Company: ONEW
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001772921-25-000013
Chunk: 145

Company: OneWater Marine Inc.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 2
Chunk 145
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 the three months ended December 31, 2024 and 2023, respectively. The decrease was primarily due to pricing efforts by the Company to manage inventory.

Finance & Insurance Gross Profit 

Finance & insurance gross profit 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. Finance & insurance income is fee-based revenue for which we do not recognize incremental cost of sales.

Service, Parts & Other Gross Profit 

Service, parts & other gross profit decreased by $0.9 million, or 3.3%, to $26.6 million for the three months ended December 31, 2024 from $27.5 million for the three months ended December 31, 2023. The decrease in gross profit was primarily the result of the reduction in service, parts & other sales. Service, parts & other gross profit margin was 43.1% and 44.1% for the three months ended December 31, 2024 and 2023, respectively. 

Selling, General and Administrative Expenses 

Selling, general and administrative expenses decreased by $0.5 million, or 0.7%, to $79.1 million for the three months ended December 31, 2024 from $79.6 million for the three months ended December 31, 2023. This decrease was primarily due to the cost savings resulting from various restructuring activities. Selling, general and administrative expenses as a percentage of revenue decreased to 21.0% from 21.9% for the three months ended December 31, 2024 and 2023, respectively, and was driven by higher revenues. 

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Depreciation and Amortization 

Depreciation and amortization expense increased $1.1 million, or 25.9%, to $5.3 million for the three months ended December 31, 2024 compared to $4.2 million for the three months ended December 31, 2023. The increase in depreciation and amortization expense for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 was primarily attributable to an increase in intangible assets and property and equipment to support operations.

Transaction Costs 

Transaction costs remained flat at $0.6 million for the three months ended December 31