Malibu Boats, Inc. · NASDAQ:MBUU
Malibu Boats — Q2 FY2018 Earnings Presentation
19 slides from Malibu Boats's earnings presentation, Feb 9, 2018
Slide 1: Malibu Boats, Inc. Second Quarter Fiscal 2018 Earnings Results
Malibu Boats, Inc. Second Quarter Fiscal 2018 Earnings Results February 9, 2018
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: Quarter Commentary
Quarter Commentary 4 ◦ Strong Q2 results AFDNI Per Share(1) ◦ Net loss of $5.6 million entirely due to the impact of tax reform 0.53 ◦ Net sales are up 69.0% year-over-year 0.38 ow th Gr .5% ◦ Net sales per unit increased 4.9% 39 ▪ Driven by Y/Y price increases Q2 FY17 Q2 FY18 ▪ New model mix ▪ Opti
Slide 5: Jack Springer, Chief Executive Officer
Jack Springer Chief Executive Officer MALIBU BOATS, INC.
Slide 6: Market Commentary
6 Market Commentary ◦ Retail Momentum Domestic Market Growth(1) ▪ Healthy growth ▪ Seeing positive signs in weak CY17 ski/wake up ~7% international markets CY17 Fiberglass sterndrive 21' to 40' up ~4% ▪ Boat show season off to a good start ◦ Dealer inventory levels are healthy Expected Market Share(
Slide 7: Key Takeaways
7 Key Takeaways ◦ Environment sets up well for continued strong growth ▪ Performance Sports Boats continue to grow mid to high single digits ▪ Cobalt core segment is growing and the brand is taking share ▪ Dealer inventory levels are healthy ▪ International is positioned well to capitalize on recove
Slide 8: Wayne Wilson, Chief Financial Officer
Wayne Wilson Chief Financial Officer MALIBU BOATS, INC.
Slide 9: 2nd Quarter Fiscal 2018 Comparable Results
9 2nd Quarter Fiscal 2018 Comparable Results Net Sales Volume 1,489 $114.4 th 924 th ow ow $67.7 G r Gr .0% .1% 69 61 Q2 FY17 Q2 FY18 Q2 FY17 Q2 FY18 Net Sales Per Unit Net Sales per Unit Components $76.8 ◦ Year-over-year price Increases $73.2 r ow th ◦ Mix impact of new models including G 4.9 % Mal
Slide 10: 2nd Quarter Fiscal 2018 Comparable Results: Gross Margin, Gross Profit, EBITDA
10 2nd Quarter Fiscal 2018 Comparable Results Gross Margin Gross Profit $27.5 26.3% $17.8 th 24.1% ow Gr .5% 54 Q2 FY17 Q2 FY18 Q2 FY17 Q2 FY18 EBITDA(1) Mix Comparison $20.6 Q2 FY17 Q2 FY18 Axis: $13.6 th Axis: 19.5% ow Cobalt: 34.3% 28.1% Gr .3% 51 Malibu: Malibu: 71.9% Q2 FY17 Q2 FY18 46.2% 1. Se
Slide 11: Impact of U.S. Tax Reform
11 Impact of U.S. Tax Reform ◦ Current quarter earnings considerations ▪ Income tax expense of $47.0 million booked for the remeasurement of deferred tax assets at the lower future tax rate ▪ Other income of $30.3 million recorded due to a reduction in the tax receivable agreement liability related
Slide 12: Full Year Outlook
12 Full Year Outlook Metric Target Unit Volume Up approximately 55-60% Mix About 1/3 Cobalt Net Sales per Unit Low-mid single digits Gross Margin % Approaching 24% $5-6 million, excluding purchase Acquisition and Engine Expense accounting Adjusted EBITDA Margin About 18% Capital Expenditures $13-$14
Slide 13: Appendix
Appendix
Slide 14: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and 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 and six months ended December 31, 2017 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S. corporate inc
Slide 16: Reconciliation of Non-GAAP 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 Income: Share Denominator
17 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Reconciliation of denominator for net (loss) income available to Class A Common Stock per share to Adjusted Fully Distributed Net Income
Slide 18: Reconciliation of Non-GAAP 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 Income: Footnotes
19 Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income (Unaudited): (1) Provision for income taxes for the three and six months ended December 31, 2017 reflects the impact of the Tax Act adopted in December 2017, which among other items, lowered the U.S. corporate income tax rate from 3