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Malibu Boats, Inc. Announces Third Quarter Fiscal 2025 Results

LOUDON, Tenn., May 08, 2025 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March听31, 2025.

Third Quarter Fiscal 2025 Highlights Compared to Third Quarter Fiscal 2024:

• Net sales increased 12.4% to $228.7 million
• Unit volume increased听12.8% to 1,431 units
• Gross profit increased 13.4% to $45.7 million
• GAAP net income increased 119.4% to $13.2 million
• GAAP net income available to Class A Common Stock per share (diluted) increased 120.1% to $0.66 per share
• Adjusted EBITDA increased 16.0% to $28.3 million
• Adjusted fully distributed net income per share increased 14.3% to $0.72 per share on a fully distributed weighted-average share count of听20.1 million听shares of Class A Common Stock
  

鈥淥ur team executed effectively in the third quarter, navigating ongoing market challenges by leveraging our strong brands, disciplined operational performance, and continued focus on dealer health,鈥� commented Steve Menneto, Chief Executive Officer of Malibu Boats, Inc. 鈥淲hile retail softness persists, we saw encouraging momentum around our latest product introductions, even during a mixed boat show season. We remain focused on maintaining dealer inventory in line with retail demand through disciplined production and positioning Malibu to emerge even stronger from these evolving market conditions. We are committed to navigating successfully through this period of uncertainty in the market, leveraging our operational agility while continuing to deliver the innovation and quality that define the Malibu experience and position us for long-term success.鈥�

鈥淕iven softer-than-anticipated retail trends and ongoing market uncertainty, we are updating our full-year guidance to reflect current conditions and maintain a clear focus on aligning dealer inventory levels with retail demand,鈥� said Bruce Beckman, Chief Financial Officer of Malibu Boats, Inc. 鈥淒espite these market challenges, our execution remains strong, as evidenced by solid gross margin performance and favorable adjusted EBITDA results. As we manage through the remainder of fiscal 2025, we continue to prioritize dealer health and remain confident in our robust cash flow generation, supported by our flexible cost structure. While we are continuing to monitor international trade policy and tariff rates and their long term impact on the company, we do not anticipate tariffs materially impacting our cost structure for the rest of the fiscal year, and we continue to take a proactive approach to mitigating supply chain risks. Our strong balance sheet and ongoing cash generation gives us confidence in our ability to navigate potential headwinds while continuing to lay the foundation for Malibu鈥檚 long-term growth.鈥�

Third Quarter Fiscal 2025 Results (Unaudited)

Net sales for the three months ended March听31, 2025 increased $25.2 million, or 12.4%, to $228.7 million as compared to the three months ended March听31, 2024. The increase in net sales was driven primarily by increased unit volumes in the Malibu segment, a favorable model mix across all segments and inflation-driven year-over-year price increases, partially offset by decreased unit volumes in the Cobalt and Saltwater Fishing segments and an unfavorable segment mix. Unit volume for the three months ended March听31, 2025, increased 162 units, or 12.8%, to 1,431 units as compared to the three months ended March听31, 2024. Our unit volume increased primarily due to higher wholesale shipments across the Malibu segment, partially offset by lower volumes in the Cobalt and Saltwater Fishing segments due to our dealers' desire to hold less inventory.

Net sales attributable to our Malibu segment increased $42.0 million, or 69.8%, to $102.2 million for the three months ended March听31, 2025, compared to the three months ended March听31, 2024. Unit volumes attributable to our Malibu segment increased 292 units for the three months ended March听31, 2025, compared to the three months ended March听31, 2024, primarily due to lower wholesale shipments during the three months ended March 31, 2024, as a result of elevated dealer inventory levels. The increase in net sales was driven by an increase in units, a favorable model mix and inflation-driven year-over-year price increases.

Net sales attributable to our Saltwater Fishing segment decreased $9.4 million, or 11.5%, to $71.9 million, for the three months ended March听31, 2025, compared to the three months ended March听31, 2024. Unit volumes attributable to our Saltwater Fishing segment decreased 55 units for the three months ended March听31, 2025 compared to the three months ended March听31, 2024, primarily due to lower wholesale shipments driven by lower retail activity during the period and our dealers' desire to hold less inventory. The decrease in net sales was driven by a decrease in units and partially offset by a favorable model mix and inflation-driven year-over-year price increases.

Net sales attributable to our Cobalt segment decreased $7.4 million, or 12.0%, to $54.6 million for the three months ended March听31, 2025, compared to the three months ended March听31, 2024. Unit volumes attributable to Cobalt decreased 75 units for the three months ended March听31, 2025 compared to the three months ended March听31, 2024, primarily due to lower wholesale shipments driven by our dealers' desire to hold less inventory. The decrease in net sales was driven primarily by a decrease in units, partially offset by favorable model mix and inflation-driven year-over-year price increases.

Overall consolidated net sales per unit decreased (0.3)% to $159,792 per unit for the three months ended March听31, 2025, compared to the three months ended March听31, 2024. The decrease in overall consolidated net sales per unit was driven primarily by an unfavorable segment mix partially offset by favorable model mix across all segments and inflation-driven year-over-year price increases. Net sales per unit for our Malibu segment increased 3.2% to $137,417 per unit for the three months ended March听31, 2025, compared to the three months ended March听31, 2024, driven by favorable model mix and inflation-driven year-over-year price increases. Net sales per unit for our Saltwater Fishing segment increased 3.4% to $220,454 per unit for the three months ended March听31, 2025 driven by favorable model mix and inflation-driven year-over-year price increases. Net sales per unit for our Cobalt segment increased 6.3% to $151,125 per unit for the three months ended March听31, 2025, compared to the three months ended March听31, 2024, driven by favorable model mix and inflation-driven year-over-year price increases.

Cost of sales for the three months ended March听31, 2025 increased $19.9 million, or 12.2%, to $182.9 million as compared to the three months ended March听31, 2024. The increase in cost of sales was primarily driven by a 12.4% increase in net sales due to higher unit volumes, a more expensive product mix and partially offset by lower per unit labor costs due to fixed cost leveraging.听听

Gross profit for the three months ended March听31, 2025 increased $5.4 million, or 13.4%, to $45.7 million compared to the three months ended March听31, 2024. The increase in gross profit was driven by higher net sales partially offset by increased cost of sales for the reasons noted above. Gross margin for the three months ended March听31, 2025 increased 20 basis points from 19.8% to 20.0% driven primarily by the decrease in cost of sales as a percentage of revenue driven by lower per unit labor costs due to fixed cost leveraging.

Selling and marketing expenses for the three months ended March听31, 2025 increased $0.3 million, or 4.3% to $6.8 million compared to the three months ended March听31, 2024. The increase was driven primarily by an increase in certain marketing events and travel. As a percentage of sales, selling and marketing expenses decreased 20 basis points to 3.0% for the three months ended March听31, 2025 compared to 3.2% for the three months ended March听31, 2024. General and administrative expenses for the three months ended March听31, 2025 increased $1.2 million, or 6.7%, to $19.8 million as compared to the three months ended March听31, 2024, driven primarily by legal and professional fees. As a percentage of sales, general and administrative expenses decreased 0.4% to 8.7% for the three months ended March听31, 2025 compared to 9.1% for the three months ended March听31, 2024. Amortization expense remained flat at $1.7 million for the three months ended March听31, 2025.

Operating income for the third quarter of fiscal year 2025 increased to $17.4 million from a loss of $74.9 million in the third quarter of fiscal year 2024. Net income for the third quarter of fiscal year 2025 increased 119.4% to $13.2 million from a loss of $67.8 million and net income margin increased to 5.8% from (33.3)% in the third quarter of fiscal year 2024. Adjusted EBITDA in the third quarter of fiscal year 2025 increased 16.0% to $28.3 million from $24.4 million, while Adjusted EBITDA margin increased to 12.4% from 12.0% in the third quarter of fiscal year 2024.

Fiscal 2025 Guidance

For the full fiscal year 2025, Malibu anticipates net sales decline ranging from 3-5%, year-over-year, and Adjusted EBITDA margin ranging from 9% to 10%.

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鈥檚 vertical integration initiatives that are difficult to predict in advance in order to include in a GAAP estimate.

The updated financial guidance ranges supersede any previously disclosed financial guidance and investors should not rely on any previously disclosed financial guidance.

Webcast and Conference Call Information

The Company will host a webcast and conference call to discuss third quarter of fiscal year 2025 results on May听8, 2025 at 8:30 a.m. Eastern Time. Investors and analysts can participate on the conference call by dialing (844) 695-5523 or (412) 317-0699 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鈥檚 website at . A replay of the webcast will also be archived on the Company鈥檚 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 the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20鈥� - 40鈥� segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. 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 , , , , or .

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 Fully Distributed Net Income and Adjusted Fully Distributed Net Income per Share. These measures have limitations as analytical tools and should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�) 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 income (loss) before interest expense, income taxes, depreciation, amortization, goodwill and other intangible asset impairment expense and non-cash, non-recurring or non-operating expenses, including certain professional fees, litigation settlements and non-cash compensation expense. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures of net income (loss) 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 income (loss) 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 income (loss) 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鈥檚 financial performance, such as a company鈥檚 cost of capital and tax structure, as well as the historical costs of depreciable assets.

We define Adjusted Fully Distributed Net Income as net income (loss) attributable to Malibu Boats, Inc. (i) excluding income tax expense (benefit), (ii) excluding the effect of non-recurring or non-cash items, (iii) assuming the exchange of all LLC units into shares of Class A Common Stock, which results in the elimination of non-controlling interest in Malibu Boats Holdings, LLC (the "LLC"), and (iv) reflecting an adjustment for income tax expense (benefit) on fully distributed net income before income taxes at our estimated effective income tax rate. Adjusted Fully Distributed Net Income is a non-GAAP financial measure because it represents net income (loss) attributable to Malibu Boats, Inc., before non-recurring or non-cash items and the effects of non-controlling interests in the LLC. We use Adjusted Fully Distributed Net Income to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business than GAAP measures alone. We believe Adjusted Fully Distributed Net Income assists our board of directors, management and investors in comparing our net income (loss) on a consistent basis from period to period because it removes non-cash or non-recurring items, and eliminates the variability of non-controlling interest as a result of member owner exchanges of LLC units into shares of Class A Common Stock. In addition, because Adjusted Fully Distributed Net Income (Loss) is susceptible to varying calculations, the Adjusted Fully Distributed Net Income measures, as presented in this release, may differ from and may, therefore, not be comparable to similarly titled measures used by other companies.

A reconciliation of our net income (loss) as determined in accordance with GAAP to Adjusted EBITDA and the numerator and denominator for our net income (loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per share of Class A Common Stock 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 鈥渂elieves,鈥� 鈥渁nticipates,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥渆stimates,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渃ontinue鈥� and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release regarding our guidance for fiscal year 2025 net sales and Adjusted EBITDA margin and our expectation of the impact on tariffs on our cost structure for the remainder of fiscal year 2025.

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鈥� 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; 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 inherent in 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鈥� scarce leisure time; changes in currency exchange rates; 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; 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.听听听听听听听听听听听听听听听听

Investor Contacts

Malibu Boats, Inc.
Bruce Beckman
Chief Financial Officer
(865) 458-5478
[email protected]

MALIBU BOATS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA (Unaudited):

The following table sets forth a reconciliation of Net Income (Loss) as determined in accordance with GAAP to Adjusted EBITDA and presentation of Net Income (Loss) Margin and Adjusted EBITDA Margin for the periods indicated (dollars in thousands): 听听

Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Loss) (Unaudited):

The following table shows the reconciliation of the numerator and denominator for Net Income (Loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income (Loss) per Share of Class A Common Stock for the periods presented (in thousands except share and per share data):

The following table shows the reconciliation of net income (loss) available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock for the periods presented: