Slide 1: Second Quarter 2016 Earnings Results
Malibu Boats, Inc. Second Quarter 2016 Earnings Results February 3rd, 2016
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation includes “forward-looking statements,” within the meaning of the U.S. Securities Act of 1933, as amended and the U.S. Securities Act of 1934, as amended. All statements in this presentation that are not purely historical, including, without limitation, 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, adjusted EBITDA Margin and Adjusted Fully Distributed Net Income. These measures have limitations as analytical tools and
Slide 4: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 5: Quarter Commentary
Quarter Commentary ◦ Record 2nd quarter net Net Sales sales, gross profit, Adjusted EBITDA, and AFDNI per $55.5 $60.5 th share % G row 9.1 ▪ Sales are up 9.1% year- over-year Q2 FY15 Q2 FY16 ◦ Net sales per unit increased 6.5% AFDNI Per Share(1) ▪ 7.5% increase in the US $0.30 $0.26 ▪ Driven by mix
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ US boat show orders tracking higher than last year ▪ International weakness YTD CY2015 - ~10% ◦ Dealer inventory levels are healthy Market Share(1) ▪ Estimated inventory up minimally over prior year ▪ Continued healthy turns CY2015 expe
Slide 7: Key Takeaways
Key Takeaways ◦ US boating industry still in recovery and continues to show growth ◦ International challenges continue due to currency headwinds ◦ Monitoring of macroeconomic factors such as foreign markets, stock market volatility and oil prices that add uncertainty to the picture ◦ MY2016 Product
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 2nd Quarter Fiscal 2016 Comparable Results
2nd Quarter Fiscal 2016 Comparable Results Net Sales Volume $60.5 867 $55.5 847 th th r ow ow % G Gr % 9.1 2.4 Q2 FY15 Q2 FY16 Q2 FY15 Q2 FY16 Net Sales per Unit Net Sales Per Unit Components 65.5 69.8 th ow ◦ Year-over-year price increases Gr % 6.5 ◦ Mix of larger models ◦ Higher optional feature s
Slide 10: 2nd Quarter Fiscal 2016 Comparable Results
2nd Quarter Fiscal 2016 Comparable Results Gross Profit Gross Margin $15.9 $14.2 wt h 26.2% th 25.5% o row s Gr G bp .1% 73 12 Q2 FY15 Q2 FY16 Q2 FY15 Q2 FY16 EBITDA(1) Mix Comparison Q2 FY15 Q2 FY16 th $11.2 $10.4 r ow Axis: Axis: G 7 .0% 35.4% 31.8% Malibu: Malibu: 64.6% 68.2% Q2 FY15 Q2 FY16 1. S
Slide 11: Full Year Outlook
Full Year Outlook Metric Target Unit Volume Mid to high single digit Mix Axis % up slightly Y/Y Net Sales per Unit Low-mid single digits Gross Margin Increase slightly Y/Y Legal Expenses $1-1.5 million Adjusted EBITDA Margin Modest margin expansion Substantially more growth H2 Capital Expenditures ~
Slide 12: Appendix
Appendix
Slide 13: 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
Slide 14: 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): (1) Represents legal and advisory fees related to our intellectual property litigation with Pacific Coast Marine Windshields Ltd., Nautique Boat Company, Inc., and MasterCraft Boat Company, LLC. (2) Rep
Slide 15: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended Six Months Ended December December 31, 31, 2015 2015 2014 2015 2014 Net income attributable to Malibu Boats, Inc. $ 5,104 $ 3,264 $ 8,662 $ 4,643 Provision for income taxes 2,916 1,275 4,902 2,182 Profes
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Represents legal and advisory fees related to our intellectual property litigation with Pacific Coast Marine Windshields Ltd., Nautique Boat Company, Inc., and MasterCraft Boat Company, LLC. (2) Represents legal and ad