Company: ONEW
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001772921-25-000013
Chunk: 50

Company: OneWater Marine Inc.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 three months ended December 31, 2024 compared to the three months ended December 31, 2023.

New Boat Sales

New boat sales increased by $6.9 million, or 2.9%, to $248.0 million for the three months ended December 31, 2024 from $241.1 million for the three months ended December 31, 2023. The increase was primarily attributable to the increase in the unit sales resulting from the continued strategic management of our inventory.

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Pre-owned Boat Sales

Pre-owned boat sales increased by $3.5 million, or 6.6%, to $56.8 million for the three months ended December 31, 2024 from $53.3 million for the three months ended December 31, 2023. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage, consigned and wholesale), which causes periodic and seasonal fluctuations in the average sales price. The increase in pre-owned boat sales was primarily attributable to the increase in both units sold and average unit price. 

Finance & Insurance Income

We generate revenue from arranging finance & insurance products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies. Finance & insurance income increased by $2.0 million, or 27.7%, to $9.4 million for the three months ended December 31, 2024 from $7.4 million for the three months ended December 31, 2023. The increase was primarily due to the increase in new and pre-owned boat sales. We remain very focused on improving sales of finance & insurance products throughout our dealer network and implementing best practices at acquired dealer groups and existing dealerships. Finance & insurance income is recorded net of related fees, including fees charged back due to any early cancellation of loan or insurance contracts by a customer. Since finance & insurance income is fee-based, we do not incur any related cost of sale.

Service, Parts & Other Sales

Service, parts & other sales decreased by $0.7 million, or 1.1%, to $61.6 million for the three months ended December 31, 2024 from $62.3 million for the three months ended December 31, 2023. The decrease in service, parts & other sales is primarily due to a reduction in parts and accessories sold to OEMs as boat manufacturers continue to slow production