LOUDON, Tenn., Sept. 11, 2014 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq:MBUU) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2014.
Highlights for the Fourth Quarter of Fiscal 2014
-
Net sales increased 9.0% to $53.4 million compared to
the fourth quarter of fiscal 2013. Unit volume increased 5.8% to 799
boats and net sales per unit increased 3.0% during the same period to $66,834.
-
Gross profit increased 5.3% to $14.7 million compared to the fourth quarter of fiscal 2013.
-
Adjusted EBITDA was $10.3 million and Adjusted EBITDA margin was 19.4%.
-
Adjusted fully distributed net income was $5.5 million, or $0.24 per share, on a fully distributed weighted average share count of 22.5 million shares of Class A Common Stock.
Highlights for the Fiscal Year 2014
-
Net sales increased 14.3% to $190.9 million compared to
fiscal year 2013. Unit volume increased 8.9% to 2,910 boats and net
sales price per unit increased approximately 5.0% during the same period
to $65,613.
-
Gross profit increased 16.5% to $50.8 million and gross margin increased 50 basis points to 26.6% compared to the fiscal year 2013.
-
Adjusted EBITDA increased 17.4% to $37.3 million and Adjusted EBITDA margin increased 50 basis points to 19.5% compared to the fiscal year 2013.
-
Adjusted fully distributed net income was $17.6 million, or $0.78 per share, on a fully distributed weighted average share count of 22.5 million shares of Class A Common Stock.
Jack Springer, Chief Executive Officer, stated, "We
had another solid quarter, and delivered strong financial and operating
results across the board. Orders remained strong despite a late breaking
season from the cold weather and new products continued to fuel demand.
Our revenue growth was again driven by increases in both unit volume
and average selling price and our adjusted EBITDA margin was the highest
we have experienced in any fiscal year."
Mr. Springer continued, "We are proud of our 30-year
track record of introducing industry-leading products and innovation. In
the upcoming model year, we are increasing the number of new boats,
innovations and features. We believe it is important to remain
aggressive with new product. Our lineup will include four new or
completely remodeled boats, with the first two of these being the
completely new Malibu 22 VLX and remodeled Axis A22. Other new
industry-leading products and innovations this fiscal year will include a
G4 Tower, a re-engineered Power Wedge II that
works with Surf Gate for an even better surf wave, and a redesigned dash
board that includes the first 12-inch touch-screen. We believe Malibu
continues to offer the most advanced surfing solution on the market
today. From our patented Surf Gate and Power Wedge II systems to our
optimized
hulls and digital control system, every feature of our boats has been
engineered and integrated to offer what, we believe, is the industry's
only truly integrated surfing system, while maintaining the best wake
for wakeboarding in the industry. Our product and distribution should
continue to drive our performance."
Results of Operations for the Fourth Quarter and Fiscal Year 2014
|
|
Three Months Ended
June 30, |
Fiscal Year Ended
June 30, |
|
|
2014 |
2013 |
2014 |
2013 |
|
|
(In thousands, except unit volume) |
|
Net sales |
$53,400 |
$48,973 |
$190,935 |
$167,012 |
|
Cost of sales |
38,724 |
35,035 |
140,141 |
123,412 |
|
Gross profit |
14,676 |
13,938 |
50,794 |
43,600 |
|
Operating expenses: |
|
|
|
|
|
Selling and marketing |
1,644 |
1,144 |
6,098 |
4,937 |
|
General and administrative |
4,652 |
2,875 |
19,974 |
14,177 |
|
Amortization |
1,294 |
1,295 |
5,177 |
5,178 |
|
Operating income |
7,086 |
8,624 |
19,545 |
19,308 |
|
Other income (expense): |
|
|
|
|
|
Other |
— |
2 |
9 |
10 |
|
Interest expense |
18 |
(250) |
(2,962) |
(1,334) |
|
Other income (expense), net |
18 |
(248) |
(2,953) |
(1,324) |
|
Net income before provision for income taxes |
7,104 |
8,376 |
16,592 |
17,984 |
|
Provision for income taxes |
1,742 |
— |
1,818 |
— |
|
Net income |
5,362 |
8,376 |
14,774 |
17,984 |
|
Net income attributable to non-controlling interest |
3,594 |
8,376 |
13,376 |
17,984 |
|
Net income attributable to Malibu Boats, Inc. |
$1,768 |
$— |
$1,398 |
$— |
|
|
|
|
|
|
|
Other data: |
|
|
|
|
|
Unit volumes |
799 |
755 |
2,910 |
2,672 |
|
Net sales price per unit |
$66,834 |
$64,864 |
$65,613 |
$62,504 |
Comparison of the Fourth Quarter Ended June 30, 2014 to the Fourth Quarter Ended June 30, 2013
Net sales for the three month period ended June 30, 2014 increased 9.0% to $53.4 million from $49.0 million for the three month period ended June 30, 2013.
The increase in net sales was the result of a 5.8% increase in the
number of boats sold to 799 from 755 and a 3.0% increase in net sales
price per unit to $66,834 from $64,864 in
the comparable fiscal fourth quarter last year. The increase in units
sold was attributable to strong, continued consumer demand for our
boats, bolstered by the introduction of our new models and features. The
increase in net sales price per unit was primarily driven by new boat
models and increased sales of larger boats, including the Wakesetter 23
LSV and Axis A24, as well as sales of the Company's Surf Gate system on
Axis models.
Gross profit for the three month period ended June 30, 2014 increased5.3% to $14.7 million from $13.9 million for the three month period ended June 30, 2013.
The increase in gross profit resulted primarily from the increase in
volumes and higher average selling prices due to options, features, and
new boat models. Gross margin decreased 100 basis points to 27.5% from
28.5% in the fiscal fourth quarter of last year.
Selling and marketing expense for the three month period ended June 30, 2014 increased 43.7% to $1.6 million from $1.1 million for the three months ended June 30, 2013.
The increase in selling and marketing expense resulted primarily from
marketing initiatives associated with the introduction of new boat
models for fiscal 2015. As a percentage of net sales, selling and
marketing expenses increased 80 basis points to 3.1% from 2.3% of sales
in the comparable fiscal fourth quarter of last year.
General and administrative expenses, excluding amortization expense, for the three month period ended June 30, 2014 increased 61.8% to $4.7 million from $2.9 million for the three month period ended June 30, 2013.
The increase in general and administrative expenses is due primarily to
legal and professional fees, stock compensation charges, and director
related expenses, including insurance. Amortization expense was $1.3 million for the three month period ended June 30, 2014 and June 30, 2013.
Operating income for the three month period ended June 30, 2014 decreased to $7.1 million from $8.6 million for the three month period ended June 30, 2013.
Adjusted EBITDA margin decreased in the fourth quarter of fiscal 2014
to 19.4% from 21.5% in the fourth quarter of fiscal 2013.
Comparison of the Fiscal Year Ended June 30, 2014 to the Fiscal Year Ended June 30, 2013
Net sales for fiscal year 2014 increased 14.3% to $190.9 million, from $167.0 million
for fiscal year 2013. The increase in net sales was the result of an
8.9% increase in the number of boats sold to 2,910 from 2,672 and a 5.0%
increase in net sales price per unit to $65,613 from $62,504
in the prior year. The increase in units sold was attributable to
strong, continued consumer demand for our boats, bolstered by the
introduction of two completely new Axis models. The increase in net
sales price per unit was primarily driven by increased sales prices on
new boat models and increased sales of larger boats, including the
Wakesetter 23 LSV remodeled in fiscal year 2014, and Axis A24,
introduced early in fiscal year 2014, as well as increased sales of our
Surf Gate system, which became available on the Axis brand during July
2013.
Gross profit for fiscal year 2014 increased 16.5% to $50.8 million from $43.6 million
for fiscal year 2013. Gross margin increased 50 basis points to 26.6%
for fiscal year 2014 compared to 26.1% for fiscal year 2013. The
increase in gross profit and gross margin resulted primarily from the
increase in volumes, higher average selling prices driven by price
increases and increased sales of larger boats and optional features as
well as cost reduction efforts.
Selling and marketing expense for fiscal year 2014 increased 23.5% to $6.1 million from $4.9 million
for fiscal year 2013 primarily because of increased marketing costs
associated with increased sales volumes. As a percentage of net sales,
selling and marketing expenses increased 20 basis points to 3.2% from
3.0% of sales for fiscal year 2013.
General and administrative expense, excluding amortization expense, for fiscal year 2014 increased 40.9% to $20.0 million from $14.2 million
for fiscal year 2013. This increase is largely attributable to one time
charges incurred in connection with our initial public offering,
including termination of our previously existing management agreement,
and stock compensation on modified awards as well as additional legal
and professional fees associated with our recapitalization and equity
offerings during fiscal 2014; offset partially by decreases in incentive
compensation and fees paid to our former sponsor under the previously
existing management agreement. Amortization expense was $5.2 million for fiscal year 2014 and fiscal year 2013.
Operating income for fiscal year 2014 increased to $19.5 million from $19.3 million
for fiscal year 2013. Adjusted EBITDA margin for fiscal year 2014
increased 50 basis points to 19.5% from 19.0% for fiscal year 2013.
Webcast and Conference Call Information
The Company will host a webcast and conference call to discuss fourth quarter fiscal 2014 results today, September 11, 2014, at 8:30 a.m. Eastern Standard Time. Investors
and analysts can participate on the conference call by dialing (855)
433-0928 or (484) 756-4563 and using Conference ID #87146197.
Alternatively, interested parties can listen to a live webcast of the
conference call by logging on to the Investor Relations section on the
Company's website at http://investors.malibuboats.com. A replay of the webcast will also be archived on the Company's website for twelve months.
About Malibu Boats, Inc.
Malibu Boats is a leading designer, manufacturer and marketer of performance sport boats, with the #1 market share position in the United States since 2010. The Company has two brands of performance sport boats, Malibu and Axis Wake Research
(Axis). Since inception in 1982, the Company has been a consistent
innovator in the powerboat industry, designing products that appeal to
an expanding range of recreational boaters and water sports enthusiasts
whose passion for boating and water sports is a key aspect of their
lifestyle.
Forward Looking Statements
This press release 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," "may,"
"will," "should," "continue" and similar expressions, comparable
terminology or the negative thereof, and includes the statement in this
press release concerning our ability to benefit from our market position
in the performance sport boat industry and a recovery in the overall
segment.
Forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied in the forward-looking statements, including, but not limited
to: general economic conditions, demand for our products, changes in
consumer preferences, competition within our industry, our reliance on
our network of independent dealers, our ability to manage our
manufacturing levels and our large fixed cost base, the successful
introduction of our new products, and other factors affecting us
detailed from time to time in our filings with the Securities and Exchange Commission
(the "SEC"). Many of these risks and uncertainties are outside our
control, and there may be other risks and uncertainties which we do not
currently anticipate because they relate to events and depend on
circumstances that may or may not occur in the
future. Although we believe that the expectations reflected in any
forward-looking statements are based on reasonable assumptions at the
time made, we can give no assurance that our expectations will be
achieved. Undue reliance should not be placed on these forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation (and we expressly disclaim any obligation) to update or
supplement any forward-looking statements that may become untrue because
of subsequent events, whether because of new information, future
events, changes in assumptions or otherwise. Comparison of results for
current and prior periods are not intended to express any future trends
or indications of future performance, unless expressed as such, and
should only be viewed as historical data.
Use and Definition of Non-GAAP Financial Measures
This release 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
should not be considered as an alternative to, or more meaningful than,
net income as determined in accordance with GAAP or as an indicator of
our liquidity. Our presentation of these non-GAAP financial measures
should also not be construed as an inference that our results will be
unaffected by unusual or non-recurring items. Our computations of these
non-GAAP financial measures may not be comparable to other similarly
titled measures of other companies.
We define Adjusted EBITDA as earnings before interest expense, income
taxes, depreciation, amortization and non-cash, non-recurring and
non-operating expenses, including severance and relocation, management
fees and expenses, certain professional fees and non-cash compensation
expense. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by
net sales. Management believes Adjusted EBITDA and Adjusted EBITDA
Margin are useful because they allow management to evaluate our
operating performance and compare the results of our operations from
period to period and against our peers without regard to our financing
methods, capital structure and non-recurring and non-operating
expenses. We exclude the items listed above from net income in arriving
at Adjusted EBITDA because these amounts can vary substantially from
company to company within our industry depending upon accounting methods
and book values of assets, capital structures, the methods by which
assets were acquired and other factors.
We define Adjusted Fully Distributed Net Income as net income attributable to Malibu Boats, Inc.
(i) excluding income tax expense, (ii) excluding the effect of
non-recurring and non-cash items, (iii) assuming the exchange of all LLC
Units (the "LLC Units") of Malibu Boats Holdings, LLC (the
"LLC") into shares of Class A Common Stock, which results in the
elimination of noncontrolling interest in the LLC, and (iv) reflecting
an adjustment for income tax expense on fully distributed net income
before income taxes at our estimated effective income tax rate. Adjusted
Fully Distributed Net Income is a non-GAAP financial measure because it
represents net income attributable to Malibu Boats, Inc,
before non-recurring or non-cash items and the effects of
noncontrolling
interests in the LLC. We use Adjusted Fully Distributed Net Income to
facilitate a comparison of our operating performance on a consistent
basis from period to period that, when viewed in combination with our
results prepared in accordance with GAAP, provides a more complete
understanding of factors and trends affecting our business than GAAP
measures alone. We believe Adjusted Fully Distributed Net Income assists
our board of directors, management and investors in comparing our net
income on a consistent basis from period to period because it removes
non-cash (stock-based compensation) and non-recurring items (strategic
and financial restructuring expenses), and eliminates the variability of
noncontrolling interest as a result of member owner exchanges of LLC
Units into shares of Class A Common Stock.
A reconciliation of our net income as determined in accordance with
GAAP to Adjusted EBITDA and Adjusted EBITDA Margin and our net income
attributable to Malibu Boats, Inc. to Adjusted Fully Distributed Net Income is provided under "Reconciliation of Non-GAAP Financial Measures".
|
MALIBU BOATS, INC. AND SUBSIDIARIES |
|
|
|
Consolidated Statements of Income (Unaudited) |
|
(In thousands, except share data) |
|
|
|
|
Three Months Ended June 30, |
Fiscal Year Ended June 30, |
|
|
2014 |
2013 |
2014 |
2013 |
|
Net sales |
$53,400 |
$48,973 |
$190,935 |
$167,012 |
|
Cost of sales |
38,724 |
35,035 |
140,141 |
123,412 |
|
Gross profit |
14,676 |
13,938 |
50,794 |
43,600 |
|
Operating expenses: |
|
|
|
|
|
Selling and marketing |
1,644 |
1,144 |
6,098 |
4,937 |
|
General and administrative |
4,652 |
2,875 |
19,974 |
14,177 |
|
Amortization |
1,294 |
1,295 |
5,177 |
5,178 |
|
Operating income |
7,086 |
8,624 |
19,545 |
19,308 |
|
Other income (expense): |
|
|
|
|
|
Other |
— |
2 |
9 |
10 |
|
Interest expense |
18 |
(250) |
(2,962) |
(1,334) |
|
Other income (expense) |
18 |
(248) |
(2,953) |
(1,324) |
|
Net income before provision for income taxes |
7,104 |
8,376 |
16,592 |
17,984 |
|
Provision for income taxes |
1,742 |
— |
1,818 |
— |
|
Net income |
$5,362 |
$8,376 |
$14,774 |
$17,984 |
|
Net income attributable to non-controlling interest |
3,594 |
8,376 |
13,376 |
17,984 |
|
Net income attributable to Malibu Boats, Inc. |
$1,768 |
$— |
$1,398 |
$— |
|
|
|
|
|
|
|
|
Three Months
Ended June
30, 2014 |
|
For Period
from
February 5,
2014 to June
30, 2014 |
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in computing net income per share: |
|
Basic |
11,055,349 |
|
11,055,310 |
|
|
Diluted |
21,322,564 |
|
21,322,525 |
|
|
Net income available to Class A Common Stock per share: |
|
Basic |
$0.16 |
|
$0.13 |
|
|
Diluted |
$0.16 |
|
$0.12 |
|
|
|
|
MALIBU BOATS, INC. AND SUBSIDIARIES |
|
|
|
Consolidated Balance Sheets (Unaudited) |
(In thousands, except share data)
|
|
|
June 30, 2014 |
June 30, 2013 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash |
$12,173 |
$15,957 |
|
Trade receivables, net |
6,475 |
7,642 |
|
Inventories, net |
12,890 |
11,639 |
|
Prepaid expenses |
2,272 |
223 |
|
Total current assets |
33,810 |
35,461 |
|
Property and equipment, net |
10,963 |
6,648 |
|
Goodwill |
5,718 |
5,718 |
|
Other intangible assets |
12,358 |
17,535 |
|
Debt issuance costs, net |
— |
531 |
|
Deferred tax asset |
17,914 |
— |
|
Other assets |
— |
34 |
|
Total assets |
$80,763 |
$65,927 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Current maturities of long-term debt |
$— |
$3,326 |
|
Accounts payable |
7,161 |
11,294 |
|
Accrued expenses: |
|
|
|
Compensation |
2,164 |
2,154 |
|
Warranties |
6,164 |
5,658 |
|
Dealer incentives |
2,404 |
2,709 |
|
Legal and professional fees |
1,490 |
361 |
|
Other |
462 |
3 |
|
Income tax and distribution payable |
2,121 |
— |
|
Deferred tax liabilities |
995 |
— |
|
Total current liabilities |
22,961 |
25,505 |
|
Deferred gain on sale-leaseback |
134 |
145 |
|
Payable pursuant to tax receivable agreement |
13,636 |
— |
|
Long-term debt, less current maturities |
— |
20,263 |
|
Total liabilities |
36,731 |
45,913 |
|
Commitments and contingencies |
|
|
|
Equity |
|
|
|
Class A Common Stock, par value $0.01 per share, 100,000,000 shares authorized; 11,064,201 shares issued and outstanding as of June 30, 2014; none authorized, issued or outstanding as of June 30, 2013 |
110 |
— |
|
Class B Common Stock, par value $0.01 per share, 25,000,000 shares authorized; 44 shares issued and outstanding as of June 30, 2014; none authorized, issued or outstanding as of June 30, 2013 |
— |
— |
|
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2014; none authorized, issued or outstanding as of June 30, 2013 |
— |
— |
|
Class A Units, no units authorized, issued and outstanding as of June 30, 2014 and 37,000 units authorized, 36,742 units issued and outstanding as of June 30, 2013 |
— |
16,978 |
|
Class B Units, no units authorized, issued and outstanding as of June 30, 2014 and 3,885 units authorized, issued and outstanding as of June 30, 2013 |
— |
(2,417) |
|
Class M Units, no units authorized, issued and outstanding as of June 30, 2014 and 2,658 units authorized, 1,421 units issued and outstanding as of June 30, 2013 |
— |
(460) |
|
Additional paid in capital |
23,835 |
— |
|
Accumulated earnings |
1,398 |
5,913 |
|
Total stockholders' equity attributable to Malibu Boats, Inc./members' equity |
25,343 |
20,014 |
|
Non-controlling interest |
$18,689 |
$— |
|
Total stockholders'/members' equity |
$44,032 |
$20,014 |
|
Total liabilities and equity |
$80,763 |
$65,927 |
|
|
|
|
MALIBU BOATS, INC. AND SUBSIDIARIES |
|
|
Reconciliation of Non-GAAP Financial Measures |
|
|
|
|
|
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin: |
|
|
|
|
|
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 Months Ended June 30, |
Fiscal Year Ended June 30, |
|
|
2014 |
2013 |
2014 |
2013 |
|
Net income |
$5,362 |
$8,376 |
$14,774 |
$17,984 |
|
Provision for income taxes |
1,742 |
— |
1,818 |
— |
|
Interest expense |
(18) |
249 |
2,962 |
1,334 |
|
Depreciation and amortization |
1,767 |
1,547 |
6,777 |
6,268 |
|
Severance and relocation 1 |
— |
— |
— |
192 |
|
Management fees and expenses 2 |
— |
36 |
4,584 |
2,896 |
|
Professional fees 3 |
715 |
297 |
2,219 |
2,957 |
|
Stock based compensation expense 4 |
437 |
32 |
2,577 |
127 |
|
Strategic and financial restructuring expenses 5 |
339 |
— |
1,561 |
— |
|
Adjusted EBITDA |
$10,344 |
$10,537 |
$37,272 |
$31,758 |
|
Adjusted EBITDA Margin |
19.4% |
21.5% |
19.5% |
19.0% |
|
|
|
(1) Represents one-time employment related expenses, including a
severance payment to a former executive, and costs to relocate certain
departments from California to our Tennessee facility. |
|
(2) Represents management fees and out-of-pocket expenses paid pursuant to our management agreement with Malibu Boats Investor, LLC,
an affiliate, which was terminated upon the closing of the initial
public offering (the "IPO"). Upon termination of the agreement, we paid a
one-time termination fee of $3.75 million. |
|
(3) Represents legal and advisory fees related to our refinancing
activities and legal expenses related to our litigation with Pacific Coast Marine Windshields Ltd. and Nautique Boat Company, Inc. |
|
(4) Represents equity-based incentives awarded to certain of our employees including a $1.8 million
stock compensation charge as a result of the modification of certain
profit interest awards previously granted in 2012 under the first
amended and restated limited liability company agreement of the LLC, as
amended, in connection with our IPO. |
|
(5) Represents legal, accounting and other expenses directly related
to the recapitalization transactions in connection with our IPO (the
"Recapitalization") and public equity offerings. |
|
Reconciliation of Non-GAAP Adjusted Fully Distributed Net Income: |
|
|
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 Months Ended June 30 |
Fiscal Year Ended
June 30, |
|
|
2014 |
2013 |
2014 |
2013 |
|
Net income attributable to Malibu Boats, Inc. |
$1,768 |
$— |
$1,398 |
$— |
|
Provision for income taxes |
1,742 |
— |
1,818 |
— |
|
Stock based compensation expense |
437 |
32 |
2,577 |
127 |
|
Management fees and expenses 1 |
— |
36 |
4,584 |
2,896 |
|
Professional fees 2 |
715 |
297 |
2,219 |
2,958 |
|
Strategic and financial restructuring expenses 3 |
339 |
— |
1,561 |
— |
|
Net income attributable to non-controlling interest 4 |
3,594 |
8,376 |
13,376 |
17,984 |
|
Fully distributed net income before income taxes |
8,595 |
8,741 |
27,533 |
23,965 |
|
Income tax expense on fully distributed income before income taxes 5 |
3,094 |
3,147 |
9,912 |
8,627 |
|
Adjusted Fully Distributed Net Income |
$5,501 |
$5,594 |
$17,621 |
$15,338 |
|
|
|
|
|
|
|
Adjusted Fully Distributed Net Income per share of Class A Common Stock 6: |
|
|
|
|
|
Basic |
$0.24 |
$0.25 |
$0.78 |
$0.68 |
|
Diluted |
$0.24 |
$0.25 |
$0.78 |
$0.68 |
|
|
|
|
|
|
|
Weighted average shares of Class A Common Stock outstanding used in computing Adjusted Fully Distributed Net Income 7: |
|
|
|
|
|
Basic |
22,498,631 |
22,498,631 |
22,498,631 |
22,498,631 |
|
Diluted |
22,498,631 |
22,498,631 |
22,498,631 |
22,498,631 |
|
|
|
|
|
|
|
(1) Represents management fees and out-of-pocket expenses paid pursuant to our management agreement with Malibu Boats Investor, LLC,
an affiliate, which was terminated upon the closing of the IPO. Upon
termination of the agreement, we paid a one-time termination fee of $3.75 million. |
|
(2) Represents legal and advisory fees related to our refinancing
activities and legal expenses related to our litigation with Pacific Coast Marine Windshields Ltd. and Nautique Boat Company, Inc. |
|
(3) Represents legal, accounting and other expenses directly related to the Recapitalization. |
|
(4) 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 Common Stock. Earnings prior and up to our IPO on February 5, 2014
were entirely allocable to members of the LLC, as such we updated our
historical presentation to attribute these earnings to the
non-controlling interest LLC Unit holders. |
|
(5) Reflects income tax expense at an estimated normalized annual
effective income tax rate of 36.0% of income before income taxes
assuming the conversion of all LLC Units into shares of Class A Common
Stock and the tax impact of excluding strategic and financial
restructuring expenses. The estimated normalized annual effective income
tax rate is based on the federal statutory rate plus a blended state
rate adjusted for deductions under Section 199 of the Internal Revenue
Code of 1986, as amended, and state taxes attributable to the LLC. |
|
(6) Adjusted fully distributed net income divided by the weighted
average shares of Class A Common Stock outstanding in (7) below. |
|
(7) Represents the total number of shares of Class A Common Stock
outstanding including (1) all 11,373,737 remaining LLC Units as if they
were exchanged on a one-for-one basis for the Company's Class A Common
Stock and (2) the 70,064 of equity awards granted to directors for their
services. For periods prior to our Recapitalization, represents the
number of shares of Class A Common Stock assuming all LLC Units
outstanding at the end of such period were exchanged on a one-for-one
basis for our Class A Common Stock and no other shares of Class A Common
Stock were outstanding as of such date. |
CONTACT: Investor Contacts
Malibu Boats, Inc.
Wayne Wilson
Chief Financial Officer
(865) 458-5478
ICR
John Rouleau/Rachel Schacter
(203) 682-8200
John.Rouleau@icrinc.com
Rachel.Schacter@icrinc.com
Media Contact
Malibu Boats, Inc.
Mike Quinlan
Director of Marketing
(865) 458-5478
Source: Malibu Boats
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