Company: ONEW
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001772921-25-000040
Chunk: 64

Company: OneWater Marine Inc.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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, of which $0.2 million was recorded in restructuring and impairment and $0.5 million was recorded in new boat cost of sales in the unaudited consolidated statement of operations. No charges related to restructuring activities were recorded during the three months ended June 30, 2024.

Income from Operations

Income from operations decreased $9.6 million, or 24.1%, to $30.4 million for the three months ended June 30, 2025 compared to $40.0 million for the three months ended June 30, 2024. The decrease was primarily attributable to the $3.9 million decrease in gross profit and $5.1 million increase in selling, general and administrative expenses for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. 

Interest Expense – Floor Plan 

Interest expense – floor plan decreased $2.0 million, or 21.0%, to $7.3 million for the three months ended June 30, 2025 compared to $9.3 million for the three months ended June 30, 2024. Floor plan related interest expense decreased primarily due to a decrease in average floor plan borrowings for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, as well as the impact of our interest rate swaps for the three months ended June 30, 2025. 

Interest Expense – Other 

Interest expense – other remained flat at $9.0 million for the three months ended June 30, 2025 and 2024 which is a result of the consistent average outstanding balance under the A&R Credit Facility for the three months ended June 30, 2025 and 2024.

Other (Income) Expense, Net 

Other (income) expense, net decreased by $1.1 million, or 83.5%, to $0.2 million of income for the three months ended June 30, 2025 compared to $1.4 million of income for the three months ended June 30, 2024. The decrease was primarily related to tornado related insurance proceeds during the three months ended June 30, 2024.

Income Tax Expense

Income tax expense decreased by $2.8 million, or 44.7%, to $3.5 million for the three months ended June 30, 2025 compared to $6.3 million for the