Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Mar. 07, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MALIBU BOATS, INC. | ' | ' |
Entity Central Index Key | '0001590976 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,054,830 | 34 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Malibu Boat LLC [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Net sales | $43,938 | $37,818 | $87,242 | $70,977 |
Cost of sales | 32,242 | 28,524 | 64,525 | 53,815 |
Gross profit | 11,696 | 9,294 | 22,717 | 17,162 |
Operating Expenses [Abstract] | ' | ' | ' | ' |
Selling and marketing | 1,510 | 1,194 | 2,942 | 2,270 |
General and administrative | 3,068 | 2,640 | 5,023 | 7,152 |
Amortization | 1,295 | 1,295 | 2,589 | 2,589 |
Operating income | 5,823 | 4,165 | 12,163 | 5,151 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Other | 6 | 2 | 9 | 5 |
Interest expense | -609 | -400 | -1,773 | -750 |
Other expense | -603 | -398 | -1,764 | -745 |
Income before income taxes | 5,220 | 3,767 | 10,399 | 4,406 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | 5,220 | 3,767 | 10,399 | 4,406 |
Net income before non-controlling interest and provision for income taxes | 5,220 | 3,767 | 10,399 | 4,406 |
Pro forma provision for income taxes (at 37.3% assumed effective tax rate for Malibu Boats, Inc.) | 0 | 0 | 0 | 0 |
Pro forma net income attributable to non-controlling interest (50.7% assumed ownership interest not directly attributable to Malibu Boats, Inc.) | 0 | ' | 0 | ' |
Pro forma net income available to stockholders of Malibu Boats, Inc. Class A Common Stock | 5,220 | ' | 10,399 | ' |
Pro Forma [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Income before income taxes | 5,220 | ' | 10,399 | ' |
Provision for income taxes | 959 | ' | 1,911 | ' |
Net income | 4,261 | ' | 8,488 | ' |
Net income before non-controlling interest and provision for income taxes | 5,220 | ' | 10,399 | ' |
Pro forma provision for income taxes (at 37.3% assumed effective tax rate for Malibu Boats, Inc.) | 959 | ' | 1,911 | ' |
Pro forma net income attributable to non-controlling interest (50.7% assumed ownership interest not directly attributable to Malibu Boats, Inc.) | 2,647 | ' | 5,273 | ' |
Earnings per share, basic | $0.15 | ' | $0.30 | ' |
Earnings per share, diluted | $0.15 | ' | $0.30 | ' |
Weighted average number of shares outstanding, basic | 10,869,830 | ' | 10,869,830 | ' |
Weighted average number of shares outstanding, dilutive | 10,869,830 | ' | 10,869,830 | ' |
Class A Units [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Earnings per share, basic | $0.12 | $0.09 | $0.25 | $0.11 |
Earnings per share, diluted | $0.12 | $0.09 | $0.24 | $0.10 |
Weighted average number of shares outstanding, basic | 36,742 | 36,742 | 36,742 | 36,742 |
Weighted average number of shares outstanding, dilutive | 36,742 | 36,742 | 36,742 | 36,742 |
Class B Units [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Earnings per share, basic | $0.12 | $0.09 | $0.25 | $0.11 |
Earnings per share, diluted | $0.12 | $0.09 | $0.24 | $0.10 |
Weighted average number of shares outstanding, basic | 3,885 | 3,885 | 3,885 | 3,885 |
Weighted average number of shares outstanding, dilutive | 3,885 | 3,885 | 3,885 | 3,885 |
Class M Units [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Earnings per share, basic | $0.12 | $0.09 | $0.25 | $0.11 |
Earnings per share, diluted | $0.12 | $0.09 | $0.24 | $0.10 |
Weighted average number of shares outstanding, basic | 1,677 | 1,170 | 1,677 | 1,170 |
Weighted average number of shares outstanding, dilutive | 1,970 | 1,922 | 1,970 | 1,922 |
Class A Common Stock [Member] | Pro Forma [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Pro forma net income available to stockholders of Malibu Boats, Inc. Class A Common Stock | $1,614 | ' | $3,215 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Assets, Current [Abstract] | ' | ' |
Cash | $10 | ' |
Total assets | 10 | ' |
Equity [Abstract] | ' | ' |
Preferred stock | 0 | ' |
Additional paid in capital | 9 | ' |
Total liabilities and equity | 10 | ' |
Class A Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 1 | ' |
Class B Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 0 | ' |
Pro Forma [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Preferred stock | 0 | ' |
Additional paid in capital | -47,242,000 | ' |
Accumulated earnings | 16,310,000 | ' |
Total membersb and stockholdersb (deficit) equity | -30,761,000 | ' |
Pro Forma [Member] | Class A Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | 0 | ' |
Pro Forma [Member] | Class B Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | 0 | ' |
Pro Forma [Member] | Class M Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | 0 | ' |
Pro Forma [Member] | Class A Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 171,000 | ' |
Pro Forma [Member] | Class B Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 0 | ' |
Malibu Boat LLC [Member] | ' | ' |
Assets, Current [Abstract] | ' | ' |
Cash | 4,531,000 | 15,957,000 |
Trade receivables, net | 2,683,000 | 7,642,000 |
Inventories, net | 15,992,000 | 11,639,000 |
Prepaid expenses | 1,250,000 | 223,000 |
Total current assets | 24,456,000 | 35,461,000 |
Property and equipment, net | 8,246,000 | 6,648,000 |
Goodwill | 5,718,000 | 5,718,000 |
Other intangible assets | 14,946,000 | 17,535,000 |
Debt issuance costs, net | 915,000 | 531,000 |
Deferred tax asset | 0 | 0 |
Other assets | 39,000 | 34,000 |
Total assets | 54,320,000 | 65,927,000 |
Liabilities, Current [Abstract] | ' | ' |
Current maturities of long-term debt | 4,098,000 | 3,326,000 |
Accounts payable | 9,999,000 | 11,655,000 |
Accrued expenses | 11,532,000 | 10,524,000 |
Total current liabilities | 25,629,000 | 25,505,000 |
Deferred gain on sale-leaseback | 140,000 | 145,000 |
Payable pursuant to tax receivable agreement | 0 | 0 |
Total debt less current maturities | 59,312,000 | 20,263,000 |
Total liabilities | 85,081,000 | 45,913,000 |
Commitments and contingencies (See Note 10) | ' | ' |
Equity [Abstract] | ' | ' |
Preferred stock | 0 | ' |
Additional paid in capital | 0 | 0 |
Accumulated earnings | 16,310,000 | 5,913,000 |
Total membersb and stockholdersb (deficit) equity | -30,761,000 | 20,014,000 |
Total liabilities and equity | 54,320,000 | 65,927,000 |
Malibu Boat LLC [Member] | Class A Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | -35,601,000 | 16,978,000 |
Malibu Boat LLC [Member] | Class B Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | -8,273,000 | -2,417,000 |
Malibu Boat LLC [Member] | Class M Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | -3,197,000 | -460,000 |
Malibu Boat LLC [Member] | Class A Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 0 | ' |
Malibu Boat LLC [Member] | Class B Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | $0 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 |
Common stock, shares authorized | 150,000,000 |
Common stock, shares issued | 100 |
Preferred stock, par value (per share) | 0.01 |
Preferred stock, shares authorized | 25,000,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Class A Common Stock [Member] | ' |
Common stock, par value (per share) | 0.01 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 100 |
Common stock, shares, outstanding | 100 |
Class B Common Stock [Member] | ' |
Common stock, par value (per share) | 0.01 |
Common stock, shares authorized | 25,000,000 |
Common stock, shares issued | 0 |
Common stock, shares, outstanding | 0 |
Pro Forma [Member] | ' |
Preferred stock, par value (per share) | 0.01 |
Preferred stock, shares authorized | 25,000,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Pro Forma [Member] | Class A Common Stock [Member] | ' |
Common stock, par value (per share) | 0.01 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 17,071,424 |
Common stock, shares, outstanding | 17,071,424 |
Pro Forma [Member] | Class B Common Stock [Member] | ' |
Common stock, par value (per share) | 0.01 |
Common stock, shares authorized | 25,000,000 |
Common stock, shares issued | 0 |
Common stock, shares, outstanding | 0 |
Malibu Boat LLC [Member] | Class A Units [Member] | ' |
Common Unit, Authorized | 37,000 |
Common Unit, Issued | 36,742 |
Common Unit, Outstanding | 36,742 |
Malibu Boat LLC [Member] | Class B Units [Member] | ' |
Common Unit, Authorized | 3,885 |
Common Unit, Issued | 3,885 |
Common Unit, Outstanding | 3,885 |
Malibu Boat LLC [Member] | Class M Units [Member] | ' |
Common Unit, Authorized | 4,602 |
Common Unit, Issued | 1,677 |
Common Unit, Outstanding | 1,677 |
Consolidated_Statements_of_Mem
Consolidated Statements of Members Equity (Malibu Boat LLC [Member], USD $) | USD ($) | Accumulated Earnings (Deficit) [Member] | Class A Units [Member] | Class A Units [Member] | Class B Units [Member] | Class B Units [Member] | Class M Units [Member] | Class M Units [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | Member Units [Member] | Member Units [Member] | Member Units [Member] | ||||
USD ($) | USD ($) | USD ($) | ||||||
Beginning member amount at Jun. 30, 2012 | $25,445 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 4,406 | ' | ' | ' | ' | ' | ' | ' |
Ending member amount at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning member amount at Jun. 30, 2012 | 25,445 | -12,071 | ' | 36,777 | ' | 526 | ' | 213 |
Beginning member units at Jun. 30, 2012 | ' | ' | ' | 36,742 | ' | 3,885 | ' | 915 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 17,984 | 17,984 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 127 | ' | ' | ' | ' | ' | ' | 127 |
Membership units vested | ' | ' | ' | ' | ' | ' | ' | 506 |
Distributions to members | -23,542 | ' | ' | -19,799 | ' | -2,943 | ' | -800 |
Ending member amount at Jun. 30, 2013 | 20,014 | 5,913 | ' | 16,978 | ' | -2,417 | ' | -460 |
Ending member units at Jun. 30, 2013 | ' | ' | 36,742 | 36,742 | 3,885 | 3,885 | 1,421 | 1,421 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 10,399 | 10,399 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 64 | ' | ' | ' | ' | ' | ' | 64 |
Membership units vested | ' | ' | ' | ' | ' | ' | ' | 256 |
Distributions to members | -61,238 | ' | ' | -52,579 | ' | -5,858 | ' | -2,801 |
Ending member amount at Dec. 31, 2013 | -30,761 | 16,312 | ' | -35,601 | ' | -8,275 | ' | -3,197 |
Ending member units at Dec. 31, 2013 | ' | ' | 36,742 | 36,742 | 3,885 | 3,885 | 1,677 | 1,677 |
Beginning member amount at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 5,220 | ' | ' | ' | ' | ' | ' | ' |
Ending member amount at Dec. 31, 2013 | ($30,761) | ' | ' | ' | ' | ' | ' | ' |
Ending member units at Dec. 31, 2013 | ' | ' | 36,742 | ' | 3,885 | ' | 1,677 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Depreciation | $682,000 | $558,000 |
Financing activities [Abstract] | ' | ' |
CashbEnd of period | 10 | ' |
Malibu Boat LLC [Member] | ' | ' |
Operating activities [Abstract] | ' | ' |
Net income | 10,399,000 | 4,406,000 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Non-cash compensation expense | 64,000 | 64,000 |
Receivables and inventory allowance | 58,000 | -209,000 |
Depreciation | 682,000 | 558,000 |
Amortization of intangible assets | 2,589,000 | 2,589,000 |
Gain on sale-leaseback transaction | -5,000 | -5,000 |
Amortization of deferred financing costs | 633,000 | 82,000 |
Change in fair value of derivative | -7,000 | 0 |
Change in operating assets and liabilities [Abstract] | ' | ' |
Accounts receivable | 4,942,000 | 4,201,000 |
Inventories | -4,394,000 | -3,255,000 |
Prepaid expenses | -1,027,000 | -310,000 |
Accounts payable and accrued expenses | -648,000 | 1,630,000 |
Net cash provided by operating activities | 13,286,000 | 9,751,000 |
Investing activities [Abstract] | ' | ' |
Purchases of property and equipment | -2,280,000 | -495,000 |
Net cash used in investing activities | -2,280,000 | -495,000 |
Financing activities [Abstract] | ' | ' |
Principal payments on long-term borrowings | -25,179,000 | -22,324,000 |
Proceeds from long-term borrowings | 65,000,000 | 28,500,000 |
Payment of deferred financing costs | -1,017,000 | -664,000 |
Distributions to members | -61,236,000 | -15,395,000 |
Net cash used in financing activities | -22,432,000 | -9,883,000 |
Changes in cash | -11,426,000 | -627,000 |
CashbBeginning of period | 15,957,000 | 14,797,000 |
CashbEnd of period | 4,531,000 | 14,170,000 |
Supplemental cash flow information [Abstract] | ' | ' |
Cash paid for interest | 1,142,000 | 382,000 |
Distributions declared but not paid | $0 | $5,408,000 |
Organization_Basis_of_Presenta
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | 6 Months Ended | ||
Dec. 31, 2013 | |||
Schedule of Organization [Line Items] | ' | ||
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | ' | ||
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | |||
Overview | |||
Malibu Boats, Inc. (the “Company” or "Malibu") was formed as a Delaware corporation on November 1, 2013, as a holding company for the purposes of facilitating an initial public offering (the "IPO") of shares of common stock. As of December 31, 2013, the Company had not engaged in any business or other activities except in connection with its formation and registration with the Securities and Exchange Commission (“SEC”). Following the internal reorganization of Malibu Boats Holdings, LLC (the "LLC") and the initial public offering of the Company’s common stock on February 5, 2014, the Company became the sole managing member of and has a controlling interest in the LLC. Malibu's only business following the IPO is to act as the sole managing member of Malibu Boats Holdings, LLC and, as such, the Company operates and controls all of the LLC's business and affairs and consolidates its financial results into Malibu's consolidated financial statements for the periods ending on or after the closing of the IPO on February 5, 2014. Malibu Boats Holdings, LLC was formed in 2006 with the acquisition by an investor group, including affiliates of Black Canyon Capital LLC, Horizon Holdings, LLC and then-current management. Malibu Boats Holdings, LLC is engaged in the design, engineering, manufacturing and marketing of innovative, high-quality, performance sports boats that are sold through a world-wide network of independent dealers. | |||
Basis of Presentation | |||
The accompanying condensed balance sheet has been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Separate statements of operations, changes in stockholder’s equity and cash flows have not been presented in the financial statements because there have been no activities of this entity. | |||
Malibu Boat LLC [Member] | ' | ||
Schedule of Organization [Line Items] | ' | ||
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | ' | ||
Nature of Business and Summary of Significant Accounting Policies | |||
Nature of Business | |||
Malibu Boats Holdings, LLC (the "LLC" or the "Company") is a Delaware limited liability company. The Company, founded in 1982 and headquartered near Knoxville, Tennessee, is engaged in the design, engineering, manufacturing and marketing of innovative, high-quality, performance sports boats that are sold through independent dealers, throughout the United States and Canada, but with consumers worldwide. | |||
The accompanying unaudited condensed consolidated financial statements of the LLC have been prepared in accordance with accounting principles generally accepted in the United States ("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 accounting principles generally accepted in the United States for complete financial statements. Such statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the LLC for the year ended June 30, 2013. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly the LLC’s financial position at December 31, 2013 and the results of its operations and the cash flows for the three and six month periods ended December 31, 2013 and 2012. Operating results for the three and six months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the full year ending June 30, 2014. Certain reclassifications have been made to the prior period presentation to conform to the current period presentation. All dollar and unit amounts are presented in thousands, unless otherwise noted. | |||
As discussed in Note 11, a controlling interest in the Company was acquired by Malibu Boats, Inc. in connection with the Recapitalization and IPO (each term as defined in Note 4 to Malibu Boats, Inc.'s condensed balance sheet) completed on February 5, 2014. Refer to Note 4 of Malibu Boats, Inc.'s condensed balance sheet included elsewhere in this report for further information on effects of these events on the LLC's condensed consolidated financial statements. As a result of the transactions, Malibu Boats, Inc. became the LLC's sole managing member and, therefore, pursuant to ASC Topic 810, will consolidate the financial results of the LLC for the periods ending on or after the IPO completed on February 5, 2014. | |||
Significant Accounting Policies | |||
There have been no material changes to the LLC's significant accounting policies as described in Note 1 to the LLC's consolidated financial statements in Amendment No. 3 to Malibu Boats, Inc.'s Registration Statement on Form S-1 filed with the SEC on January 22, 2014. | |||
Recent Accounting Pronouncements | |||
There are no new accounting pronouncements that are expected to have a significant impact on the condensed consolidated financial statements (unaudited). | |||
Unaudited Pro Forma Information | |||
The unaudited pro forma condensed consolidated balance sheet as of December 31, 2013 for Malibu Boats, Inc., a Delaware corporation, gives effect to the change in capitalization assuming (A) 17,071,424 shares of Class A Common Stock of Malibu Boats, Inc., par value $0.01 per share (“Class A Common Stock”), are outstanding comprised of (i) 3,411,834 shares of Class A Common Stock held by selling stockholders, who were former holders of LLC Units prior to the IPO, (ii) 13,659,590 shares of Class A Common Stock assuming the Company’s existing owners exchanged their outstanding units of the Company (“LLC Units”) for such shares of Class A Common Stock and (B) no shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of Malibu Boats, Inc. are issued or outstanding following the exchange of all outstanding LLC Units for Class A Common Stock. Shares of Class A Common Stock issued in the initial public offering of Malibu Boats, Inc. and the related net proceeds are excluded from such pro forma information. | |||
The unaudited pro forma provision for income taxes is computed by applying the effective income tax rate of 37.3% to pre-tax income multiplied by the percentage ownership of the LLC attributable to Malibu Boats, Inc. upon consummation of the initial public offering, or 49.3%. The unaudited pro forma amount of non-controlling interest is computed by multiplying pre-tax income by the percentage ownership of the LLC not directly attributable to Malibu Boats, Inc., or 50.7%. Pro forma basic and diluted net income per share were computed by dividing the pro forma net income attributable to members and stockholders by 10,869,830. The number of shares is based on the 11,054,830 shares of Class A Common Stock outstanding after the IPO, 8,214,285 of which were sold in the IPO and 2,840,545 of which continue to be owned by the selling stockholders in the IPO and excluding 185,000 shares outstanding after the IPO the proceeds from which were used for general corporate purposes. Because the shares of Class B Common Stock do not share in the LLC's earnings, they are not included in the weighted average number of shares outstanding or net income available per share. | |||
The effective income tax rate includes adjustments to the statutory federal income tax rate for state taxes and permanent items such as stock compensation expense attributable to profits interests, the domestic production activities deduction, and strategic and financial restructuring costs incurred in connection with Malibu Boats, Inc.'s IPO. A reconciliation of the statutory federal income tax rate to the effective rate is as follows: | |||
Statutory federal income tax rate | 35 | % | |
State income taxes, net of federal taxes | 3.3 | ||
Permanent items | (1.0 | ) | |
37.3 | % |
Stockholders_Equity
Stockholder's Equity | 6 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholder’s 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, par value $0.01 per share (“Class A Common Stock”), 25,000,000 shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), and 25,000,000 shares of Preferred Stock, par value $0.01 per share. The Company has issued 100 shares of Class A Common Stock in exchange for $10.00, all of which were held by BC-Malibu Boats GP, an affiliate of Black Canyon Capital LLC, at December 31, 2013. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
In connection with the filing of its registration statement on Form S-1 with the SEC on December 13, 2013, the Company paid a registration fee of $14,812, which was reimbursed by the LLC. |
Inventories
Inventories (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Malibu Boat LLC [Member] | ' | |||||||
Inventory [Line Items] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories, net consisted of the following: | ||||||||
As of December 31, 2013 | As of June 30, 2013 | |||||||
Raw materials | $ | 10,846 | $ | 7,796 | ||||
Work in progress | 1,505 | 1,148 | ||||||
Finished goods | 4,139 | 3,151 | ||||||
Inventory obsolescence reserve | (498 | ) | (456 | ) | ||||
Net inventory | $ | 15,992 | $ | 11,639 | ||||
Property_and_Equipment
Property and Equipment (Malibu Boat LLC [Member]) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Malibu Boat LLC [Member] | ' | ||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment, net consisted of the following: | |||||||||
As of December 31, 2013 | As of June 30, 2013 | ||||||||
Land | $ | 254 | $ | 254 | |||||
Leasehold improvements | 1,654 | 1,604 | |||||||
Machinery and equipment | 9,827 | 7,320 | |||||||
Furniture and fixtures | 1,505 | 1,379 | |||||||
Construction in process | 1,280 | 1,683 | |||||||
14,520 | 12,240 | ||||||||
Less accumulated depreciation | (6,274 | ) | (5,592 | ) | |||||
$ | 8,246 | $ | 6,648 | ||||||
Depreciation expense was $386 and $236 for the three months ended December 31, 2013 and December 31, 2012 and $682 and $558 for the six months ended December 31, 2013 and December 31, 2012, respectively, substantially all of which was recorded in cost of goods sold. |
Product_Warranties
Product Warranties (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Malibu Boat LLC [Member] | ' | |||||||
Warranties [Line Items] | ' | |||||||
Product Warranties | ' | |||||||
Product Warranties | ||||||||
The Company provides a limited warranty for a period of up to three years for its products. The Company’s standard warranties require the Company or its dealers to repair or replace defective products during such warranty period at no cost to the consumer. The Company estimates the costs that may be incurred under its basic limited warranty and records as a liability in the amount of such costs at the time the product revenue is recognized. 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 on a quarterly basis and adjusts the amounts as necessary. The Company utilizes historical trends and analytical tools to assist in determining the appropriate warranty liability. | ||||||||
Changes in the Company’s product warranty liability were as follows: | ||||||||
Six Months Ended December 31, 2013 | Year Ended June 30, 2013 | |||||||
Beginning balance | $ | 5,658 | $ | 3,863 | ||||
Additions charged to expense | 1,447 | 3,756 | ||||||
Warranty claims paid | (1,190 | ) | (1,961 | ) | ||||
Ending balance | $ | 5,915 | $ | 5,658 | ||||
Financing
Financing (Malibu Boat LLC [Member]) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Malibu Boat LLC [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Financing | ' | ||||||||
Financing | |||||||||
Outstanding debt consisted of the following: | |||||||||
As of December 31, 2013 | As of June 30, 2013 | ||||||||
Short-term debt | |||||||||
Notes payable—equipment | $ | 35 | $ | 76 | |||||
Current maturities of long-term debt | 4,063 | 3,250 | |||||||
Long-term debt | |||||||||
Notes payable—equipment | — | — | |||||||
Term loan | 59,312 | — | |||||||
Previous term loan | — | 20,263 | |||||||
63,410 | 23,589 | ||||||||
Less current maturities | (4,098 | ) | (3,326 | ) | |||||
Total debt less current maturities | $ | 59,312 | $ | 20,263 | |||||
Long-Term Debt | |||||||||
New Revolving Line of Credit and Term Loan. On July 16, 2013, the Company entered into a credit agreement with a syndicate of banks led by SunTrust Bank that included a revolving credit facility and term loan (the “Credit Agreement”). The proceeds from the Credit Agreement were used to repay the Company’s previously existing revolving credit facility and term loan with the same bank. | |||||||||
The Credit Agreement is comprised of a $10,000 revolving commitment, none of which was outstanding as of December 31, 2013, and a $65,000 term loan commitment, $63,375 of which was outstanding as of December 31, 2013. The revolving credit facility and term loan are collateralized by substantially all of the Company’s assets. Borrowings under the Credit Agreement bear interest at the Company’s option of Bank Prime or London Interbank Offered Rate (“LIBOR”) plus the applicable margin, as defined in the Credit Agreement. The term loan is payable in quarterly principal installments of $813 beginning December 31, 2013, increasing to $1,219 on September 30, 2014, increasing to $1,625 on September 30, 2015, increasing to $2,032 on September 30, 2016 and increasing to $2,438 on September 30, 2017 through March 30, 2018, with all unpaid principal due on July 16, 2018. Both the revolving loan commitment and the term loan commitment mature on July 16, 2018. | |||||||||
The Company has a swingline line of credit from SunTrust Bank in the principal amount of up to $2,000 due on or before July 16, 2018. Any amounts drawn under the swingline line of credit reduce the capacity under the revolving credit facility. As of December 31, 2013, the Company had no outstanding balance under the swingline facility. | |||||||||
In addition, the Company has the ability to issue letters of credit under its new revolving credit and term loan agreement up to $3,000, none of which was outstanding as of December 31, 2013. This letter of credit availability may be reduced by borrowings under the revolving line of credit. The Company’s access to these letters of credit expires July 16, 2018 with the expiration of access to the revolving commitment. | |||||||||
Repayment of Debt | |||||||||
On February 5, 2014, the Company used a portion of the net proceeds from the IPO of Malibu Boats, Inc. to pay down all of the amounts owed under its credit facilities and term loans in an amount equal to $63,410. Refer to Note 11 for further information regarding the IPO. |
Derivative_Instrument
Derivative Instrument (Malibu Boat LLC [Member]) | 6 Months Ended |
Dec. 31, 2013 | |
Malibu Boat LLC [Member] | ' |
Derivative [Line Items] | ' |
Derivative Instrument | ' |
Derivative Instrument | |
On August 2, 2012, the Company entered into an interest rate swap with a notional value of $14,250 which was entered into to hedge the variable rate interest payments on half of the long-term debt entered into during July 2012. Under the swap, the Company pays interest on a quarterly basis at a fixed rate of 0.61% and receives interest at a variable rate equal to one-month LIBOR. The notional amount of the swap reduces as mandatory debt principal payments under the Company’s July 2012 credit agreement were scheduled to amortize. The interest rate swap expires on June 30, 2017. Because management had not designated the swap as a hedge, the Company recorded the changes in fair value of the swap of $7 for the six months ended December 31, 2013 and $28 for the year ended June 30, 2013 in interest expense. The interest rate swap was settled in connection with the pay down of all the amounts owed on the credit facilities and term loans discussed in Note 5 above. |
Fair_Value_Measurements
Fair Value Measurements (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
In determining the fair value of certain assets and liabilities, the Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” fair value is the amount 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 (i.e., the exit price). Financial assets and financial liabilities recorded on the consolidated balance sheets at fair value are categorized based on the reliability of inputs to the valuation techniques as follows: | ||||||||||||||||
• | Level 1—Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets. | |||||||||||||||
• | Level 2—Financial assets and financial liabilities whose values are based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||||||
• | Level 3—Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities. | |||||||||||||||
The hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||||||||||
Assets and liabilities that had recurring fair value measurements were as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
As of December 31, 2013: | ||||||||||||||||
Cash | $ | 4,531 | $ | 4,531 | $ | — | $ | — | ||||||||
Derivative instrument | 7 | — | 7 | — | ||||||||||||
Total assets at fair value | $ | 4,538 | $ | 4,531 | $ | 7 | $ | — | ||||||||
As of June 30, 2013: | ||||||||||||||||
Cash | $ | 15,957 | $ | 15,957 | $ | — | $ | — | ||||||||
Derivative instrument | 28 | — | 28 | — | ||||||||||||
Total assets at fair value | $ | 15,985 | $ | 15,957 | $ | 28 | $ | — | ||||||||
Fair value measurements for the Company’s cash is classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements of the Company’s interest rate swap are classified under Level 2 because such measurements are based on significant other observable inputs. There were no transfers of assets or liabilities between Level 1 and Level 2 as of December 31, 2013 or June 30, 2013, respectively. | ||||||||||||||||
The Company’s nonfinancial assets and liabilities that have nonrecurring fair value measurements include property, plant and equipment, goodwill and intangibles. | ||||||||||||||||
In assessing the need for goodwill impairment, management relies on a number of factors, including operating results, business plans, economic projections, anticipated future cash flows, transactions and marketplace data. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. The Company generally uses projected cash flows, discounted as necessary, to estimate the fair values of property, plant and equipment and intangibles using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s impairment assessments and as circumstances require. The fair value of debt approximates the fair value. | ||||||||||||||||
There were no impairments recorded in connection with tangible and intangible long-lived assets for the six months ended December 31, 2013 and fiscal year ended June 30, 2013, respectively. |
Members_Equity
Members' Equity (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||||||||||||||
Class of Stock [Line Items] | ' | |||||||||||||||||||||||
Members' Equity | ' | |||||||||||||||||||||||
Members’ Equity | ||||||||||||||||||||||||
The LLC's limited liability agreement entered into on August 7, 2006, as amended (the "LLC Agreement") specifies that ownership interests are comprised of Class A and Class B Units for investors and a series of Class M Units as profits interests. The LLC Agreement sets forth the terms of ownership of the Company’s units and how the profits, losses and gains will be allocated to the capital accounts of its members. The timing and aggregate amount of distributions to unit holders are determined at the sole discretion of the Company’s board of directors. Class A and B Units have voting units, and Class M Units do not have voting rights. Unless specifically agreed, holders of the Company’s ownership interest have no liability for the Company’s obligations. | ||||||||||||||||||||||||
Units are not transferable, except in limited circumstances as set out in the LLC Agreement. | ||||||||||||||||||||||||
Class M Units are subject to the terms of the applicable agreement governing the award, including vesting and repurchase rights at fair market value adjustment upon separation. | ||||||||||||||||||||||||
Pursuant to the LLC Agreement, certain eligible employees may be granted Class M Units. These profits interests may not be resold and unvested units are subject to forfeiture if the recipient’s employment is terminated. Forfeited unvested units are not entitled to future distributions. Under the LLC Agreement, distributions would have been made to the members in the following order of priority: | ||||||||||||||||||||||||
• | first, to the holders of Class B Units in proportion to their respective unrecovered capital contribution until each member’s unrecovered Class B capital is reduced to zero; | |||||||||||||||||||||||
• | second, to each holder of Class A and B Units in proportion to their respective relative percentage interests; and | |||||||||||||||||||||||
• | third, to each holder of Class A, B and M Units in proportion to their respective relative percentage interests, subject to distribution threshold amounts, pursuant to the terms of each corresponding Class M Unit agreement. | |||||||||||||||||||||||
On November 1, 2013, the Company granted 1,986 Class M Units to certain members of management subject to the terms of the LLC Agreement, which include among other things, repurchase rights and transferability. Distributions are made to each holder of the Class M Units in proportion to the holder’s ownership percentage, subject to distribution threshold amounts, pursuant to the terms of each individual Class M membership unit agreement. Under these agreements, all the Class M Units will vest either (i) on the six-month anniversary following the occurrence of a qualifying event, defined as a change in control transaction or (ii) in the event of an IPO, one-third on each of the first three anniversaries of December 31, 2013. The fair value of the Class M Units issued on November 1, 2013, was $3,189 calculated using the Probability-Weighted Expected Return Method under which the Company’s enterprise value was estimated at the date of potential future outcomes, such as an IPO, strategic sale, staying private or liquidation. In connection with such estimation, each potential outcome is weighted according to the likelihood of such potential future outcome occurring. | ||||||||||||||||||||||||
A detail of the Company’s outstanding restricted Class M Units for the year ended June 30, 2013 is as follows: | ||||||||||||||||||||||||
Total Units June 30, 2012 | Units | Units | Total Units June 30, 2013 | Units Vested Through June 30, 2013 | Units Unvested Through June 30, 2013 | |||||||||||||||||||
Granted | Forfeited | |||||||||||||||||||||||
Class M Units | 2,413 | — | — | 2,413 | 1,421 | 992 | ||||||||||||||||||
Weighted Average Grant Date Fair Value | $ | 0.41 | — | — | $ | 0.41 | $ | 0.23 | $ | 0.68 | ||||||||||||||
A detail of the Company’s outstanding restricted Class M Units for the six months ended December 31, 2013 is as follows: | ||||||||||||||||||||||||
Total Units June 30, 2013 | Units | Units | Total Units December 31, 2013 | Units Vested Through December 31, 2013 | Units Unvested Through December 31, 2013 | |||||||||||||||||||
Granted | Forfeited | |||||||||||||||||||||||
Class M Units | 2,413 | 1,986 | (43 | ) | 4,356 | 1,677 | 2,679 | |||||||||||||||||
Weighted Average Grant Date Fair Value | $ | 0.41 | $ | 1.61 | $ | 1.29 | $ | 0.95 | $ | 0.23 | $ | 1.4 | ||||||||||||
The fair value was based on the unit price at the date of grant. Stock compensation expense recognized was $32 and $64 for the three and six months ended December 31, 2013 and 2012, respectively, related to the vesting of the Class M Units. The cash flow effects resulting from restricted unit awards were reflected as noncash operating activities. As of December 31, 2013 and June 30, 2013, unrecognized compensation cost related to nonvested, share-based compensation was $3,741 and $670, respectively. |
Earnings_Loss_Per_Unit
Earnings (Loss) Per Unit (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | |||||||||||||||||||||
Earnings Per Unit | ' | |||||||||||||||||||||
Earnings Per Unit | ||||||||||||||||||||||
Earnings per unit reflect application of the two-class method. All classes of units participate in distributions based on the distributions priority described in Note 8. Basic earnings per unit is computed by dividing net income available to each class by the weighted average number of units outstanding during each period. Diluted earnings per unit is calculated as net income available to each class of members of the Company, divided by the diluted weighted average number of units outstanding during the period. Diluted weighted average number of units is calculated to reflect the potential dilution pursuant to the treasury stock method. Basic and dilutive earnings per unit do not include distributions in excess of net income available to each class, as they were considered to be liquidating distributions, which were not required pursuant to the LLC Agreement or the applicable agreement governing the award. | ||||||||||||||||||||||
The basic and diluted earnings per unit calculations for the three months ended December 31, 2012 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | 3,310 | 36,742 | $ | 0.09 | 3,253 | 36,742 | $ | 0.09 | ||||||||||||||
Class B Units | 350 | 3,885 | 0.09 | 344 | 3,885 | 0.09 | ||||||||||||||||
Class M Units | 107 | 1,170 | 0.09 | 170 | 1,922 | 0.09 | ||||||||||||||||
Net Income | $ | 3,767 | $ | 3,767 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the three months ended December 31, 2012, 7 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 387 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the six months ended December 31, 2012 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | 3,873 | 36,742 | $ | 0.11 | 3,805 | 36,742 | $ | 0.1 | ||||||||||||||
Class B Units | 410 | 3,885 | 0.11 | 402 | 3,885 | 0.1 | ||||||||||||||||
Class M Units | 123 | 1,170 | 0.11 | 199 | 1,922 | 0.1 | ||||||||||||||||
Net Income | $ | 4,406 | $ | 4,406 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the six months ended December 31, 2012, 7 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 387 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the three months ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | $ | 4,534 | 36,742 | $ | 0.12 | $ | 4,501 | 36,742 | $ | 0.12 | ||||||||||||
Class B Units | 479 | 3,885 | 0.12 | 475 | 3,885 | 0.12 | ||||||||||||||||
Class M Units | 207 | 1,677 | 0.12 | 244 | 1,970 | 0.12 | ||||||||||||||||
Net Income | $ | 5,220 | $ | 5,220 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the three months ended December 31, 2013, 30 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 2,331 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as either an initial public offering or a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the six months ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | $ | 9,032 | 36,742 | $ | 0.25 | $ | 8,970 | 36,742 | $ | 0.24 | ||||||||||||
Class B Units | 955 | 3,885 | 0.25 | 948 | 3,885 | 0.24 | ||||||||||||||||
Class M Units | 412 | 1,677 | 0.25 | 481 | 1,970 | 0.24 | ||||||||||||||||
Net Income | $ | 10,399 | $ | 10,399 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the six months ended December 31, 2013, 30 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 2,331 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as either an initial public offering or a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. |
Commitment_and_Contingencies
Commitment and Contingencies (Malibu Boat LLC [Member]) | 6 Months Ended |
Dec. 31, 2013 | |
Malibu Boat LLC [Member] | ' |
Other Commitments [Line Items] | ' |
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 and related income statement account accordingly. This potential loss reserve 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. | |
Repurchases and subsequent sales are recorded as a revenue transaction. The net difference between the original repurchase price and the resale price is recorded against the loss reserve and presented in cost of goods sold in the accompanying consolidated income statements. No units were repurchased for the six months ended December 31, 2013 or December 31, 2012. The Company did not carry a reserve for repurchases as of December 31, 2013 or June 30, 2013, respectively. | |
Contingencies | |
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. 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 December 31, 2013 (unaudited) or June 30, 2013 that will have a material adverse impact on the Company’s financial condition, results of operations or cash flows. See ‘Legal Proceedings’ section below for more detail on on-going litigation. | |
Legal Proceedings | |
On August 27, 2010, Pacific Coast Marine Windshields Ltd., or "PCMW," filed suit against the Company and certain third parties, including Marine Hardware, Inc., a third-party supplier of windshields to the Company, in the U.S. District Court for the Middle District of Florida seeking monetary and injunctive relief. PCMW was a significant supplier of windshields to the Company through 2008, when the Company sought an alternative vendor of windshields in response to defective product supplied by PCMW. PCMW’s latest amended complaint alleges, among other things, infringement of a design patent and two utility patents related to marine windshields, copyright infringement and misappropriation of trade secrets. The Company denied any liability arising from the causes of action alleged by PCMW and filed a counter claim alleging PCMW’s infringement of one of the Company's patents, conversion of two of the patents asserted against the Company, unfair competition and breach of contract. In December 2012, the court granted partial summary judgment in the Company's favor, holding that the Company did not infringe the design patent asserted against the Company. PCMW appealed the court’s decision and dismissed all remaining claims against the Company, other than the claims of copyright infringement and misappropriation of trade secrets. The court stayed the remaining matters pending resolution of PCMW’s appeal. On January 8, 2014, the Court of Appeals for the Federal Circuit Court reversed the decision granting summary judgment in the Company's favor regarding the design patent asserted against the Company. The appellate court’s decision does not affect any of the Company's other defenses to any of PCMW’s claims, including the design patent claim, nor does it affect any of the Company's claims against PCMW. The Company believes that PCMW’s claims are without merit and intends to continue to vigorously defend the lawsuit. | |
On October 31, 2013, the Company filed suit against Nautique Boat Company, Inc., or "Nautique," in the U.S. District Court for the Eastern District of Tennessee alleging infringement of two of the Company's patents and seeking monetary and injunctive relief. This Tennessee lawsuit is a re-filing of a California patent infringement lawsuit against Nautique that was dismissed without prejudice on October 31, 2013. On November 1, 2013, Nautique filed for declaratory judgment in the U.S. District Court for the Middle District of Florida, claiming that it has not infringed the two patents identified in the original complaint in the Tennessee lawsuit. The Tennessee court has enjoined Nautique from maintaining the at least partially duplicative Florida lawsuit. Nautique has dismissed the Florida lawsuit to comply with the Tennessee court’s ruling. On December 13, 2013, the Company amended the Company's complaint to add another of its patents to the Tennessee lawsuit. All three patents in the case relate to the Company's proprietary wake surfing technology. The Company intends to vigorously pursue this litigation to enforce its rights in the patented technology. |
Subsequent_Events
Subsequent Events | 6 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Subsequent Event [Line Items] | ' | |||||||||||
Subsequent Events | ' | |||||||||||
Subsequent Events | ||||||||||||
Initial Public Offering | ||||||||||||
On February 5, 2014, Malibu completed its IPO of 8,214,285 shares of Class A Common Stock at a price to the public of $14.00 per share, raising net proceeds of $99.5 million to the Company after underwriting discounts and commissions but before expenses. Of the shares of Class A Common Stock sold to the public, 7,642,996 shares were issued and sold by the Company and 571,289 shares were sold by selling stockholders. This included 899,252 shares issued and sold by the Company and 172,175 shares sold by selling stockholders pursuant to the over-allotment option granted to the underwriters, which was exercised prior to the completion of the IPO. | ||||||||||||
The Company used $69.8 million of the net proceeds from the IPO to purchase units of the LLC ("LLC Units") from the LLC and caused the LLC to use these proceeds (i) to pay down all of the amounts owed under the LLC’s credit facilities and term loans in an amount equal to $63.4 million, (ii) to pay Malibu Boats Investor, LLC, an affiliate of the LLC, a fee of $3.75 million upon the consummation of the IPO in connection with the termination of the LLC’s management agreement, and (iii) approximately $2.7 million for other general corporate purposes. The Company used all of the remaining net proceeds from the IPO, or $29.8 million, to purchase LLC Units from the existing owners of the LLC at a purchase price equal to the initial public offering price per share of Class A Common Stock in the IPO, after deducting underwriting discounts and commissions. | ||||||||||||
Recapitalization and IPO Transactions | ||||||||||||
Immediately prior to the closing of the IPO, LLC Units were allocated among the existing owners of the LLC pursuant to the distribution provisions of the former limited liability company agreement of the LLC based upon the liquidation value of the LLC, assuming the LLC was liquidated with a value implied by the IPO price of the shares of Class A Common Stock (the “Recapitalization”). Further, in connection with the Recapitalization, the Company issued to each existing owner of the LLC, for nominal consideration, one share of Class B Common Stock of the Company, each of which provides its owner with no economic rights but entitles the holder to one vote on matters presented to the Company’s stockholders for each LLC Unit held by such existing owner. | ||||||||||||
Further, on February 4, 2014, two holders of membership interests in the LLC merged with and into two newly-formed subsidiaries of the Company. As a result of these mergers, the sole stockholders of each of the two merging entities received shares of Class A Common Stock in exchange for shares of capital stock of the merging entities and the 100 shares of Class A Common Stock initially issued to BC-Malibu Boats GP, which were redeemed for nominal consideration. The two former sole stockholders of the merging entities were the selling stockholders in the IPO. | ||||||||||||
First Amended and Restated Limited Liability Company Agreement | ||||||||||||
In connection with the Recapitalization and the IPO, the Company became the sole managing member of the LLC and, through the LLC, operates the business of the LLC. Accordingly, although the Company acquired a 49.3% economic interest in the LLC immediately following the closing of the IPO, the Company has 100% of the voting power and controls the management of the LLC. Holders of LLC Units generally do not have voting rights under the first amended and restated limited liability company agreement of the LLC, as amended (the “LLC Agreement”). | ||||||||||||
Pursuant to the LLC Agreement, the Company has the right to determine when distributions will be made to holders of LLC Units 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. | ||||||||||||
Voting Agreement | ||||||||||||
In connection with the Recapitalization, the Company entered into a voting agreement (the “Voting Agreement”) with certain affiliates. Under the Voting Agreement, Black Canyon Management LLC is entitled to nominate to the Company’s board of directors a number of designees equal to (i) 20% of the total number of directors comprising the Company’s board of directors for so long as Black Canyon Management LLC and its affiliates and Jack Springer, Wayne Wilson and Ritchie Anderson, together, beneficially own 15% or more of the voting power of the shares of Class A Common Stock and Class B Common Stock entitled to vote generally in the election of directors, voting together as a single class, and (ii) 10% of the total number of directors comprising the Company’s board of directors for so long as Black Canyon Management LLC and its affiliates and Messrs. Springer, Wilson and Anderson, together, beneficially own more than 5% but less than 15% of the voting power of the shares of Class A Common Stock and Class B Common Stock entitled to vote generally in the election of directors, voting together as a single class. For purposes of calculating the number of directors that Black Canyon Management LLC is entitled to nominate pursuant to this formula, any fractional amounts would be rounded up to the nearest whole number and the calculation would be made on a pro forma basis, taking into account any increase in the size of the board of directors (e.g., one and one-third (1⅓) directors equates to two directors). In addition, Black Canyon Management LLC has the right to remove and replace its director-designees at any time and for any reason and to nominate any individual(s) to fill any such vacancies. Messrs. Springer, Wilson and Anderson are required to vote any of their LLC Units in favor of the director or directors nominated by Black Canyon Management LLC. | ||||||||||||
Exchange Agreement | ||||||||||||
In connection with the Recapitalization, the Company entered into an exchange agreement (the “Exchange Agreement”) with the existing owners of the LLC, several of whom are directors and/or officers of the Company. Under the Exchange Agreement, each existing owner of the LLC (and certain permitted transferees thereof) may generally exchange its LLC Units for shares of Class A Common Stock of the Company on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or for cash (except in the event of a change in control), at the Company’s election. Notwithstanding the foregoing, within the 180-day period following the closing of the IPO, a holder of LLC Units may only exchange those LLC Units for Class A Common Stock if such holder executed a lock-up agreement. Further, an existing owner of the LLC does not have the right to exchange LLC Units if the Company determines that such exchange would be prohibited by law or regulation or would violate other agreements with the Company to which the existing owner may be subject. | ||||||||||||
Registration Rights Agreement | ||||||||||||
In connection with the Recapitalization, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with Black Canyon Management LLC and certain affiliates of Black Canyon Capital LLC pursuant to which Black Canyon Management LLC may request registration or inclusion of shares of Class A Common Stock held by affiliates of Black Canyon Capital LLC in any registration of Class A Common Stock in compliance with the Securities Act of 1933, as amended. In addition, the Registration Rights Agreement provides that, as soon as practicable following the one-year anniversary of the closing of the IPO, the Company is required to use all reasonable efforts to cause a resale shelf registration statement to become effective and remain effective until the eighth anniversary of the closing of the IPO. The Registration Rights Agreement will remain in effect until (i) there are no more securities registrable under the Registration Rights Agreement outstanding or (ii) termination of the Registration Rights Agreement by both (a) Black Canyon Management LLC and (b) affiliates of Black Canyon Capital LLC owning two-thirds of the outstanding LLC Units. In addition, the LLC Agreement permits members that own securities that the Company proposes or is required to register with the SEC, pursuant to the Registration Rights Agreement or otherwise, the right to include their securities in such registration, subject to the limitations set forth in the LLC Agreement. | ||||||||||||
Tax Receivable Agreement | ||||||||||||
In connection with the Recapitalization, the Company entered into a tax receivable agreement (the “Tax Receivable Agreement”) with the existing owners of the LLC that provides for the payment from time to time by the Company to the existing owners of 85% of the amount of the benefits, if any, that the Company has deemed to realize as a result of (i) increases in tax basis resulting from the purchase or exchange of LLC Units and (ii) certain other tax benefits related to the Company entering into the Tax Receivable Agreement. These payment obligations are obligations of the Company and not of the LLC. For purposes of the Tax Receivable Agreement, the benefit deemed realized by the Company will be 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 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 existing 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 existing owners of the LLC. In addition, an existing owner may elect to unilaterally terminate the Tax Receivable Agreement with respect to such existing 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. | ||||||||||||
Effects of the Recapitalization and IPO | ||||||||||||
As a result of the Recapitalization and the IPO: | ||||||||||||
• | Investors in the IPO collectively own 8,214,285 shares of Class A Common Stock; | |||||||||||
• | The two selling stockholders in the IPO, who were former holders of LLC Units, continue to collectively own 2,840,545 shares of Class A Common Stock; | |||||||||||
• | The Company owns 11,054,830 LLC Units, representing 49.3% of the economic interest in the LLC; | |||||||||||
• | Existing owners of the LLC collectively own 11,373,737 LLC Units, representing 50.7% of the economic interest in the LLC; | |||||||||||
• | Investors in the IPO collectively have 36.6% of the voting power in the Company; | |||||||||||
• | The two selling stockholders in the IPO who were former holders of LLC Units, continue to collectively have 12.7% of the voting power in the Company; and | |||||||||||
• | Existing owners of the LLC, through their holdings of the Company’s Class B Common Stock, collectively have 50.7% of the voting power in the Company. | |||||||||||
Unaudited Pro Forma Condensed Consolidated Financial Statements | ||||||||||||
The pro forma adjustments related to the pro forma condensed income statement represent adjustments that reflect events that are (i) directly attributable to a specific transaction, (ii) expected to have a continuing impact, and (iii) factually supportable. | ||||||||||||
The unaudited pro forma condensed consolidated balance sheet as of December 31, 2013 and the unaudited pro forma condensed consolidated statements of income for the three and six months ended December 31, 2013 present the results of the LLC and give pro forma effect to results of the Company and the Recapitalization and the IPO and the use of net proceeds from the IPO as if such transactions occurred on July 1, 2013 for the condensed consolidated statement of income and as of December 31, 2013 for the consolidated balance sheet. | ||||||||||||
The pro forma adjustments principally give effect to: | ||||||||||||
• | the termination of the management agreement between the LLC and Malibu Boats Investor, LLC, an affiliate, including the payment of a non-recurring fee of $3.75 million to Malibu Boats Investor, LLC upon the consummation of the IPO; | |||||||||||
• | the Recapitalization and the IPO; | |||||||||||
• | the purchase by the Company of LLC Units with the proceeds of the IPO; | |||||||||||
• | in the case of the unaudited pro forma consolidated statements of income, a provision for corporate income taxes on the income attributable to the Company at an effective rate of 39.1% and 37.3% for the three and six months ended December 31, 2013, respectively, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state and local tax jurisdiction; | |||||||||||
• | adjustments that give effect to the Tax Receivable Agreement as described above; | |||||||||||
• | payments due to the existing owners of the LLC as set forth in the Tax Receivable Agreement equal to 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local income and franchise tax that the Company actually realizes (or is deemed to realize in the case of certain payments required to be made upon certain occurrences under the Tax Receivable Agreement) as a result of the increases in the tax basis of the LLC’s assets attributable to the Company’s purchase of LLC Units from the existing owners of the LLC and of certain other tax benefits related to the Company entering into the Tax Receivable Agreement; and | |||||||||||
• | adjustments to reflect the impact on deferred tax assets related to the difference in the historical tax basis in the LLC as compared to its GAAP carrying value. | |||||||||||
The pro forma adjustments do not give effect to one time stock compensation costs of $1.8 million we expect to incur in connection with the Recapitalization and IPO transactions as a result of the modification of certain profit interest awards previously granted in 2012 under the LLC Agreement, as amended and restated, as these costs do not have a continuing impact. | ||||||||||||
The unaudited pro forma consolidated financial information reflects the manner in which the Company accounted for the Recapitalization and IPO. Specifically, the Company accounted for the Recapitalization as a non-substantive transaction in a manner similar to a transaction between entities under common control pursuant to Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Accordingly, after the Recapitalization, the assets and liabilities of the Company are reflected at their carryover basis. The unaudited pro forma consolidated financial information is included for informational purposes only and does not purport to reflect the Company's results of operations or financial position that would have occurred had it operated as a public company during the periods presented. The unaudited pro forma condensed consolidated financial information should not be relied upon as being indicative of the Company's financial condition or results of operations had the Recapitalization and IPO and the contemplated use of the estimated net proceeds from the IPO occurred on the dates assumed. The unaudited pro forma condensed consolidated financial information also does not project the Company's results of operations or financial position for any future period or date. | ||||||||||||
Pro Forma Condensed Consolidated Statement of Income (Unaudited) | ||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||
Malibu Boats | Pro Forma | Malibu Boats, | ||||||||||
Holdings, LLC | Adjustments | Inc. (2) Pro | ||||||||||
Historical (1) | Forma | |||||||||||
(In thousands, except per unit and per share data) | ||||||||||||
Net sales | $ | 43,938 | $ | — | $ | 43,938 | ||||||
Cost of sales | 32,242 | — | 32,242 | |||||||||
Gross profit | 11,696 | — | 11,696 | |||||||||
Operating expenses: | ||||||||||||
Selling and marketing | 1,510 | — | 1,510 | |||||||||
General and administrative | 3,068 | (21 | ) | -3 | 3,047 | |||||||
Amortization | 1,295 | — | 1,295 | |||||||||
Operating income | 5,823 | 21 | 5,844 | |||||||||
Other income (expense): | ||||||||||||
Other | 6 | — | 6 | |||||||||
Interest expense | (609 | ) | 609 | -4 | — | |||||||
Other expense | (603 | ) | 609 | 6 | ||||||||
Net income before provision for income taxes | 5,220 | 630 | 5,850 | |||||||||
Provision for income taxes | — | 1,126 | -5 | 1,126 | ||||||||
Net income | 5,220 | (496 | ) | 4,724 | ||||||||
Non-controlling interest | — | 2,967 | -6 | 2,967 | ||||||||
Net income attributable to members and stockholders | $ | 5,220 | $ | (3,463 | ) | $ | 1,757 | |||||
Basic and diluted earnings per unit: | ||||||||||||
Class A Units | $ | 0.12 | ||||||||||
Class B Units | $ | 0.12 | ||||||||||
Class M Units | $ | 0.12 | ||||||||||
Basic weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,677 | |||||||||||
Diluted weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,970 | |||||||||||
Pro forma net income available to Class A Common Stock per share: | ||||||||||||
Basic | $ | 0.16 | ||||||||||
Diluted | $ | 0.16 | ||||||||||
Pro forma basic and diluted weighted average units used in computing net income per share (7): | ||||||||||||
Basic | 10,869,830 | |||||||||||
Diluted | 10,869,830 | |||||||||||
-1 | The Company's business has historically been operated through the LLC. As of December 31, 2013, the LLC held all of the assets and liabilities and Malibu did not have any material assets or liabilities and did not conduct operations. Accordingly, the unaudited pro forma condensed consolidated statement of income for the three months ended December 31, 2013 presents the historical results of the LLC as a starting point for the pro forma amounts. | |||||||||||
-2 | As a newly formed entity, the Company had no results of operations until the completion of the IPO. | |||||||||||
-3 | As described above, the Company terminated the LLC's existing management agreement with Malibu Boats Investor, LLC, an affiliate upon completion of the IPO. The adjustment represents the removal of the management fees incurred during the period. The adjustment does not include the non-recurring fee of $3.75 million the Company paid to Malibu Boats Investor, LLC at the completion of the IPO in connection with the termination of the management agreement. | |||||||||||
-4 | As described above, the LLC paid down all of the amounts owned on the credit facilities and term loans with the proceeds from the IPO. This adjustment represents the removal of interest expense associated with the term loans incurred during the period. | |||||||||||
-5 | As described above, the Company will be subject to U.S. federal income taxes, in addition to state taxes, with respect to the Company's allocable share of any net taxable income of the LLC that will result in higher income taxes. As a result, the pro forma statement of income reflects an adjustment to the LLC's provision for corporate income taxes to reflect an effective income tax rate of 39.1%. The effective income tax rate includes adjustments to the statutory federal income tax rate of 35% for state taxes and permanent items such as stock compensation expense attributable to profits interests, the domestic production activities deduction, and strategic and financial restructuring costs incurred in connection with the IPO. A reconciliation of the statutory federal income tax rate to the effective rate is as follows: | |||||||||||
Statutory federal income tax rate | 35 | % | ||||||||||
State income taxes, net of federal taxes | 3.3 | |||||||||||
Permanent items | 0.8 | |||||||||||
39.1 | % | |||||||||||
The provision for income taxes is computed by applying the effective income tax rate of 39.1% to pre-tax income multiplied by the percentage ownership in the LLC attributable to the Company at the completion of the IPO. | ||||||||||||
-6 | The Company's only material asset after the completion of the Recapitalization and IPO is the ownership of 49.3% of the LLC Units and the Company's only business is to act as the sole managing member of the LLC. Therefore, pursuant to ASC Topic 810 the Company will consolidate the financial results of the LLC into its financial statements for periods ending on or after the IPO completed on February 5, 2014. The ownership interests of the other members of the LLC will be accounted for as a non-controlling interest in the Company's consolidated financial statements after the IPO. Immediately following the IPO, the non-controlling interest was 50.7%. These amounts have been determined based on the initial public offering price of $14.00. The amount of non-controlling interest is computed by multiplying pre-tax income by the percentage ownership in the LLC not directly attributable to the Company, or 50.7%, after the underwriters exercised their option to purchase an additional 1,071,427 shares of Class A Common Stock. | |||||||||||
-7 | Pro forma basic and diluted net income per share were computed by dividing the pro forma net income attributable to members and stockholders by 10,869,830. The number of shares is based on the 11,054,830 shares of Class A Common Stock outstanding after the IPO, 8,214,285 of which were sold in the IPO and 2,840,545 of which continue to be owned by the selling stockholders in the IPO and excluding 185,000 shares outstanding after the IPO the proceeds from which were used for general corporate purposes. Because the shares of Class B Common Stock do not share in the Company's earnings, they are not included in the weighted average number of shares outstanding or net income available per share. | |||||||||||
Pro Forma Condensed Consolidated Statement of Income (Unaudited) | ||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||
Malibu Boats | Pro Forma | Malibu Boats, | ||||||||||
Holdings, LLC | Adjustments | Inc. (2) Pro | ||||||||||
Historical (1) | Forma | |||||||||||
(In thousands, except per unit and per share data) | ||||||||||||
Net sales | $ | 87,242 | $ | — | $ | 87,242 | ||||||
Cost of sales | 64,525 | — | 64,525 | |||||||||
Gross profit | 22,717 | — | 22,717 | |||||||||
Operating expenses: | ||||||||||||
Selling and marketing | 2,942 | — | 2,942 | |||||||||
General and administrative | 5,023 | (43 | ) | -3 | 4,980 | |||||||
Amortization | 2,589 | — | 2,589 | |||||||||
Operating income | 12,163 | 43 | 12,206 | |||||||||
Other income (expense): | ||||||||||||
Other | 9 | — | 9 | |||||||||
Interest expense | (1,773 | ) | 1,771 | -4 | (2 | ) | ||||||
Other expense | (1,764 | ) | 1,771 | 7 | ||||||||
Net income before provision for income taxes | 10,399 | 1,814 | 12,213 | |||||||||
Provision for income taxes | — | 2,244 | -5 | 2,244 | ||||||||
Net income | 10,399 | (430 | ) | 9,969 | ||||||||
Non-controlling interest | — | 6,193 | -6 | 6,193 | ||||||||
Net income attributable to members and stockholders | $ | 10,399 | $ | (6,623 | ) | $ | 3,776 | |||||
Basic earnings per unit: | ||||||||||||
Class A Units | $ | 0.25 | ||||||||||
Class B Units | $ | 0.25 | ||||||||||
Class M Units | $ | 0.25 | ||||||||||
Diluted earnings per unit: | ||||||||||||
Class A Units | $ | 0.24 | ||||||||||
Class B Units | $ | 0.24 | ||||||||||
Class M Units | $ | 0.24 | ||||||||||
Basic weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,677 | |||||||||||
Diluted weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,970 | |||||||||||
Pro forma net income available to Class A Common Stock per share: | ||||||||||||
Basic | $ | 0.35 | ||||||||||
Diluted | $ | 0.35 | ||||||||||
Pro forma basic and diluted weighted average units used in computing net income per share (7): | ||||||||||||
Basic | 10,869,830 | |||||||||||
Diluted | 10,869,830 | |||||||||||
-1 | The Company's business has historically been operated through the LLC. As of December 31, 2013, the LLC held all of the assets and liabilities and the Company did not have any assets or liabilities and did not conduct operations. Accordingly, the unaudited pro forma consolidated statement of income for the six months ended December 31, 2013 presents the historical results of the LLC as a starting point for the pro forma amounts. | |||||||||||
-2 | As a newly formed entity, the Company had no results of operations until the completion of the IPO. | |||||||||||
-3 | As described above, the Company terminated the LLC's existing management agreement with Malibu Boats Investor, LLC, an affiliate, upon completion of the IPO. The adjustment represents the removal of the management fees incurred during the period. The adjustment does not include the non-recurring fee of $3.75 million paid to Malibu Boats Investor, LLC at the completion of the IPO in connection with the termination of the management agreement. | |||||||||||
-4 | As described above, the LLC paid down all of the amounts owned on the credit facilities and term loans with the proceeds from the IPO. This adjustment represents the removal of interest expense associated with the term loans incurred during the period. | |||||||||||
-5 | As described above, the Company will be subject to U.S. federal income taxes, in addition to state taxes, with respect to the Company's allocable share of any net taxable income of the LLC that will result in higher income taxes. As a result, the pro forma statement of income reflects an adjustment to the LLC's provision for corporate income taxes to reflect an effective income tax rate of 37.3%. The effective income tax rate includes adjustments to the statutory federal income tax rate of 35% for state taxes and permanent items such as stock compensation expense attributable to profits interests, the domestic production activities deduction, and strategic and financial restructuring costs incurred in connection with the IPO. A reconciliation of the statutory federal income tax rate to the effective rate is as follows: | |||||||||||
Statutory federal income tax rate | 35 | % | ||||||||||
State income taxes, net of federal taxes | 3.3 | |||||||||||
Permanent items | (1.0 | ) | ||||||||||
37.3 | % | |||||||||||
The provision for income taxes is computed by applying the effective income tax rate of 37.3% to pre-tax income multiplied by the percentage ownership in the LLC attributable to the Company at the completion of the IPO. | ||||||||||||
-6 | The Company's only material asset after the completion of the Recapitalization and IPO is the ownership of 49.3% of the LLC Units and the Company's only business is to act as the sole managing member of the LLC. Therefore, pursuant to ASC Topic 810 the Company will consolidate the financial results of the LLC into its financial statements for the periods ending on or after the IPO completed on February 5, 2014. The ownership interests of the other members of the LLC will be accounted for as a non-controlling interest in the Company's consolidated financial statements after the IPO. Immediately following the IPO, the non-controlling interest was 50.7%. These amounts have been determined based on the initial public offering price of $14.00. The amount of non-controlling interest is computed by multiplying pre-tax income by the percentage ownership in the LLC not directly attributable to the Company, or 50.7%, after the underwriters exercised their option to purchase an additional 1,071,427 shares of Class A Common Stock. | |||||||||||
-7 | Pro forma basic and diluted net income per share were computed by dividing the pro forma net income attributable to members and stockholders by 10,869,830. The number of shares is based on the 11,054,830 shares of Class A Common Stock outstanding after the IPO, 8,214,285 of which were sold in the IPO and 2,840,545 of which continue to be owned by the selling stockholders in the IPO and excluding 185,000 shares outstanding after the IPO the proceeds from which were used for general corporate purposes. Because the shares of Class B Common Stock do not share in the Company's earnings, they are not included in the weighted average number of shares outstanding or net income available per share. | |||||||||||
Pro Forma Condensed Consolidated Balance Sheet (Unaudited) | ||||||||||||
December 31, 2013 | ||||||||||||
Malibu Boats | Pro Forma | Malibu Boats, | ||||||||||
Holdings, | Adjustments | Inc. (2) | ||||||||||
LLC | Pro Forma | |||||||||||
Historical (1) | ||||||||||||
(In thousands, except share data) | ||||||||||||
Assets: | ||||||||||||
Current assets: | ||||||||||||
Cash | 4,531 | 2,590 | (3) (4) | 7,121 | ||||||||
Trade receivables, net | 2,683 | — | 2,683 | |||||||||
Inventories, net | 15,992 | — | 15,992 | |||||||||
Prepaid expenses | 1,250 | (823 | ) | -10 | 427 | |||||||
Total current assets | 24,456 | 1,767 | 26,223 | |||||||||
Property and equipment, net | 8,246 | — | 8,246 | |||||||||
Goodwill | 5,718 | — | 5,718 | |||||||||
Other intangible assets, net | 14,946 | — | 14,946 | |||||||||
Debt issuance costs, net | 915 | (915 | ) | -5 | — | |||||||
Deferred tax asset | — | 20,904 | -6 | 20,904 | ||||||||
Other assets | 39 | — | 39 | |||||||||
Total assets | 54,320 | 21,756 | 76,076 | |||||||||
Liabilities: | ||||||||||||
Current liabilities: | ||||||||||||
Current maturities of long-term debt | 4,098 | (4,098 | ) | -5 | — | |||||||
Accounts payable | 9,999 | — | 9,999 | |||||||||
Accrued expenses | 11,532 | — | 11,532 | |||||||||
Total current liabilities | 25,629 | (4,098 | ) | 21,531 | ||||||||
Deferred gain on sale-leaseback | 140 | — | 140 | |||||||||
Payable pursuant to tax receivable agreement | — | 15,446 | -6 | 15,446 | ||||||||
Long-term debt, less current maturities | 59,312 | (59,312 | ) | -5 | — | |||||||
Total liabilities | 85,081 | (47,964 | ) | 37,117 | ||||||||
Equity: | ||||||||||||
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 11,054,830 shares issued and outstanding on a pro forma basis | — | 110 | -7 | 110 | ||||||||
Class B Common Stock, par value $0.01 per share; 25,000,000 shares authorized; 34 shares issued and outstanding on a pro forma basis | — | — | -7 | — | ||||||||
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding on a pro forma basis | — | — | -7 | — | ||||||||
Class A Units, 37,000 units authorized, 36,742 units issued and outstanding | (35,601 | ) | 35,601 | -7 | — | |||||||
Class B Units, 3,885 units authorized, issued and outstanding | (8,273 | ) | 8,273 | -7 | — | |||||||
Class M Units, 4,602 units authorized, 1,677 units issued and outstanding | (3,197 | ) | 3,197 | -7 | — | |||||||
Additional paid-in capital | — | 16,122 | -7 | 16,122 | ||||||||
Accumulated earnings | 16,310 | (10,570 | ) | -8 | 5,740 | |||||||
Total (deficit) equity | (30,761 | ) | 52,733 | 21,972 | ||||||||
Non-controlling interest | — | 16,987 | -9 | 16,987 | ||||||||
Total members’ and stockholders’ (deficit) equity | (30,761 | ) | 69,720 | 38,959 | ||||||||
Total liabilities and equity | 54,320 | 21,756 | 76,076 | |||||||||
-1 | The Company's business has historically been operated through the LLC. As of December 31, 2013, the LLC held all of the assets and liabilities and the Company did not have any material assets or liabilities and did not conduct operations. Accordingly, the unaudited pro forma condensed consolidated balance sheet as of December 31, 2013 presents the historical financial condition of the LLC as a starting point for the pro forma amounts. | |||||||||||
-2 | As a newly formed entity, the Company had no material assets until the completion of the IPO. | |||||||||||
-3 | Reflects the net effect on cash of the receipt of net proceeds of $99.5 million in the IPO, which amount will be used for general corporate purposes. Cash adjustments are as follows (in thousands): | |||||||||||
Actual cash, as reported | 4,531 | |||||||||||
Pro forma adjustments: | ||||||||||||
Net proceeds to the Company from the IPO | 99,512 | |||||||||||
Purchase of LLC units from existing owners | (29,762 | ) | ||||||||||
Purchase of LLC units from the LLC | 69,750 | |||||||||||
Repayment of term loan | (63,410 | ) | ||||||||||
Payment of termination fee for management agreement | (3,750 | ) | ||||||||||
Remaining proceeds to the Company from the IPO | 2,590 | |||||||||||
Pro forma cash balance | 7,121 | |||||||||||
(4) As described above, the Company paid Malibu Boats Investor, LLC, an affiliate, a non-recurring fee of $3.75 million upon completion of the IPO in connection with the termination of the LLC's management agreement. | ||||||||||||
-5 | As described above, the LLC paid down all of the amounts owed on its credit facilities and term loans with the proceeds from the IPO. In connection with the pay down, debt issuance costs associated with the term loans were written off to interest expense. | |||||||||||
-6 | The LLC intends to have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended, or the Code, and comparable elections under state and local tax law, such that the sale of LLC Units by existing owners will result in adjustments to the tax basis of the assets of the LLC. These increases in tax basis are expected to increase (for tax purposes) the depreciation and amortization deductions by the LLC, and therefore, to reduce the amount of income tax that the Company would otherwise be required to pay in the future. In connection with the Recapitalization and IPO, the Company has entered into a Tax Receivable Agreement with the existing owners of the LLC which became effective upon the completion of the Recapitalization and IPO, pursuant to which the Company agreed to pay to the existing owners, generally over a 15-year period (under current law), 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local and franchise income tax that the Company actually realized as a result of the increases in tax basis resulting from the sale or exchange of LLC Units by the existing owners. The unaudited pro forma condensed consolidated financial statements reflect adjustments (shown in the pro forma adjustments column above) to give effect to the Section 754 election and the Tax Receivable Agreement (as further described above) as a result of the Recapitalization and IPO based on the following assumptions: | |||||||||||
• | The unaudited pro forma consolidated financial statements include adjustments to reflect the expected increase in deferred tax assets representing the income tax effects of the increases in the tax basis as a result of the LLC’s election under Section 754 of the Code in connection with the sale of LLC Units described above. This adjustment is calculated based on an estimated effective income tax rate for the Company of 37.3%, which includes a provision for U.S. federal income taxes and assumes (i) the Company’s estimated statutory rates apportioned to each state and local tax jurisdiction, (ii) that there are no material changes in the relevant tax law, and (iii) that the Company earns sufficient taxable income in each year to realize the full tax benefit of the amortization of its assets; | |||||||||||
• | The adjustments were determined in connection with the Section 754 election by first calculating the excess of each selling LLC Unit holder and the LLC’s assumed selling price over such holder’s share of the LLC’s tax basis in its assets attributable to the LLC Units being sold to the Company. The Company then allocated the aggregate excess among the LLC’s assets following applicable tax regulations governing adjustments that result from the Section 754 election. The Company determined each selling LLC Unit holder’s share of the tax basis in the LLC’s assets attributable to the LLC Units sold to the Company by multiplying the selling LLC Unit holder’s tax capital account balance as of the date of sale as maintained in LLC’s books and records by a fraction, the numerator of which is the number of LLC Units sold to the Company, and the denominator of which is the number of LLC Units held by the selling LLC Unit holder immediately prior to the sale. For purposes of the calculation, the selling price per LLC Unit was equal to $14.00 per share, the price paid by the public for each Class A Common Stock. The adjustments are expected to increase the LLC’s basis in its assets (for tax purposes), and the Company will calculate the amount of any depreciation, amortization and other deductions to which it will be entitled as a result of these adjustments. The Company will then calculate its tax liability with and without the deductions attributable to these adjustments, assuming that the Company earns sufficient taxable income in each year to realize the full benefit of the deductions. The Company will compute the estimated tax benefit attributable to the election as the excess of the Company’s tax liability as so computed without the deductions over its tax liability as so computed with the deductions. Additionally, the Tax Receivable Agreement payments may give rise to adjustments that result in the LLC becoming entitled to additional deductions, and the calculation of the Company’s liability under the Tax Receivable Agreement would take these adjustments and additional resulting deductions into account; | |||||||||||
• | The unaudited pro forma condensed consolidated financial statements include an increase in deferred tax assets of $18.1 million to reflect the Company's future tax benefit attributable to the increase in the tax basis of the assets upon purchase of LLC Units in connection with the IPO and the subsequent Section 754 election. In connection with the Recapitalization and IPO, an adjustment to recognize additional deferred tax assets of $2.8 million will be included to account for the Company’s share of the benefit from differences between historical tax basis and book basis in the assets of the LLC. The adjustments related to the LLC’s Section 754 election described above are a component of the Company’s tax basis in the LLC; | |||||||||||
• | The LLC’s election under Section 754 of the Code is at the discretion of the LLC and is not subject to review or approval by the Internal Revenue Service or other tax authorities. The computation of the adjustments resulting from the Section 754 election and the Company’s tax liability is subject to audit by the Internal Revenue Service and other tax authorities in the same manner as all other items reported on income tax returns; | |||||||||||
• | The unaudited pro forma condensed consolidated financial statements include an adjustment of $15.4 million to reflect a liability with respect to the Tax Receivable Agreement equal to 85% of the estimated realizable tax benefit resulting from the estimated increase in tax basis due to the LLC’s Section 754 election in connection with the sale of LLC Units by the existing owners; and | |||||||||||
• | The unaudited pro forma condensed consolidated financial statements include the cumulative net effect of accounting for income taxes and the Tax Receivable Agreement, which will be a net increase in stockholders’ equity of 14.8% of the estimated realizable tax benefit. | |||||||||||
Pursuant to the terms of the Exchange Agreement, the Company's existing owners may exchange LLC Units for shares of Class A Common Stock or cash, at the Company's election, as a result of the IPO. Any subsequent exchanges of LLC Units for shares of Class A Common Stock pursuant to the Exchange Agreement may result in increases in the tax basis of the tangible and intangible assets of the LLC (85% of the realized tax benefits from which will be due to the exchanging LLC Unit holders and recorded as an additional payable pursuant to the Tax Receivable Agreement) that otherwise would not have been available. These subsequent exchanges have not been reflected in the unaudited pro forma condensed consolidated financial statements. | ||||||||||||
-7 | Reflects the Recapitalization and IPO, as described above, including (i) the elimination of existing members’ equity for $47.1 million in consolidation of the LLC into the financial statements of the Company, (ii) the issuance of Class B Common Stock in connection with the Recapitalization and IPO, (iii) the issuance of Class A Common Stock in connection with the IPO for $0.1 million, (iv) The net proceeds from the purchase of LLC Units from the existing owners for $69.8 million, and (v) the net effect of accounting for income taxes and the Tax Receivable Agreement of $5.5 million, and the portion of additional paid-in capital including these items attributable to our non-controlling interest in the LLC. | |||||||||||
-8 | Reflects the net effect of adjustments for the payment of the $3.75 million management termination fee, write-off of debt issuance costs of approximately $915,000 in connection with the payoff of the LLC's credit facilities and term loans, and portion of accumulated earnings including these items attributable to the Company's non-controlling interest in the LLC multiplied by the 50.7% ownership not directly attributable to the Company. | |||||||||||
-9 | As a result of the Recapitalization and IPO, the Company's only material asset is the ownership of 49.3% of the LLC Units and its only business is to act as the sole managing member of the LLC. Therefore, pursuant to ASC Topic 810, the Company consolidated the financial results of the LLC into its financial statements for periods ending on or after the IPO completed on February 5, 2014. The ownership interests of the other members of the LLC, or 50.7%, are accounted for as a non-controlling interest in the Company's consolidated financial statements as a result of the IPO. This amount was based on the initial public offering price of $14.00, after the underwriter’s option to purchase additional shares was exercised in the IPO. | |||||||||||
The non-controlling interest of the Company is equal to the net effect of adjustments on additional paid-in capital (noted in (7) above) and accumulated earnings (noted in (8) above) multiplied by the percentage ownership not directly attributable to the Company, or 50.7%, after the underwriters exercised their option to purchase an additional 1,071,427 shares of Class A Common Stock in the IPO. | ||||||||||||
-10 | Reflects the reduction of prepaid expenses directly related to the IPO, with an offset to the proceeds of the IPO in additional paid-in capital. | |||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||
Subsequent Event [Line Items] | ' | |||||||||||
Subsequent Events | ' | |||||||||||
Subsequent Events | ||||||||||||
Distributions to Members | ||||||||||||
On January 27, 2014, the Company made tax distributions to its members in the aggregate amount of $3,200. | ||||||||||||
First Amendment to the Credit Agreement | ||||||||||||
On January 3, 2014, the Company amended its credit agreement to, among other things, provide for a one-time pre-IPO distribution to members of the LLC of an amount not to exceed $5,000 and to facilitate the Recapitalization and the IPO. The amendment revised several provisions including change in control, consolidated fixed charge coverage ratio, and permitted tax distributions. Further, the agreement was amended to permit the payments of management fees under the Company's existing management agreement with its sponsor and a termination fee thereto in connection with the IPO. | ||||||||||||
Recapitalization and Initial Public Offering | ||||||||||||
On January 30, 2014, the Securities and Exchange Commission declared effective the registration statement on Form S-1 (Registration No. 333-192862) with respect to the initial public offering of Malibu Boats, Inc. Class A Common Stock. | ||||||||||||
On February 5, 2014, Malibu Boats, Inc. completed its initial public offering of 8,214,285 shares of Class A Common Stock at a price to the public of $14.00 per share. In connection with the Recapitalization and the IPO, Malibu Boats, Inc. acquired a 49.3% economic interest in the LLC and became its sole managing member. | ||||||||||||
In connection with the Recapitalization immediately preceding the IPO, LLC Units were allocated among the existing owners of the LLC pursuant to the distribution provisions of the former limited liability company agreement of the LLC based upon the liquidation value of the LLC. In connection with the Recapitalization, Malibu Boats, Inc. issued to each existing owner of the LLC, for nominal consideration, one share of Class B Common Stock of Malibu Boats, Inc, each of which provides its owner with no economic rights but entitles the holder to one vote on matters presented to the Malibu Boats, Inc. stockholders. | ||||||||||||
Refer to Note 4 of Malibu Boat, Inc.'s condensed balance sheet for further information related to the Recapitalization and IPO transactions. |
Organization_Basis_of_Presenta1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Recent accounting pronouncements | ' |
Recent Accounting Pronouncements | |
There are no new accounting pronouncements that are expected to have a significant impact on the condensed consolidated financial statements (unaudited). |
Inventories_Tables
Inventories (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Malibu Boat LLC [Member] | ' | |||||||
Inventory [Line Items] | ' | |||||||
Inventories | ' | |||||||
Inventories, net consisted of the following: | ||||||||
As of December 31, 2013 | As of June 30, 2013 | |||||||
Raw materials | $ | 10,846 | $ | 7,796 | ||||
Work in progress | 1,505 | 1,148 | ||||||
Finished goods | 4,139 | 3,151 | ||||||
Inventory obsolescence reserve | (498 | ) | (456 | ) | ||||
Net inventory | $ | 15,992 | $ | 11,639 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Malibu Boat LLC [Member] | ' | ||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment, net consisted of the following: | |||||||||
As of December 31, 2013 | As of June 30, 2013 | ||||||||
Land | $ | 254 | $ | 254 | |||||
Leasehold improvements | 1,654 | 1,604 | |||||||
Machinery and equipment | 9,827 | 7,320 | |||||||
Furniture and fixtures | 1,505 | 1,379 | |||||||
Construction in process | 1,280 | 1,683 | |||||||
14,520 | 12,240 | ||||||||
Less accumulated depreciation | (6,274 | ) | (5,592 | ) | |||||
$ | 8,246 | $ | 6,648 | ||||||
Product_Warranties_Tables
Product Warranties (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Malibu Boat LLC [Member] | ' | |||||||
Warranties [Line Items] | ' | |||||||
Product Warranties | ' | |||||||
Changes in the Company’s product warranty liability were as follows: | ||||||||
Six Months Ended December 31, 2013 | Year Ended June 30, 2013 | |||||||
Beginning balance | $ | 5,658 | $ | 3,863 | ||||
Additions charged to expense | 1,447 | 3,756 | ||||||
Warranty claims paid | (1,190 | ) | (1,961 | ) | ||||
Ending balance | $ | 5,915 | $ | 5,658 | ||||
Financing_Tables
Financing (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Malibu Boat LLC [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Outstanding Debt | ' | ||||||||
Outstanding debt consisted of the following: | |||||||||
As of December 31, 2013 | As of June 30, 2013 | ||||||||
Short-term debt | |||||||||
Notes payable—equipment | $ | 35 | $ | 76 | |||||
Current maturities of long-term debt | 4,063 | 3,250 | |||||||
Long-term debt | |||||||||
Notes payable—equipment | — | — | |||||||
Term loan | 59,312 | — | |||||||
Previous term loan | — | 20,263 | |||||||
63,410 | 23,589 | ||||||||
Less current maturities | (4,098 | ) | (3,326 | ) | |||||
Total debt less current maturities | $ | 59,312 | $ | 20,263 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Assets and Liabilities on Recurring Basis | ' | |||||||||||||||
Assets and liabilities that had recurring fair value measurements were as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
As of December 31, 2013: | ||||||||||||||||
Cash | $ | 4,531 | $ | 4,531 | $ | — | $ | — | ||||||||
Derivative instrument | 7 | — | 7 | — | ||||||||||||
Total assets at fair value | $ | 4,538 | $ | 4,531 | $ | 7 | $ | — | ||||||||
As of June 30, 2013: | ||||||||||||||||
Cash | $ | 15,957 | $ | 15,957 | $ | — | $ | — | ||||||||
Derivative instrument | 28 | — | 28 | — | ||||||||||||
Total assets at fair value | $ | 15,985 | $ | 15,957 | $ | 28 | $ | — | ||||||||
Members_Equity_Tables
Members' Equity (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||||||||||||||
Class of Stock [Line Items] | ' | |||||||||||||||||||||||
Detail of the companybs outstanding restricted class M units | ' | |||||||||||||||||||||||
A detail of the Company’s outstanding restricted Class M Units for the year ended June 30, 2013 is as follows: | ||||||||||||||||||||||||
Total Units June 30, 2012 | Units | Units | Total Units June 30, 2013 | Units Vested Through June 30, 2013 | Units Unvested Through June 30, 2013 | |||||||||||||||||||
Granted | Forfeited | |||||||||||||||||||||||
Class M Units | 2,413 | — | — | 2,413 | 1,421 | 992 | ||||||||||||||||||
Weighted Average Grant Date Fair Value | $ | 0.41 | — | — | $ | 0.41 | $ | 0.23 | $ | 0.68 | ||||||||||||||
A detail of the Company’s outstanding restricted Class M Units for the six months ended December 31, 2013 is as follows: | ||||||||||||||||||||||||
Total Units June 30, 2013 | Units | Units | Total Units December 31, 2013 | Units Vested Through December 31, 2013 | Units Unvested Through December 31, 2013 | |||||||||||||||||||
Granted | Forfeited | |||||||||||||||||||||||
Class M Units | 2,413 | 1,986 | (43 | ) | 4,356 | 1,677 | 2,679 | |||||||||||||||||
Weighted Average Grant Date Fair Value | $ | 0.41 | $ | 1.61 | $ | 1.29 | $ | 0.95 | $ | 0.23 | $ | 1.4 | ||||||||||||
Earnings_Loss_Per_Unit_Tables
Earnings (Loss) Per Unit (Tables) (Malibu Boat LLC [Member]) | 6 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Malibu Boat LLC [Member] | ' | |||||||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | |||||||||||||||||||||
Earnings (Loss) Per Unit | ' | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the three months ended December 31, 2012 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | 3,310 | 36,742 | $ | 0.09 | 3,253 | 36,742 | $ | 0.09 | ||||||||||||||
Class B Units | 350 | 3,885 | 0.09 | 344 | 3,885 | 0.09 | ||||||||||||||||
Class M Units | 107 | 1,170 | 0.09 | 170 | 1,922 | 0.09 | ||||||||||||||||
Net Income | $ | 3,767 | $ | 3,767 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the three months ended December 31, 2012, 7 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 387 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the six months ended December 31, 2012 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | 3,873 | 36,742 | $ | 0.11 | 3,805 | 36,742 | $ | 0.1 | ||||||||||||||
Class B Units | 410 | 3,885 | 0.11 | 402 | 3,885 | 0.1 | ||||||||||||||||
Class M Units | 123 | 1,170 | 0.11 | 199 | 1,922 | 0.1 | ||||||||||||||||
Net Income | $ | 4,406 | $ | 4,406 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the six months ended December 31, 2012, 7 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 387 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the three months ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | $ | 4,534 | 36,742 | $ | 0.12 | $ | 4,501 | 36,742 | $ | 0.12 | ||||||||||||
Class B Units | 479 | 3,885 | 0.12 | 475 | 3,885 | 0.12 | ||||||||||||||||
Class M Units | 207 | 1,677 | 0.12 | 244 | 1,970 | 0.12 | ||||||||||||||||
Net Income | $ | 5,220 | $ | 5,220 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the three months ended December 31, 2013, 30 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 2,331 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as either an initial public offering or a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. | |||||||||||||||||||||
The basic and diluted earnings per unit calculations for the six months ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Basic Earnings per Unit | Dilutive Earnings per Unit | |||||||||||||||||||||
Income | Weighted | Earnings | Income | Weighted | Earnings | |||||||||||||||||
Allocation(1) | Average | per Unit | Allocation(1) | Average Units | per Unit | |||||||||||||||||
Units | Outstanding(2) | |||||||||||||||||||||
Outstanding | ||||||||||||||||||||||
Class A Units | $ | 9,032 | 36,742 | $ | 0.25 | $ | 8,970 | 36,742 | $ | 0.24 | ||||||||||||
Class B Units | 955 | 3,885 | 0.25 | 948 | 3,885 | 0.24 | ||||||||||||||||
Class M Units | 412 | 1,677 | 0.25 | 481 | 1,970 | 0.24 | ||||||||||||||||
Net Income | $ | 10,399 | $ | 10,399 | ||||||||||||||||||
-1 | Net income attributable to members of the Company is allocated to each class of units based on the distributions priority described in Note 8. | |||||||||||||||||||||
-2 | For the six months ended December 31, 2013, 30 Class M Units were not included in the computation of diluted earnings per unit because their inclusion would have increased earnings per unit. In addition, 2,331 Class M Units vest upon a liquidity condition which is satisfied upon occurrence of a qualifying event, defined as either an initial public offering or a change in control transaction. Because these restricted units had no rights to undistributed earnings, they were excluded from basic and diluted earnings per unit. |
Subsequent_Events_Tables
Subsequent Events (Tables) | 6 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Subsequent Events [Abstract] | ' | |||||||||||
Pro Forma Condensed Consolidated Statements | ' | |||||||||||
Pro Forma Condensed Consolidated Statement of Income (Unaudited) | ||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||
Malibu Boats | Pro Forma | Malibu Boats, | ||||||||||
Holdings, LLC | Adjustments | Inc. (2) Pro | ||||||||||
Historical (1) | Forma | |||||||||||
(In thousands, except per unit and per share data) | ||||||||||||
Net sales | $ | 43,938 | $ | — | $ | 43,938 | ||||||
Cost of sales | 32,242 | — | 32,242 | |||||||||
Gross profit | 11,696 | — | 11,696 | |||||||||
Operating expenses: | ||||||||||||
Selling and marketing | 1,510 | — | 1,510 | |||||||||
General and administrative | 3,068 | (21 | ) | -3 | 3,047 | |||||||
Amortization | 1,295 | — | 1,295 | |||||||||
Operating income | 5,823 | 21 | 5,844 | |||||||||
Other income (expense): | ||||||||||||
Other | 6 | — | 6 | |||||||||
Interest expense | (609 | ) | 609 | -4 | — | |||||||
Other expense | (603 | ) | 609 | 6 | ||||||||
Net income before provision for income taxes | 5,220 | 630 | 5,850 | |||||||||
Provision for income taxes | — | 1,126 | -5 | 1,126 | ||||||||
Net income | 5,220 | (496 | ) | 4,724 | ||||||||
Non-controlling interest | — | 2,967 | -6 | 2,967 | ||||||||
Net income attributable to members and stockholders | $ | 5,220 | $ | (3,463 | ) | $ | 1,757 | |||||
Basic and diluted earnings per unit: | ||||||||||||
Class A Units | $ | 0.12 | ||||||||||
Class B Units | $ | 0.12 | ||||||||||
Class M Units | $ | 0.12 | ||||||||||
Basic weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,677 | |||||||||||
Diluted weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,970 | |||||||||||
Pro forma net income available to Class A Common Stock per share: | ||||||||||||
Basic | $ | 0.16 | ||||||||||
Diluted | $ | 0.16 | ||||||||||
Pro forma basic and diluted weighted average units used in computing net income per share (7): | ||||||||||||
Basic | 10,869,830 | |||||||||||
Diluted | 10,869,830 | |||||||||||
-1 | The Company's business has historically been operated through the LLC. As of December 31, 2013, the LLC held all of the assets and liabilities and Malibu did not have any material assets or liabilities and did not conduct operations. Accordingly, the unaudited pro forma condensed consolidated statement of income for the three months ended December 31, 2013 presents the historical results of the LLC as a starting point for the pro forma amounts. | |||||||||||
-2 | As a newly formed entity, the Company had no results of operations until the completion of the IPO. | |||||||||||
-3 | As described above, the Company terminated the LLC's existing management agreement with Malibu Boats Investor, LLC, an affiliate upon completion of the IPO. The adjustment represents the removal of the management fees incurred during the period. The adjustment does not include the non-recurring fee of $3.75 million the Company paid to Malibu Boats Investor, LLC at the completion of the IPO in connection with the termination of the management agreement. | |||||||||||
-4 | As described above, the LLC paid down all of the amounts owned on the credit facilities and term loans with the proceeds from the IPO. This adjustment represents the removal of interest expense associated with the term loans incurred during the period. | |||||||||||
-5 | As described above, the Company will be subject to U.S. federal income taxes, in addition to state taxes, with respect to the Company's allocable share of any net taxable income of the LLC that will result in higher income taxes. As a result, the pro forma statement of income reflects an adjustment to the LLC's provision for corporate income taxes to reflect an effective income tax rate of 39.1%. The effective income tax rate includes adjustments to the statutory federal income tax rate of 35% for state taxes and permanent items such as stock compensation expense attributable to profits interests, the domestic production activities deduction, and strategic and financial restructuring costs incurred in connection with the IPO. A reconciliation of the statutory federal income tax rate to the effective rate is as follows: | |||||||||||
Statutory federal income tax rate | 35 | % | ||||||||||
State income taxes, net of federal taxes | 3.3 | |||||||||||
Permanent items | 0.8 | |||||||||||
39.1 | % | |||||||||||
The provision for income taxes is computed by applying the effective income tax rate of 39.1% to pre-tax income multiplied by the percentage ownership in the LLC attributable to the Company at the completion of the IPO. | ||||||||||||
-6 | The Company's only material asset after the completion of the Recapitalization and IPO is the ownership of 49.3% of the LLC Units and the Company's only business is to act as the sole managing member of the LLC. Therefore, pursuant to ASC Topic 810 the Company will consolidate the financial results of the LLC into its financial statements for periods ending on or after the IPO completed on February 5, 2014. The ownership interests of the other members of the LLC will be accounted for as a non-controlling interest in the Company's consolidated financial statements after the IPO. Immediately following the IPO, the non-controlling interest was 50.7%. These amounts have been determined based on the initial public offering price of $14.00. The amount of non-controlling interest is computed by multiplying pre-tax income by the percentage ownership in the LLC not directly attributable to the Company, or 50.7%, after the underwriters exercised their option to purchase an additional 1,071,427 shares of Class A Common Stock. | |||||||||||
-7 | Pro forma basic and diluted net income per share were computed by dividing the pro forma net income attributable to members and stockholders by 10,869,830. The number of shares is based on the 11,054,830 shares of Class A Common Stock outstanding after the IPO, 8,214,285 of which were sold in the IPO and 2,840,545 of which continue to be owned by the selling stockholders in the IPO and excluding 185,000 shares outstanding after the IPO the proceeds from which were used for general corporate purposes. Because the shares of Class B Common Stock do not share in the Company's earnings, they are not included in the weighted average number of shares outstanding or net income available per share. | |||||||||||
Pro Forma Condensed Consolidated Statement of Income (Unaudited) | ||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||
Malibu Boats | Pro Forma | Malibu Boats, | ||||||||||
Holdings, LLC | Adjustments | Inc. (2) Pro | ||||||||||
Historical (1) | Forma | |||||||||||
(In thousands, except per unit and per share data) | ||||||||||||
Net sales | $ | 87,242 | $ | — | $ | 87,242 | ||||||
Cost of sales | 64,525 | — | 64,525 | |||||||||
Gross profit | 22,717 | — | 22,717 | |||||||||
Operating expenses: | ||||||||||||
Selling and marketing | 2,942 | — | 2,942 | |||||||||
General and administrative | 5,023 | (43 | ) | -3 | 4,980 | |||||||
Amortization | 2,589 | — | 2,589 | |||||||||
Operating income | 12,163 | 43 | 12,206 | |||||||||
Other income (expense): | ||||||||||||
Other | 9 | — | 9 | |||||||||
Interest expense | (1,773 | ) | 1,771 | -4 | (2 | ) | ||||||
Other expense | (1,764 | ) | 1,771 | 7 | ||||||||
Net income before provision for income taxes | 10,399 | 1,814 | 12,213 | |||||||||
Provision for income taxes | — | 2,244 | -5 | 2,244 | ||||||||
Net income | 10,399 | (430 | ) | 9,969 | ||||||||
Non-controlling interest | — | 6,193 | -6 | 6,193 | ||||||||
Net income attributable to members and stockholders | $ | 10,399 | $ | (6,623 | ) | $ | 3,776 | |||||
Basic earnings per unit: | ||||||||||||
Class A Units | $ | 0.25 | ||||||||||
Class B Units | $ | 0.25 | ||||||||||
Class M Units | $ | 0.25 | ||||||||||
Diluted earnings per unit: | ||||||||||||
Class A Units | $ | 0.24 | ||||||||||
Class B Units | $ | 0.24 | ||||||||||
Class M Units | $ | 0.24 | ||||||||||
Basic weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,677 | |||||||||||
Diluted weighted average units used in computing earnings per unit: | ||||||||||||
Class A Units | 36,742 | |||||||||||
Class B Units | 3,885 | |||||||||||
Class M Units | 1,970 | |||||||||||
Pro forma net income available to Class A Common Stock per share: | ||||||||||||
Basic | $ | 0.35 | ||||||||||
Diluted | $ | 0.35 | ||||||||||
Pro forma basic and diluted weighted average units used in computing net income per share (7): | ||||||||||||
Basic | 10,869,830 | |||||||||||
Diluted | 10,869,830 | |||||||||||
-1 | The Company's business has historically been operated through the LLC. As of December 31, 2013, the LLC held all of the assets and liabilities and the Company did not have any assets or liabilities and did not conduct operations. Accordingly, the unaudited pro forma consolidated statement of income for the six months ended December 31, 2013 presents the historical results of the LLC as a starting point for the pro forma amounts. | |||||||||||
-2 | As a newly formed entity, the Company had no results of operations until the completion of the IPO. | |||||||||||
-3 | As described above, the Company terminated the LLC's existing management agreement with Malibu Boats Investor, LLC, an affiliate, upon completion of the IPO. The adjustment represents the removal of the management fees incurred during the period. The adjustment does not include the non-recurring fee of $3.75 million paid to Malibu Boats Investor, LLC at the completion of the IPO in connection with the termination of the management agreement. | |||||||||||
-4 | As described above, the LLC paid down all of the amounts owned on the credit facilities and term loans with the proceeds from the IPO. This adjustment represents the removal of interest expense associated with the term loans incurred during the period. | |||||||||||
-5 | As described above, the Company will be subject to U.S. federal income taxes, in addition to state taxes, with respect to the Company's allocable share of any net taxable income of the LLC that will result in higher income taxes. As a result, the pro forma statement of income reflects an adjustment to the LLC's provision for corporate income taxes to reflect an effective income tax rate of 37.3%. The effective income tax rate includes adjustments to the statutory federal income tax rate of 35% for state taxes and permanent items such as stock compensation expense attributable to profits interests, the domestic production activities deduction, and strategic and financial restructuring costs incurred in connection with the IPO. A reconciliation of the statutory federal income tax rate to the effective rate is as follows: | |||||||||||
Statutory federal income tax rate | 35 | % | ||||||||||
State income taxes, net of federal taxes | 3.3 | |||||||||||
Permanent items | (1.0 | ) | ||||||||||
37.3 | % | |||||||||||
The provision for income taxes is computed by applying the effective income tax rate of 37.3% to pre-tax income multiplied by the percentage ownership in the LLC attributable to the Company at the completion of the IPO. | ||||||||||||
-6 | The Company's only material asset after the completion of the Recapitalization and IPO is the ownership of 49.3% of the LLC Units and the Company's only business is to act as the sole managing member of the LLC. Therefore, pursuant to ASC Topic 810 the Company will consolidate the financial results of the LLC into its financial statements for the periods ending on or after the IPO completed on February 5, 2014. The ownership interests of the other members of the LLC will be accounted for as a non-controlling interest in the Company's consolidated financial statements after the IPO. Immediately following the IPO, the non-controlling interest was 50.7%. These amounts have been determined based on the initial public offering price of $14.00. The amount of non-controlling interest is computed by multiplying pre-tax income by the percentage ownership in the LLC not directly attributable to the Company, or 50.7%, after the underwriters exercised their option to purchase an additional 1,071,427 shares of Class A Common Stock. | |||||||||||
-7 | Pro forma basic and diluted net income per share were computed by dividing the pro forma net income attributable to members and stockholders by 10,869,830. The number of shares is based on the 11,054,830 shares of Class A Common Stock outstanding after the IPO, 8,214,285 of which were sold in the IPO and 2,840,545 of which continue to be owned by the selling stockholders in the IPO and excluding 185,000 shares outstanding after the IPO the proceeds from which were used for general corporate purposes. Because the shares of Class B Common Stock do not share in the Company's earnings, they are not included in the weighted average number of shares outstanding or net income available per share. | |||||||||||
Pro Forma Condensed Consolidated Balance Sheet (Unaudited) | ||||||||||||
December 31, 2013 | ||||||||||||
Malibu Boats | Pro Forma | Malibu Boats, | ||||||||||
Holdings, | Adjustments | Inc. (2) | ||||||||||
LLC | Pro Forma | |||||||||||
Historical (1) | ||||||||||||
(In thousands, except share data) | ||||||||||||
Assets: | ||||||||||||
Current assets: | ||||||||||||
Cash | 4,531 | 2,590 | (3) (4) | 7,121 | ||||||||
Trade receivables, net | 2,683 | — | 2,683 | |||||||||
Inventories, net | 15,992 | — | 15,992 | |||||||||
Prepaid expenses | 1,250 | (823 | ) | -10 | 427 | |||||||
Total current assets | 24,456 | 1,767 | 26,223 | |||||||||
Property and equipment, net | 8,246 | — | 8,246 | |||||||||
Goodwill | 5,718 | — | 5,718 | |||||||||
Other intangible assets, net | 14,946 | — | 14,946 | |||||||||
Debt issuance costs, net | 915 | (915 | ) | -5 | — | |||||||
Deferred tax asset | — | 20,904 | -6 | 20,904 | ||||||||
Other assets | 39 | — | 39 | |||||||||
Total assets | 54,320 | 21,756 | 76,076 | |||||||||
Liabilities: | ||||||||||||
Current liabilities: | ||||||||||||
Current maturities of long-term debt | 4,098 | (4,098 | ) | -5 | — | |||||||
Accounts payable | 9,999 | — | 9,999 | |||||||||
Accrued expenses | 11,532 | — | 11,532 | |||||||||
Total current liabilities | 25,629 | (4,098 | ) | 21,531 | ||||||||
Deferred gain on sale-leaseback | 140 | — | 140 | |||||||||
Payable pursuant to tax receivable agreement | — | 15,446 | -6 | 15,446 | ||||||||
Long-term debt, less current maturities | 59,312 | (59,312 | ) | -5 | — | |||||||
Total liabilities | 85,081 | (47,964 | ) | 37,117 | ||||||||
Equity: | ||||||||||||
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 11,054,830 shares issued and outstanding on a pro forma basis | — | 110 | -7 | 110 | ||||||||
Class B Common Stock, par value $0.01 per share; 25,000,000 shares authorized; 34 shares issued and outstanding on a pro forma basis | — | — | -7 | — | ||||||||
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding on a pro forma basis | — | — | -7 | — | ||||||||
Class A Units, 37,000 units authorized, 36,742 units issued and outstanding | (35,601 | ) | 35,601 | -7 | — | |||||||
Class B Units, 3,885 units authorized, issued and outstanding | (8,273 | ) | 8,273 | -7 | — | |||||||
Class M Units, 4,602 units authorized, 1,677 units issued and outstanding | (3,197 | ) | 3,197 | -7 | — | |||||||
Additional paid-in capital | — | 16,122 | -7 | 16,122 | ||||||||
Accumulated earnings | 16,310 | (10,570 | ) | -8 | 5,740 | |||||||
Total (deficit) equity | (30,761 | ) | 52,733 | 21,972 | ||||||||
Non-controlling interest | — | 16,987 | -9 | 16,987 | ||||||||
Total members’ and stockholders’ (deficit) equity | (30,761 | ) | 69,720 | 38,959 | ||||||||
Total liabilities and equity | 54,320 | 21,756 | 76,076 | |||||||||
-1 | The Company's business has historically been operated through the LLC. As of December 31, 2013, the LLC held all of the assets and liabilities and the Company did not have any material assets or liabilities and did not conduct operations. Accordingly, the unaudited pro forma condensed consolidated balance sheet as of December 31, 2013 presents the historical financial condition of the LLC as a starting point for the pro forma amounts. | |||||||||||
-2 | As a newly formed entity, the Company had no material assets until the completion of the IPO. | |||||||||||
-3 | Reflects the net effect on cash of the receipt of net proceeds of $99.5 million in the IPO, which amount will be used for general corporate purposes. Cash adjustments are as follows (in thousands): | |||||||||||
Actual cash, as reported | 4,531 | |||||||||||
Pro forma adjustments: | ||||||||||||
Net proceeds to the Company from the IPO | 99,512 | |||||||||||
Purchase of LLC units from existing owners | (29,762 | ) | ||||||||||
Purchase of LLC units from the LLC | 69,750 | |||||||||||
Repayment of term loan | (63,410 | ) | ||||||||||
Payment of termination fee for management agreement | (3,750 | ) | ||||||||||
Remaining proceeds to the Company from the IPO | 2,590 | |||||||||||
Pro forma cash balance | 7,121 | |||||||||||
(4) As described above, the Company paid Malibu Boats Investor, LLC, an affiliate, a non-recurring fee of $3.75 million upon completion of the IPO in connection with the termination of the LLC's management agreement. | ||||||||||||
-5 | As described above, the LLC paid down all of the amounts owed on its credit facilities and term loans with the proceeds from the IPO. In connection with the pay down, debt issuance costs associated with the term loans were written off to interest expense. | |||||||||||
-6 | The LLC intends to have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended, or the Code, and comparable elections under state and local tax law, such that the sale of LLC Units by existing owners will result in adjustments to the tax basis of the assets of the LLC. These increases in tax basis are expected to increase (for tax purposes) the depreciation and amortization deductions by the LLC, and therefore, to reduce the amount of income tax that the Company would otherwise be required to pay in the future. In connection with the Recapitalization and IPO, the Company has entered into a Tax Receivable Agreement with the existing owners of the LLC which became effective upon the completion of the Recapitalization and IPO, pursuant to which the Company agreed to pay to the existing owners, generally over a 15-year period (under current law), 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local and franchise income tax that the Company actually realized as a result of the increases in tax basis resulting from the sale or exchange of LLC Units by the existing owners. The unaudited pro forma condensed consolidated financial statements reflect adjustments (shown in the pro forma adjustments column above) to give effect to the Section 754 election and the Tax Receivable Agreement (as further described above) as a result of the Recapitalization and IPO based on the following assumptions: | |||||||||||
• | The unaudited pro forma consolidated financial statements include adjustments to reflect the expected increase in deferred tax assets representing the income tax effects of the increases in the tax basis as a result of the LLC’s election under Section 754 of the Code in connection with the sale of LLC Units described above. This adjustment is calculated based on an estimated effective income tax rate for the Company of 37.3%, which includes a provision for U.S. federal income taxes and assumes (i) the Company’s estimated statutory rates apportioned to each state and local tax jurisdiction, (ii) that there are no material changes in the relevant tax law, and (iii) that the Company earns sufficient taxable income in each year to realize the full tax benefit of the amortization of its assets; | |||||||||||
• | The adjustments were determined in connection with the Section 754 election by first calculating the excess of each selling LLC Unit holder and the LLC’s assumed selling price over such holder’s share of the LLC’s tax basis in its assets attributable to the LLC Units being sold to the Company. The Company then allocated the aggregate excess among the LLC’s assets following applicable tax regulations governing adjustments that result from the Section 754 election. The Company determined each selling LLC Unit holder’s share of the tax basis in the LLC’s assets attributable to the LLC Units sold to the Company by multiplying the selling LLC Unit holder’s tax capital account balance as of the date of sale as maintained in LLC’s books and records by a fraction, the numerator of which is the number of LLC Units sold to the Company, and the denominator of which is the number of LLC Units held by the selling LLC Unit holder immediately prior to the sale. For purposes of the calculation, the selling price per LLC Unit was equal to $14.00 per share, the price paid by the public for each Class A Common Stock. The adjustments are expected to increase the LLC’s basis in its assets (for tax purposes), and the Company will calculate the amount of any depreciation, amortization and other deductions to which it will be entitled as a result of these adjustments. The Company will then calculate its tax liability with and without the deductions attributable to these adjustments, assuming that the Company earns sufficient taxable income in each year to realize the full benefit of the deductions. The Company will compute the estimated tax benefit attributable to the election as the excess of the Company’s tax liability as so computed without the deductions over its tax liability as so computed with the deductions. Additionally, the Tax Receivable Agreement payments may give rise to adjustments that result in the LLC becoming entitled to additional deductions, and the calculation of the Company’s liability under the Tax Receivable Agreement would take these adjustments and additional resulting deductions into account; | |||||||||||
• | The unaudited pro forma condensed consolidated financial statements include an increase in deferred tax assets of $18.1 million to reflect the Company's future tax benefit attributable to the increase in the tax basis of the assets upon purchase of LLC Units in connection with the IPO and the subsequent Section 754 election. In connection with the Recapitalization and IPO, an adjustment to recognize additional deferred tax assets of $2.8 million will be included to account for the Company’s share of the benefit from differences between historical tax basis and book basis in the assets of the LLC. The adjustments related to the LLC’s Section 754 election described above are a component of the Company’s tax basis in the LLC; | |||||||||||
• | The LLC’s election under Section 754 of the Code is at the discretion of the LLC and is not subject to review or approval by the Internal Revenue Service or other tax authorities. The computation of the adjustments resulting from the Section 754 election and the Company’s tax liability is subject to audit by the Internal Revenue Service and other tax authorities in the same manner as all other items reported on income tax returns; | |||||||||||
• | The unaudited pro forma condensed consolidated financial statements include an adjustment of $15.4 million to reflect a liability with respect to the Tax Receivable Agreement equal to 85% of the estimated realizable tax benefit resulting from the estimated increase in tax basis due to the LLC’s Section 754 election in connection with the sale of LLC Units by the existing owners; and | |||||||||||
• | The unaudited pro forma condensed consolidated financial statements include the cumulative net effect of accounting for income taxes and the Tax Receivable Agreement, which will be a net increase in stockholders’ equity of 14.8% of the estimated realizable tax benefit. | |||||||||||
Pursuant to the terms of the Exchange Agreement, the Company's existing owners may exchange LLC Units for shares of Class A Common Stock or cash, at the Company's election, as a result of the IPO. Any subsequent exchanges of LLC Units for shares of Class A Common Stock pursuant to the Exchange Agreement may result in increases in the tax basis of the tangible and intangible assets of the LLC (85% of the realized tax benefits from which will be due to the exchanging LLC Unit holders and recorded as an additional payable pursuant to the Tax Receivable Agreement) that otherwise would not have been available. These subsequent exchanges have not been reflected in the unaudited pro forma condensed consolidated financial statements. | ||||||||||||
-7 | Reflects the Recapitalization and IPO, as described above, including (i) the elimination of existing members’ equity for $47.1 million in consolidation of the LLC into the financial statements of the Company, (ii) the issuance of Class B Common Stock in connection with the Recapitalization and IPO, (iii) the issuance of Class A Common Stock in connection with the IPO for $0.1 million, (iv) The net proceeds from the purchase of LLC Units from the existing owners for $69.8 million, and (v) the net effect of accounting for income taxes and the Tax Receivable Agreement of $5.5 million, and the portion of additional paid-in capital including these items attributable to our non-controlling interest in the LLC. | |||||||||||
-8 | Reflects the net effect of adjustments for the payment of the $3.75 million management termination fee, write-off of debt issuance costs of approximately $915,000 in connection with the payoff of the LLC's credit facilities and term loans, and portion of accumulated earnings including these items attributable to the Company's non-controlling interest in the LLC multiplied by the 50.7% ownership not directly attributable to the Company. | |||||||||||
-9 | As a result of the Recapitalization and IPO, the Company's only material asset is the ownership of 49.3% of the LLC Units and its only business is to act as the sole managing member of the LLC. Therefore, pursuant to ASC Topic 810, the Company consolidated the financial results of the LLC into its financial statements for periods ending on or after the IPO completed on February 5, 2014. The ownership interests of the other members of the LLC, or 50.7%, are accounted for as a non-controlling interest in the Company's consolidated financial statements as a result of the IPO. This amount was based on the initial public offering price of $14.00, after the underwriter’s option to purchase additional shares was exercised in the IPO. | |||||||||||
The non-controlling interest of the Company is equal to the net effect of adjustments on additional paid-in capital (noted in (7) above) and accumulated earnings (noted in (8) above) multiplied by the percentage ownership not directly attributable to the Company, or 50.7%, after the underwriters exercised their option to purchase an additional 1,071,427 shares of Class A Common Stock in the IPO. | ||||||||||||
-10 | Reflects the reduction of prepaid expenses directly related to the IPO, with an offset to the proceeds of the IPO in additional paid-in capital. |
Organization_Basis_of_Presenta2
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Textual (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended |
Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock, shares authorized | ' | 25,000,000 | 25,000,000 |
Common stock, shares authorized | ' | 150,000,000 | 150,000,000 |
Common stock, shares issued | ' | 100 | 100 |
Preferred stock, par or stated value per share | ' | $0.01 | $0.01 |
Proceeds from issuance of common stock | ' | ' | $10 |
Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (per share) | ' | $0.01 | $0.01 |
Common stock, shares authorized | ' | 100,000,000 | 100,000,000 |
Common stock, shares issued | ' | 100 | 100 |
Class B Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (per share) | ' | $0.01 | $0.01 |
Common stock, shares authorized | ' | 25,000,000 | 25,000,000 |
Common stock, shares issued | ' | 0 | 0 |
Pro Forma [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock, shares authorized | ' | 25,000,000 | 25,000,000 |
Preferred stock, par or stated value per share | ' | $0.01 | $0.01 |
Pro Forma [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (per share) | ' | $0.01 | $0.01 |
Stock issued during period, shares, conversion of units | ' | ' | 13,659,590 |
Common stock, shares authorized | ' | 100,000,000 | 100,000,000 |
Common stock, shares issued | ' | 17,071,424 | 17,071,424 |
Pro Forma [Member] | Class B Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (per share) | ' | $0.01 | $0.01 |
Common stock, shares authorized | ' | 25,000,000 | 25,000,000 |
Common stock, shares issued | ' | 0 | 0 |
Pro Forma [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Effective tax rate | ' | 39.10% | 37.30% |
Weighted average number of shares outstanding, basic and diluted | 10,869,830 | ' | 10,869,830 |
Preferred stock, shares authorized | ' | 25,000,000 | 25,000,000 |
Preferred stock, par or stated value per share | ' | $0.01 | $0.01 |
Pro Forma [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (per share) | ' | $0.01 | $0.01 |
Common stock, shares authorized | ' | 100,000,000 | 100,000,000 |
Common stock, shares issued | ' | 11,054,830 | 11,054,830 |
Pro Forma [Member] | Class B Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, par value (per share) | ' | $0.01 | $0.01 |
Common stock, shares authorized | ' | 25,000,000 | 25,000,000 |
Common stock, shares issued | ' | 0 | 0 |
Subsequent Event [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Percentage of voting power and control | 100.00% | ' | ' |
Subsequent Event [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock issued during period, shares, other | 8,214,285 | ' | ' |
Proceeds from issuance of common stock | 99,512,000 | ' | ' |
Subsequent Event [Member] | IPO [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock issued during period, shares, other | 8,214,285 | ' | ' |
Stock issued during period, shares, for general business purposes | 185,000 | ' | ' |
Subsequent Event [Member] | Noncontrolling Interest [Member] | IPO [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock issued during period, shares, other | 2,840,545 | ' | ' |
Former Holders of Malibu LLC Units [Member] | Pro Forma [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, shares issued | ' | 3,411,834 | 3,411,834 |
Malibu Boat LLC [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | 50.70% | 50.70% |
Malibu Boat LLC [Member] | Subsequent Event [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | 49.30% | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | 50.70% | 50.70% | 50.70% |
Percentage of voting power and control | 50.70% | ' | ' |
Organization_Basis_of_Presenta3
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Details (Details) (Pro Forma [Member]) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Pro Forma [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% |
State income taxes, net of federal taxes | 3.30% | 3.30% |
Permanent items | 0.80% | -1.00% |
Effective tax rate | 39.10% | 37.30% |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Class of Stock [Line Items] | ' |
Common stock, shares authorized | 150,000,000 |
Preferred stock, shares authorized | 25,000,000 |
Preferred stock, par value (per share) | $0.01 |
Common stock, shares issued | 100 |
Proceeds from issuance of common stock | $10 |
Class A Common Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Common stock, shares authorized | 100,000,000 |
Common stock, par value (per share) | $0.01 |
Common stock, shares issued | 100 |
Class B Common Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Common stock, shares authorized | 25,000,000 |
Common stock, par value (per share) | $0.01 |
Common stock, shares issued | 0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Payment for registration fee | $14,812 |
Inventories_Details
Inventories (Details) (Malibu Boat LLC [Member], USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Malibu Boat LLC [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Raw materials | $10,846 | $7,796 |
Work in progress | 1,505 | 1,148 |
Finished goods | 4,139 | 3,151 |
Inventory obsolescence reserve | -498 | -456 |
Net inventory | $15,992 | $11,639 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | |||||
Land [Member] | Land [Member] | Leasehold improvements [Member] | Leasehold improvements [Member] | Machinery and equipment [Member] | Machinery and equipment [Member] | Furniture and fixtures [Member] | Furniture and fixtures [Member] | Construction in progress [Member] | Construction in progress [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property equipment, gross | ' | ' | ' | ' | $14,520 | ' | $12,240 | $254 | $254 | $1,654 | $1,604 | $9,827 | $7,320 | $1,505 | $1,379 | $1,280 | $1,683 |
Accumulated depreciation | ' | ' | ' | ' | -6,274 | ' | -5,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property equipment, Net | ' | ' | ' | ' | 8,246 | ' | 6,648 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | $386 | $236 | $682 | $558 | $682 | $558 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Warranties [Line Items] | ' | ' |
Standard product warranty, period | '3 years | ' |
Malibu Boat LLC [Member] | ' | ' |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Beginning balance | $5,658 | $3,863 |
Additions charged to expense | 1,447 | 3,756 |
Warranty claims paid | -1,190 | -1,961 |
Ending balance | $5,915 | $5,658 |
Financing_Details
Financing (Details) (Malibu Boat LLC [Member], USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Current maturities of long-term debt | $4,098 | $3,326 |
Less current maturities | -4,098 | -3,326 |
Total debt less current maturities | 59,312 | 20,263 |
Total debt | 63,410 | 23,589 |
Notes Payable, Other Payables [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current maturities of long-term debt | 35 | 76 |
Less current maturities | -35 | -76 |
Total debt less current maturities | 0 | 0 |
Loans Payable [Member] | July 2013 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt less current maturities | 59,312 | 0 |
Loans Payable [Member] | July 2012 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current maturities of long-term debt | 4,063 | 3,250 |
Less current maturities | -4,063 | -3,250 |
Total debt less current maturities | $0 | $20,263 |
Financing_LongTerm_Debt_Narrat
Financing (Long-Term Debt Narratives) (Details) (Malibu Boat LLC [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 |
Revolving Credit [Member] | Term Loan [Member] | Swing Line of Credit [Member] | Letter of Credit [Member] | Repayment starting from December 31, 2013 [Member] | Repayment starting from September 30, 2014 [Member] | Repayment starting from September 30, 2015 [Member] | Repayment starting from September 2016 [Member] | Repayment starting from September 30, 2017 [Member] | Subsequent Event [Member] | |
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $10,000,000 | $65,000,000 | $2,000,000 | $3,000,000 | ' | ' | ' | ' | ' | ' |
Amount outstanding | 0 | 63,375,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Periodic payment amount | ' | ' | ' | ' | $813,000 | $1,219,000 | $1,625,000 | $2,032,000 | $2,438,000 | $63,410,000 |
Derivative_Instrument_Details
Derivative Instrument (Details) (Malibu Boat LLC [Member], USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Aug. 02, 2012 |
Interest Rate Swap [member] | Interest Rate Swap [member] | Interest Rate Swap [member] | Interest Rate Swap [member] | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | ' | ' | ' | $14,250 |
Fixed quarterly interest rate | ' | ' | ' | ' | ' | 0.61% |
Derivative variable rate basis | ' | ' | ' | 'one-month LIBOR | ' | ' |
Change in fair value of the swap | $7 | $0 | $7 | ' | $28 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Malibu Boat LLC [Member], Recurring [member], USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash | $4,531 | $15,957 |
Derivative instrument | 7 | 28 |
Total assets at fair value | 4,538 | 15,985 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash | 4,531 | 15,957 |
Derivative instrument | 0 | 0 |
Total assets at fair value | 4,531 | 15,957 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash | 0 | 0 |
Derivative instrument | 7 | 28 |
Total assets at fair value | 7 | 28 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash | 0 | 0 |
Derivative instrument | 0 | 0 |
Total assets at fair value | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (Malibu Boat LLC [Member], USD $) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Jun. 30, 2013 | |
Malibu Boat LLC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset impairments | $0 | $0 |
Members_Equity_Outstanding_Res
Members' Equity Outstanding Restricted Class M Units (Details) (Class M Units [Member], USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended |
Nov. 01, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | |
Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | ||
Increase (Decrease) in Member Units [Roll Forward] | ' | ' | ' |
Beginning Balance, Total Units | ' | 2,413 | 2,413 |
Units Granted | 1,986 | 1,986 | ' |
United Forfeited | ' | -43 | ' |
Ending Balance, Total Units | ' | 4,356 | 2,413 |
Beginning Balance,Weighted Average Grant Date Fair Value | ' | $0.41 | $0.41 |
Unit Granted, Weighted Average Grant Date Fair Value | ' | $1.61 | ' |
Units Forfeited, Weighted Average Grant Date Fair Value | ' | $1.29 | ' |
Ending Balance, Weighted Average Grant Date Fair Value | ' | $0.95 | $0.41 |
Units Vested | ' | 1,677 | 1,421 |
Weighted Average Grant Date Fair Value, Unit Vested | ' | $0.23 | $0.23 |
Units Unvested | ' | 2,679 | 992 |
Weighted Average Grant Date Fair Value, Unit Unvested | ' | $1.40 | $0.68 |
Members_Equity_Narrative_Detai
Members' Equity - Narrative (Details) (Class M Units [Member], USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 01, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 |
Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Class M units, granted | 1,986 | ' | 1,986 | ' |
Stock compensation expense | ' | $32 | $64 | ' |
Fair value of units | 3,189 | ' | ' | ' |
Unrecognized compensation cost | ' | ' | $670 | $3,741 |
Earnings_Loss_Per_Unit_Details
Earnings (Loss) Per Unit (Details) (Malibu Boat LLC [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income allocation, basic | $5,220 | $3,767 | $10,399 | $4,406 |
Income allocation, dilutive | 5,220 | 3,767 | 10,399 | 4,406 |
Class B Units [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income allocation, basic | 479 | 350 | 955 | 410 |
Weighted average number of shares outstanding, basic | 3,885 | 3,885 | 3,885 | 3,885 |
Earnings per unit, basic | $0.12 | $0.09 | $0.25 | $0.11 |
Income allocation, dilutive | 475 | 344 | 948 | 402 |
Weighted average number of shares outstanding, dilutive | 3,885 | 3,885 | 3,885 | 3,885 |
Earnings per unit, dilutive | $0.12 | $0.09 | $0.24 | $0.10 |
Class A Units [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income allocation, basic | 4,534 | 3,310 | 9,032 | 3,873 |
Weighted average number of shares outstanding, basic | 36,742 | 36,742 | 36,742 | 36,742 |
Earnings per unit, basic | $0.12 | $0.09 | $0.25 | $0.11 |
Income allocation, dilutive | 4,501 | 3,253 | 8,970 | 3,805 |
Weighted average number of shares outstanding, dilutive | 36,742 | 36,742 | 36,742 | 36,742 |
Earnings per unit, dilutive | $0.12 | $0.09 | $0.24 | $0.10 |
Class M Units [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income allocation, basic | 207 | 107 | 412 | 123 |
Weighted average number of shares outstanding, basic | 1,677 | 1,170 | 1,677 | 1,170 |
Earnings per unit, basic | $0.12 | $0.09 | $0.25 | $0.11 |
Income allocation, dilutive | $244 | $170 | $481 | $199 |
Weighted average number of shares outstanding, dilutive | 1,970 | 1,922 | 1,970 | 1,922 |
Earnings per unit, dilutive | $0.12 | $0.09 | $0.24 | $0.10 |
Antidilutive units excluded from computation of earnings per share, amount | 30 | 7 | 30 | 7 |
Conditional units | 387 | ' | 2,331 | 387 |
Subsequent_Events_Recapitaliza
Subsequent Events - Recapitalization and IPO (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 | |
Subsequent Event [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | IPO [Member] | Over-Allotment Option [Member] | Investor [Member] | Two Selling Stockholders [Member] | Contract Termination [Member] | Maximum [Member] | Minimum [Member] | Stock Sold by Company [Member] | Stock Sold by Company [Member] | Stock Sold by Selling Stockholders [Member] | Stock Sold by Selling Stockholders [Member] | Pro Forma [Member] | Pro Forma [Member] | Pro Forma [Member] | Noncontrolling Interest [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Malibu Boat LLC [Member] | Black Canyon Management LLC [Member] | Black Canyon Management LLC [Member] | IPO [Member] | Over-Allotment Option [Member] | IPO [Member] | Over-Allotment Option [Member] | Class A Common Stock [Member] | IPO [Member] | |||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | 8,214,285 | ' | ' | ' | 8,214,285 | 1,071,427 | ' | ' | ' | ' | ' | 7,642,996 | 899,252 | 571,289 | 172,175 | ' | ' | ' | 2,840,545 |
Share price | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | $10 | ' | ' | $99,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire units of LLC | ' | 69,800,000 | ' | ' | ' | 29,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | ' | ' | ' | ' | ' | 63,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other payments | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 100 | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,054,830 | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | ' | ' | ' | ' | ' | 49.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting power and control | ' | 100.00% | ' | ' | ' | 50.70% | ' | ' | ' | 36.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting agreement, percentage of board of directors to be nominated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Voting agreement, percentage of voting power owned by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | 50.70% | 50.70% | 50.70% | ' | ' | ' | 12.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units, Outstanding Limited Liability Company | ' | 11,054,830 | ' | ' | ' | 11,373,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.10% | 37.30% | ' | ' |
Tax Receivable Agreement, percentage of realized cash saving in tax to pass thru | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected share-based compensation cost in connection with the Recapitalization and IPO | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Pro_Forma_In
Subsequent Events Pro Forma Income Statement (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
Pro Forma Adjustment [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Net sales | $0 | ' | $0 | ' | ' |
Cost of sales | 0 | ' | 0 | ' | ' |
Gross Profit | 0 | ' | 0 | ' | ' |
Selling and marketing | 0 | ' | 0 | ' | ' |
General and administrative | -21 | ' | -43 | ' | ' |
Amortization | 0 | ' | 0 | ' | ' |
Operating income (loss) | 21 | ' | 43 | ' | ' |
Other | 0 | ' | 0 | ' | ' |
Interest expense | 609 | ' | 1,771 | ' | ' |
Other expenses | 609 | ' | 1,771 | ' | ' |
Net income before provision for income taxes | 630 | ' | 1,814 | ' | ' |
Provision for income taxes | 1,126 | ' | 2,244 | ' | ' |
Net income | -496 | ' | -430 | ' | ' |
Noncontrolling interest | 2,967 | ' | 6,193 | ' | ' |
Net income attributable to members and stockholders | -3,463 | ' | -6,623 | ' | ' |
Pro Forma [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Net sales | 43,938 | ' | 87,242 | ' | ' |
Cost of sales | 32,242 | ' | 64,525 | ' | ' |
Gross Profit | 11,696 | ' | 22,717 | ' | ' |
Selling and marketing | 1,510 | ' | 2,942 | ' | ' |
General and administrative | 3,047 | ' | 4,980 | ' | ' |
Amortization | 1,295 | ' | 2,589 | ' | ' |
Operating income (loss) | 5,844 | ' | 12,206 | ' | ' |
Other | 6 | ' | 9 | ' | ' |
Interest expense | 0 | ' | -2 | ' | ' |
Other expenses | 6 | ' | 7 | ' | ' |
Net income before provision for income taxes | 5,850 | ' | 12,213 | ' | ' |
Provision for income taxes | 1,126 | ' | 2,244 | ' | ' |
Net income | 4,724 | ' | 9,969 | ' | ' |
Noncontrolling interest | 2,967 | ' | 6,193 | ' | ' |
Net income attributable to members and stockholders | 1,757 | ' | 3,776 | ' | ' |
Earnings per share, basic | $0.16 | ' | $0.35 | ' | ' |
Earnings per share, diluted | $0.16 | ' | $0.35 | ' | ' |
Weighted average number of shares outstanding, basic | 10,869,830 | ' | 10,869,830 | ' | ' |
Weighted average number of shares outstanding, dilutive | 10,869,830 | ' | 10,869,830 | ' | ' |
Malibu Boat LLC [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Net sales | 43,938 | 37,818 | 87,242 | 70,977 | ' |
Cost of sales | 32,242 | 28,524 | 64,525 | 53,815 | ' |
Gross Profit | 11,696 | 9,294 | 22,717 | 17,162 | ' |
Selling and marketing | 1,510 | 1,194 | 2,942 | 2,270 | ' |
General and administrative | 3,068 | 2,640 | 5,023 | 7,152 | ' |
Amortization | 1,295 | 1,295 | 2,589 | 2,589 | ' |
Operating income (loss) | 5,823 | 4,165 | 12,163 | 5,151 | ' |
Other | 6 | 2 | 9 | 5 | ' |
Interest expense | -609 | -400 | -1,773 | -750 | ' |
Other expenses | -603 | -398 | -1,764 | -745 | ' |
Net income before provision for income taxes | 5,220 | 3,767 | 10,399 | 4,406 | ' |
Provision for income taxes | 0 | 0 | 0 | 0 | ' |
Net income | 5,220 | 3,767 | 10,399 | 4,406 | 17,984 |
Noncontrolling interest | 0 | ' | 0 | ' | ' |
Net income attributable to members and stockholders | $5,220 | ' | $10,399 | ' | ' |
Class A Units [Member] | Malibu Boat LLC [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Earnings per share, basic and diluted | $0.12 | ' | ' | ' | ' |
Earnings per share, basic | $0.12 | $0.09 | $0.25 | $0.11 | ' |
Earnings per share, diluted | $0.12 | $0.09 | $0.24 | $0.10 | ' |
Weighted average number of shares outstanding, basic | 36,742 | 36,742 | 36,742 | 36,742 | ' |
Weighted average number of shares outstanding, dilutive | 36,742 | 36,742 | 36,742 | 36,742 | ' |
Class B Units [Member] | Malibu Boat LLC [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Earnings per share, basic and diluted | $0.12 | ' | ' | ' | ' |
Earnings per share, basic | $0.12 | $0.09 | $0.25 | $0.11 | ' |
Earnings per share, diluted | $0.12 | $0.09 | $0.24 | $0.10 | ' |
Weighted average number of shares outstanding, basic | 3,885 | 3,885 | 3,885 | 3,885 | ' |
Weighted average number of shares outstanding, dilutive | 3,885 | 3,885 | 3,885 | 3,885 | ' |
Class M Units [Member] | Malibu Boat LLC [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Earnings per share, basic and diluted | $0.12 | ' | ' | ' | ' |
Earnings per share, basic | $0.12 | $0.09 | $0.25 | $0.11 | ' |
Earnings per share, diluted | $0.12 | $0.09 | $0.24 | $0.10 | ' |
Weighted average number of shares outstanding, basic | 1,677 | 1,170 | 1,677 | 1,170 | ' |
Weighted average number of shares outstanding, dilutive | 1,970 | 1,922 | 1,970 | 1,922 | ' |
Subsequent_Events_Footnote_to_
Subsequent Events Footnote to Pro Forma Income Statement (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Pro Forma [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Statutory federal income tax rate | ' | 35.00% | 35.00% |
State income taxes, net of federal taxes | ' | 3.30% | 3.30% |
Permanent items | ' | 0.80% | -1.00% |
Effective tax rate | ' | 39.10% | 37.30% |
Weighted average number of shares outstanding, basic and diluted | 10,869,830 | ' | 10,869,830 |
Malibu Boat LLC [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | 50.70% | 50.70% |
Malibu Boat LLC [Member] | Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | 49.30% | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | 50.70% | 50.70% | 50.70% |
Contract Termination [Member] | Malibu Boat LLC [Member] | Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Payments for restructuring | 3,750 | ' | ' |
Class A Common Stock [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Common stock, shares, outstanding | ' | 100 | 100 |
Class A Common Stock [Member] | Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Share price | 14 | ' | ' |
Common stock shares issued | 8,214,285 | ' | ' |
Common stock, shares, outstanding | 11,054,830 | ' | ' |
Class A Common Stock [Member] | Pro Forma [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Common stock, shares, outstanding | ' | 11,054,830 | 11,054,830 |
Over-Allotment Option [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Common stock shares issued | 1,071,427 | ' | ' |
IPO [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Common stock shares issued | 8,214,285 | ' | ' |
Stock issued during period, shares, for general business purposes | 185,000 | ' | ' |
Noncontrolling Interest [Member] | IPO [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Common stock shares issued | 2,840,545 | ' | ' |
Subsequent_Events_Pro_Forma_Ba
Subsequent Events Pro Forma Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Cash | $10 | ' | ' | ' |
Total assets | 10 | ' | ' | ' |
Preferred stock | 0 | ' | ' | ' |
Additional paid in capital | 9 | ' | ' | ' |
Total liabilities and equity | 10 | ' | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 1 | ' | ' | ' |
Class B Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
Pro Forma Adjustment [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Cash | 2,590,000 | ' | ' | ' |
Trade receivables, net | 0 | ' | ' | ' |
Inventories, net | 0 | ' | ' | ' |
Prepaid expenses | -823,000 | ' | ' | ' |
Total current assets | 1,767,000 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Other intangible assets | 0 | ' | ' | ' |
Debt issuance costs, net | -915,000 | ' | ' | ' |
Deferred tax asset | 20,904,000 | ' | ' | ' |
Other assets | 0 | ' | ' | ' |
Total assets | 21,756,000 | ' | ' | ' |
Current maturities of long-term debt | -4,098,000 | ' | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Accrued expenses | 0 | ' | ' | ' |
Total current liabilities | -4,098,000 | ' | ' | ' |
Deferred gain on sale-leaseback | 0 | ' | ' | ' |
Payable pursuant to tax receivable agreement | 15,446,000 | ' | ' | ' |
Total debt less current maturities | -59,312,000 | ' | ' | ' |
Total liabilities | -47,964,000 | ' | ' | ' |
Preferred stock | 0 | ' | ' | ' |
Additional paid in capital | 16,122,000 | ' | ' | ' |
Accumulated earnings | -10,570,000 | ' | ' | ' |
Total (deficit) equity | 52,733,000 | ' | ' | ' |
Non-controlling interest | 16,987,000 | ' | ' | ' |
Total membersb and stockholdersb (deficit) equity | 69,720,000 | ' | ' | ' |
Total liabilities and equity | 21,756,000 | ' | ' | ' |
Pro Forma Adjustment [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 110,000 | ' | ' | ' |
Pro Forma Adjustment [Member] | Class B Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
Pro Forma Adjustment [Member] | Class A Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 35,601,000 | ' | ' | ' |
Pro Forma Adjustment [Member] | Class B Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 8,273,000 | ' | ' | ' |
Pro Forma Adjustment [Member] | Class M Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 3,197,000 | ' | ' | ' |
Pro Forma [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Cash | 7,121,000 | ' | ' | ' |
Trade receivables, net | 2,683,000 | ' | ' | ' |
Inventories, net | 15,992,000 | ' | ' | ' |
Prepaid expenses | 427,000 | ' | ' | ' |
Total current assets | 26,223,000 | ' | ' | ' |
Property and equipment, net | 8,246,000 | ' | ' | ' |
Goodwill | 5,718,000 | ' | ' | ' |
Other intangible assets | 14,946,000 | ' | ' | ' |
Debt issuance costs, net | 0 | ' | ' | ' |
Deferred tax asset | 20,904,000 | ' | ' | ' |
Other assets | 39,000 | ' | ' | ' |
Total assets | 76,076,000 | ' | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | ' |
Accounts payable | 9,999,000 | ' | ' | ' |
Accrued expenses | 11,532,000 | ' | ' | ' |
Total current liabilities | 21,531,000 | ' | ' | ' |
Deferred gain on sale-leaseback | 140,000 | ' | ' | ' |
Payable pursuant to tax receivable agreement | 15,446,000 | ' | ' | ' |
Total debt less current maturities | 0 | ' | ' | ' |
Total liabilities | 37,117,000 | ' | ' | ' |
Preferred stock | 0 | ' | ' | ' |
Additional paid in capital | 16,122,000 | ' | ' | ' |
Accumulated earnings | 5,740,000 | ' | ' | ' |
Total (deficit) equity | 21,972,000 | ' | ' | ' |
Non-controlling interest | 16,987,000 | ' | ' | ' |
Total membersb and stockholdersb (deficit) equity | 38,959,000 | ' | ' | ' |
Total liabilities and equity | 76,076,000 | ' | ' | ' |
Pro Forma [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 110,000 | ' | ' | ' |
Pro Forma [Member] | Class B Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
Pro Forma [Member] | Class A Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 0 | ' | ' | ' |
Pro Forma [Member] | Class B Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 0 | ' | ' | ' |
Pro Forma [Member] | Class M Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 0 | ' | ' | ' |
Pro Forma IPO Equity [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Preferred stock | 0 | ' | ' | ' |
Additional paid in capital | -47,242,000 | ' | ' | ' |
Accumulated earnings | 16,310,000 | ' | ' | ' |
Total membersb and stockholdersb (deficit) equity | -30,761,000 | ' | ' | ' |
Pro Forma IPO Equity [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 171,000 | ' | ' | ' |
Pro Forma IPO Equity [Member] | Class B Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
Pro Forma IPO Equity [Member] | Class A Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 0 | ' | ' | ' |
Pro Forma IPO Equity [Member] | Class B Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 0 | ' | ' | ' |
Pro Forma IPO Equity [Member] | Class M Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | 0 | ' | ' | ' |
Malibu Boat LLC [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Cash | 4,531,000 | 15,957,000 | 14,170,000 | 14,797,000 |
Trade receivables, net | 2,683,000 | 7,642,000 | ' | ' |
Inventories, net | 15,992,000 | 11,639,000 | ' | ' |
Prepaid expenses | 1,250,000 | 223,000 | ' | ' |
Total current assets | 24,456,000 | 35,461,000 | ' | ' |
Property and equipment, net | 8,246,000 | 6,648,000 | ' | ' |
Goodwill | 5,718,000 | 5,718,000 | ' | ' |
Other intangible assets | 14,946,000 | 17,535,000 | ' | ' |
Debt issuance costs, net | 915,000 | 531,000 | ' | ' |
Deferred tax asset | 0 | 0 | ' | ' |
Other assets | 39,000 | 34,000 | ' | ' |
Total assets | 54,320,000 | 65,927,000 | ' | ' |
Current maturities of long-term debt | 4,098,000 | 3,326,000 | ' | ' |
Accounts payable | 9,999,000 | 11,655,000 | ' | ' |
Accrued expenses | 11,532,000 | 10,524,000 | ' | ' |
Total current liabilities | 25,629,000 | 25,505,000 | ' | ' |
Deferred gain on sale-leaseback | 140,000 | 145,000 | ' | ' |
Payable pursuant to tax receivable agreement | 0 | 0 | ' | ' |
Total debt less current maturities | 59,312,000 | 20,263,000 | ' | ' |
Total liabilities | 85,081,000 | 45,913,000 | ' | ' |
Preferred stock | 0 | ' | ' | ' |
Additional paid in capital | 0 | 0 | ' | ' |
Accumulated earnings | 16,310,000 | 5,913,000 | ' | ' |
Total (deficit) equity | -30,761,000 | ' | ' | ' |
Non-controlling interest | 0 | ' | ' | ' |
Total membersb and stockholdersb (deficit) equity | -30,761,000 | 20,014,000 | ' | ' |
Total liabilities and equity | 54,320,000 | 65,927,000 | ' | ' |
Malibu Boat LLC [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
Malibu Boat LLC [Member] | Class B Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
Malibu Boat LLC [Member] | Class A Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | -35,601,000 | 16,978,000 | ' | ' |
Malibu Boat LLC [Member] | Class B Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | -8,273,000 | -2,417,000 | ' | ' |
Malibu Boat LLC [Member] | Class M Units [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Capital units, value | ($3,197,000) | ($460,000) | ' | ' |
Subsequent_Events_Pro_Forma_Ba1
Subsequent Events Pro Forma Balance Sheet - Parenthetical (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Subsequent Event [Line Items] | ' | ' |
Common stock, shares authorized | 150,000,000 | ' |
Common stock, shares issued | 100 | ' |
Preferred stock, par value (per share) | 0.01 | ' |
Preferred stock, shares authorized | 25,000,000 | ' |
Preferred stock, shares issued | 0 | ' |
Preferred stock, shares outstanding | 0 | ' |
Class A Common Stock [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock, par value (per share) | 0.01 | ' |
Common stock, shares authorized | 100,000,000 | ' |
Common stock, shares issued | 100 | ' |
Common stock, shares, outstanding | 100 | ' |
Class B Common Stock [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock, par value (per share) | 0.01 | ' |
Common stock, shares authorized | 25,000,000 | ' |
Common stock, shares issued | 0 | ' |
Common stock, shares, outstanding | 0 | ' |
Pro Forma [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Preferred stock, par value (per share) | 0.01 | ' |
Preferred stock, shares authorized | 25,000,000 | ' |
Preferred stock, shares issued | 0 | ' |
Preferred stock, shares outstanding | 0 | ' |
Pro Forma [Member] | Class A Common Stock [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock, par value (per share) | 0.01 | ' |
Common stock, shares authorized | 100,000,000 | ' |
Common stock, shares issued | 11,054,830 | ' |
Common stock, shares, outstanding | 11,054,830 | ' |
Pro Forma [Member] | Class B Common Stock [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock, par value (per share) | 0.01 | ' |
Common stock, shares authorized | 25,000,000 | ' |
Common stock, shares issued | 0 | ' |
Common stock, shares, outstanding | 0 | ' |
Malibu Boat LLC [Member] | Class A Units [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Capital units, authorized | 37,000 | 37,000 |
Capital units, issued | 36,742 | 36,742 |
Common Unit, Outstanding | 36,742 | 36,742 |
Malibu Boat LLC [Member] | Class B Units [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Capital units, authorized | 3,885 | 3,885 |
Capital units, issued | 3,885 | 3,885 |
Common Unit, Outstanding | 3,885 | 3,885 |
Malibu Boat LLC [Member] | Class M Units [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Capital units, authorized | 4,602 | 2,658 |
Capital units, issued | 1,677 | 1,421 |
Common Unit, Outstanding | 1,677 | 1,421 |
Subsequent_Events_Footnote_to_1
Subsequent Events Footnote to Pro Forma Balance Sheet (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 | |
Subsequent Event [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Contract Termination [Member] | Pro Forma Adjustment [Member] | Pro Forma Adjustment [Member] | Pro Forma Adjustment [Member] | Pro Forma Adjustment [Member] | Pro Forma [Member] | Pro Forma [Member] | Pro Forma [Member] | Over-Allotment Option [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Malibu Boat LLC [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | ||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $10 | ' | ' | ' | $4,531,000 | $14,170,000 | $15,957,000 | $14,797,000 | ' | ' | ' | ' | ' | ' | ' | $2,590,000 | ' | ' | ' | $7,121,000 | $7,121,000 | ' | ' |
Proceeds from issuance of common stock | 10 | ' | ' | 99,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of LLC units from the LLC | ' | 69,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,762,000 | ' | 69,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | ' | ' | ' | ' | -25,179,000 | -22,324,000 | ' | ' | ' | ' | ' | -63,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Receivable Agreement, realized cash saving in tax to be pass through, payment term | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Receivable Agreement, percentage of realized cash saving in tax to pass thru | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.10% | 37.30% | ' | ' |
Share price | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in deferred tax assets attributable to tax basis change | ' | 18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in deferred tax assets attributable to historical tax basis | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Receivable Agreement, amount of realized cash saving in tax | ' | 15,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IPO, net effect of tax, percentage | ' | 14.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital units, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,100,000 | ' | ' | ' | ' | ' | ' |
Common stock, value, issued | ' | ' | 1 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 110,000 | 100,000 | ' | ' | 110,000 | ' |
IPO and Recapitalization, net effect of tax, amount | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $915,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | ' | ' | ' | ' | ' | ' | ' | ' | 49.30% | ' | ' | 49.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | 50.70% | ' | 50.70% | 50.70% | 50.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | 8,214,285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,071,427 |
Subsequent_Events_LLC_Details
Subsequent Events - LLC (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Feb. 05, 2014 | Jan. 27, 2014 | Jan. 03, 2014 | Feb. 05, 2014 | |
Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Class A Common Stock [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Payments of Capital Distribution | $61,236,000 | $15,395,000 | ' | $3,200,000 | ' | ' |
Dividend restriction | ' | ' | ' | ' | $5,000,000 | ' |
Common stock shares issued | ' | ' | ' | ' | ' | 8,214,285 |
Share price | ' | ' | ' | ' | ' | $14 |
Malibu boats, Inc, cumulative percentage ownership after all transactions | ' | ' | 49.30% | ' | ' | ' |