Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 FY2020 Earnings Presentation
20 slides from Malibu Boats's earnings presentation, Aug 27, 2020
Slide 1: Fourth Quarter Fiscal 2020 Earnings Results
Malibu Boats, Inc. Fourth Quarter Fiscal 2020 Earnings Results August 27, 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: 4th Quarter Financial Commentary
4th Quarter Financial Commentary 4 • Delivered results ahead of expectations and gained significant market share AFDNI Per Share (1) • Net sales are down 39.1% year-over-year to $118.7 million ◦ Despite average of ~5 weeks of lost $1.08 production across all brands $0.40 • Net sales per unit increas
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
Market Commentary 6 • Marine industry has experienced significant Expected Domestic tailwinds as a result of COVID-19 Market Growth CY20(1) ◦ Large increase in first-time and returning Malibu/Axis market up HSD% boaters has helped drive increased demand as consumers look for a way to Cobalt addressa
Slide 7: Key Takeaways
Key Takeaways 7 • Delivered significant market share gains and outperformed the industry during the fourth quarter • Immediately returned to pre-shutdown daily production rates to meet accelerated demand; only one of a very few that could do that • Moved up launch of our new model year 2021 product
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 4th Quarter Fiscal 2020 Comparable Results
4th Quarter Fiscal 2020 Comparable Results 9 Net Sales Volume $194.8 1,992 $118.7 1,117 Q4 FY19 Q4 FY20 Q4 FY19 Q4 FY20 Net Sales Per Unit Mix Comparison Q4 FY19 Q4 FY20 $106.2 $97.8 Malibu/Axis: Malibu/Axis: 60.5% 65.0% Cobalt: 31.9% Cobalt: 27.2% Q4 FY19 Q4 FY20 Pursuit: 7.6% Pursuit: 7.8%
Slide 10: 4th Quarter Fiscal 2020 Comparable Results
4th Quarter Fiscal 2020 Comparable Results 10 Gross Margin Gross Profit 24.5% $47.7 19.8% $23.6 Q4 FY19 Q4 FY20 Q4 FY19 Q4 FY20 Adj. EBITDA Margin (1) Adjusted EBITDA (1) 18.4% $35.8 13.1% $15.5 Q4 FY19 Q4 FY20 Q4 FY19 Q4 FY20 1. See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net I
Slide 11: Fiscal 2020 Comparable Results
Fiscal 2020 Comparable Results 11 Net Sales Volume $684.0 $653.2 7,362 6,444 FY19 FY20 FY19 FY20 Net Sales Per Unit Mix Comparison FY19 FY20 $101.3 $92.9 Malibu/Axis: Malibu/Axis: 61.7% 61.8% Cobalt: 30.3% Cobalt: 32.8% FY19 FY20 Pursuit: 5.5% Pursuit: 7.9%
Slide 12: Fiscal 2020 Comparable Results
Fiscal 2020 Comparable Results 12 Gross Margin Gross Profit 24.3% $166.3 22.8% $149.3 FY19 FY20 FY19 FY20 Adj. EBITDA Margin (1) Adjusted EBITDA (1) $125.9 $110.9 18.4% 17.0% FY19 FY20 FY19 FY20 1. See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 13: Appendix
Appendix
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
14 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 15: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (footnotes)
15 Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Provision for income taxes for the three-month periods ended June 30, 2020 and 2019 and fiscal years 2020 and 2019 reflects the impact of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") adopted
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
16 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 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (shares)
17 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended June 30, 2020 Fiscal Year Ended June 30, 2020 2019 2020 2019 Reconciliation of denominator for net income available to Class A Common Stock per share to Adjusted Fully Distributed Net Income per Share
Slide 18: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (per share)
18 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 19: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (footnotes)
19 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Provision for income taxes for the three-month periods ended June 30, 2020 and 2019 and fiscal year 2020 and 2019 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S
Slide 20: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (footnotes)
20 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (9) Reflects the elimination of the non-controlling interest in the LLC as if all LLC members had fully exchanged their LLC Units for shares of Class A Common Stock. (10) Reflects income tax expense at an estimated norm