Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2015 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, Sep 9, 2015
Slide 1: Fourth Quarter 2015 Earnings Results
MALIBU BOATS INC. Fourth Quarter 2015 Earnings Results September 9, 2015
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation that are not purely historical, including statements regarding Malibu Boats, Inc.’s (“Malibu Boats”) intentions, hopes, beliefs, expectations, representations, projections, estimates, plans or predictions of the future are forward-looking stateme
Slide 3: Use and Definition of Non-GAAP Financial Measures
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 and Adjusted Fully Distributed Net Income. These measures have limitations as analytical tools and should not be considered
Slide 4: Jack Springer, Chief Executive Officer
MALIBU BOATS – EARNINGS RELEASE Jack Springer Chief Executive Officer MALIBU BOATS INC. + THE TRUTH + THE ISIS TRUTH ON THE ON WATER THE + THE WATER TRUTH + THE ISIS TRUTH ON THE ON WATER THE + THE WATER TRUTH + THE ISIS TRUTH ON THE ON WATER THE + THE WATER TRUTH + THE ISIS TRUTH ON THE ON
Slide 5: Quarter Commentary: Net Sales and AFDNI
Quarter Commentary Net Sales(1) • Record 4th quarter net sales, gross profit, Adjusted EBITDA, and AFDNI – Sales are up approximately 14% year-over-year • Net sales per unit increased 0.5% AFDNI(2) – 4.3% increase in US – Offset by Australia impact • Continued strong profit growth (1) The blue secti
Slide 6: Market Commentary
Market Commentary Domestic Market Growth (1) • Retail Momentum – Q2 market share improvement H1 CY2015 - ~10% – Domestic registration strength • Dealer inventory levels are healthy – Estimated inventory up a Market Share (1) couple weeks over prior year – Continued healthy and H1 CY2015 about flat i
Slide 7: Key Takeaways
Key Takeaways • Boating industry still in recovery and performance boat segment has started calendar 2015 at a slower pace than the past three years • International challenges continue due to currency headwinds • MY2016 Product – Malibu Focus – New Models including the all-new 25 LSV, 20 VTX and mor
Slide 8: Wayne Wilson, Chief Financial Officer
MALIBU BOATS – EARNINGS RELEASE Wayne Wilson Chief Financial Officer MALIBU BOATS INC. # + 19 BOAT + THE OF THE TRUTH ISYEAR & 31 ON THE PRODUCT WATER + THEEXCELLENCE TRUTH IS ONAWARDS + 19+BOAT THE WATER OF THEISYEAR THE TRUTH & 31WATER ON THE PRODUCT EXCELLENCE + THE AWA TRUTH IS ON
Slide 9: 4th Quarter Fiscal 2015 Comparable Results: Net Sales and Volume
4th Quarter Fiscal 2015 Comparable Results Net Sales (1) Volume (1) Net Sales per Unit Net Sale per Unit Components • Year-over-year price increases • Higher optional feature selection • Mix shift to Axis • Australia drag (4.3% ex. Australia) (1) The blue section of the graph represents incremental
Slide 10: 4th Quarter Fiscal 2015 Comparable Results: Gross Profit, Margin, EBITDA
4th Quarter Fiscal 2015 Comparable Results Gross Profit(1) Gross Margin(2) EBITDA(3) Mix Comparison (1) The dotted section of the graph represents detrimental impact from our Australian Licensee acquired on October 23, 2014. (2) The blue section of the graph represents incremental results from our A
Slide 11: Fiscal Year 2015 Comparable Results: Net Sales and Volume
Fiscal Year 2015 Comparable Results Net Sales (1) Volume (1) Net Sales per Unit Net Sale per Unit Components • Year-over-year price increases • Higher take rates on optional features • Mix shift to Axis • Australia drag (US up 5.1%) (1) The blue section of the graph represents incremental results fr
Slide 12: Fiscal Year 2015 Comparable Results: Gross Profit and Margin
Fiscal Year 2015 Comparable Results Mix Comparison Adj. Gross Profit (1)(2) Adjusted Gross Margin(1)(3) (1) FY 2015 Gross Profit adjusted for $600k in Australia acquisition related cost of goods sold. (2) The blue section of the graph represents incremental results from our Australian Licensee since
Slide 13: Fiscal Year 2015 Comparable Results: Adjusted EBITDA
Fiscal Year 2015 Comparable Results Adjusted EBITDA (1) Adj. EBITDA – Comparable Basis (1)(2)(3) Adjusted EBITDA • Strong growth driven by increased volume and Australia acquisition • Some incremental public company expenses were incurred in FY15 that were not incurred in FY14 (1) See Appendix for a
Slide 14: Full Year Outlook
Full Year Outlook Metric Target Unit Volume Mid to high single digit Mix Axis % flat Y/Y Net Sales per Unit Low single digits Down Y/Y in Q1 Gross Margin Modest margin expansion Legal Expenses $1-1.5 million Adjusted EBITDA Margin Modest margin expansion Substantially more growth H2 + SURF GATE, THE
Slide 15: Appendix
APPENDIX ++60,000+ BOATS THE TRUTH IS ON THE WATER—AND COUNTING WATER + THE TRUTH + 60,000+ IS ON BOATS THE WATER ON THE + THE WATER—AND TRUTH COUNTING IS ON THE WATER + 60,000+ + THE TRUTH ISBOATS ON
Slide 16: Reconciliation of Net Income (loss) to Non-GAAP Adjusted EBITDA
Reconciliation of Net Income (loss) to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): The following table sets forth a reconciliation of net income (loss) as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated (dollars in thous
Slide 17: Reconciliation of Net Income (loss) to Non-GAAP Adjusted EBITDA: Notes
Reconciliation of Net Income (loss) to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Represents management fees and out-of-pocket expenses paid pursuant to our management agreement with Malibu Boats Investor, LLC, an affiliate, which was terminated upon the closing of the IPO.
Slide 18: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): The following table sets forth a reconciliation of net income (loss) attributable to Malibu Boats, Inc. stockholders to Adjusted Fully Distributed Net Income for the periods presented (dollars in thousands, except per shar
Slide 19: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income: Notes
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Represents management fees and out-of-pocket expenses paid pursuant to our management agreement with Malibu Boats Investor, LLC, an affiliate, which was terminated upon the closing of the IPO. Upon termination of the a