Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q2 FY2017 Earnings Presentation
16 slides from Malibu Boats's earnings presentation, Feb 1, 2017
Slide 1: Malibu Boats, Inc. Second Quarter Fiscal 2017 Earnings Results
Malibu Boats, Inc. Second Quarter Fiscal 2017 Earnings Results February 1, 2017
Slide 2: Safe Harbor Statement
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,” “may,
Slide 3: Use and Definition of Non-GAAP Financial Measures
Use and Definition of Non-GAAP Financial Measures This release includes the following financial measures defined as non-GAAP financial measures by the SEC: Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Fully Distributed Net Income. These measures have limitations as analytical tools and shou
Slide 4: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 5: Quarter Commentary
Quarter Commentary ◦ Record 2nd quarter net sales, units, net income and adjusted AFDNI Per Share(1) EBITDA ▪ Net sales are up 11.8% year- $0.38 over-year $0.30 th ow Gr .7% 26 ◦ Net sales per unit increased 4.9% Q2 FY16 Q2 FY17 ▪ Driven by Malibu mix, Y/Y price increases and reduced promotions ◦ Gr
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum Expected Domestic Market ▪ Good early boat show feedback Growth(1) ▪ Continued weakness in international markets CY2016 up >10% ◦ Dealer inventory levels are healthy Expected Market Share(1) ▪ Total weeks in channel down year- over-year CY2016 up >100 bps ▪ Intern
Slide 7: Key Takeaways
Key Takeaways • US boating industry recovery continues, completing 2016 with over 10% growth in PSB segment • Potential domestic changes to tax, healthcare and energy policy could become meaningful tailwinds • International challenges continue, MBUU focused on positioning itself to benefit fully on
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 2nd Quarter Fiscal 2017 Comparable Results: Net Sales and Volume
2nd Quarter Fiscal 2017 Comparable Results Net Sales Volume $67.7 $60.5 924 t h 867 th G row row % G .8 % 11 6.6 Q2 FY16 Q2 FY17 Q2 FY16 Q2 FY17 Net Sales per Unit Net Sales Per Unit Components $69.8 $73.2 th ◦ Higher Malibu mix ow Gr 4.9 % ◦ Year-over-year prices increases Q2 FY16 Q2 FY17 ◦ Reduced
Slide 10: 2nd Quarter Fiscal 2017 Comparable Results: Gross Margin, Gross Profit, EBITDA
2nd Quarter Fiscal 2017 Comparable Results Gross Margin(1) Gross Profit(1) $17.8 $15.9 26.2% 26.3% th ow Gr .2% 12 Q2 FY16 Q2 FY17 Q2 FY16 Q2 FY17 EBITDA(2) Mix Comparison $13.6 Q2 FY16 Q2 FY17 th ow $11.2 Gr .0% Axis: Axis: 22 28.1% 31.8% Malibu: Malibu: Q2 FY16 Q2 FY17 68.2% 71.9% 1. Includes impa
Slide 11: Full Year Outlook
Full Year Outlook Metric Target Unit Volume Approaching mid-single digits Mix Malibu % up slightly Y/Y Net Sales per Unit Low-mid single digits Gross Margin Up slightly Y/Y Legal Expenses ~$3.0 million Adjusted EBITDA Margin Modest increase Capital Expenditures $10-11 million 11
Slide 12: Appendix
Appendix
Slide 13: 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 (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 to Non-GAAP Adjusted EBITDA: Footnotes
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Represents legal and advisory fees related to our litigation with MasterCraft Boat Company, LLC. (2) Represents the reduction in a one-time charge related to a judgment rendered against us in connect
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. to Adjusted Fully Distributed Net Income for the periods presented (dollars in thousands, except share and per share data): T
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 litigation with MasterCraft Boat Company, LLC. (2) Represents legal and advisory fees as well as integration related costs incurred in connection with certain acquisiti