Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2019 Earnings Presentation
20 slides from Malibu Boats's earnings presentation, Aug 29, 2019
Slide 1: Fourth Quarter Fiscal 2019 Earnings Results
Malibu Boats, Inc. Fourth Quarter Fiscal 2019 Earnings Results August 29th, 2019
Slide 2: Safe Harbor Statement
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,” “may,
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, Adjusted EBITDA Margin, Adjusted Fully Distributed Net Income and Adjusted Fully Distributed Net Income per Share. These m
Slide 4: 4th Quarter Financial Highlights
4th Quarter Financial Highlights ◦ Record 4th quarter net sales, gross profit, Adjusted EBITDA, and AFDNI per share AFDNI Per Share(1) $1.08 ◦ Net sales are up 40.5% year-over-year th $0.76 G row % 42.1 ◦ Net sales per unit increased 20.5% ▪ Inclusion of Pursuit Q4 FY18 Q4 FY19 ▪ Y/Y price increases
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum LTM Domestic Market Growth(1) ▪ Growing, but at a more moderate rate ▪ CY19 negatively impacted by weather Malibu/Axis market up MSD% ▪ Less consistent Cobalt addressable market up LSD% ◦ Dealer inventory levels update Pursuit addressable market up MSD% ▪ Malibu s
Slide 7: Key Takeaways
Key Takeaways • Our fiscal year 2019 was another record setting year for Malibu • Growth remains in the markets where MBUU is focused • Strength of the U.S. consumer is highlighted by strong employment growth, rising consumer confidence and strong GDP, despite global economic uncertainty and trade t
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 4th Quarter Fiscal 2019 Comparable Results
4th Quarter Fiscal 2019 Comparable Results Net Sales Volume th $194.8 1,992 G row 1,708 $138.7 % th 0.5 ow 4 Gr .6% 16 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Net Sales per Unit Net Sales Per Unit Components $97.8 $81.2 t h ◦ The Inclusion of Pursuit row 0.5 % G ◦ Year-over-year price increases 2 ◦ Mix of l
Slide 10: 4th Quarter Fiscal 2019 Comparable Results
4th Quarter Fiscal 2019 Comparable Results Gross Margin Gross Profit $47.7 h o wt $33.5 Gr 24.5% .3% 24.2% 42 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Adjusted EBITDA(1) Mix Comparison $35.8 Q4 FY18 Q4 FY19 h $25.9 o wt Pursuit: 7.7% Gr .4% 38 Cobalt: 37.4% Malibu: Malibu: Cobalt: 38.7% 42.3% 31.9% Q4 FY18 Q
Slide 11: Fiscal Year 2019 Comparable Results
Fiscal Year 2019 Comparable Results Net Sales Volume $684.0 7,362 h 6,292 th $497.0 wt ow Gr o Gr .6% .0% 37 17 FY18 FY19 FY18 FY19 Net Sales per Unit Net Sales Per Unit Components h $92.9 ◦ Inclusion of Pursuit $79.0 t G row % 17.6 ◦ Year-over-year price increases ◦ Mix of larger models FY18 FY19
Slide 12: Fiscal Year 2019 Comparable Results
Fiscal Year 2019 Comparable Results Gross Margin Gross Profit th $166.3 row $120.3 % G 38.2 24.2% 24.3% FY18 FY19 FY18 FY19 Adjusted EBITDA(1) Mix Comparison $125.9 h FY18 FY19 $92.7 o wt Pursuit: 5.5% Gr .8% 35 Cobalt: 35.5% Malibu: Malibu: Cobalt: 32.8% 41.5% 45.0% FY18 FY19 Axis: 19.5% Axis: 20.2
Slide 13: FY20 Full Year Outlook
FY20 Full Year Outlook Metric Target Malibu/Cobalt - low single digit % decrease Unit Volume Pursuit - approaching 40% growth Consolidated Net Sales Mid to high-single digit % growth Gross Margin % Up slightly Adjusted EBITDA Margin Down slightly Capital Expenditures $40-45 million 1. See Appendix f
Slide 14: Appendix
Appendix 14
Slide 15: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
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): Three M
Slide 16: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): Provision for income taxes for the three-month periods ended June 30, 2019 and 2018 and fiscal year 2019 and 2018 reflects the impact of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") adopted in Decem
Slide 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
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 pe
Slide 18: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
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 (certain totals fo
Slide 19: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Provision for income taxes for the three-month periods ended June 30, 2019 and 2018 and fiscal year 2019 and 2018 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S. corpo
Slide 20: Our Mission: Malibu Boats locations
6 BOATS NC os =Matifu ~ 4 OUR MISSION: AT MALIBU BOATS WE CREATE THE ULTIMATE ON THE WATER LIFESTYLE. ——— MALIBU. MALIBU MALIBU COBALT TENNESSEE CALIFORNIA AUSTRALIA KANSAS 5075 Kimberly Way 1 Malibu Court 813 Hope Court 1715 North 8th Street Loudon, TN 37774 '- Merced, CA 95341. Albury, N.S.W. 2640