Malibu Boats, Inc. Announces Second Quarter Fiscal 2025 Results
Malibu Boats (MBUU) reported challenging second quarter fiscal 2025 results with notable declines across key metrics. Net sales decreased 5.1% to $200.3 million, while unit volume dropped 11% to 1,222 units. GAAP net income saw a significant decrease of 76.1% to $2.4 million, with earnings per share falling to $0.12.
The company experienced decreased wholesale shipments, particularly in Malibu and Saltwater Fishing segments, though Cobalt segment showed growth with a 7.8% increase in net sales. Gross profit margin improved slightly to 18.7% from 17.8%, while Adjusted EBITDA decreased 26.3% to $16.9 million.
Due to weaker retail market trends, management updated full-year guidance, projecting net sales to be flat to down low single digits year-over-year, with Adjusted EBITDA margin at approximately 10%.
Malibu Boats (MBUU) ha riportato risultati difficili per il secondo trimestre dell'anno fiscale 2025, con cali significativi in metriche chiave. Le vendite nette sono diminuite del 5,1% a 200,3 milioni di dollari, mentre il volume delle unità è sceso dell'11% a 1.222 unità. Il reddito netto secondo i principi contabili GAAP ha subito una significativa diminuzione del 76,1% a 2,4 milioni di dollari, con gli utili per azione scesi a 0,12 dollari.
La società ha registrato un calo delle spedizioni all'ingrosso, in particolare nei segmenti Malibu e Pesca in acque salate, sebbene il segmento Cobalt abbia mostrato una crescita con un aumento delle vendite nette del 7,8%. Il margine di profitto lordo è migliorato leggermente al 18,7% rispetto al 17,8%, mentre l'EBITDA rettificato è diminuito del 26,3% a 16,9 milioni di dollari.
A causa delle tendenze più deboli nel mercato al dettaglio, la gestione ha aggiornato le previsioni annuali, prevedendo che le vendite nette rimarranno stabili o subiranno un leggero calo anno su anno, con un margine di EBITDA rettificato attorno al 10%.
Malibu Boats (MBUU) reportó resultados desafiantes en el segundo trimestre del año fiscal 2025, con disminuciones notables en métricas clave. Las ventas netas cayeron un 5.1% a 200.3 millones de dólares, mientras que el volumen de unidades disminuyó un 11% a 1,222 unidades. Los ingresos netos bajo los principios contables generalmente aceptados (GAAP) vieron una disminución significativa del 76.1% a 2.4 millones de dólares, con ganancias por acción que cayeron a 0.12 dólares.
La empresa experimentó una disminución en los envíos al por mayor, particularmente en los segmentos de Malibu y Pesca en aguas saladas, aunque el segmento Cobalt mostró crecimiento con un aumento del 7.8% en las ventas netas. El margen de beneficio bruto mejoró ligeramente al 18.7% desde el 17.8%, mientras que el EBITDA ajustado disminuyó un 26.3% a 16.9 millones de dólares.
Debido a las tendencias más débiles en el mercado minorista, la dirección actualizó la guía para el año completo, proyectando que las ventas netas se mantendrán estables o disminuirán en un bajo porcentaje de un solo dígito año tras año, con un margen de EBITDA ajustado de aproximadamente el 10%.
말리부 보트 (MBUU)는 2025 회계연도 2분기 실적이 어려운 가운데 주요 지표에서 눈에 띄는 감소를 보고했습니다. 순매출은 5.1% 감소한 2억 300만 달러, 유닛 판매량은 11% 감소한 1,222대에 그쳤습니다. GAAP 기준 순이익은 76.1% 감소하여 240만 달러에 달하고, 주당수익은 0.12 달러로 떨어졌습니다.
회사는 말리부 및 바다 낚시 부문에서 도매 출하량이 감소했으나, 코발트 부문에서는 순매출이 7.8% 증가하여 성장세를 나타냈습니다. 총 이익률은 17.8%에서 18.7%로 약간 개선되었고, 조정 EBITDA는 26.3% 감소하여 1,690만 달러에 이르렀습니다.
소매 시장의 약세 때문에 경영진은 연간 가이드를 수정하여, 순매출은 작년 대비 변화가 없거나 낮은 한 자릿수 감소세를 보일 것으로 예상하고, 조정된 EBITDA 마진은 약 10%로 설정했습니다.
Malibu Boats (MBUU) a enregistré des résultats difficiles pour le deuxième trimestre de l'exercice fiscal 2025, avec des baisses notables sur les indicateurs clés. Les ventes nettes ont diminué de 5,1 % pour atteindre 200,3 millions de dollars, tandis que le volume des unités a chuté de 11 % à 1 222 unités. Le bénéfice net selon les normes comptables GAAP a connu une forte baisse de 76,1 % pour atteindre 2,4 millions de dollars, avec des bénéfices par action réduits à 0,12 dollar.
L'entreprise a connu une baisse des expéditions en gros, en particulier dans les segments Malibu et pêche en eau salée, bien que le segment Cobalt ait montré une croissance avec une augmentation de 7,8 % des ventes nettes. La marge brute a légèrement augmenté, passant de 17,8 % à 18,7 %, tandis que l'EBITDA ajusté a baissé de 26,3 % pour atteindre 16,9 millions de dollars.
En raison des tendances plus faibles du marché de détail, la direction a mis à jour ses prévisions annuelles, projetant que les ventes nettes demeureront stables ou connaîtront une légère baisse d'un chiffre faible d'une année sur l'autre, avec une marge d’EBITDA ajustée d'environ 10 %.
Malibu Boats (MBUU) berichtete über herausfordernde Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 mit bemerkenswerten Rückgängen bei wichtigen Kennzahlen. Der Nettoumsatz fiel um 5,1 % auf 200,3 Millionen Dollar, während das Verkaufsvolumen um 11 % auf 1.222 Einheiten zurückging. Der GAAP-Nettoeinkommen verzeichnete einen signifikanten Rückgang von 76,1 % auf 2,4 Millionen Dollar, während der Gewinn pro Aktie auf 0,12 Dollar fiel.
Das Unternehmen erlebte einen Rückgang der Großhandelsauslieferungen, insbesondere in den Segmenten Malibu und Salzwasserfischen. Im Gegensatz dazu zeigte das Cobalt-Segment ein Wachstum mit einem Anstieg des Nettoumsatzes um 7,8 %. Die Bruttomarge verbesserte sich leicht auf 18,7 % von 17,8 %, während das bereinigte EBITDA um 26,3 % auf 16,9 Millionen Dollar sank.
Aufgrund der schwächeren Einzelhandelstrends aktualisierte das Management die Jahresprognose und prognostizierte, dass der Nettoumsatz stabil oder um niedrige einstellige Prozentsätze im Jahresvergleich zurückgehen wird, mit einer bereinigten EBITDA-Marge von etwa 10 %.
- Gross profit margin improved by 90 basis points to 18.7%
- Cobalt segment net sales increased 7.8% to $56.0 million
- Overall consolidated net sales per unit increased 6.6% to $163,895
- Net sales decreased 5.1% to $200.3 million
- Unit volume declined 11% to 1,222 units
- GAAP net income fell 76.1% to $2.4 million
- Adjusted EBITDA decreased 26.3% to $16.9 million
- General and administrative expenses increased 71.9% to $26.5 million
- Downward revision of full-year guidance
Insights
The Q2 FY2025 results paint a complex picture of Malibu Boats' operational landscape. The headline metrics show concerning trends: net sales declined
Segment analysis reveals divergent performance:
- Saltwater Fishing segment faced the steepest decline (
15.2% ), indicating particular weakness in higher-end markets - Malibu segment showed resilience with only a
3.0% decline - Cobalt segment demonstrated growth of
7.8% , suggesting strength in certain market segments
A bright spot emerges in the gross margin improvement of 90 basis points to
The company's strategic focus on dealer inventory health, while impacting current results, positions it well for future market stabilization. The
However, the updated guidance for flat to down low single-digit revenue and
The Q2 results reflect broader shifts in consumer discretionary spending patterns, particularly in the marine sector. Key market dynamics include:
- Pronounced weakness in saltwater markets, traditionally a higher-margin segment
- Subdued response to the Year-End Sales event and early season boat shows
- Dealer inventory optimization suggesting cautious outlook on near-term demand
The company's strategic shift to match production with slower demand indicates a pragmatic approach to market conditions. This conservative stance, while impacting near-term results, helps preserve pricing power and dealer relationships - important elements for long-term market position.
The divergent performance across segments (Cobalt's growth versus Saltwater's decline) suggests varying levels of market resilience across price points and customer segments. This pattern aligns with broader consumer discretionary trends where mid-market offerings often show more stability during economic uncertainty.
LOUDON, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the second quarter ended December 31, 2024.
Second Quarter Fiscal 2025 Highlights Compared to Second Quarter Fiscal 2024:
- Net sales decreased
5.1% to$200.3 million - Unit volume decreased
11.0% to 1,222 units - Gross profit decreased
0.2% to$37.4 million - GAAP net income decreased
76.1% to$2.4 million - GAAP net income available to Class A Common Stock per share (diluted) decreased
76% to$0.12 per share - Adjusted EBITDA decreased
26.3% to$16.9 million - Adjusted fully distributed net income per share decreased
46% to$0.31 per share on a fully distributed weighted-average share count of 20.4 million shares of Class A Common Stock
"During the second quarter, we navigated a challenging marine environment by leveraging our strong brand portfolio of industry-leading innovation while maintaining an unwavering focus on dealer health," commented Steve Menneto, Chief Executive Officer of Malibu Boats, Inc. "While retail softness persists, particularly in our saltwater markets, our emphasis on maintaining disciplined channel inventory levels and prudent production is our focus heading into the second half of the fiscal year. Our Year-End Sales event and early season boat shows provided decent results, however, we are seeing a less prominent rebound in demand heading into selling season. We will continue to monitor in-season shows to gain further indicators of consumer interest but remain cautious."
"As we look to the second half of the year, we are adjusting our production levels to match a challenging retail environment as we head into the selling season, as indicators of demand are below our original assumptions. Based on these conditions, we are updating our full-year guidance to reflect the reality of weaker retail market trends," commented Bruce Beckman, Chief Financial Officer of Malibu Boats, Inc. "Our priority is maintaining dealer health and aligning production with demand levels to set the stage for long-term success. With a strong balance sheet and continued cash flow generation, we remain confident in weathering the near-term challenges while positioning Malibu for sustainable future growth."
| Second Quarter Fiscal 2025 Results (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Dollars In Thousands) | |||||||||||||||
| Net Sales | $ | 200,280 | $ | 211,074 | $ | 371,860 | $ | 466,904 | |||||||
| Gross Profit | $ | 37,418 | $ | 37,475 | $ | 65,627 | $ | 94,269 | |||||||
| Gross Profit Margin | 18.7 | % | 17.8 | % | 17.6 | % | 20.2 | % | |||||||
| Net Income (Loss) | $ | 2,421 | $ | 10,144 | $ | (2,726 | ) | $ | 30,914 | ||||||
| Net Income (Loss) Margin | 1.2 | % | 4.8 | % | (0.7) | % | 6.6 | % | |||||||
| Adjusted EBITDA | $ | 16,890 | $ | 22,930 | $ | 26,785 | $ | 61,918 | |||||||
| Adjusted EBITDA Margin | 8.4 | % | 10.9 | % | 7.2 | % | 13.3 | % | |||||||
Net sales for the three months ended December 31, 2024 decreased
Net sales attributable to our Malibu segment decreased
Net sales attributable to our Saltwater Fishing segment decreased
Net sales attributable to our Cobalt segment increased
Overall consolidated net sales per unit increased
Cost of sales for the three months ended December 31, 2024 decreased
Gross profit for the three months ended December 31, 2024 decreased
Selling and marketing expenses for the three months ended December 31, 2024 increased
Operating income for the second quarter of fiscal year 2025 decreased to
Fiscal 2025 Guidance
For the full fiscal year 2025, Malibu anticipates net sales percentage to be flat to down low single digits year-over-year and Adjusted EBITDA margin at approximately
The Company has not provided reconciliations of guidance for Adjusted EBITDA margin, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include costs related to the Company’s vertical integration initiatives that are difficult to predict in advance in order to include in a GAAP estimate.
Webcast and Conference Call Information
The Company will host a webcast and conference call to discuss second quarter of fiscal year 2025 results on January 30, 2025 at 8:30 a.m. Eastern Time. Investors and analysts can participate on the conference call by dialing (844) 695-5523 or (412) 317-0699 and requesting Malibu Boats. Alternatively, interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section on the Company’s website at https://malibuboatsinc.com/investor-information/events-presentations. A replay of the webcast will also be archived on the Company’s website for twelve months.
About Malibu Boats, Inc.
Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20’ - 40’ segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com, or www.maverickboatgroup.com.
Non-GAAP Financial Measures
This release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Fully Distributed Net Income and Adjusted Fully Distributed Net Income per Share. These measures have limitations as analytical tools and should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with U.S. generally accepted accounting principles (“GAAP”) or as an indicator of our liquidity. Our presentation of these non-GAAP financial measures should also not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of these non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.
We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation, amortization, and non-cash, non-recurring or non-operating expenses, including certain professional fees, litigation settlements and non-cash compensation expense. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures of net income (loss) as determined by GAAP. Management believes Adjusted EBITDA and Adjusted EBITDA Margin allow investors to evaluate our operating performance and compare our results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of our core operating performance. Management uses Adjusted EBITDA to assist in highlighting trends in our operating results without regard to our financing methods, capital structure, and non-recurring or non-operating expenses. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures, the methods by which assets were acquired and other factors. Adjusted EBITDA has limitations as an analytical tool and should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of our liquidity.
Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets.
We define Adjusted Fully Distributed Net Income as net income (loss) attributable to Malibu Boats, Inc. (i) excluding income tax expense (benefit), (ii) excluding the effect of non-recurring or non-cash items, (iii) assuming the exchange of all LLC units into shares of Class A Common Stock, which results in the elimination of non-controlling interest in Malibu Boats Holdings, LLC (the "LLC"), and (iv) reflecting an adjustment for income tax expense (benefit) on fully distributed net income before income taxes at our estimated effective income tax rate. Adjusted Fully Distributed Net Income is a non-GAAP financial measure because it represents net income (loss) attributable to Malibu Boats, Inc., before non-recurring or non-cash items and the effects of non-controlling interests in the LLC. We use Adjusted Fully Distributed Net Income to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business than GAAP measures alone. We believe Adjusted Fully Distributed Net Income assists our board of directors, management and investors in comparing our net income (loss) on a consistent basis from period to period because it removes non-cash or non-recurring items, and eliminates the variability of non-controlling interest as a result of member owner exchanges of LLC units into shares of Class A Common Stock. In addition, because Adjusted Fully Distributed Net Income (Loss) is susceptible to varying calculations, the Adjusted Fully Distributed Net Income measures, as presented in this release, may differ from and may, therefore, not be comparable to similarly titled measures used by other companies.
A reconciliation of our net income (loss) as determined in accordance with GAAP to Adjusted EBITDA and the numerator and denominator for our net income (loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per share of Class A Common Stock is provided under "Reconciliation of Non-GAAP Financial Measures."
Cautionary Statement Concerning Forward Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release regarding our expectations for our financial performance for fiscal year 2025, the momentum we are seeing and the promising signs from boat shows, and our plan to ramp up production in the third fiscal quarter.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: our large fixed cost base; our ability to execute our manufacturing strategy; our ability to accurately forecast demand for our products; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in our suppliers’ operations; our reliance on third-party suppliers for raw materials and components; our reliance on certain suppliers for our engines and outboard motors; climate events in areas where we operate; our ability to meet our manufacturing workforce needs; our dependence on key management employees; our ability to grow our business through acquisitions and integrate such acquisitions to fully realize their expected benefits; our growth strategy which may require us to secure significant additional capital; our ability to enhance existing products and develop and market new or enhanced products; our ability to protect our intellectual property; compromises or disruptions to our network and information systems; risks inherent in operating in foreign jurisdictions; general economic conditions; the continued strength and positive perception of our brands; increased consumer preference for used boats, alternative fuel-powered boats or the supply of new boats by competitors in excess of demand; the seasonality of our business; competition within our industry and with other activities for consumers’ scarce leisure time; changes in currency exchange rates; inflation and heightened interest rates; our reliance on our network of independent dealers and increasing competition for dealers; the financial health of our dealers and their continued access to financing; our obligation to repurchase inventory of certain dealers; our exposure to risks associated with litigation, investigation and regulatory proceedings; an impairment in the carrying value of goodwill, trade names and other long-lived assets; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; covenants in our credit agreement governing our revolving credit facility which may limit our operating flexibility; our obligation to make certain payments under a tax receivable agreement; any failure to maintain effective internal control over financial reporting or disclosure controls or procedures; and other factors affecting us detailed from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Investor Contacts
Malibu Boats, Inc.
Bruce Beckman
Chief Financial Officer
(865) 458-5478
InvestorRelations@MalibuBoats.com
| MALIBU BOATS, INC. AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 200,280 | $ | 211,074 | $ | 371,860 | $ | 466,904 | |||||||
| Cost of sales | 162,862 | 173,599 | 306,233 | 372,635 | |||||||||||
| Gross profit | 37,418 | 37,475 | 65,627 | 94,269 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing | 5,985 | 5,610 | 10,849 | 11,362 | |||||||||||
| General and administrative | 26,545 | 15,440 | 53,785 | 36,145 | |||||||||||
| Amortization | 1,712 | 1,713 | 3,428 | 3,428 | |||||||||||
| Operating income (loss) | 3,176 | 14,712 | (2,435 | ) | 43,334 | ||||||||||
| Other expense (income), net: | |||||||||||||||
| Other (income), net | (9 | ) | (9 | ) | (19 | ) | (19 | ) | |||||||
| Interest expense | 585 | 671 | 981 | 1,555 | |||||||||||
| Other expense, net | 576 | 662 | 962 | 1,536 | |||||||||||
| Income (loss) before provision (benefit) for income taxes | 2,600 | 14,050 | (3,397 | ) | 41,798 | ||||||||||
| Provision (benefit) for income taxes | 179 | 3,906 | (671 | ) | 10,884 | ||||||||||
| Net income (loss) | 2,421 | 10,144 | (2,726 | ) | 30,914 | ||||||||||
| Net income (loss) attributable to non-controlling interest | 58 | 263 | (41 | ) | 774 | ||||||||||
| Net income (loss) attributable to Malibu Boats, Inc. | $ | 2,363 | $ | 9,881 | $ | (2,685 | ) | $ | 30,140 | ||||||
| Comprehensive (loss) income: | |||||||||||||||
| Net income (loss) | $ | 2,421 | $ | 10,144 | $ | (2,726 | ) | $ | 30,914 | ||||||
| Other comprehensive (loss) income: | |||||||||||||||
| Change in cumulative translation adjustment | (2,780 | ) | 1,427 | (1,812 | ) | 676 | |||||||||
| Other comprehensive (loss) income | (2,780 | ) | 1,427 | (1,812 | ) | 676 | |||||||||
| Comprehensive (loss) income | (359 | ) | 11,571 | (4,538 | ) | 31,590 | |||||||||
| Less: comprehensive (loss) income attributable to non-controlling interest, net of tax | (9 | ) | 300 | (89 | ) | 793 | |||||||||
| Comprehensive (loss) income attributable to Malibu Boats, Inc., net of tax | $ | (350 | ) | $ | 11,271 | $ | (4,449 | ) | $ | 30,797 | |||||
| Weighted-average shares outstanding used in computing net income (loss) per share: | |||||||||||||||
| Basic | 19,741,507 | 20,375,750 | 19,883,625 | 20,481,119 | |||||||||||
| Diluted | 19,804,384 | 20,450,204 | 19,883,625 | 20,567,218 | |||||||||||
| Net income (loss) available to Class A Common Stock per share: | |||||||||||||||
| Basic | $ | 0.12 | $ | 0.49 | $ | (0.14 | ) | $ | 1.47 | ||||||
| Diluted | $ | 0.12 | $ | 0.49 | $ | (0.14 | ) | $ | 1.47 | ||||||
| MALIBU BOATS, INC. AND SUBSIDIARIES | |||||||
| Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) | |||||||
| December 31, 2024 | June 30, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 35,118 | $ | 26,945 | |||
| Trade receivables, net | 16,387 | 23,141 | |||||
| Inventories | 144,851 | 145,573 | |||||
| Prepaid expenses and other current assets | 10,097 | 6,470 | |||||
| Total current assets | 206,453 | 202,129 | |||||
| Property, plant and equipment, net | 242,612 | 244,601 | |||||
| Goodwill | 50,991 | 51,415 | |||||
| Other intangible assets, net | 171,971 | 175,449 | |||||
| Deferred tax assets | 58,279 | 58,097 | |||||
| Other assets | 8,370 | 7,933 | |||||
| Total assets | $ | 738,676 | $ | 739,624 | |||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable | 28,891 | 19,152 | |||||
| Accrued expenses | 106,370 | 119,430 | |||||
| Income taxes and tax distribution payable | 309 | 4 | |||||
| Total current liabilities | 135,570 | 138,586 | |||||
| Deferred tax liabilities | 16,622 | 17,661 | |||||
| Other liabilities | 8,469 | 8,045 | |||||
| Payable pursuant to tax receivable agreement | 40,613 | 40,613 | |||||
| Long-term debt | 23,000 | — | |||||
| Total liabilities | 224,274 | 204,905 | |||||
| Stockholders' Equity | |||||||
| Class A Common Stock, par value | 196 | 200 | |||||
| Class B Common Stock, par value | — | — | |||||
| Preferred Stock, par value | — | — | |||||
| Additional paid in capital | 48,475 | 64,222 | |||||
| Accumulated other comprehensive loss, net of tax | (6,010 | ) | (4,198 | ) | |||
| Accumulated earnings | 467,100 | 469,785 | |||||
| Total stockholders' equity attributable to Malibu Boats, Inc. | 509,761 | 530,009 | |||||
| Non-controlling interest | 4,641 | 4,710 | |||||
| Total stockholders’ equity | 514,402 | 534,719 | |||||
| Total liabilities and stockholders' equity | $ | 738,676 | $ | 739,624 | |||
| MALIBU BOATS, INC. AND SUBSIDIARIES | |||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
| Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA (Unaudited): | |||||||||||||||
| The following table sets forth a reconciliation of Net Income (Loss) as determined in accordance with GAAP to Adjusted EBITDA and presentation of Net Income (Loss) Margin and Adjusted EBITDA Margin for the periods indicated (dollars in thousands): | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | 2,421 | $ | 10,144 | $ | (2,726 | ) | $ | 30,914 | ||||||
| Provision (benefit) for income taxes | 179 | 3,906 | (671 | ) | 10,884 | ||||||||||
| Interest expense | 585 | 671 | 981 | 1,555 | |||||||||||
| Depreciation | 7,825 | 6,343 | 15,198 | 12,667 | |||||||||||
| Amortization | 1,712 | 1,713 | 3,428 | 3,428 | |||||||||||
| Professional fees 1 | 2,035 | 290 | 3,042 | 1,147 | |||||||||||
| Litigation settlement 2 | — | — | 3,500 | — | |||||||||||
| Stock-based compensation expense 3 | 2,133 | (137 | ) | 4,033 | 1,323 | ||||||||||
| Adjusted EBITDA | $ | 16,890 | $ | 22,930 | $ | 26,785 | $ | 61,918 | |||||||
| Net Sales | $ | 200,280 | $ | 211,074 | $ | 371,860 | $ | 466,904 | |||||||
| Net Income (Loss) Margin 4 | 1.2 | % | 4.8 | % | (0.7) | % | 6.6 | % | |||||||
| Adjusted EBITDA Margin 4 | 8.4 | % | 10.9 | % | 7.2 | % | 13.3 | % | |||||||
| (1 | ) | For the three and six months ended December 31, 2024, represents legal and advisory fees related to ongoing litigation with the Company's insurance carriers related to the Batchelder matters and ongoing litigation with Tommy's Boats and Matthew Borisch for fiscal year 2025. For the three and six months ended December 31, 2023, represents legal and advisory fees related to ongoing litigation with the Company's insurance carriers related to Batchelder matters for fiscal year 2024 and legal and advisory fees related to product liability cases that were settled for |
| (2 | ) | Represents the amount the Company has agreed to pay pursuant to a settlement agreement with the Chapter 11 trustee (the "Trustee") for Tommy's Fort Worth LLC and its affiliate debtors. The Settlement Agreement was approved by United States Bankruptcy Court of the Northern District of Texas Fort Worth Division (the "Bankruptcy Court") on November 19, 2024, but has not gone effective because the Bankruptcy Court has not yet decided whether Mr. Borisch’s claims are property of the Tommy’s Boats bankruptcy estates. The Trustee’s request for that finding and an injunction against Mr. Borisch is still pending before the Bankruptcy Court. |
| (3 | ) | Represents equity-based incentives awarded to employees under our long-term incentive plans and profit interests issued under the previously existing limited liability company agreement of the LLC. |
| (4 | ) | We calculate net income (loss) margin as net income (loss) divided by net sales and we define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales. |
| Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Loss) (Unaudited): | |||||||||||||
| The following table shows the reconciliation of the numerator and denominator for Net Income (Loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income (Loss) per Share of Class A Common Stock for the periods presented (in thousands except share and per share data): | |||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Reconciliation of numerator for net income (loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock: | |||||||||||||
| Net income (loss) attributable to Malibu Boats, Inc. | $ | 2,363 | $ | 9,881 | $ | (2,685 | ) | $ | 30,140 | ||||
| Provision (benefit) for income taxes | 179 | 3,906 | (671 | ) | 10,884 | ||||||||
| Professional fees 1 | 2,035 | 290 | 3,042 | 1,147 | |||||||||
| Acquisition and integration related expenses 2 | 1,677 | 1,677 | 3,354 | 3,354 | |||||||||
| Stock-based compensation expense 3 | 2,133 | (137 | ) | 4,033 | 1,323 | ||||||||
| Litigation settlement 4 | — | — | 3,500 | — | |||||||||
| Net income (loss) attributable to non-controlling interest 5 | 58 | 263 | (41 | ) | 774 | ||||||||
| Fully distributed net income before income taxes | 8,445 | 15,880 | 10,532 | 47,622 | |||||||||
| Income tax expense on fully distributed income before income taxes 6 | 2,069 | 3,890 | 2,580 | 11,667 | |||||||||
| Adjusted fully distributed net income | $ | 6,376 | $ | 11,990 | $ | 7,952 | $ | 35,955 | |||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| Reconciliation of denominator for net income (loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock: | |||||||
| Weighted-average shares outstanding of Class A Common Stock used for basic net income (loss) per share: | 19,741,507 | 20,375,750 | 19,883,625 | 20,481,119 | |||
| Adjustments to weighted-average shares of Class A Common Stock: | |||||||
| Weighted-average LLC units held by non-controlling unit holders 7 | 321,419 | 455,919 | 321,419 | 455,919 | |||
| Weighted-average unvested restricted stock awards issued to management 8 | 287,154 | 259,652 | 289,034 | 246,118 | |||
| Adjusted weighted-average shares of Class A Common Stock outstanding used in computing Adjusted Fully Distributed Net Income per Share of Class A Common Stock: | 20,350,080 | 21,091,321 | 20,494,078 | 21,183,156 | |||
The following table shows the reconciliation of net income (loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) available to Class A Common Stock per share | $ | 0.12 | $ | 0.49 | $ | (0.14 | ) | $ | 1.47 | ||||||
| Impact of adjustments: | |||||||||||||||
| Provision (benefit) for income taxes | 0.01 | 0.19 | (0.03 | ) | 0.53 | ||||||||||
| Professional fees 1 | 0.10 | 0.02 | 0.15 | 0.06 | |||||||||||
| Acquisition and integration related expenses 2 | 0.08 | 0.08 | 0.17 | 0.16 | |||||||||||
| Stock-based compensation expense 3 | 0.11 | (0.01 | ) | 0.20 | 0.06 | ||||||||||
| Litigation settlement 4 | — | — | 0.18 | — | |||||||||||
| Net income (loss) attributable to non-controlling interest 5 | — | 0.01 | — | 0.03 | |||||||||||
| Fully distributed net income per share before income taxes | 0.42 | 0.78 | 0.53 | 2.31 | |||||||||||
| Impact of income tax expense on fully distributed income before income taxes 6 | (0.10 | ) | (0.19 | ) | (0.13 | ) | (0.57 | ) | |||||||
| Impact of increased share count 9 | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | |||||||
| Adjusted Fully Distributed Net Income per Share of Class A Common Stock | $ | 0.31 | $ | 0.57 | $ | 0.39 | $ | 1.70 | |||||||
| (1 | ) | For the three and six months ended December 31, 2024, represents legal and advisory fees related to ongoing litigation with the Company's insurance carriers related to the Batchelder matters and ongoing litigation with Tommy's Boats and Matthew Borisch for fiscal year 2025. For the three and six months ended December 31, 2023, represents legal and advisory fees related to ongoing litigation with the Company's insurance carriers related to Batchelder matters for fiscal year 2024 and legal and advisory fees related to product liability cases that were settled for |
| (2 | ) | For the three and six months ended December 31, 2024 and 2023, represents amortization of intangibles acquired in connection with the acquisitions of Maverick Boat Group, Pursuit and Cobalt. |
| (3 | ) | Represents equity-based incentives awarded to employees under our long-term incentive plans and profit interests issued under the previously existing limited liability company agreement of the LLC. |
| (4 | ) | Represents the amount the Company has agreed to pay pursuant to a settlement agreement with the Trustee for Tommy's Fort Worth LLC and its affiliate debtors. The Settlement Agreement was approved by the Bankruptcy Court on November 19, 2024, but has not gone effective because the Bankruptcy Court has not yet decided whether Mr. Borisch’s claims are property of the Tommy’s Boats bankruptcy estates. The Trustee’s request for that finding and an injunction against Mr. Borisch is still pending before the Bankruptcy Court. |
| (5 | ) | Reflects the elimination of the non-controlling interest in the LLC as if all LLC members had fully exchanged their LLC Units for shares of Class A Common Stock. |
| (6 | ) | Reflects income tax expense at an estimated normalized annual effective income tax rate of |
| (7 | ) | Represents the weighted-average shares outstanding of LLC Units held by non-controlling interests assuming they were exchanged into Class A Common Stock on a one-for-one basis. |
| (8 | ) | Represents the weighted-average unvested restricted stock awards included in outstanding shares during the applicable period that were convertible into Class A Common Stock and granted to members of management. |
| (9 | ) | Reflects impact of increased share counts assuming the exchange of all weighted-average shares outstanding of LLC Units into shares of Class A Common Stock and the conversion of all weighted-average unvested restricted stock awards included in outstanding shares granted to members of management. |
FAQ
What were Malibu Boats (MBUU) key financial results for Q2 2025?
How did MBUU's unit sales perform in Q2 2025?
What is MBUU's updated guidance for fiscal year 2025?
How did MBUU's Cobalt segment perform in Q2 2025?
What was MBUU's gross profit margin in Q2 2025?
