Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q2 2024 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, Jan 30, 2024
Slide 1: Malibu Boats, Inc. Second Quarter Fiscal 2024 Earnings Results
Malibu Boats, Inc. Second Quarter Fiscal 2024 Earnings Results January 30, 2024
Slide 2: Use & Definition of Non-GAAP Financial Measure
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 N
Slide 3: Forward Looking Statements
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 4: Three Months Ended Fiscal Q2 2024
THREE MONTHS ENDED FISCAL Q2 2024 AFDNI PER SHARE (1) • Navigated another quarter amid our slowest season of the year and a challenging macro environment • Q2 FY24 net sales of $211.1 million, down 37.7% year-over-year ◦ Driven by a softening retail demand and elevated inventory levels • Gross margi
Slide 5: Key Takeaways
KEY TAKEAWAYS • Despite experiencing softening retail demand, we are seeing success at our Year End Sales event and boat shows, showcasing our dominant position and indicating that the decline could be at the bottom and should trend up • Introduced the Malibu LX-R and Axis T220-r at entry level pric
Slide 6: Variable Cost Structure Enabling Us to Navigate Through Any Cycle
VARIABLE COST STRUCUTE ENABLING US TO NAVIGATE THROUGH ANY CYCLE COGS AND TOTAL EXPENSE VARIABLE %(1) 89.7% 90.2% 89.9% 88.8% 89.1% 89.5% 89.3% FLEXIBILITY TO REACT 86.0% 81.3% 81.2% 82.0% 82.0% QUICKLY TO 80.5% 80.8% 78.8% 77.3% CHANGING ECONOMIC CONDITIONS MAINTAIN STRONG COGS Variable % Total Exp
Slide 7: Operational Excellence & Vertical Integration
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 gro
Slide 8: Malibu's Growth Strategy
MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 9: Next Wave of Malibu's Growth Strategy
NEXT WAVE OF MALIBU'S GROWTH STRATEGY Capacity Expansion Vertical Integration Cobalt 260,000+ square foot facility Tooling Design Center: Building Began rollout of Monsoon opened in January and is producing all Pursuit tooling and now sterndrive engines to Cobalt boats expanding to other MBI brands
Slide 10: Second Quarter Fiscal 2024 Comparable Results
SECOND QUARTER FISCAL 2024 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 11: Second Quarter Fiscal 2024 Comparable Results
SECOND QUARTER FISCAL 2024 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 12: FY24 Full Year Outlook
FY24 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Decline of mid-to-high thirties Adjusted EBITDA Margin Down 800-900 basis points
Slide 13: Appendix
MALIBU BOATS. INC:
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
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 presentation of net income margin and Adjusted EBITDA Margin for the periods indicated (dolla
Slide 15: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) For the three months ended December 31, 2023, represents legal and advisory fees related to product liability cases that were settled for $100.0 million in June 2023. (2) Represents equity-based incentives awarde
Slide 16: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 pr
Slide 17: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 pr
Slide 18: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 pr
Slide 19: Reconciliation of Net Income to Adjusted Fully Distributed Net Income
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 December 31, 2023, represents legal and advisory fees related to product liability cases that were settled for $100.0 million