Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2022 Earnings Presentation
21 slides from Malibu Boats's earnings presentation, Aug 25, 2022
Slide 1: Fourth Quarter Fiscal 2022 Earnings Results
Fourth Quarter Fiscal 2022 Earnings Results August 25, 2022
Slide 2: Use & Definition of Non-GAAP Financial Measure
2 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 Income and Adjusted Fully Distributed
Slide 3: Forward Looking Statements
3 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: Fiscal Year 2022
4 FISCAL YEAR 2022 AFDNI PER SHARE (1) • Delivered record results that exceeded expectations • Net sales are up 31.1% year-over-year to $1,214.9 million ◦ Driven by strong organic sales growth and the acquisition of Maverick Boat Group • Net sales per unit increased 16.0% ◦ Significant retail demand
Slide 5: Key Takeaways
5 KEY TAKEAWAYS • Achieved a record-setting fiscal year in terms of revenue, units sold and EBITDA, driven by our operational execution, diversified portfolio and market leading innovation • Capturing the benefits of our differentiated vertical integration strategy and operational excellence with Ma
Slide 6: Operational Excellence & Vertical Integration
6 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 g
Slide 7: New FY23 Product Introductions
7 NEW FY23 PRODUCT INTRODUCTIONS Malibu 22 & 26 LSV Axis T235 A225 Cobalt R35 Maverick Pathfinder 2400 TRS Pursuit OS 445 Stern /Outboard
Slide 8: Malibu's Growth Strategy
8 MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION INNOVATION WHITE SPACES
Slide 9: 4th Quarter Fiscal 2022 Comparable Results
9 4TH QUARTER FISCAL 2022 COMPARABLE RESULTS VOLUME NET SALES MIX COMPARISON NET SALES PER UNIT
Slide 10: 4th Quarter Fiscal 2022 Comparable Results
10 4TH QUARTER FISCAL 2022 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 Income.
Slide 11: Fiscal 2022 Comparable Results
11 FISCAL 2022 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 12: Fiscal 2022 Comparable Results
12 FISCAL 2022 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 Income.
Slide 13: FY23 Full Year Outlook
13 FY23 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Mid-to-high single digit % growth Adjusted EBITDA Margin Down slightly
Slide 14: Appendix
APPENDIX MALIBU | MBI) gymw BOATS. INC:
Slide 15: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
15 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and presentation of net income margin and Adjusted EBITDA Margin for the periods indicated (dollars in thousands): Three
Slide 16: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
16 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) For the three months and fiscal year ended June 30, 2021, represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months and fiscal year ended June 30, 2021, re
Slide 17: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
17 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): The following table sets forth a reconciliation of net income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for the periods
Slide 18: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
18 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): The following table sets forth a reconciliation of net income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for the periods
Slide 19: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
19 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): The following table sets forth a reconciliation of net income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for the periods
Slide 20: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
20 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (1) For the three months and fiscal years ended June 30, 2021, represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2)
Slide 21: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
21 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (6) Reflects income tax expense at an estimated normalized annual effective income tax rate of 23.8% of income before taxes for the three months and fisc