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As a result, we have orders extending well into the first half of fiscal year 2023 and they show no signs of slowing. With many competitors across our segments raising prices into the double digits year over year, we are proud to deliver our industry-leading innovation with minimal price increases comparatively, which will be a competitive advantage.Īs many boat manufacturers experienced, we did see a slight pause with the delayed spring however, retail demand bounced back with dealers seeing a quick recovery around Memorial Day that carried through the quarter end. During the fiscal year, we did a masterful job of optimizing price in a difficult supply-constrained environment compared to the broader marine industry. Retail demand remained very strong and has continued to support extremely robust ASPs across all brands. We look to carry this momentum forward into the 2023 fiscal year supported by our new model year product. Malibu continues to set the tone led by our operational excellence, premium brands, and unmatched manufacturing capabilities across our differentiated portfolio.
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As a result, we supported strong order volumes that ultimately exceeded our full year guide. Gross margin remained strong at 25.5% and adjusted EBITDA grew 30% to a record $247 million, while adjusted EBITDA margin remained relatively consistent at 20.3%.ĭuring the fiscal year, we have met unwavering demand by ramping up our production capabilities through our vertically integrated model. Despite persistent supply chain and inflationary headwinds impacting the broader marine industry, our differentiated operating model, vertical integration capabilities and strategic leadership continues to shine through, helping us persevere and be the market leader.įor fiscal year 2022, net sales increased nearly 31% to a record $1.2 billion. Thank you Wayne, and thank you all for joining the call.įiscal year 2022 was another record year for Malibu Boats, which included fantastic fourth quarter results that surpassed expectations. I will now turn the call over to Jack Springer. Reconciliations of these non-GAAP financial measures to GAAP financial measures are included in our earnings release. Please also note that we will be referring to certain non-GAAP financial measures on today’s call such as adjusted EBITDA, adjusted EBITDA margin, adjusted fully distributed net income, and adjusted fully distributed net income per share. Factors that might affect future results are discussed in our filings with SEC and we encourage you to review our SEC filings for a more detailed description of these risk factors.
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You should not place undue reliance on these forward-looking statements, which speak only as of today, and the company undertakes no obligation to update them for any new information or future events. I also want to remind everyone that management’s remarks on this call may contain certain forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking and that actual results could differ materially from those projected on today’s call. We will then open the call for questions.Ī press release covering the company’s fiscal fourth quarter and full year 2022 results was issued today and a copy of that press release can be found in the Investor Relations section of the company’s website. On the call, Jack will provide commentary on the business and I will discuss our fiscal fourth quarter and full year 2022 financials. Ritchie Anderson, Chief Operating Officer. Wayne Wilson, Chief Financial Officer, and Mr. Jack Springer, Chief Executive Officer, Mr. On the call today from management are Mr. As a reminder, today’s call is being recorded. Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of Malibu Boats. Later we will conduct a question and answer session and instructions will follow at that time. At this time, all participants are in a listen-only mode. Good morning and welcome to the Malibu Boats conference call to discuss fourth quarter and full fiscal year 2022 results. ( NASDAQ: MBUU) Q4 2022 Earnings Conference Call Aug8:30 AM ET