Malibu Boats Inc (NAS:MBUU)
$ 41.63 -2.13 (-4.87%) Market Cap: 820.74 Mil Enterprise Value: 865.18 Mil PE Ratio: 0 PB Ratio: 1.60 GF Score: 79/100
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Q4 2024 Malibu Boats Inc Earnings Call Transcript

Aug 29, 2024 / 12:30PM GMT
Release Date Price: $34.75 (-0.26%)

Key Points

Positve
  • Malibu Boats Inc (MBUU) successfully reduced dealer inventories to historical levels, showcasing effective inventory management.
  • The company generated positive free cash flow during the fourth quarter despite a significant revenue decline.
  • Malibu Boats Inc (MBUU) repaid all remaining debt and repurchased $10 million of stock in the quarter, demonstrating strong capital allocation.
  • The company introduced several new models across its brands, emphasizing its commitment to innovation and market presence.
  • Malibu Boats Inc (MBUU) expanded its market share in key segments, including Cobalt sterndrive and Pursuit, indicating strong brand performance.
Negative
  • Fiscal fourth quarter net sales decreased by 57.4%, and unit volume decreased by 59%, reflecting a challenging retail environment.
  • Gross profit for the fourth quarter decreased by 87.8%, and gross margin percentage dropped significantly to 7.9%.
  • Net loss for the quarter increased by 8.6% to a loss of $19.6 million, highlighting financial struggles.
  • Adjusted EBITDA for the quarter decreased by 104.5%, resulting in a loss of $4.1 million.
  • The company anticipates continued market headwinds and expects dealer inventories to contract below historical levels, indicating ongoing challenges.
Operator

Good morning, and welcome to Malibu Boats' conference to discuss fourth quarter and full fiscal year 2024 results. (Operator Instructions) Please be advised that any reproduction of this call in whole or in part is not permitted without written authorization of Malibu Boats.

And as a reminder, today's call is being recorded. On the call today from management are Mr. Steve Menneto, Chief Executive Officer; Mr. Michael Hooks, Executive Chair; Mr. Bruce Beckman, Chief Financial Officer; and Mr. Ritchie Anderson, President. I now turn the call over to Mr. Beckman to get started. Please go ahead, sir.

Bruce Beckman
Malibu Boats Inc - Chief Financial Officer

Thank you, and good morning, everyone. On the call, Michael will provide a brief update and introduce our new CEO, Steve Menneto. I will provide commentary on the business and discuss the fiscal fourth quarter and full year 2024 financials, and Steve will provide an update on the new model year and near term growth priorities. We will then open the call for questions.

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