Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q1 FY2017 Earnings Presentation
16 slides from Malibu Boats's earnings presentation, Nov 1, 2016
Slide 1: Malibu Boats, Inc. First Quarter Fiscal 2017 Earnings Results
Malibu Boats, Inc. First Quarter Fiscal 2017 Earnings Results November 1, 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 1st quarter net sales, units, net income and Adjusted AFDNI Per Share(1) EBITDA ▪ Net sales are up 8.4% year- over-year th $0.25 r ow $0.26 G 4 .0% ◦ Net sales per unit increased 7.3% Q1 FY16 Q1 FY17 ▪ Driven by Malibu mix, less international discounting and Y/Y price inc
Slide 6: Market Commentary
Market Commentary ◦ Retail Momentum Expected Domestic Market ▪ CY2016 US data is better than we Growth(1) expected ▪ Continued weakness in international CY2016 - >10% markets ◦ Dealer inventory levels are healthy Expected Market Share(1) ▪ Total weeks in channel down CY2016 up >100 bps year-over-yea
Slide 7: Key Takeaways
Key Takeaways ◦ US boating industry is still in recovery and continues to show healthy growth ◦ International challenges continue due to the strength of the US dollar, weakened foreign economies and depressed oil prices especially in Canada ◦ MY2017 Product – Continued momentum in the premium segmen
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 1st Quarter Fiscal 2017 Comparable Results: Net Sales, Volume
1st Quarter Fiscal 2017 Comparable Results Net Sales Volume $57.2 $62.0 th r ow G 825 833 % 8.4 Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 Net Sales per Unit Net Sales Per Unit Components 74.5 69.4 ow th ◦ Year-over-year price increases Gr % 7.3 ◦ Reduced discounting ◦ Higher Malibu mix Q1 FY16 Q! FY17 9
Slide 10: 1st Quarter Fiscal 2017 Comparable Results: Gross Margin, Gross Profit
1st Quarter Fiscal 2017 Comparable Results Gross Margin Gross Profit $14.7 $15.8 25.7% 25.5% th row G % 7.6 Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 EBITDA(1) Mix Comparison Q1 FY16 Q1 FY17 th ow $9.9 $9.4 Gr Axis: % 4.4 Axis: 30.7% 35.3% Malibu: Malibu: Q1 FY16 Q1 FY17 64.7% 69.3% 1. See Appendix for a reco
Slide 11: Full Year Outlook
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 $2.5 million Adjusted EBITDA Margin Modest increase Capital Expenditures $8-9 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 M
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (notes)
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): (1) Represents legal and advisory fees related to our litigation with MasterCraft Boat Company, LLC. (2) Represents legal and advisory fees as well as integration related costs incurred in connection wit
Slide 15: 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 16: Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (notes)
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Represents legal and advisory fees related to our litigation with MasterCraft Boat Company, LLC. (2) Represents legal and advisory fees as well as integration related costs incurred in connection with certain acquisiti