Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 FY2016 Earnings Presentation
16 slides from Malibu Boats's earnings presentation, Nov 3, 2015
Slide 1: First Quarter 2016 Earnings Results
MALIBU BOATS INC. First Quarter 2016 Earnings Results November 3, 2015
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation that are not purely historical, including statements regarding Malibu Boats, Inc.’s (“Malibu Boats”) intentions, hopes, beliefs, expectations, representations, projections, estimates, plans or predictions of the future are forward-looking stateme
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 and Adjusted Fully Distributed Net Income. These measures have limitations as analytical tools and should not be considered
Slide 4: Jack Springer, Chief Executive Officer
MALIBU BOATS – EARNINGS RELEASE Jack Springer Chief Executive Officer MALIBU BOATS INC. + THE TRUTH IS ON THE WATER + THE TRUTH IS ON THE WATER + THE TRUTH IS ON THE WATER + THE TRUTH IS ON + THE TRUTH IS ON THE WATER + THE TRUTH IS ON THE WATER + THE TRUTH IS ON THE WATER + THE TRUTH IS ON THE
Slide 5: Quarter Commentary
Quarter Commentary Net Sales(1) • Record 1st quarter net sales, gross profit, Adjusted EBITDA, and AFDNI – Sales are up approximately 20.1% year-over-year • Net sales per unit decreased 2% AFDNI(2) – 2% increase in US – Offset by Australia impact • Continued strong profit growth (1) The blue section
Slide 6: Market Commentary
Market Commentary Domestic Market Growth (1) • Retail Momentum – High single digit domestic registration YTD YTD CY2015 - ~9% – International weakness • Dealer inventory levels are healthy – Estimated inventory up a Market Share (1) couple weeks over prior year – Continued healthy turns CY2015 expec
Slide 7: Key Takeaways
Key Takeaways • Boating industry still in recovery and performance boat segment has grown at a slower pace in CY2015 than the past three years • International challenges continue due to currency headwinds • MY2016 Product – Malibu Focus – New Models including the all-new 25 LSV, 20 VTX and more to c
Slide 8: Wayne Wilson, Chief Financial Officer
MALIBU BOATS – EARNINGS RELEASE Wayne Wilson Chief Financial Officer MALIBU BOATS INC. # ++ 19 THEBOAT OF IS TRUTH THEONYEAR THE &WATER 31 PRODUCT EXCELLENCE + THE TRUTH IS ON AWARDS + 19+ BOAT THE WATER OF THEISYEAR THE TRUTH & 31WATER ON THE PRODUCT EXCELLENCE + THE TRUTH IS AWA ON
Slide 9: 1st Quarter Fiscal 2016 Comparable Results: Net Sales and Volume
1st Quarter Fiscal 2016 Comparable Results Net Sales (1) Volume (1) Net Sales per Unit Net Sale per Unit Components • Year-over-year price increases • Higher optional feature selection • Mix shift to Axis • Australia drag (2.0% increase ex. Australia) (1) The blue section of the graph represents inc
Slide 10: 1st Quarter Fiscal 2016 Comparable Results: Gross Profit and EBITDA
1st Quarter Fiscal 2016 Comparable Results Gross Profit(1) Gross Margin(2) EBITDA(3) Mix Comparison (1) The dotted section of the graph represents detrimental impact from our Australian Licensee acquired on October 23, 2014. (2) The blue section of the graph represents incremental results from our A
Slide 11: Full Year Outlook
Full Year Outlook Metric Target Unit Volume Mid to high single digit Mix Axis % flat Y/Y Net Sales per Unit Low single digits Gross Margin Modest margin expansion Legal Expenses $1-1.5 million Adjusted EBITDA Margin Modest margin expansion Substantially more growth H2 + SURF GATE, THE ORIGINAL & BES
Slide 12: Appendix
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Slide 13: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
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 14: Reconciliation of Net Income (loss) to Non-GAAP Adjusted EBITDA: Footnotes
Reconciliation of Net Income (loss) to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Represents legal and advisory fees related to our intellectual property litigation with Pacific Coast Marine Windshields Ltd., Nautique Boat Company, Inc., and MasterCraft Boat Company, LLC. (
Slide 15: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): The following table sets forth a reconciliation of net income attributable to Malibu Boats, Inc. stockholders to Adjusted Fully Distributed Net Income for the periods presented (dollars in thousands, except per share data)
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income: Footnotes
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Represents legal and advisory fees related to our intellectual property litigation with Pacific Coast Marine Windshields Ltd., Nautique Boat Company, Inc., and MasterCraft Boat Company, LLC. (2) Represents legal and ad