Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 95

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 institutions and insurance companies is recognized when the related boats are sold. We do not directly finance our customers’ boat, motor or trailer purchases. We are acting as an agent in the transaction, therefore the commissions are recorded on a net basis. Subject to our agreements and in the event of early cancellation, prepayment or default of such loans or insurance contracts by the customer, we may be assessed a chargeback for a portion of the commission paid by the third-party financial institutions and insurance companies. We reserve for these chargebacks based on our historical experience with repayments or defaults. Chargebacks were not material to the unaudited condensed consolidated financial statements for the three and six months ended March 31, 2025 and 2024.Contract liabilities consist of deferred revenues from marina and storage operations and customer deposits and are classified in customer deposits in the Company’s unaudited condensed consolidated balance sheets. Deposits received from customers are recorded as a liability until the related sales orders have been fulfilled by us and control of the vessel is transferred to the customer. The activity in customer deposits for the three and six months ended March 31, 2025 and 2024 is as follows: ($ in thousands)Three Months Ended March 31, 2025Three Months Ended March 31, 2024Beginning contract liability$53,454 $50,977 Revenue recognized from contract liabilities included in the beginning balance(29,732)(30,078)Increases due to cash received, net of amounts recognized in revenue during the period25,945 25,637 Ending contract liability$49,667 $46,536 ($ in thousands)Six Months Ended March 31, 2025Six Months Ended March 31, 2024Beginning contract liability$63,955 $51,649 Revenue recognized from contract liabilities included in the beginning balance(45,780)(42,049)Increases due to cash received, net of amounts recognized in revenue during the period31,492 36,936 Ending contract liability$49,667 $46,536 The following table sets forth percentages on the timing of revenue recognition for the three and six months ended March 31, 2025 and 2024. Three Months Ended March 31, 2025Three Months Ended March 31, 2024Goods and services transferred at a point in time94.7 %94.8 %Goods and services transferred over time5.3 %5.2 %Total Revenue100.