Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2021 Earnings Presentation
22 slides from Malibu Boats's earnings presentation, Aug 26, 2021
Slide 1: Malibu Boats, Inc. Fourth Quarter Fiscal 2021 Earnings Results
Malibu Boats, Inc. Fourth Quarter Fiscal 2021 Earnings Results August 26, 2021
Slide 2: Use & Definition of Non-GAAP Financial Measure
2 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
Slide 3: Forward Looking Statements
3 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 2021
4 FISCAL YEAR 2021 AFDNI PER SHARE (1) • Delivered record results that exceeded expectations $6.01 • Net sales are up 41.9% year-over-year to $926.5 $3.29 million ◦ Driven by strong organic sales growth and the acquisition of FY20 FY21 Maverick Boat Group • Net sales per unit increased 11.7% ADJUSTE
Slide 5: Key Takeaways
5 KEY TAKEAWAYS • Achieved a record-breaking year in terms of revenue growth, net income growth and EBITDA margin expansion, led by our premium brand offering, market leading innovation and operational excellence • Continued to capitalize on the soaring retail demand with the persisting trend toward
Slide 6: Cobalt & Maverick Facility Expansion
6 COBALT & MAVERICK FACILITY EXPANSION • Completed the expansion of our cruiser plant and small boat • Remain on pace to complete the 110,000 square foot phase II plant, effectively increasing production capacity for Q4 of FY addition at Maverick, supporting future growth and our ability to 2021 and
Slide 7: Operational Excellence & Vertical Integration
7 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 g
Slide 8: New MY22 Product Introductions
8 NEW MY22 PRODUCT INTRODUCTIONS Malibu Wakesetter 25 LSV Axis T220 Malibu Wakesetter 21 LX Pursuit S 358 Sport Model
Slide 9: Malibu's Growth Strategy
9 MALIBU’S GROWTH STRATEGY STRATEGIC ACQUISITIONS OF PREMIUM VERTICAL COMPANIES INTEGRATION PRODUCT & DISTRIBUTION WHITE INNOVATION SPACES
Slide 10: 4th Quarter Fiscal 2021 Comparable Results
10 4TH QUARTER FISCAL 2021 COMPARABLE RESULTS NET SALES VOLUME $276.7 2,354 $118.7 1,117 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 NET SALES PER UNIT MIX COMPARISON Q4 FY20 Q4 FY21 $117.6 Saltwater $106.2 Saltwater Fishing: Fishing: 7.8% 24.0% Cobalt: 27.2% Cobalt: 19.8% Q4 FY20 Q4 FY21 Malibu/Axis: 65.0% Mal
Slide 11: 4th Quarter Fiscal 2021 Comparable Results
11 4TH QUARTER FISCAL 2021 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT 25.0% $69.2 19.8% $23.6 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 20.8% $57.6 13.1% $15.5 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 12: Fiscal 2021 Comparable Results
12 FISCAL 2021 COMPARABLE RESULTS NET SALES VOLUME 8,185 $926.5 6,444 $653.2 FY20 FY21 FY20 FY21 NET SALES PER UNIT MIX COMPARISON FY20 FY21 $113.2 Saltwater Saltwater Fishing: $101.3 Fishing: 7.9% 17.5% Cobalt: 30.3% Cobalt: 23.4% FY20 FY21 Malibu/Axis: 61.8% Malibu/Axis: 59.1%
Slide 13: Fiscal 2021 Comparable Results
13 FISCAL 2021 COMPARABLE RESULTS GROSS MARGIN GROSS PROFIT $236.5 22.8% 25.5% $149.3 FY20 FY21 FY20 FY21 ADJ EBITDA MARGIN (1) ADJ. EBITDA (1) 20.5% $190.1 17.0% $110.9 FY20 FY21 FY20 FY21 1.See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA to Net Income.
Slide 14: FY22 Full Year Outlook
14 FY22 FULL YEAR OUTLOOK METRIC TARGET Consolidated Net Sales High-teens % growth Adjusted EBITDA Margin Approximately 20%
Slide 15: Appendix
APPENDIX Spon QD parr (exas| SIMvenen COBALT BOATS MAVERICK | PATHRROER / HEWES COB
Slide 16: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
16 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA 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 (dollars in thousands): Three
Slide 17: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
17 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months and fiscal year ended June 30, 2021, represents legal and advisory fees incurred in connection wi
Slide 18: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
18 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
Slide 19: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
19 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
Slide 20: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
20 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
Slide 21: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
21 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (1) Represents legal and advisory fees related to our litigation with Skier's Choice, Inc. (2) For the three months and fiscal year ended June 30, 2021,
Slide 22: Reconciliation of Net Income Attributable to Class A Common Stock to Adjusted Fully Distributed Net Income
22 RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK TO ADJUSTED FULLY DISTRIBUTED NET INCOME OF CLASS A COMMON STOCK (UNAUDITED): (7) 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 C