Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 FY2017 Earnings Presentation
20 slides from Malibu Boats's earnings presentation, Sep 7, 2017
Slide 1: Fourth Quarter 2017 Earnings Results
Malibu Boats, Inc. Fourth Quarter 2017 Earnings Results September 7th, 2017
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: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 5: Quarter Commentary
Quarter Commentary ◦ Record 4th quarter net sales, gross profit, Net Sales Adjusted EBITDA, and AFDNI per share $75.1 ▪ Net sales are up 12.6% year-over-year $66.7 th ow Gr .6% ◦ Net sales per unit increased 3.4% 12 ▪ Driven by price increases and mix Q4 FY16 Q4 FY17 ◦ Gross profit increased 12.4% a
Slide 6: Market Commentary
Market Commentary ◦ Retail Environment Domestic Market Growth(1) ▪ CY2017 shows healthy growth although below prior, double-digit years CY2017 - Expect Mid Single Digit ▪ International markets have bottomed out and important foreign currencies have bounced back from recent lows Market Share(1) ◦ Dea
Slide 7: Key Takeaways
Key Takeaways ◦ US boating industry is still in recovery and continues to show healthy growth although the rate has moderated ◦ International challenges persist but strengthening of key foreign currencies provide for some optimism going forward ◦ Continued monitoring of macroeconomic factors ◦ Produ
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 4th Quarter Fiscal 2017 Comparable Results
4th Quarter Fiscal 2017 Comparable Results Net Sales Volume $75.1 1,004 $66.7 th 922 ow Gr ow th % Gr 12.6 % 8.9 Q4 FY16 Q4 FY17 Q4 FY16 Q4 FY17 Net Sales per Unit Net Sales Per Unit Components $72.3 $74.8 ow th ◦ Year-over-year price increases Gr % 3.4 ◦ Mix of larger models Q4 FY16 Q4 FY17
Slide 10: 4th Quarter Fiscal 2017 Comparable Results
4th Quarter Fiscal 2017 Comparable Results Gross Margin Gross Profit $20.0 $17.8 th 26.7% 26.7% ow Gr .4% 12 Q4 FY16 Q4 FY17 Q4 FY16 Q4 FY17 Adjusted EBITDA(1) Mix Comparison Q4 FY16 Q4 FY17 $15.5 $13.5 th ow Axis: Gr Axis: .4% 33.5% 30.4% 14 Malibu: Malibu: 66.5% 69.6% Q4 FY16 Q4 FY17 1. See Append
Slide 11: Fiscal Year 2017 Comparable Results
Fiscal Year 2017 Comparable Results Net Sales Volume $281.9 3,815 $253.0 3,569 h owt th Gr ow % Gr .5 % 11 6.9 FY16 FY17 FY16 FY17 Net Sales per Unit Net Sales Per Unit Components $70.9 $73.9 Gr o wt h ◦ Year-over-year price increases 4.3% ◦ Mix of larger models FY16 FY17
Slide 12: Fiscal Year 2017 Comparable Results
Fiscal Year 2017 Comparable Results Gross Margin Gross Profit $75.0 $66.8 26.4% 26.6% th ow Gr .3% 12 FY16 FY17 FY16 FY17 Adjusted EBITDA(1) Mix Comparison FY16 FY17 $55.7 $48.2 th Axis: ow Axis: Gr 29.3% .5% 33.1% 15 Malibu: Malibu: 66.9% 70.7% FY16 FY17 1. See Appendix for a reconciliation of Non-
Slide 13: FY18 Full Year Outlook
FY18 Full Year Outlook Metric Target Unit Volume Up approximately 55% Mix About 1/3 Cobalt Net Sales per Unit Increase of low to mid single digits Gross Margin % Approaching 24% Acquisition and Engine Expense ~$5 million, excluding amortization Adjusted EBITDA Margin Over 17% Capital Expenditures $1
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): (1) Represents legal and advisory fees related to our litigation with Mastercraft offset by the settlement received from them in connection with the Mastercraft Settlement and License Agreement entered i
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): (1) Represents legal and advisory fees related to our litigation with Mastercraft offset by the settlement received from them in connection with the Mastercraft Settlement and License Agreement entered into on May 2, 2017.
Slide 20: Malibu Boats locations and mission
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