MBUU - Earnings call transcript Q4 2024

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Operator

Good morning, and welcome to Malibu Boats conference to discuss fourth quarter and full fiscal year 2024 results. [Operator Instructions]

Please be advised that any reproduction of this call in whole or in part is not permitted without written authorization of Malibu Boats. And as a reminder, today's call is being recorded.

On the call today from management are Mr. Officer, Executive Chief Menneto, Mr. Steve Chair; Michael Hooks, Executive Mr. Mr. Beckman, Financial and Chief Officer; Bruce Ritchie Anderson, President. the Mr. over now call I'll turn to Becken to get started. Please go ahead, sir.

Bruce Beckman

Thank morning, everyone. good you, and

introduce priorities. year the on year business On brief discuss an the Menneto. will update Michael quarter and and will our and and Steve fourth and provide full I on the model Steve financials, new near-term the commentary provide provide new fiscal growth CEO, XXXX call, update a will

questions. for XXXX A release will today then in call We Relations of quarter press this estimates contain predictions, those year the call. and company's the materially website. I statements, including the full projected and that section fourth found other forward-looking and the that results press fiscal call can of differ open today's covering issued may be company's be release also remind Investor actual a remarks want and copy to considered expectations, certain from on that everyone information might that could forward-looking results on management's was

events. place today, undue of statements, speak new forward-looking which reliance for obligation or these update on as any information future not undertakes them the only to company and should no You

now Malibu included Michael GAAP the fully financial of are filings Factors filings that to to we in Hooks results discussed that non-GAAP fully net factors. with share. Reconciliations on distributed note margin, measures also detailed Michael? EBITDA be call, these risk I earnings encourage over measures Chair Please a adjusted release. are today's might call description we adjusted and will the to more review in affect to and for measures our income SEC, EBITDA such distributed of SEC non-GAAP will our certain net future and you Boats. our adjusted as turn income adjusted of financial per referring financial these

Michael Hooks

and as have at you morning, search experience we call Menneto a also conducted our know, the The to And comprehensive track Malibu excellent growth. I take good for record cycle thrilled Boats next want this helm. of to of success him depth dedication, would the to the period. and like process, fit their to lead everyone. into as Steve entire and to phase new MBI particularly the Bruce, opportunity through this an Steve of and welcoming CEO. Board Thanks, thank I and its passion to during start team transition the are makes

in change, hard we Your efforts. work instrumental commitment your are continued been have and navigating this grateful for and all

back few me more but hear quarterly a Steve year to and fiscal let will from turn first, Bruce moments, walk in through results. You it over us to the

Bruce Beckman

you, Thank Michael.

out fiscal the our resilience on closed retail we As environment. goals challenging we executed Malibu a Boats despite strategic showcased of XXXX, and

impacted go quarter increasing promotional by during were our reduce production inventories, As reducing including the to support. necessary results we steps anticipated, channel financial the levels and

our on on progress with during discussed our prior and MBI call, aligning with top hand As dealer now historical this made significant the priority weeks inventories we level. quarter, was

we appreciate and executed support. The our business was in a the model environment, evident Our very competitive dealer of have partners resilience in promotional well our results.

discussed this As demonstrated throughout cost we fiscal have variable, highly we and times past, structure in the is many XXXX. our

XX% revenues year, with line declined operational highly cost historical XX%. in sales XX%, our the decreased of and to variable structure while For of cost demonstrating excellence our range

over was positive working during to quarter accomplishment Our remarkable enabled cash capital focus XX%. A generate fourth revenue free the down us in where on and variable cost structure the flow quarter.

as priorities face execute increases the for capital headwinds our we business confidence As the our our a all repay were of allocation in the in in to only result, of ability MBI remain debt and repurchased model able stock million $XX to cycle quarter. The normalizes. industry

make and strides operations quarter. We County great our to in streamline World ramping our the facility continue

addition Malibu our the electronics producing harness wiring have operation cobalt facility. into integrated we In to boats, small

to consolidate chain facility, are and operational footprint efficiencies. Alabama increasing we our in Tennessee supply from result, a our As as manufacturing able move our well shortening as our

of vertical integration County continuous Rome efforts. facility With the addition and the

dealers We and of and significant expenditure Tommy network have of We and XX The lineup. to the I time next dealer resources enough devote amount and to with are online these our premium quality a update in reduce the which formerly providing showcases to Malibu Spok, brands performance. performance our dealers on significant provide at cycle and industry-leading of customers. by of great develop the our our like pleased are our to progress all quarter. In brief of boats find, of network the would improve our service speed dealers capacity our a newly growth dealer and our brands future innovation, across support the brought the and to capital served industry we XX and levels. confident strength deal markets up and during running, new the selling authorized made provide

completed Finally, originally the obligation far as Malibu estimated. to XX we repurchase repurchase votes, of it units, our relates have with than fewer

market the share results, and diving 'XX industry-leading you sterndrive like model releases, year's year basis segment the In SURF R innovation. The share over to this lead give has the of XXX before contributing series performance. reaction gain. is points and share I an market we've our Cobalt, XX our to our market been to expanded CS would trailing on our by the strength in Lastly, update into on XX-month the strong

points over sterndrive We XXXX. have been our now for XXX and share in several brand years by acquired investing in cobalt cobalt the basis we since grown have

is by exciting Pursuit have acquiring we Since points. gaining Pursuit coming in from brand share basis have XXXX, brand momentum. XXXX. the more our another XXX that expanded market We innovations is nearly

above momentum XX-foot to segment aim X our XXXX exceeds now on share Our the offerings. with and additional XX-foot XX% of build and in we above

of XXXX. market basis since these share We are XXX in brands points product refreshing line our gained and MAVERICK Boat acquiring have

lineup Our and initial pathfinder outstanding. focus refreshing results been have the has the been model on

more trailing this we XXXX, XX-month basis line, market market clear are in of attention Pete the there sewage share turning making stable our our sharing markets formerly increased segment. In Cobia this details points, by leader [indiscernible] segment, the by presence. be important been the temporarily dealer and the In no important served segment us to over in will has the is while has our refreshed Tommy Our XXX a on share question we impacted in minute.

market However, is in XX%. strong it at is the noting our remaining worth holding approximately share

the in innovations XXXX. have in confidence are tons regain former dealer the with market. this ability lineup to are share launching, excited We we extensive we about in the new Combine our

to Now quarter results. fourth turning

on required earnings impact dealer certainly reduce levels actions last the discussed and case. our our inventory results, call, we is the As short-term that to significantly would

quarter decreased decreased and XX.X% fourth fiscal XX% As X,XXX [indiscernible] to sales to million expected, unit $XXX.X and . net volume

production spending The of levels. by dealer in approximately initiatives our of support higher we Access brands includes decrease XX.X% Tommy Malibu in This inventory promotional and Spok. unit driven the of to the net lower and primarily repurchased The represented sales was reduce bolts XX sales.

and XX.X%. year-over-year $XXX,XXX X% Cobalt saltwater to represented increased price favorable driven net mix per by unit sales increases. unit and Consolidated XX.X% represented per the model primarily remaining fishing

and lower in gross percentage million favorable QX expenses gross and mix increased million. period gross a to XX.X% margin during $XX.X driven of the was This selling compares expected decreased fixed spending in by XX.X% from year with to was margin decline profit X.X%. the less all and prior XX.X% to percentage across segments, margin production deleveraging $X.X promotional decreased cost gross quarter. QX marketing the

last points XXX selling of sales, marketing year-over-year a of basis by year $XX.X expenses administrative and increased decreased or and As versus million. to million expenses XX.X% QX general percentage X.X%. $XX.X

a income net As per distributed of EBITDA a distributed of share to a million average for QX normalized included share $X.XX quarter fully the a calculated per of is count a loss million. reminder, XX rate Adjusted to of of decreased negative million adjusted fully tax $XXX to adjusted last loss XX.X%. Non-GAAP weighted million the EBITDA and settlement. quarter shares. decreased year's for X.X% increased loss $XX.X positive C a $X.X a decreased This using margin to and Corp approximately loss share. XX.X% Net XXX.X% from XXX.X% X.X%

For in see to metrics, distributed a and EBITDA GAAP net income reconciliation table please fully earnings. of adjusted adjusted the our per share

flow. attention in million $X.X was were cash complete. with the associated in Turning facility, million QX. now the $XX.X to We generated flow Capital quarter of GromCounty $X.X is million positive free which expenditures cash our which of

net net to X.X% sales mix volumes Now per driven recap and all Consolidated increased decreased for million. fiscal to the loss decreased by Net decreased XXXX. Net flooring program price increases, costs and sales our year year. XX.X% the of by XXX.X% promotional results model million, $XX.X XX.X% to decreased $XX.X a unit increased for per units. to inflationary decreased favorable and million of X,XXX year-over-year unit, XXX,XXX to adjusted offset XX.X% XX.X% and value. Gross full $XXX.X for and income $XXX.X EBITDA to partially unit deal of profit higher

For $X.XX distributed non-GAAP earnings per share share. decreased adjusted to the per XX.X% net year, fully

For relating the outflow to last approximately million settlement. cash year, cash year's our included free net an $XX flow legal

in our free $XX onetime capital was for flow priorities which million our long-term challenging, the expect this growth debt by million, was to executed $XX repurchases. approximately approximately cash of invested to inclusive our near-term BronCounty fiscal we allocation $XX Excluding year paying net outflow million share $XX.X and remaining CapEx, Heading of year into our optimistic new of facility. We potential shareholders conditions we MDI. about through while are returning remain the million off XXXX, of market

confident fundamentals a pressure reducing to our we production costs. We exactly industry we uncertainty ourselves continue returns cannot flow our while and all growth, a industry that but innovation, to inventory will for the high predict realize growth, in by flowing the take will our we the leading channel positioned have maintain given the return to macro meaningful dealer a approach our we in market and Despite our progress ramping monitoring and ability in in we environment. strong levels, cash retail to to dealers remain investment prudent made when recovery as belief almost on position business the to generating that put of market levels caused have are growth. Given inventory

cash the to year-over-year fiscal operating County execute allocation $XX fiscal facility drop current at expenditure end on quarter to increase $XX shareholders our to single-digit continuing further million net to expect us our XXXX capital year of improve Rome cash percentage we through anticipate to XXXX. Based completed, sales the of fiscal With as plan, in follows: enabling our generation, while between we on capital $XX return This expectations a are priorities rate. low XXXX. will each levels for to point million a million

but comparison. year-over-year given challenging sales to high XXs be expect a For down points year-over-year mid- sequentially QX, we net up to percentage

an XX% expect for EBITDA also in fiscal adjusted increase We to consolidated XX% from the ranging year. margin

low single low cash production from shareholders. as nearly improvement of lower margins and QX, generate coming operating volatile our For EBITDA digit we pay our spend. In to core we the investments sequential a maintain adjusted summary, expect promotional environment levels $XX million returned sufficient business, in with our maintain overcame we debt to off to

capitalize are the growth. when We market positioned returns to to

the managing meet sequential grow. year, begin production prudently respond has low and market monitoring we effectively prepare we to levels we fiscal our the quickly capacity improvement ready dealer to returns throughout of closely and inventory the the to are when for As business the and needs as customers the keeping stand year. We

with and Menneto, as our As we agility our we with drive XXXX, growth profitable optimize creation. Together, Steve. building to I'm execution. tough new focus excitement. towards our leadership competitive we MDI dedication on it enter CEO, and navigating and on year key our our With will a to will over chapter that, maintaining market for and confidence up excited and us strength, this Steve team's continue value I and partner vision set turn will sustainable help next reflect fiscal whose on long-term were growth operations to

Steven Menneto

already build Thank and the very excited in I'm good foundation. to morning, step our what you, at very role Malibu strong everyone. a Boats of is CEO into on Bruce, and trajectory growth

normalize. future milestones despite several challenging by year, retail well success impacted achieved cycles positions the we which as quarter, the uncertainty, us a for Over

of As performance, strong part to of successfully pace dealer levels. a healthy innovation, historical quality future. We our inventories for I'm presence. mentioned earlier, new innovation stellar reducing has Bruce up to our our added market-leading be honored and we and its customers serve freshwater and reputation to dealers while progress Malibu our made maintaining

footprint thousands ingrained excellence, values that joined of learned on this after I privilege fast-paced and efforts came worldwide. into actions the commercialization we its boats that the innovation, Indian of updates, confident the By and culture billion journey leading of together, to have years. This industry. the today. for new dynamic included customer introduction, to of X jump And Before history significant division, I'm manufacturing within Malibu approximately are I recently, why my team share advancing supplies that year I Malibu team the growth model X doubling boats. hundreds we high-impact vehicles over building the driving spearheaded Off-Road values focus planning, Malibu consumer-facing launch is to business. Throughout nearly and Vehicle I'll aggressive the includes drive the of at taking our of importance background, revenue position expansion operational Polaris. I the of My deeply the largest More near-term can had gold also the at meshes us to decades last $X way growth, well the my our division career, in of My On-Road revenue opportunities Boats business, of a nearly developing Malibu with motorcycle success.

I've that impressed incredibly been for a month, here by Now about company's and I'm resources. talent the

As strengths, the particularly we will positions -- new market our my be focus and immediate the dealer year, step company's robust on the fiscal network. leveraging competitive leading into

be hold will a [indiscernible] strategy approach customer-centric high of I that regard. near-term our firmly Our value in

will We have and market ensure challenging key retail on market, the adapt eye partners swiftly a dealer conditions healthy our the levels. inventory to maintain

do product innovation this our our Lastly, and design premium all maintaining we will while industry-leading brands. across

all products our are brands. innovation Looking excited continue new model to ahead year commitment across to and 'XX, we to strong

brands, speed our development tooling We and for before. Pursuit all brands center our our at integrated producing across efforts more is models than will we This MBI tooling new each now of market. ever furthering completed vertically completed to year, introduce

of limits We the innovation is the a as the and as boats, new and the as true desire market options drive premier consumer demand and will premium market for in delivering push growth on differentiator we customers' market unwavering the portfolio. continue on our manufacturer solidifies us feature-rich to large in continue outpace our our place for to power products competition share across investing rebounds. This to

introducing all-new are towboat other the XX than XX-foot the we Malibu, competitor. once market. the more This new far X any on For again LSV, includes malls best-selling

Next, with to are the XX-foot we all-new pickle a segment MXC. making fork the return XX

look reintroducing for forward in boat this this segment since not category. have in We this XXXX a produced and experience to customers

largest Next the boat is the MXZ all-new XX series. MXZ, the in

system far driver and and when and of intuitive a sleek in screen feel cockpit. XX.X market, Command look combination Malibu will advanced the innovation across new also with industry-leading the raised most Malibu the the in has our level model but the and ultra-premium a We introducing system. you inch touch unique next X-inch least, of quarter. testament is a second customers be Last, the again line. Malibu for that This not fiscal another by bar expect come definitely Center the experience the operating all-new are on enabling our to to Malibu the our our premium

Turning to coal.

later new each year, be experience. offer on-water this launching to an We model X designed unparalleled models will

upcoming We set twin cruising redefine latest site enclosures are also and voters debut about excited of launches are exciting onboard to engine from will have such expect new what the enhancing standard entry, accessibility. models, features These comfort as Cobalt. full and cockpit our which

most redesign with comfort and split along of with one generation agronomic we the hard and search XXX controls. twin true includes functionality offering a popular Pursuit, have models commitment larger our a the of unparalleled These our craftsmanship. At offshore, tops, This blend an design cabin of testament more OS addition, models. and systems engineers cutting-edge into to galley, to next introduced integrated are technology In and style. our innovation reimagined engines

announcing all-new models, further enthusiasm be new broad will options portfolio, 'XX. our year boat innovative line new along model later the feet upon We fiscal product features with creating over another XX this year. Together, across build for other these and and

a X XXX new and providing we October. These Company, open, build launch new the center is adding console the features. with as Cobia consumer Boat console, while fishing the that for reinvigorating Maverick along models center portfolio continue and console XXX the center XXX exciting we new console, in family-friendly Cobia the are the opened introducing to known For set are center models, the features innovation with high-quality on XXX

to like growth within on excited would fiscal ahead outlook these our market. as I touch XXXX. for Lastly, truly we I'm the navigate opportunities fluctuations the year about short-term

shareholders committed debt-free internal gratitude initiatives, for beneficial ourselves owned acquisitions ahead prepared want debt capital and priorities, As while path deleverage for in when flow cash growth strong we expanding shareholders balance strong allocation ROI acquisitions, to to and returning arise. high Bruce to In a our customers, our and for committed to sheet, have regularly remain our which excited data deep our our to they and M&A the to to pursue return we're your remain support. closing, pipeline. mentioned, dealers, capital and are, employees, positioned going well With accretive I'm cash to shareholders. We partners invest and are our pursue express unwavering we our about forward runway

Now Q&A. I it will turn over for

Operator

[Operator Instructions]

the Craig Kennison first Baird. comes with question And from

Craig Kennison

that compare as curious say I'm with had to what up and environment? these power you inventory can industries channel, who sports and dealers with create investors this difficult really conversations how you've what Steve, to you that creep would in experienced dynamic in investment bubbles in a are you've tend concerned

Wayne Wilson

-- Yes, for the Craig, the call thanks question. for

not get to meeting. And industries, the as similar. there last -- there's some to able month, similarities few a dealer dealers are other the there's are and both to Over things attend out pursuit been I've as that some well

the velocity a are the is lot slower. price little course, higher. The Of here units a points on

on quarter, last been the Bruce that alluded keep to inventory to can. attention best get in pay inventories we the over that, is to have the the to the retail So and right. to as sites get to -- to really we'll continue match our focused continue you We've

Craig Kennison

And guidance the embedded the I'm you that? XXXX? do wondering XXXX to with fiscal respect to fiscal inventory fiscal be you at And where retail XXXX, end assumption in offered, what's to the of expect relative

Michael Swartz

Greg. Thanks, Sure.

longer. also dealers In terms that well mid-single-digit a the finance for inventories market the will of down corn as dealers take going plan just dealer growth, guidance. the continue experiencing. that to to floor we our market our that the expecting they're We're historical our while below from because headwinds expect of high as are hearing in the partners costs We're want

inventories so off dealer or expecting XX%. And we're below to -- down XX% by contract this

Craig Kennison

then Is just, to growth? And reconcile units It I sounds price guidance, with with -- be guess, that how or that you your you a would mix down. sales anticipating expect do dynamic? like

Michael Swartz

we -- we're we're expect would units next I promotional and expecting be will lower So say, seeing spend year. flattish,

as So share. some little from key share. of a we We're get and that base expect to multiyear on well trend of data market product as a bit share, expect And we

Craig Kennison

I And be to do to units? I'm But that. I'm saying do going inventory, how ship didn't more sorry if dealers less to maybe going is down are monopolizing confused and you're intend retail you this. keep have to

Michael Swartz

far year, benefit huge we this retail on.So this or wholesale shipments were our again, stocking destock below Well, year, our that. comping of had our a

Operator

is the Raymond next Altobello with from question And James. Joe

Joseph Altobello

welcome congrats Steve, and aboard.

growth the Are assuming easier Obviously, we really it growth from sounds is that later throughout the be I -- to or guidance, a going maybe terms lapping bit return demand expect you the here, is compares to wanted cadence. just coming like does just Craig's year? the but assuming you the you're follow year. in the to QX challenge of spring, on in improve environment progress of question in So a as guys to up the

Michael Swartz

in that And just effort have production low at Joe, most a QX lowering. year, the comp we throughout Last refill channel versus to spend we've keep want our last to been QX. still really, and elevated that conscious was level It's We summer. difficult we year. production time don't all our here in

we drives have the market to if support to So the reactive good. capacity us a this

start we as here cautious the being we're so year. And

Joseph Altobello

Got it.

Okay.

your a follow-up got of you've acquisition strategy. on powder plenty you is, where balance the sheet Obviously, Just here. mentioned, dry given

be pontoons about of top at talked categories still past. this looking the might point? You've there Is into other Or in that you mind? are

Wayne Wilson

fit And We ones Yes. we we're as sense then our those them. had mentioned -- And pontoon that we we'll portfolio. other also in the sector. finished arise, that Joe, at looking entertain previously make to

Operator

next KeyBanc Markets. And from with Capital comes the Zukin question Noah

Noah Zatzkin

We've heard just a lot dealers, concerns around affordability. from

talk So of through rolling here. maybe And wondering thoughts 'XX. around if some I addressing the kind affordability year mentioned products out just new was some just any you for kind of of model you that concerns could

Bruce Beckman

Well, yes, certainly industry. in affordability is issue the based

more our $XX,XXX years than in have -- being We competition. efficient trying to addressed by in are keep the our segment. We a pricing be and lower to competitors over than lower particular, prices that and $XX,XXX unit the the our segue generally

been We pricing cost XXXX, very down focused also on taken held driving to and we've taken aggregate. lines, And up our for on actually in product we've of or our -- them minimize structure in our in flat some have in modest efficiencies slightly. pricing actions

Noah Zatzkin

And for like about clear, or how increase it. I'm a 'XX, just we kind Got year of mid-single-digit to it's typical think should kind model that? low of gas the price so

Steven Menneto

typical. been single than lower I'd in digit. it's the low say I'd say

Operator

from comes question Company. the Albany with Benchmark next the And Mike

Unknown Analyst

welcome and relates as Great Tommy's. to quick just this at congratulations. Most point, questions Steve, but a one of my it answered

can think said fewer just memory And XX completed original want to on the I previous of our kind the confirm were. of and you I than you far estimates. was repurchase refresh you what estimates which here units,

Bruce Beckman

Yes.

million, $X.X we of be I a a the issued we repurchase the both have units less dollar I back encouraging have think units least moved that's amount X-K that few we back around and than we $X.X repurchase an months at think, dollar expecting in would of the executed, and And so little of amount So were more absentia. through what they half was million. to that And terms anticipated than in initially.

Operator

with Whiteman comes Research. Fred the from Wolf And question next

Frederick Wightman

dealer Just to inventories. the come to back

could were give quarter, felt last they high. if target. too said just versus on update stands you maybe X weeks you wondering an you that I'm where like us think I

Bruce Beckman

Yes.

quarter, said ground weeks coming we sure in you the we a up and if were in trends. We historical high quarter. I'm exited What quarter the fourth we the there So lot into line of X with not said to earlier, X made do will we to percent, continue expecting that but mid-teen-ish be expect inventories dealers kind to and we're it, to looking roughly to our so their guidance. level down, take implied their caught that's dealer them historical in take seeing of 'XX inventories

Frederick Wightman

Perfect. And you then bit or sales sort like promo just than in factored on guide, side. Or looks it just something was had was on in a the the the the XQ sort of but else? it EBITDA expected? of delta results, maybe implied light more with were line little Was margin

Michael Swartz

No. we our below revenue growth, range. range, only right our team guidance in That's yes, was. as but and were And middle write what fixed of it slightly the the

Frederick Wightman

to rate mentioned cuts, Fair term, guys expecting near think you're to but see to guess, would that Is it will quickly quickly side? you start immediately? on rate start a respond we market a couple quarters? you strategically, in cuts? How that consumer the do Is up And do challenges to know couple think consumers cuts I I to if then it going show do that of potential just persist of the enough. take you how

Steven Menneto

for excitement here and positive were sitting the challenge. be that rate cuts we're back a is to in you Brad, are. ask here pending about inflection to a seriously, the know term, And deciphering going long be to January going it's we point talking we we with going

to We think they So be inflection pretty exact we're will the hopeful. call. beneficial hard point

do. better probably we You than have

Operator

the Morningstar. And Katz from question Jamie comes next

Jaime Katz

slide. in some be time such seeing are to it's question what that we have XXXX. fiscal on in there, first the environment, margins environment this industry I difficult probably guess generated my even historically, EBITDA higher while normalized get been would is than think I And that a we're

margin? mid-teen macro do to So you maybe sort to I really EBITDA helpful. top you kind can back how need and would that us get back there, guess, line get of we And what walk if of that fundamentals fundamentals be

Bruce Beckman

Yes, down of fair it's question, XX% base. fiscal to year about revenue when that off off we the talked been -- picture down XX% In EBITDA, XX Jamie. 'XX of XX% past a

billion gets it in $X roughly you revenue So that range.

difference logs that guide the and -- midpoint our so roughly our that dollar is revenue $XXX the amount million. between And of guidance the

guide So and the the difference. really what's despite leverage our is between that point

Jaime Katz

we trend then And on as you versus has seeing? guys different finance behavior, there about purchases that, like any have consumer think Okay. been been cash anything that or

Michael Swartz

rebalance the We surprised that And haven't seen in. expect we a to change buyers yet we're back in those given we move, have come that rates have bring but not and that to credit that. to once rates down not

Jaime Katz

to incremental maybe the And to before? saw we X interesting then wait is lastly, the of I Fed last the come of month out guess those cuts hear relative Has as that consumers it what since an be for would pause in to rhetoric rate are coming. or there sort been

Steven Menneto

think activity through don't think the it here summer. pleased I retail so. I with we've our mean been I fairly

So I don't see a pullback that. from

Operator

you call. further any and now showing for conference participating, today's concludes questions not may I'm time. disconnect. you. This at you Thank Thank this

Malibu Boats (MBUU) 29 Aug 242024 Q4 Earnings call transcript