Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 62

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 compared to 18.4% in the three months ended March 31, 2024. The decrease was primarily due to new boat pricing, including the impact of select brands the Company is exiting.

Pre-owned Boat Gross Profit

Pre-owned boat gross profit remained flat at $15.9 million for the three months ended March 31, 2025 and 2024. Pre-owned boat gross profit margin was 17.7% and 20.2% for the three months ended March 31, 2025 and 2024, respectively. The decrease in gross profit margin was primarily due to strategic pricing to drive sales growth and maintain a healthy level of inventory. The decrease in pre-owned boat gross profit margin was offset by the increase in pre-owned boat units sold and average unit price. 

Finance & Insurance Gross Profit 

Finance & insurance gross profit increased by $0.3 million, or 1.9% to $15.0 million for the three months ended March 31, 2025 from $14.7 million for the three months ended March 31, 2024. 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 $0.4 million, or 1.4%, to $29.3 million for the three months ended March 31, 2025 from $29.7 million for the three months ended March 31, 2024. The decrease in gross profit was primarily the result of the reduction in service, parts & other gross profit margin. Service, parts & other gross profit margin was 42.2% and 43.9% for the three months ended March 31, 2025 and 2024, respectively. The decrease in gross profit margin was primarily due to a shift in mix towards parts which has a lower margin profile than service and our other offerings.

Selling, General and Administrative Expenses 

Selling, general and administrative expenses increased by $1.3 million, or 1.5%, to $87.8 million for the three months ended March 31, 2025 from $86.5 million for the three months ended March 31, 2024. This increase was primarily due to the increase in cost of boat shows and the increase in administrative and fixed costs from inflationary pressures. Selling, general and administrative expenses as a percentage of revenue increased to 18.2% from