Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q4 2016 Earnings Presentation
18 slides from Malibu Boats's earnings presentation, Sep 7, 2016
Slide 1: Fourth Quarter 2016 Earnings Results
Malibu Boats, Inc. Fourth Quarter 2016 Earnings Results September 7th, 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 Exchange Act of 1934, as amended. All statements in this presentation that are not purely historical, including, without limitation
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 4th quarter net sales, Net Sales gross profit, Adjusted EBITDA, and AFDNI per $60.7 $66.7 share Gr ow th % ▪ Net sales are up 9.8% 9.8 year-over-year Q4 FY15 Q4 FY16 ◦ Net sales per unit increased 7.7% AFDNI Per Share(1) ▪ Driven by price increases, $0.38 mix and optional
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ CY2016 shows healthy growth although below prior, double- digit years CY2016 - Expect Mid-High Single Digit ▪ Continued weakness in international markets Market Share(1) ◦ Dealer inventory levels are expected to be near optimal CY2015 u
Slide 7: Key Takeaways
Key Takeaways ◦ US boating industry is still in recovery and continues to show healthy growth although the rate has moderated, as expected, and on target from our last guidance ◦ International challenges persist due to currency headwinds and weakened foreign economies ◦ Continued monitoring of macro
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 4th Quarter Fiscal 2016 Comparable Results
4th Quarter Fiscal 2016 Comparable Results Net Sales Volume $66.7 $60.7 904 922 th th Grow row % G 9.8 2.0 % Q4 FY15 Q4 FY16 Q4 FY15 Q4 FY16 Net Sales per Unit Net Sales Per Unit Components $72.3 $67.2 th Gr ow ◦ Year-over-year price increases % 7.7 ◦ Mix of larger models ◦ Higher optional feature s
Slide 10: 4th Quarter Fiscal 2016 Comparable Results
4th Quarter Fiscal 2016 Comparable Results Gross Margin Gross Profit $17.8 $16.3 26.8% 26.7% th ow Gr % 9.5 Q4 FY15 Q4 FY16 Q4 FY15 Q4 FY16 Adjusted EBITDA(1) Mix Comparison $13.5 Q4 FY15 Q4 FY16 $11.9 th row Axis: Axis: G % 1 3.8 32.6% 33.5% Malibu: Malibu: 67.4% 66.5% Q4 FY15 Q4 FY16 1. See Append
Slide 11: Fiscal Year 2016 Comparable Results
Fiscal Year 2016 Comparable Results Net Sales Volume $253.0 3,569 $228.6 3,404 th ow th Gr ow .6% Gr 10 % 4.8 FY15 FY16 FY15 FY16 Net Sales per Unit Net Sales Per Unit Components $67.2 $70.9 th Gr ow ◦ Year-over-year price increases % 5.5 ◦ Mix of larger models ◦ Higher optional feature selection FY
Slide 12: Fiscal Year 2016 Comparable Results
Fiscal Year 2016 Comparable Results Gross Margin Gross Profit $66.8 $60.4 26.4% 26.4% th ow Gr .6% 10 FY15 FY16 FY15 FY16 Adjusted EBITDA(1) Mix Comparison FY15 FY16 $48.2 $43.6 th row Axis: Axis: G % 31.7% 1 0.5 33.1% Malibu: Malibu: 68.3% 66.9% FY15 FY16 1. See Appendix for a reconciliation of Non
Slide 13: FY17 Full Year Outlook
FY17 Full Year Outlook Metric Target Unit Volume Approaching mid single digits Mix Malibu % up slightly Y/Y Net Sales per Unit Low single digits Gross Margin Up slightly Y/Y Legal Expenses ~$2 million Adjusted EBITDA Margin Modest increase Capital Expenditures $8-9 million 13
Slide 14: Appendix
Appendix
Slide 15: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and 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 16: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Margin
Reconciliation of Net Income to Non- GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Represents legal and advisory fees related to our refinancing activities and legal expenses associated with our litigation with Pacific Coast Marine Windshields, Ltd. ("PCMW") and Nautique Boat Comp
Slide 17: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (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 presented (dollars in thousands, except per share data): Three Month
Slide 18: 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 refinancing activities and legal expenses associated with our litigation with PCMW and Nautique, offset by the portion of the $2.3 million settlement received from Naut