Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 24, 2014 | Sep. 24, 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-K | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,436,094 | 43 |
Entity Public Float | $114.80 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Gross Profit [Abstract] | ' | ' | ' |
Net sales | $190,935 | $167,012 | $140,892 |
Cost of sales | 140,141 | 123,412 | 110,849 |
Gross profit | 50,794 | 43,600 | 30,043 |
Operating Expenses [Abstract] | ' | ' | ' |
Selling and marketing | 6,098 | 4,937 | 4,071 |
General and administrative | 39,974 | 14,177 | 8,307 |
Amortization | 5,177 | 5,178 | 5,178 |
Operating (loss) income | -455 | 19,308 | 12,487 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Other | 9 | 10 | 52 |
Interest expense | -2,962 | -1,334 | -1,433 |
Other expense | -2,953 | -1,324 | -1,381 |
Net (loss) income before benefit for income taxes | -3,408 | 17,984 | 11,106 |
Income tax benefit | -2,220 | 0 | 0 |
Net (loss) income | -1,188 | 17,984 | 11,106 |
Net (loss) income attributable to non-controlling interest | 3,488 | 17,984 | 11,106 |
Net loss attributable to Malibu Boats, Inc. | ($4,676) | $0 | $0 |
Basic loss per share of Class A Common Stock | ($0.42) | $0 | ' |
Diluted loss per share of Class A Common Stock 1 | ($0.42) | $0 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Current [Abstract] | ' | ' |
Cash | $12,173 | $15,957 |
Trade receivables, net | 6,475 | 7,642 |
Inventories, net | 12,890 | 11,639 |
Deferred tax asset | 500 | 0 |
Prepaid expenses | 2,272 | 223 |
Total current assets | 34,310 | 35,461 |
Property and equipment, net | 10,963 | 6,648 |
Goodwill | 5,718 | 5,718 |
Other intangible assets | 12,358 | 17,535 |
Debt issuance costs, net | 0 | 531 |
Deferred tax asset | 21,452 | 0 |
Other assets | 0 | 34 |
Total assets | 84,801 | 65,927 |
Liabilities, Current [Abstract] | ' | ' |
Current maturities of long-term debt | 0 | 3,326 |
Accounts payable | 7,161 | 11,294 |
Accrued expenses: | ' | ' |
Compensation | 2,164 | 2,154 |
Warranties | 6,164 | 5,658 |
Dealer incentives | 2,404 | 2,709 |
Legal and professional fees | 1,490 | 361 |
Litigation | 20,000 | 0 |
Other | 462 | 3 |
Income tax and distribution payable | 2,121 | 0 |
Deferred Tax Liabilities, Net, Current | 995 | 0 |
Total current liabilities | 42,961 | 25,505 |
Deferred gain on sale-leaseback | 134 | 145 |
Payable pursuant to tax receivable agreement | 13,636 | 0 |
Long-term debt, less current maturities | 0 | 20,263 |
Total liabilities | 56,731 | 45,913 |
Commitments and contingencies (See Note 14) | ' | ' |
Equity [Abstract] | ' | ' |
Preferred stock | 0 | 0 |
Additional paid in capital | 23,835 | 0 |
Accumulated (deficit) earnings | -4,676 | 5,913 |
Total stockholders' equity attributable to Malibu Boats, Inc./members' equity | 19,269 | 20,014 |
Non-controlling interest | 8,801 | 0 |
Total stockholdersb/members' equity | 28,070 | 20,014 |
Total liabilities and equity | 84,801 | 65,927 |
Class A Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 110 | 0 |
Class B Common Stock [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Common stock | 0 | 0 |
Class A Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | 0 | 16,978 |
Class B Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | 0 | -2,417 |
Class M Units [Member] | ' | ' |
Equity [Abstract] | ' | ' |
Capital units, value | $0 | ($460) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Class A Units [Member] | Class A Units [Member] | Class B Units [Member] | Class B Units [Member] | Class M Units [Member] | Class M Units [Member] | |||
Common stock, par value (per share) | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (per share) | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 25,000,000 | 0 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 0 | 0 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' |
Common unit, authorized | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 |
Common unit, issued | ' | ' | 36,742 | 37,000,000 | 0 | 3,885,000 | 2,658 | 0 |
Common unit, outstanding | ' | ' | 36,742 | 37,000,000 | 0 | 3,885,000 | 1,421 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Membersb and Stockholders' Equity (USD $) | Total | Accumulated Earnings (Deficit) [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Class A Units [Member] | Class B Units [Member] | Class M Units [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock [Member] | Common Stock [Member] | Accumulated Earnings (Deficit) [Member] | LLC Units [Member] | Class A Units [Member] | Class B Units [Member] | Class M Units [Member] | |||||
USD ($) | USD ($) | USD ($) | Member Units [Member] | Member Units [Member] | Member Units [Member] | Member Units [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
Beginning member amount at Jun. 30, 2011 | $14,467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($23,177) | $0 | $37,000 | $526 | $118 |
Beginning member units at Jun. 30, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 37,000,000 | 3,885,000 | 469,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | 11,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,106 | ' | ' | ' | ' |
Stock based compensation | 132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132 |
Membership units vested | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 559,000 |
Partners' Capital Account, Units, Treasury Units Purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -258,000 | ' | -113,000 |
Partners' Capital Account, Treasury Units, Purchased | -260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -223 | ' | -37 |
Stockholders' Equity at Jun. 30, 2012 | ' | 0 | 0 | 0 | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' |
Ending member amount at Jun. 30, 2012 | 25,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,071 | 0 | 36,777 | 526 | 213 |
Ending member units at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 36,742,000 | 3,885,000 | 915,000 |
Common stock (in shares) at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | 17,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,984 | ' | ' | ' | ' |
Stock based compensation | 127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127 |
Membership units vested | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 506,000 |
Distributions | -23,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,799 | -2,943 | -800 |
Stockholders' Equity at Jun. 30, 2013 | 20,014 | 0 | 0 | 0 | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' |
Ending member amount at Jun. 30, 2013 | 20,014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,913 | 0 | 16,978 | -2,417 | -460 |
Ending member units at Jun. 30, 2013 | ' | ' | ' | ' | 37,000,000 | 3,885,000 | 0 | ' | ' | ' | ' | ' | 0 | 36,742,000 | 3,885,000 | 1,421,000 |
Common stock (in shares) at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | 10,448 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,448 | ' | ' | ' | ' |
Stock based compensation | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 |
Membership units vested | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 304,000 |
Distributions | -64,627 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,172 | -6,474 | -2,981 |
Issuance of common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,412,000 | ' | 34 | ' | ' | ' | ' | ' |
Issuance of common stock | 47,766 | ' | 47,732 | ' | ' | ' | ' | ' | 34 | ' | ' | ' | ' | ' | ' | ' |
Exchange of LLC Units held by selling shareholders for Class A Common Stock upon merger of entities in Recapitalization | -47,766 | ' | -47,766 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of previous classes of units into LLC units as part of the Recapitalization (units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,374,000 | -36,742,000 | -3,885,000 | -1,725,000 |
Conversion of previous classes of units into LLC units as part of the Recapitalization | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,450 | 38,194 | 8,891 | 3,365 |
Stockholders' Equity at Feb. 05, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning member amount at Feb. 05, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | -11,636 | -4,676 | ' | -6,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | -2,583 | ' | ' | -2,583 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, shares, issued for services | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, value, issued for services | 1,010 | ' | 1,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,643,000 | ' | 44 | ' | ' | ' | ' | ' |
Issuance of common stock | 99,512 | ' | 99,436 | ' | ' | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' |
Allocation of non-controlling interest in LLC (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,374,000 | ' | ' | ' |
Allocation of non-controlling interest in LLC | ' | ' | -52,433 | 18,344 | ' | ' | ' | ' | ' | ' | ' | -16,361 | 50,450 | ' | ' | ' |
Purchase of LLC Units from existing owners of LLC | -29,762 | ' | -29,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in payable pursuant to the tax receivable agreement | -13,636 | ' | -13,636 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in deferred tax asset from step-up in tax basis | 18,303 | ' | 18,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized offering costs | -1,550 | ' | -1,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 2,501 | ' | 2,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity at Jun. 30, 2014 | 28,070 | -4,676 | 23,835 | 8,801 | ' | ' | ' | ' | 110 | ' | 0 | ' | ' | ' | ' | ' |
Ending member amount at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 |
Ending member units at Jun. 30, 2014 | ' | ' | ' | ' | 36,742 | 0 | 1,421 | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 |
Common stock (in shares) at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | 11,064,201 | 11,064,000 | 44 | 44 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating activities [Abstract] | ' | ' | ' |
Net (loss) income | ($1,188) | $17,984 | $11,106 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Non-cash compensation expense | 2,577 | 127 | 132 |
Non-cash litigation settlement payable | 20,000 | 0 | 0 |
Depreciation | 1,600 | 1,090 | 895 |
Amortization of intangible assets | 5,177 | 5,178 | 5,178 |
Gain on sale-leaseback transaction | -11 | -11 | -11 |
Amortization of deferred financing costs | 1,583 | 148 | 181 |
Change in fair value of derivative | 28 | -28 | 0 |
Deferred income taxes | -2,654 | 0 | 0 |
(Gain) loss on sale of equipment | -9 | 0 | 5 |
Change in operating assets and liabilities: | ' | ' | ' |
Trade receivables | 1,167 | -161 | -3,675 |
Inventories | -1,251 | -2,516 | 944 |
Prepaid expenses and other assets | -1,332 | -211 | 145 |
Accounts payable | -4,133 | 1,441 | -1,189 |
Accrued expenses | 2,098 | 2,858 | 1,784 |
Income taxes payable | 113 | 0 | 0 |
Net cash provided by operating activities | 23,765 | 25,899 | 15,495 |
Investing activities: | ' | ' | ' |
Purchases of property and equipment | -5,915 | -2,878 | -2,651 |
Proceeds from sale of property and equipment | 9 | 0 | 0 |
Net cash used in investing activities | -5,906 | -2,878 | -2,651 |
Financing activities: | ' | ' | ' |
Principal payments on long-term borrowings | -88,589 | -26,155 | -6,872 |
Proceeds from long-term borrowings | 65,000 | 28,500 | 0 |
Payment of deferred financing costs | -1,052 | -664 | 0 |
Proceeds from issuance of Class A Common Stock in initial public offering, net of underwriting discounts | 99,512 | 0 | 0 |
Purchase of units from existing LLC Unit holders | -29,762 | 0 | 0 |
Payment of costs directly associated with initial public offering | -1,550 | 0 | 0 |
Distributions to non-controlling LLC Unit holders | -65,202 | -23,542 | 0 |
Repurchase of member units | 0 | 0 | -260 |
Net cash used in financing activities | -21,643 | -21,861 | -7,132 |
Changes in cash | -3,784 | 1,160 | 5,712 |
CashbBeginning of period | 15,957 | 14,797 | 9,085 |
CashbEnd of period | 12,173 | 15,957 | 14,797 |
Supplemental cash flow information: | ' | ' | ' |
Cash paid for interest | 1,383 | 1,190 | 1,241 |
Cash paid for income taxes | 392 | 0 | 0 |
Non-cash financing activities: | ' | ' | ' |
Initial establishment of deferred tax assets | 18,303 | 0 | 0 |
Initial establishment of amounts payable under tax receivable agreements | 13,636 | 0 | 0 |
Exchange of LLC Units held by selling shareholders for Class A Common Stock upon merger of entities in Recapitalization | 47,766 | 0 | 0 |
Tax distributions payable to non-controlling LLC Unit holders | 2,008 | 0 | 0 |
Stock issued during period, value, issued for services | 1,010 | ' | ' |
Equity issued for services | ' | $0 | $0 |
Organization_Basis_of_Presenta
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | ' | |||||||
Organization, Basis of Presentation, and Summary of Significant Accounting Policies | ||||||||
Organization | ||||||||
Malibu Boats, Inc. (together with its subsidiaries, 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 of shares of common stock. The Company was 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 Recapitalization and IPO transactions completed on February 5, 2014 (as such terms are defined in Note 2), the Company became the sole managing member of and has a controlling interest in Malibu Boats Holdings, LLC (the "LLC"). As the sole managing member the Company operates and controls all of the LLC's business and affairs and, therefore, pursuant to Accounting Standards Codification (“ASC”) Topic 810, "Consolidation", consolidates the financial results of the LLC and its subsidiaries, and recorded a non-controlling interest for the economic interest in the Company held by the holders of units in the LLC ("LLC Units"). 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. | ||||||||
On June 2, 2014, the Company entered into a non-binding letter of intent to acquire all of the equity interest of the Malibu Boats licensee in Australia. The Australian license business is operated by Malibu Boats Pty Ltd. and includes distribution rights in the Australia and New Zealand markets as well as manufacturing facility in Albury, Australia. The proposed acquisition is expected to close in the first half of fiscal year 2015, subject to negotiation and execution of definitive documentation. | ||||||||
Basis of Presentation | ||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Certain reclassifications have been made to the prior period presentation to conform to the current period presentation. Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted. | ||||||||
Principles of Consolidation | ||||||||
The accompanying consolidated financial statements include the operations and accounts of the Company and all subsidiaries thereof. All intercompany balances and transactions have been eliminated upon consolidation. | ||||||||
Non-controlling Interest | ||||||||
The non-controlling interest on the consolidated statement of operations represents the portion of earnings or loss attributable to the economic interest in the Company's subsidiary, Malibu Boats Holdings, LLC, held by the non-controlling LLC Unit holders. Non-controlling interest on the consolidated balance sheet represents the portion of net assets of the Company attributable to the non-controlling LLC Unit holders, based on the portion of the LLC Units owned by such unit holders. As of June 30, 2014, the non-controlling interest was 50.7%. | ||||||||
The balance of the non-controlling interest from the initial public offering date of February 5, 2014 (the "IPO") to June 30, 2014 is as follows (in thousands): | ||||||||
Balance held by the non-controlling LLC unit holders immediately after the IPO | $ | 18,344 | ||||||
Allocation of loss to the non-controlling LLC unit holders subsequent to the IPO | (6,960 | ) | ||||||
Distributions paid and payable to non-controlling LLC unit holders subsequent to IPO | (2,583 | ) | ||||||
Balance of non-controlling interest as of June 30, 2014 | $ | 8,801 | ||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. | ||||||||
Certain Significant Risks and Uncertainties | ||||||||
The Company is subject to those risks common in manufacture-driven markets, including, but not limited to, competitive forces, dependence on key personnel, consumer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations and the possibility of not being able to obtain additional financing if and when needed. | ||||||||
Concentration of Credit and Business Risk | ||||||||
A majority of the Company’s sales are made pursuant to floor plan financing programs in which the Company participates on behalf of its dealers through a contingent repurchase agreement with various third-party financing institutions. Under these arrangements, a dealer establishes a line of credit with one or more of these third-party lenders for the purchase of dealer boat inventory. When a dealer purchases and takes delivery of a boat pursuant to a floor plan financing arrangement, it draws against its line of credit and the lender pays the invoice cost of the boat directly to the Company within approximately two weeks. For dealers that use local floor plan financing programs or pay cash, the Company may extend credit without collateral under the dealer agreement based on the Company’s evaluation of the dealer’s credit risk and past payment history. The Company maintains allowances for potential credit losses that it believes are adequate. Refer to Note 1 “Trade Accounts Receivable” for factors considered in determining the Company’s allowance for doubtful accounts. | ||||||||
As of June 30, 2014 (unaudited), the Company’s distribution channel consisted of over 150 independent dealers worldwide. No single dealer accounted for 4.7% or more of the Company’s unit volume for the fiscal years ended June 30, 2014 and 2013. The Company’s top ten dealers represented 34.1% and 36.1% of the Company’s volume for the fiscal years ended June 30, 2014 and 2013, respectively. | ||||||||
Cash | ||||||||
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. As of June 30, 2014 and 2013, no highly liquid investments were held and the entire balance consists of traditional cash. | ||||||||
At June 30, 2014 and 2013, substantially all cash on hand was held by one financial institution. This cash on deposit may be, at times, in excess of insurance limits provided by the FDIC. | ||||||||
Trade Accounts Receivable | ||||||||
Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. As of June 30, 2014 and 2013, the allowance for doubtful receivables was $123 and $254, respectively. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. A trade receivable is considered to be past due if any portion of the receivable balance is outstanding beyond customer terms. | ||||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or market, determined on the first in, first out (“FIFO”) basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. | ||||||||
Capitalization of Offering Costs | ||||||||
Capitalized offering costs are costs directly attributable to the Company's equity offerings. As of June 30, 2014, $644 of costs directly attributable to the follow-on offering completed on July 15, 2014 (the "Follow-on Offering") were capitalized as prepaid assets. Refer to Note 18 for additional information regarding the Follow-on Offering. Upon closing of the Follow-on Offering, these costs were netted against the proceeds and, as such, were reclassified into additional paid in capital. | ||||||||
Property and Equipment | ||||||||
Property and equipment acquired outside of acquisition are stated at cost. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is accounted for in the statement of operations. Major additions are capitalized; maintenance, repairs and minor improvements are charged to operating expenses as incurred if they do not increase the life or productivity of the related capitalized asset. Depreciation on leasehold improvements is computed using the straight-line method based on the lesser of the remaining lease term or the estimated useful life and depreciation of equipment is computed using the straight-line method over the estimated useful life as follows: | ||||||||
Years | ||||||||
Leasehold improvements | Shorter of useful life or lease term | |||||||
Machinery and equipment | 5-Mar | |||||||
Furniture and fixtures | 5-Mar | |||||||
The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC Topic 360, “Property, Plant, and Equipment”. In accordance with ASC Topic 360, long-lived assets to be held are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. The Company periodically reviews for any indicators and, if indicators are present, tests the carrying value of long-lived assets, assessing their net realizable values based on estimated undiscounted cash flows over their remaining estimated useful lives. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recorded for the fiscal years ended June 30, 2014, 2013 and 2012 in the Company’s consolidated financial statements. | ||||||||
Goodwill | ||||||||
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis, as of June 30, unless circumstances indicate the need for impairment testing between the annual tests in accordance with the provisions of ASC Topic 350, “Intangibles—Goodwill and Other.” If this assessment indicates the possibility of impairment, the income approach to test for goodwill impairment would be used unless circumstances indicate that a better estimate of fair value was available. Under the income approach, management calculates the fair value of its reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then management determines the implied fair value of the reporting unit’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. The Company did not recognize any goodwill impairment charges in the fiscal years ended June 30, 2014, 2013 and 2012. | ||||||||
Intangible Assets | ||||||||
Intangible assets consist primarily of relationships, product trade names and legal and contractual rights surrounding a patent. These assets are recorded at their estimated fair values at the acquisition dates using the income approach. These assets are being amortized using straight-line method based on their estimated useful lives ranging from eight to 15 years. The estimated useful lives of acquired dealer relationships consider the average length of dealer relationships at the time of acquisition, historical rates of dealer attrition and retention, the Company’s history of renewal and extension of dealer relationships, as well as competitive and economic factors resulting in a range of useful lives. The estimated useful lives of the Company’s product trade names are based on a number of factors including technological obsolescence and the competitive environment. The estimated useful lives of legal and contractual rights are estimated based on the benefits that the patent provides for its remaining terms unless competitive, technological obsolescence or other factors indicate a shorter life. | ||||||||
Management, assisted by third-party valuation specialists, determined the estimated fair values of separately identifiable intangible assets at the date of acquisition under the income approach. Significant data and assumptions used in the valuations included cost, market and income comparisons, discount rates, royalty rates and management forecasts. Discount rates for each intangible asset were selected based on judgment of relative risk and approximate rates of returns investors in the subject assets might require. The royalty rates were developed using weighted average rates, which were based on projected sales and profits of products sold and management’s assessment of the intangibles’ importance to the sales and profitability of the product. Management provided forecasts of financial data pertaining to assets, liabilities and income statement balances to be utilized in the valuations. While management believes the assumptions, estimates, appraisal methods and ensuing results are appropriate and represent the best evidence of fair value in the circumstances, modification or use of other assumptions or methods could have yielded different results. | ||||||||
The carrying amount of intangible assets are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable. The carrying value of these assets is compared to the undiscounted future cash flows the assets are expected to generate. If the asset is considered to be impaired, the carrying value is compared to the fair value and this difference is recognized as an impairment loss. There was no impairment loss recognized on intangible assets for the fiscal years ended June 30, 2014, 2013 and 2012. | ||||||||
Income Taxes | ||||||||
Malibu Boats, Inc. is taxed as a C corporation for U.S. income tax purposes and is therefore subject to both federal and state taxation at a corporate level. Following the IPO, the LLC continues to operate in the United States as a partnership for U.S. federal income tax purposes. | ||||||||
The Company files various federal and state tax returns, including some returns that are consolidated with subsidiaries. The Company accounts for the current and deferred tax effects of such returns using the asset and liability method. Significant judgments and estimates are required in determining its current and deferred tax assets and liabilities, which reflect its best assessment of the estimated future taxes the Company will pay. These estimates are updated throughout the year to consider income tax return filings, its geographic mix of earnings, legislative changes and other relevant items. | ||||||||
The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of assets and liabilities and the amounts used for income tax purposes. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. | ||||||||
Each quarter the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. A summary of its deferred tax assets is included in Note 10. | ||||||||
On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. | ||||||||
If the Company later determines that realization is more likely than not for deferred tax assets with a valuation allowance, the related valuation allowance will be reduced. Conversely, if the Company determines that it is more likely than not that it will not be able to realize a portion of its deferred tax assets, the Company will increase the valuation allowance. | ||||||||
The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the income tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized. Its liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's income tax provision includes the net impact of changes in the liability for unrecognized tax benefits. | ||||||||
The years open to tax examinations vary by jurisdiction. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. | ||||||||
The Company considers an issue to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution, unrecognized tax benefits will be reversed as a discrete event. | ||||||||
The Company's liability for unrecognized tax benefits is generally presented as noncurrent. However, if the Company anticipates paying cash within one year to settle an uncertain tax position, the liability is presented as current. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. | ||||||||
Revenue Recognition | ||||||||
The Company generally manufactures products based on specific orders from dealers and often ships completed products only after receiving credit approval from financial institutions. Revenue is primarily recorded when all of the following conditions have been met: | ||||||||
• | an order for a product has been received; | |||||||
• | a common carrier signs the delivery ticket accepting responsibility for the product; and | |||||||
• | the product is removed from the Company’s property for delivery. | |||||||
These conditions are generally met when title passes, which is when boats are shipped to dealers in accordance with shipping terms, which are primarily free on board shipping point. | ||||||||
Dealers generally have no rights to return unsold boats. From time to time, however, the Company may accept returns in limited circumstances and at the Company’s discretion under its warranty policy, which generally limits returns to instances of manufacturing defects. The Company estimates the costs that may be incurred under its basic limited warranty and records as a liability the amount of such costs at the time the product revenue is recognized. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The Company accrues estimated losses when a loss, due to the default of one of its dealers, is determined to be probable and the amount of the loss is reasonably estimable. Refer to Note 6 and Note 14 related to the Company’s product warranty and repurchase commitment obligations, respectively. | ||||||||
Revenue from boat part sales is recorded as the product is shipped from the Company’s location, which is free on board shipping point. | ||||||||
Revenue associated with sales of materials, parts, boats or engine products sold under the Company’s exclusive manufacturing and distribution agreement with its Australian licensee are recognized under free on board port of disembarkment terms, the point at which the risks of ownership and loss pass to the licensee. The Company also earns royalties from its Australian licensee, which are accrued on a monthly basis based on a percentage of the licensee’s gross sales. Royalties earned are paid to the Company on a quarterly basis. | ||||||||
Revenue associated with sales to the independent representative responsible for international sales is recognized in accordance with free on board shipping point terms, the point at which the risks of ownership and loss pass to the representative. A fixed percentage discount is earned by the independent representative at the time of shipment to the representative as a reduction in the price of the boat and is recorded in our consolidated statement of operations as a reduction in sales. | ||||||||
Delivery Costs | ||||||||
Shipping and freight costs are included in cost of goods sold in the accompanying consolidated statements of operations. | ||||||||
Rebates, Promotions, Floor Financing and Incentives | ||||||||
The Company provides for various structured dealer rebate and sales promotions incentives, which are recognized as a reduction in net sales, at the time of sale to the dealer. Examples of such programs include rebates, seasonal discounts, promotional co-op arrangements and other allowances. Dealer rebates and sales promotion expenses are estimated based on current programs and historical achievement and/or usage rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from historical trends. | ||||||||
Free floor financing incentives includes payments to the lenders providing floor plan financing to the dealers or directly to the dealers themselves. Free floor financing incentives are estimated at the time of sale to the dealer based on the expected expense to the Company over the term of the free flooring period, ending in April each year, and are recognized as a reduction in sales. The Company accounts for both incentive payments directly to dealers and payment to third party lenders in this manner. | ||||||||
Changes in the Company’s accrual for dealer rebates were as follows: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ | 2,709 | $ | 1,801 | ||||
Add: Additions to dealer rebate incentive provision | 4,511 | 4,261 | ||||||
Less: Dealer rebates paid | (4,816 | ) | (3,353 | ) | ||||
Balance at end of year | $ | 2,404 | $ | 2,709 | ||||
Changes in the Company’s accrual for flooring financing were as follows: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ | — | $ | — | ||||
Add: Additions to flooring provision | 2,197 | 2,413 | ||||||
Less: Flooring paid | (2,197 | ) | (2,413 | ) | ||||
Balance at end of year | $ | — | $ | — | ||||
Accrued Expenses | ||||||||
The Company’s accrued expenses primarily consist of estimates for dealer rebates, promotions, floor financing, and incentives (see above), product warranties (refer to Note 6 for more information) and litigation settlement payable (refer to Note 14 for additional information) as well as normal obligations for compensation related costs and legal and professional fees. | ||||||||
Derivative Instruments | ||||||||
The Company follows the guidance set forth in ASC Topic 815, “Derivatives and Hedging,” which requires that an entity recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. Changes in fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction and, if it is, depending on the type of hedge transaction. As of June 30, 2013, the Company had a derivative instrument in the form of an interest rate swap. The interest rate swap was settled in connection with the pay down of all the amounts owed on the credit facilities and term loans with the proceeds from the Company's IPO on February 5, 2014. Refer to Note 8 for additional information. | ||||||||
Fair Value of Financial Instruments | ||||||||
Financial instruments for which the Company did not elect the fair value option include accounts receivable, prepaids and other current assets, short-term credit facilities, accounts payable, accrued expenses and other current liabilities. The carrying amounts of these financial instruments approximate their fair values as a result of their short-term nature or variable interest rates. A variable rate term note issued by the Company was used to extinguish the previously existing fixed rate subordinated debt during 2013. The carrying value of the Company’s debt approximated fair value. This term note was subsequently paid off in connection with the Company's IPO on February 5, 2014. See Note 9 for more information. | ||||||||
Fair Value Measurements | ||||||||
The Company applies the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, for fair value measurements of financial assets and financial liabilities, and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. In addition to the financial assets and liabilities measured on a recurring basis, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. This includes items such as nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and nonfinancial long-lived asset groups measured at fair value for an impairment assessment. In general, non-financial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized. See Note 9 for more information. | ||||||||
Equity-Based Compensation | ||||||||
The Company expenses employee share-based awards under ASC Topic 718, "Compensation—Stock Compensation", which requires compensation cost for the grant-date fair value of share-based awards to be recognized over the requisite service period. The Company estimates the grant date fair value of the share-based awards issued in the form of profit interests using the Black-Scholes option pricing model. The fair value of restricted stock unit awards are measured based on the market price of the Company’s stock on the grant date. See Note 12 for more information. | ||||||||
(Loss) Earnings Per Share | ||||||||
Basic (loss) earnings per share is computed by dividing net (loss) income attributable to Malibu Boats, Inc. by the weighted average shares outstanding during the period. Diluted (loss) earnings per share is computed by dividing net (loss) income attributable to Malibu Boats, Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted-average shares outstanding during the period and the impact of securities that would have a dilutive effect on (loss) earnings per share. See Note 13 for further discussion. | ||||||||
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 repurchase commitment is on an individual unit basis with a term from the date it is financed by the lending institution through payment date by the dealer, generally not exceeding two and a half years. The total amount financed under the floor financing programs with repurchase obligations was $63,200 and $51,800 at June 30, 2014 and 2013, respectively. Such agreements are customary in the industry and the Company’s exposure to loss under such agreements is limited by contractual caps and the resale value of the inventory which is required to be repurchased. No units were repurchased for the fiscal years ended June 30, 2014 and 2013. | ||||||||
Debt Issuance Costs | ||||||||
In July 2013, deferred financing costs of $1,016 were capitalized with the issuance of the new revolving credit facility and term note of Malibu Boats, LLC, a subsidiary of the Company. Unamortized debt issuance costs of $531 associated with the previously existing term note and revolving credit facility were expensed upon extinguishment of the 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 amounts owed under the existing credit facilities and term loans. Unamortized debt issuance costs of $965 associated with pay down were expensed upon settlement. Refer to Note 2 for further information regarding the IPO. Amortization of deferred financing costs, including those related to the extinguishment of the prior debt, of $1,583 and $148 were recorded for the fiscal years ended June 30, 2014 and 2013, respectively. Unamortized debt issuance costs were $0 and $531 at June 30, 2014 and 2013, respectively. These amounts were classified as other assets, net and were amortized over the term underlying credit agreement into interest expense using the effective interest method. See Note 7 for more information on credit agreement. | ||||||||
Advertising Costs | ||||||||
Advertising costs are expensed as incurred. Advertising expenses are included in selling and marketing expenses and were not material for fiscal years ended June 30, 2014, 2013 and 2012. | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board (the "FASB") and International Accounting Standards Board jointly issued a final standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This standard will supersede most current revenue recognition guidance. Under the new standard, entities are required to identify the contract with a customer; identify the separate performance obligations in the contract; determine the transaction price; allocate the transaction price to the separate performance obligations in the contract; and recognize the appropriate amount of revenue when (or as) the entity satisfies each performance obligation. The standard is effective for fiscal years, and the interim periods within those years, beginning on or after January 1, 2017. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The Company is currently evaluating the approach it will use to apply the new standard and the impact that the adoption of the new standard will have on the Company’s consolidated financial statements. | ||||||||
In December 2011 and February 2013, the FASB issued an amendment to the balance sheet topic of the ASC, which requires entities to disclose both gross and net information about both derivatives and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting agreement. The objective of the disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). This standard is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. Retrospective presentation for all comparative periods presented is required. The adoption of the standard had no impact on the Company’s results of operations or financial condition. | ||||||||
In July 2012, the FASB issued guidance on testing indefinite-lived intangible assets for impairment. Under the guidance, testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill has been simplified. The guidance allows an organization the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. An organization electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the organization determines, based on a qualitative assessment, that it is more likely than not that the asset is impaired. The guidance is effective for impairment tests for fiscal years beginning after September 15, 2012 and early adoption is permitted. This guidance did not have a material impact on the Company’s results of operations or financial condition. |
Recapitalization_and_Initial_P
Recapitalization and Initial Public Offering | 12 Months Ended | |
Jun. 30, 2014 | ||
Restructuring and Related Activities [Abstract] | ' | |
Recapitalization and Initial Public Offering | ' | |
Recapitalization and Initial Public Offering | ||
Recapitalization | ||
Immediately prior to the closing of the Company’s initial public offering (the "IPO") of Class A Common Stock, par value $0.01 per share ("Class A Common Stock") on February 5, 2014, a new single class of LLC Units of the LLC was allocated among the pre-IPO owners of the LLC in exchange for their prior membership interests 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 it was liquidated at the time of the IPO with a value implied by the IPO price of the shares of Class A Common Stock sold in the IPO. Immediately prior to the closing of the IPO, there were 17,071,424 LLC Units issued and outstanding. In addition, 34 shares of Class B Common Stock were issued, one to each existing LLC Unit holders. Further, on February 4, 2014, prior to the closing of the IPO, two holders of membership interests in the LLC merged with and into two newly formed subsidiaries of Malibu Boats, Inc. 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. Also, the Company redeemed for nominal consideration the initial 100 shares of Class A Common Stock issued to the Company's initial stockholder in connection with its formation. The foregoing transactions are referred to as the “Recapitalization.” | ||
IPO | ||
On February 5, 2014, the Company completed its IPO of 8,214,285 shares of Class A Common Stock at a price to the public of $14.00 per share for aggregate gross proceeds of $115,000. Of these proceeds, the Company received $99,512 and the selling shareholders received $7,438 after underwriting discounts and commissions of $8,050. 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 concurrently with the closing of the IPO. | ||
The Company used $69,750 of the net proceeds from the IPO to purchase 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 $63,410, (ii) to pay Malibu Boats Investor, LLC, an affiliate of the LLC, a fee of $3,750 upon the consummation of the IPO in connection with the termination of the LLC’s management agreement, and (iii) for general corporate purposes with the remaining amount of approximately $2,700. The Company used all of the remaining net proceeds from the IPO, or $29,762, 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. In connection with the repayment of the LLC’s credit facilities and term loans, debt issuance costs associated with the term loans were written off to interest expense. | ||
First Amended and Restated Limited Liability Company Agreement | ||
In connection with the Recapitalization and 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”). | ||
Net profits and net losses of the LLC will generally be allocated to the LLC’s members (including the Company) pro rata in accordance with the percentages of their respective limited liability company interests. The LLC Agreement provides for cash distributions to the holders of LLC Units if the Company determines that the taxable income of the LLC will give rise to taxable income for its members. In accordance with the LLC Agreement, the Company intends to cause the LLC to make cash distributions to holders of LLC Units for purposes of funding their tax obligations in respect of the income of the LLC that is allocated to them. | ||
Second Amendment to the First Amended and Restated Limited Liability Company Agreement | ||
On June 27, 2014, the Company, the managing member of the LLC, entered into a Second Amendment (the “Second Amendment”) to the LLC Agreement. The Second Amendment to the LLC Agreement amends the LLC Agreement by (i) providing that the schedule of members will be maintained at the Company’s principal executive offices, (ii) modifying the notice provisions related to registered offerings of Class A Common Stock, and (iii) modifying the term of the holdback period related to underwritten offerings of the Company’s securities. | ||
Voting Agreement | ||
In connection with the Recapitalization and IPO, 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 specified entities affiliated with Black Canyon Management LLC (and their permitted transferees) 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, par value $0.01 per share ("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 specified entities affiliated with Black Canyon Management LLC (and their permitted transferees) 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 and IPO, the Company entered into an exchange agreement (the “Exchange Agreement”) with the pre-IPO owners of the LLC, several of whom are directors and/or officers of the Company. Under the Exchange Agreement, each pre-IPO owner of the LLC (and certain permitted transferees thereof) has the right to 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 at the Company's option, except in the event of a change in control, for a cash payment equal to the market value of the Class A Common Stock. 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. The Exchange Agreement provides, however, that such exchanges must be for a minimum of the lesser of 1,000 LLC Units, all of the LLC Units held by the holder, or such amount as we determine to be acceptable. Further, the Exchange Agreement provides that LLC members do 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 LLC member may be subject or any of the Company's written policies related to unlawful or insider trading. The Exchange Agreement also provides that the Company may impose additional restrictions on exchanges that it determines to be necessary or advisable so that the LLC is not treated as a “publicly traded partnership” for U.S. federal income tax purposes. In addition, pursuant to the LLC Agreement, the Company as managing member of the LLC, has the right to require all members of the LLC to exchange their LLC Units for Class A Common Stock in accordance with the terms of the Exchange Agreement, subject to the consent of Black Canyon Management LLC and the holders of a majority of outstanding LLC Units other than those held by the Company. | ||
Registration Rights Agreement | ||
In connection with the Recapitalization and IPO, 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) the eighth anniversary of the IPO or (ii) termination of the Registration Rights Agreement by both (a) Black Canyon Management LLC and (b) holders owning two-thirds of the outstanding LLC Units covered by the Registration Rights Agreement. 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. | ||
First Amendment to the Registration Rights Agreement | ||
On June 27, 2014, the Company, Black Canyon Management LLC and affiliates of Black Canyon Capital LLC entered into the First Amendment (the “First Amendment”) to the Registration Rights Agreement. The First Amendment to the Registration Rights Agreement amends the Registration Rights Agreement by (i) modifying the notice provisions related to registered offerings of the Company’s Class A Common Stock and (ii) modifying the term of the holdback period related to underwritten offerings of the Company’s securities. | ||
Tax Receivable Agreement | ||
As a result of exchanges of LLC Units into Class A Common Stock and purchases by the Company of LLC Units from holders of LLC Units, the Company will become entitled to a proportionate share of the existing tax basis of the assets of the LLC at the time of such exchanges or purchases. In addition, such exchanges and purchases of LLC Units are expected to result in increases in the tax basis of the assets of the LLC that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. | ||
In connection with the Recapitalization and IPO, the Company entered into a tax receivable agreement (the “Tax Receivable Agreement”) with the pre-IPO owners of the LLC that provides for the payment by the Company to the pre-IPO owners (or their permitted assignees) of 85% of the amount of the benefits, if any, that the Company is deemed to realize as a result of (i) increases in tax basis and (ii) certain other tax benefits related to the Company entering into the Tax Receivable Agreement, including those attributable to payments under the Tax Receivable Agreement. These 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 pre-IPO owners of the LLC a lump-sum payment equal to the present value of all forecasted future payments that would have otherwise been made under the Tax Receivable Agreement that would be based on certain assumptions, including a deemed exchange of LLC Units and that the Company would have sufficient taxable income to fully utilize the deductions arising from the increased tax basis and other tax benefits related to entering into the Tax Receivable Agreement. The Company also is entitled to terminate the Tax Receivable Agreement, which, if terminated, would obligate the Company to make early termination payments to the pre-IPO owners of the LLC. In addition, a pre-IPO owner may elect to unilaterally terminate the Tax Receivable Agreement with respect to such pre-IPO owner, which would obligate the Company to pay to such existing owner certain payments for tax benefits received through the taxable year of the election. | ||
Effects of the Recapitalization and IPO | ||
As a result of the Recapitalization and the IPO, immediately after the IPO: | ||
• | Investors in the IPO collectively owned 8,214,285 shares of Class A Common Stock; | |
• | The two selling stockholders in the IPO, who were former holders of LLC Units, continued to collectively own 2,840,545 shares of Class A Common Stock; | |
• | The Company owned 11,054,830 LLC Units, representing 49.3% of the economic interest in the LLC; | |
• | Pre-IPO owners of the LLC collectively owned 11,373,737 LLC Units, representing 50.7% of the economic interest in the LLC; | |
• | Investors in the IPO collectively had 36.6% of the voting power in the Company; | |
• | The two selling stockholders in the IPO who were former holders of LLC Units, continued to collectively have 12.7% of the voting power in the Company; and | |
• | Pre-IPO owners of the LLC, through their holdings of the Company’s Class B Common Stock, collectively had 50.7% of the voting power in the Company, but not an economic interest in the Company. | |
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 ASC 805, "Business Combinations". Accordingly, after the Recapitalization, the assets and liabilities of the Company are reflected at their carryover basis. The acquisition of LLC units from the LLC Unit holders is accounted for under the general guidance of ASC Topic 810, "Consolidation", and ASC Topic 740, "Income Taxes", for transactions with noncontrolling shareholders, which states that the direct tax effects of a transaction with noncontrolling parties should be accounted for within equity. | ||
Capitalization of Offering Costs | ||
Capitalized offering costs include costs directly attributable to the IPO. Prior to the IPO, we had capitalized approximately $1,550 of offering costs as prepaid assets. Upon closing of the IPO on February 5, 2014, these costs were netted against the proceeds of the IPO and, as such, were reclassified into additional paid in capital. |
Inventories
Inventories | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories, net consisted of the following: | ||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||
Raw materials | $ | 9,786 | $ | 7,796 | ||||
Work in progress | 1,428 | 1,148 | ||||||
Finished goods | 2,440 | 3,151 | ||||||
Inventory obsolescence reserve | (764 | ) | (456 | ) | ||||
Net inventory | $ | 12,890 | $ | 11,639 | ||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment, net consisted of the following: | |||||||||
As of June 30, 2014 | As of June 30, 2013 | ||||||||
Land | $ | 254 | $ | 254 | |||||
Leasehold improvements | 2,039 | 1,604 | |||||||
Machinery and equipment | 11,257 | 7,320 | |||||||
Furniture and fixtures | 1,544 | 1,379 | |||||||
Construction in process | 2,987 | 1,683 | |||||||
18,081 | 12,240 | ||||||||
Less accumulated depreciation | (7,118 | ) | (5,592 | ) | |||||
$ | 10,963 | $ | 6,648 | ||||||
Depreciation expense was $1,600, $1,090 and $895 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, substantially all of which was recorded in cost of goods sold. | |||||||||
Sale-Leaseback Transaction | |||||||||
In March 2008, the Company sold its two primary manufacturing and office facilities for a total of $18,250, which resulted in a gain of $726. Expenses incurred related to the sale were $523. Simultaneous with the sale, the Company entered into an agreement to lease back the buildings for an initial term of 20 years. The net gain on this transaction of $203 has been deferred and is being amortized over the initial lease term. For each of the fiscal years ended June 30, 2014, 2013 and 2012, $11 of the realized gain was recognized. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||
The Company’s intangible assets and goodwill consisted of the following: | ||||||||||||||
As of June 30, 2014 | ||||||||||||||
Gross Carrying | Accumulated | Net Book | Useful Life | |||||||||||
Amount | Amortization | Value | ||||||||||||
Definite-lived intangibles: | ||||||||||||||
Dealer relationships | $ | 27,392 | $ | (27,106 | ) | $ | 286 | 8 years | ||||||
Patent | 1,386 | (915 | ) | 471 | 12 years | |||||||||
Trade name | 24,567 | (12,966 | ) | 11,601 | 15 years | |||||||||
Total definite-lived intangibles | 53,345 | (40,987 | ) | 12,358 | ||||||||||
Goodwill | 5,718 | — | 5,718 | |||||||||||
Total intangible assets and goodwill | $ | 59,063 | $ | (40,987 | ) | $ | 18,076 | |||||||
As of June 30, 2013 | ||||||||||||||
Gross Carrying | Accumulated | Net Book | Useful Life | |||||||||||
Amount | Amortization | Value | ||||||||||||
Definite-lived intangibles: | ||||||||||||||
Dealer relationships | $ | 27,392 | $ | (23,683 | ) | $ | 3,709 | 8 years | ||||||
Patent | 1,386 | (799 | ) | 587 | 12 years | |||||||||
Trade name | 24,567 | (11,328 | ) | 13,239 | 15 years | |||||||||
Total definite-lived intangibles | 53,345 | (35,810 | ) | 17,535 | ||||||||||
Goodwill | 5,718 | — | 5,718 | |||||||||||
Total intangible assets and goodwill | $ | 59,063 | $ | (35,810 | ) | $ | 23,253 | |||||||
Amortization expense recognized on all amortizable intangibles was $5,177, $5,178 and $5,178 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. As of June 30, 2014, the weighted average remaining useful lives for dealer relationships were 0.1 years, the weighted average remaining useful lives for patents were 4.1 years and the weighted average remaining useful lives for trade names were 7.1 years. | ||||||||||||||
Estimated future amortization expenses as of June 30, 2014 are as follows: | ||||||||||||||
Fiscal Year | As of June 30, 2014 | |||||||||||||
2015 | $ | 2,039 | ||||||||||||
2016 | 1,753 | |||||||||||||
2017 | 1,753 | |||||||||||||
2018 | 1,753 | |||||||||||||
2019 | 1,647 | |||||||||||||
Thereafter | 3,413 | |||||||||||||
$ | 12,358 | |||||||||||||
Product_Warranties
Product Warranties | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
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 by brand 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: | ||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||
Balance at beginning of year | $ | 5,658 | $ | 3,863 | ||||
Add: Additions to warranty provision | 2,907 | 3,756 | ||||||
Less: Warranty claims paid | (2,401 | ) | (1,961 | ) | ||||
Balance at end of year | $ | 6,164 | $ | 5,658 | ||||
Financing
Financing | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Financing | ' | ||||||||
Financing | |||||||||
Outstanding debt consisted of the following: | |||||||||
As of June 30, 2014 | As of June 30, 2013 | ||||||||
Short-term debt | |||||||||
Notes payable—equipment | $ | — | $ | 76 | |||||
Current maturities of long-term debt | — | 3,250 | |||||||
Long-term debt | |||||||||
Notes payable—equipment | — | — | |||||||
Term loan | — | — | |||||||
Previous term loan | — | 20,263 | |||||||
— | 23,589 | ||||||||
Less current maturities | — | (3,326 | ) | ||||||
Total debt less current maturities | $ | — | $ | 20,263 | |||||
Short-Term Debt | |||||||||
On March 31, 2011, the Company issued a promissory note to General Electric Capital Corporation in connection with the lease of production equipment for its manufacturing facility. Under the terms of the promissory note, payments of principal and interest were due in monthly installments with a final payment due in May 2014. As of June 30, 2014, the promissory note was paid in full. | |||||||||
Long-Term Debt | |||||||||
New Revolving Line of Credit and Term Loan. On July 16, 2013, Malibu Boats, LLC 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 previously existing revolving credit facility and term loan with the same bank. The obligations of Malibu Boats LLC under the credit agreement are currently guaranteed by its parent, Malibu Boats Holdings, LLC, and its subsidiary, Malibu Boats Domestic International Sales Corp. Malibu Boats, Inc. is not a party to the credit agreement. The lending arrangements are required to be guaranteed by the LLC and the present and future domestic subsidiaries of Malibu Boats, LLC and are secured by substantially all of the assets of the LLC, Malibu Boats, LLC and Malibu Domestic International Sales Corp., and those of any future domestic subsidiary pursuant to a security agreement. The revolving credit facility and term loan mature on July 16, 2018. | |||||||||
The Credit Agreement is comprised of a $10,000 revolving commitment, none of which was outstanding as of June 30, 2014, and a $65,000 term loan, which was repaid in full with the proceeds of the IPO. 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 Company also 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 June 30, 2014, the Company had no outstanding balance under the swingline facility. | |||||||||
Under the Credit Agreement, the Company has the ability to issue letters of credit up to $3,000, none of which was outstanding as of June 30, 2014. 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. | |||||||||
The credit agreement permits prepayment without any penalties. It contains certain customary representations and warranties, and notice requirements for the occurrence of specific events such as pending or threatened labor disputes, litigation or judgments over a certain amount. The credit agreement requires compliance with certain financial covenants that we believe are usual for facilities and transactions of this type, including a minimum ratio of EBITDA to fixed charges and a maximum ratio of total debt to EBITDA. The credit agreement also contains certain restrictive covenants, which, among other things, place limits on our activities and those of our subsidiaries, the incurrence of additional indebtedness and additional liens on property and limit the future payment of dividends or distributions. For example, the credit agreement generally prohibits the LLC, Malibu Boats, LLC and Malibu Domestic International Sales Corp. from paying dividends or making distributions, including to Malibu Boats, Inc. The credit agreement permits, however, distributions based on a member’s allocated taxable income, distributions to fund payments that are required under the tax receivable agreement, payments pursuant to stock option and other benefit plans up to $2.0 million in any fiscal year, dividends and distributions within the loan parties and dividends payable solely in interests of classes of securities. In addition, after June 30, 2014, the LLC may make dividends and distributions of up to $4.0 million in any fiscal year, subject to compliance with other financial covenants. The credit agreement specifies permitted liens, permitted investments and permitted debt. Affirmative covenants governing the timing of monthly, quarterly and annual financial reporting are also included in the credit agreement. For the fiscal years ended June 30, 2014 and 2013, the Company was in compliance with financial covenants contained in the Credit Agreement (unaudited). | |||||||||
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 2 for further information regarding the IPO. | |||||||||
Previous Revolving Line of Credit and Term Loan. On July 11, 2012, Malibu Boats, LLC entered into a revolving credit and term loan agreement with SunTrust Bank comprised of a $5,000 revolving commitment, none of which was outstanding as of June 30, 2013, and a $28,500 term loan commitment, $23,513 of which was outstanding as of June 30, 2013. The revolving credit facility and term loan were collateralized by substantially all of the Company’s assets. The proceeds from this revolving line of credit and term loan agreement were used to repay previously existing term and revolving loans. Borrowings against the revolving line of credit bore interest at the Company’s option of Bank Prime or LIBOR plus the applicable margin, as defined in the agreement. The Company had the ability to issue letters of credit under this agreement up to $3,000. At June 30, 2013, the effective rate on the previous revolving and term loan commitments were 6.5% and 3.94%, respectively. |
Derivative_Instrument
Derivative Instrument | 12 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
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 paid interest on a quarterly basis at a fixed rate of 0.61% and received interest at a variable rate equal to one-month LIBOR. The notional amount of the swap reduced 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 $0 and $28 for the fiscal years ended June 30, 2014 and 2013, respectively, 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 7 above. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
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 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 June 30, 2014: | ||||||||||||||||
Cash | $ | 12,173 | $ | 12,173 | $ | — | $ | — | ||||||||
Derivative instrument | — | — | — | — | ||||||||||||
Total assets at fair value | $ | 12,173 | $ | 12,173 | $ | — | $ | — | ||||||||
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 June 30, 2014 or 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. | ||||||||||||||||
There were no impairments recorded in connection with tangible and intangible long-lived assets for the fiscal years ended June 30, 2014, 2013 or 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
Income Taxes | |||||
In accordance with ASC Topic 740, "Income Taxes", income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax liabilities and assets, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rates in the period of change. Malibu Boats, Inc. is taxed as a C Corporation, which is subject to both federal and state taxation at a corporate level. Therefore, tax expense and deferred tax assets and liabilities reflect such status. | |||||
The components of provision for (benefit from) income taxes are as follows: | |||||
Fiscal Year Ended | |||||
June 30, 2014 | |||||
Current tax expense: | |||||
Federal | $ | 44 | |||
State | 376 | ||||
Foreign | 14 | ||||
Total Current | 434 | ||||
Deferred tax benefit: | |||||
Federal | (2,066 | ) | |||
State | (588 | ) | |||
Foreign | — | ||||
Total Deferred | (2,654 | ) | |||
Income tax benefit | $ | (2,220 | ) | ||
The income tax benefit differs from the amount computed by applying the federal statutory income tax rate to income from continuing operations before income taxes. The sources and tax effects of the differences are as follows: | |||||
Fiscal Year Ended | |||||
June 30, 2014 | |||||
Federal tax provision at statutory rate | 35 | % | |||
State income taxes, net of federal benefit | 5.5 | ||||
Permanent differences attributable to partnership investment | (9.9 | ) | |||
Non-controlling interest | 36.5 | ||||
Other, net | (1.9 | ) | |||
Total income tax expense on continuing operations | 65.2 | % | |||
The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiary operated as a limited liability company which was not subject to federal income tax. Accordingly, the portion of the Company’s subsidiary earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income. | |||||
The components of the Company's net deferred income tax assets and liabilities at June 30, 2014 are as follows: | |||||
As of June 30, 2014 | |||||
Deferred tax assets: | |||||
Litigation accrual | $ | 500 | |||
Partnership basis differences | 21,452 | ||||
Total deferred tax assets | 21,952 | ||||
Deferred tax liabilities: | |||||
Income tax deferral due to fiscal year end | 995 | ||||
Total deferred tax liabilities | 995 | ||||
Less valuation allowance | — | ||||
Total net deferred tax assets | $ | 20,957 | |||
In connection with completion of the Company's IPO on February, 5, 2014, the Company recorded deferred tax assets of $18,303 associated with basis differences in assets upon acquiring an interest in Malibu Boats Holdings, LLC and in anticipation of making a Section 754 election. The Company also recorded $13,636 in Tax Receivable Agreement liabilities representing 85% of the tax savings that the Company will receive in connection with the Section 754 election. The Company recorded a corresponding reduction to paid-in capital for the difference between the Tax Receivable Agreement liability and the related deferred tax asset. | |||||
On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence to determine whether realizability of deferred tax assets is more likely than not. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. At June 30, 2014, the Company concluded that no valuation allowance against deferred tax assets was necessary. | |||||
Unrecognized tax benefits are discussed in the Company's accounting policy for income taxes (refer to Note 1, Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Income Taxes). As of June 30, 2014, there was no liability for unrecognized tax benefits. Tax years 2011 through 2013 for the Company's subsidiary, Malibu Boats Holdings, LLC, remain open to examination in certain tax jurisdictions. The Company has not yet filed a tax return and therefore has no open tax years. |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended | |
Jun. 30, 2014 | ||
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, 25,000,000 shares of Class B Common Stock, and 25,000,000 shares of Preferred Stock, par value $0.01 per share. On November 1, 2013, the Company 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, in connection with formation of Malibu Boats, Inc. These shares were subsequently redeemed for nominal consideration in connection with the Recapitalization. | ||
As discussed in Note 2, on February 5, 2014, the Company completed its IPO of 8,214,285 shares of Class A Common Stock at a price to the public of $14.00 per share. Immediately prior to the IPO, 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 an aggregate 2,840,545 shares of Class A Common Stock in exchange for shares of capital stock of the merging entities. A total of 34 shares of Class B Common Stock (one to each pre-IPO LLC Unit holder) were issued to pre-IPO LLC Unit holders in connection with the Recapitalization. | ||
In May 2014, in connection with transfers of membership units of the LLC by certain members to various individuals and entities (the “New LLC Members”), the Company issued a total of 10 additional shares of its Class B Common Stock to the New LLC Members for nominal consideration. As of June 30, 2014, the Company had a total of 44 shares of its Class B Common Stock issued and outstanding. | ||
On July 15, 2014, the Company completed its Follow-on Offering issuing 5,520,000 shares of Class A Common Stock. Refer to Note 18 for more information regarding Follow-on Offering. | ||
Class A Common Stock and Class B Common Stock | ||
Voting Rights | ||
Holders of Class A Common Stock and Class B Common Stock will have voting power over Malibu Boats, Inc., the sole managing member of the LLC, at a level that is consistent with their overall equity ownership of the Company's business. Pursuant to the Company's certificate of incorporation and bylaws, each share of Class A Common Stock entitles the holder to one vote with respect to each matter presented to the Company's stockholders on which the holders of Class A Common Stock are entitled to vote. Each holder of Class B Common Stock shall be entitled to the number of votes equal to the total number of LLC Units held by such holder multiplied by the exchange rate specified in the Exchange Agreement with respect to each matter presented to the Company's stockholders on which the holders of Class B Common Stock are entitled to vote. Accordingly, the holders of LLC Units collectively have a number of votes that is equal to the aggregate number of LLC Units that they hold. Subject to any rights that may be applicable to any then outstanding preferred stock, the Company's Class A and Class B Common Stock vote as a single class on all matters presented to the Company's stockholders for their vote or approval, except as otherwise provided in the Company's certificate of incorporation or bylaws or required by applicable law. Holders of the Company's Class A and Class B Common Stock do not have cumulative voting rights. Except in respect of matters relating to the election and removal of directors on the Company's board of directors and as otherwise provided in the Company's certificate of incorporation, the Company's bylaws, or as required by law, all matters to be voted on by the Company's stockholders must be approved by a majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter. | ||
Dividends | ||
Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company's Class A Common Stock will be entitled to share equally, identically and ratably in any dividends that the board of directors may determine to issue from time to time. Holders of the Company's Class B Common Stock do not have any right to receive dividends. | ||
Liquidation Rights | ||
In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of the Company's Class A Common Stock would be entitled to share ratably in the Company's assets that are legally available for distribution to stockholders after payment of its debts and other liabilities. If the Company has any preferred stock outstanding at such time, holders of the preferred stock may be entitled to distribution and/or liquidation preferences. In either such case, the Company must pay the applicable distribution to the holders of its preferred stock before it may pay distributions to the holders of its Class A Common Stock. Holders of the Company Class B Common Stock do not have any right to receive a distribution upon a voluntary or involuntary liquidation, dissolution or winding up of the Company's affairs. | ||
Other Rights | ||
Holders of the Company's Class A Common Stock will have no preemptive, conversion or other rights to subscribe for additional shares. The rights, preferences and privileges of the holders of the Company's Class A Common Stock will be subject to, and may be adversely affected by, the rights of the holders of shares of any series of the Company's preferred stock that the Company may designate and issue in the future. | ||
Preferred Stock | ||
Though the Company currently has no plans to issue any shares of preferred stock, its board of directors has the authority, without further action by the Company's stockholders, to designate and issue up to 25,000,000 shares of preferred stock in one or more series. The Company's board of directors may also designate the rights, preferences and privileges of the holders of each such series of preferred stock, any or all of which may be greater than or senior to those granted to the holders of common stock. Though the actual effect of any such issuance on the rights of the holders of common stock will not be known until the Company's board of directors determines the specific rights of the holders of preferred stock, the potential effects of such an issuance include: | ||
• | diluting the voting power of the holders of common stock; | |
• | reducing the likelihood that holders of common stock will receive dividend payments; | |
• | reducing the likelihood that holders of common stock will receive payments in the event of the Company's liquidation, dissolution, or winding up; and | |
• | delaying, deterring or preventing a change-in-control or other corporate takeover. | |
LLC Units | ||
In connection with the Recapitalization, the LLC Agreement was amended and restated to, among other things; modify its capital structure by replacing the different classes of interests previously held by the LLC unit holders to a single new class of units called “LLC Units.” As a result of the Recapitalization and IPO, the Company holds LLC Units in the LLC and is the sole managing member of the LLC. Holders of LLC Units do not have voting rights under the LLC Agreement. | ||
Further, the LLC and the pre-IPO owners entered into the Exchange Agreement under which (subject to the terms of the Exchange Agreement) they have the right to exchange their LLC Units for shares of the Company's Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or at the Company's option, except in the event of a change in control, for a cash payment equal to the market value of the Class A Common Stock. As of June 30, 2014, non-controlling LLC Unit holders held 11,373,737 LLC Units, representing 50.7% of the economic interest in the LLC. As discussed in Note 2, net profits and net losses of the LLC will generally be allocated to the LLC’s members (including the Company) pro rata in accordance with the percentages of their respective limited liability company interests. The LLC Agreement provides for cash distributions to the holders of LLC Units if the Company determines that the taxable income of the LLC will give rise to taxable income for its members. In accordance with the LLC Agreement, the Company intends to cause the LLC to make cash distributions to holders of LLC Units for purposes of funding their tax obligations in respect of the income of the LLC that is allocated to them. | ||
On July 15, 2014, the Company completed its Follow-on Offering. As a result, the Company held 15,426,723 LLC Units, representing a 68.8% economic interest in the LLC, while non-controlling LLC Unit holders held 7,001,844 LLC Units, representing a 31.2% interest in the LLC. Refer to Note 18 for more information regarding the Follow-on Offering. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Equity Awards Issued Under the Malibu Boats, Inc. Long-Term Incentive Plan | ||||||||||||||||||||||||
On January 6, 2014, the Company’s Board of Directors adopted the Malibu Boats, Inc. Long-Term Incentive Plan (the “Incentive Plan”). The Incentive Plan, which became effective on January 1, 2014, reserves for issuance up to 1,700 shares of Malibu Boats, Inc. Class A Common Stock for the Company’s employees, consultants, members of its board of directors and other independent contractors at the discretion of the compensation committee. Incentive stock awards authorized under the Incentive Plan including unrestricted shares of Class A Common Stock, stock options, SARs, restricted stock, restricted stock units, dividend equivalent awards and performance awards. | ||||||||||||||||||||||||
On June 27, 2014, the Company granted 46 restricted stock unit awards to key employees under the Incentive Plan with a grant date fair value of $20.03 per unit. Under the terms of the agreements, the awards will vest 25% ratably on each anniversary of their grant date. Stock-based compensation expense attributable to these restricted stock units is amortized on a straight-line basis over the requisite service period. As of June 30, 2014, the weighted-average years non-vested for these awards was approximately 4.0 years. | ||||||||||||||||||||||||
The Company's non-employee directors receive an annual retainer for their services as directors consisting of both a cash retainer and equity awards in the form of Class A Common Stock or restricted stock units. Directors may elect that their cash annual retainer be converted into either fully vested shares of Class A Common Stock or restricted stock units paid on a deferral basis. Equity awards issued to directors are fully vested at the date of grant. Directors receiving restricted stock units as compensation for services have no rights as a stockholder of the Company, no dividend rights (except with respect to dividend equivalent rights), and no voting rights until Class A Common Stock is actually issued to them upon separation from service or change in control as defined in the Incentive Plan. If dividends are paid by the Company to its stockholders, directors would be entitled to receive an equal number of restricted stock units based on their proportional interest. On June 30, 2014, the Company issued 9 shares of Class A Common Stock and 61 restricted stock units to its non-employee directors for their services as directors pursuant to the Incentive Plan. The grant date fair value for the Class A Common Stock and restricted stock units received for the equity portion of the annual retainer was $14.00 and the grant date fair value for the portion of the cash retainer elected to be received in equity was $20.10. | ||||||||||||||||||||||||
The following table presents the number and weighted-average grant date fair value of the Company’s restricted stock units at June 30, 2014 (in thousands, except per share amounts): | ||||||||||||||||||||||||
Number of Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Total Non-vested Restricted Stock Units as of June 30, 2013 | — | $ | — | |||||||||||||||||||||
Granted | 107 | 16.82 | ||||||||||||||||||||||
Vested | (61 | ) | 14.38 | |||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||
Total Non-vested Restricted Stock Units as of June 30, 2014 | 46 | $ | 20.03 | |||||||||||||||||||||
Equity Awards Issued Under the Previously Existing LLC Agreement | ||||||||||||||||||||||||
As discussed in Note 2, the LLC modified its capital structure creating a new single class of interests called LLC Units. Previously granted profits interests (formerly Class M Units) were converted into LLC Units in connection with the Recapitalization. These LLC Units are generally subject to the terms of the applicable pre-existing agreements governing the awards, including vesting and repurchase rights at fair market value adjustment upon separation. Under these agreements, the LLC units cannot 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. Furthermore, such LLC Units are not transferable, except in limited circumstances as set out in the LLC Agreement. Pursuant to the LLC Agreement, the LLC has the right to determine when distributions will be made to holders of LLC Units and the amount of any such distributions. If a distribution is authorized, such distribution will be made to the holders of LLC Units (including Malibu Boats, Inc.) pro rata in accordance with the percentages of their respective LLC Units. | ||||||||||||||||||||||||
Certain agreements related to profits interest awards previously granted in 2012 under the former LLC agreement were modified to fully vest the awards at the time of the Recapitalization and IPO transactions. As a result, the incremental fair value associated with the awards was recognized as stock compensation expense when the Recapitalization and IPO transactions occurred. Further, certain profits interest awards previously granted in November 2013, vest one-third on each of the first three anniversaries of September 30, 2014. On June 26, 2014, the vesting period for certain profit interest awards granted to a member of management on November 1, 2013 and previously granted in 2012 were accelerated to vest on the date immediately prior to the completion of the Follow-on Offering. Refer to the Note 18 for more information on the Follow-on Offering. | ||||||||||||||||||||||||
A detail of the LLC’s outstanding restricted LLC Units (formerly M Units) for the fiscal years ended June 30, 2014 and 2013 are as follows (in thousands, except per share amounts): | ||||||||||||||||||||||||
Total Units | Units | Units | Total Units June 30, 2013 | Units Vested Through June 30, 2013 | Units Unvested Through June 30, 2013 | |||||||||||||||||||
June 30, | Granted | Forfeited/Sold | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
LLC Units | 931 | — | — | 931 | 551 | 380 | ||||||||||||||||||
Weighted Average Grant Date Fair Value Per Unit | $ | 14.78 | $ | — | $ | — | $ | 14.78 | $ | 14.68 | $ | 14.84 | ||||||||||||
Total Units | Units | Units | Total Units June 30, 2014 | Units Vested Through June 30, 2014 | Units Unvested Through June 30, 2014 | |||||||||||||||||||
June 30, | Granted | Forfeited/Sold | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
LLC Units | 931 | 387 | (211 | ) | 1,107 | 815 | 292 | |||||||||||||||||
Weighted Average Grant Date Fair Value Per Unit | $ | 14.78 | $ | 14.12 | $ | (14.46 | ) | $ | 14.52 | $ | 14.59 | $ | 14.32 | |||||||||||
As of June 30, 2014, the weighted-average years unvested for these awards was approximately 1.2 years. The total fair value of LLC Units vested for the period from IPO to June 30, 2014 was $2,558. | ||||||||||||||||||||||||
Stock compensation expense attributable to all of the Company's equity awards was $2,577, $127 and $132 for the fiscal years 2014, 2013 and 2012, respectively, and is included in general and administrative expense in the Company's consolidated statement of operations. The cash flow effects resulting from equity awards were reflected as noncash operating activities. As of June 30, 2014, unrecognized compensation cost related to nonvested, share-based compensation was $3,515. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Earnings Per Share [Abstract] | ' | |||
Net Loss Per Share | ' | |||
Net Loss Per Share | ||||
Basic net loss per share of Class A Common Stock is computed by dividing net loss attributable to the Company's earnings by the weighted average number of shares of Class A Common Stock outstanding during the period. The weighted average number of shares of Class A Common Stock outstanding used in computing basic net loss per share includes fully vested restricted stock units awarded to directors that are entitled to participate in distributions to common shareholders through receipt of additional units of equivalent value to the dividends paid to Class A Common Stock holders. | ||||
Diluted net loss per share of Class A Common Stock is computed similarly to basic net loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents using the treasury method, if dilutive. The Company’s restricted LLC Units are considered common stock equivalents for this purpose. The number of additional shares of Class A Common Stock related to these common stock equivalents is calculated using the treasury stock method. | ||||
All earnings (loss) prior to and up to February 5, 2014, the date of completion of the IPO, were entirely allocable to non-controlling interest and, as a result, earnings (loss) per share information is not applicable for reporting periods prior to this date. Consequently, only the net loss allocable to Malibu Boats, Inc. from the period subsequent to February 5, 2014 is included in the net loss attributable to the stockholders of Class A Common Stock for the fiscal year ended June 30, 2014. Basic and diluted net loss per share of Class A Common Stock from February 5, 2014 to June 30, 2014 have been computed as follows (in thousands, except share and per share amounts): | ||||
Period from February 5, 2014 to June 30, 2014 | ||||
Basic: | ||||
Net loss attributable to Malibu Boats, Inc. | $ | (4,676 | ) | |
Shares used in computing basic net loss per share: | ||||
Weighted-average Class A Common Stock | 11,054,894 | |||
Weighted-average participating restricted stock units convertible into Class A Common Stock | 416 | |||
Basic weighted-average shares outstanding | 11,055,310 | |||
Basic net loss per share | $ | (0.42 | ) | |
Diluted: | ||||
Net loss attributable to Malibu Boats, Inc. | $ | (4,676 | ) | |
Net loss | (4,676 | ) | ||
Shares used in computing diluted net loss per share: | ||||
Weighted-average Class A Common Stock | 11,054,894 | |||
Weighted-average participating restricted stock units convertible into Class A Common Stock | 416 | |||
Diluted weighted-average shares outstanding | 11,055,310 | |||
Diluted net loss per share | $ | (0.42 | ) | |
1 The Company excluded 11,373,855 potentially dilutive shares from the calculation of diluted loss per share for the fiscal year ended June 30, 2014 as these units would have been antidilutive. | ||||
The shares of Class B Common Stock do not share in the earnings or losses of Malibu Boats, Inc. and are therefore not included in the calculation. Accordingly, basic and diluted net earnings (loss) per share of Class B Common Stock has not been presented. | ||||
On July 15, 2014, the Company issued 5,520,000 shares of Class A Common Stock in connection with its Follow-on Offering. The issuance of these shares are expected to have a material impact on net income attributable to the Company and weighted-average shares outstanding used in computing basic net earnings per share of Class A Common Stock for periods subsequent to fiscal year ended June 30, 2014. The issuance will also have a material offsetting impact between the weighted-average Class A Common Stock and non-controlling interest units convertible into Class A Common Stock outstanding used in determining diluted weighted-average shares outstanding for periods subsequent to fiscal year ended June 30, 2014. The impact on diluted weighted-average shares outstanding and diluted net earnings per share of Class A Common Stock is therefore excepted to be nominal. Refer to Note 18 for more information. |
Commitment_and_Contingencies
Commitment and Contingencies | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Repurchase Commitments | |||||
In connection with its dealers’ wholesale floor-plan financing of boats, the Company has entered into repurchase agreements with various lending institutions. The reserve methodology used to record an estimated expense and loss reserve in each accounting period is based upon an analysis of likely repurchases based on current field inventory and likelihood of repurchase. Subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood of repurchase and adjusts the estimated loss reserve and related consolidated statement of operations 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 fiscal years ended June 30, 2014 and 2013. The Company did not carry a reserve for repurchases as of June 30, 2014 and 2013, respectively. | |||||
Lease Commitments | |||||
In connection with a sale-leaseback transaction as of March 2008, the Company now leases its manufacturing and office facilities for $156 per month with periodic inflationary adjustments, plus the payment of property taxes, normal maintenance, and insurance on the property under an agreement which expires March 2028, with three ten-year options to extend, at the Company’s discretion. For more information, see Note 4. | |||||
The Company also has various other leases for operating facilities and machinery and equipment under operating leases that expire over the next three years. The total rental expense for the years ended June 30, 2014, 2013 and 2012 was $2,088, $1,889 and $1,817, respectively. | |||||
Future minimum lease payments under noncancelable operating leases as of June 30, 2014, are as follows: | |||||
As of June 30, 2014 | |||||
Fiscal Year | |||||
2015 | $ | 1,949 | |||
2016 | 1,942 | ||||
2017 | 1,904 | ||||
2018 | 1,905 | ||||
2019 | 2,050 | ||||
Thereafter | 15,012 | ||||
$ | 24,762 | ||||
Contingencies | |||||
Product Liability | |||||
The Company is engaged in a business that exposes it to claims for product liability and warranty claims in the event the Company’s products actually or allegedly fail to perform as expected or the use of the Company’s products results, or is alleged to result, in property damage, personal injury or death. Although the Company maintains product and general liability insurance of the types and in the amounts that the Company believes are customary for the industry, the Company is not fully insured against all such potential claims. The Company may have the ability to refer claims to its suppliers and their insurers to pay the costs associated with any claims arising from the suppliers’ products. The Company’s insurance covers such claims that are not adequately covered by a supplier’s insurance and provides for excess secondary coverage above the limits provided by the Company’s suppliers. | |||||
The Company may experience legal claims in excess of its insurance coverage or claims that are not covered by insurance, either of which could adversely affect its business, financial condition and results of operations. Adverse determination of material product liability and warranty claims made against the Company could have a material adverse effect on its financial condition and harm its reputation. In addition, if any of the Company products are, or are alleged to be, defective, the Company may be required to participate in a recall of that product if the defect or alleged defect relates to safety. These and other claims that the Company faces could be costly to the Company and require substantial management attention. Refer to Note 6 for discussion of warranty claims. The Company insures against product liability claims and believes there are no material product liability claims as of June 30, 2014 that would not be covered by our insurance. | |||||
Litigation | |||||
Certain conditions may exist which could result in a loss, but which will only be resolved when future events occur. The Company, in consultation with its legal counsel, assesses such contingent liabilities, and such assessments inherently involve an exercise of judgment. If the assessment of a contingency indicates that it is probable that a loss has been incurred, the Company accrues for such contingent loss when it can be reasonably estimated. If the assessment indicates that a potentially material loss contingency is not probable but reasonably estimable, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. Estimates of potential legal fees and other directly related costs associated with contingencies are not accrued but rather are expensed as incurred. Except as disclosed below, management does not believe there are any pending claims (asserted or unasserted) at June 30, 2014 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 amended complaint alleged, 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, and the case was remanded to the district court. The appellate court’s decision did not affect any of the Company's other defenses to any of PCMW’s claims, including the design patent claim, nor did it affect any of the Company's claims against PCMW. The district court scheduled a hearing on June 3, 2014 for the pending summary judgment motions, and it subsequently entered an order denying those motions and confirming the previously-set trial date of September 22, 2014 on PCMW’s remaining claims for infringement of a design patent, copyright, and trade secret misappropriation and the Company’s claims against PCMW for declaratory relief, conversion, breach of warranty, and unfair competition. As part of the order dated August 22, 2014, denying the Company’s summary judgment motion, the district court ruled that if successful at trial in proving that the Company infringes the design patent, PCMW would be allowed to seek recovery of Malibu’s profits from the sale of the boats using the alleged infringing windshield, and not merely the profits from the windshield. On September 15, 2014, the Company entered into a Memorandum of Understanding between it and PCMW subject to the execution of a definitive settlement agreement which is expected to occur on or prior to September 29, 2014. As a result, the Company will pay $20.0 million in cash to to the plaintiffs, PCMW and Darren Bach, upon entry into a definitive agreement or such later date as the parties agree, and the parties have released each other from all past and present claims. Further, the plaintiffs, including PCMW, have agreed not to sue on now-existing intellectual property rights. Accordingly, the Company recorded a one-time charge of $20.0 million in connection with the settlement for the fiscal year ending June 30, 2014. | |||||
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 Florida lawsuit which is partially duplicative. 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. | |||||
On June 27, 2014, Nautique filed a petition with the U.S. Patent and Trademark Office, or “PTO,” requesting institution of an Inter Partes Review, or “IPR,” of the Company’s U.S. Pat. No. 8,539,897, one of the three patents at issue in the Tennessee litigation. The Company will file a response with the PTO addressing the allegations made in Nautique’s petition. Thereafter, the PTO will determine whether to institute the IPR. In the Tennessee litigation, the Court denied Nautique’s motion to stay the litigation pending the outcome of Nautique’s petition for an IPR. The Court also set a trial date for the litigation of February 9, 2015. The Company intends to vigorously pursue the Tennessee litigation and the IPR to enforce and defend its rights in the patented technology. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure | ' |
Related Party Transactions | |
On July 11, 2012, the LLC reinstated certain payment provisions of a management agreement with an equity sponsor. Under the terms of the management agreement, as amended, the LLC agreed to pay a management fee of $1,831 for periods prior to June 30, 2012, $250 for the period July 1, 2012 through December 31, 2012 and $750 per annum beginning January 1, 2013, all of which is payable in advance. In connection with the IPO, this management agreement was terminated and a one time termination fee of $3,750 was paid to the former sponsor. Total payments associated with the management services, including termination fees, for the years ended June 30, 2014, 2013 and 2012 were $4,500, $2,831 and $0, respectively, all of which are recorded as general and administrative expense. | |
Three non-employee members of the Company's board of directors are also shareholders of the Company and receive an annual retainer as compensation for services rendered. For the fiscal year ended June 30, 2014, $416 was paid to these directors in both cash and equity for their services. Of the amount paid, $268 was a prepayment for services through the 2015 annual meeting. |
Segment_Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Reporting | ' |
Segment Reporting | |
The Company operates as one operating segment—the manufacturing, distribution, marketing and sale of performance sport boats. The Company considers an operating segment to be a component of an entity for which discrete financial information is available for such component and the operating results for such segment are regularly reviewed by the chief operating decision maker (“CODM”), as defined by ASC Topic 280, “Segment Reporting,” to assess performance and allocate Company resources. The Company’s Chief Executive Officer serves as the CODM. The Company relied upon the following factors in determining that it operates as a single operating segment: (i) the similar nature of the products sold by the Company; (ii) the centralized production and management structure of the Company, which supports all marketing, selling and customer service efforts worldwide; and (iii) the consolidated nature of the reports reviewed by the CODM for purposes of assessing the Company’s performance and allocating its resources. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
Quarterly Financial Reporting (Unaudited) | |||||||||||||||||||||
Quarter Ended 1 | Fiscal Year Ended | ||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | 31-Dec-13 | 30-Sep-13 | June 30, 2014 | |||||||||||||||||
Net Sales | $ | 53,400 | $ | 50,293 | $ | 43,938 | $ | 43,304 | $ | 190,935 | |||||||||||
Gross Profit | 14,676 | 13,401 | 11,696 | 11,021 | 50,794 | ||||||||||||||||
Operating (loss) income | (12,914 | ) | 296 | 5,823 | 6,340 | (455 | ) | ||||||||||||||
Net (loss) income | (10,600 | ) | (987 | ) | 5,220 | 5,179 | (1,188 | ) | |||||||||||||
Net (loss) income attributable to non-controlling interest | (6,294 | ) | (617 | ) | 5,220 | 5,179 | 3,488 | ||||||||||||||
Net loss attributable to Malibu Boats, Inc. | $ | (4,306 | ) | $ | (370 | ) | $ | — | $ | — | $ | (4,676 | ) | ||||||||
Basic loss per share of Class A Common Stock | $ | (0.39 | ) | $ | (0.03 | ) | $ | — | $ | — | $ | (0.42 | ) | ||||||||
Diluted loss per share of Class A Common Stock | $ | (0.39 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | (0.42 | ) | ||||||||
Quarter Ended 2 | Fiscal Year Ended | ||||||||||||||||||||
30-Jun-13 | 31-Mar-13 | 31-Dec-12 | 30-Sep-12 | June 30, 2013 | |||||||||||||||||
Net Sales | $ | 48,973 | $ | 47,062 | $ | 37,818 | $ | 33,159 | $ | 167,012 | |||||||||||
Gross Profit | 13,938 | 12,500 | 9,294 | 7,868 | 43,600 | ||||||||||||||||
Operating income | 8,624 | 5,532 | 4,165 | 986 | 19,308 | ||||||||||||||||
Net income | 8,376 | 5,200 | 3,767 | 639 | 17,984 | ||||||||||||||||
Net income attributable to non-controlling interest | 8,376 | 5,200 | 3,767 | 639 | 17,984 | ||||||||||||||||
Net income attributable to Malibu Boats, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Basic earnings per share of Class A Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Diluted earnings per share of Class A Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
1 The quarterly information presented for the quarters ended September 30 and December 31, 2013 reflect the financial statement results attributable to the LLC. The quarterly information presented for the quarters ended March 31 and June 30, 2013 reflect the financial statement results of the Company. Certain totals will not sum exactly due to rounding. | |||||||||||||||||||||
2 The quarterly information presented for the fiscal year ended June 30, 2013 reflect the financial statement results entirely attributable to the LLC. Certain totals will not sum exactly due to rounding. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
401(k) Retirement Plan | |
The Company adopted a new 401(k) retirement plan effective as of July 1, 2014. Full-time employees who have completed one year of service will have the opportunity to participate in the 401(k) plan. The 401(k) plan will be intended to qualify under Section 401 of the Internal Revenue Code. Employees will be able to elect to defer a portion of their eligible compensation not to exceed the statutorily prescribed annual limit in the form of elective deferral contributions to the Company’s 401(k) plan. The Company’s 401(k) plan will also have a “catch-up contribution” feature for employees eligible to defer amounts over the statutory limit that applies to all other employees. The Company also expects to provide matching contributions of up to $0.50 per $1.00 of participant deferral up to a maximum per participant deferral amount equivalent to 6% of eligible compensation, with a maximum matching contribution of 3% of eligible compensation per participant per plan year. Participants will always be vested in their personal contributions to the 401(k) plan, and company matching contributions under the plan are expected to cliff vest following a participant’s completion of three years of service. | |
Unregistered Sales of Equity Securities | |
On July 2, 2014, in connection with transfers of membership units of the LLC by certain members of the LLC to one LLC member, the Company canceled one share of its Class B Common Stock, par value $0.01 per share, for a total of 43 shares. | |
Follow-on Offering | |
On July 15, 2014, the Company completed the Follow-on Offering of 5,520,000 shares of Class A Common Stock at a price to the public of $18.50 per share, of which 4,371,893 shares were issued and sold by the Company and 1,148,107 shares were sold by selling stockholders. This included 538,252 shares issued and sold by the Company and 181,748 shares sold by selling stockholders pursuant to the over-allotment option granted to the underwriters, which was exercised concurrently with the closing of the Follow-on Offering. | |
The aggregate gross proceeds from the Follow-on Offering were $102,120. Of these proceeds, the Company received $76,836 and the selling stockholders received $20,178, after deducting $5,106 in underwriting discounts and commissions. All the proceeds from the Follow-on Offering were used to purchase LLC Units directly from the holders of LLC Units. Immediately following the Follow-on Offering, the Company owned 15,426,723 LLC Units representing 68.8% of the economic interest in the LLC while non-controlling LLC Unit holders owned 7,001,844 LLC Units representing a 31.2% interest in the LLC. | |
In connection with completion of the Follow-on Offering, the Company estimates it will record deferred tax assets of approximately $37,202 associated with basis differences in assets upon acquiring the additional interest in Malibu Boats Holdings, LLC and in anticipation of making a Section 754 election. The Company also estimates it will record approximately $34,019 in tax receivable agreement liabilities representing 85% of the tax savings that the Company will receive in connection with the Section 754 election. These amounts are preliminary and subject to adjustment. | |
Distributions to Non-Controlling LLC Unit Holders | |
On August 21, 2014, the LLC paid tax distributions to non-controlling LLC Unit holders in the aggregate amount of $2,008. | |
Settlement of Litigation with PCMW | |
On September 15, 2014, the Company agreed to settle litigation with PCMW regarding infringement of certain intellectual property rights. Accordingly, the Company recorded a one-time charge of $20.0 million in connection with the settlement for the fiscal year ending June 30, 2014. Refer to Note 14 for more information. |
Organization_Basis_of_Presenta1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Certain reclassifications have been made to the prior period presentation to conform to the current period presentation. Units and shares are presented as whole numbers while all dollar amounts are presented in thousands, unless otherwise noted. | |||
Principals of Consolidation | ' | ||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the operations and accounts of the Company and all subsidiaries thereof. All intercompany balances and transactions have been eliminated upon consolidation. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. | |||
Certain Significant Risks and Uncertainties | ' | ||
Certain Significant Risks and Uncertainties | |||
The Company is subject to those risks common in manufacture-driven markets, including, but not limited to, competitive forces, dependence on key personnel, consumer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations and the possibility of not being able to obtain additional financing if and when needed. | |||
Concentration of Credit and Business Risk | ' | ||
Concentration of Credit and Business Risk | |||
A majority of the Company’s sales are made pursuant to floor plan financing programs in which the Company participates on behalf of its dealers through a contingent repurchase agreement with various third-party financing institutions. Under these arrangements, a dealer establishes a line of credit with one or more of these third-party lenders for the purchase of dealer boat inventory. When a dealer purchases and takes delivery of a boat pursuant to a floor plan financing arrangement, it draws against its line of credit and the lender pays the invoice cost of the boat directly to the Company within approximately two weeks. For dealers that use local floor plan financing programs or pay cash, the Company may extend credit without collateral under the dealer agreement based on the Company’s evaluation of the dealer’s credit risk and past payment history. The Company maintains allowances for potential credit losses that it believes are adequate. Refer to Note 1 “Trade Accounts Receivable” for factors considered in determining the Company’s allowance for doubtful accounts. | |||
As of June 30, 2014 (unaudited), the Company’s distribution channel consisted of over 150 independent dealers worldwide. No single dealer accounted for 4.7% or more of the Company’s unit volume for the fiscal years ended June 30, 2014 and 2013. The Company’s top ten dealers represented 34.1% and 36.1% of the Company’s volume for the fiscal years ended June 30, 2014 and 2013, respectively. | |||
Cash | ' | ||
Cash | |||
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. As of June 30, 2014 and 2013, no highly liquid investments were held and the entire balance consists of traditional cash. | |||
At June 30, 2014 and 2013, substantially all cash on hand was held by one financial institution. This cash on deposit may be, at times, in excess of insurance limits provided by the FDIC. | |||
Trade Accounts Receivable | ' | ||
Trade Accounts Receivable | |||
Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. As of June 30, 2014 and 2013, the allowance for doubtful receivables was $123 and $254, respectively. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. A trade receivable is considered to be past due if any portion of the receivable balance is outstanding beyond customer terms. | |||
Inventories | ' | ||
Inventories | |||
Inventories are stated at the lower of cost or market, determined on the first in, first out (“FIFO”) basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
Property and equipment acquired outside of acquisition are stated at cost. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is accounted for in the statement of operations. Major additions are capitalized; maintenance, repairs and minor improvements are charged to operating expenses as incurred if they do not increase the life or productivity of the related capitalized asset. Depreciation on leasehold improvements is computed using the straight-line method based on the lesser of the remaining lease term or the estimated useful life and depreciation of equipment is computed using the straight-line method over the estimated useful life as follows: | |||
Years | |||
Leasehold improvements | Shorter of useful life or lease term | ||
Machinery and equipment | 5-Mar | ||
Furniture and fixtures | 5-Mar | ||
The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC Topic 360, “Property, Plant, and Equipment”. In accordance with ASC Topic 360, long-lived assets to be held are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. The Company periodically reviews for any indicators and, if indicators are present, tests the carrying value of long-lived assets, assessing their net realizable values based on estimated undiscounted cash flows over their remaining estimated useful lives. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recorded for the fiscal years ended June 30, 2014, 2013 and 2012 in the Company’s consolidated financial statements. | |||
Goodwill and Intangible Assets | ' | ||
Goodwill | |||
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis, as of June 30, unless circumstances indicate the need for impairment testing between the annual tests in accordance with the provisions of ASC Topic 350, “Intangibles—Goodwill and Other.” If this assessment indicates the possibility of impairment, the income approach to test for goodwill impairment would be used unless circumstances indicate that a better estimate of fair value was available. Under the income approach, management calculates the fair value of its reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then management determines the implied fair value of the reporting unit’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. The Company did not recognize any goodwill impairment charges in the fiscal years ended June 30, 2014, 2013 and 2012. | |||
Intangible Assets | |||
Intangible assets consist primarily of relationships, product trade names and legal and contractual rights surrounding a patent. These assets are recorded at their estimated fair values at the acquisition dates using the income approach. These assets are being amortized using straight-line method based on their estimated useful lives ranging from eight to 15 years. The estimated useful lives of acquired dealer relationships consider the average length of dealer relationships at the time of acquisition, historical rates of dealer attrition and retention, the Company’s history of renewal and extension of dealer relationships, as well as competitive and economic factors resulting in a range of useful lives. The estimated useful lives of the Company’s product trade names are based on a number of factors including technological obsolescence and the competitive environment. The estimated useful lives of legal and contractual rights are estimated based on the benefits that the patent provides for its remaining terms unless competitive, technological obsolescence or other factors indicate a shorter life. | |||
Management, assisted by third-party valuation specialists, determined the estimated fair values of separately identifiable intangible assets at the date of acquisition under the income approach. Significant data and assumptions used in the valuations included cost, market and income comparisons, discount rates, royalty rates and management forecasts. Discount rates for each intangible asset were selected based on judgment of relative risk and approximate rates of returns investors in the subject assets might require. The royalty rates were developed using weighted average rates, which were based on projected sales and profits of products sold and management’s assessment of the intangibles’ importance to the sales and profitability of the product. Management provided forecasts of financial data pertaining to assets, liabilities and income statement balances to be utilized in the valuations. While management believes the assumptions, estimates, appraisal methods and ensuing results are appropriate and represent the best evidence of fair value in the circumstances, modification or use of other assumptions or methods could have yielded different results. | |||
The carrying amount of intangible assets are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable. The carrying value of these assets is compared to the undiscounted future cash flows the assets are expected to generate. If the asset is considered to be impaired, the carrying value is compared to the fair value and this difference is recognized as an impairment loss. There was no impairment loss recognized on intangible assets for the fiscal years ended June 30, 2014, 2013 and 2012. | |||
Income Tax | ' | ||
Income Taxes | |||
Malibu Boats, Inc. is taxed as a C corporation for U.S. income tax purposes and is therefore subject to both federal and state taxation at a corporate level. Following the IPO, the LLC continues to operate in the United States as a partnership for U.S. federal income tax purposes. | |||
The Company files various federal and state tax returns, including some returns that are consolidated with subsidiaries. The Company accounts for the current and deferred tax effects of such returns using the asset and liability method. Significant judgments and estimates are required in determining its current and deferred tax assets and liabilities, which reflect its best assessment of the estimated future taxes the Company will pay. These estimates are updated throughout the year to consider income tax return filings, its geographic mix of earnings, legislative changes and other relevant items. | |||
The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of assets and liabilities and the amounts used for income tax purposes. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. | |||
Each quarter the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. A summary of its deferred tax assets is included in Note 10. | |||
On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. | |||
If the Company later determines that realization is more likely than not for deferred tax assets with a valuation allowance, the related valuation allowance will be reduced. Conversely, if the Company determines that it is more likely than not that it will not be able to realize a portion of its deferred tax assets, the Company will increase the valuation allowance. | |||
The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the income tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized. Its liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's income tax provision includes the net impact of changes in the liability for unrecognized tax benefits. | |||
The years open to tax examinations vary by jurisdiction. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. | |||
The Company considers an issue to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution, unrecognized tax benefits will be reversed as a discrete event. | |||
The Company's liability for unrecognized tax benefits is generally presented as noncurrent. However, if the Company anticipates paying cash within one year to settle an uncertain tax position, the liability is presented as current. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company generally manufactures products based on specific orders from dealers and often ships completed products only after receiving credit approval from financial institutions. Revenue is primarily recorded when all of the following conditions have been met: | |||
• | an order for a product has been received; | ||
• | a common carrier signs the delivery ticket accepting responsibility for the product; and | ||
• | the product is removed from the Company’s property for delivery. | ||
These conditions are generally met when title passes, which is when boats are shipped to dealers in accordance with shipping terms, which are primarily free on board shipping point. | |||
Dealers generally have no rights to return unsold boats. From time to time, however, the Company may accept returns in limited circumstances and at the Company’s discretion under its warranty policy, which generally limits returns to instances of manufacturing defects. The Company estimates the costs that may be incurred under its basic limited warranty and records as a liability the amount of such costs at the time the product revenue is recognized. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The Company accrues estimated losses when a loss, due to the default of one of its dealers, is determined to be probable and the amount of the loss is reasonably estimable. Refer to Note 6 and Note 14 related to the Company’s product warranty and repurchase commitment obligations, respectively. | |||
Revenue from boat part sales is recorded as the product is shipped from the Company’s location, which is free on board shipping point. | |||
Revenue associated with sales of materials, parts, boats or engine products sold under the Company’s exclusive manufacturing and distribution agreement with its Australian licensee are recognized under free on board port of disembarkment terms, the point at which the risks of ownership and loss pass to the licensee. The Company also earns royalties from its Australian licensee, which are accrued on a monthly basis based on a percentage of the licensee’s gross sales. Royalties earned are paid to the Company on a quarterly basis. | |||
Revenue associated with sales to the independent representative responsible for international sales is recognized in accordance with free on board shipping point terms, the point at which the risks of ownership and loss pass to the representative. A fixed percentage discount is earned by the independent representative at the time of shipment to the representative as a reduction in the price of the boat and is recorded in our consolidated statement of operations as a reduction in sales. | |||
Derivative Instruments | ' | ||
Derivative Instruments | |||
The Company follows the guidance set forth in ASC Topic 815, “Derivatives and Hedging,” which requires that an entity recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. Changes in fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction and, if it is, depending on the type of hedge transaction. As of June 30, 2013, the Company had a derivative instrument in the form of an interest rate swap. The interest rate swap was settled in connection with the pay down of all the amounts owed on the credit facilities and term loans with the proceeds from the Company's IPO on February 5, 2014. Refer to Note 8 for additional information. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
Financial instruments for which the Company did not elect the fair value option include accounts receivable, prepaids and other current assets, short-term credit facilities, accounts payable, accrued expenses and other current liabilities. The carrying amounts of these financial instruments approximate their fair values as a result of their short-term nature or variable interest rates. A variable rate term note issued by the Company was used to extinguish the previously existing fixed rate subordinated debt during 2013. The carrying value of the Company’s debt approximated fair value. This term note was subsequently paid off in connection with the Company's IPO on February 5, 2014. See Note 9 for more information. | |||
Fair Value Measurement | ' | ||
Fair Value Measurements | |||
The Company applies the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, for fair value measurements of financial assets and financial liabilities, and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. In addition to the financial assets and liabilities measured on a recurring basis, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. This includes items such as nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and nonfinancial long-lived asset groups measured at fair value for an impairment assessment. In general, non-financial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized. See Note 9 for more information. | |||
Equity-Based Compensation | ' | ||
Equity-Based Compensation | |||
The Company expenses employee share-based awards under ASC Topic 718, "Compensation—Stock Compensation", which requires compensation cost for the grant-date fair value of share-based awards to be recognized over the requisite service period. The Company estimates the grant date fair value of the share-based awards issued in the form of profit interests using the Black-Scholes option pricing model. The fair value of restricted stock unit awards are measured based on the market price of the Company’s stock on the grant date. See Note 12 for more information. | |||
(Loss) Earnings Per Share | |||
Basic (loss) earnings per share is computed by dividing net (loss) income attributable to Malibu Boats, Inc. by the weighted average shares outstanding during the period. Diluted (loss) earnings per share is computed by dividing net (loss) income attributable to Malibu Boats, Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted-average shares outstanding during the period and the impact of securities that would have a dilutive effect on (loss) earnings per share. See Note 13 for further discussion. | |||
Repurchase Commitments | ' | ||
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 repurchase commitment is on an individual unit basis with a term from the date it is financed by the lending institution through payment date by the dealer, generally not exceeding two and a half years. The total amount financed under the floor financing programs with repurchase obligations was $63,200 and $51,800 at June 30, 2014 and 2013, respectively. Such agreements are customary in the industry and the Company’s exposure to loss under such agreements is limited by contractual caps and the resale value of the inventory which is required to be repurchased. No units were repurchased for the fiscal years ended June 30, 2014 and 2013. | |||
Advertising Costs | ' | ||
Advertising Costs | |||
Advertising costs are expensed as incurred. Advertising expenses are included in selling and marketing expenses and were not material for fiscal years ended June 30, 2014, 2013 and 2012. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In May 2014, the Financial Accounting Standards Board (the "FASB") and International Accounting Standards Board jointly issued a final standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This standard will supersede most current revenue recognition guidance. Under the new standard, entities are required to identify the contract with a customer; identify the separate performance obligations in the contract; determine the transaction price; allocate the transaction price to the separate performance obligations in the contract; and recognize the appropriate amount of revenue when (or as) the entity satisfies each performance obligation. The standard is effective for fiscal years, and the interim periods within those years, beginning on or after January 1, 2017. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The Company is currently evaluating the approach it will use to apply the new standard and the impact that the adoption of the new standard will have on the Company’s consolidated financial statements. | |||
In December 2011 and February 2013, the FASB issued an amendment to the balance sheet topic of the ASC, which requires entities to disclose both gross and net information about both derivatives and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting agreement. The objective of the disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). This standard is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. Retrospective presentation for all comparative periods presented is required. The adoption of the standard had no impact on the Company’s results of operations or financial condition. | |||
In July 2012, the FASB issued guidance on testing indefinite-lived intangible assets for impairment. Under the guidance, testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill has been simplified. The guidance allows an organization the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. An organization electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the organization determines, based on a qualitative assessment, that it is more likely than not that the asset is impaired. The guidance is effective for impairment tests for fiscal years beginning after September 15, 2012 and early adoption is permitted. This guidance did not have a material impact on the Company’s results of operations or financial condition. | |||
Delivery Costs | ' | ||
Delivery Costs | |||
Shipping and freight costs are included in cost of goods sold in the accompanying consolidated statements of operations. | |||
Debt Issuance Cost | ' | ||
Debt Issuance Costs | |||
In July 2013, deferred financing costs of $1,016 were capitalized with the issuance of the new revolving credit facility and term note of Malibu Boats, LLC, a subsidiary of the Company. Unamortized debt issuance costs of $531 associated with the previously existing term note and revolving credit facility were expensed upon extinguishment of the 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 amounts owed under the existing credit facilities and term loans. Unamortized debt issuance costs of $965 associated with pay down were expensed upon settlement. Refer to Note 2 for further information regarding the IPO. Amortization of deferred financing costs, including those related to the extinguishment of the prior debt, of $1,583 and $148 were recorded for the fiscal years ended June 30, 2014 and 2013, respectively. Unamortized debt issuance costs were $0 and $531 at June 30, 2014 and 2013, respectively. These amounts were classified as other assets, net and were amortized over the term underlying credit agreement into interest expense using the effective interest method. | |||
Rebates, Promotions, Floor Financing and Incentives | ' | ||
Rebates, Promotions, Floor Financing and Incentives | |||
The Company provides for various structured dealer rebate and sales promotions incentives, which are recognized as a reduction in net sales, at the time of sale to the dealer. Examples of such programs include rebates, seasonal discounts, promotional co-op arrangements and other allowances. Dealer rebates and sales promotion expenses are estimated based on current programs and historical achievement and/or usage rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from historical trends. | |||
Free floor financing incentives includes payments to the lenders providing floor plan financing to the dealers or directly to the dealers themselves. Free floor financing incentives are estimated at the time of sale to the dealer based on the expected expense to the Company over the term of the free flooring period, ending in April each year, and are recognized as a reduction in sales. The Company accounts for both incentive payments directly to dealers and payment to third party lenders in this manner. |
Organization_Basis_of_Presenta2
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Non-Controlling Interest, LLC | ' | ||||||||
The balance of the non-controlling interest from the initial public offering date of February 5, 2014 (the "IPO") to June 30, 2014 is as follows (in thousands): | |||||||||
Balance held by the non-controlling LLC unit holders immediately after the IPO | $ | 18,344 | |||||||
Allocation of loss to the non-controlling LLC unit holders subsequent to the IPO | (6,960 | ) | |||||||
Distributions paid and payable to non-controlling LLC unit holders subsequent to IPO | (2,583 | ) | |||||||
Balance of non-controlling interest as of June 30, 2014 | $ | 8,801 | |||||||
Property and Equipment | ' | ||||||||
Depreciation on leasehold improvements is computed using the straight-line method based on the lesser of the remaining lease term or the estimated useful life and depreciation of equipment is computed using the straight-line method over the estimated useful life as follows: | |||||||||
Years | |||||||||
Leasehold improvements | Shorter of useful life or lease term | ||||||||
Machinery and equipment | 5-Mar | ||||||||
Furniture and fixtures | 5-Mar | ||||||||
Property and equipment, net consisted of the following: | |||||||||
As of June 30, 2014 | As of June 30, 2013 | ||||||||
Land | $ | 254 | $ | 254 | |||||
Leasehold improvements | 2,039 | 1,604 | |||||||
Machinery and equipment | 11,257 | 7,320 | |||||||
Furniture and fixtures | 1,544 | 1,379 | |||||||
Construction in process | 2,987 | 1,683 | |||||||
18,081 | 12,240 | ||||||||
Less accumulated depreciation | (7,118 | ) | (5,592 | ) | |||||
$ | 10,963 | $ | 6,648 | ||||||
Change In Accrual For Dealer Rebates | ' | ||||||||
Changes in the Company’s accrual for dealer rebates were as follows: | |||||||||
As of June 30, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 2,709 | $ | 1,801 | |||||
Add: Additions to dealer rebate incentive provision | 4,511 | 4,261 | |||||||
Less: Dealer rebates paid | (4,816 | ) | (3,353 | ) | |||||
Balance at end of year | $ | 2,404 | $ | 2,709 | |||||
Change in Accrual For Floor Financing | ' | ||||||||
Changes in the Company’s accrual for flooring financing were as follows: | |||||||||
As of June 30, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | — | $ | — | |||||
Add: Additions to flooring provision | 2,197 | 2,413 | |||||||
Less: Flooring paid | (2,197 | ) | (2,413 | ) | |||||
Balance at end of year | $ | — | $ | — | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories, net consisted of the following: | ||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||
Raw materials | $ | 9,786 | $ | 7,796 | ||||
Work in progress | 1,428 | 1,148 | ||||||
Finished goods | 2,440 | 3,151 | ||||||
Inventory obsolescence reserve | (764 | ) | (456 | ) | ||||
Net inventory | $ | 12,890 | $ | 11,639 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Depreciation on leasehold improvements is computed using the straight-line method based on the lesser of the remaining lease term or the estimated useful life and depreciation of equipment is computed using the straight-line method over the estimated useful life as follows: | |||||||||
Years | |||||||||
Leasehold improvements | Shorter of useful life or lease term | ||||||||
Machinery and equipment | 5-Mar | ||||||||
Furniture and fixtures | 5-Mar | ||||||||
Property and equipment, net consisted of the following: | |||||||||
As of June 30, 2014 | As of June 30, 2013 | ||||||||
Land | $ | 254 | $ | 254 | |||||
Leasehold improvements | 2,039 | 1,604 | |||||||
Machinery and equipment | 11,257 | 7,320 | |||||||
Furniture and fixtures | 1,544 | 1,379 | |||||||
Construction in process | 2,987 | 1,683 | |||||||
18,081 | 12,240 | ||||||||
Less accumulated depreciation | (7,118 | ) | (5,592 | ) | |||||
$ | 10,963 | $ | 6,648 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Schedule of goodwill and other intangible assets | ' | |||||||||||||
The Company’s intangible assets and goodwill consisted of the following: | ||||||||||||||
As of June 30, 2014 | ||||||||||||||
Gross Carrying | Accumulated | Net Book | Useful Life | |||||||||||
Amount | Amortization | Value | ||||||||||||
Definite-lived intangibles: | ||||||||||||||
Dealer relationships | $ | 27,392 | $ | (27,106 | ) | $ | 286 | 8 years | ||||||
Patent | 1,386 | (915 | ) | 471 | 12 years | |||||||||
Trade name | 24,567 | (12,966 | ) | 11,601 | 15 years | |||||||||
Total definite-lived intangibles | 53,345 | (40,987 | ) | 12,358 | ||||||||||
Goodwill | 5,718 | — | 5,718 | |||||||||||
Total intangible assets and goodwill | $ | 59,063 | $ | (40,987 | ) | $ | 18,076 | |||||||
As of June 30, 2013 | ||||||||||||||
Gross Carrying | Accumulated | Net Book | Useful Life | |||||||||||
Amount | Amortization | Value | ||||||||||||
Definite-lived intangibles: | ||||||||||||||
Dealer relationships | $ | 27,392 | $ | (23,683 | ) | $ | 3,709 | 8 years | ||||||
Patent | 1,386 | (799 | ) | 587 | 12 years | |||||||||
Trade name | 24,567 | (11,328 | ) | 13,239 | 15 years | |||||||||
Total definite-lived intangibles | 53,345 | (35,810 | ) | 17,535 | ||||||||||
Goodwill | 5,718 | — | 5,718 | |||||||||||
Total intangible assets and goodwill | $ | 59,063 | $ | (35,810 | ) | $ | 23,253 | |||||||
Schedule of future amortization expenses | ' | |||||||||||||
Estimated future amortization expenses as of June 30, 2014 are as follows: | ||||||||||||||
Fiscal Year | As of June 30, 2014 | |||||||||||||
2015 | $ | 2,039 | ||||||||||||
2016 | 1,753 | |||||||||||||
2017 | 1,753 | |||||||||||||
2018 | 1,753 | |||||||||||||
2019 | 1,647 | |||||||||||||
Thereafter | 3,413 | |||||||||||||
$ | 12,358 | |||||||||||||
Product_Warranties_Tables
Product Warranties (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Product Warranties | ' | |||||||
Changes in the Company’s product warranty liability were as follows: | ||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||
Balance at beginning of year | $ | 5,658 | $ | 3,863 | ||||
Add: Additions to warranty provision | 2,907 | 3,756 | ||||||
Less: Warranty claims paid | (2,401 | ) | (1,961 | ) | ||||
Balance at end of year | $ | 6,164 | $ | 5,658 | ||||
Financing_Tables
Financing (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Debt | ' | ||||||||
Outstanding debt consisted of the following: | |||||||||
As of June 30, 2014 | As of June 30, 2013 | ||||||||
Short-term debt | |||||||||
Notes payable—equipment | $ | — | $ | 76 | |||||
Current maturities of long-term debt | — | 3,250 | |||||||
Long-term debt | |||||||||
Notes payable—equipment | — | — | |||||||
Term loan | — | — | |||||||
Previous term loan | — | 20,263 | |||||||
— | 23,589 | ||||||||
Less current maturities | — | (3,326 | ) | ||||||
Total debt less current maturities | $ | — | $ | 20,263 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
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 June 30, 2014: | ||||||||||||||||
Cash | $ | 12,173 | $ | 12,173 | $ | — | $ | — | ||||||||
Derivative instrument | — | — | — | — | ||||||||||||
Total assets at fair value | $ | 12,173 | $ | 12,173 | $ | — | $ | — | ||||||||
As of June 30, 2013: | ||||||||||||||||
Cash | $ | 15,957 | $ | 15,957 | $ | — | $ | — | ||||||||
Derivative instrument | 28 | — | 28 | — | ||||||||||||
Total assets at fair value | $ | 15,985 | $ | 15,957 | $ | 28 | $ | — | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||
The components of provision for (benefit from) income taxes are as follows: | |||||
Fiscal Year Ended | |||||
June 30, 2014 | |||||
Current tax expense: | |||||
Federal | $ | 44 | |||
State | 376 | ||||
Foreign | 14 | ||||
Total Current | 434 | ||||
Deferred tax benefit: | |||||
Federal | (2,066 | ) | |||
State | (588 | ) | |||
Foreign | — | ||||
Total Deferred | (2,654 | ) | |||
Income tax benefit | $ | (2,220 | ) | ||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||
The income tax benefit differs from the amount computed by applying the federal statutory income tax rate to income from continuing operations before income taxes. The sources and tax effects of the differences are as follows: | |||||
Fiscal Year Ended | |||||
June 30, 2014 | |||||
Federal tax provision at statutory rate | 35 | % | |||
State income taxes, net of federal benefit | 5.5 | ||||
Permanent differences attributable to partnership investment | (9.9 | ) | |||
Non-controlling interest | 36.5 | ||||
Other, net | (1.9 | ) | |||
Total income tax expense on continuing operations | 65.2 | % | |||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||
The components of the Company's net deferred income tax assets and liabilities at June 30, 2014 are as follows: | |||||
As of June 30, 2014 | |||||
Deferred tax assets: | |||||
Litigation accrual | $ | 500 | |||
Partnership basis differences | 21,452 | ||||
Total deferred tax assets | 21,952 | ||||
Deferred tax liabilities: | |||||
Income tax deferral due to fiscal year end | 995 | ||||
Total deferred tax liabilities | 995 | ||||
Less valuation allowance | — | ||||
Total net deferred tax assets | $ | 20,957 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||||||||||||
A detail of the LLC’s outstanding restricted LLC Units (formerly M Units) for the fiscal years ended June 30, 2014 and 2013 are as follows (in thousands, except per share amounts): | ||||||||||||||||||||||||
Total Units | Units | Units | Total Units June 30, 2013 | Units Vested Through June 30, 2013 | Units Unvested Through June 30, 2013 | |||||||||||||||||||
June 30, | Granted | Forfeited/Sold | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
LLC Units | 931 | — | — | 931 | 551 | 380 | ||||||||||||||||||
Weighted Average Grant Date Fair Value Per Unit | $ | 14.78 | $ | — | $ | — | $ | 14.78 | $ | 14.68 | $ | 14.84 | ||||||||||||
Total Units | Units | Units | Total Units June 30, 2014 | Units Vested Through June 30, 2014 | Units Unvested Through June 30, 2014 | |||||||||||||||||||
June 30, | Granted | Forfeited/Sold | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
LLC Units | 931 | 387 | (211 | ) | 1,107 | 815 | 292 | |||||||||||||||||
Weighted Average Grant Date Fair Value Per Unit | $ | 14.78 | $ | 14.12 | $ | (14.46 | ) | $ | 14.52 | $ | 14.59 | $ | 14.32 | |||||||||||
The following table presents the number and weighted-average grant date fair value of the Company’s restricted stock units at June 30, 2014 (in thousands, except per share amounts): | ||||||||||||||||||||||||
Number of Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Total Non-vested Restricted Stock Units as of June 30, 2013 | — | $ | — | |||||||||||||||||||||
Granted | 107 | 16.82 | ||||||||||||||||||||||
Vested | (61 | ) | 14.38 | |||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||
Total Non-vested Restricted Stock Units as of June 30, 2014 | 46 | $ | 20.03 | |||||||||||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Earnings Per Share [Abstract] | ' | |||
Schedule of Basic and Diluted Net Income per Share | ' | |||
Basic and diluted net loss per share of Class A Common Stock from February 5, 2014 to June 30, 2014 have been computed as follows (in thousands, except share and per share amounts): | ||||
Period from February 5, 2014 to June 30, 2014 | ||||
Basic: | ||||
Net loss attributable to Malibu Boats, Inc. | $ | (4,676 | ) | |
Shares used in computing basic net loss per share: | ||||
Weighted-average Class A Common Stock | 11,054,894 | |||
Weighted-average participating restricted stock units convertible into Class A Common Stock | 416 | |||
Basic weighted-average shares outstanding | 11,055,310 | |||
Basic net loss per share | $ | (0.42 | ) | |
Diluted: | ||||
Net loss attributable to Malibu Boats, Inc. | $ | (4,676 | ) | |
Net loss | (4,676 | ) | ||
Shares used in computing diluted net loss per share: | ||||
Weighted-average Class A Common Stock | 11,054,894 | |||
Weighted-average participating restricted stock units convertible into Class A Common Stock | 416 | |||
Diluted weighted-average shares outstanding | 11,055,310 | |||
Diluted net loss per share | $ | (0.42 | ) | |
1 The Company excluded 11,373,855 potentially dilutive shares from the calculation of diluted loss per share for the fiscal year ended June 30, 2014 as these units would have been antidilutive. |
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||
Future minimum lease payments under noncancelable operating leases as of June 30, 2014, are as follows: | |||||
As of June 30, 2014 | |||||
Fiscal Year | |||||
2015 | $ | 1,949 | |||
2016 | 1,942 | ||||
2017 | 1,904 | ||||
2018 | 1,905 | ||||
2019 | 2,050 | ||||
Thereafter | 15,012 | ||||
$ | 24,762 | ||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
Quarter Ended 1 | Fiscal Year Ended | ||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | 31-Dec-13 | 30-Sep-13 | June 30, 2014 | |||||||||||||||||
Net Sales | $ | 53,400 | $ | 50,293 | $ | 43,938 | $ | 43,304 | $ | 190,935 | |||||||||||
Gross Profit | 14,676 | 13,401 | 11,696 | 11,021 | 50,794 | ||||||||||||||||
Operating (loss) income | (12,914 | ) | 296 | 5,823 | 6,340 | (455 | ) | ||||||||||||||
Net (loss) income | (10,600 | ) | (987 | ) | 5,220 | 5,179 | (1,188 | ) | |||||||||||||
Net (loss) income attributable to non-controlling interest | (6,294 | ) | (617 | ) | 5,220 | 5,179 | 3,488 | ||||||||||||||
Net loss attributable to Malibu Boats, Inc. | $ | (4,306 | ) | $ | (370 | ) | $ | — | $ | — | $ | (4,676 | ) | ||||||||
Basic loss per share of Class A Common Stock | $ | (0.39 | ) | $ | (0.03 | ) | $ | — | $ | — | $ | (0.42 | ) | ||||||||
Diluted loss per share of Class A Common Stock | $ | (0.39 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | (0.42 | ) | ||||||||
Quarter Ended 2 | Fiscal Year Ended | ||||||||||||||||||||
30-Jun-13 | 31-Mar-13 | 31-Dec-12 | 30-Sep-12 | June 30, 2013 | |||||||||||||||||
Net Sales | $ | 48,973 | $ | 47,062 | $ | 37,818 | $ | 33,159 | $ | 167,012 | |||||||||||
Gross Profit | 13,938 | 12,500 | 9,294 | 7,868 | 43,600 | ||||||||||||||||
Operating income | 8,624 | 5,532 | 4,165 | 986 | 19,308 | ||||||||||||||||
Net income | 8,376 | 5,200 | 3,767 | 639 | 17,984 | ||||||||||||||||
Net income attributable to non-controlling interest | 8,376 | 5,200 | 3,767 | 639 | 17,984 | ||||||||||||||||
Net income attributable to Malibu Boats, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Basic earnings per share of Class A Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Diluted earnings per share of Class A Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
1 The quarterly information presented for the quarters ended September 30 and December 31, 2013 reflect the financial statement results attributable to the LLC. The quarterly information presented for the quarters ended March 31 and June 30, 2013 reflect the financial statement results of the Company. Certain totals will not sum exactly due to rounding. | |||||||||||||||||||||
2 The quarterly information presented for the fiscal year ended June 30, 2013 reflect the financial statement results entirely attributable to the LLC. Certain totals will not sum exactly due to rounding. |
Organization_Basis_of_Presenta3
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Non-controlling interest (Details) (USD $) | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Allocation of loss to the non-controlling LLC unit holders subsequent to the IPO | ($10,600) | [1] | ($987) | [1] | $5,220 | [1] | $5,179 | [1] | $8,376 | [2] | $5,200 | [2] | $3,767 | [2] | $639 | [2] | ($11,636) | $10,448 | ($1,188) | $17,984 | $11,106 |
Distributions paid and payable to non-controlling LLC unit holders subsequent to IPO | ' | ' | ' | ' | ' | ' | ' | ' | -2,583 | -64,627 | ' | -23,542 | ' | ||||||||
Balance of non-controlling interest as of June 30, 2014 | 8,801 | ' | ' | ' | 0 | ' | ' | ' | 8,801 | ' | 8,801 | 0 | ' | ||||||||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Balance held by the non-controlling LLC unit holders immediately after the IPO | ' | ' | ' | ' | ' | ' | ' | ' | -18,344 | ' | ' | ' | ' | ||||||||
Allocation of loss to the non-controlling LLC unit holders subsequent to the IPO | ' | ' | ' | ' | ' | ' | ' | ' | -6,960 | ' | ' | ' | ' | ||||||||
Distributions paid and payable to non-controlling LLC unit holders subsequent to IPO | ' | ' | ' | ' | ' | ' | ' | ' | -2,583 | 0 | ' | ' | ' | ||||||||
Balance of non-controlling interest as of June 30, 2014 | $8,801 | ' | ' | ' | ' | ' | ' | ' | $8,801 | ' | $8,801 | ' | ' | ||||||||
Malibu Boat LLC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 50.70% | ' | ' | ' | ' | ' | ' | ' | 50.70% | 50.70% | 50.70% | ' | ' | ||||||||
[1] | 1 The quarterly information presented for the quarters ended September 30 and December 31, 2013 reflect the financial statement results attributable to the LLC. The quarterly information presented for the quarters ended March 31 and June 30, 2013 reflect the financial statement results of the Company. | ||||||||||||||||||||
[2] | 2 The quarterly information presented for the fiscal year ended June 30, 2013 reflect the financial statement results entirely attributable to the LLC. Certain totals will not sum exactly due to rounding. |
Organization_Basis_of_Presenta4
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Concentration Risk (Details) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, credit risk, line of credit period | 14 | ' |
Number of independent dealers | 150 | ' |
Customer Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 4.70% | ' |
Unit Volume [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 34.10% | 36.10% |
Organization_Basis_of_Presenta5
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Trade Accounts Receivable (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $123 | $254 |
Organization_Basis_of_Presenta6
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Capitalization of Offering Costs (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
Other Prepaid Expense, Current | $644 |
Organization_Basis_of_Presenta7
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Property and Equipment (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment Useful Life | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment Useful Life | '5 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment Useful Life | '3 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment Useful Life | '5 years |
Organization_Basis_of_Presenta8
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Dealer Rebates (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Dealer Rebate Accrual [Roll Forward] | ' | ' |
Balance at beginning of year | $2,709 | $1,801 |
Add: Additions to dealer rebate incentive provision | 4,511 | 4,261 |
Less: Dealer rebates paid | -4,816 | -3,353 |
Balance at end of year | $2,404 | $2,709 |
Organization_Basis_of_Presenta9
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Floor Financing (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Floor Financing Accrual [Roll Forward] | ' | ' |
Balance at beginning of year | $0 | $0 |
Add: Additions to flooring provision | 2,197 | 2,413 |
Less: Flooring paid | -2,197 | -2,413 |
Balance at end of year | $0 | $0 |
Recovered_Sheet1
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Repurchase Commitments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' |
Floor Financing, Repurchase Obligations | $63,200 | $51,800 |
Repurchase Commitments, Period | '2 years 6 months | ' |
Recovered_Sheet2
Organization, Basis of Presentation, and Summary of Significant Accounting Policies Debt Issuance Costs (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 05, 2014 | Jul. 31, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | $1,016 |
Unamortized Debt Issuance Expense | 0 | 531 | ' | 965 | 531 |
Amortization of deferred financing costs | $1,583 | $148 | $181 | ' | ' |
Recapitalization_and_Initial_P1
Recapitalization and Initial Public Offering Recapitalization (Details) | Nov. 01, 2013 | Jun. 30, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Feb. 05, 2014 | Jun. 30, 2014 | Feb. 05, 2014 | 31-May-14 | Jun. 30, 2014 | Feb. 05, 2014 |
Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | LLC Units [Member] | Class B Common Stock [Member] | Class B Common Stock [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] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||
Malibu Boat LLC [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit, outstanding | ' | 11,373,737 | 11,373,737 | 17,071,424 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | ' | ' | ' | ' | ' | 8,214,285 | 8,214,285 | ' | ' | ' | 34 | 44 | 34 | ' | 7,643,000 | 3,412,000 |
Common stock, shares issued | 100 | ' | ' | ' | 44 | 0 | ' | ' | 11,064,201 | 100 | 0 | ' | 44 | ' | 10 | ' | ' |
Recapitalization_and_Initial_P2
Recapitalization and Initial Public Offering IPO (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Repayments of long-term debt | ' | $63,410,000 | $88,589,000 | $26,155,000 | $6,872,000 |
Proceeds from issuance of Class A Common Stock in initial public offering, net of underwriting discounts | ' | ' | 10 | ' | ' |
Payments for Repurchase of Equity | 69,750,000 | ' | ' | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | 8,214,285 | 8,214,285 | ' | ' | ' |
Share price | $14 | $14 | ' | ' | ' |
IPO [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Proceeds from issuance of Class A Common Stock in initial public offering, net of underwriting discounts | 115,000,000 | ' | ' | ' | ' |
Underwriting discounts and commissions | 8,050,000 | ' | ' | ' | ' |
Stock Sold by Company [Member] | IPO [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | 7,642,996 | ' | ' | ' | ' |
Proceeds from issuance of Class A Common Stock in initial public offering, net of underwriting discounts | 99,512,000 | ' | ' | ' | ' |
Stock Sold by Company [Member] | Over-Allotment Option [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | 899,252 | ' | ' | ' | ' |
Stock Sold by Selling Stockholders [Member] | IPO [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | 571,289 | ' | ' | ' | ' |
Proceeds from issuance of Class A Common Stock in initial public offering, net of underwriting discounts | 7,438,000 | ' | ' | ' | ' |
Stock Sold by Selling Stockholders [Member] | Over-Allotment Option [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | 172,175 | ' | ' | ' | ' |
Malibu Boat LLC [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Repayments of long-term debt | 63,410,000 | ' | ' | ' | ' |
Other Payments | 2,700,000 | ' | ' | ' | ' |
Payments for Repurchase of Equity | 29,762,000 | ' | ' | ' | ' |
Contract Termination [Member] | Malibu Boat LLC [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Payments for Restructuring | $3,750,000 | ' | ' | ' | ' |
Recapitalization_and_Initial_P3
Recapitalization and Initial Public Offering LLC Agreement (Details) | 0 Months Ended |
Feb. 05, 2014 | |
Class of Stock [Line Items] | ' |
Percentage of Voting Power and Control | 100.00% |
Malibu Boat LLC [Member] | ' |
Class of Stock [Line Items] | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | 49.30% |
Percentage of Voting Power and Control | 50.70% |
Recapitalization_and_Initial_P4
Recapitalization and Initial Public Offering Voting Agreement (Details) (Black Canyon Management LLC [Member]) | Feb. 05, 2014 |
Maximum [Member] | ' |
Class of Stock [Line Items] | ' |
Voting Agreement, Percentage of Board of Directors To Be Nominated | 20.00% |
Voting Agreement, Percentage of Voting Power Owned by Related Party | 15.00% |
Minimum [Member] | ' |
Class of Stock [Line Items] | ' |
Voting Agreement, Percentage of Board of Directors To Be Nominated | 10.00% |
Voting Agreement, Percentage of Voting Power Owned by Related Party | 5.00% |
Recapitalization_and_Initial_P5
Recapitalization and Initial Public Offering Tax Receivable Agreement (Details) | Jun. 30, 2014 |
Restructuring and Related Activities [Abstract] | ' |
Tax receivable agreement, percentage of realized cash saving in tax to be pass through | 85.00% |
Recapitalization_and_Initial_P6
Recapitalization and Initial Public Offering Recapitalization and IPO (Details) | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 |
Class A Common Stock [Member] | Class A Common Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Parent Company [Member] | Investor [Member] | Two Selling Stockholders [Member] | ||
IPO [Member] | IPO [Member] | |||||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | ' | ' | ' | ' | ' | 49.30% | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | 8,214,285 | 8,214,285 | 2,840,545 | 2,840,545 | ' | ' | ' | ' | ' |
Common unit, outstanding | ' | ' | ' | ' | ' | 11,373,737 | 11,373,737 | 11,054,830 | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | 50.70% | 50.70% | ' | ' | 12.70% |
Percentage of Voting Power and Control | 100.00% | ' | ' | ' | ' | 50.70% | ' | ' | 36.60% | ' |
Recapitalization_and_Initial_P7
Recapitalization and Initial Public Offering Capitalization of Offering Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Payments of Stock Issuance Costs | $1,550 | $0 | $0 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $9,786 | $7,796 |
Work in progress | 1,428 | 1,148 |
Finished goods | 2,440 | 3,151 |
Inventory obsolescence reserve | -764 | -456 |
Net inventory | $12,890 | $11,639 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Facility | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property equipment, gross | ' | $18,081 | $12,240 | ' |
Accumulated depreciation | ' | -7,118 | -5,592 | ' |
Property equipment, Net | ' | 10,963 | 6,648 | ' |
Depreciation | ' | 1,600 | 1,090 | 895 |
Sale leaseback transaction, number of properties, in facilities | 2 | ' | ' | ' |
Sale leaseback transaction, gross proceeds, manufacturing and office facilities | 18,250 | ' | ' | ' |
Sale leaseback transaction, deferred gain, gross | 726 | ' | ' | ' |
Sale leaseback transaction, expenses | 523 | ' | ' | ' |
Sale leaseback transaction, lease terms | '20 years | ' | ' | ' |
Deferred gain on sale-leaseback | 203 | 134 | 145 | ' |
Sale leaseback transaction, current period gain recognized | ' | 11 | 11 | 11 |
Land [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property equipment, gross | ' | 254 | 254 | ' |
Leasehold improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property equipment, gross | ' | 2,039 | 1,604 | ' |
Machinery and Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property equipment, gross | ' | 11,257 | 7,320 | ' |
Furniture and Fixtures [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property equipment, gross | ' | 1,544 | 1,379 | ' |
Construction in progress [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property equipment, gross | ' | $2,987 | $1,683 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Gross Carrying Amount | $53,345 | $53,345 | ' |
Accumulated Amortization | -40,987 | -35,810 | ' |
Other intangible assets | 12,358 | 17,535 | ' |
Goodwill | 5,718 | 5,718 | ' |
Intangible assets and goodwill, Gross | 59,063 | 59,063 | ' |
Total intangible assets, net (Including Goodwill) | 18,076 | 23,253 | ' |
Amortization | 5,177 | 5,178 | 5,178 |
Amortization expense | ' | ' | ' |
Amortization expense, 2015 | 2,039 | ' | ' |
Amortization expense, 2016 | 1,753 | ' | ' |
Amortization expense, 2017 | 1,753 | ' | ' |
Amortization expense, 2018 | 1,753 | ' | ' |
Amortization expense, 2019 | 1,647 | ' | ' |
Amortization expense, Thereafter | 3,413 | ' | ' |
Other intangible assets | 12,358 | 17,535 | ' |
Customer Relationships [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Gross Carrying Amount | 27,392 | 27,392 | ' |
Accumulated Amortization | -27,106 | -23,683 | ' |
Other intangible assets | 286 | 3,709 | ' |
Useful Life | '8 years | '8 years | ' |
Amortization expense | ' | ' | ' |
Other intangible assets | 286 | 3,709 | ' |
Patents [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Gross Carrying Amount | 1,386 | 1,386 | ' |
Accumulated Amortization | -915 | -799 | ' |
Other intangible assets | 471 | 587 | ' |
Useful Life | '12 years | '12 years | ' |
Amortization expense | ' | ' | ' |
Other intangible assets | 471 | 587 | ' |
Trade Names [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Gross Carrying Amount | 24,567 | 24,567 | ' |
Accumulated Amortization | -12,966 | -11,328 | ' |
Other intangible assets | 11,601 | 13,239 | ' |
Useful Life | '15 years | '15 years | ' |
Amortization expense | ' | ' | ' |
Other intangible assets | $11,601 | $13,239 | ' |
Weighted Average [Member] | Customer Relationships [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Useful Life | '1 month 6 days | ' | ' |
Weighted Average [Member] | Patents [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Useful Life | '4 years 1 month 6 days | ' | ' |
Weighted Average [Member] | Trade Names [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Useful Life | '7 years 1 month 6 days | ' | ' |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' |
Standard product warranty, period | '3 years | ' |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance at beginning of year | $5,658 | $3,863 |
Add: Additions to warranty provision | 2,907 | 3,756 |
Less: Warranty claims paid | -2,401 | -1,961 |
Balance at end of year | $6,164 | $5,658 |
Financing_Details
Financing (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement Distributions Allowable, Amount | $2,000,000 | ' |
Current maturities of long-term debt | 0 | 3,326,000 |
Less current maturities | 0 | -3,326,000 |
Total debt less current maturities | 0 | 20,263,000 |
Total debt | 0 | 23,589,000 |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | 4,000,000 | ' |
Notes Payable, Other Payables [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current maturities of long-term debt | 0 | 76,000 |
Less current maturities | 0 | -76,000 |
Total debt less current maturities | 0 | 0 |
Loans Payable [Member] | July 2013 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt less current maturities | 0 | 0 |
Loans Payable [Member] | July 2012 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current maturities of long-term debt | 0 | 3,250,000 |
Less current maturities | 0 | -3,250,000 |
Total debt less current maturities | $0 | $20,263,000 |
Financing_ShortTerm_Debt_Narra
Financing Short-Term Debt Narrative (Details) (USD $) | Jun. 30, 2014 |
Debt Disclosure [Abstract] | ' |
Amount outstanding | $0 |
Financing_LongTerm_Debt_Narrat
Financing Long-Term Debt Narratives (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Amount outstanding | ' | $0 | ' | ' |
Repayments of long-term debt | 63,410,000 | 88,589,000 | 26,155,000 | 6,872,000 |
Revolving Credit [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 10,000,000 | 5,000,000 | ' |
Amount outstanding | ' | 0 | 23,513,000 | ' |
Term Loan [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 65,000,000 | 28,500,000 | ' |
Swing Line of Credit [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 2,000,000 | ' | ' |
Amount outstanding | ' | 0 | ' | ' |
Letter of Credit [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 3,000,000 | 3,000,000 | ' |
Amount outstanding | ' | $0 | ' | ' |
Notes Payable, Other Payables [Member] | Revolving Credit [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate, effective percentage | ' | ' | 6.50% | ' |
Notes Payable, Other Payables [Member] | Term Loan [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate, effective percentage | ' | ' | 3.94% | ' |
Derivative_Instrument_Details
Derivative Instrument (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 02, 2012 |
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 | ($28) | $28 | $0 | $0 | $28 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring [member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash | $12,173 | $15,957 |
Derivative instrument | ' | 28 |
Total assets at fair value | 12,173 | 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 | 12,173 | 15,957 |
Derivative instrument | 0 | 0 |
Total assets at fair value | 12,173 | 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 | 0 | 28 |
Total assets at fair value | 0 | 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) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
Asset impairments | $0 | $0 |
Income_Taxes_Income_Tax_Provis
Income Taxes Income Tax Provision (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' |
Federal | $44 | ' | ' | ' |
State | 376 | ' | ' | ' |
Foreign | 14 | ' | ' | ' |
Total Current | 434 | ' | ' | ' |
Deferred tax benefit: | ' | ' | ' | ' |
Federal | -2,066 | ' | ' | ' |
State | -588 | ' | ' | ' |
Foreign | 0 | ' | ' | ' |
Total Deferred | -2,654 | -2,654 | 0 | 0 |
Income tax benefit | ($2,220) | ($2,220) | $0 | $0 |
Income_Taxes_Income_Tax_Reconc
Income Taxes Income Tax Reconciliation (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Federal tax provision/(benefit) at statutory rate, percentage | 35.00% |
State income taxes, net of federal benefit, percentage | 5.50% |
Permanent differences attributable to partnership investment, percentage | -9.90% |
Non-controlling interest, percentage | 36.50% |
Other, net, percentage | -1.90% |
Effective tax rate | 65.20% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assets/Liabilities (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Litigation accrual | $500 |
Partnership basis differences | 21,452 |
Total deferred tax assets | 21,952 |
Income tax deferral due to fiscal year end | 995 |
Total deferred tax liabilities | 995 |
Less valuation allowance | 0 |
Total net deferred tax assets | $20,957 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Deferred tax asset | $21,452 | $18,303 | $0 | ' |
Payable pursuant to tax receivable agreement | $13,636 | $13,636 | $0 | $0 |
Tax receivable agreement, percentage of realized cash saving in tax to be pass through | 85.00% | ' | ' | ' |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 12 Months Ended | 0 Months Ended | 5 Months Ended | 7 Months Ended | 0 Months Ended | 5 Months Ended | 7 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | Nov. 01, 2013 | Jun. 30, 2013 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Feb. 05, 2014 | Jun. 30, 2014 | Feb. 05, 2014 | 31-May-14 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Feb. 05, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 02, 2014 | Jul. 02, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | |
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] | Class B Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Parent Company [Member] | Subsequent Event [Member] | Subsequent Event [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] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class A Common Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Parent Company [Member] | ||||||||||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Stock, Shares authorized | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | ' | ' | 100,000,000 | ' | 0 | 25,000,000 | 0 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (per share) | $0.01 | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' |
Preferred stock, shares authorized | 25,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (per share) | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 100 | ' | ' | ' | 11,064,201 | 100 | 0 | 44 | 0 | ' | ' | ' | ' | ' | ' | 44 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Class A Common Stock in initial public offering, net of underwriting discounts | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $115,000,000 | ' | ' | ' | ' | ' | $76,836,000 | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | 8,214,285 | 8,214,285 | ' | ' | ' | ' | ' | 7,643,000 | 3,412,000 | ' | ' | ' | 34 | 44 | 34 | ' | ' | ' | ' | ' | 2,840,545 | 2,840,545 | ' | ' | ' | 5,520,000 | ' | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | $14 | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.50 | ' | ' | ' | ' | ' |
Number of LLC units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,373,737 | 11,373,737 | 11,054,830 | ' | ' | ' | ' | ' | 7,001,844 | 15,426,723 |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.70% | 50.70% | ' | ' | ' | ' | ' | ' | 31.20% | ' |
Common stock, shares, outstanding | ' | ' | ' | ' | ' | 11,064,201 | ' | 0 | 44 | 0 | 11,064,000 | ' | 0 | 0 | 0 | ' | 44 | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.30% | ' | ' | ' | ' | ' | ' | 68.80% | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation Narrative (Details) (USD $) | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | 0 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Restricted Stock [Member] | LLC Units [Member] | LLC Units [Member] | LLC Units [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||||||||
Long-Term Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance in the Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' |
Share-based compensation, incentive stock awards, granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000 | ' | ' | ' |
Share-based compensation, incentive stock awards, weighted average grant date fair value | ' | $14.12 | $0 | $16.82 | ' | ' | ' | ' | ' | $20.03 | ' | ' | ' |
Share-based compensation arrangement by Share-based Payment Award, vesting rights, percentage, restricted stock | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, outstanding, weighted average remaining contractual terms | ' | '1 year 2 months | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $2,558 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, shares, issued for services | ' | ' | ' | ' | ' | ' | ' | ' | 61,000 | ' | ' | 9,000 | 9,000 |
Stock issued during period, shares, issued for services, fair value at grant date | ' | ' | ' | ' | ' | ' | ' | $14 | ' | ' | ' | ' | ' |
Stock issued during period, shares, issued for services, fair value at grant date, cash retainer received as equity | ' | ' | ' | ' | ' | ' | ' | $20.10 | ' | ' | ' | ' | ' |
Share-based compensation vesting period | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | 2,577 | 127 | 132 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | $3,515 | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Units Incentive Plan (Details) (USD $) | 7 Months Ended | 12 Months Ended | ||
Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Units Granted, Weighted Average Value | ' | $14.12 | $0 | ' |
Units Vested, Shares | 0 | ' | 0 | 0 |
Units forfeited, weighted average fair value | ' | ($14.46) | $0 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Total Units, Shares | 0 | 0 | ' | ' |
Total Units, Weighted Average Value | 0 | $0 | ' | ' |
Units Granted, Shares | ' | 107,000 | ' | ' |
Units Granted, Weighted Average Value | ' | $16.82 | ' | ' |
Units Vested, Shares | ' | -61,000 | ' | ' |
Units Vested, weighted average value | ' | $14.38 | ' | ' |
Units Forfeited, Shares | ' | 0 | ' | ' |
Units forfeited, weighted average fair value | ' | $0 | ' | ' |
Total Units, Shares | ' | 46,000 | ' | ' |
Total Units, Weighted Average Value | ' | $20.03 | ' | ' |
StockBased_Compensation_Restri1
Stock-Based Compensation Restricted LLC Units (Details) (USD $) | 7 Months Ended | 12 Months Ended | ||
Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, incentive stock awards, weighted average grant date fair value | ' | $14.12 | $0 | ' |
Units forfeited, weighted average fair value | ' | ($14.46) | $0 | ' |
Membership units vested | 0 | ' | 0 | 0 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total Units, Shares | 0 | 0 | ' | ' |
Total Units, Weighted Average Value | 0 | $0 | ' | ' |
Units Granted, Shares | ' | 107,000 | ' | ' |
Share-based compensation, incentive stock awards, weighted average grant date fair value | ' | $16.82 | ' | ' |
Units Forfeited/Sold, Shares | ' | 0 | ' | ' |
Units forfeited, weighted average fair value | ' | $0 | ' | ' |
Total Units, Shares | ' | 46,000 | ' | ' |
Total Units, Weighted Average Value | ' | $20.03 | ' | ' |
Membership units vested | ' | 61,000 | ' | ' |
LLC Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total Units, Shares | 931 | 931 | 931 | ' |
Total Units, Weighted Average Value | 14.78 | $14.78 | $14.78 | ' |
Units Granted, Shares | ' | 387 | 0 | ' |
Units Forfeited/Sold, Shares | ' | -211 | 0 | ' |
Total Units, Shares | ' | 1,107 | 931 | ' |
Total Units, Weighted Average Value | ' | $14.52 | $14.78 | ' |
Membership units vested | ' | 815 | 551 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value | ' | $14.59 | $14.68 | ' |
Units Unvested. Shares | ' | 292 | 380 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | $14.32 | $14.84 | ' |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended | 0 Months Ended | 5 Months Ended | 0 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 15, 2014 | ||||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Class A Common Stock [Member] | ||||||||||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net loss attributable to Malibu Boats, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ($4,676) | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted-average Stock, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 11,055,310 | ' | ' | ' | ' | 11,054,894 | 416 | ' | ||||||||
Basic net loss per share | ($0.39) | [1] | ($0.03) | [1] | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ($0.42) | ($0.42) | $0 | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ($4,676) | ' | ' | ' | ' | ' | ' | ' | ||||||||
Diluted weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 11,055,310 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Diluted net loss per share | ($0.39) | [1] | ($0.04) | [1] | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ($0.42) | ($0.42) | $0 | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 11,373,855 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Issuance of common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,214,285 | 8,214,285 | ' | ' | 5,520,000 | ||||||||
[1] | 1 The quarterly information presented for the quarters ended September 30 and December 31, 2013 reflect the financial statement results attributable to the LLC. The quarterly information presented for the quarters ended March 31 and June 30, 2013 reflect the financial statement results of the Company. | |||||||||||||||||||||||
[2] | 2 The quarterly information presented for the fiscal year ended June 30, 2013 reflect the financial statement results entirely attributable to the LLC. Certain totals will not sum exactly due to rounding. |
Commitment_and_Contingencies_C
Commitment and Contingencies Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Monthly lease payments | $156,000 | ' | ' |
Operating leases, rental expense | 2,088,000 | 1,889,000 | 1,817,000 |
2015 | 1,949,000 | ' | ' |
2016 | 1,942,000 | ' | ' |
2017 | 1,904,000 | ' | ' |
2018 | 1,905,000 | ' | ' |
2019 | 2,050,000 | ' | ' |
Thereafter | 15,012,000 | ' | ' |
Total | 24,762,000 | ' | ' |
Litigation settlement payable | 20,000,000 | 0 | 0 |
Litigation settlement, amount | $20,000,000 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 05, 2014 | Jan. 01, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Management fee | ' | $750 | $1,831 | $250 | $4,500 | $2,831 | $0 |
Loss on contract termination | 3,750 | ' | ' | ' | ' | ' | ' |
Directors services | ' | ' | ' | ' | 416 | ' | ' |
Directors services, prepayment | ' | ' | ' | ' | $268 | ' | ' |
Segment_Reporting_Segment_repo
Segment Reporting Segment reporting (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 1 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $53,400 | [1] | $50,293 | [1] | $43,938 | [1] | $43,304 | [1] | $48,973 | [2] | $47,062 | [2] | $37,818 | [2] | $33,159 | [2] | ' | ' | $190,935 | $167,012 | $140,892 |
Gross Profit | 14,676 | [1] | 13,401 | [1] | 11,696 | [1] | 11,021 | [1] | 13,938 | [2] | 12,500 | [2] | 9,294 | [2] | 7,868 | [2] | ' | ' | 50,794 | 43,600 | 30,043 |
Operating (loss) income | -12,914 | [1] | 296 | [1] | 5,823 | [1] | 6,340 | [1] | 8,624 | [2] | 5,532 | [2] | 4,165 | [2] | 986 | [2] | ' | ' | -455 | 19,308 | 12,487 |
Net income (loss) | -10,600 | [1] | -987 | [1] | 5,220 | [1] | 5,179 | [1] | 8,376 | [2] | 5,200 | [2] | 3,767 | [2] | 639 | [2] | -11,636 | 10,448 | -1,188 | 17,984 | 11,106 |
Net (loss) income attributable to non-controlling interest | -6,294 | [1] | -617 | [1] | 5,220 | [1] | 5,179 | [1] | 8,376 | [2] | 5,200 | [2] | 3,767 | [2] | 639 | [2] | ' | ' | 3,488 | 17,984 | 11,106 |
Net loss attributable to Malibu Boats, Inc. | ($4,306) | [1] | ($370) | [1] | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ' | ' | ($4,676) | $0 | $0 |
Basic loss per share of Class A Common Stock | ($0.39) | [1] | ($0.03) | [1] | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ($0.42) | ' | ($0.42) | $0 | ' |
Diluted loss per share of Class A Common Stock 1 | ($0.39) | [1] | ($0.04) | [1] | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ($0.42) | ' | ($0.42) | $0 | ' |
[1] | 1 The quarterly information presented for the quarters ended September 30 and December 31, 2013 reflect the financial statement results attributable to the LLC. The quarterly information presented for the quarters ended March 31 and June 30, 2013 reflect the financial statement results of the Company. | ||||||||||||||||||||
[2] | 2 The quarterly information presented for the fiscal year ended June 30, 2013 reflect the financial statement results entirely attributable to the LLC. Certain totals will not sum exactly due to rounding. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 5 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 5 Months Ended | 7 Months Ended | 5 Months Ended | 7 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 21, 2014 | Jul. 01, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 02, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Feb. 05, 2014 | Jul. 15, 2014 | Feb. 05, 2014 | Jul. 15, 2014 | Jul. 01, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2014 | Feb. 05, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jul. 02, 2014 | Jul. 02, 2014 | |
Parent Company [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Class B Common Stock [Member] | Class B 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 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Follow-On Offering [Member] | Follow-On Offering [Member] | Follow-On Offering [Member] | Over-Allotment Option [Member] | Over-Allotment Option [Member] | Over-Allotment Option [Member] | Over-Allotment Option [Member] | Maximum [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||
Parent Company [Member] | Malibu Boat LLC [Member] | Malibu Boat LLC [Member] | Class B Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | Stock Sold by Company [Member] | Stock Sold by Selling Stockholders [Member] | Stock Sold by Company [Member] | Stock Sold by Company [Member] | Stock Sold by Selling Stockholders [Member] | Stock Sold by Selling Stockholders [Member] | Subsequent Event [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [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] | ||||||||||||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | Class B Common Stock [Member] | Class B 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 [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Retired, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Common stock, par value (per share) | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 0 | ' | ' | 11,064,201 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | 0 | 0 | 0 | 11,064,000 | ' | 0 | 0 | 0 | ' | 43 |
Issuance of common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,214,285 | 8,214,285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,520,000 | ' | ' | 4,371,893 | 1,148,107 | 899,252 | 538,252 | 172,175 | 181,748 | ' | 34 | 44 | 34 | ' | ' | ' | 7,643,000 | 3,412,000 | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14 | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76,836,000 | ' | ' | $102,120,000 | $20,178,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit, outstanding | ' | ' | ' | ' | ' | 11,054,830 | 11,373,737 | 11,373,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,426,723 | ' | 7,001,844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | 50.70% | 50.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Malibu boats, Inc, cumulative percentage ownership after all transactions | ' | ' | ' | ' | ' | ' | 49.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | 21,452,000 | 18,303,000 | 21,452,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,202,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable pursuant to tax receivable agreement | 13,636,000 | 13,636,000 | 13,636,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,019,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax receivable agreement, percentage of realized cash saving in tax to be pass through | 85.00% | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax distributions payable to non-controlling LLC Unit holders | 2,583,000 | 64,627,000 | ' | 23,542,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement, amount | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |