Malibu Boats, Inc. Files 10-Q for Period Ending December 31, 2023

AI Summary

MALIBU BOATS, INC. (MBUU) filed a Quarterly Report (10-Q) with the SEC on January 30, 2024. Malibu Boats, Inc. reported financial results for the period ending December 31, 2023. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on June 30. Malibu Boats, Inc. is incorporated in Delaware. The company's principal business is Ship & Boat Building & Repairing.

Why It Matters

For investors and stakeholders tracking MALIBU BOATS, INC., this filing contains several important signals. This 10-Q filing provides investors with an update on Malibu Boats' financial performance and position during the second quarter of their fiscal year. Understanding the details within this report is crucial for assessing the company's operational health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — MALIBU BOATS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not appear to contain any immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand revenue, expenses, and any forward-looking statements.

Key Numbers

• 20231231 — Period End Date (Conformed Period of Report)
• 20240130 — Filing Date (Filed As Of Date)
• 0630 — Fiscal Year End (Fiscal Year End)
• 3730 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• MALIBU BOATS, INC. (company) — Filer name
• 0001590976 (company) — Central Index Key
• DE (company) — State of Incorporation
• 3730 (company) — Standard Industrial Classification (Ship & Boat Building & Repairing)
• LOUDON (company) — Business Address City
• TN (company) — Business Address State
• 20231231 (date) — Conformed Period of Report
• 20240130 (date) — Filed As Of Date

Forward-Looking Statements

• Malibu Boats will maintain a similar Class A common share count in the next quarter. (Malibu Boats, Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Malibu Boats operates in the Ship & Boat Building & Repairing industry, a sector that can be influenced by consumer discretionary spending and economic conditions.

Regulatory Implications

As a publicly traded company, Malibu Boats, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the full 10-Q filing for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance, trends, and outlook.
3. Compare the current quarter's results with historical data and industry benchmarks to assess performance.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter
• 2024-01-30: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is a 10-Q filing for the period ending December 31, 2023. Specific comparative data from the previous filing (e.g., 10-Q for September 30, 2023, or 10-K for June 30, 2023) is not detailed in the provided header information.

Key Financial Figures

• $0.01 M — stered Class A Common Stock, par value $0.01 MBUU Nasdaq Global Select Market Indica
• $0 — es No Class A Common Stock, par value $0.01, outstanding as of January 25, 2024:

Filing Documents

• mbuu-20231231.htm (10-Q) — 1423KB
• q22024-exhibit311.htm (EX-31.1) — 13KB
• q22024-exhibit312.htm (EX-31.2) — 13KB
• q22024-exhibit321.htm (EX-32.1) — 7KB
• mbuu-20231231_g1.jpg (GRAPHIC) — 18KB
• 0001590976-24-000012.txt ( ) — 7254KB
• mbuu-20231231.xsd (EX-101.SCH) — 50KB
• mbuu-20231231_cal.xml (EX-101.CAL) — 78KB
• mbuu-20231231_def.xml (EX-101.DEF) — 242KB
• mbuu-20231231_lab.xml (EX-101.LAB) — 602KB
• mbuu-20231231_pre.xml (EX-101.PRE) — 398KB
• mbuu-20231231_htm.xml (XML) — 1104KB

Financial Statements

Financial Statements 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) 1 Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6 . Exhibits 40

SIGNATURES

SIGNATURES 41 i Table of Contents ii SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this Form 10-Q are forward-looking statements, including statements regarding demand for our products and expected industry trends, our business strategy and plans, our prospective products or products under development, our vertical integration initiatives, our acquisition strategy and management's objectives for future operations. In particular, many of the statements under the heading "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," the negative of these terms, or by other similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions, involving known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include, but are not limited to: general industry, economic and business conditions; our ability to execute our manufacturing strategy; our large fixed cost base; 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 and any interruption of our informal supply arrangements; our reliance on certain suppliers for our engines and ou

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements MALIBU BOATS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except share and per share data) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Net sales $ 211,074 $ 338,732 $ 466,904 $ 640,943 Cost of sales 173,599 263,078 372,635 490,684 Gross profit 37,475 75,654 94,269 150,259 Operating expenses: Selling and marketing 5,610 6,198 11,362 11,384 General and administrative 15,440 19,057 36,145 38,277 Amortization 1,713 1,715 3,428 3,431 Operating income 14,712 48,684 43,334 97,167 Other expense, net: Other (income) expense, net ( 9 ) 193 ( 19 ) 263 Interest expense 671 910 1,555 2,195 Other expense, net 662 1,103 1,536 2,458 Income before provision for income taxes 14,050 47,581 41,798 94,709 Provision for income taxes 3,906 11,185 10,884 22,208 Net income 10,144 36,396 30,914 72,501 Net income attributable to non-controlling interest 263 1,234 774 2,456 Net income attributable to Malibu Boats, Inc. $ 9,881 $ 35,162 $ 30,140 $ 70,045 Comprehensive income: Net income $ 10,144 $ 36,396 $ 30,914 $ 72,501 Other comprehensive income (loss): Change in cumulative translation adjustment 1,427 1,227 676 ( 209 ) Other comprehensive income (loss) 1,427 1,227 676 ( 209 ) Comprehensive income 11,571 37,623 31,590 72,292 Less: comprehensive income attributable to non-controlling interest 300 1,276 793 2,449 Comprehensive income attributable to Malibu Boats, Inc. $ 11,271 $ 36,347 $ 30,797 $ 69,843 Weighted-average shares outstanding used in computing net income per share: Basic 20,375,750 20,404,583 20,481,119 20,432,216 Diluted 20,450,204 20,516,025 20,567,218 20,559,752 Net income available to Class A Common Stock per share: Basic $ 0.49 $ 1.73 $ 1.47 $ 3.43 Diluted $ 0.49 $ 1.72 $ 1.47 $ 3.41 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).

View Full Filing

View this 10-Q filing on SEC EDGAR