Net Sales Increased 26.3% to $55.5 Million
Adjusted EBITDA Increased 19.9% to $10.4 Million
Adjusted Fully Distributed Net Income Per Share Increased 44.4% to $0.26
LOUDON, Tenn., Feb. 5, 2015
(GLOBE NEWSWIRE) --Malibu Boats, Inc. (Nasdaq:MBUU) today announced
its financial results for the second quarter of fiscal 2015 ended December 31, 2014.
Highlights for the Second Quarter of Fiscal 2015
-
Net sales for the second quarter of fiscal 2015 increased 26.3% to $55.5 million compared to the second quarter of fiscal 2014.
-
Unit volume increased 27.9% to 847 boats, including 60 units from Australia.
-
Net sales per unit for the second quarter of fiscal 2015 decreased 1.3% to $65,506
compared to the second quarter of fiscal 2014, while net sales per unit
in the U.S. increased 1.6% over the same period in fiscal 2014.
-
Gross profit for the second quarter of fiscal 2015 increased 21.1% to $14.2 million compared to the second quarter of fiscal 2014.
-
Adjusted EBITDA for the second quarter of fiscal 2015 increased 19.9% to $10.4 million from the same period in fiscal 2014.
-
Adjusted fully distributed net income for the second quarter of fiscal 2015 increased 45.5% to $5.8 million, or $0.26 per share, on a fully distributed weighted average share count of 22.6 million shares of Class A Common Stock.
Jack Springer, Chief Executive Officer, stated, "We
had a strong second fiscal quarter and are pleased with the continued
positive trends in our business. Net sales were up over 26%, driven by
our Australian acquisition and strong increase in unit volume. Our
second fiscal quarter is an important period for Malibu. Our four new or
completely remodeled boats, the 22 VLX, Axis A22, Axis T23 and Response
LXR are showing great strength out of the gate and the 23 LSV,
completely remodeled last year, is performing even better this year. We
have launched more new features and innovations than any other year in
the company's history. Feedback from the recent boat shows confirms that
the new dash with a 12-inch touch screen and Viper II technology
platform are homeruns, our integrated surf system combining Surf Gate
and the new Power Wedge 2 is in high demand and the new G4
tower is a premium 'must have' for our Malibu Wakesetter boats."
Mr. Springer continued, "Looking ahead, we believe we
are well positioned for the peak retail selling season. Early boat shows
have gone well and the industry could benefit from lower gas prices and
more normalized spring weather in the northern markets. While the
strong U.S. currency could have some impact and flatten our
international sales, we believe strong domestic demand will offset
this."
|
Results of Operations for the Second Quarter of Fiscal 2015 |
|
|
|
|
|
|
Three Months Ended
December 31, |
Six Months Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
(In thousands, except unit data) |
|
Net sales |
$ 55,484 |
$ 43,938 |
$ 103,143 |
$ 87,242 |
|
Cost of sales |
41,320 |
32,242 |
76,886 |
64,525 |
|
Gross profit |
14,164 |
11,696 |
26,257 |
22,717 |
|
Operating expenses: |
|
|
|
|
|
Selling and marketing |
2,031 |
1,510 |
3,669 |
2,942 |
|
General and administrative |
4,540 |
3,068 |
10,966 |
5,023 |
|
Amortization |
595 |
1,295 |
1,319 |
2,589 |
|
Operating income |
6,998 |
5,823 |
10,303 |
12,163 |
|
Other income (expense): |
|
|
|
|
|
Other |
— |
6 |
— |
9 |
|
Interest expense |
(147) |
(609) |
(156) |
(1,773) |
|
Other expense |
(147) |
(603) |
(156) |
(1,764) |
|
Net income before provision for income taxes |
6,851 |
5,220 |
10,147 |
10,399 |
|
Provision for income taxes |
1,275 |
— |
2,182 |
— |
|
Net income |
5,576 |
5,220 |
7,965 |
10,399 |
|
Net income attributable to non-controlling interest |
2,312 |
5,220 |
3,322 |
10,399 |
|
Net income attributable to Malibu Boats, Inc. |
$ 3,264 |
$ — |
$ 4,643 |
$ — |
|
|
|
|
|
|
Unit Volumes |
847 |
662 |
1,520 |
1,323 |
|
Net Sales per Unit |
$ 65,506 |
$ 66,372 |
$ 67,857 |
$ 65,943 |
Comparison of the Second Quarter Ended December31, 2014 to the Second Quarter Ended December31, 2013
Net sales for the three months ended December31, 2014 increased $11.5 million, or 26.3%, to $55.5 million as compared to the three months ended December31, 2013. Included in net sales for the three months ended December31, 2014 were net sales of $4.4 million attributable to our Australia segment. Unit volume for the three months ended December31, 2014 increased 185 units, or 27.9%, to 847 units as compared to the three months ended December31, 2013. Of the 185 units added, 60 units were added as a result of our Australia
segment and the remainder of the increase was primarily due to a demand
driven increase in our daily production rate over the same period
in the prior year. Net sales per unit decreased approximately 1.3% to $65,506 per unit for the three months ended December31, 2014 compared to the three months ended December31, 2013, primarily driven by the elimination of parts sales between our segments since the acquisition of our Australian licensee in October 2014. Net sales per unit for our U.S. segment increased approximately 1.6% for the three months ended December31, 2014 compared to three months ended December31, 2013,
primarily driven by higher prices, partially offset by increased sales
of our Axis brand which carry a lower average selling price than our
Malibu brand.
Cost of sales for the three months ended December31, 2014 increased $9.1 million, or 28.2%, to $41.3 million as compared to the three months ended December31, 2013. Included in cost of sales was $0.6 million
of integration related expenses attributable to the acquisition of our
Australian licensee. The increase in cost of sales was primarily due to
the 27.9% increase in unit volume and higher material cost per unit,
driven primarily by higher material content per unit associated with the
addition of new features such as our new Malibu dash for model year
2015 and increased optional feature selections such as the G4 tower, in
addition to integration related expenses for our Australian acquisition.
Gross profit for the three months ended December31, 2014 increased $2.5 million, or 21.1%, to $14.2 million compared to the three months ended December31, 2013.
The increase in gross profit resulted primarily from higher volumes.
Gross margin decreased 110 basis points to 25.5% from 26.6% over the
same period in fiscal 2014. The decrease in gross margin was driven by $0.6 million
of integration related expenses attributable to the acquisition of our
Australian licensee. Excluding these integration related expenses, gross
margin remained flat at 26.6% for the three months ended December31, 2014.
Selling and marketing expense for the three month period ended December31, 2014 increased $0.5 million, or 34.5%, to $2.0 million compared to the three months ended December31, 2013,
due to increased marketing costs and the timing of promotional efforts
associated with higher volumes, as well as, incremental selling and
marketing related expenses in Australia. General and administrative expenses for the three months ended December31, 2014 increased $1.5 million, or 48.0%, to $4.5 million as compared to the three months ended December31, 2013. The increase in general and administrative expenses is primarily due to several factors including higher legal costs of $0.3 million associated with the
Pacific Coast Marine Windshield, Ltd. and Nautique Boat Company, Inc. litigations, acquisition related expenses of $0.3 million attributable to the acquisition of our Australian licensee, higher stock compensation costs of $0.3 million and incremental expenses associated with being a public company. For the three months ended December31, 2014, general and administrative expenses for our Australian operations were $0.3 million.
Operating income for the three month period ended December31, 2014, increased 20.2% to $7.0 million from $5.8 million for the three month period ended December31, 2013. Adjusted EBITDA in the second quarter of fiscal 2015 increased 19.9% to $10.4 million and Adjusted EBITDA margin decreased to 18.8% from 19.8% in the second quarter of fiscal 2014.
Webcast and Conference Call Information
The Company will host a webcast and conference call to discuss second quarter fiscal 2015 results today, February 5,2015, at 8:30 a.m. Eastern Standard Time.
Investors and analysts can participate on the conference call by
dialing (855) 433-0928 or (484) 756-4263 and using Conference ID
#62058943. 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.
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 management fees and expenses, certain
professional fees, acquisition and integration related expenses,
non-cash compensation expense and offering related expenses. 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 (i) excluding income tax expense, (ii) excluding
the effect of non-recurring and non-cash items, (iii) assuming the
exchange of all Units ("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 (assuming no income attributable to non-controlling
interests) 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 and
non-recurring items, 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 of our net
income attributable to Malibu Boats, Inc. stockholders to Adjusted Fully Distributed Net Income is provided under "Reconciliation of Non-GAAP Financial Measures".
|
MALIBU BOATS, INC. AND SUBSIDIARIES |
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) |
(In thousands, except share data)
|
|
|
|
|
|
|
Three Months Ended December 31, |
Six Months Ended December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
Net sales |
$ 55,484 |
$ 43,938 |
$ 103,143 |
$ 87,242 |
|
Cost of sales |
41,320 |
32,242 |
76,886 |
64,525 |
|
Gross profit |
14,164 |
11,696 |
26,257 |
22,717 |
|
Operating expenses: |
|
|
|
|
|
Selling and marketing |
2,031 |
1,510 |
3,669 |
2,942 |
|
General and administrative |
4,540 |
3,068 |
10,966 |
5,023 |
|
Amortization |
595 |
1,295 |
1,319 |
2,589 |
|
Operating income |
6,998 |
5,823 |
10,303 |
12,163 |
|
Other income (expense): |
|
|
|
|
|
Other |
— |
6 |
— |
9 |
|
Interest expense |
(147) |
(609) |
(156) |
(1,773) |
|
Other expense |
(147) |
(603) |
(156) |
(1,764) |
|
Net income before provision for income taxes |
6,851 |
5,220 |
10,147 |
10,399 |
|
Provision for income taxes |
1,275 |
— |
2,182 |
— |
|
Net income |
$ 5,576 |
$ 5,220 |
$ 7,965 |
$ 10,399 |
|
Net income attributable to non-controlling interest |
2,312 |
5,220 |
3,322 |
10,399 |
|
Net income attributable to Malibu Boats, Inc. |
$ 3,264 |
$ — |
$ 4,643 |
$ — |
|
|
|
|
|
|
Comprehensive income: |
|
|
|
|
|
Net income |
$ 5,576 |
$ 5,220 |
$ 7,965 |
$ 10,399 |
|
Other comprehensive income: |
|
|
|
|
|
Change in cumulative translation adjustment |
(1,161) |
— |
(1,161) |
— |
|
Other comprehensive loss |
(1,161) |
— |
(1,161) |
— |
|
Comprehensive income |
4,415 |
5,220 |
6,804 |
10,399 |
|
Less: comprehensive income attributable to non-controlling interest |
$ 1,367 |
$ 5,220 |
$ 2,118 |
$ 10,399 |
|
Comprehensive income attributable to Malibu Boats, Inc. |
$ 3,048 |
$ — |
$ 4,686 |
$ — |
|
|
|
|
|
|
Weighted average shares outstanding used in computing net income per share: |
|
|
|
|
|
Basic |
15,536,840 |
|
15,160,413 |
|
|
Diluted |
15,628,390 |
|
15,206,188 |
|
|
Net income available to Class A Common Stock per share: |
|
|
|
|
|
Basic |
$ 0.21 |
|
$ 0.31 |
|
|
Diluted |
$ 0.21 |
|
$ 0.31 |
|
|
|
MALIBU BOATS, INC. AND SUBSIDIARIES |
|
Condensed Consolidated Balance Sheets |
(In thousands, except share data)
|
|
|
|
|
December 31, 2014 |
June 30, 2014 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash |
$ 12,048 |
$ 12,173 |
|
Trade receivables, net |
7,603 |
6,475 |
|
Inventories, net |
21,403 |
12,890 |
|
Deferred tax asset |
715 |
500 |
|
Prepaid expenses |
1,528 |
2,272 |
|
Total current assets |
43,297 |
34,310 |
|
Property and equipment, net |
13,754 |
10,963 |
|
Goodwill |
13,201 |
5,718 |
|
Other intangible assets, net |
15,284 |
12,358 |
|
Debt issuance costs, net |
63 |
— |
|
Deferred tax asset |
57,351 |
21,452 |
|
Other assets |
106 |
— |
|
Total assets |
$ 143,056 |
$ 84,801 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
16,896 |
7,161 |
|
Accrued expenses |
14,354 |
32,684 |
|
Income taxes and tax distribution payable |
1,068 |
2,121 |
|
Deferred tax liabilities |
— |
995 |
|
Total current liabilities |
32,318 |
42,961 |
|
Deferred tax liabilities |
1,247 |
— |
|
Payable pursuant to tax receivable agreement |
47,664 |
13,636 |
|
Long-term debt |
20,000 |
— |
|
Other long-term liabilities |
255 |
134 |
|
Total liabilities |
101,484 |
56,731 |
|
Equity |
|
|
|
Class A Common Stock, par value $0.01 per share, 100,000,000 shares authorized; 15,608,650 shares issued and outstanding as of December 31, 2014; 100,000,000 shares authorized; 11,064,201 issued and outstanding as of June 30, 2014 |
155 |
110 |
|
Class B Common Stock, par value $0.01 per share, 25,000,000 shares authorized; 43 shares issued and outstanding as of December 31, 2014; 25,000,000 shares authorized; 44 issued and outstanding as of June 30, 2014 |
— |
— |
|
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of December 31, 2014 and June 30, 2014 |
— |
— |
|
Additional paid in capital |
31,175 |
23,835 |
|
Accumulated other comprehensive loss |
(1,161) |
— |
|
Accumulated deficit |
(33) |
(4,676) |
|
Total stockholders' equity attributable to Malibu Boats,Inc. |
30,136 |
19,269 |
|
Non-controlling interest |
$ 11,436 |
$ 8,801 |
|
Total stockholders' equity |
$ 41,572 |
$ 28,070 |
|
Total liabilities and equity |
$ 143,056 |
$ 84,801 |
|
|
MALIBU BOATS, INC. AND SUBSIDIARIES |
|
Reconciliation of Non-GAAP Financial Measures |
|
|
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 Months Ended December 31, |
Six Months Ended December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
Net income |
$ 5,576 |
$ 5,220 |
$ 7,965 |
$ 10,399 |
|
Provision for income taxes |
1,275 |
— |
2,182 |
— |
|
Interest expense |
147 |
609 |
156 |
1,773 |
|
Depreciation |
626 |
387 |
1,169 |
682 |
|
Amortization |
595 |
1,295 |
1,319 |
2,589 |
|
Management fees and expenses 1 |
— |
21 |
— |
43 |
|
Professional fees 2 |
925 |
585 |
3,476 |
754 |
|
Acquisition and integration related expenses 3 |
903 |
— |
1,300 |
— |
|
Stock based compensation expense 4 |
330 |
32 |
817 |
64 |
|
Offering related expenses 5 |
56 |
552 |
100 |
552 |
|
Adjusted EBITDA |
$ 10,433 |
$ 8,701 |
$ 18,484 |
$ 16,856 |
|
Adjusted EBITDA margin |
18.8% |
19.8% |
17.9% |
19.3% |
|
|
|
|
|
|
(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 our IPO. |
|
(2) Represents legal and advisory fees related to our litigation with Pacific Coast Marine Windshields Ltd. and Nautique Boat Company, Inc. |
|
(3) Acquisition related expenses of $326 and $723 for the three and six months ended December 31, 2014,
respectively, include legal and advisory fees incurred in connection
with our acquisition of Malibu Boats Pty. Ltd. completed on October 23, 2014. Integration related expenses include post-acquisition adjustments to cost of goods sold of $234 for the fair value step up of inventory acquired which was expensed entirely during the quarter as well as $343
related to excess cost of goods sold recognized at Malibu Boats Pty.
Ltd related to goods purchased from our U.S. operating segment prior to
the acquisition date. |
|
(4) Represents equity-based incentives awarded to certain of our employees under the Malibu Boats, Inc.
Long-Term Incentive Plan and profit interests issued under the
previously existing limited liability company agreement of the LLC. |
|
(5) Represents legal, accounting and other expenses directly related to our public equity offerings. |
|
|
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. stockholders to Adjusted Fully Distributed Net Income for the periods presented (dollars in thousands, except per share data): |
|
|
|
|
|
|
Three Months Ended December 31, |
Six Months Ended December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
|
Net income attributable to Malibu Boats, Inc. |
$ 3,264 |
$ — |
$ 4,643 |
$ — |
|
Provision for income taxes |
1,275 |
— |
2,182 |
— |
|
Management fees and expenses 1 |
— |
21 |
— |
43 |
|
Professional fees 2 |
925 |
585 |
3,476 |
754 |
|
Acquisition and integrated related expenses 3 |
903 |
— |
1,300 |
— |
|
Stock based compensation expense 4 |
330 |
32 |
817 |
64 |
|
Offering related expenses 5 |
56 |
552 |
100 |
552 |
|
Net income attributable to non-controlling interest 6 |
2,312 |
5,220 |
3,322 |
10,399 |
|
Fully distributed net income before income taxes |
9,065 |
6,410 |
15,840 |
11,812 |
|
Income tax expense on fully distributed income before income taxes 7 |
3,218 |
2,391 |
5,623 |
4,406 |
|
Adjusted Fully Distributed net income |
5,847 |
4,019 |
10,217 |
7,406 |
|
|
|
|
|
|
Adjusted Fully Distributed Net Income per share of Class A Common Stock 8: |
|
|
|
|
|
Basic |
$ 0.26 |
$ 0.18 |
$ 0.45 |
$ 0.33 |
|
Diluted |
$ 0.26 |
$ 0.18 |
$ 0.45 |
$ 0.33 |
|
|
|
|
|
|
Weighted average shares of Class A Common Stock outstanding used in computing Adjusted Fully Distributed Net Income 9: |
|
|
|
|
|
Basic |
22,628,376 |
22,628,376 |
22,548,728 |
22,548,728 |
|
Diluted |
22,628,376 |
22,628,376 |
22,548,728 |
22,548,728 |
|
|
|
|
|
|
(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 our IPO. |
|
(2) Represents legal and advisory fees related to our litigation with Pacific Coast Marine Windshields Ltd. and Nautique Boat Company, Inc. |
|
(3) Acquisition related expenses of $326 and $723 for the three and six months ended December 31, 2014,
respectively, include legal and advisory fees incurred in connection
with our acquisition of Malibu Boats Pty. Ltd. completed on October 23, 2014. Integration related expenses include post-acquisition adjustments to cost of goods sold of $234 for the fair value step up of inventory acquired which was expensed entirely during the quarter as well as $343
related to excess cost of goods sold recognized at Malibu Boats Pty.
Ltd related to goods purchased from our U.S. operating segment prior to
the acquisition date. |
|
(4) Represents equity-based incentives awarded to certain of our employees under the Malibu Boats, Inc.
Long-Term Incentive Plan and profit interests issued under the
previously existing limited liability company agreement of the LLC. |
|
(5) Represents legal, accounting and other expenses directly related to our public equity offerings. |
|
(6) 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. |
(7) Reflects income tax expense at an estimated normalized annual
effective income tax rate of 35.5% 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 offering related 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, state taxes attributable to the LLC, and foreign income taxes
attributable to our Australian based subsidiary. |
|
(8) Adjusted fully distributed net income divided by the shares of Class A Common Stock outstanding in (9) below. |
|
(9) The weighted average shares of Class A Common Stock represents
(i) the 15,608,650 shares of Class A Common Stock outstanding as of December 31, 2014, plus (ii) the 7,001,844 remaining LLC Units not held by the Company as of December 31, 2014
as if they were exchanged on a one-for-one basis for the Company's
Class A Common Stock, plus (iii) the 65,694 fully vested stock units
outstanding as of December 31, 2014 granted to directors for their services. |
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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