Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our Class A Common Stock is listed on the Nasdaq Global Select Market under the symbol "MBUU".
On August 24, 2021, the last reported sale price on the Nasdaq Global Select Market of our Class A Common Stock was $80.55 per share. As of August 24, 2021, we had approximately five holders of record of our Class A Common Stock and 10 holders of record of our Class B Common Stock. The actual number of holders of Class A Common Stock is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose shares of Class A Common Stock are held in street name by brokers and other nominees.
Dividends
Malibu Boats, Inc. has never declared or paid any cash dividends on its capital stock. We currently anticipate that we will retain all of our future earnings for use in the expansion and operation of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable law and will depend on our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant.
Stock Performance Graph
The stock price performance graph below shall not be deemed soliciting material or to be filed with the SEC or subject to Regulation 14A or 14C under the Exchange Act or to the liabilities of Section 18 of the Exchange Act, nor shall it be incorporated by reference into any past or future filing under the Securities Act of 1933, as amended, or the Securities Act or the Exchange Act, except to the extent we specifically request that it be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.
The following graph shows the cumulative total stockholder return of an investment of $100 in cash at market close at the end of each of the years within the five-year period ended June 30, 2021 for (i) our Class A Common Stock, (ii) the Russell 2000 Index and (iii) the Dow Jones Recreational Product Index. Pursuant to applicable SEC rules, all values assume reinvestment of the full amount of all dividends, however no dividends have been declared on our Class A Common Stock to date. The stockholder return shown on the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns.
Issuer Purchases of Equity Securities
On August 27, 2020, our Board of Directors authorized a stock repurchase program to allow for the repurchase of up to $50.0 million of our Class A Common Stock and the LLC's LLC Units (the “ Repurchase Program”) for the period from
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September 2, 2020 to July 1, 2021. During the fiscal year ended June 30, 2021, no shares have been repurchased under the Repurchase Program. This repurchase program expired on July 1, 2021.
Unregistered Sales of Equity Securities
On April 16, 2021, in connection with the exchange of limited liability company interests of the LLC by a member of the LLC, the Company issued a total of 3,000 shares of its Class A Common Stock, par value $0.01 per share for nominal consideration to such member in reliance on the exemption under Section 4(a)(2) of the Securities Act.
Equity Compensation Plan Information
Equity compensation plan information required by this Item 5 will be included in our definitive proxy statement for our annual meeting of stockholders, which will be filed with the SEC no later than 120 days after the end of our fiscal year ended June 30, 2021 (the "Proxy Statement"), and is incorporated herein by reference.
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Item 6. Selected Financial Data
The following table presents our selected financial data. The table should be read in conjunction with "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations," and "Item 8. Financial Statements and Supplementary Data," of this Annual Report on Form 10-K.
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
(Dollars in thousands)
Consolidated statement of operations and comprehensive income data:
Net sales $ 926,515 $ 653,163 $ 684,016 $ 497,002 $ 281,937
Cost of sales 690,030 503,893 517,746 376,660 206,899
Gross profit 236,485 149,270 166,270 120,342 75,038
Operating expenses:
Selling and marketing 17,540 17,917 17,946 13,718 8,619
General and administrative 61,915 39,912 44,256 31,359 24,783
Amortization 7,255 6,131 5,956 5,198 2,198
Operating income 149,775 85,310 98,112 70,067 39,438
Other expense (income), net 1,514 1,578 6,315 (19,320) (9,230)
Net income before income tax expense 148,261 83,732 91,797 89,387 48,668
Income tax expense 33,979 19,076 22,096 58,418 17,593
Net income 114,282 64,656 69,701 30,969 31,075
Net income attributable to non-controlling interest 1
4,441 3,094 3,635 3,356 2,717
Net income attributable to Malibu Boats, Inc. $ 109,841 $ 61,562 $ 66,066 $ 27,613 $ 28,358
Net income available to Class A Common Stock per share:
Basic $ 5.29 $ 2.98 $ 3.17 $ 1.37 $ 1.59
Diluted $ 5.23 $ 2.95 $ 3.15 $ 1.36 $ 1.58
Weighted average shares outstanding used in computing net income per share:
Basic 20,752,652 20,662,750 20,832,445 20,179,381 17,846,894
Diluted 21,011,087 20,852,361 20,966,539 20,281,210 17,951,332
Consolidated balance sheet data:
Total assets $ 742,784 $ 477,346 $ 451,314 $ 365,768 $ 223,663
Total current liabilities 134,403 70,163 75,332 65,386 39,185
Total long-term liabilities 227,227 145,656 165,629 160,511 132,242
Total stockholders' equity 381,154 261,527 210,353 139,871 52,236
Additional financial and other data:
Unit volume 8,185 6,444 7,362 6,292 3,815
Gross margin 25.5 % 22.8 % 24.3 % 24.2 % 26.6 %
Adjusted EBITDA 2
$ 190,103 $ 110,947 $ 125,895 $ 92,718 $ 55,721
Net income margin 12.3 % 9.9 % 10.2 % 6.2 % 11.0 %
Adjusted EBITDA margin 2
20.5 % 17.0 % 18.4 % 18.7 % 19.8 %
Adjusted fully distributed net income per share 2
$ 6.01 $ 3.29 $ 3.76 $ 2.60 $ 1.56
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(1) The non-controlling interest represents the portion of earnings or (loss) attributable to the economic interest held by the non-controlling LLC Unit holders. The weighted average non-controlling interest attributable to ownership interests in the LLC was 3.1%, 3.8%, 4.1%, 5.3%, and 7.0% for the fiscal years ended June 30, 2021, 2020, 2019, 2018, and 2017, respectively. The non-controlling interest was 2.8%, 3.4%, 3.8%, 4.8% and 6.6% as of June 30, 2021, 2020, 2019, 2018, and 2017, respectively.
(2) Adjusted EBITDA, adjusted EBITDA margin, and adjusted fully distributed net income per share are non-GAAP financial measures. For definitions of adjusted EBITDA, adjusted EBITDA margin, and adjusted fully distributed net income and a reconciliation of each measure to net income for the fiscal years ended June 30, 2021, 2020, and 2019, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-GAAP Reconciliation of Non-GAAP Financial Measures.” For a reconciliation of each measure to net income for the fiscal years ended June 30, 2018 and 2017, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-GAAP Reconciliation of Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019.
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