Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q2 FY2019 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, Feb 6, 2019
Slide 1: Malibu Boats, Inc. Second Quarter Fiscal 2019 Earnings Results
Malibu Boats, Inc. Second Quarter Fiscal 2019 Earnings Results February 6th, 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: 2nd Quarter Financial Commentary
2nd Quarter Financial Commentary 4 ◦ Outstanding Q2 results AFDNI Per Share(1) ◦ Net sales are up 45.0% year-over-year to $0.86 $165.8 million th $0.53 G row .3% 62 ◦ Net sales per unit increased 22.6% ▪ Driven by the inclusion of Pursuit Q2 FY18 Q2 FY19 ▪ Y/Y price increases ▪ Mix of larger models
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
6 Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ Healthy growth ▪ Consistent results across the country CY18 ski/wake up ~10% ▪ Dealer sentiment high ▪ Boat show season has started out well Cobalt addressable market up ~5% ◦ Dealer inventory levels are attractively Pursuit addressab
Slide 7: Key Takeaways
7 Key Takeaways ◦ Malibu operating and financial performance has been excellent, producing strong results ◦ The marine environment provides attractive opportunities ▪ The U.S. economy is strong and we have not experienced a negative impact in the marine industry ▪ Performance Sports Boats continues
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 2nd Quarter Fiscal 2019 Comparable Results
9 2nd Quarter Fiscal 2019 Comparable Results Net Sales Volume 1,760 $165.8 1,489 $114.4 th th ow G row G r % .2% .0 18 45 Q2 FY18 Q2 FY19 Q2 FY18 Q2 FY19 Net Sales Per Unit Net Sales per Unit Components ◦ The inclusion of Pursuit $94.2 $76.8 ow th ◦ Year-over-year price increases Gr .6% ◦ Mix of lar
Slide 10: 2nd Quarter Fiscal 2019 Comparable Results: Gross Margin, Gross Profit, Adjusted EBITDA
10 2nd Quarter Fiscal 2019 Comparable Results Gross Margin Gross Profit $38.3 24.1% $27.5 23.1% th r ow G .2 % 39 Q2 FY18 Q2 FY19 Q2 FY18 Q2 FY19 Adjusted EBITDA(1) Mix Comparison $29.4 Q2 FY18 Q2 FY19 $20.6 Cobalt: th 34.3% Malibu: r ow 44.5% G .5% Cobalt: 31.0% 42 Malibu: Axis: 46.2% 19.5% Axis: P
Slide 11: Full Year Outlook
11 Full Year Outlook Metric Target Malibu/Cobalt - Increase in high-single digits Unit Volume Pursuit - Just over 400 units Malibu/Cobalt - Low double digit growth Net Sales Consolidated - 32-33% growth Gross Margin % Consolidated - About flat year-over-year Acquisition, Integration and Engine Expen
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 (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 and six months ended December 31, 2018 reflects the impact of the Tax Cuts and Jobs Act of 2017 ("Tax Act") adopted in December 2017, which among ot
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 (Shares)
16 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended December 31, 2018 2017 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 ave
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 and six months ended December 31, 2018 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S. corporate income tax rate