OneWater Marine Inc.

Good day, ladies and gentlemen, and welcome to the One Water Marine, Inc. Fiscal Fourth Quarter and Full Year 2021 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. To ask a question, you will need to press star, then 1 on your telephone. As a reminder, this call is being recorded. If anyone should require operator assistance, please press star, then 0. I would now like to turn the call over to your host, Jack Gazelle, Chief Financial Officer. Please go ahead.

Good morning, and welcome to One Water Marine's fiscal fourth quarter 2021 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 include in this morning's conference call regarding One Water Marine and its operations may be considered forward-looking statements under security 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 could cause actual results and events to differ materially from those described in the forward-looking statements. Factors that might affect the future results are discussed in the company's earnings release, which can be found in the investor relations section of the company's website and in its filings with the SEC. The company disclaims any obligations or undertaking to update the forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. And with that, I'd like to turn over the call to Austin Singleton, who will begin with a few opening remarks. Austin?

Thanks, Jack. And thank you everyone for joining today's call. We delivered another year of record results highlighted by our proven growth strategy and strong execution. I would like to thank our team for their relentless effort throughout all the challenges presented by the pandemic and its after effects. Full year 2021 revenue increased 20%, 1.23 billion on top of 33% growth in 2020. while same-store sales increased 10% in line with our expectations. At the same time, our higher-margin service, parts, and other sales grew by an incredible 52% compared to the prior year. These areas of the business will continue to be a major focus for us, and we see plenty of runway for growth in the years ahead. Taking a 10,000-foot view of the business, One Water is surging. Our full year 2021 adjusted EBITDA of 156 million nearly doubled again this year due largely to our superior execution and strong business model. Importantly, our ability to find, acquire, and successfully integrate M&A targets continues to be a strong recipe for success. While not factoring into our same-store sales calculations, the synergies and growth we have been able to realize from our recent acquired stores significantly contributed to the 2021 results. To that end, Tuesday we announced that we have reached a definitive agreement to acquire Northfolk Marine, a third-generation family-owned and operated business that will expand our presence in the mid-Atlantic U.S. Northfolk provides a great lineup of premier boating brands and has transformed itself into a full-service dealer in its 75 years of operation. We couldn't think of a better cultural fit as Norfolk continues to expand and diversify its offerings. Their path forward falls in line with our own growth strategy. We look forward to sharing our experience with Norfolk and supporting them on further success as we welcome our first Virginia dealer. In 2021, we completed five acquisitions, which was in line with our previous guidance of doing four to six deals per year. For 2022, we have already completed the Naples Boat Mart acquisition and announced a pending deal with North Fork Marine. We continue to anticipate completing four to six traditional dealership acquisitions this year with a few larger ones in size. Additionally, we announced the acquisition of TH Marine, a leading provider of branded marine products. As we have discussed, this is a strategic, transaction for us, and it will double the size of our service, parts, and other sales business. TH Marine was built on its strengths as an OEM supplier and has evolved to create a premier omnichannel platform that supports aftermarket parts and accessory sales, which now accounts for half of its revenue. The TH Marine transaction will provide an additional springboard for acquisitional growth in the future and further enhance profitability. It also reduces our exposure to boat sales and ultimately industry cyclicality. As we integrate TH Marine, we would anticipate completing complimentary parts and accessory tuck-in acquisitions in 2022. We're excited for this opportunity and the many more doors it will open for us. M&A remains a core component of our strategy. And as you can see, the opportunities have been plentiful. Going forward, We will remain disciplined in our approach, but we are taking advantage of a robust M&A environment to advance our goals and drive growth. We expect another strong deal year in 2022 and look forward to executing our proven approach to systematically capitalizing on improvements and synergies while advancing our leadership position in the market. In summary, we are incredibly proud of our full year results, and we are excited for the opportunities ahead. The continuation of our M&A activity and the expansion of our higher margin revenue streams, coupled with the strong execution of our team, will further support growth and enhance the quality of our earnings. We believe these efforts will continue to drive meaningful value to our shareholders long into the future. And with that, I will turn it over to Anthony to discuss business operations.