OneWater Marine Inc.ONEW
OneWater Marine Inc. Goodwill & Intangibles Disclosure
Goodwill and Intangible Assets
Our acquisitions have resulted in the recording of goodwill and other identifiable intangible assets. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets consist of internally developed software, domain names and other identifiable intangible assets such as, trade names, developed technologies, and customer relationships related to the acquisitions the Company has completed. The changes in goodwill and intangible assets are as follows:
| ($ in thousands) | Goodwill | Trade Names | Developed Technologies | Customer Relationships | Domain Names | Internally Developed Software | Total Intangible Assets, net | ||||||||||||||||||||||||||||||||||||||||
| Unamortized | Unamortized | Amortized | Amortized | Amortized | Amortized | ||||||||||||||||||||||||||||||||||||||||||
| Net balance as of September 30, 2023 | $ | 336,602 | $ | 149,921 | $ | 4,419 | $ | 52,114 | $ | 2,387 | $ | 3,483 | $ | 212,324 | |||||||||||||||||||||||||||||||||
| Acquisitions during the year ended September 30, 2024 | — | — | — | — | — | 909 | 909 | ||||||||||||||||||||||||||||||||||||||||
| Amortization expense for the year ended September 30, 2024 | — | — | (455) | (5,711) | (637) | (1,039) | (7,842) | ||||||||||||||||||||||||||||||||||||||||
| Net balance as of September 30, 2024 | 336,602 | 149,921 | 3,964 | 46,403 | 1,750 | 3,353 | 205,391 | ||||||||||||||||||||||||||||||||||||||||
| Acquisitions during the year ended September 30, 2025 | — | — | — | — | — | 1,188 | 1,188 | ||||||||||||||||||||||||||||||||||||||||
| Impairment recorded during the year ended September 30, 2025 | (77,648) | (23,913) | (3,470) | (40,813) | — | — | (68,196) | ||||||||||||||||||||||||||||||||||||||||
| Other adjustments during the year ended September 30, 2025 | — | — | — | — | (119) | — | (119) | ||||||||||||||||||||||||||||||||||||||||
| Amortization expense for the year ended September 30, 2025 | — | — | (494) | (5,590) | (617) | (1,365) | (8,066) | ||||||||||||||||||||||||||||||||||||||||
| Net balance as of September 30, 2025 | $ | 258,954 | $ | 126,008 | $ | — | $ | — | $ | 1,014 | $ | 3,176 | $ | 130,198 | |||||||||||||||||||||||||||||||||
During the year ended September 30, 2025 the Company recorded an of $145.8 million related to goodwill and identifiable intangible assets in order to adjust carrying value to estimated fair value. The impairment loss is recorded in restructuring and impairment in the consolidated statements of operations. Of the $145.8 million impairment loss, $48.0 million and $97.8 million is reported in the Dealerships and Distribution reporting segment, respectively. See Note 2 for more information about our annual impairment tests of goodwill and identifiable intangible assets.
No impairment loss was recorded for the year ended September 30, 2024.
During the year ended September 30, 2023 the Company recorded an impairment loss of $147.4 million related to goodwill and identifiable intangible assets in order to adjust carrying value to estimated fair value. The impairment loss was recorded in restructuring and impairment in the consolidated statements of operations. Of the $147.4 million impairment loss, $6.5 million and $140.9 million is reported in the Dealerships and Distribution reporting segment, respectively.
Amortization expense was $8.1 million, $7.8 million and $13.4 million for the years ended September 30, 2025, 2024 and 2023, respectively, which includes amortization expense of $1.4 million, $1.0 million and $0.6 million for the years ended September 30, 2025, 2024 and 2023, respectively, for internally developed software. Amortization expense is recorded in depreciation and amortization in the consolidated statements of operations. For internally developed software acquisitions during the year ended September 30, 2025, the weighted average useful life of total intangible assets is 3.5 years.
The following table summarizes the expected amortization expense for the fiscal years 2026 through 2030 and thereafter ($ in thousands):
| 2026 | $ | 2,108 | |||
| 2027 | 1,879 | ||||
| 2028 | 96 | ||||
| 2029 | 95 | ||||
| 2030 | 12 | ||||
| Thereafter | — | ||||
| $ | 4,190 | ||||
As of September 30, 2025, the carrying value of goodwill totaled $259.0 million, of which all $259.0 million was related to our Dealerships reporting segment. As of September 30, 2024, the carrying value of goodwill totaled $336.6 million, of which $295.3 million was related to our Dealerships reporting segment and $41.3 million was related to our Distribution reporting segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 15, 2025 | Showing above |
| 2024 | Dec 10, 2024 | |
| 2023 | Dec 14, 2023 | |
| 2022 | Dec 15, 2022 | |
| 2021 | Dec 17, 2021 | |
| 2020 | Dec 3, 2020 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.