MALIBU BOATS, INC., 10-Q filed on 5/2/2024
Quarterly Report
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Cover Page - shares
 9 Months Ended
Mar. 31, 2024
Apr. 26, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-36290  
Entity Registrant Name MALIBU BOATS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 5075 Kimberly Way  
Entity Address, City or Town Loudon  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37774  
Entity Tax Identification Number 46-4024640  
City Area Code 865  
Local Phone Number 458-5478  
Title of 12(b) Security Class A Common Stock, par value $0.01  
Trading Symbol MBUU  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001590976  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --06-30  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   20,439,597
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   12
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Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]        
Net sales $ 203,419 $ 375,119 $ 670,323 $ 1,016,062
Cost of sales 163,086 276,545 535,721 767,229
Gross profit 40,333 98,574 134,602 248,833
Operating expenses:        
Selling and marketing 6,552 7,176 17,914 18,560
General and administrative 18,608 19,455 54,753 57,732
Goodwill and other intangible asset impairment 88,389 0 88,389 0
Amortization 1,686 1,680 5,114 5,111
Operating (loss) income (74,902) 70,263 (31,568) 167,430
Other expense, net:        
Other (income) expense, net (14) (110) (33) 153
Interest expense 296 649 1,851 2,844
Other expense, net 282 539 1,818 2,997
(Loss) income before (benefit) provision for income taxes (75,184) 69,724 (33,386) 164,433
(Benefit) provision for income taxes (7,425) 16,272 3,459 38,480
Net (loss) income (67,759) 53,452 (36,845) 125,953
Net (loss) income attributable to non-controlling interest (928) 1,564 (154) 4,020
Net (loss) income attributable to Malibu Boats, Inc. (66,831) 51,888 (36,691) 121,933
Comprehensive (loss) income:        
Net (loss) income (67,759) 53,452 (36,845) 125,953
Other comprehensive (loss):        
Change in cumulative translation adjustment (1,116) (411) (440) (620)
Other comprehensive (loss) (1,116) (411) (440) (620)
Comprehensive (loss) income (68,875) 53,041 (37,285) 125,333
Less: comprehensive (loss) income attributable to non-controlling interest (943) 1,552 (150) 4,001
Comprehensive (loss) income attributable to Malibu Boats, Inc. $ (67,932) $ 51,489 $ (37,135) $ 121,332
Weighted-average shares outstanding used in computing net (loss) income per share:        
Basic (in shares) 20,399,018 20,533,649 20,453,951 20,465,534
Diluted (in shares) 20,399,018 20,679,631 20,453,951 20,608,968
Net (loss) income available to Class A Common Stock per share:        
Basic (in dollars per share) $ (3.28) $ 2.53 $ (1.79) $ 5.96
Diluted (in dollars per share) $ (3.28) $ 2.51 $ (1.79) $ 5.92
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Current assets    
Cash $ 47,116 $ 78,937
Trade receivables, net 45,477 68,381
Inventories, net 154,740 171,189
Prepaid expenses and other current assets 8,659 7,827
Total current assets 255,992 326,334
Property, plant and equipment, net 251,003 204,792
Goodwill 51,275 100,577
Other intangible assets, net 177,127 221,458
Deferred tax assets 53,624 62,573
Other assets 8,565 10,190
Total assets 797,586 925,924
Current liabilities    
Accounts payable 39,145 40,402
Accrued expenses 108,871 187,078
Income taxes and tax distribution payable 844 847
Payable pursuant to tax receivable agreement, current portion 4,111 4,111
Total current liabilities 152,971 232,438
Deferred tax liabilities 18,103 28,453
Other liabilities 8,591 9,926
Payable pursuant to tax receivable agreement, less current portion 40,632 39,354
Long-term debt 15,000 0
Total liabilities 235,297 310,171
Commitments and contingencies (See Note 15)
Stockholders' Equity    
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and June 30, 2023 0 0
Additional paid in capital 72,782 86,321
Accumulated other comprehensive loss (4,780) (4,340)
Accumulated earnings 489,006 525,697
Total stockholders' equity attributable to Malibu Boats, Inc. 557,211 607,882
Non-controlling interest 5,078 7,871
Total stockholders’ equity 562,289 615,753
Total liabilities and stockholders' equity 797,586 925,924
Class A Common Stock    
Stockholders' Equity    
Common stock 203 204
Class B Common Stock    
Stockholders' Equity    
Common stock $ 0 $ 0
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2024
Jun. 30, 2023
Common stock, shares issued (in shares)   12
Common stock, shares outstanding (in shares)   12
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 25,000,000 25,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 20,439,597 20,603,822
Common stock, shares outstanding (in shares) 20,439,597 20,603,822
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 25,000,000 25,000,000
Common stock, shares issued (in shares) 12  
Common stock, shares outstanding (in shares) 12  
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid In Capital
Accumulated Other Comprehensive Loss
Accumulated Earnings
Non-controlling Interest in LLC
Beginning balance (in shares) at Jun. 30, 2022       20,501,000 10        
Beginning balance at Jun. 30, 2022 $ 513,568     $ 203 $ 0 $ 85,294 $ (3,507) $ 421,184 $ 10,394
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 36,105             34,883 1,222
Stock based compensation, net of withholding taxes on vested equity awards (in shares)       12,000          
Stock based compensation, net of withholding taxes on vested equity awards 743         743      
Issuances of equity for services 67         67      
Repurchase and retirement of common stock (in shares)       (144,000)          
Repurchase and retirement of common stock (7,868)     $ (1)   (7,867)      
Distributions to LLC Unit holders (696)               (696)
Foreign currency translation adjustment (1,479)           (1,436)   (43)
Ending balance (in shares) at Sep. 30, 2022       20,345,000 10        
Ending balance at Sep. 30, 2022 540,440     $ 202 $ 0 78,237 (4,943) 456,067 10,877
Beginning balance (in shares) at Jun. 30, 2022       20,501,000 10        
Beginning balance at Jun. 30, 2022 513,568     $ 203 $ 0 85,294 (3,507) 421,184 10,394
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 125,953                
Ending balance (in shares) at Mar. 31, 2023       20,624,000 12        
Ending balance at Mar. 31, 2023 633,271     $ 204 $ 0 84,802 (4,127) 543,117 9,275
Beginning balance (in shares) at Sep. 30, 2022       20,345,000 10        
Beginning balance at Sep. 30, 2022 540,440     $ 202 $ 0 78,237 (4,943) 456,067 10,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 36,396             35,162 1,234
Stock based compensation, net of withholding taxes on vested equity awards (in shares)       128,000          
Stock based compensation, net of withholding taxes on vested equity awards 23     $ 1   22      
Issuance of equity for services (in shares)       2,000          
Issuances of equity for services 948         948      
Distributions to LLC Unit holders (688)               (688)
Foreign currency translation adjustment 1,263           1,227   36
Ending balance (in shares) at Dec. 31, 2022       20,475,000 10        
Ending balance at Dec. 31, 2022 578,382     $ 203 $ 0 79,207 (3,716) 491,229 11,459
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 53,452             51,888 1,564
Stock based compensation, net of withholding taxes on vested equity awards (in shares)       1,000          
Stock based compensation, net of withholding taxes on vested equity awards 1,707         1,707      
Issuances of equity for services 68         68      
Issuances of equity for exercise of stock options (in shares)       3,000          
Issuances of equity for exercise of stock options 132         132      
Increase in payable pursuant to the tax receivable agreement (1,717)         (1,717)      
Increase in deferred tax asset from step-up in tax basis 2,640         2,640      
Exchange of LLC Units for Class A Common Stock (in shares)       145,000          
Exchange of LLC Units for Class A Common Stock 1     $ 1   2,765     (2,765)
Issuances of Class B Common Stock (in shares)         2        
Distributions to LLC Unit holders (971)               (971)
Foreign currency translation adjustment (423)           (411)   (12)
Ending balance (in shares) at Mar. 31, 2023       20,624,000 12        
Ending balance at Mar. 31, 2023 $ 633,271     $ 204 $ 0 84,802 (4,127) 543,117 9,275
Beginning balance (in shares) at Jun. 30, 2023 12 20,603,822   20,603,000 12        
Beginning balance at Jun. 30, 2023 $ 615,753     $ 204 $ 0 86,321 (4,340) 525,697 7,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 20,770             20,259 511
Stock based compensation, net of withholding taxes on vested equity awards 1,443         1,443      
Issuances of equity for services 47         47      
Repurchase and retirement of common stock (in shares)       (199,000)          
Repurchase and retirement of common stock (9,619)     $ (2)   (9,617)      
Distributions to LLC Unit holders (114)               (114)
Foreign currency translation adjustment (768)           (751)   (17)
Ending balance (in shares) at Sep. 30, 2023       20,404,000 12        
Ending balance at Sep. 30, 2023 $ 627,512     $ 202 $ 0 78,194 (5,091) 545,956 8,251
Beginning balance (in shares) at Jun. 30, 2023 12 20,603,822   20,603,000 12        
Beginning balance at Jun. 30, 2023 $ 615,753     $ 204 $ 0 86,321 (4,340) 525,697 7,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income $ (36,845)                
Issuances of equity for exercise of stock options (in shares) 0                
Ending balance (in shares) at Mar. 31, 2024   20,439,597 12 20,440,000 12        
Ending balance at Mar. 31, 2024 $ 562,289     $ 203 $ 0 72,782 (4,780) 489,006 5,078
Beginning balance (in shares) at Sep. 30, 2023       20,404,000 12        
Beginning balance at Sep. 30, 2023 627,512     $ 202 $ 0 78,194 (5,091) 545,956 8,251
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 10,144             9,881 263
Stock based compensation, net of withholding taxes on vested equity awards (in shares)       109,000          
Stock based compensation, net of withholding taxes on vested equity awards (1,363)     $ 1   (1,364)      
Issuance of equity for services (in shares)       12,000          
Issuances of equity for services 1,037         1,037      
Repurchase and retirement of common stock (in shares)       (226,000)          
Repurchase and retirement of common stock (10,124)     $ (2)   (10,122)      
Foreign currency translation adjustment 1,456           1,427   29
Ending balance (in shares) at Dec. 31, 2023       20,299,000 12        
Ending balance at Dec. 31, 2023 628,662     $ 201 $ 0 67,745 (3,664) 555,837 8,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income (67,759)             (66,831) (928)
Stock based compensation, net of withholding taxes on vested equity awards (in shares)       6,000          
Stock based compensation, net of withholding taxes on vested equity awards 1,796         1,796      
Issuances of equity for services 48         48      
Increase in payable pursuant to the tax receivable agreement (1,278)         (1,278)      
Increase in deferred tax asset from step-up in tax basis 1,950         1,950      
Exchange of LLC Units for Class A Common Stock (in shares)       135,000          
Exchange of LLC Units for Class A Common Stock 2     $ 2   2,521     (2,521)
Foreign currency translation adjustment (1,132)           (1,116)   (16)
Ending balance (in shares) at Mar. 31, 2024   20,439,597 12 20,440,000 12        
Ending balance at Mar. 31, 2024 $ 562,289     $ 203 $ 0 $ 72,782 $ (4,780) $ 489,006 $ 5,078
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net (loss) income $ (36,845) $ 125,953
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Non-cash compensation expense 3,162 5,402
Non-cash compensation to directors 1,466 843
Depreciation 19,211 16,147
Amortization 5,114 5,111
Deferred income taxes 546 3,324
Goodwill and other intangible asset impairment 88,389 0
Other items, net 1,701 1,128
Change in operating assets and liabilities:    
Trade receivables 22,889 (29,350)
Inventories 16,282 (28,513)
Prepaid expenses and other assets 81 (390)
Accounts payable (2,598) 6,776
Income taxes payable (567) 307
Accrued expenses (78,233) 2,885
Other liabilities (1,377) (1,633)
Net cash provided by operating activities 39,221 107,990
Investing activities:    
Purchases of property, plant and equipment (64,106) (43,505)
Proceeds from sale or disposal of property, plant and equipment 14 0
Net cash used in investing activities (64,092) (43,505)
Financing activities:    
Proceeds from revolving credit facility 75,000 141,700
Principal payments on long-term borrowings 0 (23,125)
Payments on revolving credit facility (60,000) (217,000)
Payment of deferred financing costs 0 (1,362)
Proceeds received from exercise of stock options 0 132
Cash paid for withholding taxes on vested restricted stock (1,242) (2,895)
Distributions to LLC Unit holders (890) (2,429)
Repurchase and retirement of common stock (19,743) (7,868)
Net cash used in financing activities (6,875) (112,847)
Effect of exchange rate changes on cash (75) (224)
Changes in cash (31,821) (48,586)
Cash—Beginning of period 78,937 83,744
Cash—End of period 47,116 35,158
Supplemental cash flow information:    
Cash paid for interest 2,513 2,457
Cash paid for income taxes $ 1,991 $ 34,117
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Organization, Basis of Presentation, and Summary of Significant Accounting Policies
 9 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Organization, Basis of Presentation, and Summary of Significant Accounting Policies
Organization
Malibu Boats, Inc. (“MBI” and, together with its subsidiaries, the “Company” or "Malibu"), a Delaware corporation formed on November 1, 2013, is the sole managing member of Malibu Boats Holdings, LLC, a Delaware limited liability company (the "LLC"). The Company operates and controls all of the LLC's business and affairs and, therefore, pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 810, Consolidation, consolidates the financial results of the LLC and its subsidiaries, and records a non-controlling interest for the economic interest in the Company held by the non-controlling holders of units in the LLC ("LLC Units"). The LLC was formed in 2006. The LLC, through its wholly owned subsidiary, Malibu Boats, LLC, (“Boats LLC”), is engaged in the design, engineering, manufacturing and marketing of innovative, high-quality, recreational powerboats that are sold through a world-wide network of independent dealers. The Company sells its boats under eight brands -- Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt brands. The Company reports its results of operations under three reportable segments -- Malibu, Saltwater Fishing and Cobalt.
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim condensed financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with GAAP for complete financial statements. Such statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Malibu and subsidiaries for the year ended June 30, 2023, included in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted.
Interim Impairment Evaluation
The Company accounts for business combinations under ASC 805, Business Combinations. The total purchase consideration for an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities assumed at the acquisition date. Identifiable assets (including intangible assets) and liabilities assumed in an acquisition are measured initially at their fair values at the acquisition date. We recognize goodwill if the fair value of the total purchase consideration and any non-controlling interests is in excess of the net fair value of the identifiable assets acquired and the liabilities assumed. We recognized goodwill of $49,189 related to our acquisition of Maverick Boat Group in December 2020. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis, as of June 30, or at an interim period when there is evidence that events or changes in circumstances indicate that the current carrying amounts may not be recovered in accordance with the provisions of ASC Topic 350, Intangibles—Goodwill and Other. Under the guidance, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this assessment indicates the possibility of impairment, the income approach to test for goodwill impairment would be used. Under the income approach, management calculates the fair value of its reporting units based on the present value of estimated future cash flows. If the fair value of an individual reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then management determines the implied fair value of the reporting unit’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. For the fiscal year ended June 30, 2023, the Company performed a quantitative assessment on the Maverick Boat Group reporting unit which indicated that the fair value of its reporting units more likely than not exceeded their respective carrying amounts. As a result, the Company did not recognize any goodwill impairment charges for the fiscal year ended June 30, 2023.
Based on the Company’s interim assessment as of December 31, 2023, the Company determined that it was more-likely- than-not that the fair value of the Maverick Boat Group reporting unit was still greater than its net book value and that the Company did not have a “triggering event” requiring a quantitative assessment of goodwill. However, during the three months ended March 31, 2024, the Company determined certain indicators of potential impairment existed, warranting an interim impairment assessment of goodwill as of March 31, 2024. These indicators included a decline in the fourth quarter and fiscal
year 2025 forecast, in the outlook for sales and operating performance relative to our business plan and a deterioration in general macroeconomic conditions, including rising interest rates and inflationary pressures on labor and supply costs. As a result of these macroeconomic factors, specifically a decline in the fourth quarter 2024 and fiscal year 2025 forecast, the Company performed a goodwill impairment analysis as of March 31, 2024 consistent with the Company’s approach for annual impairment testing, including similar models and inputs. Based on such analysis, the Company determined that its estimated fair value for the Maverick Boat Group reporting unit is less than its carrying value as of March 31, 2024 and the Company recognized an impairment charge of $49,189 for the three months ended March 31, 2024.
Additionally, during our interim impairment evaluation of indefinite-lived intangibles, the Company recorded an impairment charge to trade names of $39,200 for the three months ended March 31, 2024 related to the Maverick Boat Group reporting unit. The impairment was principally a result of a decline, in the fourth quarter 2024 and fiscal year 2025 forecast, in the outlook for sales and operating performance relative to our business plan. This charge was included in Goodwill and other intangible asset impairment on the consolidated statements of operations and comprehensive (loss) income. No other intangible asset impairment loss was recorded.
If assumptions or estimates with respect to the Company's future performance vary from what is expected, including those assumptions relating to future revenue, profitability, operational plans and economic indicators such as interest rates and inflationary pressures on product and labor costs, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges. The Company will continue to monitor developments the remainder fiscal year 2024 including updates to our forecasts as well as our market capitalization, and an update of our assessment and related estimates may be required in the future.
Principles of Consolidation
The accompanying unaudited interim condensed consolidated financial statements include the operations and accounts of the Company and all subsidiaries thereof. All intercompany balances and transactions have been eliminated upon consolidation.
Recent Accounting Pronouncements
In November, 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant expenses. The updated standard is effective for annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU.
In December, 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which requires two primary enhancements of 1) disaggregated information on a reporting entity’s effective tax rate reconciliation, and 2) information on income taxes paid. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU.
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Revenue Recognition
 9 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following tables disaggregate the Company's revenue by major product type and geography:
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
MalibuSaltwater FishingCobaltConsolidatedMalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$57,283 $80,839 $61,445 $199,567 $230,994 $255,571 $169,940 $656,505 
Part and other sales2,911 384 557 3,852 10,594 1,008 2,216 13,818 
Net Sales$60,194 $81,223 $62,002 $203,419 $241,588 $256,579 $172,156 $670,323 
Revenue by geography:
North America$51,118 $75,471 $58,506 $185,095 $217,296 $245,666 $167,598 $630,560 
International9,076 5,752 3,496 18,324 24,292 10,913 4,558 39,763 
Net Sales$60,194 $81,223 $62,002 $203,419 $241,588 $256,579 $172,156 $670,323 
Three Months Ended March 31, 2023Nine Months Ended March 31, 2023
MalibuSaltwater FishingCobaltConsolidatedMalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$167,979 $122,058 $79,246 $369,283 $463,153 $319,314 $216,706 $999,173 
Part and other sales4,592 603 641 5,836 12,752 1,165 2,972 16,889 
Net Sales$172,571 $122,661 $79,887 $375,119 $475,905 $320,479 $219,678 $1,016,062 
Revenue by geography:
North America$158,676 $120,541 $77,148 $356,365 $430,250 $313,636 $211,415 $955,301 
International13,895 2,120 2,739 18,754 45,655 6,843 8,263 60,761 
Net Sales$172,571 $122,661 $79,887 $375,119 $475,905 $320,479 $219,678 $1,016,062 
Boat and Trailer Sales
Consists of sales of boats and trailers to the Company's dealer network, net of sales returns, discounts, rebates and free flooring incentives. Boat and trailer sales also includes optional boat features. Sales returns consist of boats returned by dealers under the Company's warranty program. Rebates, free flooring and discounts are incentives that the Company provides to its dealers based on sales of eligible products.
Part and Other Sales
Consists primarily of parts and accessories sales, royalty income and clothing sales. Parts and accessories sales include replacement and aftermarket boat parts and accessories sold to the Company's dealer network. Royalty income is earned from license agreements with various boat manufacturers, including Nautique, Chaparral, Mastercraft, and Tige related to the use of the Company's intellectual property.
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Non-controlling Interest
 9 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
Non-controlling Interest Non-controlling Interest
The non-controlling interest on the unaudited interim condensed consolidated statements of operations and comprehensive income represents the portion of earnings attributable to the economic interest in the Company's subsidiary, the LLC, held by the non-controlling LLC Unit holders. Non-controlling interest on the unaudited interim condensed consolidated balance sheets represents the portion of net assets of the Company attributable to the non-controlling LLC Unit holders, based on the portion
of the LLC Units owned by such Unit holders. The ownership of the LLC is summarized as follows:
 As of March 31, 2024As of June 30, 2023
UnitsOwnership %UnitsOwnership %
Non-controlling LLC Unit holders ownership in Malibu Boats Holdings, LLC321,419 1.5 %455,919 2.2 %
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC20,439,597 98.5 %20,603,822 97.8 %
20,761,016 100.0 %21,059,741 100.0 %
Issuance of Additional LLC Units
Under the first amended and restated limited liability company agreement of the LLC, as amended (the "LLC Agreement"), the Company is required to cause the LLC to issue additional LLC Units to the Company when the Company issues additional shares of Class A Common Stock. Other than in connection with the issuance of Class A Common Stock in connection with an equity incentive program, the Company must contribute to the LLC net proceeds and property, if any, received by the Company with respect to the issuance of such additional shares of Class A Common Stock. The Company must cause the LLC to issue a number of LLC Units equal to the number of shares of Class A Common Stock issued such that, at all times, the number of LLC Units held by the Company equals the number of outstanding shares of Class A Common Stock. During the nine months ended March 31, 2024, the Company caused the LLC to issue a total of 299,199 LLC Units to the Company in connection with (i) the Company's issuance of Class A Common Stock to non-employee directors for their services, (ii) the issuance of Class A Common Stock for the vesting of awards granted under the Malibu Boats, Inc. Long-Term Incentive Plan (the "Incentive Plan"), (iii) the issuance of restricted Class A Common Stock granted under the Incentive Plan, and (iv) the issuance of Class A Common Stock to LLC Unit holders in exchange of their LLC Units. During the nine months ended March 31, 2024, 17,804 LLC Units were canceled in connection with the vesting of share-based equity awards to satisfy employee tax withholding requirements, 20,080 LLC Units were canceled in connection with the vesting of stock awards with a market condition that was deemed to not be achieved and the retirement of 38,017 treasury shares in accordance with the LLC Agreement. Also during the nine months ended March 31, 2024, 425,407 LLC Units were redeemed and canceled by the LLC in connection with the purchase and retirement of 425,407 treasury shares under the Company's stock repurchase program that expired on November 8, 2023, and the Company’s new stock repurchase program that was authorized for the period from November 8, 2023 to November 8, 2024.
Distributions and Other Payments to Non-controlling Unit Holders
Distributions for Taxes
As a limited liability company (treated as a partnership for income tax purposes), the LLC does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. As authorized by the LLC Agreement, the LLC is required to distribute cash, to the extent that the LLC has cash available, on a pro rata basis, to its members to the extent necessary to cover the members’ tax liabilities, if any, with respect to their share of LLC earnings. The LLC makes such tax distributions to its members based on an estimated tax rate and projections of taxable income. If the actual taxable income of the LLC multiplied by the estimated tax rate exceeds the tax distributions made in a calendar year, the LLC may make true-up distributions to its members, if cash or borrowings are available for such purposes. As of March 31, 2024 and June 30, 2023, tax distributions payable to non-controlling LLC Unit holders were $0 and $776, respectively. During the nine months ended March 31, 2024 and 2023, tax distributions paid to the non-controlling LLC Unit holders were $890 and $2,429, respectively.
Other Distributions
Pursuant to the LLC Agreement, the Company has the right to determine when distributions will be made to LLC members and the amount of any such distributions. If the Company authorizes a distribution, such distribution will be made to the members of the LLC (including the Company) pro rata in accordance with the percentages of their respective LLC Units.
v3.24.1.u1
Inventories
 9 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories, net consisted of the following:
 As of March 31, 2024As of June 30, 2023
Raw materials$113,949 $142,948 
Work in progress26,059 19,222 
Finished goods14,732 9,019 
Total inventories$154,740 $171,189 
v3.24.1.u1
Property, Plant and Equipment
 9 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment, net consisted of the following:
 As of March 31, 2024As of June 30, 2023
Land$4,905 $4,905 
Building and leasehold improvements166,490 119,324 
Machinery and equipment114,076 103,362 
Furniture and fixtures14,609 12,672 
Construction in process52,304 47,482 
352,384 287,745 
Less: Accumulated depreciation(101,381)(82,953)
Property, plant and equipment, net$251,003 $204,792 
Depreciation expense was $6,544 and $5,463 for the three months ended March 31, 2024 and 2023, respectively, and $19,211 and $16,147 for the nine months ended March 31, 2024 and 2023, respectively substantially all of which was recorded in cost of sales.
v3.24.1.u1
Goodwill and Other Intangible Assets
 9 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill for the nine months ended March 31, 2024 were as follows:
MalibuSaltwater FishingCobaltConsolidated
Goodwill as of June 30, 2023
$12,072 $68,714 $19,791 $100,577 
Impairment charge— (49,189)— (49,189)
Effect of foreign currency changes on goodwill(113)— — (113)
Balance as of March 31, 2024
Goodwill$11,959 $68,714 $19,791 $100,464 
Accumulated impairment— (49,189)— (49,189)
Goodwill at end of period$11,959 $19,525 $19,791 $51,275 
The components of other intangible assets were as follows:
As of March 31, 2024As of June 30, 2023Estimated Useful Life (in years)Weighted-Average Remaining Useful Life
(in years)
Definite-lived intangibles:
Dealer relationships$131,685 $131,725 
15-20
14.9
Patent2,600 2,600 
15
8.3
Trade name100 100 156.2
Non-compete agreement46 46 100.6
Total134,431 134,471 
Less: Accumulated amortization(36,304)(31,213)
Total definite-lived intangible assets, net98,127 103,258 
Indefinite-lived intangible:
Trade name118,200 118,200 
Less: Impairment charge(39,200)— 
Total other intangible assets, net$177,127 $221,458 
During the three months ended March 31, 2024, the Company determined certain indicators of potential impairment existed, warranting an interim impairment assessment of goodwill as of March 31, 2024. The Company performed a goodwill impairment analysis as of March 31, 2024 consistent with the Company’s approach for annual impairment testing, including similar models and inputs. Based on such analysis, the Company determined that its estimated fair value for the Maverick Boat Group reporting unit is less than its carrying value as of March 31, 2024, and the Company recognized an impairment charge of $49,189 for the three months ended March 31, 2024.
Additionally, during our interim our impairment evaluation of indefinite-lived intangibles, the Company recorded an impairment charge on trade names of $39,200 related to the Maverick Boat Group reporting unit. This charge was included in Goodwill and other intangible asset impairment on the consolidated statements of operations and comprehensive (loss) income. No other intangible asset impairment loss was recorded.
For more information, refer to Note 1 of our condensed consolidated financial statements included elsewhere in this report.
Amortization expense recognized on all amortizable intangibles was $1,686 and $1,680 for the three months ended March 31, 2024 and 2023, respectively, and $5,114 and $5,111 for the nine months ended March 31, 2024 and 2023, respectively.
Estimated future amortization expenses as of March 31, 2024 are as follows:
Fiscal years ending June 30:Amount
Remainder of 2024$1,696 
20256,800 
20266,799 
20276,799 
20286,799 
2029 and thereafter69,234 
$98,127 
v3.24.1.u1
Accrued Expenses
 9 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consisted of the following:
 As of March 31, 2024As of June 30, 2023
Warranties$38,707 $41,709 
Dealer incentives18,893 14,996 
Accrued compensation14,493 19,671 
Current operating lease liabilities2,200 2,324 
Litigation settlement— 100,000 
Accrued legal and professional fees22,240 1,899 
Customer deposits3,193 4,054 
Government grant6,630 — 
Other accrued expenses2,515 2,425 
Total accrued expenses$108,871 $187,078 
Litigation settlement represents the settlement of product liability cases in June 2023 for $100,000. Accrued legal and professional fees includes approximately $21,000 in insurance coverage proceeds that are subject in certain cases to reservations of rights by the insurance carriers. The proceeds will be considered a liability in accrued expenses until the resolution of the litigation. For more information, refer to Note 15 of our condensed consolidated financial statements included elsewhere in this report.
Government grant includes approximately $6,630 related to an Economic Development Grant to be paid by the State of Tennessee in relation to the Roane County Property Purchase and Related Improvements. The grant requires the Company to create and maintain a specified number of jobs in order to retain the grant. The accrued liability will be relieved as the Company satisfies headcount requirements.
v3.24.1.u1
Product Warranties
 9 Months Ended
Mar. 31, 2024
Product Warranties Disclosures [Abstract]  
Product Warranties Product Warranties
The Company's Malibu and Axis brand boats have a limited warranty for a period up to five years. The Company's Cobalt brand boats have (1) a structural warranty of up to ten years which covers the hull, deck joints, bulkheads, floor, transom, stringers, and motor mount and (2) a five year bow-to-stern warranty on all components manufactured or purchased (excluding hull and deck structural components), including canvas and upholstery. Gelcoat is covered up to three years for Cobalt and one year for Malibu and Axis. Pursuit brand boats have (1) a limited warranty for a period of up to five years on structural components such as the hull, deck and defects in the gelcoat surface of the hull bottom and (2) a bow-to-stern warranty of two years (excluding hull and deck structural components). Maverick, Pathfinder and Hewes brand boats have (1) a limited warranty for a period of up to five years on structural components such as the hull, deck and defects in the gelcoat surface of the hull bottom and (2) a bow-to-stern warranty of one year (excluding hull and deck structural components). Cobia brand boats have (1) a limited warranty for a period of up to ten years on structural components such as the hull, deck and defects in the gelcoat surface of the hull bottom and (2) a bow-to-stern warranty of three years (excluding hull and deck structural
components). For each boat brand, there are certain materials, components or parts of the boat that are not covered by the Company’s warranty and certain components or parts that are separately warranted by the manufacturer or supplier (such as the engine). Engines that the Company manufactures for Malibu and Axis models have a limited warranty of up to five years or five-hundred hours.
The Company’s standard warranties require it or its dealers to repair or replace defective products during the warranty period at no cost to the consumer. The Company estimates warranty costs it expects to incur and records a liability for such costs at the time the product revenue is recognized. The Company utilizes historical claims trends and analytical tools to develop the estimate of its warranty obligation on a per boat basis, by brand and warranty year. Factors that affect the Company’s warranty liability include the number of units sold, historical and anticipated rates of warranty claims and cost per claim. The Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Beginning in model year 2016, the Company increased the term of its limited warranty for Malibu brand boats from three years to five years and for Axis brand boats from two years to five years. Beginning in model year 2018, the Company increased the term of its bow-to-stern warranty for Cobalt brand boats from three years to five years. Accordingly, the Company has less historical claims experience for warranty years four and five, and as such, these estimates give rise to a higher level of estimation uncertainty. Future warranty claims may differ from the Company’s estimate of the warranty liability, which could lead to changes in the Company’s warranty liability in future periods.
Changes in the Company’s product warranty liability, which is included in accrued expenses on the unaudited interim condensed consolidated balance sheets, were as follows:
 Three Months Ended March 31,Nine Months Ended March 31,
2024202320242023
Beginning balance$40,587 $40,513 $41,709 $38,673 
Add: Warranty expense4,173 5,893 17,210 18,980 
Less: Warranty claims paid(6,053)(5,386)(20,212)(16,633)
Ending balance$38,707 $41,020 $38,707 $41,020 
v3.24.1.u1
Financing
 9 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Financing Financing
Outstanding debt consisted of the following:
 As of March 31, 2024As of June 30, 2023
Term loan$— $— 
Revolving credit loan15,000 — 
Total debt15,000 — 
     Less current maturities— — 
Long-term debt less current maturities$15,000 $— 
Long-Term Debt
On July 8, 2022, Boats LLC entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) which provides Boats LLC with a revolving credit facility in an aggregate principal amount of up to $350,000. As of March 31, 2024, the Company had $15,000 outstanding under its revolving credit facility and $1,578 in outstanding letters of credit, with $333,422 available for borrowing. The revolving credit facility matures on July 8, 2027. Boats LLC has the option to request that lenders increase the amount available under the revolving credit facility by, or obtain incremental term loans of, up to $200,000, subject to the terms of the Credit Agreement and only if existing or new lenders choose to provide additional term or revolving commitments.
The obligations of Boats LLC under the Credit Agreement are guaranteed by the LLC, and, subject to certain exceptions, the present and future domestic subsidiaries of Boats LLC, and all such obligations are secured by substantially all of the assets of the LLC, Boats LLC and such subsidiary guarantors. Malibu Boats, Inc. is not a party to the Credit Agreement.
Borrowings under the Credit Agreement bear interest at a rate equal to either, at the Company's option, (i) the highest of the prime rate, the Federal Funds Rate (as defined in the Credit Agreement) plus 0.5%, or one-month Term SOFR (as defined in the Credit Agreement) plus 1% (the “Base Rate”) or (ii) SOFR (as defined in the Credit Agreement), in each case plus an
applicable margin ranging from 1.25% to 2.00% with respect to SOFR borrowings and 0.25% to 1.00% with respect to Base Rate borrowings. The applicable margin is based upon the consolidated leverage ratio of the LLC and its subsidiaries. As of March 31, 2024, the interest rate on the Company’s revolving credit facility was 6.47%. The Company is required to pay a commitment fee for any unused portion of the revolving credit facility which ranges from 0.15% to 0.30% per annum, depending on the LLC’s and its subsidiaries’ consolidated leverage ratio.
The Credit Agreement contains certain customary representations and warranties, and notice requirements for the occurrence of specific events such as the occurrence of any event of default or pending or threatened litigation. The Credit Agreement also requires compliance with certain customary financial covenants consisting of a minimum ratio of EBITDA to interest expense and a maximum ratio of total debt to EBITDA. The Credit Agreement contains certain customary restrictive covenants regarding indebtedness, liens, fundamental changes, investments, share repurchases, dividends and distributions, disposition of assets, transactions with affiliates, negative pledges, hedging transactions, certain prepayments of indebtedness, accounting changes and governmental regulation. For example, the Credit Agreement generally prohibits the LLC, Boats LLC and the subsidiary guarantors from paying dividends or making distributions, including to the Company. The credit facility permits, however, (i) distributions based on a member’s allocated taxable income, (ii) distributions to fund payments that are required under the LLC’s tax receivable agreement, (iii) purchase of stock or stock options of the LLC from former officers, directors or employees of loan parties or payments pursuant to stock option and other benefit plans up to $5,000 in any fiscal year, and (iv) repurchases of the Company's outstanding stock and LLC Units. In addition, the LLC may make unlimited dividends and distributions if its consolidated leverage ratio is 2.75 or less and certain other conditions are met, subject to compliance with certain financial covenants.
The Credit Agreement also contains customary events of default. If an event of default has occurred and continues beyond any applicable cure period, the administrative agent may (i) accelerate all outstanding obligations under the Credit Agreement or (ii) terminate the commitments, amongst other remedies. Additionally, the lenders are not obligated to fund any new borrowing under the Credit Agreement while an event of default is continuing.
Covenant Compliance
As of March 31, 2024, the Company was in compliance with the financial covenants contained in the Credit Agreement.
v3.24.1.u1
Leases
 9 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases certain manufacturing facilities, warehouses, office space, land, and equipment. The Company determines if a contract is a lease or contains an embedded lease at the inception of the agreement. Leases with an initial term of 12 months or less are not recorded on the unaudited interim condensed consolidated balance sheets. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. The Company's lease liabilities do not include future lease payments related to options to extend or terminate lease agreements as it is not reasonably certain those options will be exercised.
Other information concerning the Company's operating leases accounted for under ASC Topic 842, Leases is as follows:
ClassificationAs of March 31, 2024As of June 30, 2023
Assets
Right-of-use assetsOther assets$7,349 $8,808 
Liabilities
Current operating lease liabilitiesAccrued expenses$2,200 $2,324 
Long-term operating lease liabilitiesOther liabilities6,279 7,843 
Total lease liabilities$8,479 $10,167 
ClassificationThree Months Ended March 31, 2024Three Months Ended March 31, 2023Nine Months Ended March 31, 2024Nine Months Ended March 31, 2023
Operating lease costs (1)
Cost of sales$641 $697 $1,985 $2,010 
Selling and marketing, and general and administrative201 212 645 668 
Sublease incomeOther (income) expense, net(10)(10)(29)(29)
Cash paid for amounts included in the measurement of operating lease liabilitiesCash flows from operating activities665 641 1,995 1,886 
(1) Includes short-term leases, which are insignificant, and are not included in the lease liability.
The lease liability for operating leases that contain variable escalating rental payments with scheduled increases that are based on the lesser of a stated percentage increase or the cumulative increase in an index, are determined using the stated percentage increase.
The weighted-average remaining lease term as of March 31, 2024 and 2023 was 3.92 years and 4.80 years, respectively. As of March 31, 2024 and 2023, the weighted-average discount rate determined based on the Company's incremental borrowing rate is 3.68% and 3.67%, respectively.
Future annual minimum lease payments for the following fiscal years as of March 31, 2024 are as follows:
 Amount
Remainder of 2024$665 
20252,370 
20262,274 
20272,258 
20281,505 
2029 and thereafter1 
Total9,073 
Less: imputed interest(594)
Present value of lease liabilities$8,479 
v3.24.1.u1
Tax Receivable Agreement Liability
 9 Months Ended
Mar. 31, 2024
Tax Receivable Agreement [Abstract]  
Tax Receivable Agreement Liability Tax Receivable Agreement Liability
The Company has a Tax Receivable Agreement with the pre-IPO owners of the LLC that provides for the payment by the Company to the pre-IPO owners (or their permitted assignees) of 85% of the amount of the benefits, if any, that the Company is deemed to realize as a result of (i) increases in tax basis and (ii) certain other tax benefits related to the Company entering into the Tax Receivable Agreement, including those attributable to payments under the Tax Receivable Agreement. These contractual payment obligations are obligations of the Company and not of the LLC. The Company's Tax Receivable Agreement liability was determined on an undiscounted basis in accordance with ASC 450, Contingencies, since the contractual payment obligations were deemed to be probable and reasonably estimable.
For purposes of the Tax Receivable Agreement, the benefit deemed realized by the Company is computed by comparing the actual income tax liability of the Company (calculated with certain assumptions) to the amount of such taxes that the Company would have been required to pay had there been no increase to the tax basis of the assets of the LLC as a result of the purchases or exchanges, and had the Company not entered into the Tax Receivable Agreement.
The following table reflects the changes to the Company's tax receivable agreement liability:
As of March 31, 2024As of June 30, 2023
Beginning fiscal year balance$43,465 $45,541 
Additions (reductions) to tax receivable agreement:
Exchange of LLC Units for Class A Common Stock1,278 1,710 
Adjustment for change in estimated state tax rate or benefits— 188 
Payments under tax receivable agreement— (3,974)
44,743 43,465 
Less: current portion under tax receivable agreement(4,111)(4,111)
Ending balance$40,632 $39,354 
The Tax Receivable Agreement further provides that, upon certain mergers, asset sales or other forms of business combinations or other changes of control, the Company (or its successor) would owe to the pre-IPO owners of the LLC a lump-sum payment equal to the present value of all forecasted future payments that would have otherwise been made under the Tax Receivable Agreement that would be based on certain assumptions, including a deemed exchange of LLC Units and that the Company would have sufficient taxable income to fully utilize the deductions arising from the increased tax basis and other tax benefits related to entering into the Tax Receivable Agreement. The Company also is entitled to terminate the Tax Receivable Agreement, which, if terminated, would obligate the Company to make early termination payments to the pre-IPO owners of the LLC. In addition, a pre-IPO owner may elect to unilaterally terminate the Tax Receivable Agreement with respect to such pre-IPO owner, which would obligate the Company to pay to such existing owner certain payments for tax benefits received through the taxable year of the election.
When estimating the expected tax rate to use in order to determine the tax benefit expected to be recognized from the Company’s increased tax basis as a result of exchanges of LLC Units by the pre-IPO owners of the LLC, the Company continuously monitors changes in its overall tax posture, including changes resulting from new legislation and changes as a result of new jurisdictions in which the Company is subject to tax.
As of March 31, 2024 and June 30, 2023, the Company recorded deferred tax assets of $120,005 and $118,148, respectively, associated with basis differences in assets upon acquiring an interest in the LLC and pursuant to making an election under Section 754 of the Internal Revenue Code of 1986 (the "Internal Revenue Code"), as amended. The aggregate Tax Receivable Agreement liability represents 85% of the tax benefits that the Company expects to receive in connection with the Section 754 election. In accordance with the Tax Receivable Agreement, the next annual payment is anticipated approximately 75 days after filing the federal tax return, which was filed on March 15, 2024.
v3.24.1.u1
Income Taxes
 9 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is taxed as a C corporation for U.S. income tax purposes and is therefore subject to both federal and state taxation at a corporate level. The LLC continues to operate in the United States as a partnership for U.S. federal income tax purposes. Maverick Boat Group is separately subject to U.S. federal and state income tax with respect to its net taxable income.
Income taxes are computed in accordance with ASC Topic 740, Income Taxes, and reflect the net tax effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and the corresponding income tax amounts. The Company has deferred tax assets and liabilities and maintains valuation allowances where it is more likely than not that all or a portion of deferred tax assets will not be realized. To the extent the Company determines that it will not realize the benefit of some or all of its deferred tax assets, such deferred tax assets will be adjusted through the Company’s (benefit) provision for income taxes in the period in which this determination is made.
As of March 31, 2024 and June 30, 2023, the Company maintained a total valuation allowance of $16,673 and $16,876, respectively, against deferred tax assets related to state net operating losses and future amortization deductions (with respect to the Section 754 election) that are reported in the Tennessee corporate tax return without offsetting income, which is taxable at the LLC. These also include a valuation allowance in the amount of $580 related to foreign tax credit carryforward that is not expected to be utilized in the future.
The Company’s consolidated interim effective tax rate is based upon expected annual income from operations, statutory tax rates and tax laws in the various jurisdictions in which the Company operates. Significant or unusual items, including those related to the change in U.S. tax law as well as other adjustments to accruals for tax uncertainties, are recognized in the quarter in which the related event occurs. On August 16, 2022, the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) was
signed into law. The Inflation Reduction Act contains significant business tax provisions, including an excise tax on stock buybacks (1% for transactions beginning January 1, 2023), increased funding for IRS tax enforcement, expanded energy incentives promoting clean energy investment, and a 15% corporate minimum tax on certain large corporations. The effects of the new legislation are recognized upon enactment. The Company did not recognize any significant impact to income tax expense for the nine months ended March 31, 2024 relating to the Inflation Reduction Act.
For the three months ended March 31, 2024 and 2023, the Company's effective tax rate was 9.9% and 23.3%, respectively. For the nine months ended March 31, 2024 and 2023, the Company's effective tax rate was (10.4)% and 23.4%, respectively. For the three months ended March 31, 2024, the Company's effective tax rate was reduced by impairment charges related to our Maverick Boat Group reporting unit. For the three months ended March 31, 2023, the Company's effective tax rate exceeded the statutory federal income tax rate of 21% primarily due to the impact of U.S. state taxes. For the nine months ended March 31, 2024, the Company's effective tax rate was reduced by impairment charges related to our Maverick Boat Group reporting unit, as well as a Section 162(m) limitations on stock based compensation and the impact of U.S. state taxes. For the nine months ended March 31, 2023, the increase in the effective tax rate over the statutory federal income tax rate was partially offset by a windfall benefit generated by certain stock-based compensation as well as the benefits from the foreign derived intangible income deduction, the research and development tax credit, and the impact of non-controlling interests in the LLC.
v3.24.1.u1
Stock-Based Compensation
 9 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company adopted a long term incentive plan which became effective on January 1, 2014, and reserves for issuance up to 1,700,000 shares of Malibu Boats, Inc. Class A Common Stock for the Company’s employees, consultants, members of its board of directors and other independent contractors at the discretion of the compensation committee. Incentive stock awards authorized under the Incentive Plan include unrestricted shares of Class A Common Stock, stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent awards and performance awards. As of March 31, 2024, 101,932 shares remain available for future issuance under the long term incentive plan.
On November 6, 2023, under the Incentive Plan, Malibu Boats, Inc. granted approximately 79,000 restricted service-based stock units and 35,000 restricted service-based stock awards to employees. The grant date fair value of these awards was $5,116 based on a stock price of $44.87 per share on the date of grant. Approximately 70% of the awards vest ratably over three years and approximately 30% of the awards vest ratably over four years. Stock-based compensation expense attributable to the service-based units and awards is amortized on a straight-line basis over the requisite service period.
On November 6, 2023, under the Incentive Plan, Malibu Boats, Inc. granted to employees a target amount of approximately 26,000 restricted stock awards with a performance condition. The number of shares that will ultimately be issued, if any, is based on the attainment of a specified amount of earnings during the fiscal year ending June 30, 2026. The maximum number of shares that can be issued if an elevated earnings target is met is approximately 39,000. The grant date fair value of the awards were estimated to be $1,167, based on a stock price of $44.87. These shares are not expected to vest based on the expectation that the related performance criteria will not be met. Compensation costs associated with the performance awards are recognized over the requisite service period based on probability of achievement in accordance with ASC Topic 718, Compensation—Stock Compensation.
On November 6, 2023, under the Incentive Plan, Malibu Boats, Inc. granted to employees a target amount of approximately 26,000 stock awards with a market condition. The number of shares that will ultimately be issued, if any, is based on a total shareholder return ("TSR") computation that involves comparing the movement in Malibu Boats, Inc.'s stock price to movement in a market index from the grant date through November 6, 2026. The maximum number of shares that can be issued if an elevated TSR target is met is approximately 52,000. The grant date fair value of the awards were estimated to be $1,284, which is estimated using a Monte Carlo simulation. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair market value for the stock award. Compensation costs are recognized over the requisite service period based on probability of achievement in accordance with ASC Topic 718, Compensation—Stock Compensation.
On November 27, 2023, under the Incentive Plan, Malibu Boats, Inc. granted two awards to its newly-appointed Chief Financial Officer. The two service-based stock awards include approximately 7,000 units that will vest over two years and approximately 6,000 units that will vest over four years. The combined grant date fair value of these awards was $600 based on a stock price of $44.85 per share on the date of grant.
On February 20, 2024, following the announcement of upcoming departure of Malibu’s Chief Executive Officer, Malibu Boats, Inc. granted a one-time award of 92,699 restricted stock units to its President and 5,330 shares of restricted stock to a non-employee director who was appointed Executive Chair. The award to the President will vest over four years and has a fair
value of $4,000. The award to the Executive Chair vested immediately and has a fair value of $230. The fair value of both awards was based on a stock price of $43.15 on the date of grant.
The following is a summary of the changes in the Company's stock options for the nine months ended March 31, 2024:
SharesWeighted-Average Exercise Price/Share
Total outstanding options as of June 30, 2023
17,973 $37.55 
Options granted— — 
Options exercised— — 
Outstanding options as of March 31, 2024
17,973 37.55 
Exercisable as of March 31, 2024
17,973 $37.55 
The following is a summary of the changes in non-vested restricted stock units and restricted stock awards for the nine months ended March 31, 2024:
Number of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted-Average Grant Date Fair Value
Total Non-vested Restricted Stock Units and Restricted Stock Awards as of June 30, 2023
324,824 $57.98 
Granted338,234 44.40 
Vested(99,504)54.15 
Forfeited(29,914)53.32 
Total Non-vested Restricted Stock Units and Restricted Stock Awards as of March 31, 2024
533,640 $50.35 
Stock-based compensation expense attributable to the Company's share-based equity awards was $1,839 and $1,751 for the three months ended March 31, 2024 and 2023, respectively and $3,162 and $5,402 for the nine months ended March 31, 2024 and 2023, respectively. During the nine months ended March 31, 2024, the Company determined achievement of the fiscal year 2022 and fiscal year 2023 performance based awards to be improbable. As a result, the Company reversed approximately $1,600 in previously recognized stock-based compensation expense. Stock-based compensation expense attributed to share-based equity awards issued under the Incentive Plan is recognized on a straight-line basis over the terms of the respective awards and is included in general and administrative expense in the Company's unaudited interim condensed consolidated statements of operations and comprehensive income. Awards vesting during the three and nine months ended March 31, 2024 include 868 and 12,345, respectively, fully vested restricted stock units issued to non-employee directors for their service as directors for the Company.
v3.24.1.u1
Net Earnings Per Share
 9 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Earnings Per Share Net Earnings Per Share
Basic net (loss) income per share of Class A Common Stock is computed by dividing net (loss) income attributable to the Company's earnings by the weighted-average number of shares of Class A Common Stock outstanding during the period. The weighted-average number of shares of Class A Common Stock outstanding used in computing basic net (loss) income per share includes fully vested restricted stock units awarded to directors that are entitled to participate in distributions to common stockholders through receipt of additional units of equivalent value to the dividends paid to Class A Common Stock holders.
Diluted net (loss) income per share of Class A Common Stock is computed similarly to basic net (loss) income per share except the weighted-average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents using the treasury method, if dilutive. The Company's LLC Units and non-qualified stock options are considered common stock equivalents for this purpose. The number of additional shares of Class A Common Stock related to these common stock equivalents and stock options are calculated using the treasury stock method.
Stock awards with a performance condition that are based on the attainment of a specified amount of earnings are only included in the computation of diluted earnings per share to the extent that the performance condition would be achieved based on the current amount of earnings, and only if the effect would be dilutive.
Stock awards with a market condition that are based on the performance of the Malibu Boats, Inc.'s stock price in relation to a market index over a specified time period are only included in the computation of diluted earnings per share to the extent that the shares would be issued based on the current market price of the Malibu Boats, Inc.'s stock in relation to the market index, and only if the effect would be dilutive.
Basic and diluted net (loss) income per share of Class A Common Stock has been computed as follows (in thousands, except share and per share amounts):
Three Months Ended March 31,Nine Months Ended March 31,
2024202320242023
Basic:
Net (loss) income attributable to Malibu Boats, Inc.$(66,831)$51,888 $(36,691)$121,933 
Shares used in computing basic net (loss) income per share:
Weighted-average Class A Common Stock20,123,229 20,272,141 20,183,193 20,212,076 
Weighted-average participating restricted stock units convertible into Class A Common Stock275,789 261,508 270,758 253,458 
Basic weighted-average shares outstanding20,399,018 20,533,649 20,453,951 20,465,534 
Basic net (loss) income per share$(3.28)$2.53 $(1.79)$5.96 
Diluted:
Net (loss) income attributable to Malibu Boats, Inc.$(66,831)$51,888 $(36,691)$121,933 
Shares used in computing diluted net (loss) income per share:
Basic weighted-average shares outstanding20,399,018 20,533,649 20,453,951 20,465,534 
Restricted stock units granted to employees— 63,544 — 68,064 
Stock options granted to employees— 14,714 — 13,790 
Market performance awards granted to employees— 67,724 — 61,580 
Diluted weighted-average shares outstanding 1
20,399,018 20,679,631 20,453,951 20,608,968 
Diluted net (loss) income per share$(3.28)$2.51 $(1.79)$5.92 
1 The Company excluded (i) 652,636 and 494,972 potentially dilutive shares from the calculation of diluted net (loss) income per share for the three months ended March 31, 2024 and 2023, respectively, and (ii) 603,437 and 531,519 potentially dilutive shares from the calculation of diluted net (loss) income per share for the nine months ended March 31, 2024 and 2023, respectively.
The shares of Class B Common Stock do not share in the earnings or losses of Malibu Boats, Inc. and are therefore not included in the calculation. Accordingly, basic and diluted net (loss) income per share of Class B Common Stock have not been presented.
v3.24.1.u1
Commitments and Contingencies
 9 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Repurchase Commitments
In connection with its dealers’ wholesale floor plan financing of boats, the Company has entered into repurchase agreements with various lending institutions. The reserve methodology used to record an estimated expense and loss reserve in each accounting period is based upon an analysis of likely repurchases based on current field inventory and likelihood of repurchase. Subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood of repurchase and adjusts the estimated loss reserve accordingly. When a potential loss reserve is recorded, it is presented in accrued liabilities in the accompanying unaudited interim condensed consolidated balance sheets. If the Company were obligated to repurchase a significant number of units under any repurchase agreement, its business, operating results and financial condition could be adversely affected. The total amount financed under the floor financing programs with repurchase obligations was $500,299 and $385,448 as of March 31, 2024 and June 30, 2023, respectively.
Repurchases and subsequent sales are recorded as a revenue transaction. The net difference between the repurchase price and the resale price is recorded against the loss reserve and presented in cost of sales in the accompanying unaudited interim
condensed consolidated statements of operations and comprehensive income. During the three and nine months ended March 31, 2024, the Company repurchased 17 units from a lender of one of its former dealers. During the three and nine months ended March 31, 2023, there were no repurchases. The Company did not carry a reserve as of March 31, 2024 consistent with June 30, 2023.
The Company has collateralized receivables financing arrangements with a third-party floor plan financing provider for European dealers. Under terms of these arrangements, the Company transfers the right to collect a trade receivable to the financing provider in exchange for cash but agrees to repurchase the receivable if the dealer defaults. Since the transfer of the receivable to the financing provider does not meet the conditions for a sale under ASC Topic 860, Transfers and Servicing, the Company continues to report the transferred trade receivable in other current assets with an offsetting balance recorded as a secured obligation in accrued expenses in the Company's unaudited interim condensed consolidated balance sheets. As of March 31, 2024 and June 30, 2023, the Company had no financing receivables recorded in other current assets and accrued expenses related to these arrangements.
Roane County Property Purchase
On March 28, 2023, the Company entered into a Purchase and Sale Agreement (the “Purchase Agreement”) to purchase certain real property, improvements and other assets from the seller for a cash purchase price of approximately $33,300. As of June 30, 2023, the Company had deposited approximately $7,800 in escrow pursuant to the Purchase Agreement. On July 25, 2023, the transaction closed and the Company paid the remaining $25,500 balance of the purchase price. In addition to the purchase price, the Company has incurred approximately $17,800 of capital expenditures through March 31, 2024 to update the facility to meet its operational needs and expects to incur additional capital expenditures of approximately $1,588 with respect to the facility.
Contingencies
Product Liability
The Company is engaged in a business that exposes it to claims for product liability and warranty claims in the event the Company’s products actually or allegedly fail to perform as expected or the use of the Company’s products results, or is alleged to result, in property damage, personal injury or death. Although the Company maintains product and general liability insurance of the types and in the amounts that the Company believes are customary for the industry, the Company is not fully insured against all such potential claims. The Company may have the ability to refer claims to its suppliers and their insurers to pay the costs associated with any claims arising from the suppliers’ products. The Company’s insurance covers such claims that are not adequately covered by a supplier’s insurance and provides for excess secondary coverage above the limits provided by the Company’s suppliers.
The Company may experience legal claims in excess of its insurance coverage or claims that are not covered by insurance, either of which could adversely affect its business, financial condition and results of operations. Adverse determination of material product liability and warranty claims made against the Company could have a material adverse effect on its financial condition and harm its reputation. In addition, if any of the Company's products are, or are alleged to be, defective, the Company may be required to participate in a recall of that product if the defect or alleged defect relates to safety. These and other claims that the Company faces could be costly to the Company and require substantial management attention. Refer to Note 8 for discussion of warranty claims. The Company insures against product liability claims and believes there are no product liability claims as of March 31, 2024 that will have a material adverse impact on the Company’s results of operations, financial condition or cash flows.
Litigation
Certain conditions may exist which could result in a loss, but which will only be resolved when future events occur. The Company, in consultation with its legal counsel, assesses such contingent liabilities, and such assessments inherently involve an exercise of judgment. If the assessment of a contingency indicates that it is probable that a loss has been incurred, the Company accrues for such contingent loss when it can be reasonably estimated. If the assessment indicates that a potentially material loss contingency is not probable but reasonably estimable, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. If the assessment of a contingency deemed to be both probable and reasonably estimable involves a range of possible losses, the amount within the range that appears at the time to be a better estimate than any other amount within the range would be accrued. When no amount within the range is a better estimate than any other amount, the minimum amount in the range is accrued even though the minimum amount in the range is not necessarily the amount of loss that will be ultimately determined. Estimates of potential legal fees and other directly related costs associated with contingencies are not accrued but rather are expensed as incurred.
Except as disclosed below, management does not believe there are any pending claims (asserted or unasserted) as of March 31, 2024 that could have a material adverse impact on the Company's results of operations, financial condition or cash flows.
Legal Proceedings
Insurance Litigation
MBI and its indirect subsidiary Boats LLC were defendants in the product liability case Batchelder et al. v. Malibu Boats, LLC, f/k/a Malibu Boats, Inc.; Malibu Boats West, Inc., et. al., Superior Court of Rabun County, Georgia, Civil Action Case No. 2016-CV-0114-C (the “Batchelder I Matter”), brought by, among others, Stephan Paul Batchelder and Margaret Mary Batchelder as Administrators of the Estate of Ryan Paul Batchelder, deceased (“Batchelder I Plaintiffs”). Boats LLC was also a defendant in a related product liability case, Stephan Paul Batchelder and Margaret Mary Batchelder, as Natural Guardians of Josh Patrick Batchelder, a minor; Darin Batchelder, individually, and as Natural Guardian of Zach Batchelder, a minor; and Kayla Batchelder (the “Batchelder II Plaintiffs” and, together with the Batchelder I Plaintiffs, the “Batchelder Plaintiffs”) v. Malibu Boats, LLC v. Dennis Michael Ficarra; Superior Court of Rabun County, Civil Action File No. 2022-CV-0034 (the “Batchelder II Matter” and, together with the Batchelder I Matter, the “Batchelder Matters”). On June 30, 2023, MBI and Boats LLC entered into a Confidential General Release and Settlement Agreement (the “Settlement Agreement”) with the Batchelder Plaintiffs in settlement of the Batchelder Matters and all matters related to the Batchelder Matters. Pursuant to the Settlement Agreement, among other things, Malibu Boats, Inc., or Boats LLC, as the case may be, paid (or caused to be paid) to the Batchelder Plaintiffs and their agents a total of $100,000.
MBI and its subsidiaries, including Boats LLC, maintain liability insurance applicable to the Batchelder Matters described above with coverage up to $26,000. As of March 31, 2024, the Company had received approximately $21,000 in insurance coverage proceeds, subject in certain cases to reservations of rights by the insurance carriers. The Company contends that the insurance carriers are responsible for the entirety of the $100,000 settlement amount and related expenses, and therefore, the insurers’ payments to date are well below what they should have tendered to Boats LLC. Accordingly, on July 3, 2023, Boats LLC filed a complaint against Federal Insurance Company (a Chubb subsidiary) and Starr Indemnity & Liability Company alleging that the insurers unreasonably failed to comply with their obligations by refusing, negligently, and in bad faith, to settle covered claims within their available policy limits prior to trial. On April 8, 2024, the court dismissed Starr, noting that only Chubb had the contractual right and duty to settle the Batchelder matters prior to trial. The Company intends to vigorously pursue its claims against Chubb to recover the full $100,000 settlement amount and expenses (less any monies already tendered without reservation by the carriers). However, the Company cannot predict the outcome of such litigation.
Tommy's Boats
On April 10, 2024, fifteen dealerships operated under common control of Tommy’s Boats (“Tommy’s Boats”) filed a complaint against MBI and its indirect subsidiary Boats LLC in the United States District Court for the Eastern District of Tennessee (Case 3:24-cv-00166). The complaint alleges that MBI and Boats LLC breached obligations under dealership agreements with Tommy’s Boats, quantum meruit, unjust enrichment, promissory estoppel and intentional and negligent misrepresentations relating to the parties’ commercial relationship. Tommy’s Boats is seeking monetary damages. Boats LLC has a repurchase agreement with M&T Bank, the floor financing lender to Tommy’s Boats, with respect to approximately $5.2 million of Malibu/Axis boats based on recent reporting by M&T Bank, the financing provider to Tommy’s Boats. The Company intends to vigorously defend against claims alleged by Tommy’s Boats. The Company is unable to provide any reasonable evaluation of the likelihood that a loss will be incurred or any reasonable estimate of the range of possible loss.
v3.24.1.u1
Segment Reporting
 9 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has three reportable segments, Malibu, Saltwater Fishing and Cobalt. The Malibu segment participates in the manufacturing, distribution, marketing and sale of Malibu and Axis performance sports boats throughout the world. The Saltwater Fishing segment participates in the manufacturing, distribution, marketing and sale throughout the world of Pursuit boats and the Maverick Boat Group brand boats (Maverick, Cobia, Pathfinder and Hewes). The Cobalt segment participates in the manufacturing, distribution, marketing and sale of Cobalt boats throughout the world.
There is no country outside of the United States from which the Company (a) derived net sales equal to 10% of total net sales for the three and nine months ended March 31, 2024, or (b) attributed assets equal to 10% of total assets as of March 31, 2024. Net sales are attributed to countries based on the location of the dealer. The following tables present financial information for the Company’s reportable segments for the three and nine months ended March 31, 2024 and 2023, respectively, and the Company’s financial position at March 31, 2024 and June 30, 2023, respectively:
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
MalibuSaltwater Fishing CobaltConsolidatedMalibuSaltwater FishingCobaltTotal
Net sales$60,194 $81,223 $62,002 $203,419 $241,588 $256,579 $172,156 $670,323 
(Loss) income before (benefit) provision for income taxes$(1,108)$(79,644)$5,568 $(75,184)$14,734 $(64,784)$16,664 $(33,386)
Three Months Ended March 31, 2023Nine Months Ended March 31, 2023
MalibuSaltwater Fishing CobaltConsolidatedMalibuSaltwater FishingCobaltTotal
Net sales$172,571 $122,661 $79,887 $375,119 $475,905 $320,479 $219,678 $1,016,062 
Income before provision for income taxes$42,478 $16,489 $10,757 $69,724 $99,449 $37,770 $27,214 $164,433 
As of March 31, 2024As of June 30, 2023
Assets  
Malibu$175,190 $249,447 
Saltwater Fishing 348,122 432,806 
Cobalt274,274 243,671 
Total assets$797,586 $925,924 
v3.24.1.u1
Subsequent Events
 9 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 29, 2024, a securities class action lawsuit was filed against MBI and certain of its current and former officers in the United States District Court for the Southern District of New York (Case 1:24-cv-03254:24-cv-03254). The class action complaint alleges violations of the Exchange Act in connection with allegedly false and misleading statements made by MBI related to its business, operations and prospects during the period from November 4, 2022 through April 11, 2024. The complaint alleges, among other things, that MBI violated Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5 by not disclosing alleged material adverse facts related to its inventory and relationship with Tommy’s dealerships, and that MBI stock price dropped when such information was made public. The Company is unable to provide any reasonable evaluation of the likelihood that a loss will be incurred or any reasonable estimate of the range of possible loss.
v3.24.1.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim condensed financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with GAAP for complete financial statements. Such statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Malibu and subsidiaries for the year ended June 30, 2023, included in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted.
Interim Impairment Evaluation
Interim Impairment Evaluation
The Company accounts for business combinations under ASC 805, Business Combinations. The total purchase consideration for an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities assumed at the acquisition date. Identifiable assets (including intangible assets) and liabilities assumed in an acquisition are measured initially at their fair values at the acquisition date. We recognize goodwill if the fair value of the total purchase consideration and any non-controlling interests is in excess of the net fair value of the identifiable assets acquired and the liabilities assumed. We recognized goodwill of $49,189 related to our acquisition of Maverick Boat Group in December 2020. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis, as of June 30, or at an interim period when there is evidence that events or changes in circumstances indicate that the current carrying amounts may not be recovered in accordance with the provisions of ASC Topic 350, Intangibles—Goodwill and Other. Under the guidance, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this assessment indicates the possibility of impairment, the income approach to test for goodwill impairment would be used. Under the income approach, management calculates the fair value of its reporting units based on the present value of estimated future cash flows. If the fair value of an individual reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then management determines the implied fair value of the reporting unit’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. For the fiscal year ended June 30, 2023, the Company performed a quantitative assessment on the Maverick Boat Group reporting unit which indicated that the fair value of its reporting units more likely than not exceeded their respective carrying amounts. As a result, the Company did not recognize any goodwill impairment charges for the fiscal year ended June 30, 2023.
Based on the Company’s interim assessment as of December 31, 2023, the Company determined that it was more-likely- than-not that the fair value of the Maverick Boat Group reporting unit was still greater than its net book value and that the Company did not have a “triggering event” requiring a quantitative assessment of goodwill. However, during the three months ended March 31, 2024, the Company determined certain indicators of potential impairment existed, warranting an interim impairment assessment of goodwill as of March 31, 2024. These indicators included a decline in the fourth quarter and fiscal
year 2025 forecast, in the outlook for sales and operating performance relative to our business plan and a deterioration in general macroeconomic conditions, including rising interest rates and inflationary pressures on labor and supply costs. As a result of these macroeconomic factors, specifically a decline in the fourth quarter 2024 and fiscal year 2025 forecast, the Company performed a goodwill impairment analysis as of March 31, 2024 consistent with the Company’s approach for annual impairment testing, including similar models and inputs. Based on such analysis, the Company determined that its estimated fair value for the Maverick Boat Group reporting unit is less than its carrying value as of March 31, 2024 and the Company recognized an impairment charge of $49,189 for the three months ended March 31, 2024.
Additionally, during our interim impairment evaluation of indefinite-lived intangibles, the Company recorded an impairment charge to trade names of $39,200 for the three months ended March 31, 2024 related to the Maverick Boat Group reporting unit. The impairment was principally a result of a decline, in the fourth quarter 2024 and fiscal year 2025 forecast, in the outlook for sales and operating performance relative to our business plan. This charge was included in Goodwill and other intangible asset impairment on the consolidated statements of operations and comprehensive (loss) income. No other intangible asset impairment loss was recorded.
If assumptions or estimates with respect to the Company's future performance vary from what is expected, including those assumptions relating to future revenue, profitability, operational plans and economic indicators such as interest rates and inflationary pressures on product and labor costs, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges. The Company will continue to monitor developments the remainder fiscal year 2024 including updates to our forecasts as well as our market capitalization, and an update of our assessment and related estimates may be required in the future.
Principles of Consolidation
Principles of Consolidation
The accompanying unaudited interim condensed consolidated financial statements include the operations and accounts of the Company and all subsidiaries thereof. All intercompany balances and transactions have been eliminated upon consolidation.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In November, 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant expenses. The updated standard is effective for annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU.
In December, 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which requires two primary enhancements of 1) disaggregated information on a reporting entity’s effective tax rate reconciliation, and 2) information on income taxes paid. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU.
v3.24.1.u1
Revenue Recognition (Tables)
 9 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables disaggregate the Company's revenue by major product type and geography:
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
MalibuSaltwater FishingCobaltConsolidatedMalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$57,283 $80,839 $61,445 $199,567 $230,994 $255,571 $169,940 $656,505 
Part and other sales2,911 384 557 3,852 10,594 1,008 2,216 13,818 
Net Sales$60,194 $81,223 $62,002 $203,419 $241,588 $256,579 $172,156 $670,323 
Revenue by geography:
North America$51,118 $75,471 $58,506 $185,095 $217,296 $245,666 $167,598 $630,560 
International9,076 5,752 3,496 18,324 24,292 10,913 4,558 39,763 
Net Sales$60,194 $81,223 $62,002 $203,419 $241,588 $256,579 $172,156 $670,323 
Three Months Ended March 31, 2023Nine Months Ended March 31, 2023
MalibuSaltwater FishingCobaltConsolidatedMalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$167,979 $122,058 $79,246 $369,283 $463,153 $319,314 $216,706 $999,173 
Part and other sales4,592 603 641 5,836 12,752 1,165 2,972 16,889 
Net Sales$172,571 $122,661 $79,887 $375,119 $475,905 $320,479 $219,678 $1,016,062 
Revenue by geography:
North America$158,676 $120,541 $77,148 $356,365 $430,250 $313,636 $211,415 $955,301 
International13,895 2,120 2,739 18,754 45,655 6,843 8,263 60,761 
Net Sales$172,571 $122,661 $79,887 $375,119 $475,905 $320,479 $219,678 $1,016,062 
v3.24.1.u1
Non-controlling Interest (Tables)
 9 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
Schedule of Non-controlling Interest The ownership of the LLC is summarized as follows:
 As of March 31, 2024As of June 30, 2023
UnitsOwnership %UnitsOwnership %
Non-controlling LLC Unit holders ownership in Malibu Boats Holdings, LLC321,419 1.5 %455,919 2.2 %
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC20,439,597 98.5 %20,603,822 97.8 %
20,761,016 100.0 %21,059,741 100.0 %
v3.24.1.u1
Inventories (Tables)
 9 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories, net consisted of the following:
 As of March 31, 2024As of June 30, 2023
Raw materials$113,949 $142,948 
Work in progress26,059 19,222 
Finished goods14,732 9,019 
Total inventories$154,740 $171,189 
v3.24.1.u1
Property, Plant and Equipment (Tables)
 9 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment, net consisted of the following:
 As of March 31, 2024As of June 30, 2023
Land$4,905 $4,905 
Building and leasehold improvements166,490 119,324 
Machinery and equipment114,076 103,362 
Furniture and fixtures14,609 12,672 
Construction in process52,304 47,482 
352,384 287,745 
Less: Accumulated depreciation(101,381)(82,953)
Property, plant and equipment, net$251,003 $204,792 
v3.24.1.u1
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill for the nine months ended March 31, 2024 were as follows:
MalibuSaltwater FishingCobaltConsolidated
Goodwill as of June 30, 2023
$12,072 $68,714 $19,791 $100,577 
Impairment charge— (49,189)— (49,189)
Effect of foreign currency changes on goodwill(113)— — (113)
Balance as of March 31, 2024
Goodwill$11,959 $68,714 $19,791 $100,464 
Accumulated impairment— (49,189)— (49,189)
Goodwill at end of period$11,959 $19,525 $19,791 $51,275 
Schedule of Components of Finite-Lived Intangible Assets
The components of other intangible assets were as follows:
As of March 31, 2024As of June 30, 2023Estimated Useful Life (in years)Weighted-Average Remaining Useful Life
(in years)
Definite-lived intangibles:
Dealer relationships$131,685 $131,725 
15-20
14.9
Patent2,600 2,600 
15
8.3
Trade name100 100 156.2
Non-compete agreement46 46 100.6
Total134,431 134,471 
Less: Accumulated amortization(36,304)(31,213)
Total definite-lived intangible assets, net98,127 103,258 
Indefinite-lived intangible:
Trade name118,200 118,200 
Less: Impairment charge(39,200)— 
Total other intangible assets, net$177,127 $221,458 
Schedule of Components of Indefinite-Lived Intangible Assets
The components of other intangible assets were as follows:
As of March 31, 2024As of June 30, 2023Estimated Useful Life (in years)Weighted-Average Remaining Useful Life
(in years)
Definite-lived intangibles:
Dealer relationships$131,685 $131,725 
15-20
14.9
Patent2,600 2,600 
15
8.3
Trade name100 100 156.2
Non-compete agreement46 46 100.6
Total134,431 134,471 
Less: Accumulated amortization(36,304)(31,213)
Total definite-lived intangible assets, net98,127 103,258 
Indefinite-lived intangible:
Trade name118,200 118,200 
Less: Impairment charge(39,200)— 
Total other intangible assets, net$177,127 $221,458 
Schedule of Future Amortization of Definite-Lived Intangible Assets
Estimated future amortization expenses as of March 31, 2024 are as follows:
Fiscal years ending June 30:Amount
Remainder of 2024$1,696 
20256,800 
20266,799 
20276,799 
20286,799 
2029 and thereafter69,234 
$98,127 
v3.24.1.u1
Accrued Expenses (Tables)
 9 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consisted of the following:
 As of March 31, 2024As of June 30, 2023
Warranties$38,707 $41,709 
Dealer incentives18,893 14,996 
Accrued compensation14,493 19,671 
Current operating lease liabilities2,200 2,324 
Litigation settlement— 100,000 
Accrued legal and professional fees22,240 1,899 
Customer deposits3,193 4,054 
Government grant6,630 — 
Other accrued expenses2,515 2,425 
Total accrued expenses$108,871 $187,078 
v3.24.1.u1
Product Warranties (Tables)
 9 Months Ended
Mar. 31, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Changes in Product Warranties
Changes in the Company’s product warranty liability, which is included in accrued expenses on the unaudited interim condensed consolidated balance sheets, were as follows:
 Three Months Ended March 31,Nine Months Ended March 31,
2024202320242023
Beginning balance$40,587 $40,513 $41,709 $38,673 
Add: Warranty expense4,173 5,893 17,210 18,980 
Less: Warranty claims paid(6,053)(5,386)(20,212)(16,633)
Ending balance$38,707 $41,020 $38,707 $41,020 
v3.24.1.u1
Financing (Tables)
 9 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
Outstanding debt consisted of the following:
 As of March 31, 2024As of June 30, 2023
Term loan$— $— 
Revolving credit loan15,000 — 
Total debt15,000 — 
     Less current maturities— — 
Long-term debt less current maturities$15,000 $— 
v3.24.1.u1
Leases (Tables)
 9 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of Assets And Liabilities, Lessee
Other information concerning the Company's operating leases accounted for under ASC Topic 842, Leases is as follows:
ClassificationAs of March 31, 2024As of June 30, 2023
Assets
Right-of-use assetsOther assets$7,349 $8,808 
Liabilities
Current operating lease liabilitiesAccrued expenses$2,200 $2,324 
Long-term operating lease liabilitiesOther liabilities6,279 7,843 
Total lease liabilities$8,479 $10,167 
Schedule of Lease Cost
ClassificationThree Months Ended March 31, 2024Three Months Ended March 31, 2023Nine Months Ended March 31, 2024Nine Months Ended March 31, 2023
Operating lease costs (1)
Cost of sales$641 $697 $1,985 $2,010 
Selling and marketing, and general and administrative201 212 645 668 
Sublease incomeOther (income) expense, net(10)(10)(29)(29)
Cash paid for amounts included in the measurement of operating lease liabilitiesCash flows from operating activities665 641 1,995 1,886 
(1) Includes short-term leases, which are insignificant, and are not included in the lease liability.
Schedule of Future Minimum Lease Payments for Operating Leases
Future annual minimum lease payments for the following fiscal years as of March 31, 2024 are as follows:
 Amount
Remainder of 2024$665 
20252,370 
20262,274 
20272,258 
20281,505 
2029 and thereafter1 
Total9,073 
Less: imputed interest(594)
Present value of lease liabilities$8,479 
v3.24.1.u1
Tax Receivable Agreement Liability (Tables)
 9 Months Ended
Mar. 31, 2024
Tax Receivable Agreement [Abstract]  
Schedule of Changes to Tax Receivable Agreement
The following table reflects the changes to the Company's tax receivable agreement liability:
As of March 31, 2024As of June 30, 2023
Beginning fiscal year balance$43,465 $45,541 
Additions (reductions) to tax receivable agreement:
Exchange of LLC Units for Class A Common Stock1,278 1,710 
Adjustment for change in estimated state tax rate or benefits— 188 
Payments under tax receivable agreement— (3,974)
44,743 43,465 
Less: current portion under tax receivable agreement(4,111)(4,111)
Ending balance$40,632 $39,354 
v3.24.1.u1
Stock-Based Compensation (Tables)
 9 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
The following is a summary of the changes in the Company's stock options for the nine months ended March 31, 2024:
SharesWeighted-Average Exercise Price/Share
Total outstanding options as of June 30, 2023
17,973 $37.55 
Options granted— — 
Options exercised— — 
Outstanding options as of March 31, 2024
17,973 37.55 
Exercisable as of March 31, 2024
17,973 $37.55 
Schedule of Summary of the Changes in Non-vested Restricted Stock
The following is a summary of the changes in non-vested restricted stock units and restricted stock awards for the nine months ended March 31, 2024:
Number of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted-Average Grant Date Fair Value
Total Non-vested Restricted Stock Units and Restricted Stock Awards as of June 30, 2023
324,824 $57.98 
Granted338,234 44.40 
Vested(99,504)54.15 
Forfeited(29,914)53.32 
Total Non-vested Restricted Stock Units and Restricted Stock Awards as of March 31, 2024
533,640 $50.35 
v3.24.1.u1
Net Earnings Per Share (Tables)
 9 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net (Loss) Income Per Share
Basic and diluted net (loss) income per share of Class A Common Stock has been computed as follows (in thousands, except share and per share amounts):
Three Months Ended March 31,Nine Months Ended March 31,
2024202320242023
Basic:
Net (loss) income attributable to Malibu Boats, Inc.$(66,831)$51,888 $(36,691)$121,933 
Shares used in computing basic net (loss) income per share:
Weighted-average Class A Common Stock20,123,229 20,272,141 20,183,193 20,212,076 
Weighted-average participating restricted stock units convertible into Class A Common Stock275,789 261,508 270,758 253,458 
Basic weighted-average shares outstanding20,399,018 20,533,649 20,453,951 20,465,534 
Basic net (loss) income per share$(3.28)$2.53 $(1.79)$5.96 
Diluted:
Net (loss) income attributable to Malibu Boats, Inc.$(66,831)$51,888 $(36,691)$121,933 
Shares used in computing diluted net (loss) income per share:
Basic weighted-average shares outstanding20,399,018 20,533,649 20,453,951 20,465,534 
Restricted stock units granted to employees— 63,544 — 68,064 
Stock options granted to employees— 14,714 — 13,790 
Market performance awards granted to employees— 67,724 — 61,580 
Diluted weighted-average shares outstanding 1
20,399,018 20,679,631 20,453,951 20,608,968 
Diluted net (loss) income per share$(3.28)$2.51 $(1.79)$5.92 
1 The Company excluded (i) 652,636 and 494,972 potentially dilutive shares from the calculation of diluted net (loss) income per share for the three months ended March 31, 2024 and 2023, respectively, and (ii) 603,437 and 531,519 potentially dilutive shares from the calculation of diluted net (loss) income per share for the nine months ended March 31, 2024 and 2023, respectively.
The shares of Class B Common Stock do not share in the earnings or losses of Malibu Boats, Inc. and are therefore not included in the calculation. Accordingly, basic and diluted net (loss) income per share of Class B Common Stock have not been presented.
v3.24.1.u1
Segment Reporting (Tables)
 9 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables present financial information for the Company’s reportable segments for the three and nine months ended March 31, 2024 and 2023, respectively, and the Company’s financial position at March 31, 2024 and June 30, 2023, respectively:
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
MalibuSaltwater Fishing CobaltConsolidatedMalibuSaltwater FishingCobaltTotal
Net sales$60,194 $81,223 $62,002 $203,419 $241,588 $256,579 $172,156 $670,323 
(Loss) income before (benefit) provision for income taxes$(1,108)$(79,644)$5,568 $(75,184)$14,734 $(64,784)$16,664 $(33,386)
Three Months Ended March 31, 2023Nine Months Ended March 31, 2023
MalibuSaltwater Fishing CobaltConsolidatedMalibuSaltwater FishingCobaltTotal
Net sales$172,571 $122,661 $79,887 $375,119 $475,905 $320,479 $219,678 $1,016,062 
Income before provision for income taxes$42,478 $16,489 $10,757 $69,724 $99,449 $37,770 $27,214 $164,433 
As of March 31, 2024As of June 30, 2023
Assets  
Malibu$175,190 $249,447 
Saltwater Fishing 348,122 432,806 
Cobalt274,274 243,671 
Total assets$797,586 $925,924 
v3.24.1.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
brand
segment
Jun. 30, 2023
USD ($)
Dec. 31, 2020
USD ($)
Goodwill [Line Items]          
Number of brands | brand     8    
Number of reportable segments | segment     3    
Goodwill $ 51,275   $ 51,275 $ 100,577  
Impairment charge     $ (49,189)    
Maverick Boat Group, Inc.          
Goodwill [Line Items]          
Goodwill         $ 49,189
Trade name          
Goodwill [Line Items]          
Impairment of intangible assets (39,200) $ 0      
Maverick Boat Group, Inc.          
Goodwill [Line Items]          
Impairment charge (49,189)        
Maverick Boat Group, Inc. | Trade name          
Goodwill [Line Items]          
Impairment of intangible assets $ (39,200)        
v3.24.1.u1
Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 203,419 $ 375,119 $ 670,323 $ 1,016,062
North America        
Disaggregation of Revenue [Line Items]        
Net sales 185,095 356,365 630,560 955,301
International        
Disaggregation of Revenue [Line Items]        
Net sales 18,324 18,754 39,763 60,761
Boat and trailer sales        
Disaggregation of Revenue [Line Items]        
Net sales 199,567 369,283 656,505 999,173
Part and other sales        
Disaggregation of Revenue [Line Items]        
Net sales 3,852 5,836 13,818 16,889
Malibu        
Disaggregation of Revenue [Line Items]        
Net sales 60,194 172,571 241,588 475,905
Malibu | North America        
Disaggregation of Revenue [Line Items]        
Net sales 51,118 158,676 217,296 430,250
Malibu | International        
Disaggregation of Revenue [Line Items]        
Net sales 9,076 13,895 24,292 45,655
Malibu | Boat and trailer sales        
Disaggregation of Revenue [Line Items]        
Net sales 57,283 167,979 230,994 463,153
Malibu | Part and other sales        
Disaggregation of Revenue [Line Items]        
Net sales 2,911 4,592 10,594 12,752
Saltwater Fishing        
Disaggregation of Revenue [Line Items]        
Net sales 81,223 122,661 256,579 320,479
Saltwater Fishing | North America        
Disaggregation of Revenue [Line Items]        
Net sales 75,471 120,541 245,666 313,636
Saltwater Fishing | International        
Disaggregation of Revenue [Line Items]        
Net sales 5,752 2,120 10,913 6,843
Saltwater Fishing | Boat and trailer sales        
Disaggregation of Revenue [Line Items]        
Net sales 80,839 122,058 255,571 319,314
Saltwater Fishing | Part and other sales        
Disaggregation of Revenue [Line Items]        
Net sales 384 603 1,008 1,165
Cobalt        
Disaggregation of Revenue [Line Items]        
Net sales 62,002 79,887 172,156 219,678
Cobalt | North America        
Disaggregation of Revenue [Line Items]        
Net sales 58,506 77,148 167,598 211,415
Cobalt | International        
Disaggregation of Revenue [Line Items]        
Net sales 3,496 2,739 4,558 8,263
Cobalt | Boat and trailer sales        
Disaggregation of Revenue [Line Items]        
Net sales 61,445 79,246 169,940 216,706
Cobalt | Part and other sales        
Disaggregation of Revenue [Line Items]        
Net sales $ 557 $ 641 $ 2,216 $ 2,972
v3.24.1.u1
Non-controlling Interest - Schedule of Non-controlling Interest (Details) - Malibu Boats Holdings LLC - shares
Mar. 31, 2024
Jun. 30, 2023
Class of Stock [Line Items]    
Units (in shares) 20,761,016 21,059,741
Ownership (as a percent) 100.00% 100.00%
Non-controlling LLC Unit holders ownership in Malibu Boats Holdings, LLC    
Class of Stock [Line Items]    
Units (in shares) 321,419 455,919
Ownership (as a percent) 1.50% 2.20%
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC    
Class of Stock [Line Items]    
Units (in shares) 20,439,597 20,603,822
Ownership (as a percent) 98.50% 97.80%
v3.24.1.u1
Non-controlling Interest - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
Noncontrolling Interest [Line Items]      
Cancelled shares due to vesting of employee awards (in shares) 17,804    
Cancelled shares in connection with the vesting of stock awards with a market condition (in shares) 20,080    
Common units, retired (in shares) 38,017    
Non-controlling Interest in LLC      
Noncontrolling Interest [Line Items]      
Tax distributions payable to non-controlling LLC Unit holders $ 0   $ 776
Distribution paid to noncontrolling interests $ 890 $ 2,429  
Repurchase Agreements      
Noncontrolling Interest [Line Items]      
Stock redeemed and canceled during period (in shares) 425,407    
Class A Common Stock      
Noncontrolling Interest [Line Items]      
Shares issued during period (in shares) 299,199    
v3.24.1.u1
Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 113,949 $ 142,948
Work in progress 26,059 19,222
Finished goods 14,732 9,019
Total inventories $ 154,740 $ 171,189
v3.24.1.u1
Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
Property, Plant and Equipment [Line Items]          
Property, plant and equipment, gross $ 352,384   $ 352,384   $ 287,745
Less: Accumulated depreciation (101,381)   (101,381)   (82,953)
Property, plant and equipment, net 251,003   251,003   204,792
Depreciation expense 6,544 $ 5,463 19,211 $ 16,147  
Land          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment, gross 4,905   4,905   4,905
Building and leasehold improvements          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment, gross 166,490   166,490   119,324
Machinery and equipment          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment, gross 114,076   114,076   103,362
Furniture and fixtures          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment, gross 14,609   14,609   12,672
Construction in process          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment, gross $ 52,304   $ 52,304   $ 47,482
v3.24.1.u1
Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2024
Goodwill [Roll Forward]  
Goodwill as of June 30, 2023 $ 100,577
Impairment charge (49,189)
Effect of foreign currency changes on goodwill (113)
Goodwill 100,464
Accumulated impairment (49,189)
Goodwill at end of period 51,275
Malibu  
Goodwill [Roll Forward]  
Goodwill as of June 30, 2023 12,072
Impairment charge 0
Effect of foreign currency changes on goodwill (113)
Goodwill 11,959
Accumulated impairment 0
Goodwill at end of period 11,959
Saltwater Fishing  
Goodwill [Roll Forward]  
Goodwill as of June 30, 2023 68,714
Impairment charge (49,189)
Effect of foreign currency changes on goodwill 0
Goodwill 68,714
Accumulated impairment (49,189)
Goodwill at end of period 19,525
Cobalt  
Goodwill [Roll Forward]  
Goodwill as of June 30, 2023 19,791
Impairment charge 0
Effect of foreign currency changes on goodwill 0
Goodwill 19,791
Accumulated impairment 0
Goodwill at end of period $ 19,791
v3.24.1.u1
Goodwill and Other Intangible Assets - Schedule of Components of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 134,431   $ 134,471
Less: Accumulated amortization (36,304)   (31,213)
Total definite-lived intangible assets, net 98,127   103,258
Indefinite-lived intangible:      
Total other intangible assets, net 177,127   221,458
Trade name      
Indefinite-lived intangible:      
Trade name 118,200   118,200
Less: Impairment charge (39,200) $ 0  
Dealer relationships      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 131,685   131,725
Dealer relationships | Minimum      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Estimated Useful Life (in years) 15 years    
Dealer relationships | Maximum      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Estimated Useful Life (in years) 20 years    
Dealer relationships | Weighted Average      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Life (in years) 14 years 10 months 24 days    
Patent      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 2,600   2,600
Estimated Useful Life (in years) 15 years    
Patent | Weighted Average      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Life (in years) 8 years 3 months 18 days    
Trade name      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 100   100
Estimated Useful Life (in years) 15 years    
Trade name | Weighted Average      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Life (in years) 6 years 2 months 12 days    
Non-compete agreement      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 46   $ 46
Estimated Useful Life (in years) 10 years    
Non-compete agreement | Weighted Average      
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Life (in years) 7 months 6 days    
v3.24.1.u1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]        
Goodwill, impairment loss     $ 49,189  
Amortization of intangible assets $ 1,686 $ 1,680 $ 5,114 $ 5,111
Maverick Boat Group, Inc.        
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]        
Goodwill, impairment loss 49,189      
Trade name        
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]        
Impairment of intangible assets 39,200 $ 0    
Trade name | Maverick Boat Group, Inc.        
Schedule of Finite Lived Intangible Assets and Infinite Lived Intangible Assets [Line Items]        
Impairment of intangible assets $ 39,200      
v3.24.1.u1
Goodwill and Other Intangible Assets - Estimated Future Amortization (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2024 $ 1,696  
2025 6,800  
2026 6,799  
2027 6,799  
2028 6,799  
2029 and thereafter 69,234  
Total definite-lived intangible assets, net $ 98,127 $ 103,258
v3.24.1.u1
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Payables and Accruals [Abstract]    
Warranties $ 38,707 $ 41,709
Dealer incentives 18,893 14,996
Accrued compensation 14,493 19,671
Current operating lease liabilities 2,200 2,324
Litigation settlement 0 100,000
Accrued legal and professional fees 22,240 1,899
Customer deposits 3,193 4,054
Government grant 6,630 0
Other accrued expenses 2,515 2,425
Total accrued expenses $ 108,871 $ 187,078
v3.24.1.u1
Accrued Expenses - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Loss Contingencies [Line Items]    
Litigation settlement $ 0 $ 100,000
Government grant 6,630 0
Batchelder et al. v. Malibu Boats, LLC    
Loss Contingencies [Line Items]    
Proceeds from insurance coverage $ 21,000  
Settled Litigation | Product Liability Cases    
Loss Contingencies [Line Items]    
Litigation settlement   $ 100,000
v3.24.1.u1
Product Warranties - Narrative (Details)
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2015
Product Warranty Liability [Line Items]          
Standard product warranty, period, year four 4 years        
Standard product warranty, period, year five 5 years        
Malibu and Axis Brand Boats | Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period 1 year        
Malibu and Axis Brand Boats | Engines          
Product Warranty Liability [Line Items]          
Standard product warranty, term, hours 500 hours        
Cobalt | Structural Warranty          
Product Warranty Liability [Line Items]          
Standard product warranty, period 5 years        
Cobalt | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period   5 years 3 years    
Saltwater Fishing | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period 2 years        
Maverick, Pathfinder, and Hewes Brand Boats | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period 1 year        
Cobia | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period 3 years        
Malibu Brand Boats          
Product Warranty Liability [Line Items]          
Standard product warranty, period       5 years 3 years
Axis Boats          
Product Warranty Liability [Line Items]          
Standard product warranty, period       5 years 2 years
Maximum | Malibu and Axis Brand Boats          
Product Warranty Liability [Line Items]          
Standard product warranty, period 5 years        
Maximum | Malibu and Axis Brand Boats | Engines          
Product Warranty Liability [Line Items]          
Standard product warranty, period 5 years        
Maximum | Cobalt | Structural Warranty          
Product Warranty Liability [Line Items]          
Standard product warranty, period 10 years        
Maximum | Cobalt | Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period 3 years        
Maximum | Saltwater Fishing | Structural Warranty And Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period 5 years        
Maximum | Maverick, Pathfinder, and Hewes Brand Boats | Structural Warranty And Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period 5 years        
Maximum | Cobia | Structural Warranty And Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period 10 years        
v3.24.1.u1
Product Warranties - Schedule of Warranty Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]        
Beginning balance $ 40,587 $ 40,513 $ 41,709 $ 38,673
Add: Warranty expense 4,173 5,893 17,210 18,980
Less: Warranty claims paid (6,053) (5,386) (20,212) (16,633)
Ending balance $ 38,707 $ 41,020 $ 38,707 $ 41,020
v3.24.1.u1
Financing - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Line of Credit Facility [Line Items]    
Total debt $ 15,000 $ 0
Less current maturities 0 0
Long-term debt less current maturities 15,000 0
Credit Agreement | Long-Term Debt    
Line of Credit Facility [Line Items]    
Total debt 0 0
Credit Agreement | Line of Credit | Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Total debt $ 15,000 $ 0
v3.24.1.u1
Financing - Narrative (Details) - USD ($)
 9 Months Ended
Mar. 31, 2024
Jul. 08, 2022
Credit Agreement    
Line of Credit Facility [Line Items]    
Letters of credit outstanding $ 1,578,000  
Effective interest rate (as a percent) 6.47%  
Maximum amount, purchase of stock or stock options (up to) $ 5,000,000  
Consolidated leverage ratio 2.75  
Incremental Term Loans    
Line of Credit Facility [Line Items]    
Outstanding principal   $ 200,000,000
Revolving Credit Facility | Credit Agreement    
Line of Credit Facility [Line Items]    
Remaining borrowing capacity $ 333,422,000  
Revolving Credit Facility | Credit Agreement | Minimum    
Line of Credit Facility [Line Items]    
Unused capacity, commitment fee percentage (as a percent) 0.15%  
Revolving Credit Facility | Credit Agreement | Maximum    
Line of Credit Facility [Line Items]    
Unused capacity, commitment fee percentage (as a percent) 0.30%  
Revolving Credit Facility | Credit Agreement | Federal Funds    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 0.50%  
Revolving Credit Facility | Credit Agreement | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 1.00%  
Revolving Credit Facility | Credit Agreement | Base Rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 0.25%  
Revolving Credit Facility | Credit Agreement | Base Rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 1.00%  
Revolving Credit Facility | Credit Agreement | SOFR | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 1.25%  
Revolving Credit Facility | Credit Agreement | SOFR | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 2.00%  
Line of Credit | Revolving Credit Facility | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity   $ 350,000,000
Incremental term loans, amount $ 15,000,000  
v3.24.1.u1
Leases - Schedule of Assets and Liabilities, Lessee (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Assets    
Right-of-use assets $ 7,349 $ 8,808
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Liabilities    
Current operating lease liabilities $ 2,200 $ 2,324
Long-term operating lease liabilities 6,279 7,843
Total lease liabilities $ 8,479 $ 10,167
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses Accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
v3.24.1.u1
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Operating Leased Assets [Line Items]        
Cash paid for amounts included in the measurement of operating lease liabilities $ 665 $ 641 $ 1,995 $ 1,886
Cost of sales        
Operating Leased Assets [Line Items]        
Operating lease costs 641 697 1,985 2,010
Selling and marketing, and general and administrative        
Operating Leased Assets [Line Items]        
Operating lease costs 201 212 645 668
Other (income) expense, net        
Operating Leased Assets [Line Items]        
Sublease income $ (10) $ (10) $ (29) $ (29)
v3.24.1.u1
Leases - Narrative (Details)
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Weighted average remaining lease term (in years) 3 years 11 months 1 day 4 years 9 months 18 days
Weighted average discount rate (as a percent) 3.68% 3.67%
v3.24.1.u1
Leases - Schedule of Operating Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Amount    
Remainder of 2024 $ 665  
2025 2,370  
2026 2,274  
2027 2,258  
2028 1,505  
2029 and thereafter 1  
Total 9,073  
Less: imputed interest (594)  
Present value of lease liabilities $ 8,479 $ 10,167
v3.24.1.u1
Tax Receivable Agreement Liability - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Tax Receivable Agreement [Abstract]    
Tax receivable agreement, percentage of realized cash saving in tax to be pass through (as a percent) 85.00%  
Investment in subsidiaries $ 120,005 $ 118,148
Period of next annual payment (in days) 75 days  
v3.24.1.u1
Tax Receivable Agreement Liability - Schedule of Tax Agreement Liability (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Tax Receivable Agreement [Roll Forward]    
Beginning fiscal year balance $ 43,465 $ 45,541
Additions (reductions) to tax receivable agreement:    
Exchange of LLC Units for Class A Common Stock 1,278 1,710
Adjustment for change in estimated state tax rate or benefits 0 188
Payments under tax receivable agreement 0 (3,974)
Ending fiscal year balance 44,743 43,465
Less: current portion under tax receivable agreement (4,111) (4,111)
Ending balance $ 40,632 $ 39,354
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
Income Tax Disclosure [Abstract]          
Valuation allowance $ 16,673   $ 16,673   $ 16,876
Foreign tax credits $ 580   $ 580   $ 580
Effective tax rate (as a percent) 9.90% 23.30% (10.40%) 23.40%  
v3.24.1.u1
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Feb. 20, 2024
USD ($)
$ / shares
shares
Nov. 27, 2023
USD ($)
award
$ / shares
shares
Nov. 06, 2023
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
shares
Mar. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
shares
Mar. 31, 2023
USD ($)
Jan. 01, 2014
shares
Restricted Stock Units (RSUs) | President                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares) 92,699              
Grants in period | $ $ 4,000              
Share price (in dollars per share) | $ / shares $ 43.15              
Restricted stock vesting period (in years) 4 years              
Restricted Stock Units (RSUs) | Non-Employee Directors                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vested (in shares)       868   12,345    
Restricted Stock | Executive Chair                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares) 5,330              
Grants in period | $ $ 230              
Share price (in dollars per share) | $ / shares $ 43.15              
Restricted Stock Units and Restricted Stock Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)           338,234    
Vested (in shares)           99,504    
Performance Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock compensation expense | $           $ (1,600)    
Long-Term Incentive Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares reserved for issuance in the Long-Term Incentive Plan (in shares)               1,700,000
Number of shares available for grant (in shares)       101,932   101,932    
Stock compensation expense | $       $ 1,839 $ 1,751 $ 3,162 $ 5,402  
Long-Term Incentive Plan | Restricted Stock Units (RSUs)                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)     79,000          
Long-Term Incentive Plan | Restricted Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)     35,000          
Long-Term Incentive Plan | Restricted Stock Units and Restricted Stock Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period | $     $ 5,116          
Share price (in dollars per share) | $ / shares     $ 44.87          
Long-Term Incentive Plan | Restricted Stock Units and Restricted Stock Awards | Period one                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Restricted stock vesting percentage (as a percent)     70.00%          
Restricted stock vesting period (in years)     3 years          
Long-Term Incentive Plan | Restricted Stock Units and Restricted Stock Awards | Period two                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Restricted stock vesting percentage (as a percent)     30.00%          
Restricted stock vesting period (in years)     4 years          
Long-Term Incentive Plan | Performance Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)     26,000          
Grants in period | $     $ 1,167          
Share price (in dollars per share) | $ / shares     $ 44.87          
Maximum number of shares available for issue if target is met     39,000          
Long-Term Incentive Plan | Stock Awards with Market Condition                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)     26,000          
Grants in period | $     $ 1,284          
Maximum number of shares available for issue if target is met     52,000          
Long-Term Incentive Plan | Service Based Stock Award | Chief Financial Officer                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period | $   $ 600            
Share price (in dollars per share) | $ / shares   $ 44.85            
Number of awards granted | award   2            
Long-Term Incentive Plan | Service Based Stock Award | Period one | Chief Financial Officer                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)   7,000            
Restricted stock vesting period (in years)   2 years            
Long-Term Incentive Plan | Service Based Stock Award | Period two | Chief Financial Officer                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares)   6,000            
Restricted stock vesting period (in years)   4 years            
v3.24.1.u1
Stock-Based Compensation - Stock Options (Details)
 9 Months Ended
Mar. 31, 2024
$ / shares
shares
Shares  
Outstanding options at beginning of period (in shares) | shares 17,973
Options granted (in shares) | shares 0
Options exercised (in shares) | shares 0
Outstanding options at end of period (in shares) | shares 17,973
Exercisable at end of period (in shares) | shares 17,973
Weighted-Average Exercise Price/Share  
Outstanding options at beginning of period (in dollars per share) | $ / shares $ 37.55
Options granted (in dollars per share) | $ / shares 0
Options exercised (in dollars per share) | $ / shares 0
Outstanding options at end of period (in dollars per share) | $ / shares 37.55
Exercisable at end of period (in dollars per share) | $ / shares $ 37.55
v3.24.1.u1
Stock-Based Compensation - Summary of Changes in Non-vested Restricted Shares (Details) - Restricted Stock Units and Restricted Stock Awards
 9 Months Ended
Mar. 31, 2024
$ / shares
shares
Number of Restricted Stock Units and Restricted Stock Awards Outstanding  
Total Non-vested Restricted Stock Units and Restricted Stock Awards at beginning of period (in shares) | shares 324,824
Granted (in shares) | shares 338,234
Vested (in shares) | shares (99,504)
Forfeited (in shares) | shares (29,914)
Total Non-vested Restricted Stock Units and Restricted Stock Awards at end of period (in shares) | shares 533,640
Weighted-Average Grant Date Fair Value  
Total Non-vested Restricted Stock Units and Restricted Stock Awards at beginning of period (in dollars per share) | $ / shares $ 57.98
Granted (in dollars per share) | $ / shares 44.40
Vested (in dollars per share) | $ / shares 54.15
Forfeited (in dollars per share) | $ / shares 53.32
Total Non-vested Restricted Stock Units and Restricted Stock Awards at end of period (in dollars per share) | $ / shares $ 50.35
v3.24.1.u1
Net Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Basic:        
Net (loss) income attributable to Malibu Boats, Inc. $ (66,831) $ 51,888 $ (36,691) $ 121,933
Shares used in computing basic net (loss) income per share:        
Basic weighted-average shares outstanding (in shares) 20,399,018 20,533,649 20,453,951 20,465,534
Basic net (loss) income per share (in dollars per share) $ (3.28) $ 2.53 $ (1.79) $ 5.96
Diluted:        
Net (loss) income attributable to Malibu Boats, Inc. $ (66,831) $ 51,888 $ (36,691) $ 121,933
Shares used in computing diluted net (loss) income per share:        
Basic weighted-average shares outstanding (in shares) 20,399,018 20,533,649 20,453,951 20,465,534
Diluted weighted-average shares outstanding (in shares) 20,399,018 20,679,631 20,453,951 20,608,968
Diluted net (loss) income per share (in dollars per share) $ (3.28) $ 2.51 $ (1.79) $ 5.92
Antidilutive securities (in shares) 652,636 494,972 603,437 531,519
Restricted Stock Units (RSUs)        
Shares used in computing basic net (loss) income per share:        
Weighted average number of shares issued, basic (in shares) 275,789 261,508 270,758 253,458
Shares used in computing diluted net (loss) income per share:        
Awards granted to employees (in shares) 0 63,544 0 68,064
Stock Options        
Shares used in computing diluted net (loss) income per share:        
Awards granted to employees (in shares) 0 14,714 0 13,790
Performance Awards        
Shares used in computing diluted net (loss) income per share:        
Awards granted to employees (in shares) 0 67,724 0 61,580
Class A Common Stock        
Shares used in computing basic net (loss) income per share:        
Weighted average number of shares issued, basic (in shares) 20,123,229 20,272,141 20,183,193 20,212,076
v3.24.1.u1
Commitments and Contingencies (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Apr. 10, 2024
USD ($)
numberOfDealer
Jul. 25, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 28, 2023
USD ($)
Mar. 31, 2024
USD ($)
unit
Mar. 31, 2023
unit
Mar. 31, 2024
USD ($)
unit
Mar. 31, 2023
USD ($)
unit
Loss Contingencies [Line Items]                
Floor financing, repurchase obligations     $ 385,448   $ 500,299   $ 500,299  
Number of repurchase units (in units) | unit         17 0 17 0
Financing receivables     0   $ 0   $ 0  
Purchases of property, plant and equipment   $ 25,500   $ 33,300     64,106 $ 43,505
Escrow deposit     7,800          
Capital expenditures incurred             17,800  
Capital expenditures in accounts payable   $ 1,588            
Subsequent Event | Tommy's Boats Complaints                
Loss Contingencies [Line Items]                
Number of dealerships that filed a complaint | numberOfDealer 15              
Subsequent Event | M & T Bank | Boats LLC                
Loss Contingencies [Line Items]                
Repurchase agreement, amount $ 5,200              
Batchelder et al. v. Malibu Boats, LLC                
Loss Contingencies [Line Items]                
Litigation settlement, amount paid     100,000       100,000  
Insurance coverage     $ 26,000          
Proceeds from insurance coverage             $ 21,000  
v3.24.1.u1
Segment Reporting - Narrative (Details)
 9 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.1.u1
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
Segment Reporting Information [Line Items]          
Net sales $ 203,419 $ 375,119 $ 670,323 $ 1,016,062  
(Loss) income before (benefit) provision for income taxes (75,184) 69,724 (33,386) 164,433  
Total assets 797,586   797,586   $ 925,924
Malibu          
Segment Reporting Information [Line Items]          
Net sales 60,194 172,571 241,588 475,905  
(Loss) income before (benefit) provision for income taxes (1,108) 42,478 14,734 99,449  
Total assets 175,190   175,190   249,447
Saltwater Fishing          
Segment Reporting Information [Line Items]          
Net sales 81,223 122,661 256,579 320,479  
(Loss) income before (benefit) provision for income taxes (79,644) 16,489 (64,784) 37,770  
Total assets 348,122   348,122   432,806
Cobalt          
Segment Reporting Information [Line Items]          
Net sales 62,002 79,887 172,156 219,678  
(Loss) income before (benefit) provision for income taxes 5,568 $ 10,757 16,664 $ 27,214  
Total assets $ 274,274   $ 274,274   $ 243,671