the all joining you and call. you, Thank thank for Wayne,
of team As our crises of have lifetimes, on we than deliver more I'm our we the biggest the weeks strategy. and here sit seen today, and Malibu macroeconomic to more proud health six ability our one in into even
third incredibly this in the this we An results. quarter. quarter momentum extending boat last into of facing, season changed are strong environment team weeks three the radically -- at Regardless of with March delivers year's the fiscal
March to states employees, leading reduced COVID-XX our dealers of number skyrocketed, protect adjust our orders. and of cases by at our suspending support quickly production mobilize shelter-in-place facilities to to all many XXth. demand on invoke levels The We manufacturing
quarter, increased XX basis and X.X% points $XX.X net $XXX.X margin X.X% For Adjusted million. to sales to million XX%. the to decreased basis XXX points increased XX.X%. decreased EBITDA adjusted to Gross EBITDA margin
than This performance an what current capitalized quarter. also the if have outstanding downturn. revenue, had X.X% we of is seven the over production $XXX that decrease more very end hand, in million not an well to despite for highlights of at important have we are had, ample cash year removed communicate days of we the It and would on
operational reduced team again, demonstrated these agility performance Once year-over-year margin headwinds their deliver volume. despite and our substantial the prowess and to overcome strong
excellent was drop the point, the Before and of the in well. were strong. performing And demand Up digits technology our the was that with across boat very from shows Pursuit, in quarter, XXXX performance up performance the exceptional year. model prior Cobalt our in Malibu year late driving brands compared to results until products double
by expect and us. of innovation the This portfolio the our momentum customers driven was from strength our
our supports returns the what resurgence normal. Importantly, to be competitive these as a will new advantages environment
our of several XX technology products new our proprietary Stern our these patented the MXXX including very new Turn latest Both Wedge in of been the Power Malibu, For had MXZ feature III. flagship technologies, strong. model, and
very market the Our true well surf. being ski, cornered has as performing again or XX VTX lake a for crossover boat
powerful the Axis and all competitive has we differentiator Monsoon and certainly solid. of for to our Malibu been be. advantage engine new rock know, by models are you by Malibu thought easy and our it This quiet, would It As engines. Malibu is powered maintain,
to accelerate. innovation new our product is Cobalt, continuing For
in like features. Cobalt Our sleek its very Cobalt demand AXX been high has with
take that bigger at June we a happy three beginning on next been the distancing. & the boats enjoy will Splash Further, an feature, a deploy our keep rate. we and new feature It perfect first huge kids is inflatable summer management released has speak one-of-a-kind system in this call. Cobalt, about hit have social Our boat even Stow to with life, being
DC XXX, introduced August our before is pandemic Miami new stronger market, The had than far the we Show. sales Pursuit introduced S at For last the was Boat XXX hitting the just planned. been in having
boat pure As built contract Pursuit been with a reminder, has the designed replaces DNA. and S XXX, this
forward. going We expect strong be of to driver it a margins
market We released. high XXXX in boat also it and believe full April introduced data calendar weeks, XXX for the demand will be year was In recent Sport the a share model year S XXXX.
on As reporting a based states and not and market their is can incomplete It we share. do skewed for the timing. on focus reminder, the data monthly be
share quarterly is market more by robust, data is than data annual the calendar data more and accurate any While SSI. complete year provided other
exceptional December year With I'm MBUU at XXXX retail. all the say, that in at XXst, numbers, of mind, under brands as thrilled that an had to
calendar increases. by in XXXX, one-third market the of points market. entire brands Axis year almost significant share increased had is basis share Malibu and the XXX Both domestic and Malibu
one segment length in segment Malibu of of That's over XXX in the basis over served. market XXXX. XXXX. number Combined, staggering the had an a market increase is substantially for Cobalt point number in basis point X/X XX-foot was market market XX-to is or two well Cobalt. the Every up Axis and share XXX versus increase all-important XX% share in in
segment Cobalt, This will share continue In has XX feet, the growing is again be. it and market to to in we outboard XX units. which grew a been serve,
the will grow market constraints capacity next we accelerate ongoing grow also share Cobalt new adds despite Pursuit XXXX continued As introduction to we in models share. and product ultimately outboard more year, over
leadership. and the several will pleased domination are And our XXXX, the bringing new to With volume Overall, competitive testament and of capacity that market over team, to our are incredibly calendar our years. a share growth the occur of XXXX. it new we our next excited our in product as we share with we market, is very are market to July see strategy
country this late dealers, swept boat top our order in customers March, have have and time. pandemic priority our on tumultuous employees, been who the the As retail during
for we new pay to furloughs benefits insurance. the two employment period, as employees health the After our that, continued states shutdown package, while weeks. temporary including implemented federal maintaining the During we kicked regular and in, the first
relief As became recovery no or and our plants, in brought of April, at benefits. the effective There all When production reductions employees. all resume back in collecting government's were these layoffs our force. package in MBUU on we employees of our assisted we furloughed
then understanding work. enough they furloughed say and Cobalt, an back unknown cannot Pursuit. supportive been Malibu, our first came as about to I very at to be and and during time teams They've had
support thank person been cannot I have and adequately. attitudes inspiring. Their each
shelter-in-place In addition, shut to scale back down dealers their our of many were due and to local operations state forced mandates. or
conversations with impact our on of dealers, shutdowns varied these greatly. have Based the
for other of dealers allowed boats our continue sell shipped at of were if to extended Some dealers and time, to receive in them. states pace, built we even steady not period boats but an a had
those a hardest hit. dealers As result, were
were proactive in Protection Program them aggressive by and said, supporting CARES educating dealers our under on Act. That we the the Payroll
than MBUU to was whom government program small took with of XX no less dealers, employees. not important our and While eligible are this most very funds, businesses it was for
business the to and resources, clarity worked forgivable and access actions Wayne on ensure closely apply with very step-by-step loans. process them, critical had to they providing small these
we received to dealer, has aware from our no a that interest April during are we known This, and of dealers, more issues across solvency curb them curtailments has average, of resulted layoffs. Wells that allowed result, of curb staffs Fargo dealers to their any in and the than our $XXX,XXX per which May brands. in the on As maintain addition deferral estimate and period the with
this the of Importantly, resiliency dealer network difficult environment. operating our strength been highlighted and has during
sell have of confirmations considerably have held expected. be dealers on the order virtual stock up service orders operate boat one-on-one are well, businesses slowed could appointments, as the their that boats, water. either side sold prescheduled retail shows can through out continue to Those and While
at of In boosted highest Cobalt marketing, have significantly XXst, presentation generation the and digital We on and April Xth. Pursuit April to on on at addition, resumed lead we production levels MBUU seen. at May product Malibu XXth, has virtual our
environment that in we proud leadership Prior am Tennessee's example for workplace the of I of recommendations Governor to for and plans many is of Tennessee. that, MBUU say on the at provided prepared the state reopening manufacturing new served implemented that practices. have we another force to play. safe our That
production is cruising boats, we want Day Retail levels. levels customers important each same state production simple. It's have has and their Sports the specifically It that to reopened boats plants boats same week. for Memorial Retail close Performance our recreational for as the order driven demand we at plant. when
not and build retail support your disappoint have you you did consumers. Cobalt, dealers and retail boats orders as to and at support -- not If Malibu need your to we
intact we come brands, with when that, retail of to Pursuit, That have from our different for recession. the had remain very Further cancellations. few a environment is including indicates all of and XXXX great orders time a omen very this out
our understand couple to May. for of a reasons. most fulfilling important exclusively plants sold Today, is retail orders That are through of
a of our boat highlights built book. order nearly all retail We it of a number significant every retail in is retail order. at First, the strength being companies three had sold orders
building the Secondly, into this that until will means stock that June. resume orders not we go channel will
channel boats. while As putting two months half channel, the and a to a in continued driving a we This without environment. inventories COVIDXX down greatly post in sell go help will will into result, inventory have dealers
If the pent-up strong exists, demand coming for out us this crisis. of a be tailwind will
are at Our back furloughed employees work.
in brought As members all layoffs team reductions or previously mentioned, we with of our back no force.
our have reductions realize We align the cost current in expenses. of decisions to and a to structure made number landscape significant
for retail measures, already brands production we dealers. boats and capabilities with have throughput our ensure we the maintained our to contract capacity have the these deliver of full Despite under to sold each
summer as will mandated timing pick new as sell have season. they lifted, will business at will the are this on back be impact expect that While that happens to positive we have when If June, is shelter-in-place very orders restrictions early material to or not the a the state dealers can will of month this impact but the entirely get boats. of complete the point, summer orders known up
families I in select other activities the are note customer to in, captive for as involved this that of canceled plays a sports, normally summer summer will are camps leagues, the also that XXXX. travel and
across inventories competitors our pull healthy segment in believe disruption better standpoint, large aged remarkably our margin. is aged the are Further, that generated segment channel brands averages. an premier and we marine From we inventory than means minimal, the channel externally our from a March. our a inventory to when data down by prior reviewing is the resource, This
That further. until We continue to the dealers prepared given will they rapidly manage stock our while today, mentioned, to channel June, to that from to adjust boats. to As I even will allow late sell inventory, this swiftly production levels. are previously said, inventory March any we continue receive not believe the environment our prudently adapt changing inventory
of foundation excellence uncharted business, operational the vertical waters continue integration, and the to industry forward leading innovation, in our propel Further, in today. us we're will
supply to our integration a competitors vertical for control unparalleled greater true chain strategy Our is of than portion a differentiator our a Malibu. allows us -- and
addition, preserve flex to us In in alignment costs to our demand allowing lower in quickly us with cost structure performance evidenced this a variable operating by allows quarter. our margins environment, our topline,
make business, is the a competitive sold, for environment. current over of again cost up Variable XX% our our advantage which costs of within goods especially substantial
to expansion plant. both in was on plant in large and remain The And expansion boat for now work capacity nearly for production at our suspending at Pursuit. the our our track facilities are March. phased complete completed cruisers approach Cobalt small schedule on We Cobalt prior to finished and
is in completed nearing on We track with to are expansion, June. be also which our completion Pursuit
contract We a XXX, will the This the Pursuit boats in begin replaces building plant built begins XXX. the new includes which brand-new low-margin year, S with model which in July. new S
team's commitment our to operational enable continue to excellence progressing will this strategic environment. us unwavering initiatives through on Our
in play. seen We have already this expertise
While competitors all. parts, chain we at in brands had know our supply did issues not receiving sufficient supply with their
prepared. are for demonstrable having sufficient being were to boats, to ramp we up to volumes have of we fear excellence This building production be is of aware without Since us. operational that of had another an back there no that our the just we parts. example we are excellence. could have not issues, date at and It supply none is Further, issue and production started same operational chain able
during leadership confident am I extend of ability team's uncertainty. our in our to this period
leaders considerable is through management Our managing companies experience environments. team comprised various of with exceptional
the Wayne and We and most in our XXXX, Malibu management have down we navigated members team X/XX lifetime, specifically, during as in XXXX, the emerged after stronger I, downturn through company. and and other a cycles successfully better and of the More with Great XXXX. during significant of Recession navigated
this again We will time.
In these of unprecedented delivered mobilized we facing our our global employees, to quarter, summary as ongoing unforeseen despite margin our protect results of result support we the took circumstances, team situation, delivered address the the headwinds a strong operating quickly performance. action exceptional pandemic. Despite dealers and to
laser-focused product increasing outstanding and strategy remains innovation, remain our vertical delivering Our leveraging unchanged. industry-leading We operational integration initiatives new on execution.
be on impact The pandemic as will our pronounced. others, ascension as will Malibu of more be the in and not deep out for this faster and crisis
result, to and navigate through than our quicker positioned pace recover at a we competition. are downturn As well a this
through the in over the quarterly turn detail. results now will I call back Wayne more take to to you
