; targeting further 10%+ reduction by Q3 2025. Aged inventory <20% of total, lowest in years.
- **Cost Efficiency**: SG&A expenses down 1%, with 90 basis point improvement in SG&A as a percentage of revenue.
- **F&I Growth**: Finance and insurance revenue up 28% to $9 million, penetration improving by 50 basis points.
- **2025 Guidance**: Maintained at $1.7-1.85 billion in sales, $80-110 million EBITDA, and $1-2 EPS, reflecting cautious optimism amid industry challenges.


**【CEO Opening Remarks】**
- Q1 2025 revenue increased 3% to $376 million, driven by a 3% rise in new boat sales and a 7% increase in pre-owned sales. Same-store sales grew 4%, outpacing the industry's 14% unit decline in key categories.
- Margins were pressured by discounts on exited brands, but current model-year margins remain healthy. Inventory decreased 10% year-over-year, reducing floor plan interest costs.
- Cost reduction initiatives lowered SG&A expenses by 1%, with a 90 basis point improvement in SG&A as a percentage of revenue.
- Despite challenges from Hurricane Helene and Milton, Florida sales recouped lost volume, with impacted areas down mid-single digits year-over-year.

**【COO Business Operations】**
- Q1 sales benefited from promotional strategies post-hurricane store reopenings, with unit volumes up 12-13% despite lower average unit prices. Finance and insurance (F&I) revenue grew 28% to $9 million, improving penetration by 50 basis points.
- Inventory management focused on brand rationalization and aged inventory clearance, with 2025 model intake slower than prior years to avoid overstocking.
- Boat show season (Atlanta, St. Petersburg) saw mixed results due to weather, but premium category performance aligned with trends. F&I growth offset margin pressure from exited brands.

**【CFO Financial Details】**
- Q1 gross profit declined 8% to $84 million due to exited brand discounts and pricing pressures. Operating loss narrowed to $2 million, with adjusted EBITDA of $2 million.
- Net loss was $14 million ($0.81 per share), wider than prior year's $8 million loss, driven by higher interest expenses. Inventory decreased 10% to $637 million, with a focus on reducing aged and non-current stock.
- 2025 guidance maintained: total sales $1.7-1.85 billion (low single-digit same-store growth), adjusted EBITDA $80-110 million, and EPS $1-2.

**【Q&A Key Takeaways】**
- **Inventory Strategy**: Target 10%+ year-over-year inventory reduction by Q3 2025. Current aged inventory at <20% of total, down from prior years. F&I penetration gains offset margin headwinds.
- **Florida Recovery**: Excluding Florida, same-store sales grew 6-7%. Unit growth (12-13%) offset ASP declines, with F&I revenue up 28%.
- **M&A Pipeline**: Active but cautious, awaiting market clarity. No urgency to deploy capital beyond strategic fits.
- **Tariffs Impact**: Limited effect on boat pricing due to U.S.-based manufacturing and raw material costs. Focus on engine and materials diversification.
- **2025 Outlook**: Caution amid industry uncertainty, but confident in inventory management and F&I growth to drive margin recovery in H2.


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