Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2024 Earnings Presentation
23 slides from Malibu Boats's earnings presentation, Aug 29, 2024
Slide 1: Fourth Quarter Fiscal 2024 Earnings Results
MALIBU BOATS. INC: Malibu Boats, Inc. Fourth Quarter Fiscal 2024 Earnings Results August 29, 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 Sccurities Litigation Reform Act of 1995), Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,”
Slide 4: Key Takeaways
KEY TAKEAWAYS # Sige + Remained resilient despite challenging retail across marine, driving market share gains + Expanded dealer network and achieved significant progress in reducing channel inventory + Completed Roane County facility, expanding operations and streamlining production capabilities +
Slide 5: Fiscal Year 2024
FISCAL YEAR 2024 1 * Executed on strategic goals and positioned for AFDNI PER SHARE (!) success amid a challenging retail environment $9.19 + Net sales are down (40.3)% year-over-year to $829 million $1.92 Driven by lower production and higher promotional support, in- kk line with our initiatives to
Slide 6: 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 7: Select New MY25 Product Introductions
SELECT NEW MY25 PRODUCT INTRODUCTIONS BN ——= Wass ee Pursuit OS 325 Offshore * Malibu Wakesetter 22 & 24 MXZ Cobia 285 CC Cobia 285 CC Open (october release) Cobia 265 CC Open Additional Product Launches on the Horizon Throughout Fiscal Year 2025 MALIBU | [4B BOATS. INC:
Slide 8: Malibu's Growth Strategy
MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES MALIBU | MBI! dm Es © ~—£2 a a re BOATS. INC.
Slide 9: Positioned for Growth
POSITIONED FOR GROWTH Capacity in Place Vertical Integration ee AS hu Opened new Cobalt 260,000+ square Now building tooling for all MBI Began rollout of Monsoon foot facility near MBI HQ in Q3'24 brands in our new 100,000+ sterndrive engines to Cobalt square foot dealers and customers Q1'24 Tooling
Slide 10: Model Built for Significant Cash Generation
MODEL BUILT FOR SIGNIFICANT CASH GENERATION Normalized Indust ironment* * Capacity in place to enable revenue recovery Mustrative: MBI Financial Profile - Does Not Reflect Actual Guidance + Improved operating leverage across business model Net Sales $1,300M Adj. EBITDA Margin ~17.5% . * Strong marke
Slide 11: Fourth Quarter Fiscal 2024 Comparable Results
FOURTH QUARTER FISCAL 2024 COMPARABLE RESULTS NET SALES VOLUME $372.3 2,550 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 NET SALES PER UNIT MIX COMPARISON Q4 FY23 Q4 FY24 $146.0 $151.9 Cobalt: 22.4 \ Saltwater . 134% - Saltwater Q4 FY23 Q4 FY24 Malibu: 49.1% staiou: 40 <S MALIBU — soars No Om fas
Slide 12: Fourth Quarter Fiscal 2024 Comparable Results
FOURTH QUARTER FISCAL 2024 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT 27.5% $102.5 a7 — Q4 FY23 Q4 FY24 Q4 FY23 Q4FY24 ADJ EBITDA MARGIN () ADJ. EBITDA “) Z Lo (2.6)% S(4.1) Q4 FY23 Q4 FY24 Q4 FY23 a4 FY24 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income. MALIBU | | BI
Slide 13: Fiscal 2024 Comparable Results
FISCAL 2024 COMPARABLE RESULTS NET SALES VOLUME $1,388.4 9,863 a — io = FY23 FY24 FY23 FY24 NET SALES PER UNIT MIX COMPARISON FY23 FY24 $140.8 $154.0 ; - Cobalt: 21.8% >, Satwater COME 29.2% > ws |] — Fishing = FY23 FY24 Malibu: 52.0% Malibu: 40.5° MALIBU =, BOATS.INC bi
Slide 14: Fiscal 2024 Comparable Results
FISCAL 2024 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT $351.3 25.3% LJ : : a = FY23 FY24 FY23 FY24 ADJ EBITDA MARGIN “) ADJ. EBITDA “) $284.0 20.5% [| = nm — FY23 FY24 FY23 FY24 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income. MALIBU — soars No o~ = bas)
Slide 15: FY25 Full Year Outlook
FY25 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Up low single digits Adjusted EBITDA Margin Between 10% and 12% MALIBU BOATS. INC: MBI]
Slide 16: MALIBU
MALIBU BOATS. INC:
Slide 17: Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA and Margin
RECONCILIATION OF NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN The following table sets forth a reconciliation of net (loss) income as determined in accordance with GAAP to Adjusted EBITDA and presentation of net income margin and Adjusted EBITDA Margin for the periods in
Slide 18: Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA and Margin
RECONCILIATION OF NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Represents impairment of goodwill and trade names related to our Maverick Boat Group reporting unit in the amounts of $49.2 million and $39.2 million, respectively. (2) For the three and twelve months ende
Slide 19: Reconciliation of Net (Loss) Income Attributable to Class A Common Stock
RECONCILIATION OF NET (LOSS) 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 (loss) income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for
Slide 20: Reconciliation of Net (Loss) Income Attributable to Class A Common Stock
RECONCILIATION OF NET (LOSS) 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 (loss) income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for
Slide 21: Reconciliation of Net (Loss) Income Attributable to Class A Common Stock
RECONCILIATION OF NET (LOSS) 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 (loss) income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for
Slide 22: Reconciliation of Net (Loss) Income Attributable to Class A Common Stock
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (1) | Represents settlement of product liability cases in June 2023 for $100.0 million. (2) Represents legal and advisory fees related to ongoing lit
Slide 23: Reconciliation of Net (Loss) Income Attributable to Class A Common Stock
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (9) Reflects income tax expense at an estimated normalized annual effective income tax rate of 24.3% of income before taxes for fiscal year 2024, and