Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2023 Earnings Presentation
22 slides from Malibu Boats's earnings presentation, Aug 29, 2023
Slide 1: Malibu Boats, Inc. Fourth Quarter Fiscal 2023 Earnings Results
Malibu Boats, Inc. Fourth Quarter Fiscal 2023 Earnings Results August 29, 2023
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 Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,”
Slide 4: Fiscal Year 2023
FISCAL YEAR 2023 • Delivered strong results, meeting expectations amid AFDNI PER SHARE (1) an evolving operating environment • Net sales are up 14.3% year-over-year to a record $1.4 billion ◦ Driven by increased unit volumes in the Saltwater Fishing and Cobalt segments, strong ASPs and a favorable m
Slide 5: Key Takeaways
KEY TAKEAWAYS • Achieved another record-setting fiscal year for net sales, demonstrating the unbeatable strength and capabilities of our business model. • Despite challenging retail across marine, MBI is driving market share gains across its brands, taking share from the competition. • Consistently
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: Selected New FY24 Product Introductions
SELECTED NEW FY24 PRODUCT INTRODUCTIONS Malibu 23 LSV Malibu M242 Malibu M242 Axis A245 Cobalt Sports Series 22-23’ Cobalt CobaltR33 R33Surf Pursuit OS 405
Slide 8: Malibu's Growth Strategy
MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 9: Newest Wave of Malibu's Growth Strategy
NEWEST WAVE OF MALIBU'S GROWTH STRATEGY Capacity Expansion Vertical Integration Plans to develop new 260,000+ square Build out of 100,000+ square foot Rollout of Monsoon sterndrive foot facility near MBI HQ Tooling Design Center in Pursuit engines to Cobalt dealers and facility customers (beginning
Slide 10: Fourth Quarter Fiscal 2023 Comparable Results
FOURTH QUARTER FISCAL 2023 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 11: Fourth Quarter Fiscal 2023 Comparable Results
FOURTH QUARTER FISCAL 2023 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 12: Fiscal 2023 Comparable Results
FISCAL 2023 COMPARABLE RESULTS NET SALES VOLUME NET SALES PER UNIT MIX COMPARISON
Slide 13: Fiscal 2023 Comparable Results
FISCAL 2023 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 14: FY24 Full Year Outlook
FY24 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales Down mid-to-high teens Adjusted EBITDA Margin Down 300-400 basis points
Slide 15: Appendix
MALIBU BOATS. INC:
Slide 16: 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 The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and presentation of net income margin and Adjusted EBITDA Margin for the periods indicated (dolla
Slide 17: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (Footnotes)
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Represents settlement of product liability cases in June 2023 for $100.0 million. (2) For the fiscal year 2023, represents legal and advisory fees related to our product liability cases that were settled for $100
Slide 18: Reconciliation to Adjusted Fully Distributed Net Income
RECONCILIATION OF NET 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 income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for the periods pr
Slide 19: Reconciliation to Adjusted Fully Distributed Net Income (Denominator)
RECONCILIATION OF NET 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 income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for the periods pr
Slide 20: Reconciliation to Adjusted Fully Distributed Net Income per Share
RECONCILIATION OF NET 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 income attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income for the periods pr
Slide 21: Reconciliation to Adjusted Fully Distributed Net Income (Footnotes)
RECONCILIATION OF NET 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) For fiscal year 2023, represents legal and advisory fees related t
Slide 22: Reconciliation to Adjusted Fully Distributed Net Income (Footnotes continued)
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (7) Reflects income tax expense at an estimated normalized annual effective income tax rate of 24.3% and 23.8% of income before income taxes for the three m