Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q2 FY2020 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, Feb 6, 2020
Slide 1: Malibu Boats, Inc. Second Quarter Fiscal 2020 Earnings Results
Malibu Boats, Inc. Second Quarter Fiscal 2020 Earnings Results February 6th, 2020
Slide 2: Safe Harbor Statement
2 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,” “ma
Slide 3: Use and Definition of Non-GAAP Financial Measures
3 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
Slide 4: 2nd Quarter Financial Commentary
2nd Quarter Financial Commentary 4 • Outstanding performance driven by best-in-class operational execution AFDNI Per Share(1) • Net sales are up 8.6% year-over-year to $180.1 million h • Net sales per unit increased 6.0% G rowt $0.93 $0.86 8.1% ◦ Y/Y price increases ◦ Mix of larger models Q2 FY19 Q2
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
6 Market Commentary • Retail Momentum ◦ Dealer and customer sentiment is Domestic Market Growth(1) positive ◦ Healthy retail growth in Q4 Malibu/Axis market up MSD% ◦ Preliminary results from early boat shows are strong Cobalt addressable market up LSD% • Dealer inventory levels are attractively Pur
Slide 7: Key Takeaways
7 Key Takeaways • FY Q2 2020 was an outstanding quarter for Malibu • Superior operational execution enabled Malibu to successfully overcome headwinds from the UAW strike • New product development and operational excellence initiatives have enabled Malibu to outperform and set it apart from the compe
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 2nd Quarter Fiscal 2020 Comparable Results
9 2nd Quarter Fiscal 2020 Comparable Results Net Sales Volume $180.1 th $165.8 th 1,760 G row 1,804 row 2.5 % %G 8.6 Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 Net Sales Per Unit Net Sales per Unit Components $99.8 • Year-over-year price increases $94.2 ow th • Mix of larger boats Gr % 6.0 Q2 FY19 Q2 FY20
Slide 10: 2nd Quarter Fiscal 2020 Comparable Results: Gross Margin, Gross Profit, Adjusted EBITDA
10 2nd Quarter Fiscal 2020 Comparable Results Gross Margin Gross Profit $38.3 ro wth $39.9 23.1% 22.1% . 1%G 4 Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 Adjusted EBITDA(1) Mix Comparison Q2 FY19 Q2 FY20 th $29.4 row $30.7 Malibu/Axis: Malibu/Axis: %G 4.5 62.7% 61.0% Cobalt: Cobalt: 31.1% 31.0% Q2 FY19 Q2 FY20
Slide 11: Full Year Outlook
11 Full Year Outlook Metric Target Malibu/Cobalt - approaching flat Unit Volume Pursuit - up slightly over 40% Consolidated Net Sales High-single digit % growth Gross Margin % Up slightly, excluding UAW strike impact Approaching flat, excluding UAW strike Adjusted EBITDA Margin impact Capital Expend
Slide 12: Appendix
Appendix
Slide 13: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
13 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): Thre
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (notes)
14 Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Provision for income taxes for the three months and six months ended December 31, 2019 reflects an increase to income tax expense of$0.9 million and $2.2 million, respectively, primarily due to in
Slide 15: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
15 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
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
16 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended December 31, 2019 2018 Reconciliation of 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: Weighted ave
Slide 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
17 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: Three Months E
Slide 18: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (notes)
18 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Provision for income taxes for the three months and six months ended December 31, 2019 reflects an increase to income tax expense of $0.9 million and $2.2 million, respectively, primarily due to increased consolidat
Slide 19: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (notes)
19 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (9) Reflects income tax expense at an estimated normalized annual effective income tax rate of 23.5% and 24.1% of income before income taxes for the three months and six months ended December 31, 2019 and 2018, respecti