Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q3 FY2019 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, May 9, 2019
Slide 1: Malibu Boats, Inc. Third Quarter Fiscal 2019 Earnings Results
Malibu Boats, Inc. Third Quarter Fiscal 2019 Earnings Results May 9th, 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: 3rd Quarter Financial Commentary
3rd Quarter Financial Commentary 4 • Outstanding Q3 results • Net sales are up 42.4% year-over-year AFDNI Per Share(1) to $199.9 million • Net sales per unit increased 21.4% $1.15 h rowt ◦ Driven by the inclusion of Pursuit $0.89 %G 29.2 ◦ Y/Y price increases ◦ Mix of larger models Q3 FY18 Q3 FY19 •
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 CY18 ski/wake up ~10% country CY18 Cobalt addressable market up ~5% ◦ Dealer sentiment remains high ◦ Strong economy is driving business Pursuit addressable market among fastest growing a
Slide 7: Key Takeaways
7 Key Takeaways • FY Q3 2019 another strong, record setting quarter • Demand for Malibu products remains very strong; Malibu’s channel inventory at appropriate levels ◦ Continued outperformance in Cobalt and Pursuit brands; Pursuit will continue to gain momentum • Vertical integration strategy is a
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 3rd Quarter Fiscal 2019 Comparable Results
9 3rd Quarter Fiscal 2019 Comparable Results Net Sales Volume $199.9 2,094 rowth th row 1,786 2 %G $140.4 4% G 17. 42 . Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Net Sales Per Unit Net Sales per Unit Components • The inclusion of Pursuit $95.5 th • Year-over-year price increases ow $78.6 Gr .4% 21 • Mix of la
Slide 10: 3rd Quarter Fiscal 2019 Comparable Results: Gross Margin, Profit, Adjusted EBITDA
10 3rd Quarter Fiscal 2019 Comparable Results Gross Margin Gross Profit $49.7 25.9% th 24.9% $36.4 row 7 %G 36. Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Adjusted EBITDA(1) Mix Comparison $37.8 Q3 FY18 Q3 FY19 wth Cobalt: $28.5 Gro 34.4% Malibu: 4% 32. 41.5% Cobalt: 30.8% Malibu: Axis: 46.1% 19.5% Axis: Pursu
Slide 11: Full Year Outlook
11 Full Year Outlook Metric Target Malibu/Cobalt - Increase approaching double digits Unit Volume Pursuit - Just over 400 units Malibu/Cobalt - Increase approaching mid teens Net Sales Consolidated - 35-36% growth Gross Margin % Consolidated - About flat year-over-year Acquisition, Integration and E
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) For the three months ended March 31, 2019, represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months ended March 31, 2019, represents integrat
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: Share Count
16 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended March 31, 2019 2018 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 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) For the three months ended March 31, 2019, represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months ended March 31, 2019, represents integration costs and legal
Slide 19: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (footnotes continued)
19 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (10) Represents the weighted average shares outstanding of LLC Units held by non-controlling interests assuming they were exchanged into Class A Common Stock on a one-for-one basis. (11) Represents the weighted average