Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q2 2021 Earnings Presentation
23 slides from Malibu Boats's earnings presentation, Feb 9, 2021
Slide 1: Malibu Boats, Inc. Second Quarter Fiscal 2021 Earnings Results
1 Malibu Boats, Inc. Second Quarter Fiscal 2021 Earnings Results February 9, 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 Q2 2021
4 THREE MONTHS ENDED FISCAL Q2 2021 AFDNI PER SHARE (1) • Delivered strong results that exceeded expectations and delivered market share gains • Net sales are up 8.6% year-over-year to $195.6 million ◦ Supported by heightened demand and effective operational excellence and vertical integration initi
Slide 5: Key Takeaways
5 KEY TAKEAWAYS • Leveraged our premium product line-up and operational excellence to deliver strong revenue, exceptional gross margins and historic adjusted EBITDA • Capitalized on the strong retail demand driven by new consumers and lifelong enthusiasts in addition to consumer desire for lager boa
Slide 6: Market Commentary
6 MARKET COMMENTARY Domestic Market Growth CY20(1) • Marine industry has experienced significant tailwinds as a result of COVID-19 • Performance sport • First-time boaters and lifelong enthusiasts continue to drive demand boat approaching to levels beyond what we had anticipated for the fall, carryi
Slide 7: New Model Year Product Introductions
7 NEW MODEL YEAR PRODUCT INTRODUCTIONS Malibu M220 Cobalt R6 Standard, R6 Surf, R6 O/B, R8 Standard, R8 Surf and R8 O/B Malibu Wakesetter 23 LSV and 24 Axis A24 Pursuit S428 MXZ
Slide 8: Maverick Boat Group at a Glance
8 MAVERICK BOAT GROUP AT A GLANCE
Slide 9: Cobalt & Pursuit Facility Expansion
9 COBALT & PURSUIT FACILITY EXPANSION • Expansion of our cruiser plant and small boat plant is complete • New Pursuit large boat plant is up and running, and is • The third and last phase of our plant improvement will be outperforming initial production expectations, for the new S 378 completed in o
Slide 10: Operational Excellence & Vertical Integration
10 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
Slide 11: Malibu's Growth Strategy
11 MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 12: 2nd Quarter Fiscal 2021 Comparable Results
12 2ND QUARTER FISCAL 2021 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 13: 2nd Quarter Fiscal 2021 Comparable Results
13 2ND QUARTER FISCAL 2021 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 14: FY21 Full Year Outlook
14 FY21 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Up >35% Adjusted EBITDA Margin Approximately 20.5%
Slide 15: Long-Term Financial Targets
15 LONG-TERM FINANCIAL TARGETS METRIC TARGET Annual Net Sales Growth ~10% Adjusted EBITDA Margin % >20% Long-term EPS Annual Growth >15%
Slide 16: Appendix
APPENDIX Gg PURSUIT Four Iconic Brands, One Great Company atibu <XIiS
Slide 17: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
17 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 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 Months Ende
Slide 18: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
18 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months ended December 31, 2020, represents legal and advisory fees incurred in connection with our acqui
Slide 19: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
19 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 20: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
20 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 21: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
21 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 22: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
22 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months ended December 31, 2020, represents l
Slide 23: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
23 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (6) Reflects the elimination of the non-controlling interest in the LLC as if all LLC members had fully exchanged their LLC Units for shares of Class A C