Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q3 FY2021 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, May 4, 2021
Slide 1: Malibu Boats, Inc. Third Quarter Fiscal 2021 Earnings Results
Malibu Boats, Inc. Third Quarter Fiscal 2021 Earnings Results May 4, 2021
Slide 2: Forward Looking Statements
2 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 3: Use & Definition of Non-GAAP Financial Measure
3 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
Slide 4: Three Months Ended Fiscal Q3 2021
4 THREE MONTHS ENDED FISCAL Q3 2021 AFDNI PER SHARE (1) • Delivered record results that exceeded expectations $1.82 • Net sales are up 49.8% year-over-year to $273.2 $1.13 million ◦ Driven by strong organic volume growth and the acquisition of Maverick Boat Group Q3 FY20 Q3 FY21 • Net sales per unit
Slide 5: Key Takeaways
5 KEY TAKEAWAYS • Leveraged our premium product line-up and operational excellence to post record revenue, gross profit, and units shipped • Capitalized on the heightened retail demand flocking toward custom newer, larger, and more expensive boats • Marketing and lead generation programs at all bran
Slide 6: Cobalt & Maverick Facility Expansion
6 COBALT & MAVERICK FACILITY EXPANSION • Completed the expansion of our cruiser plant and small boat • Broke ground to begin the 110,000 square foot phase II addition plant, effectively increasing production capacity for Q4 of FY at Maverick, supporting future growth and our ability to harness 2021
Slide 7: Operational Excellence & Vertical Integration
7 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 g
Slide 8: Malibu's Growth Strategy
8 MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 9: 3rd Quarter Fiscal 2021 Comparable Results
9 3RD QUARTER FISCAL 2021 COMPARABLE RESULTS NET SALES VOLUME $273.2 2,454 $182.3 1,796 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 NET SALES PER UNIT MIX COMPARISON $111.3 Q3 FY20 Q3 FY21 $101.5 Cobalt: 29.0% Cobalt: 20.5% Saltwater Saltwater Fishing: 7.6% Fishing: 23.0% Q3 FY20 Q3 FY21 Malibu/Axis: 63.4% Mali
Slide 10: 3rd Quarter Fiscal 2021 Comparable Results
10 3RD QUARTER FISCAL 2021 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT 26.4% $72.0 25.1% $45.8 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 20.0% 20.9% $57.0 $36.4 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 11: FY21 Full Year Outlook
11 FY21 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Approaching 38% year over year Adjusted EBITDA Margin Approximately 20.5%
Slide 12: Appendix
APPENDIX Spon QD parr (exas| SIMvenen COBALT BOATS MAVERICK | PATHRROER / HEWES COB
Slide 13: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
13 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA 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 (dollars in thousands): Three
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Margin
14 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months and nine months ended March 31, 2021, represents legal and advisory fees incurred in connection w
Slide 15: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
15 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
Slide 16: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
16 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
Slide 17: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
17 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
Slide 18: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
18 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three and nine months ended March 31, 2021, repres
Slide 19: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
19 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (6) For the three and nine months ended March 31, 2020, we recognized other income from an adjustment in our tax receivable agreement liability as a resu