Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q3 2024 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, May 2, 2024
Slide 1: Malibu Boats, Inc. Third Quarter Fiscal 2024 Earnings Results
Malibu Boats, Inc. Third Quarter Fiscal 2024 Earnings Results May 02, 2024
Slide 2: Use & Definition of Non-GAAP Financial Measure
USE & DEFINITION OF NON-GAAP FINANCIAL MEASURE This presentation includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Fully Distributed Net (Loss) Income and Adjusted Fully Distri
Slide 3: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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,”
Slide 4: Three Months Ended Fiscal Q3 2024
THREE MONTHS ENDED FISCAL Q3 2024 AFDNI PER SHARE (1) • Weathered another quarter amid an ongoing challenging macro environment • Q3 net sales of $203.4 million, down 45.8% year- over-year ◦ Driven by subdued retail demand and elevated inventory levels • Gross margin of 19.8%, down 650bps year-over-
Slide 5: Key Takeaways
KEY TAKEAWAYS • Remained resilient despite facing ongoing macroeconomic challenges, including a softened retail environment and interest rate pressures • Experienced strong ASPs across our brands, particularly Cobalt and Pursuit, indicating continued demand from premium buyers for larger boats and f
Slide 6: Operational Excellence & Vertical Integration
OPERATIONAL EXCELLENCE & VERTICAL INTEGRATION OPERATIONAL EXCELLENCE VERTICAL INTEGRATION • Culture centered on superior employees building the highest • Vertical integration strategy is a competitive differentiator across quality products in the most efficient manner all brands, driving overall gro
Slide 7: Malibu's Growth Strategy
MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 8: Next Wave of Malibu's Growth Strategy
NEXT WAVE OF MALIBU'S GROWTH STRATEGY Capacity in Place Vertical Integration Opened new Cobalt 260,000+ square Now building all Pursuit tooling in Began rollout of Monsoon foot facility near MBI HQ in Q3'24 our new 100,000+ square foot sterndrive engines to Cobalt Tooling Design Center in Fort deale
Slide 9: Model Built for Significant Cash Generation
MODEL BUILT FOR SIGNIFICANT CASH GENERATION Normalized Industry Environment1 • Capacity in place to enable revenue recovery Illustrative: MBI Financial Profile – Does Not Reflect Actual Guidance Net Sales $1,300M • Improved operating leverage across business model Adj. EBITDA Margin ~17.5% • Strong
Slide 10: Third Quarter Fiscal 2024 Comparable Results
THIRD QUARTER FISCAL 2024 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 11: Third Quarter Fiscal 2024 Comparable Results
THIRD QUARTER FISCAL 2024 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net (Loss) Income.
Slide 12: FY24 Full Year Outlook
FY24 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Decline of 40% to 41% Adjusted EBITDA Margin 10.1% to 10.5%
Slide 13: Appendix
MALIBU BOATS. INC:
Slide 14: Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA and Margin
RECONCILIATION OF NET (LOSS)INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN The following table sets forth a reconciliation of net (loss) income as determined in accordance with GAAP to Adjusted EBITDA and presentation of net (loss) income margin and Adjusted EBITDA Margin for the peri
Slide 15: Reconciliation of Net (Loss) Income to Adjusted EBITDA (Footnotes)
RECONCILIATION OF NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Represents impairment of goodwill and trade names related to our Maverick Boat Group reporting unit in the amounts of $49.2 million and $39.2 million, respectively. (2) For the three months ended March 31,
Slide 16: Reconciliation to Adjusted Fully Distributed Net (Loss) Income of Class A Common Stock
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET (LOSS) INCOME OF CLASS A COMMON STOCK (UNAUDITED): The following table sets forth a reconciliation of net (loss) income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net (Los
Slide 17: Reconciliation to Adjusted Fully Distributed Net (Loss) Income: Denominator
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET (LOSS) INCOME OF CLASS A COMMON STOCK (UNAUDITED): The following table sets forth a reconciliation of net (loss) income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net (Los
Slide 18: Reconciliation to Adjusted Fully Distributed Net (Loss) Income per Share
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET (LOSS) INCOME OF CLASS A COMMON STOCK (UNAUDITED): The following table sets forth a reconciliation of net (loss) income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net (Los
Slide 19: Reconciliation Footnotes
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET (LOSS) INCOME OF CLASS A COMMON STOCK (UNAUDITED): (1) For the three months ended March 31, 2024, represents legal and advisory fees related to product liability cases that were settled for $10