10-K - MALIBU BOATS, INC. (0001590976) (Filer)

Thu, Aug 29, 12:57 PM (144 days ago)

In the fiscal year ending June 30, 2024, Malibu Boats, Inc. reported a significant decline in financial performance, with net sales dropping 40.3% to $829 million from $1.39 billion in 2023. This decline was driven by a 45.4% decrease in unit volumes across all segments, primarily due to reduced wholesale shipments and increased promotional costs, alongside rising channel inventories. The company experienced a net loss of $56.4 million, contrasting sharply with a profit of $107.9 million in the previous year. Gross margins also fell from 25.3% to 17.7%. The operating expenses increased significantly due to an $88.4 million impairment charge related to goodwill from the Maverick Boat Group acquisition, which further impacted profitability. Adjusted EBITDA decreased to $82.2 million from $284 million. Malibu's future outlook remains cautious, with expectations of continued softening retail demand and efforts to manage production in response to elevated inventory levels. The company is focused on enhancing market share through product innovation and maintaining a robust dealer network. Key risks include reliance on third-party suppliers, interest rate fluctuations, and potential impacts from economic conditions on consumer spending.