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Acquisitions (Tables) | 9 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the purchase price allocation based on the estimated fair values of the assets acquired and liabilities of Cobalt assumed at the acquisition date:
Consideration: |
Cash consideration paid | $ | 129,525 |
Equity consideration paid | 1,000 |
Fair value of total consideration transferred | $ | 130,525 |
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value: |
Cash | $ | 3,973 |
Accounts receivable | 2,329 |
Inventories | 14,343 |
Other current assets | 363 |
Property, plant and equipment | 12,934 |
Identifiable intangible assets | 89,900 |
Current liabilities | (13,108 | )
Fair value of assets acquired and liabilities assumed | 110,734 |
Goodwill | 19,791 |
Total purchase price | $ | 130,525 |
The following table summarizes the preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities of Pursuit assumed at the acquisition date:
Consideration: |
Cash consideration paid | $ | 100,073 |
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value: |
Inventories | $ | 8,332 |
Other current assets | 350 |
Property, plant and equipment | 17,454 |
Identifiable intangible assets | 57,900 |
Current liabilities | (3,488 | )
Fair value of assets acquired and liabilities assumed | 80,548 |
Goodwill | 19,525 |
Total purchase price | $ | 100,073 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value estimates for the Company's identifiable intangible assets acquired as part of the acquisition are as follows:
| Estimates of Fair Value |  | Estimated Useful Life (in years)
Definite-lived intangibles: |  |  |
Dealer relationships | $ | 56,300 |  |  | 20
Patent | 2,600 |  |  | 15
Total definite-lived intangibles | 58,900 |  |  |
Indefinite-lived intangible: |  |  |
Trade name | 31,000 |  |  |
Total intangible assets | $ | 89,900 |  |  |
The preliminary fair value estimates for the Company's identifiable intangible assets acquired as part of the acquisition are as follows:
| Estimates of Fair Value |  | Estimated Useful Life (in years)
Definite-lived intangibles: |  |  |
Dealer relationships | $ | 25,400 |  |  | 20
Total definite-lived intangibles | 25,400 |  |  |
Indefinite-lived intangible: |  |  |
Trade name | 32,500 |  |  |
Total intangible assets | $ | 57,900 |  |  |
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal year 2017 or the results that may occur in the future:
|  | Three Months Ended March 31, |  | Nine Months Ended March 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net sales |  | $ | 199,918 |  |  | $ | 140,429 |  |  | $ | 489,194 |  |  | $ | 358,343 |
Net income |  | 22,203 |  |  | 16,796 |  |  | 49,216 |  |  | 17,626 |
Net income attributable to Malibu Boats, Inc. |  | 21,099 |  |  | 15,672 |  |  | 46,654 |  |  | 15,174 |
Basic earnings per share |  | $ | 1.01 |  |  | $ | 0.76 |  |  | $ | 2.24 |  |  | $ | 0.76 |
Diluted earnings per share |  | $ | 1.01 |  |  | $ | 0.76 |  |  | $ | 2.23 |  |  | $ | 0.76 |
The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal year 2018 or the results that may occur in the future:
|  | Three Months Ended March 31, |  | Nine Months Ended March 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net sales |  | $ | 199,918 |  |  | $ | 176,387 |  |  | $ | 530,836 |  |  | $ | 451,687 |
Net income |  | 22,203 |  |  | 21,285 |  |  | 53,223 |  |  | 18,853 |
Net income attributable to Malibu Boats, Inc. |  | 21,099 |  |  | 19,838 |  |  | 50,430 |  |  | 16,066 |
Basic earnings per share |  | $ | 1.01 |  |  | $ | 0.97 |  |  | $ | 2.42 |  |  | $ | 0.80 |
Diluted earnings per share |  | $ | 1.01 |  |  | $ | 0.96 |  |  | $ | 2.41 |  |  | $ | 0.80 |

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