MBUU by the numbers

[shawndoggy]

is there a breakdown of how much is stock options, vs salary and other various comp.

please read all public filings and let us know.

https://www.sec.gov/cgi-bin/browse-edgar?CIK=mbuu&owner=exclude&action=getcompany&Find=Search

[The Hulk]

my only fear in the low margins is that a very small recall on a per boat cost basis could wipe them out very easily. Thats scary.

[The Hulk]

please read all public filings and let us know.

https://www.sec.gov/cgi-bin/browse-edgar?CIK=mbuu&owner=exclude&action=getcompany&Find=Search

i dont think the public filing will show the full picture though

these numbers are very low if ture

• Jack D. Springer, CEO - $749K
• Wayne Wilson, CFO - $420K
• Ritchie Anderson, COO - $318K
• Dan L. Gasper, VP of Design - $166K
• Deborah S. Kent, VP of HR - $105K

the below links would be more normal IMHO: although it shows 2014 from this website.

below links show a picture which is more in line with what i would believe to be true:

http://www1.salary.com/Jack-Springer-Salary-Bonus-Stock-Options-for-MALIBU-BOATS-INC.html

http://www1.salary.com/Wayne-Wilson-Salary-Bonus-Stock-Options-for-MALIBU-BOATS-INC.html

http://www1.salary.com/Ritchie-Anderson-Salary-Bonus-Stock-Options-for-MALIBU-BOATS-INC.html

these links i would "THINK" to be more on the mark but who knows.

if jacky boy is only making $750k total then i would say he should quit as well as all the others as thats terrible. so i think the above links to be more true but who knows.

Edited October 5, 2015 by The Hulk

[RTS]

As a publicly traded company, regulated by the SEC, Malibu is required to report compensation details for top management. This is all public. It took me less than 30 seconds to find the following:

• Jack D. Springer, CEO - $749K
• Wayne Wilson, CFO - $420K
• Ritchie Anderson, COO - $318K
• Dan L. Gasper, VP of Design - $166K
• Deborah S. Kent, VP of HR - $105K

Those are the highest paid employees, including base, bonus, stock, etc. Sticking strictly to the facts, I have a hard time seeing how these would be inflated. Those are very very modest compensation numbers. That's $1.8M for your entire executive staff, which is < 1% of total revenue.

As is said before (and SD reiterated).... go get the data or end the speculation. This thread is about facts, not speculation or insinuation.

We are seeing two different numbers on executive Compensation

For 2014, I see total compensation of ~ $1.9 Million for CEO Springer, $1.2 Million for CFO Wilson, and $1.1 Million for COO Anderson. Up from roughly $660k, $371k and $300k Total Comp in in 2013.

EDIT: this info is from 2014 Sch.14A Proxy Statement

Edited October 5, 2015 by RTS

[DarkSide]

I could be mistaken but in 2014 all of the executives received stock grants as part of their compensation that year. This could have been one time reward for taking company public shock is why salaries dropped.

It is also noteworthy/scary NONE of the executives kept any stock, they all sold 100% of thier grant. While it is sound not to have your investments too tied to your employment. There is also a message attached when not a single executive wants to hold malibu stock. I personally would expect them to keep a couple thousand shares. Them not willing to risk even $10k of thier money is a red flag to me. Shows a lack of confidence in the stock.

Edited October 5, 2015 by DarkSide

[RTS]

It is also noteworthy/scary NONE of the executives kept any stock, they all sold 100% of thier grant. While it is sound not to have your investments too tied to your employment. There is also a message attached when not a single executive wants to hold malibu stock. I personally would expect them to keep a couple thousand shares. Them not willing to risk even $10k of thier money is a red flag to me. Shows a lack of confidence in the stock.

I'm surprised they were able to unload all of it immediately. Wierd there wasn't some kind of vesting schedule that kept a litlle skin in the game for them for at least some period of time.

[The Hulk]

strange yet interesting they could do that...or were allowed.

i can understand some of the lower execs selling out to take their quick cash but for the CEO to do so,... Might mean he is getting ready to move on, if i were him... i would, i mean you were brought on to grow the biz you did, how much more market share can you possibly obtain? leave on a high note build your portfolio , go on to the next higher paying job.. if you stay too long and things go south then that doesnt look good on the ol resume .

if he was planning to stay for a while then i would assumed he would have wanted to keep majority shares to grow assuming he has good belief they will grow and not go south. but then again if you feel they will go south then sell baby sell!

oops theorizing again..

Edited October 5, 2015 by The Hulk

[85 Barefoot]

I could be mistaken but in 2014 all of the executives received stock grants as part of their compensation that year. This could have been one time reward for taking company public shock is why salaries dropped.

It is also noteworthy/scary NONE of the executives kept any stock, they all sold 100% of thier grant. While it is sound not to have your investments too tied to your employment. There is also a message attached when not a single executive wants to hold malibu stock. I personally would expect them to keep a couple thousand shares. Them not willing to risk even $10k of thier money is a red flag to me. Shows a lack of confidence in the stock.

Where is that info?

[DarkSide]

easiest place is yahoo. However you can get from Edgar online as well. Just go to MBUU look at insider roster and insider transactions.

All people listed as an insider are REQUIRED to list all shares they own directly or indirectly with the company, in a statement of ownership, I believe this is required quarterly, but maybe only annually.

Transaction date 4/15/15

ALSO looks like they made a good move personally. Sold at $21, currently at $14.

Edited October 5, 2015 by DarkSide

[RTS]

Yep....Springer, Wilson, Anderson all own no shares as of their last transaction. Looks like they sold everything they were granted this year on the day they got them. Only 3 of the board members have chosen to hold on to anything of significance they were granted, either...

Source...Yahoo Finance.

Still perplexing to me these grants are not restricted in some fashion, but it looks that way.

EDIT: I also see on Yahoo finance that through various mutual funds (One Vanguard fund and one Fidelity fund, in particular) I own way more of Malibu than I would ever want to. One fund...Fidelity Small Cap Growth, owns 2.5% of Malibus outstanding stock! WTH?

Edited October 5, 2015 by RTS

[shawndoggy]

But if you go back and look at the originally structured transaction aren't these guys also participants in the LLC that actually is the operating business? As I recall from the original transaction structure the stock buys you a share of a corp that owns a membership interest in Malibu Boats Holdings, LLC, but that the corp is not the sole member of the LLC, and in fact had the minority economic interest as of the IPO. So if the execs are also members of Black Canyon Capital, one of the other LLC members, they could still have an economic interest in the enterprise but not necessarily a publicly traded economic interest.

(that's all based on last year's IPO.... cannot remember for the life of me whether Black Canyon's interest in the LLC has been diluted since then).

[Pnwrider]

Yes.

You realize that is a profit sharing plan right?

[skurfer]

easiest place is yahoo. However you can get from Edgar online as well. Just go to MBUU look at insider roster and insider transactions.

All people listed as an insider are REQUIRED to list all shares they own directly or indirectly with the company, in a statement of ownership, I believe this is required quarterly, but maybe only annually.

Transaction date 4/15/15

ALSO looks like they made a good move personally. Sold at $21, currently at $14.

Buy low sell high, looks like they sold high. Got ask someone like Cramer how the street feels about execs not owning shares? Maybe they have stock options, with more coming..?

[IXFE]

my only fear in the low margins is that a very small recall on a per boat cost basis could wipe them out very easily. Thats scary.

Looking at the P&L, as we've been doing, is not a good way to measure if Malibu could weather a recall. That will all come down to Malibu's cash balance. Check out the statement of Cash Flows and the Balance Sheet. There was actually a really good example of a similar event in 2015. While not a recall, the $20M settlement with PCMW was a one-time event that wiped out significant cash. Their cash balance today is only $8.4M. It would have been $28.4M if not for that settlement.

But I see you point about margins... the richer they are, the faster they grow that cash balance.

Edited October 6, 2015 by IXFE

[23LSVOwner]

You realize that is a profit sharing plan right?

As it does not involve any MBUU stock, how would that be? Perhaps I'm confused, but to me that is part of the employee benefit package.

Edited October 6, 2015 by 23LSVOwner

[buzzard]

Can all the stock charts/corporate discussion from the "New Vinyl" thread be moved here and that thread reopened???

[oldjeep]

As it does not involve any MBUU stock, how would that be? Perhaps I'm confused, but to me that is part of the employee benefit package.

Depends on implementation. Some companies do a defined % match or no match at all, others decide if there will be some % match based on profitability. Where I work they decide in Jan what the match will be for the previous year employee contributions. That is the only way you could really equate a 401k to any form of profit sharing.

[23LSVOwner]

Depends on implementation. Some companies do a defined % match or no match at all, others decide if there will be some % match based on profitability. Where I work they decide in Jan what the match will be for the previous year employee contributions. That is the only way you could really equate a 401k to any form of profit sharing.

No percentage match based off of profitability. It is a fixed percentage.

[Pnwrider]

I consider a match to be profit sharing. Even if there is no match, they can add a profit sharing piece to their 401k at any time similar to how Oldjeeps employer does. If they want they can have both a match and a profit sharing option as well. I just set up a startup 401k plan for a smallish (100 person) company and had to learn way too much about 401k plans than I ever wanted to know...

[Pnwrider]

No percentage match based off of profitability. It is a fixed percentage.

What was the match in 2008/2009 when no boats were selling?

[23LSVOwner]

What was the match in 2008/2009 when no boats were selling?

No idea. You?

Was it a public company then?

What does that have to do with the current discussion on MBUU?

[bamabonners]

I think people forget the difference between Malibu sales to dealer and dealer sale to customer. These reports show Malibu to dealer sales.

[IXFE]

I wouldn't say making 10-20k gross is tiny.

Wha...?

Are you referring to dealer or factory?

And per boat margins are meaningless without the context of volume (which is really low for a tie boat dealer).

[Pnwrider]

I wouldn't say making 10-20k gross is tiny.

Do you realize everytime you try to quote someone you double post?

[DarkSide]

Time to bump this thread as we have a new quarter. Also found this as in the 10k. Market share numbers through 2014

Edited November 5, 2015 by DarkSide