Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the OneWater Marine Inc. Fiscal first quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, press Star, followed by the number 1 on your telephone keypad. If you'd like to withdraw your question, please press star two. Thank you. I would now like to turn the conference over to Jack Ezzell, Chief Financial Officer. Please go ahead. Good morning, and welcome to OneWater Marine's Fiscal First Quarter 2026 earnings conference call. I'm joined on the call today by Austin Singleton, Executive Chairman, and Anthony Aisquith, Chief Executive 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 may be considered forward-looking statements under securities laws 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. Please note that all comparisons of our fiscal first quarter 2026 results are made against our fiscal first quarter 2025, unless otherwise noted. With that, I'd like to turn the call over to Austin Singleton, who will begin with a few opening remarks. Austin? Thank you, Jack. Good morning, everyone, and thank you for joining us today to discuss our first quarter 2026 results. We delivered a solid first quarter in line with expectations, demonstrating the resilience of our business model and continued progress against our strategic priorities. Revenues increased slightly and same-store sales were flat, even with the impact of our strategic inventory initiatives. Importantly, we are pleased with our inventory levels, and despite a highly competitive environment, we believe we are operating from a position of strength. Our inventory mix and age profile are healthy, and our OEM partners continue to be supportive while maintaining disciplined production schedules. This has allowed us to sharpen our focus on disciplined execution as we navigate the current environment and position the business to benefit as industry conditions improve. We successfully completed our strategic brand initiatives last year. While the first quarter is typically the smallest from a seasonal standpoint, we are beginning to see the benefits of those brand rationalization efforts reflected in our gross margins. First quarter margins were better than expected, also driven in part by a favorable model mix. We expect the positive impact of discontinued brands to be realized in different levels throughout the year, and we remain confident in the long-term benefit of these strategic actions. As part of our ongoing portfolio optimization efforts, we have decided to sell certain distribution segment assets that are no longer core to our long-term strategy. This decision reflects our focus on simplifying the business and allocating capital to areas with the strongest strategic fit. This action is not a reflection of underlying operational performance, but rather an opportunistic step to sharpen our focus and strengthen the balance sheet. We expect proceeds from the transaction to enhance financial flexibility and support our capital allocation priorities going forward. With the strategic actions we have taken to optimize our portfolio, improve our cost structure, and enhance our balance sheet, OneWater is well positioned to continue gain share and expanding profitability as conditions normalize. With that, I will turn it over to Anthony. Thanks, Austin, and good morning, everyone. During the quarter, lower unit volumes were offset by pricing and mix as we improved our margin profile. While the first quarter includes the seasonality slower winter months, we were encouraged to see the less price resistance from our customers during the purchase process. This was driven in part by a more stable news environment around tariffs and interest rates, which helped support customer sentiment. The early boat show season has kicked off, and we will continue to stay close to our customers to gather insights as we move into the peak selling season. Inventory across the industry is normalizing, and as Austin mentioned, we entered the calendar year from the position of strength with a healthy mix of new boats across the, our premium portfolio of brands. New and exciting models from our top manufacturers. In addition, trade-in availability has continued to improve, supporting continued growth in the pre-owned boat sales. Gross margins benefited from our strategic initiatives to optimize inventory and enhance profitability, partially offset by a variability of commodity product margins in the distribution segment. We expect the overall positive impact to continue in the quarters ahead, but there will be some variability quarter to quarter. Overall, we expect new boat margins to improve by 100 basis points on the year as a whole. Expanding profitability is a top priority for the year, and we are driving that across dealerships by doing what we do best, taking care of our customers. We have an incredible team leveraging our CRM, advanced inventory management tools, and the best inventory network in the industry to locate and deliver the customers the boat of their dreams. With that, I'd like to turn the call over to Jack. Thanks, Anthony. Fiscal first quarter revenue was $381 million, representing a 1% increase compared to the $376 million in the prior year period. New boat sales were down 6% compared to the prior year, and pre-owned boat sales were 24% higher, driven by both increased unit sales and average unit price. Service parts and other revenue grew by 10% compared to the prior year period. This growth demonstrates improvements in our distribution segment, the strength of our service operations, and the loyalty of our customer base, even during periods of softer new boat demand. Finance and insurance income decreased slightly as a percentage of total sales due to the mix shift in products sold. First quarter gross profit increased to $89 million, compared to $84 million in the prior year period. Most importantly, our gross profit margin expanded to 23.5%, an improvement of 110 basis points compared to the prior year quarter. This margin expansion was driven by gross margins on new boats sold, pre-owned boat sales volumes, and the positive impacts of our portfolio optimization efforts. Selling, general, and administrative expenses totaled $81 million, compared to $79 million in the prior year period. The increase was due to higher variable expenses, including sales commission, that increased due to the higher gross margins on boats sold. During the quarter, we recognized a $7 million impairment charge related to certain distribution assets classified as held for sale. Net loss for the quarter totaled $8 million, or $0.47 per diluted share, compared to a net loss of $14 million or $0.81 per diluted share in the prior period. This variance was largely driven by a $13 million income tax benefit in the quarter, compared to a $5 million income tax benefit in the prior year period. Adjusted loss per diluted share was $0.04, compared to adjusted loss per diluted share of $0.54 in the prior year period. Adjusted EBITDA increased to $4 million, compared to $2 million in the prior year. Now turning to the balance sheet. During the quarter, we classified certain assets and liabilities within our distribution segment as held for sale, following a board-approved plan to divest of these operations. These amounts are measured at the lower of carrying value or estimated fair value, less cost to sell. We expect the transaction to close prior to March 31, 2026, with net proceeds applied toward repayment under our credit facility. There is no impact to the first quarter revenue or Adjusted EBITDA from the held for sale classification. While these amounts are classified as held for sale, at this point, we have not entered into a definitive agreement. Since these negotiations are ongoing, we cannot provide additional comments regarding the potential for completing a transaction. We will provide future updates if a transaction is completed. As of December 31, 2025, we maintained total liquidity of approximately $46 million, including $32 million of cash and cash equivalents, plus availability on our credit facilities. Total inventory decreased to $602 million as of December 31, 2025, compared to $637 million as of December 31, 2024. This reflects inventory reclassified as held for sale and the impacts from our disciplined inventory optimization. Our long-term debt position was $399 million as of the quarter end, and net debt representing 5.1x our trailing twelve-month adjusted EBITDA. Reducing leverage remains our top capital allocation priority in the year, and we are confident in our path forward. Based on our solid first quarter performance and current market visibility, we are maintaining our fiscal year 2026 guidance ranges and remain cautiously optimistic. Our outlook is anchored, and our expectation that the industry will be flat to down low single digits year-over-year. While we anticipate outperforming the industry, we expect same-store sales to be impacted by brand rationalization headwinds, resulting in flat same-store sales overall. We anticipate total sales to be in the range of $1.83 billion-$1.93 billion, and we expect adjusted EBITDA to be in the range of $65 million-$85 million, and adjusted earnings per diluted share to be in the range of $0.25-$0.75. As we move closer to the selling season, our strategic priorities are clear. Driving profitability and reducing balance sheet leverage are the focus for OneWater. As we await signs for a broader marine recovery, we see significant upside potential as the industry recovers and market volumes return towards historical long-term averages. We will continue to execute with precision and position OneWater to emerge from this cycle as even a stronger and more profitable organization. This concludes our prepared remarks. Operator, will you please open the line for questions? Thank you. At this time, I would like to remind everyone, in order to ask a question, press Star, then the number one on the telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from Joe Altobello from Raymond James. Please go ahead. Thanks. Hey, guys. Good morning. I had a quick question on the sort of mix shift you're seeing within your segments. If you look at, obviously, new versus pre-owned, you know, pre-owned significantly outperformed this quarter. Is that a shift you're seeing among buyers toward lower priced units, or is that just better availability of used inventory? Yeah, it's definitely better availability. You know, we're just taking in more trades. You know, we've spoken to this in the past, that you had a lot, especially in the peak of COVID and stuff, you had a lot of pre-owned boats that went from person to person instead of running through dealerships because of the time lag. And because there's not really a time lag anymore, we're getting more trades, so we have more to offer to the consumer. Got it. Okay. And in terms of the outlook for this year, obviously, you kept your guidance intact, but your industry outlook is a little bit softer. How are you thinking about, you know, things like year-end net leverage and year-end inventory, for example? Well, I think I'll let Jack jump in. Well, I think, I think- We kind of leverage... Yeah, go ahead, Jack. Yeah. I think from a leverage perspective, right, with the sale of the distribution assets, that should bring our leverage down to almost 4x at the end of the September quarter, the March quarter, and then under 4x by the year-end. So I think that's going right down the way we like and getting to where we want it to be. As far as inventory, inventory is great now, and we're going to manage it, you know, according to what's happening at retail. You know, Q1, SSI data, you know, for the segments we operate in was, I want to say, like, negative, you know, low double digits, high single digits. So that's a little softer. But again, Joe, it's such a weird quarter with the December and the holidays and everything, so we don't want to get too far ahead of it and try to see what's happening there. If you think about, you know, long-term, you know, long-term numbers, right? We're at, you know, 145,000 units, you know, new units versus a long-term average of, like, 180. And, you know, we still expect to kind of start, at some point, reflecting and turning back towards that long-term average. Got it. Maybe one last one for me. What are you seeing so far from boat show season? It's been pretty good. You know, well, let me say, it's been what we thought: flat. You know, it just seems like it's flat, maybe even you could say slightly down, but the enthusiasm is there, the consumer still is there. And I think one of the things that probably shocked us a little bit, and again, we don't want to get out in front of our skis here on the margin, but the margin's better than we expected. Now, a little bit of that comes into model mix, and it comes in to, you know, people at the boat shows are typically buying the new hot unit where you don't have as much competition or, you know, it's not as a competitive environment versus just the same old, same old, because it's mostly limited stuff. But, you know, it's been good. You know, I think we feel like we've called it pretty good, that this is gonna be, you know, for us, maybe flat to slightly up, and, you know, it's really this year could be a margin play while everybody else starts to get their inventory in line. And, you know, it could end up being a decent year. Great. Thank you. Thanks, Joe. Pardon me. Your next question comes from Craig Kennison, from Baird. Please go ahead. Hey, good morning. Thanks for taking my question. I wanted to follow up on the question Joe had about the pre-owned market. It sounds like availability is much better, and I think, Austin, you mentioned that maybe there are just fewer person-to-person transactions and more, you know, person-to-dealer transactions. But I guess what I'm curious about is, are consumers who are trading a boat, trading to buy another boat, or, you know, is that pandemic-era buyer just maybe exiting the industry at a different rate? Well, I don't think it'd be considered a trade-in if they weren't trading it for something. You know, that would be a downright outright sale. And I will tell you, you know, Anthony, how many buyers do we have today? Well, what do you mean buyers? I'm not understanding. Just guys that sit around and don't buy a boat. Oh, yeah. Yeah, there's about 12 of them. Yes. That's all we're doing. We got, yeah, 12 guys, their life, their livelihood depends on them buying boats, and they're not being able to buy any more today than they were two years ago. It's still a tough environment to find that product. I'll go back and not, you know, I'm gonna be a broken record. Hopefully, it never changes. But again, it's one of the biggest problems we have or biggest issues is there's not enough pre-owned inventory out there. We could take twice what we have. And you know, you get in there and you know, it's just a tough environment to really get any kind of meaningful numbers going at it. I mean, we looked at it, and I think we're still like 0.5% of the total pre-owned market. You know, so there's a lot of runway there, but it's the real difference today than COVID was. The consumer has less time or they have all the time they want, but the consumer doesn't have to wait 9 months, 12 months, 16 months to get their new boat. Most of the time, we can source it out of our inventory on a new boat side, you know, side of things and get it to them in a couple of weeks. So they don't have that huge amount of time to tell 50 people that they're getting a new boat and somebody go, "What are you doing with your old one?" And that's why we started to see an uptick. You know, the uptick in trade-ins really started last year. It's just because people are being able to get their new boat quicker, and so they're not wanting to, they don't have the time to mess around or keep using their old boat and tell people about it. I, I think that's really the only dynamic that's changed. That's helpful. Thanks. And then a different question, just on inventory. How would you frame the freshness of your inventory, current versus non-current, and how has that trended in the last several quarters? It is in the best shape that it's been since I can remember being in this business. And it's, it was painful to get there, but we're there. And, you know, we still have some last year models and some stuff we're moving through, but we're in a really, really comfortable place, when it comes to dated or aged inventory. And I, you know, talking with Wells, there's still some cleanup in the industry, but the majority of your premium dealers are in really good shape today, versus where they were 6 months, 9 months, 12 months ago. I think that, you know, there's still a lot of inventory out there that's dated in the industry, but most of that's on the value side. Got it. Thank you. Thanks, Cody. Your next question comes from Michael Albanese from The Benchmark Company. Please go ahead. Yeah. Hey, good morning, guys. Just wanted to ask if you could comment on any impacts from the storm that have and the cold that's rolled through the country, particularly in some of the states. Yeah, luckily for us, that's kind of in an area that we don't really have a whole lot of representation in. You know, the Carolinas got a little bit, but it's, you know, being that we're in January, fixing to roll into February, it's not really boating season. It's boat show season, but not boating season, so we're not really feeling any impact from that right now. You know, I think Texas was an area that we've had historically some issues with weather in the past, and it just wasn't as bad there as it was through like that northern Mississippi, Tennessee, southern Kentucky, going into, you know, the North Carolina, maybe touching the South Carolina. Just, that's a non-issue for us. What about from a boat show perspective? Do you think it's impacted traffic? Can't tell you 'cause we don't really operate in any boat shows that would be impacted by that. So I- Fair enough. I don't know. I don't know. Well, I'd say we don't, we don't operate in a material way. We have some representation, like in the New York Boat Show, which did have, you know, the last day cut off, but it's, it's a very small show for us. Okay. Got it. Thank you. Your next question comes from Noah Zatzkin from KeyBanc Capital Markets. Please go ahead. Hi, thanks for taking my questions. I guess first, it's just kind of circling back to the comments made about, you know, favorable mix and maybe some like some less resistance from buyers on price. Any anecdotes you could point to, in terms of, maybe the kind of buyers being - feeling a little bit better or being increasingly, I guess, more agnostic to kind of higher prices? Well, I don't really know if that's the case. I think, like, the way that I would look at it, or a way that I could make an example of it, is if a customer came in and was looking for a boat, you know, nine months ago and it was X brand, just call it X brand. Well, you know, we probably had 25 of them in the company across the board. The guy down the street had six, you know, that was a direct competitor. So instead of, you know, being four or five things to choose from, they had 30 things to choose from, and everybody was in a panic mode. And I think what's really kind of more happened is, most of the premium brands inventory is cleaner than it's been, and dealers haven't been ordering a lot. Manufacturers haven't been producing. You know, everybody seems to be off 35%-45%. So the inventory is just cleaner, so there's not as much panic selling or fire selling because inventories are back in line, so it's really more like a discipline. I mean, we're by no means saying the customers coming in, we're giving them on the price, and they're writing us a check. You know, it's still a buyer's market, but instead of, you know, working this to, like, you know, there's no meat left on the bone, it's kind of like, here's our best offer, and then when they go to get that guy down the road, everybody's kind of have their, has their floor. So it's just kind of the- Got it ... the way the industry's come back, and a lot of that's just to do with now everybody's not in a panic mode of having too much inventory or having the wrong dated inventory would be probably a better way to say that. Got it. That's really helpful. And maybe just one more, to pry a little bit, just around the comments, in terms of kind of realizing margin benefits to different magnitudes throughout the year. Anything in general to keep in mind in terms of cadence would be helpful? Thanks. Well, I think that's really tough for us to pinpoint because what you're gonna do is you're gonna have, the margin's gonna creep up, but as the margin creeps up and the inventory continues to clean up, we'll start to lose some of those promotional dollars from the manufacturers. You know, so once the inventory... You know, like step one is inventory gets clean. Step two is, you know, retail manages their new inventory really well. They've got new, fresh stuff, margins start to increase. Then if you get any kind of uptick in just macro or just the total industry, then everybody starts ordering boats again. And as soon as people start ordering boats, and the manufacturers aren't 45% down, they're only 20% down, the promotions slide off. So there's a little bit of an offset. So that's why there'll be some choppiness as we go through the selling season, and, and we can't just really say, "Okay, it's, it's 1.5." We look at OneWater, we feel we gave away at least 1% last year just exiting those brands, and that's done. So you would think- Yep ... that, you know, somewhere, somewhere around that 1% is just like an absolute laydown. Now, what we're seeing today is we're seeing that it's a little bit better than that just because of the way the consumer is acting, but we don't wanna, we don't wanna really get too excited about that because it's such a small sampling. The quarter is so tiny.... It's coming out of the, you know, some of the smaller boat shows. This quarter will really tell us how, how that cadence goes in. But I, I think that we've, you know, wanted to be a little bit conservative because there's some unknowns with how the manufacturers are gonna react when boats are gonna start getting older. But, but 1%, you know, over this year is, is, is very, very, very achievable outside of something macro that we can't control. Got it. That's really helpful. Thank you. Again, if you'd like to ask a question, press star, then the number one on your telephone keypad. Your next question comes from Gerrick Johnson from Seaport Research. Please go ahead. Great, thank you. Hey, did you see any adverse impact from the government shutdown in the middle of the quarter? Uh- No, I would say we did not. Yeah. Yeah, I don't, I didn't. Okay. And then, during the early season boat shows, are you seeing any evidence of that monthly payment buyer returning? That is not a- I think- That's really a question for you. I would answer it this way, Gerrick. You know, a lot of our customers aren't necessarily payment buyers, right? Because we're dealing in the premium space. But with that said, majority of our customers finance. So when I look at, like, some of our show activity and stuff like that, I mean, we're seeing 60+% of customers financing their purchases, right? And that's kind of been, you know, we average probably on a normal cadence, you know, 60%-65% of the customers, you know, finance some portion of their boat with us. And we think that, you know, another, you know, call it 30%, are financing a portion of the sale somewhere, whether that be through their local credit union or something along those lines. So, but, I, I think what you're getting at is more of that, that low-end consumer, lower-end consumer, who's a lot more price sensitive. They tend to go into more of your value product, and we just don't sell a ton of that. Okay, great. Thank you. No problem. There are no further questions at this time. This concludes today's conference call. You may now disconnect. Thank you.