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As of December 31, 2016 | As of June 30, 2016 | ||||||||||
Units | Ownership % | Units | Ownership % | ||||||||
Non-controlling LLC Unit holders ownership in Malibu Boats Holdings, LLC | 1,359,302 | 7.1 | % | 1,404,923 | 7.4 | % | |||||
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC | 17,831,256 | 92.9 | % | 17,690,874 | 92.6 | % | |||||
19,190,558 | 100.0 | % | 19,095,797 | 100.0 | % |
Balance of non-controlling interest as of June 30, 2016 | $ | 4,679 | |
Allocation of income to non-controlling LLC Unit holders for period | 1,282 | ||
Distributions paid and payable to non-controlling LLC Unit holders for period | (711 | ) | |
Reallocation of non-controlling ownership interests in exchange for Class A Common Stock | (765 | ) | |
Balance of non-controlling interest as of December 31, 2016 | $ | 4,485 |
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Goodwill as of June 30, 2016 | $ | 12,470 | |
Effect of foreign currency changes on goodwill | (217 | ) | |
Goodwill as of December 31, 2016 | $ | 12,253 |
As of December 31, 2016 | As of June 30, 2016 | Estimated Useful Life (in years) | Weighted Average Remaining Useful Life (in years) | ||||||||
Reacquired franchise rights | $ | 1,296 | $ | 1,339 | 5 | 2.8 | |||||
Dealer relationships | 29,697 | 29,773 | 8-15 | 12.8 | |||||||
Patent | 1,386 | 1,386 | 12 | 1.6 | |||||||
Trade name | 24,667 | 24,667 | 15 | 4.7 | |||||||
Non-compete agreement | 50 | 52 | 10 | 7.8 | |||||||
Backlog | 90 | 93 | 0.3 | 0.0 | |||||||
Total | 57,186 | 57,310 | |||||||||
Less: Accumulated amortization | (46,670 | ) | (45,607 | ) | |||||||
Total other intangible assets, net | $ | 10,516 | $ | 11,703 |
Fiscal years ending June 30: | ||||
Remainder of 2017 | $ | 1,089 | ||
2018 | 2,178 | |||
2019 | 2,072 | |||
2020 | 1,884 | |||
2021 | 1,803 | |||
Thereafter | 1,490 | |||
$ | 10,516 |
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As of December 31, 2016 | As of June 30, 2016 | ||||||
Raw materials | $ | 16,499 | $ | 14,858 | |||
Work in progress | 2,329 | 1,250 | |||||
Finished goods | 4,584 | 4,323 | |||||
Total inventories | $ | 23,412 | $ | 20,431 |
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As of December 31, 2016 | As of June 30, 2016 | |||||||
Land | $ | 367 | $ | 254 | ||||
Building and leasehold improvements | 10,150 | 7,168 | ||||||
Machinery and equipment | 21,339 | 20,035 | ||||||
Furniture and fixtures | 2,833 | 2,765 | ||||||
Construction in process | 1,715 | 356 | ||||||
36,404 | 30,578 | |||||||
Less: Accumulated depreciation | (14,739 | ) | (12,765 | ) | ||||
Property and equipment, net | $ | 21,665 | $ | 17,813 |
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Three Months Ended | Six Months Ended | |||||||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||||
Beginning balance | $ | 8,733 | $ | 7,180 | $ | 8,083 | $ | 6,610 | ||||||||
Add: Warranty expense | 1,772 | 948 | 3,641 | 2,543 | ||||||||||||
Less: Warranty claims paid | (1,301 | ) | (952 | ) | (2,520 | ) | (1,977 | ) | ||||||||
Ending balance | $ | 9,204 | $ | 7,176 | $ | 9,204 | $ | 7,176 |
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As of December 31, 2016 | As of June 30, 2016 | ||||||
Term loan | $ | 55,883 | $ | 72,000 | |||
Less unamortized debt issuance costs | (791 | ) | (914 | ) | |||
Total debt | 55,092 | 71,086 | |||||
Less current maturities | — | (8,000 | ) | ||||
Long term debt less current maturities | $ | 55,092 | $ | 63,086 |
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December 31, 2016 | June 30, 2016 | ||||||
Beginning balance | $ | 93,750 | $ | 96,470 | |||
Additions to tax receivable agreement: | |||||||
Exchange of LLC Units for Class A Common Stock | 335 | 111 | |||||
Payments under tax receivable agreement | — | (2,831 | ) | ||||
94,085 | 93,750 | ||||||
Less current portion under tax receivable agreement | (4,189 | ) | (4,189 | ) | |||
Ending balance | $ | 89,896 | $ | 89,561 |
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• | Level 1—Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets. |
• | Level 2—Financial assets and financial liabilities whose values are based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. |
• | Level 3—Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities. |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
As of December 31, 2016: | |||||||||||||||
Interest rate swap not designated as cash flow hedge | $ | 38 | $ | — | $ | 38 | $ | — | |||||||
Total liabilities at fair value | $ | 38 | $ | — | $ | 38 | $ | — | |||||||
As of June 30, 2016: | |||||||||||||||
Interest rate swap not designated as cash flow hedge | $ | 863 | $ | — | $ | 863 | $ | — | |||||||
Total liabilities at fair value | $ | 863 | $ | — | $ | 863 | $ | — |
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Number of Restricted Stock Units and Restricted Stock Awards Outstanding | Weighted Average Grant Date Fair Value | |||||
Total Non-vested Restricted Stock Units as of June 30, 2016 | 140,908 | $ | 16.17 | |||
Granted | 166,169 | 15.47 | ||||
Vested | (68,310 | ) | (15.08 | ) | ||
Forfeited | (975 | ) | (20.18 | ) | ||
Total Non-vested Restricted Stock Units as of December 31, 2016 | 237,792 | $ | 15.98 |
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Three Months Ended December 31, 2016 | Six Months Ended December 31, 2016 | ||||||||||||||||||||||||||||||
U.S. | Australia | Eliminations | Total | U.S. | Australia | Eliminations | Total | ||||||||||||||||||||||||
Net sales | $ | 63,672 | $ | 6,173 | $ | (2,184 | ) | $ | 67,661 | $ | 122,440 | $ | 11,668 | $ | (4,426 | ) | $ | 129,682 | |||||||||||||
Affiliate (or intersegment) sales | 2,184 | — | (2,184 | ) | — | 4,426 | — | (4,426 | ) | — | |||||||||||||||||||||
Net sales to external customers | 61,488 | 6,173 | — | 67,661 | 118,014 | 11,668 | — | 129,682 | |||||||||||||||||||||||
Income (loss) before provision for income taxes | 11,215 | 455 | 12 | 11,682 | 17,276 | 839 | (60 | ) | 18,055 | ||||||||||||||||||||||
Three Months Ended December 30, 2015 | Six Months Ended December 31, 2015 | ||||||||||||||||||||||||||||||
U.S. | Australia | Eliminations | Total | U.S. | Australia | Eliminations | Total | ||||||||||||||||||||||||
Net sales | $ | 57,006 | $ | 5,393 | $ | (1,893 | ) | $ | 60,506 | $ | 110,901 | $ | 10,163 | $ | (3,318 | ) | $ | 117,746 | |||||||||||||
Affiliate (or intersegment) sales | 1,893 | — | (1,893 | ) | — | 3,318 | — | (3,318 | ) | — | |||||||||||||||||||||
Net sales to external customers | 55,113 | 5,393 | — | 60,506 | 107,583 | 10,163 | — | 117,746 | |||||||||||||||||||||||
Income before provision for income taxes | 8,670 | 59 | (95 | ) | 8,634 | 14,459 | 117 | 24 | 14,600 |
As of December 31, 2016 | As of June 30, 2016 | ||||||
Assets | |||||||
U.S. | $ | 216,037 | $ | 220,817 | |||
Australia | 17,916 | 17,130 | |||||
Eliminations | (18,173 | ) | (17,417 | ) | |||
Total assets | $ | 215,780 | $ | 220,530 |
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As of December 31, 2016 | As of June 30, 2016 | ||||||||||
Units | Ownership % | Units | Ownership % | ||||||||
Non-controlling LLC Unit holders ownership in Malibu Boats Holdings, LLC | 1,359,302 | 7.1 | % | 1,404,923 | 7.4 | % | |||||
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC | 17,831,256 | 92.9 | % | 17,690,874 | 92.6 | % | |||||
19,190,558 | 100.0 | % | 19,095,797 | 100.0 | % |
Balance of non-controlling interest as of June 30, 2016 | $ | 4,679 | |
Allocation of income to non-controlling LLC Unit holders for period | 1,282 | ||
Distributions paid and payable to non-controlling LLC Unit holders for period | (711 | ) | |
Reallocation of non-controlling ownership interests in exchange for Class A Common Stock | (765 | ) | |
Balance of non-controlling interest as of December 31, 2016 | $ | 4,485 |
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Goodwill as of June 30, 2016 | $ | 12,470 | |
Effect of foreign currency changes on goodwill | (217 | ) | |
Goodwill as of December 31, 2016 | $ | 12,253 |
As of December 31, 2016 | As of June 30, 2016 | Estimated Useful Life (in years) | Weighted Average Remaining Useful Life (in years) | ||||||||
Reacquired franchise rights | $ | 1,296 | $ | 1,339 | 5 | 2.8 | |||||
Dealer relationships | 29,697 | 29,773 | 8-15 | 12.8 | |||||||
Patent | 1,386 | 1,386 | 12 | 1.6 | |||||||
Trade name | 24,667 | 24,667 | 15 | 4.7 | |||||||
Non-compete agreement | 50 | 52 | 10 | 7.8 | |||||||
Backlog | 90 | 93 | 0.3 | 0.0 | |||||||
Total | 57,186 | 57,310 | |||||||||
Less: Accumulated amortization | (46,670 | ) | (45,607 | ) | |||||||
Total other intangible assets, net | $ | 10,516 | $ | 11,703 |
Fiscal years ending June 30: | ||||
Remainder of 2017 | $ | 1,089 | ||
2018 | 2,178 | |||
2019 | 2,072 | |||
2020 | 1,884 | |||
2021 | 1,803 | |||
Thereafter | 1,490 | |||
$ | 10,516 |
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As of December 31, 2016 | As of June 30, 2016 | ||||||
Raw materials | $ | 16,499 | $ | 14,858 | |||
Work in progress | 2,329 | 1,250 | |||||
Finished goods | 4,584 | 4,323 | |||||
Total inventories | $ | 23,412 | $ | 20,431 |
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As of December 31, 2016 | As of June 30, 2016 | |||||||
Land | $ | 367 | $ | 254 | ||||
Building and leasehold improvements | 10,150 | 7,168 | ||||||
Machinery and equipment | 21,339 | 20,035 | ||||||
Furniture and fixtures | 2,833 | 2,765 | ||||||
Construction in process | 1,715 | 356 | ||||||
36,404 | 30,578 | |||||||
Less: Accumulated depreciation | (14,739 | ) | (12,765 | ) | ||||
Property and equipment, net | $ | 21,665 | $ | 17,813 |
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Three Months Ended | Six Months Ended | |||||||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||||
Beginning balance | $ | 8,733 | $ | 7,180 | $ | 8,083 | $ | 6,610 | ||||||||
Add: Warranty expense | 1,772 | 948 | 3,641 | 2,543 | ||||||||||||
Less: Warranty claims paid | (1,301 | ) | (952 | ) | (2,520 | ) | (1,977 | ) | ||||||||
Ending balance | $ | 9,204 | $ | 7,176 | $ | 9,204 | $ | 7,176 |
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As of December 31, 2016 | As of June 30, 2016 | ||||||
Term loan | $ | 55,883 | $ | 72,000 | |||
Less unamortized debt issuance costs | (791 | ) | (914 | ) | |||
Total debt | 55,092 | 71,086 | |||||
Less current maturities | — | (8,000 | ) | ||||
Long term debt less current maturities | $ | 55,092 | $ | 63,086 |
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December 31, 2016 | June 30, 2016 | ||||||
Beginning balance | $ | 93,750 | $ | 96,470 | |||
Additions to tax receivable agreement: | |||||||
Exchange of LLC Units for Class A Common Stock | 335 | 111 | |||||
Payments under tax receivable agreement | — | (2,831 | ) | ||||
94,085 | 93,750 | ||||||
Less current portion under tax receivable agreement | (4,189 | ) | (4,189 | ) | |||
Ending balance | $ | 89,896 | $ | 89,561 |
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Fair Value Measurements at Reporting Date Using | |||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
As of December 31, 2016: | |||||||||||||||
Interest rate swap not designated as cash flow hedge | $ | 38 | $ | — | $ | 38 | $ | — | |||||||
Total liabilities at fair value | $ | 38 | $ | — | $ | 38 | $ | — | |||||||
As of June 30, 2016: | |||||||||||||||
Interest rate swap not designated as cash flow hedge | $ | 863 | $ | — | $ | 863 | $ | — | |||||||
Total liabilities at fair value | $ | 863 | $ | — | $ | 863 | $ | — |
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Number of Restricted Stock Units and Restricted Stock Awards Outstanding | Weighted Average Grant Date Fair Value | |||||
Total Non-vested Restricted Stock Units as of June 30, 2016 | 140,908 | $ | 16.17 | |||
Granted | 166,169 | 15.47 | ||||
Vested | (68,310 | ) | (15.08 | ) | ||
Forfeited | (975 | ) | (20.18 | ) | ||
Total Non-vested Restricted Stock Units as of December 31, 2016 | 237,792 | $ | 15.98 |
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Three Months Ended December 31, 2016 | Six Months Ended December 31, 2016 | ||||||||||||||||||||||||||||||
U.S. | Australia | Eliminations | Total | U.S. | Australia | Eliminations | Total | ||||||||||||||||||||||||
Net sales | $ | 63,672 | $ | 6,173 | $ | (2,184 | ) | $ | 67,661 | $ | 122,440 | $ | 11,668 | $ | (4,426 | ) | $ | 129,682 | |||||||||||||
Affiliate (or intersegment) sales | 2,184 | — | (2,184 | ) | — | 4,426 | — | (4,426 | ) | — | |||||||||||||||||||||
Net sales to external customers | 61,488 | 6,173 | — | 67,661 | 118,014 | 11,668 | — | 129,682 | |||||||||||||||||||||||
Income (loss) before provision for income taxes | 11,215 | 455 | 12 | 11,682 | 17,276 | 839 | (60 | ) | 18,055 | ||||||||||||||||||||||
Three Months Ended December 30, 2015 | Six Months Ended December 31, 2015 | ||||||||||||||||||||||||||||||
U.S. | Australia | Eliminations | Total | U.S. | Australia | Eliminations | Total | ||||||||||||||||||||||||
Net sales | $ | 57,006 | $ | 5,393 | $ | (1,893 | ) | $ | 60,506 | $ | 110,901 | $ | 10,163 | $ | (3,318 | ) | $ | 117,746 | |||||||||||||
Affiliate (or intersegment) sales | 1,893 | — | (1,893 | ) | — | 3,318 | — | (3,318 | ) | — | |||||||||||||||||||||
Net sales to external customers | 55,113 | 5,393 | — | 60,506 | 107,583 | 10,163 | — | 117,746 | |||||||||||||||||||||||
Income before provision for income taxes | 8,670 | 59 | (95 | ) | 8,634 | 14,459 | 117 | 24 | 14,600 |
As of December 31, 2016 | As of June 30, 2016 | ||||||
Assets | |||||||
U.S. | $ | 216,037 | $ | 220,817 | |||
Australia | 17,916 | 17,130 | |||||
Eliminations | (18,173 | ) | (17,417 | ) | |||
Total assets | $ | 215,780 | $ | 220,530 |
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