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Segment Reporting
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We determine our operating segments based on how the Chief Operating Decision Maker (CODM), our Chief Executive Officer, manages the business, allocates resources, makes operating decisions and evaluates operating performance.
The Company has three reportable segments: Malibu, Saltwater Fishing and Cobalt. The Malibu segment participates in the manufacturing, distribution, marketing and sale of Malibu and Axis performance sports boats throughout the world. The Saltwater Fishing segment participates in the manufacturing, distribution, marketing and sale throughout the world of Pursuit boats and the Maverick Boat Group brand boats (Maverick, Cobia, Pathfinder and Hewes). The Cobalt segment participates in the manufacturing, distribution, marketing and sale of Cobalt boats throughout the world. Separate financial information for the three reportable segments is evaluated by the CODM to allocate resources and assess performance. Segment asset and capital expenditure information is not presented because it is not evaluated by the CODM at the segment level.
Intersegment transactions are not considered significant and consist primarily of engines and other materials that are eliminated within the Malibu segment. Certain costs are incurred at the corporate level and are partially allocated to the Company’s segments. These costs generally include shared service functions such as information technology, digital marketing, finance and accounting and supply chain. Each allocation is measured based on each segment's proportionate budgeted net sales for the current fiscal year. The remaining unallocated corporate costs, as well as costs related to stock-based compensation, interest expense, professional fees and other corporate costs, are reported within Corporate expenses and other as a reconciling item to our consolidated results.
Our segment operating performance measure is Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA to evaluate segment operating performance, generate future operating plans, and make strategic decisions. Segment Adjusted EBITDA excludes interest expense, income taxes, depreciation, amortization, goodwill and other intangible asset impairment expense and non-cash, non-recurring or non-operating expenses (as shown in the table below). These charges are excluded from the evaluation of segment performance because it facilitates reportable segment performance comparisons on a period-to-period basis as these costs may vary independent of business performance
There is no country outside of the United States from which the Company (a) derived net sales equal to 10% of total net sales, or (b) attributed assets equal to 10% of total assets. Net sales are attributed to countries based on the location of the dealer. For information about how our reportable segments derive revenue, as well as revenue grouped by offerings and geographical region, refer to Note 2 – Revenue Recognition.
The following table presents financial information for the Company’s reportable segments for the fiscal years ended June 30, 2025, 2024, and 2023.
Fiscal Year Ended June 30, 2025
MalibuSaltwater FishingCobaltTotal
Net sales$312,698 $279,635 $215,228 $807,561 
Cost of sales (excluding depreciation)226,956 226,544 180,141 633,641 
Sales and marketing expense9,693 8,834 4,544 23,071 
General and administrative expense (excluding depreciation) 1
15,476 17,585 12,687 45,748 
Other segment items 2
(38)— — (38)
Segment Adjusted EBITDA60,611 26,672 17,856 105,139 
Reconciliation of segment adjusted EBITDA to income before income taxes:
Corporate expenses and other 3
46,283 
Depreciation31,794 
Amortization6,799 
Income before income taxes$20,263 
Fiscal Year Ended June 30, 2024
MalibuSaltwater FishingCobaltTotal
Net sales$279,131 $327,542 $222,362 $829,035 
Cost of sales (excluding depreciation)211,443 264,707 181,659 657,809 
Sales and marketing expense9,094 8,835 4,855 22,784 
General and administrative expense (excluding depreciation) 1
16,056 18,477 13,177 47,710 
Other segment items 2
(41)(41)
Segment Adjusted EBITDA42,579 35,523 22,671 100,773 
Reconciliation of segment adjusted EBITDA to income before income taxes:
Corporate expenses and other 3
28,445 
Depreciation26,178 
Amortization6,811 
Goodwill and other intangible asset impairment88,389 
Abandonment of construction in process8,735 
Loss before income taxes$(57,785)
Fiscal Year Ended June 30, 2023
MalibuSaltwater FishingCobaltTotal
Net sales$636,247 $449,156 $302,962 $1,388,365 
Cost of sales (excluding depreciation)422,706 357,208 237,145 1,017,059 
Sales and marketing expense10,728 8,074 5,207 24,009 
General and administrative expense (excluding depreciation) 1
16,078 16,732 11,131 43,941 
Other segment items 2
(138)(138)
Segment Adjusted EBITDA186,873 67,142 49,479 303,494 
Reconciliation of segment adjusted EBITDA to income before income taxes:
Corporate expenses and other 3
133,283 
Depreciation21,912 
Amortization6,808 
Income before income taxes$141,491 
1 The primary difference between this significant segment expense and “G&A (excluding depreciation)” within the Company’s Consolidated Statements of Operations relates to stock-based compensation, professional fees and litigation settlements which all fall under the "corporate expenses and other" category discussed below.
2 Other segment items include other income.
3 Corporate expenses and other represents costs incurred at the corporate level that are not allocated to the operating segments, specifically relating to certain executive compensation including stock-based compensation, corporate professional fees, litigation settlements, interest expense, adjustments to tax receivable agreement, other corporate costs, and unallocated shared service function expenses. “Corporate expenses and other” is included in the table above to reconcile the total of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes.