Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 FY2018 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, Nov 7, 2017
Slide 1: First Quarter Fiscal 2018 Earnings Results
Malibu Boats, Inc. First Quarter Fiscal 2018 Earnings Results November 7th, 2017
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,
Slide 3: Use and Definition of Non-GAAP Financial Measures
Use and Definition of Non-GAAP Financial Measures This release includes the following financial measures defined as non-GAAP financial measures by the SEC: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Fully Distributed Net Income and Adjusted Fully Distributed Net Income per Share. These measur
Slide 4: Quarter Commentary
Quarter Commentary ◦ Record 1st quarter net sales, units, net income and adjusted EBITDA AFDNI Per Share(1) ▪ Net sales are up 66.9% year-over- year 0.42 h 0.26 o wt Gr % 6 1.5 ◦ Net sales per unit increased 6.2% ▪ Driven by Y/Y price increases Q1 FY17 Q1 FY18 ▪ New model mix ▪ Lower Axis mix EBITDA
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ Healthy growth ▪ Continued weakness in international CY17 ski/wake +6% YTD markets CY17 Sterndrive 21' to 29' up ~3.5% YTD ◦ Dealer inventory levels are healthy ▪ Malibu estimated inventory weeks flat y/y Expected Market Share(1) ▪ Coba
Slide 7: Key Takeaways
Key Takeaways ◦ US boating industry continues to show healthy growth ▪ Consumer optimism is high and the policy environment has potential tailwinds ▪ MBUU brands continue strong leadership positions ◦ Malibu operating and financial performance has been stellar ▪ Malibu segment is seeing record finan
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 1st Quarter Fiscal 2018 Comparable Results
1st Quarter Fiscal 2018 Comparable Results Net Sales Volume 1,309 $103.5 th th $62.0 G row 833 Gr ow .9% .1% 66 57 Q1 FY17 Q1 FY18 Q1 FY17 Q1 FY18 Net Sales Per Unit Net Sales per Unit Components $74.5 $79.1 ◦ Year-over-year price Increases ow th ◦ Mix impact of new Malibu 23 LSV G r % 6.2 ◦ Lower A
Slide 10: 1st Quarter Fiscal 2018 Comparable Results: Gross Margin, Gross Profit, EBITDA
1st Quarter Fiscal 2018 Comparable Results Gross Margin Gross Profit $22.9 25.5% $15.8 th ow Gr 22.1% .9% 44 Q1 FY17 Q1 FY18 Q1 FY17 Q1 FY18 EBITDA(1) Mix Comparison Q1 FY17 Q1 FY18 $17.7 Axis: th Axis: 19.7% ow 28.5% $9.9 Gr Cobalt: 36.0% % 79.2 Malibu: Malibu: 71.5% Q1 FY17 Q1 FY18 44.3% 1. See Ap
Slide 11: Full Year Outlook
Full Year Outlook Metric Target Unit Volume Up approximately 55% Mix About 1/3 Cobalt Net Sales per Unit Low-mid single digits Gross Margin % Approaching 24% $5-6 million, excluding purchase Acquisition and Engine Expense accounting Adjusted EBITDA Margin About 18% Capital Expenditures $13-$14 milli
Slide 12: Appendix
Appendix
Slide 13: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): The following table sets forth a reconciliation of Net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated (dollars in thousands): Three M
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (notes)
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) For the three months ended September 30, 2017 and 2016, represents legal and advisory fees related to our litigation with MasterCraft Boat Company, LLC ("MasterCraft"). (2) Represents legal and advis
Slide 15: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): The following table shows the reconciliation of the numerator and denominator for net income available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock for the pe
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (denominator)
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended September 30, 2017 2016 Reconciliation of denominator for net income available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock: Weighted avera
Slide 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (per share)
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): The following table shows the reconciliation of net income available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of Class A Common Stock for the periods presented: Three Months Ende
Slide 18: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (notes)
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) For the three months ended September 30, 2017 and 2016, represents legal and advisory fees related to our litigation with MasterCraft. (2) Represents legal and advisory fees as well as integration related costs incurre