Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 FY2020 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, Nov 7, 2019
Slide 1: Malibu Boats, Inc. First Quarter Fiscal 2020 Earnings Results
Malibu Boats, Inc. First Quarter Fiscal 2020 Earnings Results November 7th, 2019
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: 1st Quarter Financial Commentary
1st Quarter Financial Commentary 4 • Continued momentum driven by industry-leading innovation and AFDNI Per Share(1) operational execution • Net sales are up 39.4% year-over-year to $172.1 million th % Grow 23.9 $0.83 $0.67 • Net sales per unit increased 22.3% ◦ Driven by the inclusion of Pursuit Q1
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
6 Market Commentary • Retail Momentum ◦ Strong CY Q3 retail activity Domestic Market Growth(1) ◦ Growing, but at a more moderate rate ◦ CY19 negatively impacted by weather Malibu/Axis market up MSD% • Dealer inventory levels update Cobalt addressable market up LSD% ◦ Malibu elevated at the beginning
Slide 7: Key Takeaways
7 Key Takeaways • FY Q1 2020 was yet another strong quarter for Malibu, especially at retail • New product development and operational excellence initiatives differentiate Malibu enabling industry outperformance • Channel inventory at an attractive level for upcoming boat shows • Unparalleled vertic
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 1st Quarter Fiscal 2020 Comparable Results
9 1st Quarter Fiscal 2020 Comparable Results Net Sales Volume th wth $172.1 Grow Gro .9% 1,727 $123.5 4% 1,516 13 39. Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 Net Sales Per Unit Net Sales per Unit Components $99.6 • The inclusion of Pursuit th • Year-over-year price increases ow $81.5 Gr .3% 22 • Mix of larg
Slide 10: 1st Quarter Fiscal 2020 Comparable Results: Gross Margin, Profit, Adjusted EBITDA
10 1st Quarter Fiscal 2020 Comparable Results Gross Margin Gross Profit 24.7% rowth $40.0 23.2% $30.5 1%G 31. Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 Adjusted EBITDA(1) Mix Comparison Q1 FY19 Q1 FY20 wth Gro $28.4 0% $22.9 24. Malibu/Axis: Malibu/Axis: 61.6% 58.7% Cobalt: Cobalt: 33.0% 38.4% Q1 FY19 Q1 FY20
Slide 11: Full Year Outlook
11 Full Year Outlook Metric Target Malibu/Cobalt - low single digit % decrease Unit Volume Pursuit - approaching 40% growth Consolidated Net Sales Mid to high-single digit % growth Gross Margin % Up slightly, excluding UAW strike impact Adjusted EBITDA Margin % Down slightly, excluding UAW strike im
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 (footnotes)
14 Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Provision for income taxes for the three months ended September 30, 2019 reflects an increase to income tax expense of $1.3 million primarily due to increased consolidated earnings, including Purs
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 (share count)
16 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended September 30, 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 av
Slide 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income per Share
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 (footnotes)
18 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Provision for income taxes for the three months ended September 30, 2019 reflects an increase to income tax expense of $1.3 million primarily due to increased consolidated earnings, including Pursuit. (2) For the th
Slide 19: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (footnotes continued)
19 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (9) Represents the weighted average shares outstanding of LLC Units held by non-controlling interests assuming they were exchanged into Class A Common Stock on a one-for-one basis. (10) Represents the weighted average u