OneWater Marine Inc. reported record revenue of $1 billion in fiscal 2020, a 33 percent increase over the year prior, and a 24 percent same-store sales increase.
Net income during the company’s first fiscal year as a public company was $48.5 million, a 30 percent increase over fiscal 2019, and adjusted EBITDA rose 80 percent to $83.3 million.
“The OneWater team delivered exceptional results in our first year as a publicly traded company, including record full year revenues and profitability,” said OneWater CEO Austin Singleton in a statement.
The company’s investments in innovative technology helped the company capture a new surge of customers in the marine industry during the year, Singleton said.
“Further, our custom CRM, inventory management tools and operational dashboards have enabled us to remain agile and outperform the industry,” he said.
The company also announced it has entered into a definitive agreement to buy Tom George Yacht Group, enhancing OneWater’s presence on the west coast of Florida.
With two locations and over a decade in business, Tom George Yacht Group is an authorized dealer for Everglades, Cobalt, EdgeWater, Invincible, Marquis and Carver, and generated more than $30 million in revenue over the past 12 months.
“Since 2014, we have successfully acquired 40 retail locations; this transaction marks the first since going public in early fiscal year 2020 and is one of the largest acquisitions in the company’s history,” said Singleton in a separate statement. “We have a strong track record delivering operational synergies and fueling margin expansion by working collaboratively with our dealers to identify and implement opportunities expanding our offering and process improvement.”
Revenue at OneWater was also significantly up for Q4 to $271 million, an increase of 29.8 percent (compared to $208.8 million in fiscal fourth quarter 2019), primarily driven by an increase in the average unit price of new and pre-owned boats sold and the continued execution of operational improvements on previously acquired dealers.
Same-store sales increased 25 percent in the quarter, on top of a 20 percent increase in the comparable period of 2019.
In the current year, the company saw a 29.4 percent increase in new boat sales to $186.8 million from $144.4 million in the fiscal fourth quarter of 2019, and an increase of 47.3 percent in pre-owned boat sales to $56.2 million from $38.1 million in the fiscal fourth quarter of 2019.
Service, parts and other sales grew 9.3 percent to $20.3 million from $18.5 million in the fiscal fourth quarter of 2019.
“During the fourth quarter, retail demand remained elevated, resulting in substantial growth across our core business segments, including new and pre-owned boat sales, which grew by 29 percent and 47 percent, respectively,” said Singleton. “I am really proud of the entire OneWater team for their commitment to the company and their relentless focus on our customers.”