Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 63

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 17.7% for the three months ended March 31, 2025 and 2024, respectively. 

33

Depreciation and Amortization 

Depreciation and amortization expense increased $0.6 million, or 13.3%, to $5.5 million for the three months ended March 31, 2025 compared to $4.9 million for the three months ended March 31, 2024. The increase in depreciation and amortization expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily attributable to an increase in intangible assets and property and equipment to support operations.

Transaction Costs 

Transaction costs increased $0.2 million, or 160.0%, to $0.4 million for the three months ended March 31, 2025 compared to $0.1 million for the three months ended March 31, 2024 which is attributable to increased acquisition activity for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.   

Change in Fair Value of Contingent Consideration 

During the three months ended March 31, 2025, we recognized a charge of $0.1 million related to accretion of contingent consideration liabilities. During the three months ended March 31, 2024, we recognized a charge of $3.1 million related to updated forecasts and accretion of contingent consideration liabilities.

Restructuring and Impairment 

During the three months ended March 31, 2024, we made proactive changes to better align our cost structure with the normalization of sales and margins and accordingly, recognized a loss of $11.8 million related to the restructuring plan. During the three months ended March 31, 2025, we recognized a loss of $0.4 million related to other various restructuring activities.

Income from Operations

Income from operations increased $2.4 million, or 17.4%, to $16.3 million 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