Malibu Boats, Inc. Announces Third Quarter Fiscal 2026 Results
Rhea-AI Summary
Malibu Boats (Nasdaq: MBUU) reported third quarter fiscal 2026 results: net sales $235.7M, unit volume down 12.4% to 1,253 units, gross profit $41.3M and GAAP net loss of $2.4M. Adjusted EBITDA was $22.7M. The company completed the March 2, 2026 acquisition of Saxdor (66 units, $23.1M revenue contribution) and repurchased ~492,794 shares for $13.1M in the quarter.
Full‑year fiscal 2026 combined guidance is $880M–$886M net sales and $72M–$74M Adjusted EBITDA.
Positive
- Saxdor acquisition adds premium adventure dayboat segment and global footprint with 3 facilities
- Q3 net sales of $235.7M, including $23.1M from Saxdor
- Repurchases of 1,243,996 shares YTD for $33.9M under 2025 program
- Full‑year guidance combined net sales of $880M–$886M
Negative
- Unit volume down 12.4% YoY to 1,253 units
- Adjusted EBITDA down 19.7% to $22.7M
- Gross margin declined 250 basis points to 17.5%
- GAAP net swung to a $2.4M loss from $13.2M income prior year
News Market Reaction – MBUU
In the May 8 session, MBUU gained 18.46%, reflecting a significant positive market reaction. Argus tracked a peak move of +19.1% during that session. Our momentum scanner triggered 54 alerts that day, indicating high trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | Earnings date notice | Neutral | +4.5% | Announced timing and access details for Q3 fiscal 2026 earnings call. |
| Mar 02 | Saxdor acquisition | Positive | -5.8% | Announced Saxdor Yachts acquisition with expectations of accretive margins and EPS. |
| Feb 12 | Customer awards | Positive | -2.7% | Reported multiple NMMA CSI customer satisfaction awards across several brands. |
| Feb 05 | Boat show lineup | Neutral | -11.3% | Outlined product showcases and new model debuts at Miami International Boat Show. |
| Feb 05 | Q2 2026 earnings | Negative | -11.3% | Reported Q2 net sales and gross profit declines with reduced Adjusted EBITDA. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news often saw negative or muted price reactions to positive or neutral announcements, while weaker quarterly results aligned with declines.
Over the last few months, Malibu Boats has moved through a series of strategic and operating updates. A February 10-Q and related earnings release highlighted softer demand and higher costs. The company then pursued brand-building at major boat shows and completed the Saxdor acquisition on March 2, 2026. Today’s third‑quarter results and updated guidance build on that acquisition-focused strategy while continuing the narrative of margin pressure and active capital returns.
Key Terms
adjusted ebitda financial
free cash flow financial
earnout financial
section 232 regulatory
regulation s-k regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
LOUDON, Tenn., May 07, 2026 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) (“Malibu”, “MBI” or the “Company”) today announced its financial results for the third quarter ended March 31, 2026.
Third Quarter Fiscal 2026 Highlights Compared to Third Quarter Fiscal 2025:
- Net sales increased
3.1% to$235.7 million - Unit volume decreased
12.4% to 1,253 units - Gross profit decreased
9.7% to$41.3 million - GAAP net (loss) income decreased from net income of
$13.2 million to a net loss of$2.4 million - GAAP net (loss) income available to Class A Common Stock per share (diluted) decreased from net income of
$0.66 t o net loss of$0.13 per share - Adjusted EBITDA decreased
19.7% to$22.7 million - Adjusted net income per share decreased from net income of
$0.74 t o$0.56 per share on a basic weighted-average share count of 19.0 million shares of Class A Common Stock - Cash flows provided by operating activities were
$21.4 million - Free cash flow was approximately
$16.0 million - During the three month fiscal third quarter, the Company repurchased approximately 492,794 shares for
$13.1 million at an average price of approximately$26.24 per share, a discount to the price at which equity was issued to Saxdor Yachts ("Saxdor") - As previously announced, on March 2, 2026, the Company acquired Saxdor, a leading European designer and manufacturer of premium adventure dayboats headquartered in Helsinki, Finland
"We delivered a strong third quarter and took an important step in our long-term growth strategy with the acquisition of Saxdor Yachts," commented Steve Menneto, President and Chief Executive Officer of Malibu Boats, Inc. "Revenue and Adjusted EBITDA each exceeded the high end of our guidance on a legacy basis, prior to the partial-quarter contribution from Saxdor, which we acquired on March 2, 2026. The Saxdor acquisition advances the 'Build, Innovate, and Grow' strategy we outlined at our September 2025 Investor Day — expanding our portfolio into the premium adventure day boat category and establishing a scalable global operating platform. We are already seeing early proof points with Saxdor's new flagship 460 GTC model. Its US debut at the Palm Beach International Boat Show generated strong market reaction, and the model is now sold out for the year. Across our Pursuit and Maverick Boat Group brands, performance was up year-over-year at the Palm Beach show, reinforcing the strength of our Model Year 2026 lineup and the durability of the premium consumer. With healthy, current dealer inventories and disciplined production heading into the prime selling season, we remain confident in our ability to outperform the industry as market conditions improve."
"Our disciplined capital allocation framework and the strength of our balance sheet allowed us to complete a strategic acquisition while continuing to return capital to shareholders during the quarter," said David Black, Chief Financial Officer of Malibu Boats, Inc. "We repurchased shares at a meaningful discount to the price at which equity was issued as partial consideration for Saxdor, effectively offsetting a significant portion of the deal-related dilution. We remain focused on executing against our priorities and delivering long-term value to our shareholders."
Third Quarter Fiscal 2026 Results (Unaudited)
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (Dollars In Thousands) | |||||||||||||||
| Net Sales | $ | 235,698 | $ | 228,662 | $ | 619,053 | $ | 600,522 | |||||||
| Gross Profit | $ | 41,277 | $ | 45,724 | $ | 94,330 | $ | 111,351 | |||||||
| Gross Profit Margin | 17.5 | % | 20.0 | % | 15.2 | % | 18.5 | % | |||||||
| Net (Loss) Income | $ | (2,438 | ) | $ | 13,173 | $ | (5,659 | ) | $ | 10,447 | |||||
| Net (Loss) Income Margin | (1.0 | )% | 5.8 | % | (0.9 | )% | 1.7 | % | |||||||
| Adjusted EBITDA | $ | 22,742 | $ | 28,323 | $ | 42,545 | $ | 55,107 | |||||||
| Adjusted EBITDA Margin | 9.6 | % | 12.4 | % | 6.9 | % | 9.2 | % | |||||||
Net sales for the three months ended March 31, 2026 increased
Net sales attributable to our Malibu segment decreased
Net sales attributable to our Saltwater Fishing segment increased
Net sales attributable to our Cobalt segment increased
Since our acquisition on March 2, 2026, net sales and unit volume attributable to our Saxdor segment were
Overall consolidated net sales per unit increased
Cost of sales for the three months ended March 31, 2026 increased
Gross profit for the three months ended March 31, 2026 decreased
Selling and marketing expenses for the three months ended March 31, 2026 increased
General and administrative expenses for the three months ended March 31, 2026 increased
Balance Sheet and Cash Flow
As of March 31, 2026, the Company had
During the nine months ended March 31, 2026, the Company generated
During the nine months ended March 31, 2026, the Company repurchased 1,243,996 shares of Class A Common Stock for
Saxdor Acquisition
As previously announced, on March 2, 2026, the Company acquired Saxdor Yachts, a leading European designer and manufacturer of premium adventure dayboats headquartered in Helsinki, Finland. The consideration is comprised of approximately
Fiscal 2026 Guidance
On a combined basis, the Company now expects full-year fiscal 2026 net sales of approximately
For its legacy business (excluding Saxdor), the Company is raising its full-year net sales outlook to reflect stronger-than-expected third quarter performance, with full-year legacy net sales now expected to be "down slightly" versus fiscal 2025, representing an improvement from the "flat to down mid-single digit" range it provided previously. Legacy Adjusted EBITDA margin is now expected toward the lower end of the previously communicated
For the fiscal fourth quarter, Saxdor is expected to contribute net sales of approximately
The Company intends to return to a single consolidated outlook with the provision of fiscal year 2027 guidance in August.
Regarding tariffs, the Company continues to expect total fiscal 2026 exposure within the
The Company has not provided reconciliations of guidance for Adjusted EBITDA margin, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include costs related to the Company’s vertical integration initiatives, stock-based compensation expense and litigation expenses that are difficult to predict in advance in order to include in a GAAP estimate.
Webcast and Conference Call Information
The Company will host a webcast and conference call to discuss third quarter of fiscal year 2026 results on Thursday, May 7, 2026 at 5:00 p.m. Eastern Time. Investors and analysts can participate on the conference call by dialing (800) 715-9871 or (646) 307-1963 and requesting Malibu Boats. Alternatively, interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section on the Company’s website at https://malibuboatsinc.com/investor-information/events-presentations. A replay of the webcast will also be archived on the Company’s website for twelve months.
About Malibu Boats, Inc.
Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is among the market leaders in the performance sport boat category through its Malibu and Axis boat brands, among the market leaders in the 20’ - 40’ segment of the sterndrive boat category through its Cobalt brand, among the market leaders in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands, and among the market leaders in the premium adventure dayboat market with its Saxdor brand. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com, www.maverickboatgroup.com, or www.saxdoryachts.com
Non-GAAP Financial Measures
This release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income per Share, and Free Cash Flow. These measures have limitations as analytical tools and should not be considered as an alternative to, or more meaningful than, net (loss) income as determined in accordance with U.S. generally accepted accounting principles (“GAAP”) or as an indicator of our liquidity. Our presentation of these non-GAAP financial measures should also not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of these non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. We define Adjusted EBITDA as net (loss) income before interest expense, income taxes, depreciation, amortization, and non-cash, non-operating expenses, or other expenses that we do not believe are indicative of our ongoing expenses, including certain professional fees, litigation settlements, acquisition and integration related expenses, non-cash compensation expense and adjustments to our tax receivable agreement liability. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures of net (loss) income as determined by GAAP. Management believes Adjusted EBITDA and Adjusted EBITDA margin allow investors to evaluate our operating performance and compare our results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of our core operating performance. Management uses Adjusted EBITDA to assist in highlighting trends in our operating results without regard to our financing methods, capital structure and non-recurring or non-operating expenses. We exclude the items listed above from net (loss) income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures, the methods by which assets were acquired and other factors. Adjusted EBITDA has limitations as an analytical tool and should not be considered as an alternative to, or more meaningful than, net (loss) income as determined in accordance with GAAP or as an indicator of our liquidity.
Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets.
Adjusted net income per share is a non-GAAP financial measure that is used and disclosed by management in order to give management and its investors and analysts a more accurate picture of our underlying earnings performance. Adjusted net income per share excludes items that management does not believe are indicative of our core operating performance.
We define adjusted net income per share as net (loss) income attributable to Malibu Boats, Inc. per share, excluding income tax (benefit) expense, before non-cash, non-operating expenses, or other expenses that we do not believe are indicative of our ongoing expenses, including litigation settlements, acquisition related amortization, acquisition and integration related expenses, certain professional fees and non-cash compensation expense, and reflecting an adjustment for income tax expense on adjusted income before income taxes at our estimated effective income tax rate. We exclude the items listed above from net (loss) income per share in arriving at adjusted net income per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, the methods by which assets were acquired and other factors. Adjusted net income per share has limitations as an analytical tool and should not be considered as an alternative to, or more meaningful than, net (loss) income per share as determined in accordance with GAAP or as an indicator of our liquidity. Certain items excluded are significant components in understanding and assessing a company’s financial performance. Our presentation of adjusted net income per share should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computation of this measure may not be comparable to other similarly titled measures of other companies.
A reconciliation of our net (loss) income as determined in accordance with GAAP to Adjusted EBITDA and a reconciliation of net (loss) income per share attributable to Malibu Boats, Inc. as determined in accordance with GAAP to adjusted net income per share is provided under "Reconciliation of Non-GAAP Financial Measures". We define Free Cash Flow as net cash provided by operating activities, plus cash used for capital expenditures, plus proceeds from the sale of property plant and equipment, and plus effect of exchange rate changes on cash and cash equivalents.
Free Cash Flow has limitations as an analytical tool and should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with GAAP or as an indicator of our liquidity. Our computation of this measure may not be comparable to other similarly titled measures of other companies.
A reconciliation of our net cash provided by operating activities as determined in accordance with GAAP to Free Cash Flow is provided under "Reconciliation of Non-GAAP Financial Measures".
Cautionary Statement Concerning Forward Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release regarding our guidance for fiscal year 2026 net sales and Adjusted EBITDA margin and our tariff exposure. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: our large fixed cost base; our ability to execute our manufacturing strategy; our ability to accurately forecast demand for our products; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in our suppliers’ operations; our reliance on third-party suppliers for raw materials and components; our reliance on certain suppliers for our engines and outboard motors; climate events in areas where we operate; our ability to meet our manufacturing workforce needs; our dependence on key management employees; our ability to grow our business through acquisitions and integrate such acquisitions to fully realize their expected benefits, including our recent acquisition of Saxdor; our growth strategy which may require us to secure significant additional capital; our ability to enhance existing products and develop and market new or enhanced products; our ability to protect our intellectual property; compromises or disruptions to our network and information systems; risks related to operating in foreign jurisdictions, including tariffs; general economic conditions; the continued strength and positive perception of our brands; increased consumer preference for used boats, alternative fuel-powered boats or the supply of new boats by competitors in excess of demand; the seasonality of our business; competition within our industry and with other activities for consumers’ scarce leisure time; inflation and heightened interest rates; our reliance on our network of independent dealers and increasing competition for dealers; the financial health of our dealers and their continued access to financing; our obligation to repurchase inventory of certain dealers; our exposure to risks associated with litigation, investigation and regulatory proceedings; an impairment in the carrying value of goodwill, trade names and other long-lived assets; risks inherent in changes to U.S trade policy, tariffs and import/export regulations, significant repair or replacement costs due to warranty claims; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; covenants in our credit agreement governing our revolving credit facility which may limit our operating flexibility; our obligation to make certain payments under a tax receivable agreement; any failure to maintain effective internal control over financial reporting or disclosure controls or procedures; and other factors affecting us detailed from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Investor Contacts
Malibu Boats, Inc.
InvestorRelations@MalibuBoats.com
| MALIBU BOATS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net sales | $ | 235,698 | $ | 228,662 | $ | 619,053 | $ | 600,522 | |||||||
| Cost of sales | 194,421 | 182,938 | 524,723 | 489,171 | |||||||||||
| Gross profit | 41,277 | 45,724 | 94,330 | 111,351 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing | 8,345 | 6,832 | 20,707 | 17,681 | |||||||||||
| General and administrative | 31,761 | 19,849 | 73,364 | 73,634 | |||||||||||
| Amortization | 3,077 | 1,676 | 6,503 | 5,104 | |||||||||||
| Operating (loss) income | (1,906 | ) | 17,367 | (6,244 | ) | 14,932 | |||||||||
| Other expense, net: | |||||||||||||||
| Other expense (income), net | 267 | (7 | ) | (608 | ) | (26 | ) | ||||||||
| Interest expense | 896 | 525 | 1,643 | 1,506 | |||||||||||
| Other expense, net | 1,163 | 518 | 1,035 | 1,480 | |||||||||||
| (Loss) income before (benefit) provision for income taxes | (3,069 | ) | 16,849 | (7,279 | ) | 13,452 | |||||||||
| (Benefit) provision for income taxes | (631 | ) | 3,676 | (1,620 | ) | 3,005 | |||||||||
| Net (loss) income | (2,438 | ) | 13,173 | (5,659 | ) | 10,447 | |||||||||
| Net (loss) income attributable to non-controlling interest | (23 | ) | 283 | (80 | ) | 242 | |||||||||
| Net (loss) income attributable to Malibu Boats, Inc. | $ | (2,415 | ) | $ | 12,890 | $ | (5,579 | ) | $ | 10,205 | |||||
| Comprehensive loss: | |||||||||||||||
| Net (loss) income | $ | (2,438 | ) | $ | 13,173 | $ | (5,659 | ) | $ | 10,447 | |||||
| Other comprehensive loss: | |||||||||||||||
| Change in cumulative translation adjustment | (4,997 | ) | 208 | (4,456 | ) | (1,604 | ) | ||||||||
| Other comprehensive income (loss) | (4,997 | ) | 208 | (4,456 | ) | (1,604 | ) | ||||||||
| Comprehensive loss | (7,435 | ) | 13,381 | (10,115 | ) | 8,843 | |||||||||
| Less: comprehensive loss attributable to non-controlling interest, net of tax | (69 | ) | 287 | (117 | ) | 198 | |||||||||
| Comprehensive loss attributable to Malibu Boats, Inc., net of tax | $ | (7,366 | ) | $ | 13,094 | $ | (9,998 | ) | $ | 8,645 | |||||
| Weighted-average shares outstanding used in computing net (loss) income per share: | |||||||||||||||
| Basic | 19,040,526 | 19,557,572 | 19,165,792 | 19,776,527 | |||||||||||
| Diluted | 19,040,526 | 19,581,407 | 19,165,792 | 19,808,674 | |||||||||||
| Net (loss) income available to Class A Common Stock per share: | |||||||||||||||
| Basic | $ | (0.13 | ) | $ | 0.66 | $ | (0.29 | ) | $ | 0.52 | |||||
| Diluted | $ | (0.13 | ) | $ | 0.66 | $ | (0.29 | ) | $ | 0.52 | |||||
| MALIBU BOATS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) | |||||||
| March 31, 2026 | June 30, 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 50,167 | $ | 37,002 | |||
| Trade receivables, net | 29,727 | 23,034 | |||||
| Inventories | 204,698 | 142,163 | |||||
| Prepaid expenses and other current assets | 19,631 | 14,634 | |||||
| Assets held for sale | 3,059 | 3,059 | |||||
| Total current assets | 307,282 | 219,892 | |||||
| Property, plant and equipment, net | 244,895 | 235,877 | |||||
| Goodwill | 84,819 | 51,306 | |||||
| Other intangible assets, net | 306,847 | 168,634 | |||||
| Deferred tax assets | 49,884 | 51,601 | |||||
| Other assets | 13,074 | 7,268 | |||||
| Total assets | $ | 1,006,801 | $ | 734,578 | |||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 62,550 | $ | 24,420 | |||
| Accrued expenses | 167,522 | 109,770 | |||||
| Income taxes and tax distribution payable | 3,503 | 151 | |||||
| Payable pursuant to tax receivable agreement, current portion | 271 | 271 | |||||
| Total current liabilities | 233,846 | 134,612 | |||||
| Deferred tax liabilities | 12,601 | 14,674 | |||||
| Other liabilities | 34,425 | 7,297 | |||||
| Payable pursuant to tax receivable agreement, less current portion | 39,332 | 40,162 | |||||
| Long-term debt | 165,000 | 18,000 | |||||
| Total liabilities | 485,204 | 214,745 | |||||
| Stockholders' Equity | |||||||
| Class A Common Stock, par value | 194 | 190 | |||||
| Class B Common Stock, par value | — | — | |||||
| Preferred Stock, par value | — | — | |||||
| Additional paid in capital | 47,495 | 35,253 | |||||
| Accumulated other comprehensive loss, net of tax | (9,103 | ) | (4,646 | ) | |||
| Accumulated earnings | 479,085 | 484,664 | |||||
| Total stockholders' equity attributable to Malibu Boats, Inc. | 517,671 | 515,461 | |||||
| Non-controlling interest | 3,926 | 4,372 | |||||
| Total stockholders’ equity | 521,597 | 519,833 | |||||
| Total liabilities and stockholders' equity | $ | 1,006,801 | $ | 734,578 | |||
| MALIBU BOATS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | |||||||
| Nine Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Operating activities: | |||||||
| Net (loss) income | $ | (5,659 | ) | $ | 10,447 | ||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
| Non-cash compensation expense | 4,216 | 4,297 | |||||
| Non-cash compensation to directors | 1,001 | 1,014 | |||||
| Depreciation | 24,355 | 23,399 | |||||
| Amortization | 6,503 | 5,104 | |||||
| Deferred income taxes | (285 | ) | 2,007 | ||||
| Adjustment to tax receivable agreement liability | (856 | ) | — | ||||
| Other items, net | 2,048 | 1,894 | |||||
| Change in operating assets and liabilities, net of effect from acquisition: | |||||||
| Trade receivables | (4,611 | ) | (19,280 | ) | |||
| Inventories | (3,974 | ) | (2,505 | ) | |||
| Prepaid expenses and other assets | 3,268 | 92 | |||||
| Accounts payable | 10,945 | 24,373 | |||||
| Income taxes payable | 2,102 | 242 | |||||
| Accrued expenses | 3,404 | (13,875 | ) | ||||
| Other liabilities | (1,898 | ) | (1,742 | ) | |||
| Net cash provided by operating activities | 40,559 | 35,467 | |||||
| Investing activities: | |||||||
| Purchases of property and equipment | (14,608 | ) | (20,963 | ) | |||
| Proceeds from sale of property and equipment | 253 | 388 | |||||
| Payment for acquisition, net of cash acquired | (125,954 | ) | — | ||||
| Net cash used in investing activities | (140,309 | ) | (20,575 | ) | |||
| Financing activities: | |||||||
| Proceeds from revolving credit facility | 165,000 | 48,000 | |||||
| Payments on revolving credit facility | (18,000 | ) | (20,000 | ) | |||
| Proceeds received from exercise of stock options | — | 233 | |||||
| Cash paid for withholding taxes on vested restricted stock | (857 | ) | (789 | ) | |||
| Repurchase and retirement of Class A Common Stock | (33,910 | ) | (30,299 | ) | |||
| Net cash provided by (used in) financing activities | 112,233 | (2,855 | ) | ||||
| Effect of exchange rate changes on cash | 682 | (269 | ) | ||||
| Changes in cash | 13,165 | 11,768 | |||||
| Cash—Beginning of period | 37,002 | 26,945 | |||||
| Cash—End of period | $ | 50,167 | $ | 38,713 | |||
| Supplemental cash flow information: | |||||||
| Cash paid for interest | $ | 1,020 | $ | 1,551 | |||
| Cash refund for income taxes, net | 85 | 604 | |||||
| Non-cash financing activities: | |||||||
| Class A shares issued for acquisition | 41,706 | — | |||||
| Contingent consideration issued for acquisition | 32,599 | — | |||||
| Reclassification of properties to assets held for sale | — | 3,059 | |||||
| ROU assets obtained in exchange for lease liabilities | — | 1,787 | |||||
| MALIBU BOATS, INC. AND SUBSIDIARIES | |||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
| Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA (Unaudited): | |||||||||||||||
| The following table sets forth a reconciliation of Net (Loss) Income as determined in accordance with GAAP to Adjusted EBITDA and presentation of Net (Loss) Income Margin and Adjusted EBITDA Margin for the periods indicated (dollars in thousands): | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net (loss) income | $ | (2,438 | ) | $ | 13,173 | $ | (5,659 | ) | $ | 10,447 | |||||
| (Benefit) provision for income taxes | (631 | ) | 3,676 | (1,620 | ) | 3,005 | |||||||||
| Interest expense | 896 | 525 | 1,643 | 1,506 | |||||||||||
| Depreciation | 8,097 | 8,201 | 24,355 | 23,399 | |||||||||||
| Amortization | 3,077 | 1,676 | 6,503 | 5,104 | |||||||||||
| Professional fees1 | 968 | 808 | 2,598 | 3,849 | |||||||||||
| Litigation settlement2 | — | — | — | 3,500 | |||||||||||
| Acquisition related step-up inventory amortization3 | 737 | — | 737 | — | |||||||||||
| Acquisition and integration related expenses4 | 10,628 | — | 10,628 | — | |||||||||||
| Stock-based compensation expense5 | 1,408 | 264 | 4,216 | 4,297 | |||||||||||
| Adjustments to tax receivable agreement liability6 | — | — | (856 | ) | — | ||||||||||
| Adjusted EBITDA | $ | 22,742 | $ | 28,323 | $ | 42,545 | $ | 55,107 | |||||||
| Net Sales | $ | 235,698 | $ | 228,662 | $ | 619,053 | $ | 600,522 | |||||||
| Net (Loss) Income Margin7 | (1.0 | )% | 5.8 | % | (0.9 | )% | 1.7 | % | |||||||
| Adjusted EBITDA Margin7 | 9.6 | % | 12.4 | % | 6.9 | % | 9.2 | % | |||||||
| (1) | For the three and nine months ended March 31, 2026, represents legal and advisory fees related to ongoing litigation with our insurance carriers related to the Batchelder matters and ongoing litigation with Tommy's Boats and Matthew Borisch. For the three and nine months ended March 31, 2025, represents legal and advisory fees related to litigation with our insurance carriers related to the Batchelder matters and legal and advisory fees related to litigation with Tommy's Boats and Matthew Borisch. | |
| (2) | For the nine months ended March 31, 2025, represents amount we paid pursuant to a settlement agreement with the Chapter 11 trustee (the "Trustee") for Tommy's Fort Worth LLC and its affiliate debtors. | |
| (3) | Acquisition related step-up inventory amortization represents the amortization of the fair value step-up in Saxdor's inventories as a result of the acquisition which is recorded within Cost of goods sold in the Company's unaudited condensed consolidated Statements of Operations. See Note 4 — Acquisitions for additional information. | |
| (4) | For the three and nine months ended March 31, 2026, represents legal and advisory fees as well as integration costs incurred in connection with our acquisition of Saxdor on March 2, 2026. | |
| (5) | Represents equity-based incentives awarded to employees under our long-term incentive plans. | |
| (6) | For the nine months ended March 31, 2026, we recognized other income from an adjustment in our tax receivable agreement liability mainly due to decreased blended federal and state tax rates used as a result of tax reform changes in H.R. 1, commonly referred to as the One Big Beautiful Bill Act ("OB3") tax reform changes, and in turn, a decrease in the future benefit we expect to pay under our tax receivable agreement with pre-IPO owners. | |
| (7) | We calculate net (loss) income margin as net (loss) income divided by net sales, and we define adjusted EBITDA margin as Adjusted EBITDA divided by net sales. | |
Reconciliation of Non-GAAP Adjusted Net Income (Unaudited):
The following table sets forth a reconciliation of net (loss) income per share attributable to Malibu Boats, Inc. as determined in accordance with GAAP to adjusted net income per share for the periods indicated (dollars in thousands):
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net (loss) income attributable to Malibu Boats, Inc. | $ | (2,415 | ) | $ | 12,890 | $ | (5,579 | ) | $ | 10,205 | |||||
| Professional fees1 | 968 | 808 | 2,598 | 3,849 | |||||||||||
| Litigation settlement2 | — | — | — | 3,500 | |||||||||||
| Stock-based compensation expense3 | 1,408 | 264 | 4,216 | 4,297 | |||||||||||
| Acquisition related amortization4 | 3,038 | 1,641 | 6,391 | 4,995 | |||||||||||
| Acquisition related step-up inventory amortization5 | 737 | — | 737 | — | |||||||||||
| Acquisition and integration related expenses6 | 10,628 | — | 10,628 | — | |||||||||||
| (Benefit) provision for income taxes | (631 | ) | 3,676 | (1,620 | ) | 3,005 | |||||||||
| Adjusted income before income taxes | 13,733 | 19,279 | 17,371 | 29,851 | |||||||||||
| Income tax expense on adjusted income before income taxes7 | 3,035 | 4,723 | 3,839 | 7,313 | |||||||||||
| Adjusted net income | $ | 10,698 | $ | 14,556 | $ | 13,532 | $ | 22,538 | |||||||
| Basic weighted-average shares outstanding | 19,040,526 | 19,557,572 | 19,165,792 | 19,776,527 | |||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net (loss) income per share attributable to Malibu Boats, Inc. | $ | (0.13 | ) | $ | 0.66 | $ | (0.29 | ) | $ | 0.52 | |||||
| Professional fees1 | 0.05 | 0.04 | 0.14 | 0.19 | |||||||||||
| Litigation settlement2 | — | — | — | 0.18 | |||||||||||
| Stock-based compensation expense3 | 0.07 | 0.01 | 0.22 | 0.22 | |||||||||||
| Acquisition related amortization4 | 0.16 | 0.08 | 0.33 | 0.25 | |||||||||||
| Acquisition related step-up inventory amortization5 | 0.04 | — | 0.04 | — | |||||||||||
| Acquisition and integration related expenses6 | 0.56 | — | 0.55 | — | |||||||||||
| (Benefit) provision for income taxes | (0.03 | ) | 0.19 | (0.08 | ) | 0.15 | |||||||||
| Adjusted income before income taxes | 0.72 | 0.99 | 0.91 | 1.51 | |||||||||||
| Income tax expense on adjusted income before income taxes7 | 0.16 | 0.24 | 0.20 | 0.37 | |||||||||||
| Adjusted net income per share | $ | 0.56 | $ | 0.74 | $ | 0.71 | $ | 1.14 | |||||||
| (1) | For the three and nine months ended March 31, 2026, represents legal and advisory fees related to ongoing litigation with our insurance carriers related to the Batchelder matters and ongoing litigation with Tommy's Boats and Matthew Borisch. For the three and nine months ended March 31, 2025, represents legal and advisory fees related to litigation with our insurance carriers related to the Batchelder matters and legal and advisory fees related to litigation with Tommy's Boats and Matthew Borisch. | |
| (2) | For the nine months ended March 31, 2025, represents amount we paid pursuant to a settlement agreement with the Chapter 11 trustee (the "Trustee") for Tommy's Fort Worth LLC and its affiliate debtors. | |
| (3) | Represents equity-based incentives awarded to employees under our long-term incentive plans. | |
| (4) | Represents amortization of intangibles acquired in connection with the acquisition of Maverick Boat Group, Pursuit, Cobalt, and Saxdor. | |
| (5) | Acquisition related step-up inventory amortization represents the amortization of the fair value step-up in Saxdor's inventories as a result of the acquisition which is recorded within Cost of goods sold in the Company's unaudited condensed consolidated Statements of Operations. See Note 4 — Acquisitions for additional information. | |
| (6) | For the three and nine months ended March 31, 2026, represents legal and advisory fees as well as integration costs incurred in connection with our acquisition of Saxdor on March 2, 2026. | |
| (7) | Reflects income tax expense at an estimated normalized annual effective income tax rate of | |
Reconciliation of Non-GAAP Free Cash Flow (Unaudited):
The following table sets forth a reconciliation of net cash provided by operating activities to free cash flow for the periods presented (dollars in thousands):
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net cash provided by operating activities | $ | 21,377 | $ | 15,462 | $ | 40,559 | $ | 35,467 | ||||||||
| Net cash (used for) provided by: | ||||||||||||||||
| Plus: Capital expenditures | (5,888 | ) | (6,692 | ) | (14,608 | ) | (20,963 | ) | ||||||||
| Plus: Proceeds from the sale of property, plant and equipment | 163 | 38 | 253 | 388 | ||||||||||||
| Plus: Effect of exchange rate changes on cash and cash equivalents | 364 | (76 | ) | 682 | (269 | ) | ||||||||||
| Free cash flow | $ | 16,016 | $ | 8,732 | $ | 26,886 | $ | 14,623 | ||||||||
