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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-36290
mbuu-20220331_g1.jpg
MALIBU BOATS, INC.
(Exact Name of Registrant as specified in its charter)
Delaware
5075 Kimberly Way, Loudon, Tennessee 37774
46-4024640
(State or other jurisdiction of
incorporation or organization)
(Address of principal executive offices,
including zip code)
(I.R.S. Employer
Identification No.)
(865) 458-5478
(Registrant’s telephone number,
including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 MBUUNasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer   Accelerated filer 
Non-accelerated filer 
  
  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Class A Common Stock, par value $0.01, outstanding as of May 6, 2022:
20,503,058 shares
Class B Common Stock, par value $0.01, outstanding as of May 6, 2022:
10 shares



TABLE OF CONTENTS
 
 Page

i

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this Form 10-Q are forward-looking statements, including statements regarding the effects of the COVID-19 pandemic on us; demand for our products and expected industry trends, our business strategy and plans, our prospective products or products under development, our vertical integration initiatives, our acquisition strategy and management’s objectives for future operations. In particular, many of the statements under the heading “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” the negative of these terms, or by other similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions, involving known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include, but are not limited to: the effects of the COVID-19 pandemic on us; our ability to execute our manufacturing strategy successfully; our large fixed cost base; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in our suppliers’ operations; our reliance on third-party suppliers for raw materials and components and any interruption of our informal supply arrangements; our reliance on certain suppliers for our engines and outboard motors; our ability to meet our manufacturing workforce needs; exposure to workers' compensation claims and other workplace liabilities; our ability to grow our business through acquisitions and integrate such acquisitions to fully realize their expected benefits; our growth strategy which may require us to secure significant additional capital; our ability to protect our intellectual property; disruptions to our network and information systems; our success at developing and implementing a new enterprise resource planning system; risks inherent in operating in foreign jurisdictions; a natural disaster, global pandemic or other disruption at our manufacturing facilities; increases in income tax rates or changes in income tax laws; our dependence on key personnel; general industry, economic and business conditions; our ability to enhance existing products and market new or enhanced products; the continued strength of our brands; the seasonality of our business; intense competition within our industry; increased consumer preference for used boats or the supply of new boats by competitors in excess of demand; competition with other activities for consumers’ scarce leisure time; changes in currency exchange rates; an increase in energy and fuel costs; our reliance on our network of independent dealers and increasing competition for dealers; the financial health of our dealers and their continued access to financing; our obligation to repurchase inventory of certain dealers; our exposure to claims for product liability and warranty claims; changes to U.S. trade policy, tariffs and import/export regulations; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; our holding company structure; covenants in our credit agreement governing our revolving credit facility and term loan which may limit our operating flexibility; our variable rate indebtedness which subjects us to interest rate risk; our obligation to make certain payments under a tax receivables agreement; and any failure to maintain effective internal control over financial reporting or disclosure controls or procedures. We discuss many of these factors, risks and uncertainties in greater detail under the heading “Item 1A. Risk Factors” in our Form 10-K for the year ended June 30, 2021, filed with the Securities and Exchange Commission on August 26, 2021, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission, including subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q.
You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from those suggested by the forward-looking statements for various reasons. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this Form 10-Q to conform these statements to actual results or to changes in our expectations.
ii

Part I - Financial Information


Item 1. Financial Statements
MALIBU BOATS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except share and per share data)
 Three Months Ended 
March 31,
Nine Months Ended 
March 31,
 2022202120222021
Net sales$344,287 $273,162 $861,671 $649,793 
Cost of sales247,166 201,134 641,247 482,535 
Gross profit97,121 72,028 220,424 167,258 
Operating expenses:    
Selling and marketing6,773 4,667 17,548 12,280 
General and administrative17,129 18,402 49,207 45,092 
Amortization1,682 2,094 5,257 5,142 
Operating income71,537 46,865 148,412 104,744 
Other expense, net:    
Other income, net(10)(7)(33)(29)
Interest expense650 796 1,990 1,797 
Other expense, net640 789 1,957 1,768 
Income before provision for income taxes70,897 46,076 146,455 102,976 
Provision for income taxes16,064 10,941 32,710 23,656 
Net income 54,833 35,135 113,745 79,320 
Net income attributable to non-controlling interest1,955 1,339 4,032 3,206 
Net income attributable to Malibu Boats, Inc.$52,878 $33,796 $109,713 $76,114 
Comprehensive income:
Net income$54,833 $35,135 $113,745 $79,320 
Other comprehensive income (loss):
Change in cumulative translation adjustment711 (262)14 1,790 
Other comprehensive income (loss) 711 (262)14 1,790 
Comprehensive income55,544 34,873 113,759 81,110 
Less: comprehensive income attributable to non-controlling interest1,980 1,329 4,032 3,282 
Comprehensive income attributable to Malibu Boats, Inc.$53,564 $33,544 $109,727 $77,828 
Weighted-average shares outstanding used in computing net income per share:
Basic20,777,512 20,799,405 20,843,040 20,722,339 
Diluted20,982,873 21,032,360 21,097,502 20,939,927 
Net income available to Class A Common Stock per share:
Basic$2.54 $1.62 $5.26 $3.67 
Diluted $2.51 $1.61 $5.20 $3.63 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).
1

MALIBU BOATS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)
March 31, 2022June 30, 2021
Assets  
Current assets  
Cash$56,966 $41,479 
Trade receivables, net49,118 49,844 
Inventories, net164,390 116,685 
Prepaid expenses and other current assets7,462 4,775 
Total current assets277,936 212,783 
Property, plant and equipment, net160,778 132,913 
Goodwill101,347 101,033 
Other intangible assets, net230,100 235,363 
Deferred tax assets42,531 48,022 
Other assets11,268 12,670 
Total assets$823,960 $742,784 
Liabilities  
Current liabilities  
Current maturities of long-term obligations$73,406 $4,250 
Accounts payable61,608 45,992 
Accrued expenses83,933 77,179 
Income taxes and tax distribution payable2,752 3,209 
Payable pursuant to tax receivable agreement, current portion3,773 3,773 
Total current liabilities225,472 134,403 
Deferred tax liabilities28,159 27,869 
Other liabilities12,374 15,892 
Payable pursuant to tax receivable agreement, less current portion44,441 44,441 
Long-term debt46,375 139,025 
Total liabilities356,821 361,630 
Commitments and contingencies (See Note 16)
Stockholders' Equity  
Class A Common Stock, par value $0.01 per share, 100,000,000 shares authorized; 20,503,058 shares issued and outstanding as of March 31, 2022; 20,847,019 issued and outstanding as of June 30, 2021
203 207 
Class B Common Stock, par value $0.01 per share, 25,000,000 shares authorized; 10 shares issued and outstanding as of March 31, 2022; 10 shares issued and outstanding as of June 30, 2021
  
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and June 30, 2021
  
Additional paid in capital85,568 111,308 
Accumulated other comprehensive loss(1,625)(1,639)
Accumulated earnings373,265 263,552 
Total stockholders' equity attributable to Malibu Boats, Inc.457,411 373,428 
Non-controlling interest9,728 7,726 
Total stockholders’ equity467,139 381,154 
Total liabilities and stockholders' equity$823,960 $742,784 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).
2

MALIBU BOATS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
(In thousands, except number of Class B shares)
 
Class A Common StockClass B Common StockAdditional Paid In CapitalAccumulated Other Comprehensive LossAccumulated EarningsNon-controlling Interest in LLCTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 202120,847 $207 10 $ $111,308 $(1,639)$263,552 $7,726 $381,154 
Net income— — — — — — 26,944 989 27,933 
Stock based compensation, net of withholding taxes on vested equity awards(7)— — — 728 — — — 728 
Issuances of equity for services— — — — 58 — — — 58 
Distributions to LLC Unit holders— — — — — — — (558)(558)
Foreign currency translation adjustment— — — — — (835)— (24)(859)
Balance at September 30, 202120,840 $207 10 $ $112,094 $(2,474)$290,496 $8,133 $408,456 
Net income— — — — — — 29,891 1,088 30,979 
Stock based compensation, net of withholding taxes on vested equity awards101 1 — — 53 — — — 54 
Issuances of equity for services1 — — — 948 — — — 948 
Issuances of equity for exercise of stock options35 — — — 971 — — — 971 
Repurchase and retirement of common stock(78)(1)— — (5,227)— — — (5,228)
Distributions to LLC Unit holders— — — — — — — (452)(452)
Foreign currency translation adjustment— — — — — 138 — 4 142 
Balance at December 31, 202120,899 $207 10 $ $108,839 $(2,336)$320,387 $8,773 $435,870 
Net income— — — — — — 52,878 1,955 54,833 
Stock based compensation, net of withholding taxes on vested equity awards1 — — — 1,639 — — — 1,639 
Issuances of equity for services— — — — 68 — — — 68 
Repurchase and retirement of common stock(397)(4)— — (24,978)— — — (24,982)
Distributions to LLC Unit holders— — — — — — — (1,021)(1,021)
Foreign currency translation adjustment— — — — — 711 — 21 732 
Balance at March 31, 202220,503 $203 10 $ $85,568 $(1,625)$373,265 $9,728 $467,139 
3

Class A Common StockClass B Common StockAdditional Paid In CapitalAccumulated Other Comprehensive LossAccumulated EarningsNon-controlling Interest in LLCTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 202020,596 $204 15 $ $103,797 $(3,132)$153,711 $6,947 $261,527 
Net income— — — — — — 21,093 945 22,038 
Stock based compensation, net of withholding taxes on vested equity awards(3)— — — 658 — — — 658 
Issuances of equity for services— — — — 59 — — — 59 
Issuances of equity for exercise of stock options9 — — — 300 — — — 300 
Increase in payable pursuant to the tax receivable agreement— — — — (330)— — — (330)
Increase in deferred tax asset from step-up in tax basis— — — — 480 — — — 480 
Exchange of LLC Units for Class A Common Stock28 — (2)— 264 — — (264) 
Distributions to LLC Unit holders— — — — — — — (449)(449)
Foreign currency translation adjustment— — — — — 630 — 22 652 
Balance at September 30, 202020,630 $204 13 $ $105,228 $(2,502)$174,804 $7,201 $284,935 
Net income— — — — — — 21,225 922 22,147 
Stock based compensation, net of withholding taxes on vested equity awards110 2 — — 750 — — — 752 
Issuances of equity for services1 — — — 659 — — — 659 
Increase in payable pursuant to the tax receivable agreement— — — — (213)— — — (213)
Increase in deferred tax asset from step-up in tax basis— — — — 229 — — — 229 
Exchange of LLC Units for Class A Common Stock12 — (1)— 118 — — (118) 
Distributions to LLC Unit Holders— — — — — — — (495)(495)
Foreign currency translation adjustment— — — — — 1,422 — 48 1,470 
Balance at December 31, 202020,753 $206 12 $ $106,771 $(1,080)$196,029 $7,558 $309,484 
Net income— — — — — — 33,796 1,339 35,135 
Stock based compensation, net of withholding taxes on vested equity awards2 — — — 1,400 — — — 1,400 
Issuances of equity for services— — — — 59 — — — 59 
Issuances of equity for exercise of stock options2 — — — 75 — — — 75 
Increase in payable pursuant to the tax receivable agreement— — — — (1,531)— — — (1,531)
Increase in deferred tax asset from step-up in tax basis— — — — 1,963 — — — 1,963 
Exchange of LLC Units for Class A Common Stock87 1 (1)— 955 — — (955)1 
Distributions to LLC Unit Holders— — — — — — — (710)(710)
4

Foreign currency translation adjustment— — — — — (262)— (9)(271)
Balance at March 31, 202120,844 $207 11 $ $109,692 $(1,342)$229,825 $7,223 $345,605 


The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).
5

ALIBU BOATS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 Nine Months Ended March 31,
 20222021
Operating activities:
Net income$113,745 $79,320 
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash compensation expense4,547 4,060 
Non-cash compensation to directors768 627 
Depreciation 14,379 11,215 
Amortization5,257 5,142 
Deferred income taxes5,782 6,032 
Other items, net947 1,434 
Change in operating assets and liabilities (excluding effects of acquisition):
Trade receivables726 (19,922)
Inventories(44,986)(34,453)
Prepaid expenses and other assets(2,461)(1,623)
Accounts payable16,977 20,873 
Income taxes payable100 4,805 
Accrued expenses6,844 23,473 
Other liabilities(3,583)(614)
Net cash provided by operating activities119,042 100,369 
Investing activities:
Purchases of property, plant and equipment(40,070)(19,117)
Payment for acquisition, net of cash acquired(6,566)(150,427)
Net cash used in investing activities(46,636)(169,544)
Financing activities:
Proceeds from long-term borrowings 25,000 
Proceeds from revolving credit facility 65,000 
Principal payments on long-term borrowings(3,938)(313)
Payments on revolving credit facility(20,000)(8,800)
Payment of deferred financing costs (638)
Proceeds received from exercise of stock options971 375 
Cash paid for withholding taxes on vested restricted stock(2,058)(1,208)
Distributions to LLC Unit holders(1,697)(1,048)
Repurchase and retirement of common stock(30,210) 
Net cash (used in) provided by financing activities(56,932)78,368 
Effect of exchange rate changes on cash13 13 
Changes in cash15,487 9,206 
Cash—Beginning of period41,479 33,787 
Cash—End of period$56,966 $42,993 
Supplemental cash flow information:
Cash paid for interest$1,544 $1,433 
Cash paid for income taxes27,007 12,599 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).
6

MALIBU BOATS, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements
(Dollars in thousands, except per unit and per share data)
1. Organization, Basis of Presentation, and Summary of Significant Accounting Policies
Organization
Malibu Boats, Inc. (together with its subsidiaries, the “Company” or "Malibu"), a Delaware corporation formed on November 1, 2013, is the sole managing member of Malibu Boats Holdings, LLC, a Delaware limited liability company (the "LLC"). The Company operates and controls all of the LLC's business and affairs and, therefore, pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 810, Consolidation, consolidates the financial results of the LLC and its subsidiaries, and records a non-controlling interest for the economic interest in the Company held by the non-controlling holders of units in the LLC ("LLC Units"). The LLC was formed in 2006. The LLC, through its wholly owned subsidiary, Malibu Boats, LLC, (“Boats LLC”), is engaged in the design, engineering, manufacturing and marketing of innovative, high-quality, recreational powerboats that are sold through a world-wide network of independent dealers. The Company sells its boats under eight brands -- Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt brands. The Company reports its results of operations under three reportable segments -- Malibu, Saltwater Fishing and Cobalt.
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim condensed financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with GAAP for complete financial statements. Such statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Malibu and subsidiaries for the year ended June 30, 2021, included in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted.
Principles of Consolidation
The accompanying unaudited interim condensed consolidated financial statements include the operations and accounts of the Company and all subsidiaries thereof. All intercompany balances and transactions have been eliminated upon consolidation.
Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting, which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The elective amendments provide expedients to contract modification, affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this guidance apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. This guidance is not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The guidance can be applied immediately through December 31, 2022. The Company will adopt this standard when LIBOR is discontinued and does not expect a material impact to its financial condition, results of operations or disclosures based on the current debt portfolio and capital structure.
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.
7

2. Revenue Recognition
The following tables disaggregate the Company's revenue by major product type and geography:
Three Months Ended March 31, 2022Nine Months Ended March 31, 2022
MalibuSaltwater FishingCobaltConsolidatedMalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$174,377 $93,435 $71,213 $339,025 $418,339 $244,856 $183,713 $846,908 
Part and other sales4,443 224 595 5,262 12,186 771 1,806 14,763 
Total revenue$178,820 $93,659 $71,808 $344,287 $430,525 $245,627 $185,519 $861,671 
Revenue by geography:
North America$165,499 $93,004 $70,172 $328,675 $383,991 $240,919 $176,612 $801,522 
International13,321 655 1,636 15,612 46,534 4,708 8,907 60,149 
Total revenue$178,820 $93,659 $71,808 $344,287 $430,525 $245,627 $185,519 $861,671 
Three Months Ended March 31, 2021Nine Months Ended March 31, 2021
MalibuSaltwater FishingCobaltConsolidatedMalibuSaltwater FishingCobaltConsolidated
Revenue by product:
Boat and trailer sales$133,349 $79,510 $54,585 $267,444 $333,030 $155,336 $144,922 $633,288 
Part and other sales4,678 379 661 5,718