Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 133

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 133
---
 for the three months ended March 31, 2025 compared to $13.9 million for the three months ended March 31, 2024. The increase was primarily attributable to the $11.5 million decrease in restructuring and impairment and the $3.1 million decrease in change in fair value of contingent consideration for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, partially offset by a $10.0 million decrease in gross profit and $1.3 million increase in selling, general and administrative expenses during the same periods. 

Interest Expense – Floor Plan 

Interest expense – floor plan decreased $1.0 million, or 12.0%, to $7.5 million for the three months ended March 31, 2025 compared to $8.5 million for the three months ended March 31, 2024. Floor plan related interest expense decreased primarily due to an decrease in the average inventory for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as well as the impact of our interest rate swaps for the three months ended March 31, 2025. 

Interest Expense – Other 

Interest expense – other decreased by $0.1 million, or 1.0%, to $9.1 million for the three months ended March 31, 2025 compared to $9.2 million for the three months ended March 31, 2024. The decrease in interest expense – other was primarily related to the impact of our interest rate swaps for the three months ended March 31, 2025. 

Other Expense (Income), Net 

Other expense (income), net decreased by $2.3 million, or 92.4%, to $0.2 million of expense for the three months ended March 31, 2025 compared to $2.5 million of expense for the three months ended March 31, 2024. The decrease was primarily related to tornado related expenses during the three months ended March 31, 2024.

Income Tax Benefit

Income tax benefit decreased by $1.7 million, or 92.0%, to $0.1 million for the three months ended March 31, 2025 compared to $1.8 million for the three months ended March 31, 2024. The change was primarily attributable to the 91.8% decrease in loss before income