Malibu Boats(MBUU) - 2025 Q2 - Quarterly Results

Financial Performance - Net sales for Q2 FY2025 decreased by 5.1% to $200.3 million compared to Q2 FY2024[4] - Unit volume for Q2 FY2025 decreased by 11.0% to 1,222 units compared to Q2 FY2024[4] - GAAP net income for Q2 FY2025 decreased by 76.1% to $2.4 million compared to $10.1 million in Q2 FY2024[4] - Adjusted EBITDA for Q2 FY2025 decreased by 26.3% to $16.9 million compared to $22.9 million in Q2 FY2024[4] - Operating income for Q2 FY2025 decreased to $3.2 million from $14.7 million in Q2 FY2024[13] - Net income for the three months ended December 31, 2024, was $2,421,000, compared to $10,144,000 for the same period in 2023, reflecting a decrease of 76.1%[32] - Adjusted EBITDA for the six months ended December 31, 2024, was $26,785,000, down 56.8% from $61,918,000 in the prior year[32] - The net income margin for the six months ended December 31, 2024, was (0.7)%, down from 6.6% in 2023[32] Sales and Revenue - Net sales attributable to the Saltwater Fishing segment decreased by 15.2% to $70.2 million in Q2 FY2025[7] - Net sales per unit for the Malibu segment increased by 12.0% to $141,141 per unit in Q2 FY2025[9] - Net sales for the three months ended December 31, 2024, were $200,280,000, a decrease from $211,074,000 in the same period of 2023, representing a decline of about 5%[28] - Net sales for the three months ended December 31, 2024, were $200,280,000, a decrease of 5.8% compared to $211,074,000 in 2023[32] Expenses and Costs - General and administrative expenses increased by 71.9% to $26.5 million in Q2 FY2025 compared to Q2 FY2024[12] - The company reported a litigation settlement expense of $3,500,000 for the six months ended December 31, 2024[32] - The company incurred professional fees of $2,035,000 for the three months ended December 31, 2024, compared to $290,000 in the same period of 2023[36] Guidance and Outlook - Full-year guidance for FY2025 anticipates net sales to be flat to down low single digits year-over-year[14] - The company anticipates ramping up production in the third fiscal quarter of 2025, indicating a positive outlook for future performance[24] Assets and Cash Position - Total assets as of December 31, 2024, were $738,676,000, slightly down from $739,624,000 as of June 30, 2024[29] - Cash increased to $35,118,000 as of December 31, 2024, from $26,945,000 as of June 30, 2024, reflecting an increase of approximately 30%[30] Risks and Legal Matters - The company faces risks including reliance on third-party suppliers and potential disruptions in operations, which could impact future performance[25] - The company is awaiting a decision from the Bankruptcy Court regarding claims related to Tommy's Boats, which may impact future financial obligations[33]