6 unchanged sentences
Management’s Report on Internal Control over Financial Reporting
−Removed: Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act.
−Removed: Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with U.S.
−Removed: generally accepted accounting principles.
−Removed: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
−Removed: Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Our management, including our chief executive officer and chief financial officer, assessed the effectiveness of our internal control over financial reporting as of June 30, 2019 .
−Removed: In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control-Integrated Framework (2013) .
−Removed: Based on such assessment our management has concluded that, as of June 30, 2019 , our internal control over financial reporting is effective based on those criteria.
−Removed: As discussed in Note 4 to our consolidated financial statements, we acquired Pursuit on October 15, 2018.
−Removed: As permitted by guidelines established by the SEC for newly acquired business, we excluded Pursuit from the scope of our annual report on internal controls over financial reporting for the fiscal year ended June 30, 2019.
−Removed: Pursuit contributed approximately $114.7 million to our consolidated total assets as of June 30, 2019 and $102.8 million to our consolidated revenues for the fiscal year ended June 30, 2019.
−Removed: We are in the process of integrating this business into our overall internal controls over financial reporting process and plan to include it in our scope for the fiscal year ended June 30, 2020.
+Added: Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, the Company included a report of management's assessment of the effectiveness of its internal control over financial reporting as part of this Annual Report on Form 10-K for the fiscal year ended June 30, 2020.
+Added: Management's report is included in the Company's 2020 Financial Statements under the captions entitled “Report of Management on Internal Control Over Financial Reporting” and is incorporated herein by reference.
Report of Independent Registered Public Accounting Firm
1 unchanged sentence
Changes in Internal Control Over Financial Reporting
−Removed: During the quarter ended December 31, 2018, we completed the acquisition of Pursuit.
−Removed: Prior to the acquisition, Pursuit was a privately-held company and was not subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC, or other corporate governance requirements applicable to public reporting companies.
−Removed: As part of our ongoing integration activities, we are continuing to incorporate our controls and procedures into Pursuit and to augment our company-wide controls to reflect the risks that may be inherent in acquisitions of privately-held companies.
−Removed: Other than our integration of Pursuit, there have been no changes in our internal control over financial reporting during the fourth quarter ended June 30, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There have been no changes in our internal control over financial reporting during the fourth quarter ended June 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other Information
−Removed: Not Applicable.
+Added: Stock Repurchase Program
+Added: On August 27, 2020, our Board of Directors authorized a stock repurchase program to allow for repurchase of up to $50.0 million of our Class A Common Stock and the LLC's LLC Units for the period from September 2, 2020 to July 1, 2021.
+Added: Under the New Repurchase Program, we may repurchase our Class A Common Stock and the LLC's LLC Units at any time or from time to time, without prior notice, subject to market conditions and other considerations.
+Added: Our repurchases may be made through 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or other transactions.
+Added: We intend to fund repurchases under the New Repurchase Program from cash on hand.
+Added: We have no obligation to repurchase any shares under the New Repurchase Program and may suspend or discontinue it at any time.
Directors, Executive Officers and Corporate Governance
58 unchanged sentences
Director Compensation Policy 11
+Added: Form of Time and Performance Based Restricted Stock Award Agreement (executive) 12
Subsidiaries of Malibu Boats, Inc.
7 unchanged sentences
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: XBRL Instance Document
−Removed: XBRL Taxonomy Extension Schema Document
−Removed: XBRL Taxonomy Calculation Linkbase Document
−Removed: XBRL Definition Linkbase Document
−Removed: XBRL Taxonomy Label Linkbase Document
−Removed: XBRL Taxonomy Presentation Linkbase Document
+Added: 101 The following financial statements from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020 were formatted in Inline XBRL:
+Added: (i) Consolidated Statements of Operations and Comprehensive Income, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
+Added: 104 The cover page from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020, formatted in Inline XBRL (Included as Exhibit 101).
* Management contract or compensatory plan or arrangement.
12 unchanged sentences
001-36290) filed on June 27, 2014.
−Removed: Filed as an exhibit to the Company's Current Report on Form 8-K (File No.
−Removed: 001-36290) filed on October 3, 2014.
(6) Filed as an exhibit to the Company’s registration statement on Form S-1 (File No.
2 unchanged sentences
001-36290) filed on February 1, 2017.
−Removed: Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q (File No.
−Removed: 001-36290) filed on February 1, 2017.
(8) Filed as an exhibit to the Company's Annual Report on Form 10-K (File No.
4 unchanged sentences
001-36290) filed on May 15, 2019.
+Added: (11) Filed as an exhibit to the Company’s Annual Report on Form 10-K (File No.
+Added: 001-36290) filed on August 29, 2019.
+Added: (12) Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q (File No.
+Added: 001-36290) filed on February 6, 2020.
Form 10-K Summary
1 unchanged sentence
MALIBU BOATS, INC.
−Removed: August 29, 2019
+Added: August 31, 2020 /s/ Jack D.
Chief Executive Officer
(Principal Executive Officer)
−Removed: August 29, 2019
+Added: August 31, 2020 /s/ Wayne R.
Chief Financial Officer
1 unchanged sentence
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
−Removed: August 29, 2019
+Added: Signature Title Date
+Added: Springer August 31, 2020
Chief Executive Officer and Director
(Principal Executive Officer)
−Removed: August 29, 2019
+Added: Wilson August 31, 2020
Chief Financial Officer
1 unchanged sentence
/s/ Michael K.
−Removed: August 29, 2019
+Added: Hooks August 31, 2020
Chairman of the Board and Director
−Removed: August 29, 2019
−Removed: August 29, 2019
+Added: Buch August 31, 2020
+Added: Chhina August 31, 2020
/s/ Michael J.
−Removed: August 29, 2019
−Removed: August 29, 2019
−Removed: August 29, 2019
−Removed: August 29, 2019
−Removed: August 29, 2019
+Added: Connolly August 31, 2020
+Added: Lanigan August 31, 2020
+Added: Lewis August 31, 2020
+Added: Murphy August 31, 2020
+Added: Stokely August 31, 2020
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.