OneWater Marine Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the One Water Marine Fiscal Fourth Quarter and Full Year 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star 1 on your telephone. If you require any further assistance, please press star then 0. I would now like to introduce your office conference call. Mr. Jacuzel, you may begin, sir.

Good morning, and welcome to One Water Marine Fiscal Fourth Quarter and and full year 2020 earnings conference call. I am joined on the call today by Austin Singleton, Chief Executive Officer, and Anthony Asquith, President and Chief Operating Officer. Before we begin, I'd like to remind you that certain statements made by management in this morning's conference call regarding One Water Marine and its operations may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which would cause actual results and events to differ materially from those described in the forward-looking statements. Factors that might affect future results are discussed in the company's earnings release, which can be found on the investor relations section on the company's website and in its filings with the SEC. The company disclaims any obligations or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except where required by law. And with that, I'd like to turn the call over to Austin Singleton, who will begin with a few opening remarks.

Austin Singleton Thanks, Jack, and thank you, everyone, for joining today's call. We delivered record results in our first year as a public company, highlighting our strong execution and flexible business model. I would like to thank our team and customers for their unwavering commitment to OneWater. Full year 2020 revenue surpassed $1 billion for the first time in OneWater's history, which was an increase of 33% compared to the prior year. Same store sales increased 24% more than doubling our expectations. Our high margin finance and insurance revenue grew by a whopping 41% compared to the prior year and will continue to be a major focus with a lot more room for growth in the years ahead. We continue to gain substantial market share in all our business segments. At the same time, our full year 2020 adjusted EBITDA of 83.3 million nearly doubled from the prior year, mainly due to our superior execution and strong business model. Importantly, our M&A execution is second to none. The synergies and growth we have been able to realize from our recent acquired stores have significantly contributed to our 2020 results. Ulster in our full year results was a strong fourth quarter where we continue to take market share and meet heightened retail demand. In the fourth quarter, revenue increased 30% and same store sales increased 25% year over year, comfortably above our expectations. This increase comes on top of a 20% same store sales increase in the fourth quarter of 2019. Our highly efficient sales process, innovative retail technologies, and strong manufacturing partnerships enabled the team to continue to deliver strong results. In 2020, the marine industry experienced a surge of first-time buyers, which has expanded our addressable markets. History has shown us that many of these customers will stay in the boating lifestyle for years to come. Our customer-focused team and huge selection of products will keep them coming back to One Water for all their boating needs, which will support further margin expansion. Finally, our industry-leading digital platform, along with our dynamic pricing strategy, will continue to enhance operations of our dealers and serve as a clear competitive advantage. Inventories remain at historically low levels, but they have begun to build since the end of the fourth quarter. Despite supply chain constraints cited by OEMs in recent weeks, we do expect inventories to build further throughout the slower winter months, setting us up for a fresh lineup of inventory for the spring selling season. Our strong OEM relationships are a differentiator, and our inventory planning tools allow us to have a great visibility into boats on order or in production. This enables us to engage with the customers, and pre-sell inventory that is inbound to all locations, creating an enormous savings on floor plan interest, inventory maintenance, and general carrying costs. M&A remains a core component of our long-term growth strategy, and our acquisition pipeline has continued to build on pace with our historical trends. We are seeing the size of the opportunities increase as well. Just like with our latest deal, Tom George Yacht Group, which is one of our largest acquisitions to date. We are excited about the return of this critical growth component of our business. Our proven system of employing a disciplined and prudent approach to identify top dealers and high-performing markets and then systematically capitalizing on improvements and synergies will continue to advance our position as an industry leader. Our results this year were outstanding, and we are excited about 2021. The ramp up in our M&A activities and the strong execution across our dealers will continue to support our growth, while the evolution of our high-margin business segments and heightened focus on technology innovation will enable us to further gain market share. We believe all these efforts will support meaningful value for our shareholders as we move into 2021 and beyond. With that, I will turn it over to Anthony to discuss business operations.