OneWater Marine Inc. (ONEW) Earnings Call Transcript & Summary

Welcome to the 2021 Annual Meeting for OneWater Marine Inc. Our host for today's call is Mitch Legler, Chairman of the Board. [Operator Instructions] I will now turn the call over to your host, Mr. Legler. You may begin, sir.

Good morning, ladies and gentlemen. It is now 9:00 a.m. In accordance with the Notice of the Annual Meeting, I call the OneWater Marine Inc. 2021 Annual Meeting of Stockholders to order. I am Mitch Legler, Chairman of the Board of Directors of the company. I will preside at today's meeting and Jack Ezzell, our Chief Financial Officer, will act as Secretary of the meeting. On behalf of the Board of Directors, I welcome you to the 2021 meeting. It is now 9:01 a.m. on February 23, 2021, and in order to allow all stockholders adequate time to vote online if they prefer, I now declare the polls open for voting. [Voting]

The polls will remain open online until the end of our question-and-answer period as indicated on the meeting agenda. If you have not already voted, you may vote online by following the instructions for voting during the annual meeting posted on the meeting website. Of course, if you have already voted, you need not vote again during the meeting. If you have not voted or if you'd like to change your vote, you may do so online. I would now like to take a moment to introduce the other members of the Board of Directors and our other executive officers who are in attendance today. The other directors in attendance are: P. Austin Singleton, our Chief Executive Officer; Anthony Aisquith, our President and Chief Operating Officer; John F. Schraudenbach; Bari A. Harlam; Keith R. Style; John G. Troiano; Christopher W. Bodine; and Jeffrey B. Lamkin. The other officers in attendance are Jack Ezzell, our Chief Financial Officer. In addition, I'd like to recognize Mark Greeff, who is here as a representative of Grant Thornton LLP, our independent registered public accounting firm. I have appointed Belinda Massafra from Broadridge Financial Solutions, Inc. to act as inspector of election for the meeting. The inspector of election has taken the oath of office, which I have directed to be filed with the company's records. It is important that we have an orderly meeting. You have each been provided with the opportunity to retrieve a copy of the agenda and a copy of the rules of conduct, each of which are available on the virtual meeting website. We will follow the agenda and rules of conduct in carrying out the business of this meeting. As you will see on the agenda, time has been allotted later in the meeting for discussion as well as any questions you may have ensuing the matters to be voted upon this morning. After the matters to be voted upon in today's meeting have been presented, stockholders will have an opportunity to ask questions for up to 10 minutes of the items to be voted upon this morning by typing questions into the text box in the meeting website. The polls will remain open until the end of our question-and-answer period as indicated on the agenda. If any stockholder has any matter of individual concern, please e-mail our Investor Relations department at [email protected]. There are a few formalities to cover before we get to the business of the meeting. Will the Secretary please report on the record date, listing of stockholders, notice, quorum and matters to be considered at today's annual meeting. Jack, are you there?

Yes, Mitch. January 4, 2021, was set by resolution of the Board of Directors as the record date for today's annual meeting. All stockholders of record or their proxy holders at the close of business on January 4, 2021, are entitled to vote at the annual meeting. A listing of stockholders record has been accessible at the company's offices for the last 10 days by appointment with our Investor Relations department and is also available on the meeting website during this meeting. Notice of this meeting was duly given in accordance with the company's bylaws and Delaware law. We received an affidavit from Broadridge Financial Solutions, Inc., certifying the notice of Internet availability of proxy materials, which included Notice of Annual Meeting, which was first sent to stockholders on or about January 13, 2021. The affidavit is available for inspection by any stockholder and will be filed with the company's records. The matters to be considered at this meeting were fully described in the company's proxy statement. Copies of the company's proxy statement are available on the company's website, onewatermarine.com. I have been advised by the inspector of elections that based on the proxies received prior to the meeting, shares representing a majority of the voting power of the company's Class A common stock and Class B common stock as of the record date are present online or represented by proxy in this meeting. Accordingly, quorum is present for the conduct of business at this meeting.

The Secretary has advised us that a quorum is present, thus the business of the meeting may proceed. As a reminder, the polls will remain open online until the end of our question-and-answer period. Legal notice having been given, this meeting is now convened and open for the transaction of business. The items of business being submitted to the stockholders for action today at today's meeting are: one, election of 3 Class I directors, P. Austin Singleton, Mitchell W. Legler and John F. Schraudenbach, to serve as Class I directors until the 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified, subject to their earlier resignation, removal or death. Number two, the appointment -- the approval, excuse me, of the OneWater Marine Inc. 2021 Employee Stock Purchase Plan. And number three, the ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending September 30, 2021. There are no other proposals to come before the meeting since management has not made any other proposal and no other proposals were submitted by stockholders in the manner prescribed by the company's bylaws, which require that certain information concerning a stockholder proposal be provided to the company prior to the date of the meeting. The meeting is now open to stockholder questions for up to 10 minutes of the items to be voted upon this morning. If you have a question, please submit it now by typing the question in the text box on the meeting website, if you have not already done so. We'll now pause to see if there are any questions.

Mitch, I'm not seeing any questions at this time.

Okay. All right. Okay then. Seeing no submitted questions, we will proceed with our agenda. This concludes the matters to be considered and voted upon at today's meeting. It is now 9:07 on February 23, 2021, and I now declare the polls closed. The inspector of elections will count the votes. Will the Secretary please announce the preliminary voting results?

I have been advised by the inspector of elections that based on preliminary tabulation of the votes, P. Austin Singleton, Mitchell W. Legler, John F. Schraudenbach have been elected to serve as Class I directors until the 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified, subject to their earlier resignation, removal or death. The OneWater Marine 2021 Employee Stock Purchase Plan has been approved. And the ratification of the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the fiscal year ending September 30, 2021, had been approved. The final voting results will be tallied by the inspector of elections and subsequently announced in accordance with the requirements of the Securities and Exchange Commission.

I am aware of no other business that should be brought before the meeting. Now that the formal annual meeting is concluded, I declare this meeting adjourned. On behalf of the Board of Directors and employees of OneWater Marine Inc., I want to thank each of you for attending today and hopefully, by next year, we'll be able to meet in person. Thank you very much. The meeting is concluded.

This now concludes the meeting. Thank you for joining, and have a pleasant day.