OneWater Marine Inc.

Thank you for standing by and welcome to One Water Marine Fiscal Third 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 1 on your telephone. I would now like to hand the call over to Chief Financial Officer Jack Gazelle. Please go ahead.

Good morning, and welcome to One Water Marine's fiscal third quarter 2022 earnings conference call. I'm 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 on 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. 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. Our exceptional third quarter results reflect broad-based strength across the business, the diversity of our business model, and the power of our acquisition engine. We delivered another record quarter with revenue increasing 41%, to $569 million and adjusted EBITDA rising 45% to $95 million compared to the prior year. Same-store sales increased 12%, reflecting our continued outperformance of the industry. Importantly, as the quarter progressed, we shifted to both unit growth as well as price increases continued to drive sales growth. This momentum continued in July as we saw a double digit increase in same store sales and continued unit growth during the month. All at a time when OneWater and the industry are at a record low field inventory. Our same store inventory compared to 2019 is down 10 plus percent in terms of dollars and an excess of that in terms of units. We do not see inventory returning to a new normal for 24 months with the current demand. Growth during a time when one water in the industry are at record low levels of inventory is a testament to the dedication of our team and the resilience of our business model. Our results through the first nine months of the fiscal year have already outpaced all of last year. We expect a strong finish to the year as demand remains robust. This coupled with the strength of our OEM partners and our leveraging our inventory footprint gives us confidence we will be able to get our customers the boats they want, supporting our increased full-year outlook. Our record results in the quarter clearly highlight the power of our aggressive acquisition strategy, which accelerated organic growth in the quarter. For example, our recent acquisition of Denison Yachting contributed significantly to a 38% increase in pre-owned sales and a 390 basis point improvement in pre-owned margins. The addition of our parts and service acquisition engine, TH Marine, propelled a more than 150% increase in service, parts, and other sales. We continue to use our acquisition platform to fuel the expansion of our higher margin revenue streams, including our recent announced agreement to acquire Ocean Biochem. is a leading supplier and distributor of cleaning and maintenance products for the marine industry, as well as the automotive, power sports, recreational vehicles, and outdoor power equipment markets. We see tremendous synergies and expect to significantly advance growth in our parts and accessories businesses. Our integration playbook continues to drive best-in-class results and support significant top-line growth while enhancing our margin profiles. Our ability to significantly improve EBITDA of our acquired companies has been a meaningful contributor to growth over the past two years and will continue to be our secret sauce in the coming years. For the fiscal year, we have already completed our acquisition guidance of four to six dealerships and two to four parts and service acquisitions per year. With that said, the pipeline remains robust. and we will maintain our track record of disciplined strategic acquisitions as we evaluate our next opportunity. Since becoming a public company just over two years ago, we have continuously delivered for our shareholders, and we believe that we have the strategy, scale, the expertise to position us for continued outperformance. And with that, I will turn the call over to Anthony to discuss business operations.