Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q3 FY2020 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, May 7, 2020
Slide 1: Malibu Boats, Inc. Third Quarter Fiscal 2020 Earnings Results
Malibu Boats, Inc. Third Quarter Fiscal 2020 Earnings Results May 7th, 2020
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: 3rd Quarter Financial Commentary
3rd Quarter Financial Commentary 4 • Delivered strong performance despite substantial headwinds from the impact of AFDNI Per Share(1) COVID-19 • Net sales are down 8.8% year-over-year to $182.3 million $1.15 $1.13 ◦ 1 week of lost production • Net sales per unit increased 6.3% ◦ Y/Y price increases
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
Market Commentary 6 • March and April impacted meaningfully by Domestic Market Growth COVID-19 CY19(1) ◦ Shock occurred in late March to early Malibu/Axis market up MSD% April and have seen stability and improvement since Cobalt addressable market up LSD% • Broad geographic variability in performanc
Slide 7: Key Takeaways
Key Takeaways 7 • Delivered strong margin performance year-over-year despite facing substantial headwinds related to COVID-19 • Mobilized quickly to the rapidly evolving environment, temporarily suspending production at all facilities to prioritize the health and safety of employees • Have resumed f
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 3rd Quarter Fiscal 2020 Comparable Results
9 3rd Quarter Fiscal 2020 Comparable Results Net Sales Volume $199.9 2,094 $182.3 1,796 Q3 FY19 Q3 FY20 Q3 FY19 Q3 FY20 Net Sales Per Unit Mix Comparison Q3 FY19 Q3 FY20 $101.5 $95.5 Malibu/Axis: Malibu/Axis: 62.4% 63.4% Cobalt: 29.0% Cobalt: 30.8% Q3 FY19 Q3 FY20 Pursuit: 6.8% Pursuit: 7.6%
Slide 10: 3rd Quarter Fiscal 2020 Comparable Results
10 3rd Quarter Fiscal 2020 Comparable Results Gross Margin Gross Profit 24.9% 25.1% $49.7 $45.8 Q3 FY19 Q3 FY20 Q3 FY19 Q3 FY20 Adj. EBITDA Margin(1) Adjusted EBITDA(1) 20.0% 18.9% $37.8 $36.4 Q3 FY19 Q3 FY20 Q3 FY19 Q3 FY20 1. See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Inc
Slide 11: Appendix
Appendix
Slide 12: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
12 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 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): (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months and nine months ended March 31, 2019, represents legal and advisory fees incurred in
Slide 14: Reconciliation of Non-GAAP Income
14 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 15: Reconciliation of Non-GAAP Income
15 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended March 31, 2020 2019 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 averag
Slide 16: Reconciliation of Non-GAAP Income
16 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 17: Reconciliation of Non-GAAP Income
17 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months and nine months ended March 31, 2020, represents amortization of intangibles acquired in connection wit
Slide 18: Reconciliation of Non-GAAP Income
18 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (9) Reflects income tax expense at an estimated normalized annual effective income tax rate of 23.5% and 24.1% of income before income taxes for the three months and nine months ended March 31, 2020 and 2019, respective