Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q3 FY2018 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, May 2, 2018
Slide 1: Malibu Boats, Inc. Third Quarter Fiscal 2018 Earnings Results
Malibu Boats, Inc. Third Quarter Fiscal 2018 Earnings Results May 2, 2018
Slide 2: Safe Harbor Statement
2 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,” “ma
Slide 3: Use and Definition of Non-GAAP Financial Measures
3 Use and Definition of Non-GAAP Financial Measures This presentation 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
Slide 4: 3rd Quarter Financial Commentary
3rd Quarter Financial Commentary 4 ◦ Strong Q3 results AFDNI Per Share(1) ◦ Net sales are up 82.0% year-over-year $0.89 th $0.49 ow Gr ◦ Net sales per unit increased 7.4% .6% 81 ▪ Driven by Y/Y price increases Q3 FY17 Q3 FY18 ▪ New and larger model mix ▪ Optional features Adjusted EBITDA(2) ◦ Gross
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
6 Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ Healthy growth ▪ Seeing positive signs in international CY17 ski/wake up ~7% markets CY17 Fiberglass sterndrive 21' to 40' up ~4% ▪ Boat show traffic and demand increased Y/Y ◦ Dealer inventory levels are healthy Market Share(1) ▪ Bot
Slide 7: Key Takeaways
7 Key Takeaways ◦ Malibu operating and financial performance has been excellent producing strong results ◦ The marine environment provides attractive opportunities ▪ Performance Sports Boats continue to grow mid to high single digits ▪ Cobalt core segment is growing and the brand is taking share ▪ D
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 3rd Quarter Fiscal 2018 Comparable Results
9 3rd Quarter Fiscal 2018 Comparable Results Net Sales Volume 1,786 $140.4 h th 1,054 t row ow $77.1 G Gr .0 % .4% 82 69 Q3 FY17 Q3 FY18 Q3 FY17 Q3 FY18 Net Sales Per Unit Net Sales per Unit Components $78.6 ◦ Year-over-year price increases $73.2 r ow th ◦ Mix impact of new and larger G 7.4 % models
Slide 10: 3rd Quarter Fiscal 2018 Comparable Results: Gross Margin, Gross Profit
10 3rd Quarter Fiscal 2018 Comparable Results Gross Margin Gross Profit $36.4 27.7% 25.9% $21.4 th ow Gr .2% 70 Q3 FY17 Q3 FY18 Q3 FY17 Q3 FY18 Adjusted EBITDA(1) Mix Comparison $28.5 Q3 FY17 Q3 FY18 Malibu: Malibu: $16.8 th ow 71.9% 46.1% Gr .1% 70 Cobalt: 34.4% Axis: Axis: Q3 FY17 Q3 FY18 28.1% 19
Slide 11: Full Year Outlook
11 Full Year Outlook Metric Target Unit Volume Up > 60% Mix Slightly more than 1/3 Cobalt Net Sales per Unit Mid-single digits Gross Margin % About 24% $5-6 million, excluding purchase Acquisition and Engine Expense accounting Adjusted EBITDA Margin > 18% Capital Expenditures About $13 million
Slide 12: Appendix
Appendix
Slide 13: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
13 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): Thre
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
14 Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): Provision for income taxes for the three and nine months ended March 31, 2018 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S. corporate income ta
Slide 15: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
15 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
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
16 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Reconciliation of denominator for net income available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share of
Slide 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
17 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 E
Slide 18: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
18 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Provision for income taxes for the three and nine months ended March 31, 2018 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S. corporate income tax rate from 35%