Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 2022 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, Nov 4, 2021
Slide 1: Malibu Boats, Inc. First Quarter Fiscal 2022 Earnings Results
Malibu Boats, Inc. First Quarter Fiscal 2022 Earnings Results November 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 Q1 2022
4 THREE MONTHS ENDED FISCAL Q1 2022 AFDNI PER SHARE (1) • Delivered record results that exceeded expectations • Net sales are up 40.1% year-over-year to $253.5 $1.37 $1.13 million ◦ Driven by favorable model mix, year-over-year price increases and the acquisition of Maverick Boat Group Q1 FY21 Q1 FY
Slide 5: Key Takeaways
5 KEY TAKEAWAYS • Leveraged our premium product line-up and operational excellence to post record revenues during the first quarter, despite inflationary concerns and ongoing supply chain constraints • Our 25 LSV and T250 models, coupled with strong sales from our M-Series is also driving enhanced m
Slide 6: Maverick Facility Expansion
6 MAVERICK FACILITY EXPANSION • Work continues to advance the 110,000 square foot phase II addition at Maverick, supporting future growth and our ability to harness strong industry momentum • Approximately halfway complete on a project expected to take 12 months and positions Maverick to increase re
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: 1st Quarter Fiscal 2022 Comparable Results
9 1ST QUARTER FISCAL 2022 COMPARABLE RESULTS NET SALES VOLUME $253.5 $181.0 2,024 1,635 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 NET SALES PER UNIT MIX COMPARISON Q1 FY21 Q1 FY22 $125.2 $110.7 Cobalt: 28.0% Cobalt: 23.7% Saltwater Saltwater Fishing: 8.9% Fishing: 24.0% Q1 FY21 Q1 FY22 Malibu/Axis: 63.1% Mali
Slide 10: 1st Quarter Fiscal 2022 Comparable Results
10 1ST QUARTER FISCAL 2022 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT 25.3% 23.6% $59.8 $45.7 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 20.1% 17.6% $44.7 $36.3 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 11: FY22 Full Year Outlook
11 FY22 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Low to mid 20% range Adjusted EBITDA Margin Approximately 19.5%
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 Adjusted EBITDA Margin
14 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) For the three months ended September 30, 2020, represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) Represents equity-based incentives awarded to key employees under the M
Slide 15: Reconciliation of Net Income Attributable to Class A Common Stock 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 Attributable to Class A Common Stock 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 Attributable to Class A Common Stock 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 Attributable to Class A Common Stock 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) For the three months ended September 30, 2020, represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the thr