Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 179

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 179
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 to $24.4 million for the six months ended March 31, 2025 from $22.1 million for the six 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 $1.3 million, or 2.3%, to $55.8 million for the six months ended March 31, 2025 from $57.2 million for the six months ended March 31, 2024. The decrease in gross profit was primarily due to reduced leverage of overhead costs for the Distribution segment. Service, parts & other gross profit margin was 42.7% and 44.0% for the six months ended March 31, 2025 and 2024, respectively. 

Selling, General and Administrative Expenses 

Selling, general and administrative expenses increased by $0.7 million, or 0.4%, to $166.9 million for the six months ended March 31, 2025 from $166.1 million for the six months ended March 31, 2024. This increase was primarily due to inflationary pressures on administrative and fixed costs, partially offset by savings from restructuring activities. Selling, general and administrative expenses as a percentage of revenue remained flat at 19.4% and 19.5% for the six months ended March 31, 2025 and 2024, respectively. 

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Depreciation and Amortization 

Depreciation and amortization expense increased by $1.7 million, or 19.1%, to $10.8 million for the six months ended March 31, 2025 compared to $9.1 million for the six months ended March 31, 2024. The increase in depreciation and amortization expense for the six months ended March 31, 2025 compared to the six 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 to $0.9 million for the six months ended March 31, 2025 compared to $0.7 million for the six months ended March 31, 2024, which is attributable to similar acquisition activity for the six months ended March 31, 2025 and 2024.