MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

                           AND RESULTS OF OPERATIONS

Unless the context requires otherwise, references in this report to the
"Company," "we," "us," and "our" refer to OneWater Marine Inc. and its
consolidated subsidiaries. The following discussion and analysis should be read
in conjunction with the accompanying financial statements and related notes. The
following discussion contains forward-looking statements that reflect our future
plans, estimates, beliefs and expected performance. The forward-looking
statements are dependent upon events, risks and uncertainties that may be
outside our control. Our actual results could differ materially from those
discussed in these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, those factors
discussed above in "Cautionary Statement Regarding Forward-Looking Statements"
and described under the heading "Risk Factors" included in our Annual Report on
Form 10-K for the year ended September 30, 2021, filed with the U.S. Securities
and Exchange Commission (the "SEC") on December 17, 2021, all of which are
difficult to predict. In light of these risks, uncertainties and assumptions,
the forward-looking events discussed may not occur. We do not undertake any
obligation to publicly update any forward-looking statements except as otherwise
required by applicable law.

Overview

We believe that we are one of the largest and fastest-growing marine retailers
in the United States with 96 retail locations, 10 distribution
centers/warehouses and multiple online marketplaces as of June 30, 2022. Our
retail locations are located in highly attractive markets throughout the
Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in top
twenty states for marine retail expenditures. We believe that we are a market
leader by volume in sales of premium boats in 13 out of the 18 markets in which
we operate. In fiscal year 2021, we sold approximately 9,500 new and pre-owned
boats, many of which were sold to customers who had a trade-in or with whom we
had otherwise established relationships. The combination of our significant
scale, diverse inventory and revenue streams, access to premium boat brands and
meaningful brand equity enable us to provide a consistently professional
experience as reflected in the number of our repeat customers and same-store
sales growth.

We were formed in 2014 as One...