MALIBU BOATS, INC., 10-K filed on 8/29/2024
Annual Report
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Cover Page - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Aug. 23, 2024
Dec. 31, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jun. 30, 2024    
Current Fiscal Year End Date --06-30    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 1,088.5
Documents Incorporated by Reference Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended June 30, 2024.    
Entity Central Index Key 0001590976    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding (in shares)   20,012,691  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding (in shares)   12  
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Audit Information
 12 Months Ended
Jun. 30, 2024
Audit Information [Abstract]  
Auditor Location Knoxville, TN
Auditor Name KPMG LLP
Auditor Firm ID 185
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Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]      
Net sales $ 829,035 $ 1,388,365 $ 1,214,877
Cost of sales 681,940 1,037,070 904,826
Gross profit 147,095 351,295 310,051
Operating expenses:      
Selling and marketing 22,784 24,009 22,900
General and administrative 76,323 175,694 66,371
Goodwill and other intangible asset impairment 88,389 0 0
Abandonment of construction in process 8,735 0 0
Amortization 6,811 6,808 6,957
Operating (loss) income (55,947) 144,784 213,823
Other expense (income), net:      
Other expense (income), net (4) 331 983
Interest expense 1,842 2,962 2,875
Other expense, net 1,838 3,293 3,858
(Loss) income before (benefit) provision for income taxes (57,785) 141,491 209,965
(Benefit) provision for income taxes (1,342) 33,581 46,535
Net (loss) income (56,443) 107,910 163,430
Net (loss) income attributable to non-controlling interest (531) 3,397 5,798
Net (loss) income attributable to Malibu Boats, Inc. (55,912) 104,513 157,632
Comprehensive (loss) income:      
Net (loss) income (56,443) 107,910 163,430
Other (loss) comprehensive income      
Change in cumulative translation adjustment 142 (833) (1,868)
Other comprehensive income (loss) 142 (833) (1,868)
Comprehensive (loss) income (56,301) 107,077 161,562
Less: comprehensive (loss) income attributable to non-controlling interest, net of tax (516) 3,371 5,731
Comprehensive (loss) income attributable to Malibu Boats, Inc., net of tax $ (55,785) $ 103,706 $ 155,831
Weighted average shares outstanding used in computing net (loss) income per share:      
Basic (in shares) 20,439,449 20,501,844 20,749,237
Diluted (in shares) 20,439,449 20,641,173 20,986,256
Net (loss) income available to Class A Common Stock per share:      
Basic (in dollars per share) $ (2.74) $ 5.10 $ 7.60
Diluted (in dollars per share) $ (2.74) $ 5.06 $ 7.51
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Current assets    
Cash $ 26,945 $ 78,937
Trade receivables, net 23,141 68,381
Inventories, net 145,573 171,189
Prepaid expenses and other current assets 6,470 7,827
Total current assets 202,129 326,334
Property, plant and equipment, net 244,601 204,792
Goodwill 51,415 100,577
Other intangible assets, net 175,449 221,458
Deferred tax assets 58,097 62,573
Other assets 7,933 10,190
Total assets 739,624 925,924
Current liabilities    
Accounts payable 19,152 40,402
Accrued expenses 119,430 187,078
Income tax and distribution payable 4 847
Payable pursuant to tax receivable agreement, current portion 0 4,111
Total current liabilities 138,586 232,438
Deferred tax liabilities 17,661 28,453
Other liabilities 8,045 9,926
Payable pursuant to tax receivable agreement, less current portion 40,613 39,354
Total liabilities 204,905 310,171
Commitments and contingencies (See Note 17)
Stockholders' Equity    
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024; no shares issued and outstanding as of June 30, 2023 0 0
Additional paid in capital 64,222 86,321
Accumulated other comprehensive loss, net of tax (4,198) (4,340)
Accumulated earnings 469,785 525,697
Total stockholders' equity attributable to Malibu Boats, Inc. 530,009 607,882
Non-controlling interest 4,710 7,871
Total stockholders’ equity 534,719 615,753
Total liabilities and stockholders' equity 739,624 925,924
Class A Common Stock    
Stockholders' Equity    
Common stock 200 204
Class B Common Stock    
Stockholders' Equity    
Common stock $ 0 $ 0
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2024
Jun. 30, 2023
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) 20,181,542 20,603,822
Common stock, shares, outstanding (in shares) 20,181,542 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 12
Common stock, shares, outstanding (in shares) 12 12
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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Additional Paid In Capital
Accumulated Other Comprehensive Loss, net of tax
Accumulated Earnings
Non-controlling Interest in LLC
Class A Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Class B Common Stock
Common Stock
Beginning balance (in shares) at Jun. 30, 2021             20,847,000   10
Beginning balance at Jun. 30, 2021 $ 381,154 $ 111,308 $ (1,639) $ 263,552 $ 7,726   $ 207   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 163,430     157,632 5,798        
Stock based compensation, net of withholding taxes on vested equity awards (in shares)             95,000    
Stock based compensation, net of withholding taxes on vested equity awards 4,197 4,196         $ 1    
Issuances of equity for services (in shares)             1,000    
Issuances of equity for services $ 1,140 1,140              
Issuance of equity for exercise of options (in shares) 112,500           113,000    
Issuance of equity for exercise of options $ 3,287 3,286         $ 1    
Repurchase and retirement of common stock (in shares)             (555,000)    
Repurchase and retirement of common stock (34,642) (34,636)         $ (6)    
Distributions to LLC Unit holders (3,076)       (3,076)        
Foreign currency translation adjustment (1,922)   (1,868)   (54)        
Ending balance (in shares) at Jun. 30, 2022             20,501,000 10 10
Ending balance at Jun. 30, 2022 513,568 85,294 (3,507) 421,184 10,394   $ 203   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 107,910     104,513 3,397        
Stock based compensation, net of withholding taxes on vested equity awards (in shares)             68,000    
Stock based compensation, net of withholding taxes on vested equity awards 2,710 2,709         $ 1    
Issuances of equity for services (in shares)             2,000    
Issuances of equity for services $ 1,194 1,194              
Issuance of equity for exercise of options (in shares) 31,250           31,000    
Issuance of equity for exercise of options $ 1,317 1,317         $ 0    
Repurchase and retirement of common stock (in shares)             (144,000)    
Repurchase and retirement of common stock (7,868) (7,867)         $ (1)    
Increase in payable pursuant to the tax receivable agreement (1,710) (1,710)              
Increase in deferred tax asset from step-up in tax basis 2,619 2,619              
Exchange of LLC Units for Class A Common Stock (in shares)             145,000    
Exchange of LLC Units for Class A Common Stock 1 2,765     (2,765)   $ 1    
Issuances of Class B Common Stock (in shares)               2 2
Distributions to LLC Unit holders (3,131)       (3,131)        
Foreign currency translation adjustment (857)   (833)   (24)        
Ending balance (in shares) at Jun. 30, 2023           20,603,822 20,603,000 12 12
Ending balance at Jun. 30, 2023 615,753 86,321 (4,340) 525,697 7,871   $ 204   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income (56,443)     (55,912) (531)        
Stock based compensation, net of withholding taxes on vested equity awards (in shares)             131,000    
Stock based compensation, net of withholding taxes on vested equity awards 3,398 3,397         $ 1    
Issuances of equity for services (in shares)             12,000    
Issuances of equity for services $ 1,179 1,179              
Issuance of equity for exercise of options (in shares) 0                
Repurchase and retirement of common stock (in shares)             (699,000)    
Repurchase and retirement of common stock $ (29,843) (29,836)         $ (7)    
Increase in payable pursuant to the tax receivable agreement (1,320) (1,320)              
Increase in deferred tax asset from step-up in tax basis 1,960 1,960              
Exchange of LLC Units for Class A Common Stock (in shares)             135,000    
Exchange of LLC Units for Class A Common Stock 2 2,521     (2,521)   $ 2    
Distributions to LLC Unit holders (114)       (114)        
Foreign currency translation adjustment 147   142   5        
Ending balance (in shares) at Jun. 30, 2024           20,181,542 20,182,000 12 12
Ending balance at Jun. 30, 2024 $ 534,719 $ 64,222 $ (4,198) $ 469,785 $ 4,710   $ 200   $ 0
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Operating activities:      
Net (loss) income $ (56,443) $ 107,910 $ 163,430
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Non-cash compensation expense 4,935 5,894 6,342
Non-cash compensation to directors 1,512 1,136 1,054
Depreciation 26,178 21,912 19,365
Amortization 6,811 6,808 6,957
Deferred income taxes (4,355) (16,158) 4,793
Adjustment to tax receivable agreement liability 36 188 1,025
Other items, net 2,217 1,680 1,350
Goodwill and other intangible asset impairment 88,389 0 0
Abandonment of construction in process 8,735 0 0
Change in operating assets and liabilities (excluding effects of acquisition):      
Trade receivables 45,257 (16,804) (1,777)
Inventories 25,702 (14,362) (38,050)
Prepaid expenses and other assets 1,668 (1,705) (1,303)
Accounts payable (20,612) (5,148) (287)
Income taxes receivable and payable (708) 6 (794)
Accrued expenses (67,634) 99,326 10,579
Other liabilities (1,922) (1,976) (4,140)
Payment pursuant to tax receivable agreement (4,208) (3,974) (3,698)
Net cash provided by operating activities 55,558 184,733 164,846
Investing activities:      
Purchases of property and equipment (75,962) (54,840) (55,064)
Proceeds from sale of property and equipment 120 202 9
Payment for acquisition, net of cash acquired 0 0 (6,566)
Net cash used in investing activities (75,842) (54,638) (61,621)
Financing activities:      
Proceeds from revolving credit facility 75,000 241,700 72,000
Payments on revolving credit facility (75,000) (338,700) (20,000)
Principal payments on long-term borrowings 0 (23,125) (76,250)
Payment of deferred financing costs 0 (1,362) 0
Proceeds received from exercise of stock options 0 1,317 3,287
Cash paid for tax withholdings (1,489) (3,135) (2,058)
Distributions to non-controlling LLC Unit holders (890) (3,401) (2,717)
Repurchase and retirement of Class A Common Stock (29,316) (7,868) (34,642)
Net cash used in financing activities (31,695) (134,574) (60,380)
Effect of exchange rate changes on cash (13) (328) (580)
Changes in cash (51,992) (4,807) 42,265
Cash—Beginning of period 78,937 83,744 41,479
Cash—End of period 26,945 78,937 83,744
Supplemental cash flow information:      
Cash paid for interest 3,046 3,061 2,294
Cash paid for income taxes 3,529 50,515 42,064
Income tax refunds (1,404) 0 0
Non-cash operating, investing and financing activities:      
Establishment of deferred tax assets from step-up in tax basis 1,960 2,619 0
Establishment of amounts payable under tax receivable agreements 1,320 1,710 0
Exchange of LLC Units for Class A Common Stock 2,521 2,765 0
Tax distributions payable to non-controlling LLC Unit holders 0 776 1,045
Repurchase/retirement of common stock not settled 527 0 0
Capital expenditures in accounts payable $ 1,045 $ 2,207 $ 1,032
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Organization, Basis of Presentation, and Summary of Significant Accounting Policies
 12 Months Ended
Jun. 30, 2024
Accounting Policies [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 consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted.
Principles of Consolidation
The accompanying 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.
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 boats (Maverick, Cobia, Pathfinder and Hewes). The Cobalt segment participates in the manufacturing, distribution, marketing and sale of Cobalt boats throughout the world.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material.
Certain Significant Risks and Uncertainties
The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, consumer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations and the possibility of not being able to obtain additional financing if and when needed.
Concentration of Credit and Business Risk
A majority of the Company’s sales are made pursuant to floor plan financing programs in which the Company participates on behalf of its dealers through a contingent repurchase agreement with various third-party financing institutions. Under these arrangements, a dealer establishes a line of credit with one or more of these third-party lenders for the purchase of dealer boat inventory. When a dealer purchases and takes delivery of a boat pursuant to a floor plan financing arrangement, it draws against its line of credit and the lender pays the invoice cost of the boat directly to the Company within approximately two weeks. For dealers that use local floor plan financing programs or pay cash, the Company may extend credit without collateral under the
dealer agreement based on the Company’s evaluation of the dealer’s credit risk and past payment history. The Company maintains allowances for potential credit losses that it believes are adequate. See Trade Accounts Receivable section within this footnote for more information.
The Company’s top ten dealers represented 40.4%, 41.1% and 39.9%, of the Company’s net sales for the fiscal years ended June 30, 2024, 2023 and 2022, respectively. Sales to the Company's dealers under common control of OneWater Marine, Inc. represented approximately 23.7%, 17.2% and 16.8% of the Company's consolidated net sales in the fiscal years ended June 30, 2024, 2023, and 2022 respectively. Sales to our former dealers under common control of Tommy's Boats represented approximately 2.4%, 10.7% and 9.4% of our consolidated net sales in the fiscal years ended June 30, 2024, 2023 and 2022 respectively
Cash
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. As of June 30, 2024 and 2023, no highly liquid investments were held and the entire balance consists of cash.
At June 30, 2024 and 2023, substantially all cash on hand was held by two financial institutions. This cash on deposit may be, at times, in excess of insurance limits provided by the FDIC.
Trade Accounts Receivable
Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. As of June 30, 2024 and 2023, the allowance for doubtful receivables was $0. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. A trade receivable is considered to be past due if any portion of the receivable balance is outstanding beyond customer terms.
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis, as of June 30, 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.
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 fiscal year 2024 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 fiscal year 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.
For the fiscal year ended June 30, 2024, the Company performed a qualitative assessment on the remaining reporting units which indicated that the fair value of its reporting units more likely than not exceeded their respective carrying amounts. 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 unit more likely than not exceeded its carrying amount. For the fiscal year ended June 30, 2023, the Company performed a qualitative assessment on the remaining reporting units which indicated that the fair value of its reporting units more likely than not exceeded their respective carrying amounts. The Company did not recognize any goodwill impairment charges in the fiscal years ended June 30, 2023 and 2022.
Intangible Assets
Intangible assets consist primarily of dealer relationships, product trade names, legal and contractual rights surrounding a patent and a non-compete agreement. These assets are recorded at their estimated fair values at the acquisition dates using the income approach. Definite-lived intangible assets are being amortized using the straight-line method based on their estimated useful lives ranging from 10 to 20 years. The estimated useful lives of dealer relationships consider the average length of dealer relationships at the time of acquisition, historical rates of dealer attrition and retention, the Company’s history of renewal and extension of dealer relationships, as well as competitive and economic factors resulting in a range of useful lives. The estimated useful lives of the Company’s trade names are based on a number of factors including the competitive environment. The estimated useful lives of legal and contractual rights are estimated based on the benefits that the patent provides for its remaining terms unless competitive, technological obsolescence or other factors indicate a shorter life. The useful life of the non-compete agreement is based on a ten-year agreement entered into by the Company and former owner of the Licensee as part of the acquisition. In addition, the Company has indefinite-lived intangible assets for acquired trade names.
Management, assisted by third-party valuation specialists, determined the estimated fair values of separately identifiable intangible assets at the date of acquisition under the income approach. Significant data and assumptions used in the valuations included cost, market and income comparisons, discount rates, royalty rates and management forecasts. Discount rates for each intangible asset were selected based on judgment of relative risk and approximate rates of returns investors in the subject assets might require. The royalty rates were based on historical and projected sales and profits of products sold and management’s assessment of the intangibles’ importance to the sales and profitability of the product. Management provided forecasts of financial data pertaining to assets, liabilities and income statement balances to be utilized in the valuations. While management believes the assumptions, estimates, appraisal methods and ensuing results are appropriate and represent the best evidence of fair value in the circumstances, modification or use of other assumptions or methods could have yielded different results.
The carrying amount of definite-lived intangible assets are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable. The carrying value of these assets is compared to the undiscounted future cash flows the assets are expected to generate. If the asset is considered to be impaired, the carrying value is compared to the fair value and this difference is recognized as an impairment loss. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset.
During the Company's 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 fiscal year 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. There was no impairment loss recognized on intangible assets for the fiscal years ended June 30, 2023 and 2022.
Long-Lived Assets Other than Intangible Assets
The Company assesses the potential for impairment of its long-lived assets if facts and circumstances, such as declines in sales, earnings, or cash flows or adverse changes in the business climate, suggest that they may be impaired. A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life will also trigger a review for impairment. The Company performs its assessment by comparing the book value of the asset groups to the estimated future undiscounted cash flows associated with the asset groups. If any impairment in the carrying value of its long-lived assets is indicated, the assets would be adjusted to an estimate of fair value.
The Company recognized $8,735 in abandonment of construction in process charges related to the ERP (Enterprise resource planning) project during the year ended June 30, 2024. The charges pertain to long-lived assets including software and other capitalized costs specifically tied to the project and is captured in the Abandonment of construction in process line of the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income (see Note 6).
Dealer Incentives
The Company provides for various structured dealer rebate and sales promotions incentives, which are recognized as a component of sales in measuring the amount of consideration the Company expects to receive in exchange for transferring goods, at the time of sale to the dealer. Examples of such programs include rebates, seasonal discounts and other allowances.
Dealer rebates and sales promotion expenses are estimated based on current programs and historical achievement and/or usage rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from historical trends.
Free floor financing incentives include payments to the lenders providing floor plan financing to the dealers or directly to the dealers themselves. Free floor financing incentives are estimated at the time of sale to the dealer based on the expected expense to the Company over the term of the free flooring period and are recognized as a reduction in sales. The Company accounts for both incentive payments directly to dealers and payment to third party lenders in this manner. Dealer incentives are included in accrued expenses on the Company's consolidated balance sheets.
Changes in the Company’s accrual for dealer rebates were as follows:
 Fiscal Year Ended June 30,
 202420232022
Balance at beginning of year$13,715 $15,852 $11,666 
Add: Dealer rebate incentives28,385 32,953 35,210 
Less: Dealer rebates paid(14,618)(35,090)(31,024)
Balance at end of year$27,482 $13,715 $15,852 
Changes in the Company’s accrual for floor financing were as follows:
 Fiscal Year Ended June 30,
 202420232022
Balance at beginning of year$1,134 $187 $121 
Add: Flooring incentives17,590 13,926 3,717 
Less: Flooring paid(17,295)(12,979)(3,651)
Balance at end of year$1,429 $1,134 $187 
Tax Receivable Agreement
As a result of exchanges of LLC Units into Class A Common Stock and purchases by the Company of LLC Units from holders of LLC Units, the Company will become entitled to a proportionate share of the existing tax basis of the assets of the LLC at the time of such exchanges or purchases. In addition, such exchanges or purchases of LLC Units are expected to result in increases in the tax basis of the assets of the LLC that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.
In connection with the recapitalization the Company completed in connection with its IPO, the Company entered into 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 any permitted assignees) of 85% of the amount of the benefits, if any, that the Company deems to realize as a result of (i) increases in tax basis and (ii) certain other tax benefits, including those attributable to payments, under the tax receivable agreement. These contractual payment obligations are the Company's obligations and are not obligations of the LLC, and are accounted for in accordance with ASC 450, Contingencies, since the obligations were deemed to be probable and reasonably estimable. For purposes of the tax receivable agreement, the benefit deemed realized by the Company will be computed by comparing its actual income tax liability (calculated with certain assumptions) to the amount of such taxes that it 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 timing and/or amount of aggregate payments due under the tax receivable agreement may vary based on a number of factors, including the amount and timing of the taxable income the Company generates in the future and the tax rate then applicable and amortizable basis.
The term of the tax receivable agreement will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the tax receivable agreement for an amount based on the agreed payments remaining to be made under the agreement. In 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 (or any permitted assignees) 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 all LLC Units and that the Company would have had 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.
Income Taxes
Malibu Boats, Inc. 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. Following the IPO, the LLC continues to operate in the United States as a partnership for U.S. federal income tax purposes. Maverick Boat Group is taxed as a C corporation for U.S. income tax purposes and is separately subject to both federal and state taxation at a corporate level.
The Company files various federal and state tax returns, including some returns that are consolidated with subsidiaries. The Company accounts for the current and deferred tax effects of such returns using the asset and liability method. Significant judgments and estimates are required in determining the Company's current and deferred tax assets and liabilities, which reflect management's best assessment of the estimated future taxes it will pay. These estimates are updated throughout the year to consider income tax return filings, its geographic mix of earnings, legislative changes and other relevant items.
The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of assets and liabilities and the amounts applicable for income tax purposes. Deferred tax assets represent items to be realized as a tax deduction or credit in future tax returns. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period.
Each quarter the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized (see Note 13).
On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence.
If the Company later determines that realization is more likely than not for deferred tax assets with a valuation allowance, the related valuation allowance will be reduced. Conversely, if the Company determines that it is more likely than not that the Company will not be able to realize a portion of its deferred tax assets, the Company will increase the valuation allowance.
The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the income tax benefit as the largest amount that it judges to have a greater than 50% likelihood of being realized. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's income tax provision includes the net impact of changes in the liability for unrecognized tax benefits.
The Company has filed federal and state income tax returns that remain open to examination for fiscal years 2021 through 2023, while its subsidiaries, Malibu Boats Holdings, LLC and Malibu Boats Pty Ltd., remain open to examination for years 2020 through 2023.
The Company considers an issue to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution, unrecognized tax benefits will be reversed as a discrete event.
The Company's liability for unrecognized tax benefits is generally presented as noncurrent. However, if it anticipates paying cash within one year to settle an uncertain tax position, the liability is presented as current. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.
Revenue Recognition
Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods (boats, parts, or other) is transferred to the customer, which is upon shipment. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company generally manufactures products based on specific orders from dealers and often ships completed
products only after receiving credit approval from financial institutions. The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its dealers and their customers.
Dealers generally have no rights to return unsold boats. From time to time, however, the Company may accept returns in limited circumstances and at the Company’s discretion under its warranty policy, which generally limits returns to instances of manufacturing defects. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The Company accrues returns when a repurchase and return, due to the default of one of its dealers, is determined to be probable and the amount of the return is reasonably estimable. Refer to Note 9 and Note 17 related to the Company’s product warranty and repurchase commitment obligations, respectively.
 Revenue associated with sales of materials, parts, boats or engine products sold under the Company’s exclusive manufacturing and distribution agreement with its Australian subsidiary are eliminated in consolidation.
The Company earns royalties on boats shipped with the Company's proprietary wake surfing technology under licensing agreements with various marine manufacturers. Royalty income is recognized when products are used or sold with the Company's patented technology by other boat manufacturers and industry suppliers. The usage of the Company's technology satisfies the performance obligation in the contract.
See Note 2 for more information.
Delivery Costs
Shipping and freight costs are included in cost of sales in the accompanying consolidated statements of operations and comprehensive (loss) income.
Advertising Costs
Advertising costs are expensed as incurred. Advertising expenses are included in selling and marketing expenses and were not material for the fiscal years ended June 30, 2024, 2023, and 2022.
Fair Value of Financial Instruments
Financial instruments for which the Company did not elect the fair value option include accounts receivable, prepaid expenses and other current assets, credit facilities, accounts payable, accrued expenses and other current liabilities. The carrying amounts of these financial instruments approximate their fair values as a result of their short-term nature or variable interest rates.
Fair Value Measurements
The Company applies the provisions of ASC Topic 820, Fair Value Measurement, for fair value measurements of financial assets and financial liabilities, and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. In addition to the financial assets and liabilities measured on a recurring basis, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. This includes items such as nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and nonfinancial long-lived asset groups measured at fair value for an impairment assessment. In general, non-financial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized.
Equity-Based Compensation
The Company expenses employee share-based awards under ASC Topic 718, Compensation—Stock Compensation, which requires compensation cost for the grant-date fair value of share-based awards to be recognized over the requisite service period. Stock options granted to executives January 14, 2019 were valued using the Black-Scholes option pricing model. Stock awards granted on November 3, 2023, November 3, 2022 and November 3, 2021 based on total shareholder return were valued using a Monte Carlo simulation. The fair value of restricted stock unit awards granted under the Company's Long Term Incentive Plan ("Incentive Plan") are measured based on the market price of the Company’s stock on the grant date. See Note 15 for more information.
Foreign Currency Translation
The functional currency for the Company's consolidated foreign subsidiary is the applicable local currency. The assets and liabilities are translated at the foreign exchange rate in effect at the applicable reporting date, and the consolidated statements of operations and comprehensive (loss) income and cash flows are translated at the average exchange rate in effect during the applicable period. Exchange rate fluctuations on translating the foreign currency financial statements into U.S. dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are reflected as a component of "Accumulated other comprehensive loss, net of tax," in the stockholders' equity section of the accompanying consolidated balance sheets and periodic changes are included in comprehensive (loss) income.
Comprehensive (Loss) Income
Components of comprehensive (loss) income include net (loss) income and foreign currency translation adjustments. The Company has chosen to disclose comprehensive (loss) income in a single continuous consolidated statement of operations and comprehensive (loss) income.
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.
There are no other new accounting pronouncements that are expected to have a significant impact on the Company's consolidated financial statements and related disclosures.
v3.24.2.u1
Revenue Recognition
 12 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table disaggregates the Company's revenue by major product type and geography:
Fiscal Year Ended June 30, 2024
MalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$264,811 $325,993 $219,188 $809,992 
Part and other sales14,320 1,549 3,174 19,043 
Net sales$279,131 $327,542 $222,362 $829,035 
Revenue by geography:
North America$249,841 $314,014 $215,255 $779,110 
International29,290 13,528 7,107 49,925 
Net sales$279,131 $327,542 $222,362 $829,035 
Fiscal Year Ended June 30, 2023
MalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$618,001 $447,587 $299,028 $1,364,616 
Part and other sales18,246 1,569 3,934 23,749 
Net sales$636,247 $449,156 $302,962 $1,388,365 
Revenue by geography:
North America$582,092 $440,449 $292,335 $1,314,876 
International54,155 8,707 10,627 73,489 
Net sales$636,247 $449,156 $302,962 $1,388,365 
Fiscal Year Ended June 30, 2022
MalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$590,059 $340,725 $262,679 $1,193,463 
Part and other sales17,484 1,205 2,725 21,414 
Net sales$607,543 $341,930 $265,404 $1,214,877 
Revenue by geography:
North America$548,826 $336,816 $253,812 $1,139,454 
International58,717 5,114 11,592 75,423 
Net sales$607,543 $341,930 $265,404 $1,214,877 
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.
v3.24.2.u1
Non-controlling Interest
 12 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
Non-controlling Interest Non-controlling Interest
The non-controlling interest on the consolidated statements of operations and comprehensive (loss) income represents the portion of earnings or loss 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 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 June 30, 2024As of June 30, 2023
UnitsOwnership %UnitsOwnership %
Non-controlling LLC unit holders ownership in Malibu Boats Holdings, LLC321,4191.6 %455,9192.2 %
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC20,181,54298.4 %20,603,82297.8 %
20,502,961100.0 %21,059,741100.0 %
Balance of non-controlling interest as of June 30, 2022
$10,394 
Allocation of income to non-controlling LLC Unit holders for period3,397 
Distributions paid and payable to non-controlling LLC Unit holders for period(3,131)
Reallocation of non-controlling interest(2,789)
Balance of non-controlling interest as of June 30, 2023
7,871 
Allocation of income to non-controlling LLC Unit holders for period(531)
Distributions paid and payable to non-controlling LLC Unit holders for period(114)
Reallocation of non-controlling interest(2,516)
Balance of non-controlling interest as of June 30, 2024
$4,710 
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 fiscal year ended June 30, 2024, the Company caused the LLC to issue a total of 315,695 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 fiscal year 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 were deemed to not be achieved and zero LLC Units were canceled in connection with the forfeiture of stock awards. In connection with the cancellation of LLC units described above, an equivalent 38,017 treasury shares were retired in accordance with the LLC Agreement. Also during fiscal year 2024, 699,958 LLC Units were redeemed and canceled by the LLC in connection with the purchase and retirement of treasury shares under the Company's stock repurchase program.
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 June 30, 2024 and 2023, tax distributions payable to non-controlling LLC Unit holders were $0 and $776, respectively. During the fiscal years ended June 30, 2024, 2023, and 2022, tax distributions paid to the non-controlling LLC Unit holders were $890, $3,401, and $2,717, 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.
v3.24.2.u1
Acquisitions
 12 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Acquisition of Certain Assets of AmTech, LLC and BTR, LLC
On February 1, 2022, Malibu Electronics, LLC, a newly-formed, wholly-owned, direct subsidiary of Boats LLC, entered into an asset purchase agreement to acquire certain assets of AmTech, LLC, an Alabama limited liability company, and real property of BTR, LLC, an Alabama limited liability company. Boats LLC acquired the assets related to the manufacturing and distribution of wiring harnesses that had previously been sold by Amtech, LLC to Boats LLC and its subsidiaries. The acquisition continues the vertical integration strategy of the Company by acquiring its primary supplier of wiring harnesses for Malibu and Axis boats. The Company accounted for the transaction in accordance with ASC Topic 805, Business Combinations.
v3.24.2.u1
Inventories, net
 12 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories, net Inventories, net
Inventories are stated at the lower of cost or net realizable value, determined on the first in, first out (“FIFO”) or weighted-average basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. Inventories consisted of the following:
 As of June 30,
20242023
Raw materials$107,245 $142,948 
Work in progress20,683 19,222 
Finished goods16,392 9,019 
Inventory subject to return 1
1,253 — 
Total inventories$145,573 $171,189 
(1)
Represents accrual related to Tommy's Boats. See Note 17 of our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information.
v3.24.2.u1
Property, Plant, and Equipment, net
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, net Property, Plant, and Equipment, net
Property, plant, and equipment acquired outside of acquisition are stated at cost. When property, plant, and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is accounted for in the consolidated statement of operations and comprehensive (loss) income. Major additions are capitalized; maintenance, repairs and minor improvements are charged to operating expenses as incurred if they do not increase the life or productivity of the related capitalized asset. Depreciation on leasehold improvements is computed using the straight-line method based on the lesser of the remaining lease term or the estimated useful life and depreciation of equipment is computed using the straight-line method over the estimated useful life as follows:
Years
Building20
Leasehold improvementsShorter of useful life or lease term
Machinery and equipment
3-5
Furniture and fixtures
3-5
The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC Topic 360, Property, Plant, and Equipment. In accordance with ASC Topic 360, long-lived assets to be held are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. The Company periodically reviews for indicators and, if indicators are present, tests the carrying value of long-lived assets, assessing their net realizable values based on estimated undiscounted cash flows over their remaining estimated useful lives. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, based on discounted cash flows. During fiscal year 2024, the Company abandoned a company-wide ERP project. As such, the Company recorded a non-cash charge of $8,735 associated with the abandonment of the ERP project. The abandonment pertains to long-lived assets including software and other capitalized costs specifically tied to the project and is captured in the abandonment of construction in process line of the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. No impairment charges were recorded for the fiscal years ended June 30, 2023 and 2022 in the Company’s consolidated financial statements.
Property, plant, and equipment, net consisted of the following:
As of June 30,
 20242023
Land$4,890 $4,905 
Building and leasehold improvements170,958 119,324 
Machinery and equipment118,123 103,362 
Furniture and fixtures15,466 12,672 
Construction in process43,511 47,482 
352,948 287,745 
Less accumulated depreciation(108,347)(82,953)
$244,601 $204,792 
Depreciation expense was $26,178, $21,912 and $19,365 for the fiscal years ended June 30, 2024, 2023 and 2022, respectively, substantially all of which was recorded in cost of sales.
v3.24.2.u1
Goodwill and Other Intangible Assets, net
 12 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, net Goodwill and Other Intangible Assets, net
The changes in the carrying amount of goodwill for the fiscal years ended June 30, 2024 and 2023 were as follows:
MalibuSaltwater FishingCobaltConsolidated
Goodwill as of June 30, 2022
$12,299 $68,714 $19,791 $100,804 
Effect of foreign currency changes on goodwill
(227)— — (227)
Goodwill as of June 30, 2023
12,072 68,714 19,791 100,577 
Impairment related to Maverick Boat Group— (49,189)— $(49,189)
Effect of foreign currency changes on goodwill
27 — — 27 
Goodwill as of June 30, 2024
$12,099 $19,525 $19,791 $51,415 
The components of other intangible assets were as follows:
As of June 30,Estimated Useful Life (in years)Weighted Average Remaining Useful Life (in years)
 20242023
Definite-lived intangibles:
Dealer relationships$131,735 $131,725 
15-20
14.6
Patent2,600 2,600 
15
8.0
Trade name100 100 156.0
Non-compete agreement47 46 100.3
Total134,482 134,471 
Less: Accumulated amortization(38,033)(31,213)
Total definite-lived intangible assets, net96,449 103,258 
Indefinite-lived intangible:
Trade names118,200 118,200 
Less: Impairment charge(39,200)— 
Total other intangible assets$175,449 $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 was 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 the Company's interim 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 consolidated financial statements included elsewhere in this report.
Amortization expense recognized on all amortizable intangibles was $6,811, $6,808 and $6,957 for the fiscal years ended June 30, 2024, 2023 and 2022, respectively.
Estimated future amortization expenses as of June 30, 2024 are as follows:
Fiscal YearAs of June 30, 2024
2025$6,803 
20266,803 
20276,803 
20286,803 
20296,802 
2030 and thereafter62,435 
$96,449 
v3.24.2.u1
Accrued Expenses
 12 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consisted of the following:
As of June 30,
 20242023
Warranties$37,967 $41,709 
Dealer incentives28,911 14,996 
Accrued compensation13,791 19,671 
Current operating lease liabilities2,177 2,324 
Litigation settlement— 100,000 
Accrued legal and professional fees22,467 1,899 
Customer deposits4,270 4,054 
Government grant5,867 — 
Other accrued expenses3,980 2,425 
Total accrued expenses$119,430 $187,078 
Litigation settlement represents the settlement of product liability cases in June 2023 for $100.0 million. Accrued legal and professional fees include 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 17 of our consolidated financial statements included elsewhere in this Annual Report.
Government grant includes approximately $5,867 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.
v3.24.2.u1
Product Warranties
 12 Months Ended
Jun. 30, 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. 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 are included in accrued expenses in the accompanying consolidated balance sheets, were as follows:
 Fiscal Year Ended June 30,
202420232022
Beginning balance$41,709 $38,673 $35,035 
Add: Warranty Expense23,744 24,812 21,280 
Less: Warranty claims paid(27,486)(21,776)(17,642)
Ending balance$37,967 $41,709 $38,673 
v3.24.2.u1
Financing
 12 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Financing Financing
As of June 30, 2024 and 2023, the Company did not have any outstanding debt.
Long-Term Debt
As of June 30, 2024, the Company had a revolving credit facility with borrowing capacity of up to $350,000. As of June 30, 2024, the Company had zero outstanding under its revolving credit facility and $1,578 in outstanding letters of credit with $348,422 available for borrowing. The revolving credit facility matures on July 8, 2027. As of June 30, 2023, the Company reclassified unamortized debt issuance costs into Other assets.
On July 8, 2022, Boats LLC entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) that amended and restated its second amended and restated credit agreement dated as of June 28, 2017. The Credit Agreement increased the borrowing capacity of the revolving credit facility from $170,000 to $350,000. 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 June 30, 2024, the interest rate on the Company’s revolving credit facility was 6.50%. 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 June 30, 2024 and 2023, the Company was in compliance with the financial covenants contained in the Credit Agreement.
v3.24.2.u1
Leases
 12 Months Ended
Jun. 30, 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 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:
As of June 30,
Classification20242023
Assets
Right-of-use assetsOther assets$6,883 $8,808 
Liabilities
Current operating lease liabilitiesAccrued expenses$2,177 $2,324 
Long-term operating lease liabilitiesOther liabilities5,763 7,843 
Total lease liabilities$7,940 $10,167 
Fiscal Year Ended June 30,
Classification202420232022
Operating lease costs (1)
Cost of sales$2,537 $2,686 $2,611 
Selling and marketing, and general and administrative838 878 857 
Sublease incomeOther expense (income), net(38)(38)(38)
Cash paid for amounts included in the measurement of operating lease liabilitiesCash flows from operating activities2,661 2,555 2,517 
(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 for the fiscal year ended June 30, 2024 and 2023 was 3.60 years and 4.60 years, respectively. As of June 30, 2024 and 2023, the weighted average discount rate determined based on the Company's incremental borrowing rate is 3.67% for both periods.
Future annual minimum lease payments for the following fiscal years as of June 30, 2024 are as follows:
 Amount
2025$2,422 
20262,274 
20272,258 
20281,506 
20291 
2030 and thereafter— 
Total8,461 
Less imputed interest(521)
Present value of lease liabilities$7,940 
v3.24.2.u1
Tax Receivable Agreement Liability
 12 Months Ended
Jun. 30, 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 June 30,
20242023
Beginning balance$43,465 $45,541 
Additions to tax receivable agreement:
Exchange of LLC Units for Class A Common Stock1,320 1,710 
Adjustment for change in estimated state tax rate or benefits36 188 
Payment under tax receivable agreement(4,208)(3,974)
40,613 43,465 
Less current portion under tax receivable agreement— (4,111)
Ending balance$40,613 $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 June 30, 2024 and 2023, the Company recorded deferred tax assets of $120,015 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. These basis differences are included in the overall partnership basis differences disclosed in Note 13. 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 once net operating losses are utilized and there is sufficient taxable income.
v3.24.2.u1
Income Taxes
 12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Malibu Boats, Inc. 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 provision for income taxes in the period in which this determination is made.
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 were recognized upon enactment. The Company accrued $0.3 million excise tax for stock repurchases during fiscal year's ended June 30, 2024. The Company did not recognize any significant impact to income tax expense for the fiscal years ended June 30, 2024 or June 30, 2023 relating to the Inflation Reduction Act.
The components of (benefit) for income taxes are as follows:
Fiscal Year Ended June 30,
202420232022
Current tax expense:
     Federal$2,358 $39,462 $33,689 
     State424 9,071 6,632 
     Foreign345 1,331 1,532 
          Total current3,127 49,864 41,853 
Deferred tax (benefit) expense:
     Federal(3,872)(14,230)4,661 
     State(577)(2,019)94 
     Foreign(20)(34)(73)
          Total deferred(4,469)(16,283)4,682 
Income tax (benefit) expense$(1,342)$33,581 $46,535 
The income tax (benefit) expense differs from the amount computed by applying the federal statutory income tax rate to (loss) income from continuing operations before income taxes. The sources and tax effects of the differences are as follows:
Fiscal Year Ended June 30,
202420232022
Federal tax (benefit) provision at statutory rate(21.0)%21.0 %21.0 %
State income taxes, net of federal benefit(0.3)3.5 2.8 
Permanent differences attributable to partnership investment1.5 (0.5)(1.0)
Impairment charges - Maverick17.9 — — 
Non-controlling interest(0.2)(0.5)(0.6)
Other, net(0.2)0.2 — 
Total income (benefit) tax on continuing operations(2.3)%23.7 %22.2 %
The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiary operated as a limited liability company which was not subject to federal income tax. Accordingly, the portion of the Company’s subsidiary earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income.
The components of the Company's net deferred income tax assets and liabilities at June 30, 2024 and 2023 are as follows:
As of June 30,
20242023
Deferred tax assets:
Partnership basis differences$42,115 $69,193 
Accrued liabilities and reserves1,222 1,436 
State tax credits and NOLs12,859 8,922 
Foreign tax credits580 580 
Federal NOL and Credits19,335 — 
Other754 381 
     Less valuation allowance(17,355)(16,876)
     Total deferred tax assets59,510 63,636 
Deferred tax liabilities:
Fixed assets and intangibles19,054 29,495 
Other20 21 
     Total deferred tax liabilities19,074 29,516 
     Total net deferred tax assets$40,436 $34,120 
On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence to determine whether realizability of deferred tax assets is more likely than not. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. At June 30, 2024 and 2023, the Company concluded that $17,355 and $16,876, respectively, of valuation allowance against deferred tax assets was necessary. The Company continues to record the valuation allowance against the deferred tax asset generated by the state impact of the 743(b) amortization and on state net operating losses generated by current 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 net operating losses have a 15 year carryover and will expire, if unused, between 2030 and 2039. This also includes a valuation allowance in the amount of $580 related to foreign tax credit carryforward that is not expected to be utilized in the future.
Unrecognized tax benefits are discussed in the Company's accounting policy for income taxes (Refer to Note 1 on Income Taxes for more information). The Company has filed federal and state income tax returns that remain open to examination for fiscal years 2021 through 2023, while its subsidiaries, the LLC and Malibu Boats Pty Ltd., remain open to examination for fiscal years 2020 through 2023.
A reconciliation of changes in the amount of unrecognized tax benefits for the fiscal years ended June 30, 2024, 2023 and 2022 is as follows:
Fiscal Year Ended June 30,
202420232022
Balance as of July 1$1,718 $1,472 $1,452 
Additions based on tax positions taken during the current period129 363 314 
Reductions due to statute settlements(130)(156)(286)
Additions (reductions) for tax positions of prior years79 39 (8)
Balance as of June 30$1,796 $1,718 $1,472 
In fiscal year 2024, the Company reduced its uncertain tax positions by $130 as a result of statute settlements, and recorded $129 in connection with its current year state filing positions. As of June 30, 2024, it is reasonably possible that $171 of the total unrecognized tax benefits recorded will reverse within the next twelve months. Of the total unrecognized tax benefits recorded on the consolidated balance sheets, $1,514 would impact the effective tax rate once settled.
As discussed in Note 1 to the Consolidated Financial Statements, the Company's policy is to accrue interest related to potential underpayment of income taxes within the provision for income taxes. At June 30, 2024, the Company had $455 of accrued interest related to unrecognized tax benefits.
The Company did not provide for U.S. federal, state income taxes or foreign withholding taxes in fiscal year 2024 on the outside basis difference of its non-U.S. subsidiary, as such foreign earnings are considered to be permanently reinvested. The estimated income and withholding tax liability associated with the remittance of these earnings is nominal.
v3.24.2.u1
Stockholder's Equity
 12 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
The Company is authorized to issue 150,000,000 shares of capital stock, consisting of 100,000,000 shares of Class A Common Stock, 25,000,000 shares of Class B Common Stock, and 25,000,000 shares of Preferred Stock, par value $0.01 per share.
Exchange of LLC Units for Class A Common Stock and Issuance of Class B Common Stock
During fiscal year 2022, no non-controlling LLC Unit holders exchanged LLC Units for the issuance of Class A Common Stock. As there were no exchanges, no shares of Class B Common Stock were automatically transferred to the Company and retired. As of June 30, 2022, the Company had a total of 10 shares of its Class B Common Stock issued and outstanding.
During fiscal year 2023, two non-controlling LLC Unit holders exchanged LLC Units for the issuance of Class A Common Stock. In connection with the exchange, no shares of Class B Common Stock were automatically transferred to the Company and retired. In addition, during fiscal year 2023 one non-controlling LLC Unit holder transferred LLC Units to two new entities (the “New LLC Members”) for no consideration, and the Company issued a total of two shares of Class B Common Stock to the New LLC Members for nominal consideration. As of June 30, 2023, the Company had a total of 12 shares of its Class B Common Stock issued and outstanding.
During fiscal year 2024, four non-controlling LLC Unit holders exchanged LLC Units for the issuance of Class A Common Stock. In connection with the exchange, no shares of Class B Common Stock were automatically transferred to the Company and retired. As of June 30, 2024, the Company had a total of 12 shares of its Class B Common Stock issued and outstanding.
Stock Repurchase Program
On November 3, 2021, the board of directors of the Company authorized a stock repurchase program for the repurchase of up to $70,000 of Class A Common Stock and the LLC Units for the period from November 8, 2021 to November 8, 2022 (the “Fiscal 2022 Repurchase Program”). During fiscal year 2023, under the Fiscal 2022 Repurchase Program, the Company repurchased 143,759 shares of Class A Common Stock for $7,868 in cash including related fees and expenses. The Fiscal 2022 Repurchase Program expired on November 8, 2022.
On November 3, 2022, the board of directors of the Company authorized a stock repurchase program for the repurchase of up to $100,000 of Class A Common Stock and the LLC Units for the period from November 8, 2022 to November 8, 2023 (the “Fiscal 2023 Repurchase Program”). During fiscal year 2024, under the Fiscal 2023 Repurchase Program, the Company repurchased 261,962 shares of Class A Common Stock for $12,526 in cash including related fees and expenses. The Fiscal 2023 Repurchase Program expired on November 8, 2023.
On October 26, 2023, the board of directors of the Company authorized a stock repurchase program for the repurchase of up to $100,000 of Class A Common Stock and LLC Units for the period from November 8, 2023 to November 8, 2024 (the "Fiscal 2024 Repurchase Program"). During fiscal year 2024, under the Fiscal 2024 Repurchase Program, the Company repurchased 437,996 shares of Class A Common Stock for $17,317 in cash including related fees and expenses. As of June 30, 2024, $82,683 was available to repurchase shares of Class A Common Stock and LLC Units under the Fiscal 2024 Repurchase Program.
Class A Common Stock and Class B Common Stock
Voting Rights
Holders of Class A Common Stock and Class B Common Stock will have voting power over Malibu Boats, Inc., the sole managing member of the LLC, at a level that is consistent with their overall equity ownership of the Company's business. Pursuant to the Company's certificate of incorporation and bylaws, each share of Class A Common Stock entitles the holder to one vote with respect to each matter presented to the Company's stockholders on which the holders of Class A Common Stock are entitled to vote. Each holder of Class B Common Stock shall be entitled to the number of votes equal to the total number of LLC Units held by such holder multiplied by the exchange rate specified in the Exchange Agreement with respect to each matter presented to the Company's stockholders on which the holders of Class B Common Stock are entitled to vote. Accordingly, the holders of LLC Units collectively have a number of votes that is equal to the aggregate number of LLC Units that they hold. Subject to any rights that may be applicable to any then outstanding preferred stock, the Company's Class A and Class B Common Stock vote as a single class on all matters presented to the Company's stockholders for their vote or approval, except as otherwise provided in the Company's certificate of incorporation or bylaws or required by applicable law. Holders of the Company's Class A and Class B Common Stock do not have cumulative voting rights. Except in respect of matters relating to the election and removal of directors on the Company's board of directors and as otherwise provided in the Company's certificate of incorporation, the Company's bylaws, or as required by law, all matters to be voted on by the Company's stockholders must be approved by a majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter.
Dividends
Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company's Class A Common Stock will be entitled to share equally, identically and ratably in any dividends that the board of directors may determine to issue from time to time. Holders of the Company's Class B Common Stock do not have any right to receive dividends.
Liquidation Rights
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company's affairs, holders of the Company's Class A Common Stock would be entitled to share ratably in the Company's assets that are legally available for distribution to stockholders after payment of its debts and other liabilities. If the Company has any preferred stock outstanding at such time, holders of the preferred stock may be entitled to distribution and/or liquidation preferences. In either such case, the Company must pay the applicable distribution to the holders of its preferred stock before it may pay distributions to the holders of its Class A Common Stock. Holders of the Company Class B Common Stock do not have any right to receive a distribution upon a voluntary or involuntary liquidation, dissolution or winding up of the Company's affairs.
Other Rights
Holders of the Company's Class A Common Stock will have no preemptive, conversion or other rights to subscribe for additional shares. The rights, preferences and privileges of the holders of the Company's Class A Common Stock will be subject to, and may be adversely affected by, the rights of the holders of shares of any series of the Company's preferred stock that the Company may designate and issue in the future.
Preferred Stock
Though the Company currently has no plans to issue any shares of preferred stock, its board of directors has the authority, without further action by the Company's stockholders, to designate and issue up to 25,000,000 shares of preferred stock in one or more series. The Company's board of directors may also designate the rights, preferences and privileges of the holders of each such series of preferred stock, any or all of which may be greater than or senior to those granted to the holders of common stock. Though the actual effect of any such issuance on the rights of the holders of common stock will not be known until the
Company's board of directors determines the specific rights of the holders of preferred stock, the potential effects of such an issuance include:
•diluting the voting power of the holders of common stock;
•reducing the likelihood that holders of common stock will receive dividend payments;
•reducing the likelihood that holders of common stock will receive payments in the event of the Company's liquidation, dissolution, or winding up; and
•delaying, deterring or preventing a change-in-control or other corporate takeover.
LLC Units
In connection with the recapitalization the Company completed in connection with the Company's IPO, the LLC Agreement was amended and restated to, among other things; modify its capital structure by replacing the different classes of interests previously held by the LLC unit holders to a single new class of units called “LLC Units.” As a result of the Company's IPO and the recapitalization the Company completed in connection with the Company's IPO, the Company holds LLC Units in the LLC and is the sole managing member of the LLC. Holders of LLC Units do not have voting rights under the LLC Agreement.
Further, the LLC and the pre-IPO owners entered into the Exchange Agreement under which (subject to the terms of the Exchange Agreement) they have the right to exchange their LLC Units for shares of the Company's Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or at the Company's option, except in the event of a change in control, for a cash payment equal to the market value of the Class A Common Stock. As of June 30, 2024, the Company held 20,181,542 LLC Units, representing a 98.4% economic interest in the LLC, while non-controlling LLC Unit holders held 321,419 LLC Units, representing a 1.6% interest in the LLC. Refer to Note 3 for additional information on non-controlling interest.
As discussed in Note 3, net profits and net losses of the LLC will generally be allocated to the LLC’s members (including the Company) pro rata in accordance with the percentages of their respective limited liability company interests. The LLC Agreement provides for cash distributions to the holders of LLC Units if the Company determines that the taxable income of the LLC will give rise to taxable income for its members. In accordance with the LLC Agreement, the Company intends to cause the LLC to make cash distributions to holders of LLC Units for purposes of funding their tax obligations in respect of the income of the LLC that is allocated to them.
v3.24.2.u1
Stock-Based Compensation
 12 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Awards Issued Under the Malibu Boats, Inc. Long-Term Incentive Plan
On January 6, 2014, the Company’s board of directors adopted the Malibu Boats, Inc. Incentive Plan. The Incentive Plan, which became effective on January 1, 2014, 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 June 30, 2024, there were 61,146 shares available for future issuance under the Incentive Plan.
On April 14, 2023, Wayne Wilson notified the Company of his resignation from his position as Chief Financial Officer and Secretary of the Company and from all other positions held with the Company and each of its subsidiaries. Mr. Wilson’s resignation as Chief Financial Officer and Secretary was effective April 19, 2023, and Mr. Wilson served in an advisory role through May 12, 2023. In connection with Mr. Wilson’s resignation, he forfeited 57,866 shares of the Company’s Class A Common Stock underlying unvested restricted stock awards and performance awards previously granted to Mr. Wilson.
On November 3, 2020, under the Incentive Plan, the Company granted approximately 33,000 restricted service based stock units and 25,000 restricted service based stock awards to key employees under the Incentive Plan. The grant date fair value of these awards was $3,145 based on a stock price of $54.47 per share on the date of grant. Approximately 58% of the awards vest ratably over three years and approximately 42% 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 3, 2020, under the Incentive Plan, the Company granted to key employees a target amount of approximately 18,000 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, 2023. The maximum number of shares that can be issued if an elevated earnings target is met, adjusted to reflect the forfeiture of shares in connection with the resignation of the Company’s former Chief Financial Officer, is approximately 21,000. The actual number of shares issued upon vesting was approximately 14,000, as the 21,000 shares earned was reduced by an amount of shares withheld to cover taxes. The original grant date fair value of the awards was estimated to be $1,002, based on a stock price of $54.47. 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 3, 2020, under the Incentive Plan, the Company granted to key employees a target amount of approximately 18,000 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 the Company's stock price to movement in a market index from the grant date through November 3, 2023. The maximum number of shares that can be issued if an elevated TSR target is met, adjusted to reflect the forfeiture of shares in connection with the resignation of the Company’s former Chief Financial Officer, is approximately 28,000. The actual number of shares issued upon vesting was approximately 5,000, net of 20,000 shares not achieved and taxes withheld. The original grant date fair value of the awards was estimated to be $1,293, which was 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 3, 2021, under the Incentive Plan, the Company granted approximately 32,000 restricted service-based stock units and 23,000 restricted service-based stock awards to key employees under the Incentive Plan. The grant date fair value of these awards was $4,149 based on a stock price of $74.25 per share on the date of grant. Approximately 58% of the awards vest ratably over three years and approximately 42% 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 3, 2021, under the Incentive Plan, the Company granted to key employees a target amount of approximately 18,000 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, 2024. The maximum number of shares that can be issued if an elevated earnings target is met, adjusted to reflect the forfeiture of shares in connection with the resignation of the Company’s former Chief Financial Officer, is approximately 22,000. The Company does not expect these shares to vest based on fiscal year 2024 financial performance. The original grant date fair value of the awards was estimated to be $1,305, based on a stock price of $74.25. 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 3, 2021, under the Incentive Plan, the Company granted to key employees a target amount of approximately 18,000 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 the Company's stock price to movement in a market index from the grant date through November 3, 2024. The maximum number of shares that can be issued if an elevated TSR target is met, adjusted to reflect the forfeiture of shares in connection with the resignation of the Company’s former Chief Financial Officer, is approximately 29,000. The original grant date fair value of the awards was estimated to be $1,688, which was 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 May 6, 2022, under the Incentive Plan, the Company granted approximately 27,000 restricted service-based stock units to key employees under the Incentive Plan. The grant date fair value of these awards was $1,376 based on a stock price of $51.89 per share on the date of grant. The grant vests ratably over three years on a bi-annual basis. 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 3, 2022, under the Incentive Plan, the Company granted approximately 61,000 restricted service based stock units and 35,000 restricted service based stock awards to key employees under the Incentive Plan. The grant date fair value of these awards was $5,028 based on a stock price of $52.25 per share on the date of grant. Approximately 64% of the awards vest ratably over three years and approximately 36% 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 3, 2022, under the Incentive Plan, the Company granted to key 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, 2025. The maximum number of shares that can be issued if an elevated earnings target is met, adjusted to reflect the forfeiture of shares in connection with the resignation of the Company’s former Chief Financial Officer, is approximately 32,000. The original grant date fair value of the awards was estimated to be $1,380, based on a stock price of $52.25. 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 3, 2022, under the Incentive Plan, the Company granted to key 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 the Company's stock price to movement in a market index from the grant date through November 3, 2025. The maximum number of shares that can be issued if an elevated TSR target is met, adjusted to reflect the forfeiture of shares in connection with the resignation of the Company’s former Chief Financial Officer, is approximately 43,000. The original grant date fair value of the awards was estimated to be $1,808, which was 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 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 table presents the number, grant date stock price per share, and weighted-average exercise price per share of the Company’s employee option awards:
Fiscal Year Ended June 30,
202420232022
SharesWeighted Average Exercise Price/ShareSharesWeighted Average Exercise Price/ShareSharesWeighted Average Exercise Price/Share
Total outstanding Options at beginning of year17,973 $37.55 49,223 $40.46 161,723 $32.64 
Options exercised— — (31,250)42.13 (112,500)29.22 
Outstanding options at end of year17,973 $37.55 17,973 $37.55 49,223 $40.46 
Exercisable at end of year17,973 $37.55 17,973 $37.55 31,730 $40.26 
The weighted average remaining contractual life of options outstanding and options outstanding and exercisable as of June 30, 2024 was 0.54 years, respectively. The total intrinsic value of options exercised during the years ended June 30, 2024, 2023 and 2022 was zero, $557 and $3,751, respectively. The total intrinsic value of options outstanding and options outstanding and exercisable at June 30, 2024 was zero, respectively. The total intrinsic values are based on the Company’s closing stock price on the last trading day of the applicable year for in-the-money options.
The Company's non-employee directors receive an annual retainer for their services as directors consisting of both a cash retainer and equity awards in the form of Class A Common Stock or restricted stock units. Directors may elect that their cash annual retainer be converted into either fully vested shares of Class A Common Stock or restricted stock units paid on a deferral basis. Equity awards issued to directors are fully vested at the date of grant. Directors receiving restricted stock units as compensation for services have no rights as a stockholder of the Company, no dividend rights (except with respect to dividend equivalent rights), and no voting rights until Class A Common Stock is actually issued to them upon separation from service or change in control as defined in the Incentive Plan. If dividends are paid by the Company to its stockholders, directors would be entitled to receive an equal number of restricted stock units based on their proportional interest.
For the fiscal year ended June 30, 2024, the Company issued 12,130 shares of Class A Common Stock, 13,429 restricted stock units and 5,330 shares of restricted stock with a weighted-average grant date fair value of $45.80 to its non-employee directors for their services as directors pursuant to the Incentive Plan. For the fiscal year ended June 30, 2023, the Company issued 2,105 shares of Class A Common Stock and 20,643 restricted stock units with a weighted-average grant date fair value of $52.45 to its non-employee directors for their services as directors pursuant to the Incentive Plan. For the fiscal year ended June 30, 2022, the Company issued 1,481 shares of Class A Common Stock and 14,258 restricted stock units with a weighted-average grant date fair value of $72.42 to its non-employee directors for their services as directors pursuant to the Incentive Plan.
The following table presents the number and weighted-average grant date fair value of the Company’s director and employee restricted stock units and restricted stock awards:
Fiscal Year Ended June 30,
202420232022
Number of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted Average Grant Date Fair ValueNumber of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted Average Grant Date Fair ValueNumber of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Units and Restricted Stock Awards at beginning of year324,824 $57.98 369,649 $55.75 314,916 $44.46 
Granted351,000 44.06 214,172 52.30 164,290 70.74 
Vested(125,362)52.93 (180,898)46.49 (100,441)44.82 
Forfeited(31,356)53.12 (78,099)58.45 (9,116)56.41 
Total Non-vested Restricted Stock Units and Restricted Stock Awards at end of year519,106 $50.08 324,824 $57.98 369,649 $55.75 
As of June 30, 2024, the total unrecognized compensation cost related to nonvested, share-based compensation was 13,832, which the Company expects to recognize over a weighted-average period of 2.6 years.
Stock compensation expense attributable to all of the Company's equity awards was $4,935, $5,894 and $6,342 for fiscal years 2024, 2023 and 2022, respectively, is included in general and administrative expense in the Company's consolidated statements of operations and comprehensive (loss) income. The cash flow effects resulting from all equity awards were reflected as noncash operating activities. During fiscal years 2024, 2023 and 2022, the Company withheld 33,877, 54,909 and 27,420 shares at an aggregate cost of $1,489, $3,135 and $2,058, respectively, as permitted by the applicable equity award agreements, to satisfy employee tax withholding requirements for employee share-based equity awards that have vested.
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Net (Loss) Earnings Per Share
 12 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Net (Loss) Earnings Per Share Net (Loss) 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 shareholders 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 Company'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 Company'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):
Fiscal Year Ended June 30,
202420232022
Basic:
Net (loss) income attributable to Malibu Boats, Inc.$(55,912)$104,513 $157,632 
Shares used in computing basic net (loss) income per share:
Weighted-average Class A Common Stock20,167,169 20,245,980 20,511,571 
Weighted-average participating restricted stock units convertible into Class A Common Stock272,280 255,864 237,666 
Basic weighted-average shares outstanding20,439,449 20,501,844 20,749,237 
Basic net (loss) income per share$(2.74)$5.10 $7.60 
Diluted:
Net (loss) income attributable to Malibu Boats, Inc.$(55,912)$104,513 $157,632 
Shares used in computing diluted net (loss) income per share:
Basic weighted-average shares outstanding20,439,449 20,501,844 20,749,237 
Restricted stock units granted to employees— 66,954 116,874 
Weighted-average stock options convertible into Class A Common Stock— 12,707 47,525 
Weighted-average market performance awards convertible into Class A Common Stock— 59,668 72,620 
Diluted weighted-average shares outstanding 1
20,439,449 20,641,173 20,986,256 
Diluted net (loss) income per share$(2.74)$5.06 $7.51 
1 The Company excluded 612,277, 516,205, and 686,178 potentially dilutive shares from the calculation of diluted net (loss) income per share for the fiscal year ended June 30, 2024, 2023, and 2022, respectively, as these units would have been antidilutive.
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 has not been presented.
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Commitments and Contingencies
 12 Months Ended
Jun. 30, 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 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 $367,950 and $385,448 as of June 30, 2024 and 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 consolidated statements of operations and comprehensive (loss) income. For fiscal year 2024, the company repurchased 17 units under repurchase agreements. Additionally, during the period from July 1, 2024 to August 29, 2024, we repurchased 19 units totaling
$2.5 million subject to the Company's repurchase agreement with M&T Bank, the lender under the floor financing plan for Tommy's Boats. With respect to boats not subject to the repurchase agreement, the bankruptcy trustee has retained Gordon Brothers to sell the remaining inventory as part of liquidation sales that are ongoing. We have been in discussions with the trustee regarding the inventory being liquidated. For fiscal year 2023 and 2022, the Company did not repurchase any units under its repurchase agreements. The Company did not carry a reserve for repurchases as of June 30, 2024 and 2023, respectively.
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 consolidated balance sheets. As of June 30, 2024 and 2023, the Company had no financing receivables recorded in other current assets and accrued expenses related to these arrangements.
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 9 for discussion of warranty claims. The Company insures against product liability claims and, except as disclosed below, believes there are no material product liability claims as of June 30, 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) at June 30, 2024 or June 30, 2023 that will have a material adverse impact on the Company’s financial condition, results of operations or cash flows.
Legal Proceedings
Batchelder Matters
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”). The Batchelder I Plaintiffs also sued the manufacturer of the boat at issue in the case, Malibu Boats West, Inc. (“West”). West is not, and has never been, a subsidiary of MBI or Boats LLC but was a separate legal entity whose assets were purchased by Boats LLC in 2006. The case involved a personal injury accident in 2014 involving a 2000 model year boat that was manufactured by West. On August 28, 2021, the jury rejected the Batchelder I Plaintiffs’ design defect claims and found that the driver of the boat was 75% at fault for the accident. Notwithstanding those findings, the jury found that Boats LLC and West negligently failed to warn of a hazard posed by the boat and that such failure was a proximate cause of the death of the decedent. The jury also found that Boats LLC is a legal successor of, and responsible for the liabilities of, West. The jury awarded compensatory damages of $80,000 and apportioned 15% of such damages to Boats LLC and 10% of such damages to West. In addition, the jury awarded $80,000 of punitive damages against Boats LLC and $40,000 of punitive damages against West. Based on the jury’s finding of successor liability, the trial court entered judgment for the full amount of the verdict against Boats LLC, with a potential maximum liability to Boats LLC of $140,000, plus post-judgment interest at a rate of 6.25% per annum.
The Batchelder I Plaintiffs also filed motions, after the judgment, seeking orders requiring Boats LLC to pay pre-judgment interest and a portion of their attorney fees. The Batchelder I Plaintiffs claimed they are owed attorneys' fees of approximately $56,000. The Company opposed both motions. The trial court denied the Batchelder I Plaintiffs’ motion for prejudgment interest and held that ruling on the Batchelder I Plaintiffs’ motion for attorneys’ fees would be premature, indicating that it would decide whether the Batchelder I Plaintiffs have the right to attorneys’ fees, and if so what amount is reasonable, if still necessary upon the resolution of Boats LLC’s post-trial motions and any related appeals. The Batchelder I Plaintiffs appealed the trial court’s order denying their motion for prejudgment interest.
On July 17, 2022, the trial court denied Boats LLC’s post-trial motions, and Boats LLC filed a notice of appeal. Pending resolution of the appeals process, the payment of any damages was stayed.
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”). The complaint was filed on February 9, 2022 as a purported renewal of earlier claims by the Batchelder II Plaintiffs that were dismissed without prejudice. The case involved claims by the Batchelder II Plaintiffs of their own alleged bodily injury and emotional distress stemming from the same accident involving the alleged swamping of the boat manufactured and sold by West that is the subject of the Batchelder I Matter. As noted above, West is not, and has never been, a subsidiary of MBI or Boats LLC but was a separate legal entity whose assets were purchased by Boats LLC in 2006. Four Batchelder II Plaintiffs sought damages for personal injury and punitive damages, alleging that the accident was caused by a design defect and a failure to warn. The Batchelder II Plaintiffs' claims were dismissed without prejudice from the Batchelder I Matter shortly before the trial for the Batchelder I Matter, however, and thus the new complaint was a renewal action of the original complaint.
On June 30, 2023, Malibu Boats, Inc. and Boats LLC entered into a Confidential General Release and Settlement Agreement (the “Settlement Agreement”) with the Batchelder I Plaintiffs and the Batchelder II Plaintiffs in settlement of each of 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, of which (a) $40,000 was paid to the Batchelder Plaintiffs and their agents promptly following the execution of the Settlement Agreement and (b) $60,000 was placed in an escrow account and held by the Escrow Agent pursuant to the terms of an Escrow Agreement. All conditions for releasing the $60,000 placed in the escrow account have been satisfied.
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 June 30, 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 Court subsequently granted the Company's motion for partial summary judgement, which precludes Chubb from apportioning liability to Starr. 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 and Matthew Borisch
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 taken possession of 19 new model year 2024 boats according to a repurchase agreement with M&T Bank, the floor financing lender to Tommy’s Boats. On July 3, 2024, the trustee appointed in the Chapter 11 bankruptcy cases for Tommy's Boats voluntarily dismissed without prejudice the claims filed by Tommy's Boats. Pursuant to an order of the bankruptcy court, the Company has agreed to cooperate in good faith to mediate with the Chapter 11 trustee. On August 16, 2024, Matthew Borisch, the principal owner of Tommy’s Boats, filed a complaint against MBI, Boats LLC, and Jack Springer in the United States District Court for the Eastern District of Tennessee (Case 3:24-cv-00339), alleging similar allegations to those of the dismissed complaint against MBI and Boats LLC filed 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.
Securities Class Action Lawsuit
On April 29, 2024, stockholder Seongjae Yoon, individually and on behalf of all others similarly situated, (the “Securities Plaintiff”) filed a complaint against MBI and Jack Springer, Bruce Beckman, David Black, and Wayne Wilson as current and former officers of the Company in the United States District Court for the Southern District of New York (Case 1:24-cv-03254). The complaint alleges violations of the Securities Exchange Act of 1934, as amended, in connection with allegedly false and misleading statements made by the Company 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 the Company 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 the Company’s inventory and relationship with one of its former dealers, Tommy’s Boats, and accordingly, that any positive statements made during the class period about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. The Company intends to vigorously defend itself against claims alleged in this securities class action. 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.
Customer Class Action Lawsuit
On May 31, 2024, a customer filed a class action complaint against MBI and Boats LLC in the United States District Court for the District of Delaware. (Case 1:24-cv-00648). The complaint, which purports to be filed on behalf of a nationwide class of customers, alleges violation of common law, the Magnusson-Moss Warranty Act, breach of express warranty, breach of implied warranty, and violation of California’s Consumer Legal Remedies Act based on guidance issued to customers of certain older model boats related to riding in the bow area of those boats. The Company intends to vigorously defend itself. 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.
v3.24.2.u1
Related Party Transactions
 12 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
As of June 30, 2024, there were two non-employee members of the Company's board of directors that are also original shareholders of the Company and receive an annual retainer as compensation for services rendered. For the fiscal years ended June 30, 2024, 2023 and 2022, $484, $409 and $385, respectively, was paid to these directors in both cash and equity for their services. Of the amount paid, zero and $74 was a prepayment for services through the 2024 and 2023 annual meetings for both of the years ended June 30, 2024 and 2023, respectively.
v3.24.2.u1
Segment Reporting
 12 Months Ended
Jun. 30, 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, or (b) attributed assets equal to 10% of total assets. Net sales are attributed to countries based on the location of the dealer.
The following table presents financial information for the Company’s reportable segments for the fiscal years ended June 30, 2024, 2023, and 2022.
Fiscal Year Ended June 30, 2024
MalibuSaltwater FishingCobaltTotal
Net sales$279,131 $327,542 $222,362 $829,035 
Depreciation and amortization9,714 13,814 9,461 32,989 
Net (loss) income before (benefit) provision for income taxes(11,589)(62,208)16,012 (57,785)
Capital expenditures3,504 11,378 61,080 75,962 
Long-lived assets71,980 226,067 173,418 471,465 
Total assets$122,707 $350,063 $266,854 $739,624 
Fiscal Year Ended June 30, 2023
MalibuSaltwater FishingCobaltTotal
Net sales$636,247 $449,156 $302,962 $1,388,365 
Depreciation and amortization8,974 11,918 7,828 28,720 
Net income before provision for income taxes40,157 57,748 43,586 141,491 
Capital expenditures27,660 22,027 5,153 54,840 
Long-lived assets88,060 317,514 121,253 526,827 
Total assets$249,447 $432,806 $243,671 $925,924 
Fiscal Year Ended June 30, 2022
MalibuSaltwater FishingCobaltTotal
Net sales$607,543 $341,930 $265,404 $1,214,877 
Depreciation and amortization8,398 10,880 7,044 26,322 
Net income before provision for income taxes137,133 34,049 38,783 209,965 
Capital expenditures22,072 26,806 6,186 55,064 
Long-lived assets68,739 307,057 124,030 499,826 
Total assets$264,551 $384,684 $202,091 $851,326 
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure      
Net (loss) income attributable to Malibu Boats, Inc. $ (55,912) $ 104,513 $ 157,632
v3.24.2.u1
Insider Trading Policies and Procedures
 12 Months Ended
Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.2.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted.
Principles of Consolidation
Principles of Consolidation
The accompanying 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.
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 boats (Maverick, Cobia, Pathfinder and Hewes). The Cobalt segment participates in the manufacturing, distribution, marketing and sale of Cobalt boats throughout the world.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material.
Certain Significant Risks and Uncertainties
Certain Significant Risks and Uncertainties
The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, consumer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations and the possibility of not being able to obtain additional financing if and when needed.
Concentration of Credit and Business Risk
Concentration of Credit and Business Risk
A majority of the Company’s sales are made pursuant to floor plan financing programs in which the Company participates on behalf of its dealers through a contingent repurchase agreement with various third-party financing institutions. Under these arrangements, a dealer establishes a line of credit with one or more of these third-party lenders for the purchase of dealer boat inventory. When a dealer purchases and takes delivery of a boat pursuant to a floor plan financing arrangement, it draws against its line of credit and the lender pays the invoice cost of the boat directly to the Company within approximately two weeks. For dealers that use local floor plan financing programs or pay cash, the Company may extend credit without collateral under the
dealer agreement based on the Company’s evaluation of the dealer’s credit risk and past payment history. The Company maintains allowances for potential credit losses that it believes are adequate.
Cash
Cash
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. As of June 30, 2024 and 2023, no highly liquid investments were held and the entire balance consists of cash.
At June 30, 2024 and 2023, substantially all cash on hand was held by two financial institutions. This cash on deposit may be, at times, in excess of insurance limits provided by the FDIC.
Trade Accounts Receivable
Trade Accounts Receivable
Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. As of June 30, 2024 and 2023, the allowance for doubtful receivables was $0. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. A trade receivable is considered to be past due if any portion of the receivable balance is outstanding beyond customer terms.
Goodwill and Intangible Assets
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis, as of June 30, 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.
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 fiscal year 2024 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 fiscal year 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.
For the fiscal year ended June 30, 2024, the Company performed a qualitative assessment on the remaining reporting units which indicated that the fair value of its reporting units more likely than not exceeded their respective carrying amounts. 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 unit more likely than not exceeded its carrying amount. For the fiscal year ended June 30, 2023, the Company performed a qualitative assessment on the remaining reporting units which indicated that the fair value of its reporting units more likely than not exceeded their respective carrying amounts. The Company did not recognize any goodwill impairment charges in the fiscal years ended June 30, 2023 and 2022.
Intangible Assets
Intangible assets consist primarily of dealer relationships, product trade names, legal and contractual rights surrounding a patent and a non-compete agreement. These assets are recorded at their estimated fair values at the acquisition dates using the income approach. Definite-lived intangible assets are being amortized using the straight-line method based on their estimated useful lives ranging from 10 to 20 years. The estimated useful lives of dealer relationships consider the average length of dealer relationships at the time of acquisition, historical rates of dealer attrition and retention, the Company’s history of renewal and extension of dealer relationships, as well as competitive and economic factors resulting in a range of useful lives. The estimated useful lives of the Company’s trade names are based on a number of factors including the competitive environment. The estimated useful lives of legal and contractual rights are estimated based on the benefits that the patent provides for its remaining terms unless competitive, technological obsolescence or other factors indicate a shorter life. The useful life of the non-compete agreement is based on a ten-year agreement entered into by the Company and former owner of the Licensee as part of the acquisition. In addition, the Company has indefinite-lived intangible assets for acquired trade names.
Management, assisted by third-party valuation specialists, determined the estimated fair values of separately identifiable intangible assets at the date of acquisition under the income approach. Significant data and assumptions used in the valuations included cost, market and income comparisons, discount rates, royalty rates and management forecasts. Discount rates for each intangible asset were selected based on judgment of relative risk and approximate rates of returns investors in the subject assets might require. The royalty rates were based on historical and projected sales and profits of products sold and management’s assessment of the intangibles’ importance to the sales and profitability of the product. Management provided forecasts of financial data pertaining to assets, liabilities and income statement balances to be utilized in the valuations. While management believes the assumptions, estimates, appraisal methods and ensuing results are appropriate and represent the best evidence of fair value in the circumstances, modification or use of other assumptions or methods could have yielded different results.
The carrying amount of definite-lived intangible assets are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable. The carrying value of these assets is compared to the undiscounted future cash flows the assets are expected to generate. If the asset is considered to be impaired, the carrying value is compared to the fair value and this difference is recognized as an impairment loss. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset.
During the Company's 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 fiscal year 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.
Long-Lived Assets Other than Intangible Assets
Long-Lived Assets Other than Intangible Assets
The Company assesses the potential for impairment of its long-lived assets if facts and circumstances, such as declines in sales, earnings, or cash flows or adverse changes in the business climate, suggest that they may be impaired. A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life will also trigger a review for impairment. The Company performs its assessment by comparing the book value of the asset groups to the estimated future undiscounted cash flows associated with the asset groups. If any impairment in the carrying value of its long-lived assets is indicated, the assets would be adjusted to an estimate of fair value.
Dealer Incentives
Dealer Incentives
The Company provides for various structured dealer rebate and sales promotions incentives, which are recognized as a component of sales in measuring the amount of consideration the Company expects to receive in exchange for transferring goods, at the time of sale to the dealer. Examples of such programs include rebates, seasonal discounts and other allowances.
Dealer rebates and sales promotion expenses are estimated based on current programs and historical achievement and/or usage rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from historical trends.
Free floor financing incentives include payments to the lenders providing floor plan financing to the dealers or directly to the dealers themselves. Free floor financing incentives are estimated at the time of sale to the dealer based on the expected expense to the Company over the term of the free flooring period and are recognized as a reduction in sales. The Company accounts for both incentive payments directly to dealers and payment to third party lenders in this manner. Dealer incentives are included in accrued expenses on the Company's consolidated balance sheets.
Tax Receivable Agreement
Tax Receivable Agreement
As a result of exchanges of LLC Units into Class A Common Stock and purchases by the Company of LLC Units from holders of LLC Units, the Company will become entitled to a proportionate share of the existing tax basis of the assets of the LLC at the time of such exchanges or purchases. In addition, such exchanges or purchases of LLC Units are expected to result in increases in the tax basis of the assets of the LLC that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.
In connection with the recapitalization the Company completed in connection with its IPO, the Company entered into 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 any permitted assignees) of 85% of the amount of the benefits, if any, that the Company deems to realize as a result of (i) increases in tax basis and (ii) certain other tax benefits, including those attributable to payments, under the tax receivable agreement. These contractual payment obligations are the Company's obligations and are not obligations of the LLC, and are accounted for in accordance with ASC 450, Contingencies, since the obligations were deemed to be probable and reasonably estimable. For purposes of the tax receivable agreement, the benefit deemed realized by the Company will be computed by comparing its actual income tax liability (calculated with certain assumptions) to the amount of such taxes that it 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 timing and/or amount of aggregate payments due under the tax receivable agreement may vary based on a number of factors, including the amount and timing of the taxable income the Company generates in the future and the tax rate then applicable and amortizable basis.
The term of the tax receivable agreement will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the tax receivable agreement for an amount based on the agreed payments remaining to be made under the agreement. In 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 (or any permitted assignees) 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 all LLC Units and that the Company would have had 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.
Income Taxes
Income Taxes
Malibu Boats, Inc. 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. Following the IPO, the LLC continues to operate in the United States as a partnership for U.S. federal income tax purposes. Maverick Boat Group is taxed as a C corporation for U.S. income tax purposes and is separately subject to both federal and state taxation at a corporate level.
The Company files various federal and state tax returns, including some returns that are consolidated with subsidiaries. The Company accounts for the current and deferred tax effects of such returns using the asset and liability method. Significant judgments and estimates are required in determining the Company's current and deferred tax assets and liabilities, which reflect management's best assessment of the estimated future taxes it will pay. These estimates are updated throughout the year to consider income tax return filings, its geographic mix of earnings, legislative changes and other relevant items.
The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of assets and liabilities and the amounts applicable for income tax purposes. Deferred tax assets represent items to be realized as a tax deduction or credit in future tax returns. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period.
Each quarter the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized (see Note 13).
On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence.
If the Company later determines that realization is more likely than not for deferred tax assets with a valuation allowance, the related valuation allowance will be reduced. Conversely, if the Company determines that it is more likely than not that the Company will not be able to realize a portion of its deferred tax assets, the Company will increase the valuation allowance.
The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the income tax benefit as the largest amount that it judges to have a greater than 50% likelihood of being realized. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's income tax provision includes the net impact of changes in the liability for unrecognized tax benefits.
The Company has filed federal and state income tax returns that remain open to examination for fiscal years 2021 through 2023, while its subsidiaries, Malibu Boats Holdings, LLC and Malibu Boats Pty Ltd., remain open to examination for years 2020 through 2023.
The Company considers an issue to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution, unrecognized tax benefits will be reversed as a discrete event.
The Company's liability for unrecognized tax benefits is generally presented as noncurrent. However, if it anticipates paying cash within one year to settle an uncertain tax position, the liability is presented as current. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.
Revenue Recognition
Revenue Recognition
Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods (boats, parts, or other) is transferred to the customer, which is upon shipment. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company generally manufactures products based on specific orders from dealers and often ships completed
products only after receiving credit approval from financial institutions. The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its dealers and their customers.
Dealers generally have no rights to return unsold boats. From time to time, however, the Company may accept returns in limited circumstances and at the Company’s discretion under its warranty policy, which generally limits returns to instances of manufacturing defects. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The Company accrues returns when a repurchase and return, due to the default of one of its dealers, is determined to be probable and the amount of the return is reasonably estimable. Refer to Note 9 and Note 17 related to the Company’s product warranty and repurchase commitment obligations, respectively.
 Revenue associated with sales of materials, parts, boats or engine products sold under the Company’s exclusive manufacturing and distribution agreement with its Australian subsidiary are eliminated in consolidation.
The Company earns royalties on boats shipped with the Company's proprietary wake surfing technology under licensing agreements with various marine manufacturers. Royalty income is recognized when products are used or sold with the Company's patented technology by other boat manufacturers and industry suppliers. The usage of the Company's technology satisfies the performance obligation in the contract.
Delivery Costs
Delivery Costs
Shipping and freight costs are included in cost of sales in the accompanying consolidated statements of operations and comprehensive (loss) income.
Advertising Costs
Advertising Costs
Advertising costs are expensed as incurred. Advertising expenses are included in selling and marketing expenses and were not material for the fiscal years ended June 30, 2024, 2023, and 2022.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Financial instruments for which the Company did not elect the fair value option include accounts receivable, prepaid expenses and other current assets, credit facilities, accounts payable, accrued expenses and other current liabilities. The carrying amounts of these financial instruments approximate their fair values as a result of their short-term nature or variable interest rates.
Fair Value Measurements
Fair Value Measurements
The Company applies the provisions of ASC Topic 820, Fair Value Measurement, for fair value measurements of financial assets and financial liabilities, and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. In addition to the financial assets and liabilities measured on a recurring basis, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. This includes items such as nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and nonfinancial long-lived asset groups measured at fair value for an impairment assessment. In general, non-financial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized.
Equity-Based Compensation
Equity-Based Compensation
The Company expenses employee share-based awards under ASC Topic 718, Compensation—Stock Compensation, which requires compensation cost for the grant-date fair value of share-based awards to be recognized over the requisite service period. Stock options granted to executives January 14, 2019 were valued using the Black-Scholes option pricing model. Stock awards granted on November 3, 2023, November 3, 2022 and November 3, 2021 based on total shareholder return were valued using a Monte Carlo simulation. The fair value of restricted stock unit awards granted under the Company's Long Term Incentive Plan ("Incentive Plan") are measured based on the market price of the Company’s stock on the grant date.
Foreign Currency Translation
Foreign Currency Translation
The functional currency for the Company's consolidated foreign subsidiary is the applicable local currency. The assets and liabilities are translated at the foreign exchange rate in effect at the applicable reporting date, and the consolidated statements of operations and comprehensive (loss) income and cash flows are translated at the average exchange rate in effect during the applicable period. Exchange rate fluctuations on translating the foreign currency financial statements into U.S. dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are reflected as a component of "Accumulated other comprehensive loss, net of tax," in the stockholders' equity section of the accompanying consolidated balance sheets and periodic changes are included in comprehensive (loss) income.
Comprehensive (Loss) Income
Comprehensive (Loss) Income
Components of comprehensive (loss) income include net (loss) income and foreign currency translation adjustments. The Company has chosen to disclose comprehensive (loss) income in a single continuous consolidated statement of operations and comprehensive (loss) income.
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.
There are no other new accounting pronouncements that are expected to have a significant impact on the Company's consolidated financial statements and related disclosures.
v3.24.2.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Dealer Incentives
Changes in the Company’s accrual for dealer rebates were as follows:
 Fiscal Year Ended June 30,
 202420232022
Balance at beginning of year$13,715 $15,852 $11,666 
Add: Dealer rebate incentives28,385 32,953 35,210 
Less: Dealer rebates paid(14,618)(35,090)(31,024)
Balance at end of year$27,482 $13,715 $15,852 
Changes in the Company’s accrual for floor financing were as follows:
 Fiscal Year Ended June 30,
 202420232022
Balance at beginning of year$1,134 $187 $121 
Add: Flooring incentives17,590 13,926 3,717 
Less: Flooring paid(17,295)(12,979)(3,651)
Balance at end of year$1,429 $1,134 $187 
v3.24.2.u1
Revenue Recognition (Tables)
 12 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates the Company's revenue by major product type and geography:
Fiscal Year Ended June 30, 2024
MalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$264,811 $325,993 $219,188 $809,992 
Part and other sales14,320 1,549 3,174 19,043 
Net sales$279,131 $327,542 $222,362 $829,035 
Revenue by geography:
North America$249,841 $314,014 $215,255 $779,110 
International29,290 13,528 7,107 49,925 
Net sales$279,131 $327,542 $222,362 $829,035 
Fiscal Year Ended June 30, 2023
MalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$618,001 $447,587 $299,028 $1,364,616 
Part and other sales18,246 1,569 3,934 23,749 
Net sales$636,247 $449,156 $302,962 $1,388,365 
Revenue by geography:
North America$582,092 $440,449 $292,335 $1,314,876 
International54,155 8,707 10,627 73,489 
Net sales$636,247 $449,156 $302,962 $1,388,365 
Fiscal Year Ended June 30, 2022
MalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$590,059 $340,725 $262,679 $1,193,463 
Part and other sales17,484 1,205 2,725 21,414 
Net sales$607,543 $341,930 $265,404 $1,214,877 
Revenue by geography:
North America$548,826 $336,816 $253,812 $1,139,454 
International58,717 5,114 11,592 75,423 
Net sales$607,543 $341,930 $265,404 $1,214,877 
v3.24.2.u1
Non-controlling Interest (Tables)
 12 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
Schedule of Non-controlling Interest The ownership of the LLC is summarized as follows:
As of June 30, 2024As of June 30, 2023
UnitsOwnership %UnitsOwnership %
Non-controlling LLC unit holders ownership in Malibu Boats Holdings, LLC321,4191.6 %455,9192.2 %
Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC20,181,54298.4 %20,603,82297.8 %
20,502,961100.0 %21,059,741100.0 %
Balance of non-controlling interest as of June 30, 2022
$10,394 
Allocation of income to non-controlling LLC Unit holders for period3,397 
Distributions paid and payable to non-controlling LLC Unit holders for period(3,131)
Reallocation of non-controlling interest(2,789)
Balance of non-controlling interest as of June 30, 2023
7,871 
Allocation of income to non-controlling LLC Unit holders for period(531)
Distributions paid and payable to non-controlling LLC Unit holders for period(114)
Reallocation of non-controlling interest(2,516)
Balance of non-controlling interest as of June 30, 2024
$4,710 
v3.24.2.u1
Inventories, net (Tables)
 12 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories, net Inventories consisted of the following:
 As of June 30,
20242023
Raw materials$107,245 $142,948 
Work in progress20,683 19,222 
Finished goods16,392 9,019 
Inventory subject to return 1
1,253 — 
Total inventories$145,573 $171,189 
(1)
Represents accrual related to Tommy's Boats. See Note 17 of our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information.
v3.24.2.u1
Property, Plant, and Equipment, net (Tables)
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant And Equipment, net Depreciation on leasehold improvements is computed using the straight-line method based on the lesser of the remaining lease term or the estimated useful life and depreciation of equipment is computed using the straight-line method over the estimated useful life as follows:
Years
Building20
Leasehold improvementsShorter of useful life or lease term
Machinery and equipment
3-5
Furniture and fixtures
3-5
Property, plant, and equipment, net consisted of the following:
As of June 30,
 20242023
Land$4,890 $4,905 
Building and leasehold improvements170,958 119,324 
Machinery and equipment118,123 103,362 
Furniture and fixtures15,466 12,672 
Construction in process43,511 47,482 
352,948 287,745 
Less accumulated depreciation(108,347)(82,953)
$244,601 $204,792 
v3.24.2.u1
Goodwill and Other Intangible Assets, net (Tables)
 12 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the fiscal years ended June 30, 2024 and 2023 were as follows:
MalibuSaltwater FishingCobaltConsolidated
Goodwill as of June 30, 2022
$12,299 $68,714 $19,791 $100,804 
Effect of foreign currency changes on goodwill
(227)— — (227)
Goodwill as of June 30, 2023
12,072 68,714 19,791 100,577 
Impairment related to Maverick Boat Group— (49,189)— $(49,189)
Effect of foreign currency changes on goodwill
27 — — 27 
Goodwill as of June 30, 2024
$12,099 $19,525 $19,791 $51,415 
Schedule of Finite-Lived Intangible Assets
The components of other intangible assets were as follows:
As of June 30,Estimated Useful Life (in years)Weighted Average Remaining Useful Life (in years)
 20242023
Definite-lived intangibles:
Dealer relationships$131,735 $131,725 
15-20
14.6
Patent2,600 2,600 
15
8.0
Trade name100 100 156.0
Non-compete agreement47 46 100.3
Total134,482 134,471 
Less: Accumulated amortization(38,033)(31,213)
Total definite-lived intangible assets, net96,449 103,258 
Indefinite-lived intangible:
Trade names118,200 118,200 
Less: Impairment charge(39,200)— 
Total other intangible assets$175,449 $221,458 
Schedule of Indefinite-Lived Intangible Assets
The components of other intangible assets were as follows:
As of June 30,Estimated Useful Life (in years)Weighted Average Remaining Useful Life (in years)
 20242023
Definite-lived intangibles:
Dealer relationships$131,735 $131,725 
15-20
14.6
Patent2,600 2,600 
15
8.0
Trade name100 100 156.0
Non-compete agreement47 46 100.3
Total134,482 134,471 
Less: Accumulated amortization(38,033)(31,213)
Total definite-lived intangible assets, net96,449 103,258 
Indefinite-lived intangible:
Trade names118,200 118,200 
Less: Impairment charge(39,200)— 
Total other intangible assets$175,449 $221,458 
Schedule of Future Amortization Expenses
Estimated future amortization expenses as of June 30, 2024 are as follows:
Fiscal YearAs of June 30, 2024
2025$6,803 
20266,803 
20276,803 
20286,803 
20296,802 
2030 and thereafter62,435 
$96,449 
v3.24.2.u1
Accrued Expenses (Tables)
 12 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consisted of the following:
As of June 30,
 20242023
Warranties$37,967 $41,709 
Dealer incentives28,911 14,996 
Accrued compensation13,791 19,671 
Current operating lease liabilities2,177 2,324 
Litigation settlement— 100,000 
Accrued legal and professional fees22,467 1,899 
Customer deposits4,270 4,054 
Government grant5,867 — 
Other accrued expenses3,980 2,425 
Total accrued expenses$119,430 $187,078 
v3.24.2.u1
Product Warranties (Tables)
 12 Months Ended
Jun. 30, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranties
Changes in the Company’s product warranty liability, which are included in accrued expenses in the accompanying consolidated balance sheets, were as follows:
 Fiscal Year Ended June 30,
202420232022
Beginning balance$41,709 $38,673 $35,035 
Add: Warranty Expense23,744 24,812 21,280 
Less: Warranty claims paid(27,486)(21,776)(17,642)
Ending balance$37,967 $41,709 $38,673 
v3.24.2.u1
Leases (Tables)
 12 Months Ended
Jun. 30, 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:
As of June 30,
Classification20242023
Assets
Right-of-use assetsOther assets$6,883 $8,808 
Liabilities
Current operating lease liabilitiesAccrued expenses$2,177 $2,324 
Long-term operating lease liabilitiesOther liabilities5,763 7,843 
Total lease liabilities$7,940 $10,167 
Schedule of Lease, Cost
Fiscal Year Ended June 30,
Classification202420232022
Operating lease costs (1)
Cost of sales$2,537 $2,686 $2,611 
Selling and marketing, and general and administrative838 878 857 
Sublease incomeOther expense (income), net(38)(38)(38)
Cash paid for amounts included in the measurement of operating lease liabilitiesCash flows from operating activities2,661 2,555 2,517 
(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 June 30, 2024 are as follows:
 Amount
2025$2,422 
20262,274 
20272,258 
20281,506 
20291 
2030 and thereafter— 
Total8,461 
Less imputed interest(521)
Present value of lease liabilities$7,940 
v3.24.2.u1
Tax Receivable Agreement Liability (Tables)
 12 Months Ended
Jun. 30, 2024
Tax Receivable Agreement [Abstract]  
Schedule of Tax Receivable Agreement
The following table reflects the changes to the Company's Tax Receivable Agreement liability:
As of June 30,
20242023
Beginning balance$43,465 $45,541 
Additions to tax receivable agreement:
Exchange of LLC Units for Class A Common Stock1,320 1,710 
Adjustment for change in estimated state tax rate or benefits36 188 
Payment under tax receivable agreement(4,208)(3,974)
40,613 43,465 
Less current portion under tax receivable agreement— (4,111)
Ending balance$40,613 $39,354 
v3.24.2.u1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of (benefit) for income taxes are as follows:
Fiscal Year Ended June 30,
202420232022
Current tax expense:
     Federal$2,358 $39,462 $33,689 
     State424 9,071 6,632 
     Foreign345 1,331 1,532 
          Total current3,127 49,864 41,853 
Deferred tax (benefit) expense:
     Federal(3,872)(14,230)4,661 
     State(577)(2,019)94 
     Foreign(20)(34)(73)
          Total deferred(4,469)(16,283)4,682 
Income tax (benefit) expense$(1,342)$33,581 $46,535 
Schedule of Effective Income Tax Rate Reconciliation
The income tax (benefit) expense differs from the amount computed by applying the federal statutory income tax rate to (loss) income from continuing operations before income taxes. The sources and tax effects of the differences are as follows:
Fiscal Year Ended June 30,
202420232022
Federal tax (benefit) provision at statutory rate(21.0)%21.0 %21.0 %
State income taxes, net of federal benefit(0.3)3.5 2.8 
Permanent differences attributable to partnership investment1.5 (0.5)(1.0)
Impairment charges - Maverick17.9 — — 
Non-controlling interest(0.2)(0.5)(0.6)
Other, net(0.2)0.2 — 
Total income (benefit) tax on continuing operations(2.3)%23.7 %22.2 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company's net deferred income tax assets and liabilities at June 30, 2024 and 2023 are as follows:
As of June 30,
20242023
Deferred tax assets:
Partnership basis differences$42,115 $69,193 
Accrued liabilities and reserves1,222 1,436 
State tax credits and NOLs12,859 8,922 
Foreign tax credits580 580 
Federal NOL and Credits19,335 — 
Other754 381 
     Less valuation allowance(17,355)(16,876)
     Total deferred tax assets59,510 63,636 
Deferred tax liabilities:
Fixed assets and intangibles19,054 29,495 
Other20 21 
     Total deferred tax liabilities19,074 29,516 
     Total net deferred tax assets$40,436 $34,120 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of changes in the amount of unrecognized tax benefits for the fiscal years ended June 30, 2024, 2023 and 2022 is as follows:
Fiscal Year Ended June 30,
202420232022
Balance as of July 1$1,718 $1,472 $1,452 
Additions based on tax positions taken during the current period129 363 314 
Reductions due to statute settlements(130)(156)(286)
Additions (reductions) for tax positions of prior years79 39 (8)
Balance as of June 30$1,796 $1,718 $1,472 
v3.24.2.u1
Stock-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
The following table presents the number, grant date stock price per share, and weighted-average exercise price per share of the Company’s employee option awards:
Fiscal Year Ended June 30,
202420232022
SharesWeighted Average Exercise Price/ShareSharesWeighted Average Exercise Price/ShareSharesWeighted Average Exercise Price/Share
Total outstanding Options at beginning of year17,973 $37.55 49,223 $40.46 161,723 $32.64 
Options exercised— — (31,250)42.13 (112,500)29.22 
Outstanding options at end of year17,973 $37.55 17,973 $37.55 49,223 $40.46 
Exercisable at end of year17,973 $37.55 17,973 $37.55 31,730 $40.26 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table presents the number and weighted-average grant date fair value of the Company’s director and employee restricted stock units and restricted stock awards:
Fiscal Year Ended June 30,
202420232022
Number of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted Average Grant Date Fair ValueNumber of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted Average Grant Date Fair ValueNumber of Restricted Stock Units and Restricted Stock Awards OutstandingWeighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Units and Restricted Stock Awards at beginning of year324,824 $57.98 369,649 $55.75 314,916 $44.46 
Granted351,000 44.06 214,172 52.30 164,290 70.74 
Vested(125,362)52.93 (180,898)46.49 (100,441)44.82 
Forfeited(31,356)53.12 (78,099)58.45 (9,116)56.41 
Total Non-vested Restricted Stock Units and Restricted Stock Awards at end of year519,106 $50.08 324,824 $57.98 369,649 $55.75 
v3.24.2.u1
Net (Loss) Earnings Per Share (Tables)
 12 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income Per Share
Basic and diluted net (loss) income per share of Class A Common Stock has been computed as follows (in thousands, except share and per share amounts):
Fiscal Year Ended June 30,
202420232022
Basic:
Net (loss) income attributable to Malibu Boats, Inc.$(55,912)$104,513 $157,632 
Shares used in computing basic net (loss) income per share:
Weighted-average Class A Common Stock20,167,169 20,245,980 20,511,571 
Weighted-average participating restricted stock units convertible into Class A Common Stock272,280 255,864 237,666 
Basic weighted-average shares outstanding20,439,449 20,501,844 20,749,237 
Basic net (loss) income per share$(2.74)$5.10 $7.60 
Diluted:
Net (loss) income attributable to Malibu Boats, Inc.$(55,912)$104,513 $157,632 
Shares used in computing diluted net (loss) income per share:
Basic weighted-average shares outstanding20,439,449 20,501,844 20,749,237 
Restricted stock units granted to employees— 66,954 116,874 
Weighted-average stock options convertible into Class A Common Stock— 12,707 47,525 
Weighted-average market performance awards convertible into Class A Common Stock— 59,668 72,620 
Diluted weighted-average shares outstanding 1
20,439,449 20,641,173 20,986,256 
Diluted net (loss) income per share$(2.74)$5.06 $7.51 
1 The Company excluded 612,277, 516,205, and 686,178 potentially dilutive shares from the calculation of diluted net (loss) income per share for the fiscal year ended June 30, 2024, 2023, and 2022, respectively, as these units would have been antidilutive.
v3.24.2.u1
Segment Reporting (Tables)
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents financial information for the Company’s reportable segments for the fiscal years ended June 30, 2024, 2023, and 2022.
Fiscal Year Ended June 30, 2024
MalibuSaltwater FishingCobaltTotal
Net sales$279,131 $327,542 $222,362 $829,035 
Depreciation and amortization9,714 13,814 9,461 32,989 
Net (loss) income before (benefit) provision for income taxes(11,589)(62,208)16,012 (57,785)
Capital expenditures3,504 11,378 61,080 75,962 
Long-lived assets71,980 226,067 173,418 471,465 
Total assets$122,707 $350,063 $266,854 $739,624 
Fiscal Year Ended June 30, 2023
MalibuSaltwater FishingCobaltTotal
Net sales$636,247 $449,156 $302,962 $1,388,365 
Depreciation and amortization8,974 11,918 7,828 28,720 
Net income before provision for income taxes40,157 57,748 43,586 141,491 
Capital expenditures27,660 22,027 5,153 54,840 
Long-lived assets88,060 317,514 121,253 526,827 
Total assets$249,447 $432,806 $243,671 $925,924 
Fiscal Year Ended June 30, 2022
MalibuSaltwater FishingCobaltTotal
Net sales$607,543 $341,930 $265,404 $1,214,877 
Depreciation and amortization8,398 10,880 7,044 26,322 
Net income before provision for income taxes137,133 34,049 38,783 209,965 
Capital expenditures22,072 26,806 6,186 55,064 
Long-lived assets68,739 307,057 124,030 499,826 
Total assets$264,551 $384,684 $202,091 $851,326 
v3.24.2.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
brand
financialInstitution
segment
Jun. 30, 2023
USD ($)
financialInstitution
Jun. 30, 2022
USD ($)
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Number of brands | brand   8    
Number of reportable segments | segment   3    
Number of financial institutions | financialInstitution   2 2  
Allowance for doubtful accounts receivable, current   $ 0 $ 0  
Goodwill impairment $ 49,189,000 49,189,000 0 $ 0
Impairment of indefinite-lived intangibles   39,200,000 0  
Impairment of intangible assets     0 0
Abandonment of construction in process   $ 8,735,000 0 0
Tax receivable agreement, percentage of realized cash saving in tax to be pass through (as a percent)   85.00%    
Advertising expense   $ 0 $ 0 $ 0
Maverick Boat Group, Inc.        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Goodwill impairment 49,189,000      
Impairment of indefinite-lived intangibles 39,200,000      
Non-compete agreement        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Estimated useful life (in years)   10 years    
Trade Names        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Estimated useful life (in years)   15 years    
Trade Names | Maverick Boat Group, Inc.        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Impairment of indefinite-lived intangibles $ 39,200,000      
Minimum        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Estimated useful life (in years)   10 years    
Maximum        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Estimated useful life (in years)   20 years    
Top Ten Dealers | Net Sales | Customer Concentration Risk        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Concentration risk (as a percent)   40.40% 41.10% 39.90%
OneWater Marine, Inc | Net Sales | Customer Concentration Risk        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Concentration risk (as a percent)   23.70% 17.20% 16.80%
Tommy's Boats | Net Sales | Customer Concentration Risk        
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Line Items]        
Concentration risk (as a percent)   2.40% 10.70% 9.40%
v3.24.2.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Dealer Rebates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Dealer Rebate Accrual [Roll Forward]      
Balance at beginning of year $ 13,715 $ 15,852 $ 11,666
Add: Dealer rebate incentives 28,385 32,953 35,210
Less: Dealer rebates paid (14,618) (35,090) (31,024)
Balance at end of year $ 27,482 $ 13,715 $ 15,852
v3.24.2.u1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Floor Financing (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Floor Financing Accrual [Roll Forward]      
Balance at beginning of year $ 1,134 $ 187 $ 121
Add: Flooring incentives 17,590 13,926 3,717
Less: Flooring paid (17,295) (12,979) (3,651)
Balance at end of year $ 1,429 $ 1,134 $ 187
v3.24.2.u1
Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 829,035 $ 1,388,365 $ 1,214,877
North America      
Disaggregation of Revenue [Line Items]      
Net sales 779,110 1,314,876 1,139,454
International      
Disaggregation of Revenue [Line Items]      
Net sales 49,925 73,489 75,423
Boat and trailer sales      
Disaggregation of Revenue [Line Items]      
Net sales 809,992 1,364,616 1,193,463
Part and other sales      
Disaggregation of Revenue [Line Items]      
Net sales 19,043 23,749 21,414
Malibu      
Disaggregation of Revenue [Line Items]      
Net sales 279,131 636,247 607,543
Malibu | North America      
Disaggregation of Revenue [Line Items]      
Net sales 249,841 582,092 548,826
Malibu | International      
Disaggregation of Revenue [Line Items]      
Net sales 29,290 54,155 58,717
Malibu | Boat and trailer sales      
Disaggregation of Revenue [Line Items]      
Net sales 264,811 618,001 590,059
Malibu | Part and other sales      
Disaggregation of Revenue [Line Items]      
Net sales 14,320 18,246 17,484
Saltwater Fishing      
Disaggregation of Revenue [Line Items]      
Net sales 327,542 449,156 341,930
Saltwater Fishing | North America      
Disaggregation of Revenue [Line Items]      
Net sales 314,014 440,449 336,816
Saltwater Fishing | International      
Disaggregation of Revenue [Line Items]      
Net sales 13,528 8,707 5,114
Saltwater Fishing | Boat and trailer sales      
Disaggregation of Revenue [Line Items]      
Net sales 325,993 447,587 340,725
Saltwater Fishing | Part and other sales      
Disaggregation of Revenue [Line Items]      
Net sales 1,549 1,569 1,205
Cobalt      
Disaggregation of Revenue [Line Items]      
Net sales 222,362 302,962 265,404
Cobalt | North America      
Disaggregation of Revenue [Line Items]      
Net sales 215,255 292,335 253,812
Cobalt | International      
Disaggregation of Revenue [Line Items]      
Net sales 7,107 10,627 11,592
Cobalt | Boat and trailer sales      
Disaggregation of Revenue [Line Items]      
Net sales 219,188 299,028 262,679
Cobalt | Part and other sales      
Disaggregation of Revenue [Line Items]      
Net sales $ 3,174 $ 3,934 $ 2,725
v3.24.2.u1
Non-controlling Interest - Ownership (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Noncontrolling Interest [Roll Forward]      
Beginning balance $ 7,871 $ 10,394  
Allocation of income to non-controlling LLC Unit holders for period (531) 3,397 $ 5,798
Distributions paid and payable to non-controlling LLC Unit holders for period (114) (3,131)  
Reallocation of non-controlling interest (2,516) (2,789)  
Ending balance $ 4,710 $ 7,871 $ 10,394
Malibu Boats Holdings LLC      
Noncontrolling Interest [Line Items]      
Units (in shares) 20,502,961 21,059,741  
Ownership (as a percent) 100.00% 100.00%  
Malibu Boats Holdings LLC | Non-controlling LLC unit holders ownership in Malibu Boats Holdings, LLC      
Noncontrolling Interest [Line Items]      
Units (in shares) 321,419 455,919  
Ownership (as a percent) 1.60% 2.20%  
Malibu Boats Holdings LLC | Malibu Boats, Inc. ownership in Malibu Boats Holdings, LLC      
Noncontrolling Interest [Line Items]      
Units (in shares) 20,181,542 20,603,822  
Ownership (as a percent) 98.40% 97.80%  
v3.24.2.u1
Non-controlling Interest - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
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    
Cancelled shares in connection with the forfeiture of stock awards with a market condition (in shares) 0    
Treasury stock, shares, retired (in shares) 38,017    
Tax distributions payable to non-controlling LLC Unit holders $ 0 $ 776 $ 1,045
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 $ 3,401 $ 2,717
Repurchase Agreements      
Noncontrolling Interest [Line Items]      
Stock repurchased during period (in shares) 699,958    
Class A Common Stock      
Noncontrolling Interest [Line Items]      
Shares issued during period (in shares) 315,695    
v3.24.2.u1
Inventories, net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 107,245 $ 142,948
Work in progress 20,683 19,222
Finished goods 16,392 9,019
Inventory subject to return 1,253 0
Total inventories $ 145,573 $ 171,189
v3.24.2.u1
Property, Plant, and Equipment, net - Useful Life (Details)
Jun. 30, 2024
Building  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 20 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
Furniture and fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Furniture and fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
v3.24.2.u1
Property, Plant, and Equipment, net - Narrative (Details) - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Property, Plant and Equipment [Abstract]      
Abandonment of construction in process $ 8,735,000 $ 0 $ 0
Impairment charges   0 0
Depreciation expenses $ 26,178,000 $ 21,912,000 $ 19,365,000
v3.24.2.u1
Property, Plant, and Equipment, net - Schedule of Property, Plant And Equipment, net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 352,948 $ 287,745
Less accumulated depreciation (108,347) (82,953)
Property, plant and equipment, net 244,601 204,792
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 4,890 4,905
Building and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 170,958 119,324
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 118,123 103,362
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 15,466 12,672
Construction in process    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 43,511 $ 47,482
v3.24.2.u1
Goodwill and Other Intangible Assets, net - Carrying Amount of Goodwill (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Goodwill [Roll Forward]        
Goodwill, beginning balance   $ 100,577,000 $ 100,804,000  
Impairment related to Maverick Boat Group $ (49,189,000) (49,189,000) 0 $ 0
Effect of foreign currency changes on goodwill   27,000 (227,000)  
Goodwill, ending balance   51,415,000 100,577,000 100,804,000
Malibu        
Goodwill [Roll Forward]        
Goodwill, beginning balance   12,072,000 12,299,000  
Impairment related to Maverick Boat Group   0    
Effect of foreign currency changes on goodwill   27,000 (227,000)  
Goodwill, ending balance   12,099,000 12,072,000 12,299,000
Saltwater Fishing        
Goodwill [Roll Forward]        
Goodwill, beginning balance   68,714,000 68,714,000  
Impairment related to Maverick Boat Group   (49,189,000)    
Effect of foreign currency changes on goodwill   0 0  
Goodwill, ending balance   19,525,000 68,714,000 68,714,000
Cobalt        
Goodwill [Roll Forward]        
Goodwill, beginning balance   19,791,000 19,791,000  
Impairment related to Maverick Boat Group   0    
Effect of foreign currency changes on goodwill   0 0  
Goodwill, ending balance   $ 19,791,000 $ 19,791,000 $ 19,791,000
v3.24.2.u1
Goodwill and Other Intangible Assets, net - Components of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Definite-lived intangibles:    
Gross carrying amount $ 134,482 $ 134,471
Less: Accumulated amortization (38,033) (31,213)
Total definite-lived intangible assets, net 96,449 103,258
Indefinite-lived intangible:    
Less: Impairment charge (39,200) 0
Total other intangible assets 175,449 221,458
Trade Names    
Indefinite-lived intangible:    
Trade names $ 118,200 118,200
Minimum    
Definite-lived intangibles:    
Estimated Useful Life (in years) 10 years  
Maximum    
Definite-lived intangibles:    
Estimated Useful Life (in years) 20 years  
Dealer relationships    
Definite-lived intangibles:    
Gross carrying amount $ 131,735 131,725
Weighted Average Remaining Useful Life (in years) 14 years 7 months 6 days  
Dealer relationships | Minimum    
Definite-lived intangibles:    
Estimated Useful Life (in years) 15 years  
Dealer relationships | Maximum    
Definite-lived intangibles:    
Estimated Useful Life (in years) 20 years  
Patent    
Definite-lived intangibles:    
Gross carrying amount $ 2,600 2,600
Estimated Useful Life (in years) 15 years  
Weighted Average Remaining Useful Life (in years) 8 years  
Trade Names    
Definite-lived intangibles:    
Gross carrying amount $ 100 100
Estimated Useful Life (in years) 15 years  
Weighted Average Remaining Useful Life (in years) 6 years  
Non-compete agreement    
Definite-lived intangibles:    
Gross carrying amount $ 47 $ 46
Estimated Useful Life (in years) 10 years  
Weighted Average Remaining Useful Life (in years) 3 months 18 days  
v3.24.2.u1
Goodwill and Other Intangible Assets, net - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Goodwill [Line Items]        
Impairment related to Maverick Boat Group $ 49,189,000 $ 49,189,000 $ 0 $ 0
Less: Impairment charge   39,200,000 0  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Goodwill and other intangible asset impairment      
Amortization of intangible assets   $ 6,811,000 $ 6,808,000 $ 6,957,000
Maverick Boat Group, Inc.        
Goodwill [Line Items]        
Impairment related to Maverick Boat Group $ 49,189,000      
Less: Impairment charge $ 39,200,000      
v3.24.2.u1
Goodwill and Other Intangible Assets, net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 6,803  
2026 6,803  
2027 6,803  
2028 6,803  
2029 6,802  
2030 and thereafter 62,435  
Total definite-lived intangible assets, net $ 96,449 $ 103,258
v3.24.2.u1
Accrued Expenses- Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Payables and Accruals [Abstract]    
Warranties $ 37,967 $ 41,709
Dealer incentives 28,911 14,996
Accrued compensation 13,791 19,671
Current operating lease liabilities 2,177 2,324
Litigation settlement 0 100,000
Accrued legal and professional fees 22,467 1,899
Customer deposits 4,270 4,054
Government grant 5,867 0
Other accrued expenses 3,980 2,425
Total accrued expenses $ 119,430 $ 187,078
v3.24.2.u1
Accrued Expenses- Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Loss Contingencies [Line Items]    
Litigation settlement $ 0 $ 100,000
Proceeds from insurance coverage 21,000  
Government grant 5,867 $ 0
Settled Litigation | Product Liability Cases    
Loss Contingencies [Line Items]    
Litigation settlement $ 100,000  
v3.24.2.u1
Product Warranties - Narrative (Details) - hour
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2016
Malibu and Axis Brand Boats | Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 1 year        
Malibu and Axis Brand Boats | Engines          
Product Warranty Liability [Line Items]          
Standard product warranty, term (in hours) 500        
Malibu and Axis Brand Boats | Maximum          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 5 years        
Malibu and Axis Brand Boats | Maximum | Engines          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 5 years        
Cobalt | Structural Warranty          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 5 years        
Cobalt | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years)   5 years 3 years    
Cobalt | Maximum | Structural Warranty          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 10 years        
Cobalt | Maximum | Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 3 years        
Malibu Brand Boats          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years)       5 years 3 years
Axis Boats          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years)       5 years 2 years
Saltwater Fishing | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 2 years        
Saltwater Fishing | Maximum | Structural Warranty and Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 5 years        
Maverick, Pathfinder, and Hewes Brand Boats | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 1 year        
Maverick, Pathfinder, and Hewes Brand Boats | Maximum | Structural Warranty and Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 5 years        
Cobia | Bow-to-stern          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 3 years        
Cobia | Maximum | Structural Warranty and Gelcoat          
Product Warranty Liability [Line Items]          
Standard product warranty, period (up to) (in years) 10 years        
v3.24.2.u1
Product Warranties - Warranty Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]      
Beginning balance $ 41,709 $ 38,673 $ 35,035
Add: Warranty Expense 23,744 24,812 21,280
Less: Warranty claims paid (27,486) (21,776) (17,642)
Ending balance $ 37,967 $ 41,709 $ 38,673
v3.24.2.u1
Financing- Narrative (Details) - USD ($)
Jul. 08, 2022
Jun. 30, 2024
Jun. 28, 2017
Line of Credit Facility [Line Items]      
Interest rate (as a percent)   6.50%  
Maximum amount, purchase of stock or stock options (up to) $ 5,000    
Consolidated leverage ratio 2.75    
Credit Agreement      
Line of Credit Facility [Line Items]      
Letters of credit outstanding   $ 1,578,000  
Incremental Term Loans      
Line of Credit Facility [Line Items]      
Debt instrument, face amount $ 200,000,000    
Revolving Credit      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 350,000,000   $ 170,000,000
Revolving Credit | Minimum      
Line of Credit Facility [Line Items]      
Unused capacity, commitment fee (as a percent) 0.15%    
Revolving Credit | Maximum      
Line of Credit Facility [Line Items]      
Unused capacity, commitment fee (as a percent) 0.30%    
Revolving Credit | Federal Funds Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 0.50%    
Revolving Credit | Base Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 1.00%    
Revolving Credit | Base Rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 0.25%    
Revolving Credit | Base Rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 1.00%    
Revolving Credit | SOFR | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 1.25%    
Revolving Credit | SOFR | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 2.00%    
Revolving Credit | Credit Agreement      
Line of Credit Facility [Line Items]      
Remaining borrowing capacity   348,422,000  
Line of credit | Revolving Credit | Credit Agreement      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity   350,000,000  
Gross debt   $ 0  
v3.24.2.u1
Leases - Assets And Liabilities, Lessee (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Assets    
Right-of-use assets $ 6,883 $ 8,808
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Liabilities    
Current operating lease liabilities $ 2,177 $ 2,324
Long-term operating lease liabilities 5,763 7,843
Total lease liabilities $ 7,940 $ 10,167
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.24.2.u1
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Operating Leased Assets [Line Items]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 2,661 $ 2,555 $ 2,517
Cost of sales      
Operating Leased Assets [Line Items]      
Operating lease costs 2,537 2,686 2,611
Selling and marketing, and general and administrative      
Operating Leased Assets [Line Items]      
Operating lease costs 838 878 857
Other expense (income), net      
Operating Leased Assets [Line Items]      
Sublease income $ (38) $ (38) $ (38)
v3.24.2.u1
Leases - Narrative (Details)
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]    
Weighted average remaining lease term (in years) 3 years 7 months 6 days 4 years 7 months 6 days
Weighted average discount rate (as a percent) 3.67% 3.67%
v3.24.2.u1
Leases - Future Minimum Lease Payments for Operating Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Amount    
2025 $ 2,422  
2026 2,274  
2027 2,258  
2028 1,506  
2029 1  
2030 and thereafter 0  
Total 8,461  
Less imputed interest (521)  
Present value of lease liabilities $ 7,940 $ 10,167
v3.24.2.u1
Tax Receivable Agreement Liability - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 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 $ 120,015 $ 118,148
v3.24.2.u1
Tax Receivable Agreement Liability - Tax Agreement Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Tax Receivable Agreement [Roll Forward]      
Beginning balance $ 43,465 $ 45,541  
Additions to tax receivable agreement:      
Exchange of LLC Units for Class A Common Stock 1,320 1,710  
Adjustment for change in estimated state tax rate or benefits 36 188 $ 1,025
Payment under tax receivable agreement (4,208) (3,974) (3,698)
Ending balance 40,613 43,465 $ 45,541
Less current portion under tax receivable agreement 0 (4,111)  
Ending balance $ 40,613 $ 39,354  
v3.24.2.u1
Income Taxes - Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Current tax expense:      
Federal $ 2,358 $ 39,462 $ 33,689
State 424 9,071 6,632
Foreign 345 1,331 1,532
Total current 3,127 49,864 41,853
Deferred tax (benefit) expense:      
Federal (3,872) (14,230) 4,661
State (577) (2,019) 94
Foreign (20) (34) (73)
Total deferred (4,469) (16,283) 4,682
Income tax (benefit) expense $ (1,342) $ 33,581 $ 46,535
v3.24.2.u1
Income Taxes - Income Tax Reconciliation (Details)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Tax Disclosure [Abstract]      
Federal tax (benefit) provision at statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit 0.30% 3.50% 2.80%
Permanent differences attributable to partnership investment (1.50%) (0.50%) (1.00%)
Impairment charges - Maverick (17.90%) 0.00% 0.00%
Non-controlling interest 0.20% (0.50%) (0.60%)
Other, net 0.20% 0.20% 0.00%
Total income (benefit) tax on continuing operations 2.30% 23.70% 22.20%
v3.24.2.u1
Income Taxes - Deferred Tax Assets/Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Deferred tax assets:    
Partnership basis differences $ 42,115 $ 69,193
Accrued liabilities and reserves 1,222 1,436
State tax credits and NOLs 12,859 8,922
Foreign tax credits 580 580
Federal NOL and Credits 19,335 0
Other 754 381
Less valuation allowance (17,355) (16,876)
Total deferred tax assets 59,510 63,636
Deferred tax liabilities:    
Fixed assets and intangibles 19,054 29,495
Other 20 21
Total deferred tax liabilities 19,074 29,516
Total net deferred tax assets $ 40,436 $ 34,120
v3.24.2.u1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Tax Contingency [Line Items]      
Share repurchase program, excise tax $ 300    
Valuation allowance $ 17,355 $ 16,876  
Period of net operating loss carryover (in years) 15 years 15 years  
Reduction in uncertain tax positions due to statute settlements $ 130 $ 156 $ 286
Additions based on tax positions taken during the current period 129 363 $ 314
Expected decrease in unrecognized tax benefits, next 12 months 171    
Unrecognized tax benefits that would impact effective tax rate 1,514    
Accrued interest related to unrecognized tax benefits 455    
Foreign Tax Authority      
Income Tax Contingency [Line Items]      
Foreign tax credits 580 $ 580  
State and Local Jurisdiction      
Income Tax Contingency [Line Items]      
Additions based on tax positions taken during the current period $ 129    
v3.24.2.u1
Income Taxes - Unrecognized Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 1,718 $ 1,472 $ 1,452
Additions based on tax positions taken during the current period 129 363 314
Reductions due to statute settlements (130) (156) (286)
Additions (reductions) for tax positions of prior years 79 39  
Additions (reductions) for tax positions of prior years     (8)
Ending balance $ 1,796 $ 1,718 $ 1,472
v3.24.2.u1
Stockholder's Equity (Details)
 12 Months Ended
Jun. 30, 2024
USD ($)
vote
numberOfUnitHolder
$ / shares
shares
Jun. 30, 2023
USD ($)
entity
numberOfUnitHolder
$ / shares
shares
Jun. 30, 2022
numberOfUnitHolder
shares
Oct. 26, 2023
USD ($)
Nov. 03, 2022
USD ($)
Nov. 03, 2021
USD ($)
Class of Stock [Line Items]            
Capital stock, shares authorized (in shares) 150,000,000          
Preferred stock, shares authorized (in shares) 25,000,000 25,000,000        
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01        
Number of unit holders | numberOfUnitHolder   1        
Treasury stock, shares, retired (in shares) 38,017          
Number of new entities | entity   2        
Common stock, conversion basis 1          
Malibu Boats Holdings LLC            
Class of Stock [Line Items]            
Number of LLC units outstanding (in shares) 20,502,961 21,059,741        
Ownership (as a percent) 100.00% 100.00%        
Malibu Boats Holdings LLC | Parent            
Class of Stock [Line Items]            
Number of LLC units outstanding (in shares) 20,181,542 20,603,822        
Ownership (as a percent) 98.40% 97.80%        
Malibu Boats Holdings LLC | Non-controlling Interest in LLC            
Class of Stock [Line Items]            
Number of LLC units outstanding (in shares) 321,419 455,919        
Ownership (as a percent) 1.60% 2.20%        
Class A Common Stock            
Class of Stock [Line Items]            
Common stock, shares authorized (in shares) 100,000,000 100,000,000        
Number of unit holders | numberOfUnitHolder 4 2 0      
Common stock, shares, outstanding (in shares) 20,181,542 20,603,822        
Common stock, shares issued (in shares) 20,181,542 20,603,822        
Stock repurchased during period (in shares) 315,695          
Number of votes | vote 1          
Class A Common Stock | Fiscal 2022 Repurchase Program            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount | $           $ 70,000,000
Stock repurchased during period (in shares)   143,759        
Stock repurchased during period | $   $ 7,868,000        
Class A Common Stock | Fiscal 2023 Repurchase Program            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount | $         $ 100,000,000  
Stock repurchased during period (in shares) 261,962          
Stock repurchased during period | $ $ 12,526,000          
Class A Common Stock | Fiscal 2024 Repurchase Program            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount | $       $ 100,000,000    
Stock repurchased during period (in shares) 437,996          
Stock repurchased during period | $ $ 17,317,000          
Authorized amount | $ $ 82,683,000          
Class B Common Stock            
Class of Stock [Line Items]            
Common stock, shares authorized (in shares) 25,000,000 25,000,000        
Treasury stock, shares, retired (in shares) 0 0 0      
Common stock, shares, outstanding (in shares) 12 12 10      
Common stock, shares issued (in shares) 12 12 10      
Number of shares issued (in shares)   2        
v3.24.2.u1
Stock-Based Compensation - Narrative (Details)
 12 Months Ended
Feb. 20, 2024
USD ($)
$ / shares
shares
Nov. 27, 2023
USD ($)
award
$ / shares
shares
Nov. 06, 2023
USD ($)
$ / shares
shares
May 12, 2023
shares
Nov. 03, 2022
USD ($)
$ / shares
shares
May 06, 2022
USD ($)
$ / shares
shares
Nov. 03, 2021
USD ($)
$ / shares
shares
Nov. 03, 2020
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Jan. 06, 2014
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Cash paid for tax withholdings | $                 $ 1,489,000 $ 3,135,000 $ 2,058,000  
Common Stock | Class A Common Stock                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Issuances of equity for services (in shares)                 12,000 2,000 1,000  
Restricted Stock Units | President                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Grants in period (in shares) 92,699                      
Grants in period | $ $ 4,000                      
Stock price (in dollars per share) | $ / shares $ 43.15                      
Award vesting period (in years) 4 years                      
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 | $ $ 230,000                      
Stock price (in dollars per share) | $ / shares $ 43.15                      
Restricted Stock Unit and Restricted Stock Award                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Forfeited (in shares)                 31,356 78,099 9,116  
Grants in period (in shares)                 351,000 214,172 164,290  
Number of shares vested                 125,362 180,898 100,441  
Share-based compensation, incentive stock awards, weighted average grant date fair value (in dollars per share) | $ / shares                 $ 44.06 $ 52.30 $ 70.74  
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)                 61,146      
Weighted average contractual term exercisable (in years)                 6 months 14 days      
Weighted average contractual term outstanding (in years)                 6 months 14 days      
Intrinsic value of options exercised | $                 $ 0 $ 557,000 $ 3,751,000  
Intrinsic value exercisable | $                 0      
Intrinsic value outstanding | $                 0      
Stock compensation expense | $                 4,935,000 5,894,000 6,342,000  
Cash paid for tax withholdings | $                 $ 1,489,000 $ 3,135,000 $ 2,058,000  
Long-Term Incentive Plan | Common Stock | Class A Common Stock                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Issuances of equity for services (in shares)                 12,130 2,105 1,481  
Long-Term Incentive Plan | Restricted Stock Units                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Grants in period (in shares)     79,000   61,000 27,000 32,000 33,000        
Grants in period | $           $ 1,376,000            
Stock price (in dollars per share) | $ / shares           $ 51.89            
Award vesting period (in years)           3 years            
Issuances of equity for services (in shares)                 13,429 20,643 14,258  
Share-based compensation, incentive stock awards, weighted average grant date fair value (in dollars per share) | $ / shares                 $ 45.80 $ 52.45 $ 72.42  
Long-Term Incentive Plan | Restricted Stock                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Forfeited (in shares)       57,866                
Grants in period (in shares)     35,000   35,000   23,000 25,000        
Issuances of equity for services (in shares)                 5,330      
Long-Term Incentive Plan | Restricted Stock Unit and Restricted Stock Award                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Grants in period | $     $ 5,116,000   $ 5,028,000   $ 4,149,000 $ 3,145,000        
Stock price (in dollars per share) | $ / shares     $ 44.87   $ 52.25   $ 74.25 $ 54.47        
Unrecognized compensation cost | $                 $ 13,832,000      
Weighted average remaining contractual terms (in years)                 2 years 7 months 6 days      
Long-Term Incentive Plan | Restricted Stock Unit and Restricted Stock Award | Share-based Compensation Award, Tranche One                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Restricted stock (as a percent)     70.00%   64.00%   58.00% 58.00%        
Award vesting period (in years)     3 years   3 years   3 years 3 years        
Long-Term Incentive Plan | Restricted Stock Unit and Restricted Stock Award | Share-based Compensation Award, Tranche Two                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Restricted stock (as a percent)     30.00%   36.00%   42.00% 42.00%        
Award vesting period (in years)     4 years   4 years   4 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   26,000   18,000 18,000        
Grants in period | $     $ 1,167,000   $ 1,380,000   $ 1,305,000 $ 1,002,000        
Stock price (in dollars per share) | $ / shares     $ 44.87   $ 52.25   $ 74.25 $ 54.47        
Maximum number of shares available for issue if target is met     39,000   32,000   22,000 21,000        
Number of shares vested               14,000        
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   26,000   18,000 18,000        
Grants in period | $     $ 1,284,000   $ 1,808,000   $ 1,688,000 $ 1,293,000        
Maximum number of shares available for issue if target is met     52,000   43,000   29,000 28,000        
Number of shares vested               5,000        
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 | $   $ 600,000                    
Stock price (in dollars per share) | $ / shares   $ 44.85                    
Number of awards granted | award   2                    
Long-Term Incentive Plan | Service Based Stock Award | Share-based Compensation Award, Tranche One | Chief Financial Officer                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Grants in period (in shares)   7,000                    
Award vesting period (in years)   2 years                    
Long-Term Incentive Plan | Service Based Stock Award | Share-based Compensation Award, Tranche Two | Chief Financial Officer                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Grants in period (in shares)   6,000                    
Award vesting period (in years)   4 years                    
Long-Term Incentive Plan | Employee Stock Option                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Shares withheld (in shares)                 33,877 54,909 27,420  
v3.24.2.u1
Stock-Based Compensation - Stock Options (Details) - $ / shares
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Shares      
Outstanding options at beginning of year (in shares) 17,973 49,223 161,723
Options exercised (in shares) 0 (31,250) (112,500)
Outstanding options at end of year (in shares) 17,973 17,973 49,223
Exercisable at end of year (in shares) 17,973 17,973 31,730
Weighted Average Exercise Price/Share      
Outstanding options at beginning of year (in dollars per share) $ 37.55 $ 40.46 $ 32.64
Options exercised (in dollars per share) 0 42.13 29.22
Outstanding options at end of year (in dollars per share) 37.55 37.55 40.46
Exercisable at end of year (in dollars per share) $ 37.55 $ 37.55 $ 40.26
v3.24.2.u1
Stock-Based Compensation - Restricted Stock Units Incentive Plan (Details) - Restricted Stock Unit and Restricted Stock Award - $ / shares
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Number of Restricted Stock Units and Restricted Stock Awards Outstanding      
Total Non-vested at beginning of year (in shares) 324,824 369,649 314,916
Granted (in shares) 351,000 214,172 164,290
Vested (in shares) (125,362) (180,898) (100,441)
Forfeited (in shares) (31,356) (78,099) (9,116)
Total Non-vested at end of year (in shares) 519,106 324,824 369,649
Weighted Average Grant Date Fair Value      
Total Non-vested at beginning of year (in dollars per share) $ 57.98 $ 55.75 $ 44.46
Granted (in dollars per share) 44.06 52.30 70.74
Vested (in dollars per share) 52.93 46.49 44.82
Forfeited (in dollars per share) 53.12 58.45 56.41
Total Non-vested at beginning of year (in dollars per share) $ 50.08 $ 57.98 $ 55.75
v3.24.2.u1
Net (Loss) Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Basic:      
Net (loss) income attributable to Malibu Boats, Inc. $ (55,912) $ 104,513 $ 157,632
Shares used in computing basic net (loss) income per share:      
Basic weighted-average shares outstanding (in shares) 20,439,449 20,501,844 20,749,237
Basic net (loss) income per share (in dollars per share) $ (2.74) $ 5.10 $ 7.60
Diluted:      
Net (loss) income attributable to Malibu Boats, Inc. $ (55,912) $ 104,513 $ 157,632
Shares used in computing diluted net (loss) income per share:      
Basic weighted-average shares outstanding (in shares) 20,439,449 20,501,844 20,749,237
Diluted weighted-average shares outstanding (in shares) 20,439,449 20,641,173 20,986,256
Diluted net (loss) income per share (in dollars per share) $ (2.74) $ 5.06 $ 7.51
Antidilutive securities (in shares) 612,277 516,205 686,178
Restricted Stock Units      
Shares used in computing basic net (loss) income per share:      
Basic weighted-average shares outstanding (in shares) 272,280 255,864 237,666
Shares used in computing diluted net (loss) income per share:      
Basic weighted-average shares outstanding (in shares) 272,280 255,864 237,666
Awards granted to employees (in shares) 0 66,954 116,874
Stock Options      
Shares used in computing diluted net (loss) income per share:      
Awards granted to employees (in shares) 0 12,707 47,525
Performance Awards      
Shares used in computing diluted net (loss) income per share:      
Awards granted to employees (in shares) 0 59,668 72,620
Class A Common Stock      
Shares used in computing basic net (loss) income per share:      
Basic weighted-average shares outstanding (in shares) 20,167,169 20,245,980 20,511,571
Shares used in computing diluted net (loss) income per share:      
Basic weighted-average shares outstanding (in shares) 20,167,169 20,245,980 20,511,571
v3.24.2.u1
Commitments and Contingencies (Details)
$ in Thousands
 2 Months Ended 12 Months Ended
Apr. 10, 2024
numberOfDealership
Jun. 30, 2023
USD ($)
Feb. 09, 2022
plaintiff
Aug. 28, 2021
USD ($)
Aug. 28, 2024
USD ($)
unit
Jun. 30, 2024
USD ($)
unit
Jun. 30, 2023
USD ($)
unit
Jun. 30, 2022
unit
Loss Contingencies [Line Items]                
Floor financing, repurchase obligations   $ 385,448       $ 367,950 $ 385,448  
Number of repurchase units | unit           17 0 0
Financing receivables   0       $ 0 $ 0  
Loss contingency, post-judgement interest rate (as a percent)       0.0625        
Proceeds from insurance coverage           21,000    
Subsequent Event                
Loss Contingencies [Line Items]                
Number of repurchase units | unit         19      
Repurchase agreement, amount         $ 2,500      
Tommy's Boats                
Loss Contingencies [Line Items]                
Number of plaintiffs | numberOfDealership 15              
Batchelder et al. v. Malibu Boats, LLC                
Loss Contingencies [Line Items]                
Loss contingency, percentage of fault on plaintiff behalf (as a percent)       0.75        
Loss contingency, damages awarded, percentage liable by defendant (as a percent)       0.15        
Loss contingency, estimate of possible loss       $ 140,000        
Number of plaintiffs | plaintiff     4          
Litigation settlement, amount paid   100,000            
Insurance coverage   26,000            
Proceeds from insurance coverage           $ 21,000    
Batchelder et al. v. Malibu Boats, LLC | Batchelder Plaintiffs                
Loss Contingencies [Line Items]                
Litigation settlement, amount paid   40,000            
Batchelder et al. v. Malibu Boats, LLC | Escrow Agent                
Loss Contingencies [Line Items]                
Litigation settlement, amount paid   $ 60,000            
Batchelder et al. v. Malibu Boats, LLC | Pending Litigation                
Loss Contingencies [Line Items]                
Damages sought, value       56,000        
Batchelder et al. v. Malibu Boats, LLC | Malibu Boats West, Inc.                
Loss Contingencies [Line Items]                
Loss contingency, damages awarded, value       $ 40,000        
Loss contingency, damages awarded, percentage liable by defendant (as a percent)       0.10        
Batchelder et al. v. Malibu Boats, LLC | Compensatory Damages                
Loss Contingencies [Line Items]                
Loss contingency, damages awarded, value       $ 80,000        
Batchelder et al. v. Malibu Boats, LLC | Punitive Damages                
Loss Contingencies [Line Items]                
Loss contingency, damages awarded, value       $ 80,000        
v3.24.2.u1
Related Party Transactions (Details) - Shareholder
$ in Thousands
 12 Months Ended
Jun. 30, 2024
USD ($)
member
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Related Party Transaction [Line Items]      
Number of directors | member 2    
Directors' fees $ 484 $ 409 $ 385
Prepaid directors' fees $ 0 $ 74  
v3.24.2.u1
Segment Reporting - Narrative (Details)
 12 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.2.u1
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 829,035 $ 1,388,365 $ 1,214,877
Depreciation and amortization 32,989 28,720 26,322
Net (loss) income before (benefit) provision for income taxes (57,785) 141,491 209,965
Capital expenditures 75,962 54,840 55,064
Long-lived assets 471,465 526,827 499,826
Total assets 739,624 925,924 851,326
Malibu      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 279,131 636,247 607,543
Depreciation and amortization 9,714 8,974 8,398
Net (loss) income before (benefit) provision for income taxes (11,589) 40,157 137,133
Capital expenditures 3,504 27,660 22,072
Long-lived assets 71,980 88,060 68,739
Total assets 122,707 249,447 264,551
Saltwater Fishing      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 327,542 449,156 341,930
Depreciation and amortization 13,814 11,918 10,880
Net (loss) income before (benefit) provision for income taxes (62,208) 57,748 34,049
Capital expenditures 11,378 22,027 26,806
Long-lived assets 226,067 317,514 307,057
Total assets 350,063 432,806 384,684
Cobalt      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 222,362 302,962 265,404
Depreciation and amortization 9,461 7,828 7,044
Net (loss) income before (benefit) provision for income taxes 16,012 43,586 38,783
Capital expenditures 61,080 5,153 6,186
Long-lived assets 173,418 121,253 124,030
Total assets $ 266,854 $ 243,671 $ 202,091