OneWater Marine Inc.

Good day and thank you for standing by. Welcome to the One Water Marine Fiscal First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, 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. If you require any further assistance, please press star 0. I want to act ahead of conference over to your speaker today, Jack Azell. Chief Financial Officer. Please go ahead.

Good morning and welcome to One Water Marine's fiscal first quarter 2022 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 could 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 of the company's website and in its filings with the SEC. 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. And with that, I'd like to turn the call over to Austin Singleton, who will begin with a few opening remarks. Austin?

Thanks, Jack, and thank you, everyone, for joining today's call. Across the board, we delivered exceptional results for the first quarter of 2022. highlighting the strength of our team and our ability to outperform the market. Revenue for the first quarter increased 57% to $336 million, and even in the face of an ongoing industry-wide supply chain constraints, we increased same-store sales by 28% on top of an incredible 38% comp in the prior year. These same-store sales gains are significantly above reports on industry growth, which suggests we are achieving market share gains. As a part of our incredible increase in same store sales, we also saw a significant increase in our higher margin service parts and other revenue. And in the end, we delivered adjusted EBITDA of 41 million, an increase of 146%. As we come up on tough same store sales comps over the next quarter, we should see the strength of these stable revenue streams shine through. While we expect lower inventories to persist over the next few quarters, we're extremely confident in the prospects for the business. We continue to see robust demand and pre-sold inventory remains elevated through yet another quarter. We also saw our service parts and other sales up 111% and the quarter significantly outpacing growth of boat sales. This increase was driven by our recent acquisitions of Partsview and TH Marine that led to further diversification of our revenue. We expect service parts and other revenue growth to continue to outpace boat sales as we integrate these acquisitions. And these higher margin revenue streams will also support our overall gross profit margin in the future. We were extremely active with M&A to start the year, closing three new dealership transactions and adding a significant piece to our parts and service business. The dealer transactions are OneWater's bread and butter, expanding our geographical reach for new and pre-owned boat sales, finance and insurance income, and service parts and other sales. These transactions will leverage OneWater's expertise and platform to push newly integrated dealers to even greater heights. Earlier this week, we announced the closing of a tuck-in acquisition in the parts and service space. JIF Marine provides complimentary products and establishes us as a market leader in stainless steel ladders and docking products. We are very excited about the synergies and opportunities to expand this less cyclical part of our business. We also believe there is a significant opportunity for us to grow in the future through additional parts and service tuck-in acquisitions. Accordingly, as part of our corporate acquisition and diversification strategy, we are establishing a target to complete two to four parts and service acquisitions per year. This is in addition to our target of completing four to six dealership acquisitions per year. Looking ahead, our acquisition pipeline for 2022 is robust and will continue to be a core component of our overall strategy. While the opportunities are plentiful, we are committed to our disciplined approach, selecting targets that meaningfully drive growth, diversification, and are in line with our goals. We believe our acquisition strategy significantly adds to the earning potential of the company. In summary, our first quarter results drove expansion of both the top and bottom line. We look forward to continuing to capture the momentum of the unrelenting customer demand and feel confident about our position to manage through the supply chain constraints. Our M&A activities will continue to fuel growth as we integrate market leading dealers and expand higher margin revenue streams, supporting expansion of the business, and enhancing the overall quality of our earnings. We believe these efforts will further extend our market share and generate meaningful value to our shareholders. With that, I will turn it over to Anthony to discuss business operations.