12/15/2025

speaker
Operator
Conference Operator

Welcome, everyone. Thank you for standing by for Off the Hook Yacht's third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentations, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. I would now like to hand the conference over to your speaker today, John Evans. Please go ahead.

speaker
John Evans
Head of Investor Relations

Thank you, operator. Good afternoon, everyone, and welcome to the Off the Hook third quarter 2025 earnings conference call. With us today are Brian John, Off the Hook's chief executive officer, Jason Ruge, the company's founder and president, and Chad Corbin, the company's chief financial officer. Jason will begin the call, followed by Brian, discussing Off the Hook's recent highlights and strategic initiatives. Chad will review the financial results after which management will be happy to take analyst questions. I'd like to start by reminding you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of today. These statements involve risks and uncertainties that could cause results to differ materially from expectations. These risks include but are not limited to the impact of seasonality and weather, global economic conditions, and the level of consumer spending, the company's ability to capitalize on opportunities or grow its market share, and numerous other factors identified in our Form S-1A and other filings for the Securities and Exchange Commission, which can be found in the investor relations section of the company's website. Also, on today's call, we will make comments referring to non-GAAP financial measures. We believe that the inclusion of these financial measures helps investors gain a meaningful understanding of the changes in the company's core operating results. These measures can also help investors who wish to make comparisons between off-the-hook and other companies on both GAAP and a non-GAAP basis. The reconciliation to non-GAAP financial measures to the most directly comparable GAAP measures is available in today's earnings release. The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. Please also note that all comparisons of our third quarter 2025 results are made against the third quarter of 2024, unless otherwise noted. I'd also remind everyone that today's call is being recorded, and an archived version of our call will be available on our website sometime after the call. With that, I'd like to turn the call over to our president and founder, Jason Root. Jason.

speaker
Jason Ruge
Founder and President

Thank you, John. Good morning, everyone, and thank you for joining us. This is our first earnings call as a public company. I want to start by saying I'm proud of the team. What they build is a result of a lot of hard work, long hours, and relentless focus on execution. I'm grateful to everyone who helped get us to this point. As we move through 2025, we continue the growth trajectory that brought us here. With our recent capital fusion and access to public markets, we believe we can accelerate that momentum over the next three to five years. Our focus is simple. Scale responsibly, drive profitability, take great care of our customers, and create long-term shareholder value for all of you, our investors, for our broader group of stakeholders. It's also important to be clear about what we are and what we are not. We are not a traditional boat dealership. We're a scaled platform for buying and selling used boats, one of the largest in the country, and that difference matters. Our growth doesn't depend on opening more locations, and we're not constrained the many ways newbie dealers are, where growth often requires us buying more rooftops and taking on significant debt tied to brand rates and OEM restrictions. We grow by adding brokers, many of whom can work from anywhere, and by increasing our actions capital, and by expanding our ability to acquire more pre-owned boats. We don't need big, expensive shrooms to do all that. On real estate, we're going to stay disciplined. We're only going to buy real estate when it comes to the economics of the core business, either because it creates operational efficiencies or because it allows a store company on inventory, a company on marinas, lower our storage costs, and reduce service expenses. And when we do pursue a marina, we're going to underwrite it like any other investment. The returns have to exceed our cost of capital while also strengthening our operating platform. I'd now like to turn this call over to Brian John, our CEO. Brian?

Disclaimer

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