Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q3 FY2016 Earnings Presentation
16 slides from Malibu Boats's earnings presentation, May 4, 2016
Slide 1: Third Quarter 2016 Earnings Results
Malibu Boats, Inc. Third Quarter 2016 Earnings Results May 4th, 2016
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation includes “forward-looking statements,” within the meaning of the U.S. Securities Act of 1933, as amended and the U.S. Securities Act of 1934, as amended. All statements in this presentation that are not purely historical, including, without limitation, stateme
Slide 3: Use and Definition of Non-GAAP Financial Measures
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 and Adjusted Fully Distributed Net Income. These measures have limitations as analytical tools and
Slide 4: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 5: Quarter Commentary
Quarter Commentary ◦ Record 3rd quarter net sales, Net Sales gross profit, Adjusted EBITDA, and AFDNI per $64.8 $68.5 share Gr ow th % ▪ Net sales are up 5.8% 5.8 year-over-year Q3 FY15 Q3 FY16 ◦ Net sales per unit increased 8.6% AFDNI Per Share(1) ▪ Driven by mix and optional $0.40 feature selectio
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ CY2016 US data is positive although the sample is small ▪ Significant, continued weakness CY2015 - ~10% in international markets CY2016 - Continued ◦ Dealer inventory levels are Market Share(1) healthy CY2015 up slightly at 32% ▪ Estima
Slide 7: Key Takeaways
Key Takeaways ◦ US boating industry is still in recovery and continues to show healthy growth although the rate has begun to moderate as expected ◦ International challenges continue due to currency headwinds and weakened foreign economies. The impact of this has been worse than we anticipated ◦ Moni
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 3rd Quarter Fiscal 2016 Comparable Results
3rd Quarter Fiscal 2016 Comparable Results Net Sales Volume $68.5 980 $64.8 955 th r ow G % 5.8 Q3 FY15 Q3 FY16 Q3 FY15 Q3 FY16 Net Sales per Unit Net Sales Per Unit Components 71.8 66.1 th Gr ow ◦ Year-over-year price increases % 8.6 ◦ Mix of larger models ◦ Higher optional feature selection Q3 FY1
Slide 10: 3rd Quarter Fiscal 2016 Comparable Results
3rd Quarter Fiscal 2016 Comparable Results Gross Margin Gross Profit $17.9 $18.4 27.6% 26.9% th ow Gr % 2.8 Q3 FY15 Q3 FY16 Q3 FY15 Q3 FY16 EBITDA(1) Mix Comparison $14.1 Q3 FY15 Q3 FY16 $13.3 th Axis: r ow Axis: G 27.4% 6 .2% 31.9% Malibu: Malibu: 72.6% 68.1% Q3 FY15 Q3 FY16 1. See Appendix for a r
Slide 11: Full Year Outlook
Full Year Outlook Metric Target Unit Volume Low to mid single digit Mix Axis % up slightly Y/Y Net Sales per Unit Mid single digits Gross Margin Down slightly Y/Y Legal Expenses $1-1.5 million Adjusted EBITDA Margin Essentially flat Capital Expenditures >$6 million 11
Slide 12: Appendix
Appendix
Slide 13: 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 (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): Three
Slide 14: 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 (Unaudited): (1) Represents legal and advisory fees related to our intellectual property litigation with Pacific Coast Marine Windshields Ltd. ("PCMW"), Nautique Boat Company, Inc., and MasterCraft Boat Company, LLC
Slide 15: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended March Nine Months Ended March 31, 31, 2016 2016 2015 2016 2015 Net income attributable to Malibu Boats, Inc. $ 5,776 $ 4,365 $ 14,438 $ 9,008 Provision for income taxes 4,109 3,414 9,011 5,596 Profession
Slide 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Represents legal and advisory fees related to our intellectual property litigation with Pacific Coast Marine Windshields Ltd., Nautique Boat Company, Inc., and MasterCraft Boat Company, LLC. In addition, income from th