Good morning. My name is Matt, and I'll be your conference operator today. At this time, I would like to welcome everyone to the OneWater Marine second quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After today's prepared remarks, we will host a question- and- answer session. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Jack Ezzell, Chief Financial Officer and Chief Operating Officer. Jack, please go ahead. Good morning and welcome to OneWater Marine's fiscal second quarter 2026 earnings conference call. I am 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 law and involve a number of risks and uncertainties. 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 second quarter 2026 results are made against second 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 second quarter 2026 results, which reflect the challenging retail environment, a continued improvement in boat margins, portfolio optimization, and a notable reduction in leverage. Revenue for the quarter declined 9% and same-store sales were down 8%, primarily due to event timing and portfolio changes. This year, the Palm Beach International Boat Show took place at the end of March, which shifted a meaningful amount of new boat sales into the June quarter. This timing shift accounted for approximately half of the decline in new boat sales during the quarter. Also during the quarter, we completed the sale of Ocean Bio-Chem as part of our broader portfolio optimization strategy focused on core assets and long-term value creation. While we updated our guidance to reflect the impact of the sale in February, the absence of those revenues will create challenging year-over-year comparisons for the remainder of the year. Importantly, we continue to operate from a position of strength. Our inventory continues to be in the best condition it has been in years with a healthy mix and age profile supported by disciplined production from our OEM partners. We remain focused on enhancing profitability and reducing balance sheet leverage. We are driving margin expansion with a more streamlined portfolio of brands and assets. This, combined with our strong inventory positioning, contributed to a 110 basis point increase in gross margin. We also made meaningful progress in reducing debt supported by proceeds from the Ocean Bio-Chem sale and strong operating cash flow, and we remain on track to achieve our leverage target later this year. Beyond positioning for a market recovery, the strategic actions we've taken are helping us build a more efficient, resilient business model. As we move into the core boating season, we are encouraged by customer engagement and remain focused on execution, selling boats, managing costs, and positioning our business for long-term success. With that, I will turn it over to Anthony. Thanks, Austin. Good morning, everyone. The quarter reflected a continuation of trends we've been seeing in recent quarters. Industry retail demand remains pressured with SSI data indicating double-digit declines in the categories in which we compete. At OneWater, lower new boat volumes were partially offset by disciplined pricing and favorable mix in a slightly less promotional environment, as evidenced by our higher gross margin. Our pre-owned business remained a bright spot with revenues increasing 5%, supported by improved availability. Across our dealers, premium categories and brands continue to perform better, which is encouraging considering our portfolio's strong skew towards luxury brands. Importantly, finance penetration remains within our target range with over 60% of our customers choosing to finance a portion of their purchase with us. This highlights the market is not cash only, even in the current interest rate environment. Parts and service continue to provide stability for the business. While reported results were affected by the prior year contribution from Ocean Bio-Chem, the underlying business remained solid, supported by steady boating activity. Excluding OBCI, service parts and other sales increased for both the dealership and distribution segments. Finally, I'd like to highlight our inventory positioning, which remains a key differentiator. Dealership inventory is down 3% year-over-year and down 19% over the last two years. Beyond the reduction in dollars, our inventory mix and aging profile are well-balanced, and we are in a position of strength as we move into the selling season. The boat show selling season was encouraging, boating activity is healthy, and we believe we have the right inventory to meet our customer demand and get people out on the water this summer. With that, I'd like to turn the call over to Jack. Thanks, Anthony. Revenue for the quarter was $442 million, down 9% year-over-year, with same-store sales down 8%. New boat revenue decreased 12%, driven by a shift in the timing of the Palm Beach International Boat Show and lower unit volumes, partially offset by higher average unit price. Solid used boat activity supported a 5% increase in pre-owned boat revenue, driven by higher unit sales and average price. Service parts and other revenue declined 11%, primarily due to contributions from Ocean Bio-Chem in the prior year period. As Anthony mentioned, excluding this impact, the underlying parts and service businesses increased year-over-year. Finance and insurance income decreased in absolute dollars due to the reduction in new boat sales, but increased slightly as a percentage of total boat sales due to the improving interest rate environment. As a reminder, interest rate cuts enhanced the unit economics for boats financed through OneWater. Second quarter gross profit decreased to $106 million compared to $110 million in the prior year period. Importantly to note that our gross profit margin expanded to 23.9%, an improvement of 110 basis points compared to the prior year. This margin expansion was driven by favorable mix shift, brand portfolio optimization, and continued execution of our strategic priorities to enhance boat gross profit. Selling, general, administrative expenses declined in the quarter by $2 million - $86 million compared to the prior year period. This reduction reflects the impacts of our prior cost reductions, our variable cost structure, and ongoing expense management. The increase as a percentage of revenue was primarily driven by the lower revenue in the current period. Against the backdrop of global uncertainty and softer retail demand, we took additional steps to align our cost structure with current retail activity. Within SG&A alone, actions taken at the end of March, early April, are expected to deliver approximately $6 million in annual savings. The net loss for the quarter was $13 million, compared to a net loss of $375,000 in the prior year. The increase in net loss was primarily driven by lower sales, a $6 million non-cash trade name impairment charge, and the tax impacts associated with the OBCI disposition. Adjusted EBITDA was $16 million. Turning to the balance sheet. We ended the quarter with $68 million of cash and total liquidity approximately $73 million. Inventory was $551 million, down from $602 million in the prior year, reflecting disciplined inventory management and the sale of Ocean Bio-Chem. Long-term debt was $354 million, and net debt to EBITDA improved sequentially and year-over-year to 4.1 x. During the quarter, we repaid $57 million of debt supported by the proceeds from the sale of Ocean Bio-Chem and strong operating cash flows. We remain on track to reduce leverage below 4 x by the end of the fiscal year. Turning to our outlook, year-to-date results have been largely consistent with our forecast for the first half of fiscal 2026. As a result, our expectations for the year remain unchanged from our February update following the closing of the Ocean Bio-Chem sale. We continue to anchor our outlook on expectations the industry will be flat to down low single digits year-over-year. When factoring the lost revenue from the exiting brands and the divestiture of OBCI, we expect dealership same-store sales to be flat year-over-year and total revenue to be in the range of $1.78 billion-$1.88 billion. We expect adjusted EBITDA to be in the range of $60 million-$80 million, and we expect adjusted earnings per diluted share to be in the range of $0.20-$0.70. As we move through the core selling season, our focus remains on driving margin expansion, maintaining disciplined cost control, and continuing to reduce leverage. We are encouraged by the early season activity and customer engagement, and we anticipate that our more focused portfolio, strong inventory position, and operational discipline will support our results through the balance of the year. This concludes our prepared remarks. Operator, will you please open the line for questions? We will now begin the question- and- answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from Joe Altobello with Raymond James. Joe, your line is open. Please go ahead. Hi, good morning. This is Martin on for Joe. I first wanted to touch on same-store sales. Can we get a breakdown between units and price and get an impact from the exited brands? Yeah, I'd say the majority of it is led by price. Units were down in the mid to upper single digits. Seeing that shift to that kind of more affluent, higher ticket item. I'd say probably half of that number is driven by the shift in the Palm Beach show, then maybe a quarter is from the exiting brands. Great. Actually touching on that, the show. I think we calculated out $19 million in sales were pushed from Q2 because of that show timing. Are we expecting that to show up in the third quarter, all of it? Yes. Yeah. Yeah. Go ahead. Well, I was just fixing to say, you know, when you start talking about the Palm Beach Boat Show, first thing you gotta, you know, really talk about is how was that show? That show was fantastic. I mean, when you looked at the Palm Beach Show, by moving it those dates, for some reason, it really spurred activity. I think we were up high, high teen digits both in unit and dollars to that show compared to last year. The majority of that will fall into the next quarter. Now, some of that stuff on the real big stuff might push out, but it definitely, that timing is what impacted this quarter, we're gonna see the majority of that pick up. We're gonna see a lot of it pick up in April. It should, most of it should filter in through the whole quarter, but there might be a couple that lag out into the next quarter. Got it. Thank you. I threw out the number $19 million. Does that sound right to you, or could you sort of calculate that? Whoa, whoa. Jack? No, it's a little. Jack, that's a little. high with respect to the sales that shifted. Closer to, you know, $16 million-$17 million. Okay. Thank you, and good luck. Thank you. As a reminder, if you would like to ask a question, please press star and then the number one on your telephone keypad. Your next question comes from the line of Greg Badishkanian with Wolfe Research. Greg, your line is open. Please go ahead. Hey, guys. This is Scott Stringer on for Greg. I'm wondering how trends are in April and excluding the boat show. Seems like there's, like, a nice tailwind from the boat show there. Just wondering how trends are exiting the quarter here. I mean, it's, you know, it's continuing on. I mean, one of the things that's kind of given us comfort to maintain guidance with all the macro noise out there, you know, and the what could be and all that stuff is just the door swings. The internet leads, the amount of deals that flowed through in April. I mean, April was a good month. You know, we still are maintaining that trend of higher gross margin. You know, the volume, excluding what swapped over from the boat show is trending in a nice direction. We're still optimistic on what we're seeing from the day-to-day ground activity and what's happening as far as, you know, boat sales. We're just still a little nervous about, you know, what we're gonna wake up and see on the TV and how that impacts, you know, consumer confidence over the next, you know, 60, 90, 120 days. I mean, one day you wake up and, you know, everything seems fine, the next thing you hear that, you know, gas is gonna go to $47 a gallon. You know. Once that noise kind of simmers down a little bit, we could be on a pretty decent path to having a good year, if we can get that noise to settle down because it's certainly trending in the right way right now. Got it. That actually leads to my next question. I was wondering about the impact of higher fuel prices on boat sales. Are you seeing any sort of impact there? Is that impacting one type of customer versus another? Just curious your thoughts. No. Well, I mean, I'm sure at some point in time it's got to impact everybody, but, you know, the hiring customers and the customers that we deal with don't seem to be impacted by the trend lines that we're dealing with right now. You know, you'd be an idiot to say that it doesn't impact it. Could it be better more, you know, a lot better than it is right now? Maybe. It's still pretty daggum good. We, you know, we like that possible tailwind behind us when this stuff settles, and what that, you know, could open up for us. If it's like it is right now with all the noise, how much better could it get? We just don't know. Got it. Thanks for the time, guys. Your next question comes from the line of Kevin Condon with Baird. Kevin, your line is open. Please go ahead. Hi. Good morning. Thanks for taking my question. I think you noted some additional cost actions to help that SG&A line. Just wondering if you could add some color to what those actions are and, you know, should we expect to see SG&A continue to track lower year-over-year in the coming quarters? Yeah, Kevin, that was the kind of the, you know, as we looked at how SSI has been trending, while there's, you know, it, I'll say decelerated, right? I think, you know, January's SSI was, you know, I think around 1,820. You know, February, March both got better. Just trying to get ahead of what's happening at retail. We did make some cuts, mostly in and around personnel, administrative, and just did some reorganizations within the company just to be a little bit leaner. It's about a $6 million on an annualized basis, we look to capture, you know, about half of that in the back half of the year. Some of that's coming out of dealerships, some of that's coming out of, big chunks coming out of distribution as well. Gotcha. Then maybe to ask a follow-up. you know, you talked about the inventory being in a good position. just wondering what your stance on orders are going forward. Do you think, you know, you could potentially capture an uptick in demand should some of that noise settle, like you referenced, or, you know, would you need to meaningfully shift inventory or order levels to take advantage of any upside? Well, I mean, we're at the beginning of the selling season, you know, we really don't have to make those decisions probably for another 90 days. We get to have a little bit better look at where we are. I think when you look at it from an industry perspective, you know, inventory is way down in the industry. You know, if we start to see going into the selling season, the trend that we're on now maintain, you start to see as you come into the fall that maintaining all again, that means that you know, you've got to start ordering more boats because the manufacturers just, they can't go in and flip another light switch and all of a sudden produce 20% more boats. The lead time's pretty important. I think we're still in a little bit of a wait and see mode, but it certainly feels better than it, than it should with all the noise going on. I would say that, you know, as we move through April and May, get into the end of that June quarter, if the trend line that we're on right now, we're gonna be forced to order more boats for next year because the inventory is just gonna get depleted. You know, it's already at a point now where if you had any kind of or felt an uptick, I'm not sure we have enough. You got to kind of get prepared for that. It's a little bit too early for us to really call that because there's just, again, too much noise out there. We just need to kind of get through the next six weeks, which are really the prime six weeks leading into the summer. Great. That makes sense. Thank you so much. There are no further questions at this time. We've reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.