Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 2024 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, Oct 31, 2023
Slide 1: Malibu Boats, Inc. First Quarter Fiscal 2024 Earnings Results
Malibu Boats, Inc. First Quarter Fiscal 2024 Earnings Results October 31, 2023
Slide 2: Use & Definition of Non-GAAP Financial Measure
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 N
Slide 3: Forward Looking Statements
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: Three Months Ended Fiscal Q1 2024
THREE MONTHS ENDED FISCAL Q1 2024 AFDNI PER SHARE (1) • Delivered results despite the rapidly evolving operating landscape • Q1 FY24 net sales of $255.8 million, down 15.3% year-over-year ◦ Driven by a deteriorating retail environment • Gross margin of 22.2%, down 250bps year-over- year ADJUSTED EBI
Slide 5: Key Takeaways
KEY TAKEAWAYS • We continue to showcase our resiliency as a business despite a volatile macro environment, proving our dominant position in every market we serve • In Q1 FY24, we introduced multiple new models across our brands which have strong market share and will soften the impact through the ye
Slide 6: Variable Cost Structure Enabling Us to Navigate Through Any Cycle
VARIABLE COST STRUCUTE ENABLING US TO NAVIGATE THROUGH ANY CYCLE COGS AND TOTAL EXPENSE VARIABLE %(1) 89.7% 90.2% 89.9% 88.8% 89.1% 89.5% 89.3% FLEXIBILITY TO REACT 87.0% 81.3% 81.2% 82.0% 82.0% QUICKLY TO 80.5% 80.8% 78.8% 78.0% CHANGING ECONOMIC CONDITIONS MAINTAIN STRONG COGS Variable % Total Exp
Slide 7: Operational Excellence & Vertical Integration
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 gro
Slide 8: Malibu's Growth Strategy
MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 9: Next Wave of Malibu's Growth Strategy
NEXT WAVE OF MALIBU'S GROWTH STRATEGY Capacity Expansion Vertical Integration Opening new Cobalt 260,000+ Now building all Pursuit tooling Began rollout of Monsoon square foot facility near MBI HQ in in our new 100,000+ square foot sterndrive engines to Cobalt Q3 FY24 Tooling Design Center in Fort d
Slide 10: First Quarter Fiscal 2024 Comparable Results
FIRST QUARTER FISCAL 2024 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 11: First Quarter Fiscal 2024 Comparable Results
FIRST QUARTER FISCAL 2024 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 12: FY24 Full Year Outlook
FY24 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Down high teens to low twenties Adjusted EBITDA Margin Down 350-450 basis points
Slide 13: Appendix
MALIBU BOATS. INC:
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 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 (dolla
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 (1) For the three months ended September 30, 2023, represents legal and advisory fees related to product liability cases that were settled for $100.0 million in June 2023. (2) Represents equity-based incentives award
Slide 16: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 pr
Slide 17: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 pr
Slide 18: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 pr
Slide 19: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 ended September 30, 2023, represents legal and advisory fees related to product liability cases that were settled for $100.0 millio