Brp, Inc. · TSX:DOO
Brp — Q1 FY2023 Earnings Presentation
22 slides from Brp's earnings presentation, Jun 3, 2022
Slide 1: Quarterly Review: First Quarter Ended April 30, 2022
QUARTERLY REVIEW FIRST QUARTER ENDED APRIL 30, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements Caution concerning forward-looking statements Certain statements included in this presentation, including, but not limited to those relating to our Fiscal Year 2023 financial guidance (including revenues, Normalized EBITDA, Effective Tax Rate, Normalized earnings per share
Slide 3: José Boisjoli, President and CEO
JOSÉ BOISJOLI PRESIDENT PRESIDENT AND AND CHIEF CHIEF EXECUTIVE EXECUTIVE OFFICER OFFICER QUARTERLY REVIEW SECOND FIRST QUARTER QUARTER ENDED ENDED APRILJULY 31, 2018 30, 2022 QUARTERLY REVIEW First Quarter Ended April 30, 2022
Slide 4: FY23 Q1 Financial Highlights
FY23 Q1 Financial Highlights Revenues Diluted Earnings per Share Normalized Diluted Earnings per Share[1] CA$ millions CA$ CA$ Stable 48% 34% $2.79 $2.53 $1,809 $1,809 $1.66 $1.46 FY22 Q1 FY23 Q1 FY22 Q1 FY23 Q1 FY22 Q1 FY23 Q1 Highlights vs. Last Year ◼ Revenues flat vs last year, benefitting from
Slide 5: FY23 Q1 Powersports Retail Update
FY23 Q1 Powersports Retail Update North American Powersports Retail Growth by Product Line Powersports Retail Growth by Region[1] FY23 Q1 retail sales in units compared to FY22 Q1 FY23 Q1 retail sales in units compared to FY22 Q1 BRP VS. BRP VS. INDUSTRY INDUSTRY INDUSTRY INDUSTRY TOTAL POWERSPORTS
Slide 6: Continuing to Experience Strong Consumer Demand
Continuing to Experience Strong Consumer Demand Retail was only limited by the availability of While down vs last year, it was very On top of the solid retail, we continue units as demand continued to outpace the strong for a first quarter, up ~30% vs to see strong traction with customer supply of v
Slide 7: Supply Chain Update
Supply Chain Update Continued to operate in a volatile supply chain environment in Q1, notably Key mitigation actions with incremental disruptions resulting from China’s Covid lockdowns SUPPLY CHAIN CHALLENGES TREND Optimized our production output based on component SEMICONDUCTOR As Global demand co
Slide 8: Year-Round Products
Year-Round Products Highlights Revenues CA$ millions Year-Round Products | Revenues up 1% + ◼ Higher volume of SSV sold + Favourable pricing +1% ◼ Lower volume of 3WV sold Unfavourable Fx variation Retail Sales Update $922.5 $934.4 SIDE-BY-SIDE ALL-TERRAIN THREE-WHEELED North American year-over-year
Slide 9: Seasonal Products
Seasonal Products Highlights Revenues CA$ millions Seasonal Products | Revenues down 12% ◼ Lower volume of PWC sold Unfavourable Fx variation 12% + ◼ Higher volume of snowmobiles sold + Favourable Pricing Retail Sales Update $463.4 $408.7 PERSONAL North American WATERCRAFT SNOWMOBILES year-over-year
Slide 10: Powersports PA&A and OEM Engines
Powersports PA&A and OEM Engines Highlights Revenues CA$ millions Powersports PA&A and OEM Engines | Revenues up 14% + ◼ Higher volume of PA&A and aircraft engines + Favourable pricing and lower sales programs +14% ◼ Unfavourable Fx ◼ Parts: Revenue up over 30% for SSV driven by the growth in the nu
Slide 11: Marine
Marine Highlights Revenues CA$ millions Marine | Revenues up 1% + ◼ Favourable product mix of boats + Favourable pricing +1% ◼ Lower volume of boats and PA&A sold Retail Sales Update $122.0 $122.7 Local market year-over-year retail growth FY22 Q1 FY23 Q1 Quarterly BRP MID 50% MID 20% MID-SINGLE DIGI
Slide 12: Sébastien Martel, Chief Financial Officer
JOSÉ BOISJOLI SÉBASTIEN MARTEL PRESIDENT CHIEF ANDOFFICER FINANCIAL CHIEF EXECUTIVE OFFICER QUARTERLY REVIEW SECOND FIRST QUARTER QUARTER ENDED ENDED APRILJULY 31, 2018 30, 2022 QUARTERLY REVIEW First Quarter Ended April 30, 2022
Slide 13: FY23 Q1 Financial Overview
FY23 Q1 Financial Overview Financial Highlights Q1 Net Income Bridge Q1 Comparison CA$ millions FY23 FY22 Change 128 (110) (60) (64) 83 (101) Total Revenues $1,809.3 $1,808.6 $0.7 244 Growth +0.0% 121 Gross Profit $454.4 $542.0 ($87.6) FY22 Q1 Volume Pricing and Production and Operating Net Financin
Slide 14: BRP North American Powersports Dealer Inventory
BRP North American Powersports Dealer Inventory FY23 Q1: Inventory Position Overview Dealer Inventory Year-over-Year Bridge Units, Excluding Boats DEALER INVENTORY North America Powersports, Units +20% -67% FY22 Q1 SSV ATV 3WV Snowmobile PWC FY23 Q1 +20% Dealer Inventory Evolution Units, Excluding B
Slide 15: FY23 Full-Year Guidance - as at June 3, 2022
FY23 Full-Year Guidance - as at June 3, 2022 Financial Metric FY22[4] FY23 Guidance[3] vs FY22 Revenues vs. Previous Guidance Year-Round Products $3,467.5 Up 30% to 35% Seasonal Products 2,524.1 Up 22% to 27% Powersports PA&A and OEM Engines 1,143.5 Up 17% to 22% Marine 512.8 Up 12% to 17% Total Com
Slide 16: Closing Remarks
JOSÉ BOISJOLI CLOSING REMARKS PRESIDENT AND CHIEF EXECUTIVE OFFICER QUARTERLY REVIEW SECOND FIRST QUARTER QUARTER ENDED ENDED APRILJULY 31, 2018 30, 2022 QUARTERLY REVIEW First Quarter Ended April 30, 2022
Slide 17: Closing Remarks
Closing Remarks WELL-POSITIONED TO DELIVER SOLID RESULTS IN FY23 Focused on delivering our production plan for the year to meet dealer orders and achieving our guidance with Normalized Diluted EPS[1] expected to reach between $11.00 and $11.35 CONSUMER DEMAND REMAINS VERY HEALTHY Experiencing sustai
Slide 18: Q&A
JOSÉPERIOD Q&A BOISJOLI PRESIDENT AND CHIEF EXECUTIVE OFFICER QUARTERLY REVIEW SECOND FIRST QUARTER QUARTER ENDED ENDED APRILJULY 31, 2018 30, 2022 QUARTERLY REVIEW First Quarter Ended April 30, 2022
Slide 19: Appendix
JOSÉ BOISJOLI APPENDIX PRESIDENT AND CHIEF EXECUTIVE OFFICER QUARTERLY REVIEW SECOND FIRST QUARTER QUARTER ENDED ENDED APRILJULY 31, 2018 30, 2022 QUARTERLY REVIEW First Quarter Ended April 30, 2022
Slide 20: Reconciliation Tables
Reconciliation Tables Three-month periods ended CA$ millions Apr. 30, 2022 Apr. 30, 2021 Net Income/(Loss) $121.0 $244.4 Normalized Elements: Foreign Exchange (Gain)/Loss on Long-term Debt and Lease Liabilities 16.1 (78.6) (Gain)/Loss on NCIB (1.8) 21.3 Depreciation of Intangible Assets Related to B
Slide 21: Appendix - Continued: Non-IFRS Measures
Appendix - Continued Non-IFRS Measures Normalized revenues is defined as revenues before normalized elements. Normalized gross profit is defined as gross profit before normalized elements. Normalized EBITDA is defined as net income before financing costs, financing income, income tax expense (recove
Slide 22: Ski-Doo
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