Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 FY2019 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, Nov 6, 2018
Slide 1: Malibu Boats, Inc. First Quarter Fiscal 2019 Earnings Results
Malibu Boats, Inc. First Quarter Fiscal 2019 Earnings Results November 6, 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: 1st Quarter Financial Commentary
1st Quarter Financial Commentary 4 ◦ Outstanding Q1 results AFDNI Per Share(1) ◦ Net sales are up 19.3% year-over-year $0.67 th $0.42 G row ◦ Net sales per unit increased 3.0% .5% 59 ▪ Driven by Y/Y price increases Q1 FY18 Q1 FY19 Adjusted EBITDA(2) ◦ Gross profit increased 33.1% and gross margin is
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 ▪ Consistent results across the country CY18 ski/wake expected up >7% ▪ Dealer sentiment high ▪ Seeing the impact of strong consumer Cobalt addressable market up ~5% confidence and robust economic growth Outboard market
Slide 7: Key Takeaways
7 Key Takeaways Malibu operating and financial performance has been excellent, producing strong results The marine environment provides attractive opportunities ▪ The U.S. economy is strong and growing ▪ Performance Sports Boats continues to grow mid to high single digits ▪ Cobalt is taking share in
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 1st Quarter Fiscal 2019 Comparable Results
9 1st Quarter Fiscal 2019 Comparable Results Net Sales Volume 1,516 1,309 th $123.5 th $103.5 row Grow G 9.3 % .8% 1 15 Q1 FY18 Q1 FY19 Q1 FY18 Q1 FY19 Net Sales Per Unit Net Sales per Unit Components $79.1 $81.5 ◦ Year-over-year price increases th ow Gr % 3.0 Q1 FY18 Q1 FY19
Slide 10: 1st Quarter Fiscal 2019 Comparable Results: Gross Margin, Gross Profit, Adjusted EBITDA
10 1st Quarter Fiscal 2019 Comparable Results Gross Margin Gross Profit 24.7% $30.5 th $22.9 t h row ow 22.1% % G Gr 11 .8 .1% 33 Q1 FY18 Q1 FY19 Q1 FY18 Q1 FY19 Adjusted EBITDA(1) Mix Comparison Q1 FY18 Q1 FY19 $22.9 Cobalt: $17.7 35.9% Malibu: th ow 42.0% Gr .7% 29 Malibu: Cobalt: 38.4% Axis: 45.8
Slide 11: Full Year Outlook
11 Full Year Outlook Metric Target Malibu/Cobalt - Increase in high, mid-single digits Unit Volume Pursuit - Just over 400 units Malibu/Cobalt - Approaching double digit growth Net Sales Consolidated - Approaching 30% growth Gross Margin % Consolidated - About flat year-over-year Acquisition, Integr
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 months ended September 30, 2018 reflects the impact of the Tax Act adopted in December 2017, which among (1) other items, lowered the U.S. corporate income tax
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, 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 Class A Common Stock: Weighted averag
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 months ended September 30, 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% to 2