OFF THE HOOK YS INC.
For the period ended Mar 31, 2026. Filed May 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 14, 2026
NXB$1.40+2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-12-15.
0001493152-25-027783
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001493152-26-023128
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 76 current paragraphs.
23 unchanged; 11 reworded; 42 added; 66 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (42)
Current report
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) should be read in conjunction with our financial statements and the related notes thereto included elsewhere herein. The MD&A contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this Quarterly Report. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors.
Current report
Historical results may not indicate future performance. Our forward-looking statements reflect our current views about future events, are based on assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. We undertake no obligation to publicly update or revise any forward-looking statements, including any changes that might result from any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Furthermore, we cannot guarantee future results, events, levels of activity, performance, or achievements.
Current report
During the first quarter of 2026, the Company entered into an agreement to acquire Bellhart Marine Group and its affiliated entities in order to expand the Company’s in-house marine service, refit, and maintenance capabilities. Management believes the acquisition would further support the Company’s vertically integrated operating model and enhance inventory reconditioning and service capacity. The transaction remains subject to customary closing conditions.
Current report
Looking ahead, our established market position, proprietary software platform, and forward-looking operating model position the Company to capitalize on opportunities within the pre-owned boating market in 2026 and beyond.
Current report
Corporate Structure and Background
Current report
Off The Hook YS Inc. (“OTH”) is a Nevada holding company formed on January 3, 2025 with no independent operations. The Company conducts its business through its subsidiaries, which are engaged in the retail sale, brokerage, and servicing of new and pre-owned boats, yachts, and trailers, and in arranging related financing and insurance products.
Current report
The Company’s operations include yacht and boat sales and brokerage, marine servicing and storage, and financing activities conducted through its subsidiary, Azure Funding, LLC.
Current report
The Company completed a corporate reorganization in connection with its initial public offering in 2025. For additional information regarding the Company’s organizational structure, see Item 1.Business and Note 1.Nature of Business and Organization to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Current report
There have been no material changes to the Company’s corporate structure during the three months ended March 31, 2026.
Current report
Overall, revenue increased by $2.6 million, or 9.6%, to $29.8 million for the three months ended March 31, 2026, from $27.2 million for the three months ended March 31, 2025. The revenue growth is mainly driven by a higher floor plan limit, which enabled us to sustain greater utilization throughout the period. Additionally, the brokers we recently hired for OTHYS and our new premier brokerage division, Autograph Yacht Group, contributed to our revenue growth. These two moves allowed us to increase the number of pre-owned boats sold and brokerage deals closed.
Current report
New Boat Sales
Current report
New boat sales decreased by $4.2 million, or 76.4%, to $1.3 million for the three months ended March 31, 2026, from $5.5 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, we sold 3 new units compared to approximately 7 units for the three months ended March 31, 2025, a decrease partially attributable to decreased marketing efforts and a slowdown in the new boat market.
Current report
Pre-owned Boat Sales
Current report
Pre-owned boat sales increased by $6.7 million, or 31.8%, to $27.8 million for the three months ended March 31, 2026, from $21.1 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, we sold approximately 124 pre-owned units compared to approximately 80 pre-owned units for the three months ended March 31, 2025. Average price per pre-owned boat sale transaction was approximately $224,000 (124 units) for the three months ended March 31, 2026 and $263,000 (80 units) for the three months ended March 31, 2025. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage and consignment), which causes periodic and seasonal fluctuations in the average sales price.
Current report
Service, Parts & Other Sales
Current report
Revenue from service, parts & other sales increased by $0.4 million, or 679.9%, to $0.4 million for the three months ended March 31, 2026, from less than $0.1 million for the three months ended March 31, 2025. The increase is mainly attributed to expanded focus on marine asset recovery services, increased Finance & Insurance (“F&I”) sales, and increased trailer sales, as well as an increase in processing fees from deals associated directly with the increase in overall units sold.
Current report
Gross profit increased by $0.5 million, or 18.5%, to $3.2 million for the three months ended March 31, 2026, compared to $2.7 million for the three months ended March 31, 2025. Our gross profit as a percentage of sales increased modestly. The increase was primarily driven by higher gross profit from pre-owned boat sales and an increase in brokerage transactions, which generally carry higher margin profiles due to lower direct costs. These increases were partially offset by a decline in gross profit from new boat sales, reflecting margin compression and pricing pressures in that segment.
Current report
New Boat Gross Profit
Current report
New boat gross profit decreased by $0.2 million or 94.3%, to $0.01 million for the three months ended March 31, 2026, compared to $0.3 million for the three months ended March 31, 2025. Overall gross margins on new boat sales declined due to increased price sensitivity among consumers and broader industry-wide margin compression. New boat gross profit as a percentage of new boat revenue was 1.1% for the three months ended March 31, 2026, compared to 4.5% for the three months ended March 31, 2025. The decline in margin percentage reflects both the shift in market conditions and our strategic decision to accelerate inventory turnover in response to slowing demand.
Current report
Pre-owned Boat Gross Profit
Current report
Pre-owned boat gross profit increased by $0.6 million, or 30.0%, to $2.6 million for the three months ended March 31, 2026, compared to $2.0 million for the three months ended March 31, 2025. This modest increase occurred despite market seasonality, which resulted in downward pressure on pricing and the need to move certain inventory at reduced margins to maintain turnover and liquidity.
Current report
Pre-owned boat gross profit as a percentage of pre-owned boat revenue was 9.4% for the three months ended March 31, 2026 and 9.6% for the three months ended March 31, 2025. We sell a diverse mix of pre-owned boats across various price points, brands, and sales channels, including trade-ins, consignment, wholesale, and brokerage, which naturally contributes to fluctuations in gross profit margins due to varying transaction structures and sales dynamics.
Current report
Finance gross profit decreased by $0.1 million, to $0.2 million for the three months ended March 31, 2026, from $0.3 million for the three months ended March 31, 2025. Finance income is fee-based revenue for which we do not recognize incremental expenses.
Current report
Selling, general, and administrative expenses consist primarily of lease expense, insurance, utilities, and other customary operating expenses. SG&A increased $0.9 million, or 225.0%, to $1.3 million for the three months ended March 31, 2026, compared to $0.4 million for the three months ended March 31, 2025. The increase was primarily attributable to the cost of additional leases executed in 2025, higher indirect marketing expenses associated with our attendance at two boat shows during the quarter, and higher insurance costs related to increased inventory levels under floorplan financing arrangements, each in line with the Company’s planned business expansion for 2026.
Current report
Salaries and wages expense increased $2.2 million or 244.4%, to $3.1 million for the three months ended March 31, 2026, compared to $0.9 million for the three months ended March 31, 2025. Leading into and following our initial public offering, salaries and wages increased as we aligned our compensation with public-company market benchmarks, and enhanced retention packages to ensure we can attract, motivate, and retain the talent required to deliver long-term shareholder value. Further, the Company issued stock-based compensation to employees after the initial public offering which was $1.8 million for the three months ended March 31, 2026. These equity awards have several vesting conditions including service based and performance-based requirements and vest between one and five years.
Current report
Comparison of Non-GAAP Financial Measures
Current report
There are limitations to non-GAAP financial measures because they exclude charges and credits that are required to be included in GAAP financial presentation. The items excluded from GAAP financial measures to arrive at non-GAAP financial measures are significant components for understanding and assessing our financial performance. Non-GAAP financial measures should be considered together with, and not alternatives to, financial measures prepared in accordance with GAAP.
Current report
The Three Months Ended March 31, 2026, Compared to The Three Months Ended March 31, 2025
Current report
Adjusted EBITDA was a loss of $1.4 million for the three months ended March 31, 2026, compared to income of $0.3 million for the three months ended March 31, 2025. The decrease in Adjusted EBITDA resulted from an increase in operating expenses, primarily related to additional headcount and fees that were necessary in order to operate as a public company.
Current report
The following table summarizes key liquidity and capital resources information as of March 31, 2026 and December 31, 2025:
Current report
As of March 31, 2026, the Company had $5.3 million in cash and working capital of $4.9 million, compared to $12.4 million in cash and working capital of $9.0 million as of December 31, 2025. Current liabilities were primarily comprised of floor plan notes payable of $40.0 million, which are repaid as inventory is sold, as well as accounts payable, customer deposits, and short-term obligations.
Current report
Management believes that existing cash, operating cash flows, and available borrowing capacity under its floor plan facility are sufficient to meet the Company’s short-term liquidity needs.
Current report
Working capital decreased by $4.1 million to $4.9 million as of March 31, 2026 from $9.0 million as of December 31, 2025. The decrease was primarily driven by a $7.1 million reduction in cash, partially offset by an increase in inventory of $20.3 million, which was financed by a $14.7 million increase in floor plan notes payable.
Current report
Income Tax Expenses
Current report
Cash Flow Changes for the Three Months Ended March 31, 2026, and 2025
Current report
The following table summarizes our cash flows for the periods indicated:
Current report
For the three months ended March 31, 2026, net cash flows used in operating activities totaled $20.9 million compared to a use of $5.4 million for the three months ended March 31, 2025. The increase in cash used in operating activities was primarily attributable to a $20.3 million increase in inventory, reflecting higher inventory purchases supported by increased floorplan financing capacity and proceeds from the Company’s initial public offering, as well as seasonal inventory build in advance of the spring and summer selling periods. This was partially offset by an increase in customer deposits of $0.8 million.
Current report
Net cash used in operating activities amounted to $5.4 million for the three months ended March 31, 2025, mainly derived from an increase in inventory of $4.1 million and an increase in customer deposits of $0.9 million.
Current report
For the three months ended March 31, 2026, net cash used in investing activities totaled $2.9 million, representing an increase of $2.9 million from the prior year. This increase is due to increased investment in fixed assets and software as the business grows.
Current report
Contractual Obligations and Other Commitments
Showing the first 40 of 42 passages. Open the source sections for the rest.
Removed paragraphs (66)
Previous report
Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read together with the MD&A presented in the Registration Statement on Form S-1 for the year ended December 31, 2024 (the “Annual Report”) and the unaudited condensed combined and consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q (this “Quarterly Report”), which include additional information about our accounting policies, practices and the transactions underlying our financial results.
Previous report
Looking ahead, our strong market presence and forward thinking approach, our company stands ready to lead the way in shaping the future of the pre-owned boating in 2026 and beyond.
Previous report
Revenue decreased by $1,859,853, or (7.19) %, to $24,005,345 for the three months ended September 30, 2025, from $25,865,198 for the three months ended September 30, 2024. The revenue decrease is attributed to several large deals slipping into the next period, resulting in this revenue being recognized in the 4 th quarter. We sold 38 more boats in the third quarter of 2025 selling 112 in the third quarter of 2025 versus 74 boats in the same period of 2024. Overall sales pipeline and customer demand remain strong and we believe sales can to continue to grow at a higher rate going forward do to an increased broker pool and a larger amount of capital to grow our floor plan and increase the number of boats we can transact.
Previous report
Boat Sales
Previous report
Revenue from boat sales decreased by $1,809,643, or (7.18)%, to $23,392,096 for the three months ended September 30, 2025, from $25,201,739 for the three months ended September 30, 2024. Despite a slight decrease in boat revenues, we are still seeing strong demand and expect this to be reflected in our 4th-quarter revenues.
Previous report
Revenue from arranging financing products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies, was $613,249 for the three months ended September 30, 2025, versus $663,460 for the three months ended September 30, 2024. Over 85% of these loans come from non-OTHYS brakers and dealers reflecting an overall slowness in the boat business overall. This represents an opportunity for OTHYS to increase the attachment rate of Azure with our boat sales and thereby growing the business internally.
Previous report
Gross profit of $3,029,799 for the three months ended September 30, 2025, compared to $2,901,975 for the three months ended September 30, 2024, an increase of $127,824. Our gross profit as a percentage of sales increased modestly. This can be attributed to management’s efforts to monitor overhead and direct expenses associated with our inventory consistently.
Previous report
Boat sales Gross Profit
Previous report
Boat sale gross profit of $2,663,122 for the three months ended September 30, 2025, compared to $2,451,958 for the three months ended September 30, 2024, an increase of $211,164. Our margin improvements are attributable to our purchasing team’s skillful buying decisions for our used-boat inventory.
Previous report
Finance Related – Azure
Previous report
Finance related gross profit of $366,677 for the three months ended September 30, 2025, compares with $450,017 for the three months ended September 30, 2024.
Previous report
SG&A expenses were $617,396 for the three months ended September 30, 2025, compared to $360,780 for the three months ended September 30, 2024. The increase in SG&A was primarily attributable to $34,000 of financing fees related to the Floor Plan Notes Payable, and an increase of $46,000 related to insurance expenses.
Previous report
Advertising and Marketing
Previous report
Advertising and marketing expenses were $220,851 for the three months ended September 30, 2025, compared to $95,202 for the three months ended September 30, 2024. The increase in Advertising and Marketing expenses was primarily attributable to an increase in attendance and sponsorship of local boat shows in key markets for the Company.
Previous report
Salaries and wages expenses were $1,513,401 for the three months ended September 30, 2025, compared to $941,514 for the three months ended September 30, 2024. The increase in Salaries and wages was due to additional administrative hires and consultant services as a result of the IPO.
Previous report
Interest Expense – Floor Plan
Previous report
Interest expense – floor plan increased $151,030, or 56.03%, to $420,568 for the three months ended September 30, 2025, compared to $269,538 for the three months ended September 30, 2024.
Previous report
Interest Expense – Other
Previous report
The decrease in interest expense – other of $54,951 (40.78%), to $79,792 for the three months ended September 30, 2025, compared to $134,743 for the three months ended September 30, 2024.
Previous report
Depreciation and Amortization
Previous report
Depreciation and amortization expense increased $18,402, or 26.76%, to $87,162 for the three months ended September 30, 2025, compared to $68,760 for the three months ended September 30, 2024.
Previous report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Previous report
Revenue
Previous report
Overall, revenue of $82,592,188 for the nine months ended September 30, 2025, increased by $13,366,317 or 19.31% from $69,225,871 for the nine months ended September 30, 2024. The revenue increase is primarily due to an increase in new and pre-owned boat sales.
Previous report
Boat Sales
Previous report
Revenue from boat sales of $80,733,434 for the nine months ended September 30, 2025, increased by $13,672,118, or 20.39%, versus $67,061,316 for the nine months ended September 30, 2024. The revenue increase is primarily attributed to our increased utilization of our floor plan financing facility.
Previous report
Gross Profit
Previous report
Gross profit of $8,373,210 for the nine months ended September 30, 2025, increased by $1,443,595, or 20.83%, to $6,929,615 for the nine months ended September 30, 2024. This increase was primarily driven by our increase in overall sales revenue, specifically our used boat segment. Our gross profit as a percentage of sales increased modestly.
Previous report
Boat sales Gross Profit
Previous report
Boat sale gross profit of $7,273,773 for the nine months ended September 30, 2025, increased by $1,649,974, or 29.34%, compared to $5,623,799 for the nine months ended September 30, 2024.
Previous report
Finance Related – Azure
Previous report
Finance related gross profit of $1,099,437 for the nine months ended September 30, 2025, decreased by $206,377, or (15.80)% to $1,305,816 for the nine months ended September 30, 2024.
Previous report
Selling, General and Administrative Expenses
Previous report
SG&A expenses were $1,441,248 for the nine months ended September 30, 2025, compared to $1,053,374 for the nine months ended September 30, 2024. The increase in SG&A was primarily attributable to $149,000 of financing fees related to the Floor Plan Notes Payable, an increase of $40,000 of bank charges and fees and an increase of $56,000 in documentation and titling fees related to increased activity.
Previous report
Advertising and Marketing
Previous report
Advertising and marketing expenses were $597,506 for the nine months ended September 30, 2025, compared to $314,081 for the nine months ended September 30, 2024. The increase in Advertising and Marketing expenses was primarily attributable to an increase in attendance and sponsorship of local boat shows in key markets for the Company.
Previous report
Salaries and Wages
Previous report
Salaries and wage expenses were $3,113,964 for the nine months ended September 30, 2025 compared to $2,148,143 for the nine months ended September 30, 2024. The increase in Salaries and wages was due to additional administrative hires and consultant services as a result of the IPO and an increase in Brokerage expenses which increased revenue.
Previous report
Interest Expense – Floor Plan
Previous report
Interest expense – floor plan increased $661,000, or 93.96%, to $1,364,519 for the nine months ended September 30, 2025, compared to $703,519 for the nine months ended September 30, 2024.
Showing the first 40 of 66 passages. Open the source sections for the rest.
Reworded paragraphs (11)
Previous wording
We are a premier yacht and boat dealership specializing in the buying, selling, and wholesaling of yachts and boats. As one of the largest boat wholesalers in the industry, OTHYS has become a nationally recognized leader in the marine industry, offering a comprehensive suite of services that spans the entire boat value chain from purchasing, financing, servicing, to selling, disposing, asset recovery, and repossession of boats. The Company has nine physical locations strategically located across the United States and with brokers operating nationwide, that the Company believes that it provides unparalleled reach and accessibility to clients around the country, and believes that it is the largest used boat buyer and seller in the United States.
Current wording
We are a premier yacht and boat dealership specializing in the buying, selling, and wholesaling of yachts and boats. As one of the largest boat buyers and sellers in the industry, OTH has become a nationally recognized leader in the marine industry, offering a comprehensive suite of services that spans the entire boat value chain from purchasing, financing, servicing, to selling, disposing, asset recovery, and repossession of boats. The Company has eight physical locations strategically located across the United States and with brokers operating nationwide, that the Company believes that it provides unparalleled reach and accessibility to clients around the country, and believes that it is the largest used boat buyer and seller in the United States.
Previous wording
The Company owned Autograph Yacht Group, located in Jupiter, Florida, and its approximately 45 brokers, positioned throughout the United States, specialize in navigating the pre-owned regional markets while maintaining a client-focused approach. By leveraging its nationwide broker network, advanced CRM technology, and synergistic portfolio of entities, the Company delivers exceptional value to clients.
Current wording
The Company has approximately 65 brokers, positioned throughout the United States, who specialize in navigating the pre-owned regional markets while maintaining a client-focused approach. By leveraging its nationwide broker network, advanced AI-enabled CRM technology, and synergistic portfolio of entities, the Company delivers exceptional value to clients.
Previous wording
In addition to our company owned websites, Boatsandbuyers.com and Webuyboats.com provide boat auction and lead generation services.Www.webuyboats.com, our proprietary lead-generation platform, serves as a national pipeline for high-quality pre-owned boat inventory. The site attracts private sellers and dealers looking to quickly liquidate trade-in boats and pre-owned vessels. These leads directly fuel the Company’s wholesale and brokerage operations, supporting our high volume, showroom-free model. Www.boatsandbuyers.com is an auction platform that allows people to access a national audience of potential boat buyers and create seven day auctions on a no-reserve or fair reserve listing and sell the boat without negotiating or commissions. It allows buyers to create alerts for boats they are looking for and instantly make an offer without negotiating.
Current wording
In addition to our corporate website, we own webuyboats.com which provides lead generation services. Our proprietary lead-generation platform, www.webuyboats.com, serves as a national pipeline for high-quality pre-owned boat inventory. The site attracts private sellers and dealers looking to quickly liquidate trade-in boats and pre-owned vessels. These leads directly fuel the Company’s wholesale and brokerage operations, supporting our high volume, showroom-free model.
Previous wording
Revenue from arranging financing products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies decreased by $305,801, or (14.13)%, to $1,858,754 for the nine months ended September 30, 2025, from $2,164,555 for the nine months ended September 30, 2024.
Current wording
Revenue from arranging financing products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies decreased by approximately $0.3 million, or approximately 50.0%, to $0.3 million for the three months ended March 31, 2026, from $0.6 million for the three months ended March 31, 2025. This decrease can be attributed to fluctuations in our customer mix, with more high-end buyers using cash to purchase, compared to entry-level and lower ticket customers who typically are more finance dependent.
Previous wording
Our Board and management team use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure, fixed asset investments, and other non-recurring or non-cash adjustments. We present Adjusted EBITDA as a key performance measure that our management uses to assess our financial performance and for internal planning and forecasting purposes. This metric is not intended to be substitutes for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Additionally, investors should not solely rely on our non-GAAP financial measures as they do not reflect our current or future cash requirements and working capital needs. Net income is the GAAP measure most directly comparable to Adjusted EBITDA.
Current wording
Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and for internal planning and forecasting purposes. These metrics are not intended to be substitutes for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Additionally, investors should not solely rely on our non-GAAP financial measures as they do not reflect our current or future cash requirements and working capital needs.
Previous wording
Historically, the OTH Companies were treated as a partnership for U.S. federal and certain state income tax purposes and, as such, was not subject to entity-level income taxes. Upon completion of the Reorganization, OTH Companies together with the Company will be subject to U.S. federal income tax and state income taxes in jurisdictions where it conducts business. As a result, we expect our effective tax rate to increase, which will reduce our net income and cash flow compared to historical periods.
Current wording
Historically, the OTH Companies were treated as a partnership for U.S. federal and certain state income tax purposes and, as such, was not subject to entity-level income taxes. Upon completion of the Reorganization, the OTH Companies, together with the Company, became subject to U.S. federal income tax and state income taxes in jurisdictions in which they operate. Income tax expenses for the three months ended March 31, 2026 was $0.2 million.
Previous wording
Net cash provided by financing activities amounted to $5,211,500 for the nine months ended September 30, 2024, mainly derived from proceeds from floorplan notes, mainly offset by payment to floor plan notes payables.
Current wording
Net cash provided by financing activities amounted to $16.7 million for the three months ended March 31, 2026, mainly derived from the proceeds from floorplan notes payables of $30.5 million. This was offset by a net payment to floor plan notes payable of $15.9 million.
Previous wording
Net cash provided by financing activities amounted to $357,604 for the nine months ended September 30, 2025, mainly derived from the proceeds from floorplan notes, mainly offset by payment to floor plan notes payables.
Current wording
Net cash provided by financing activities amounted to $3.4 million for the three months ended March 31, 2025, mainly derived from the contribution from proceeds from floorplan notes, mainly offset by payments to floor plan notes payables.
Previous wording
(2) The amounts included in long-term debts refer to future cash principal payments. Refer to Note 12 of the Notes to Combined and Consolidated Financial Statements for disclosure of borrowing availability, interest rates, and terms of our long-term debt.
Current wording
(1) The amounts included in long-term debt refer to future cash principal payments. Refer to Note 8.Long-Term Loan Payable of the Notes for disclosure of borrowing availability, interest rates, and terms of our long-term debt.
Previous wording
(3) Amounts for operating lease commitments do not include certain operating expenses such as maintenance, insurance, and real estate taxes. These amounts are not a material component of operating expenses.
Current wording
(2) Amounts for operating lease commitments do not include certain operating expenses such as maintenance, insurance, and real estate taxes.
Previous wording
Critical Accounting Policies and Significant Judgments and Estimates
Current wording
Critical Accounting Policies, Significant Judgments and Estimates