OneWater Marine Inc. (NASDAQ:ONEW) Q2 2022 Earnings Conference Call May 5, 2022 8:30 AM ET

Company Participants

Jack Ezzell - Chief Financial Officer

Austin Singleton - Chief Executive Officer

Anthony Aisquith - President and Chief Operating Officer

Conference Call Participants

Craig Kennison - Baird

Joe Altobello - Raymond James

Michael Swartz - SunTrust Robinson Humphrey

Fred Wightman - Wolfe Research

Drew Crum - Stifel

Operator

Good day and welcome to the OneWater Marine Fiscal Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jack Ezzell, Chief Financial Officer. Please go ahead.

Jack Ezzell

Good morning and welcome to OneWater Marine’s fiscal second quarter 2022 earnings conference call. I am joined on the call today by Austin Singleton, Chief Executive Officer and Anthony Aisquith, 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 OneWater Marine and its operations maybe 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 in 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.

And with that, I’d like to turn the call over to Austin Singleton, who will begin with a few opening remarks. Austin?

Austin Singleton

Thanks, Jack, and thank you, everyone, for joining today’s call. Across the board, we delivered exceptional results for the second quarter of 2022 and outperformed the industry. Same-store sales increased 8% on top of an incredible 57% comp in the prior year. Our results reaffirm the strength of our proprietary technology, scale and access to our global inventory pool and proven acquisition model that allows us to outperform. But most importantly, the enthusiasm and persistence of our team to leave no stone unturned led to this record quarter.

Revenue for the quarter increased 34% to $442 million despite the industry-wide supply chain bottleneck impacting OEM production. Importantly, we saw this flow through to the bottom line with adjusted EBITDA growing 65% to $66 million for the quarter. Contributing to those amazing achievements, I want to highlight the significant increase in our higher-margin service, parts and other revenue, which was up a whopping 178% versus the prior year period.