MBUU - Earnings call transcript Q1 2022

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Operator

Good morning, and welcome to Malibu Boats Conference Call to Discuss First Quarter Fiscal Year 2022 results. [Operator Instructions] Please be advised that reproduction of this call in whole or in part is not permitted without reauthorization of Malibu Boats. And as a reminder, today's call is being recorded.

On the call today from management are Mr. Jack Springer, Chief Executive Officer; and Mr. Officer; Financial Chief Wilson, and Mr. Wayne Chief Anderson, Operating Officer. Ritchie over I will Mr. call the turn to started. get to Wilson Please ahead, go sir.

Wayne Wilson

and you, Thank good morning, everyone.

On on the our will provide I Jack fiscal discuss financials. of first the will quarter XXXX business, call, and year commentary

call then I results the press XXXX release questions. will release in website. today, issued the Relations and company's We section of for first can that found the press fiscal A Investor of the open quarter also everyone forward-looking this including considered other was remind projected covering a actual want may copy company's predictions, call today's those might from that that on or on to results call. remarks management's that materially could estimates contain be statements, certain and information differ forward-looking be expectations,

on or not update forward-looking factors events. our as And review undertakes will place speak are Jack on financial the factors. fully adjusted Reconciliations only the reliance the GAAP to I these will these that to with information our note net per we turn financial today, distributed to that income we no a to SEC in affect income obligation and measures now net in non-GAAP results should call SEC. encourage over risk for new measures measures referring share. distributed Springer. which future of description Please adjusted earnings non-GAAP undue EBITDA of today's also certain to you as of any filings such adjusted financial detailed call. be are EBITDA, included margin, release. statements, adjusted fully and discussed company future more our The filings might for these them You

Jack Springer

off-season. joining year even we've in you sustained again momentum the first the Thank all by we We as leadership fiscal dominant in continuing XXXX, as the you, retail once Wayne, quarter delivered demand in the supported marketplace strength and call. thank enter our of demonstrated for

strengths and our with the team's marine unparalleled and and commitment fiscal continues inflationary driving were execution, to premier space, industry-leading Malibu growth quarter. we to chain our in be While in supply none, pressures operational intensified, next navigate agility our coupled inherent continued setting in and brands the XXXX leisure as tone the industry and beyond. for through force entire year a the outperformance

For issues the primarily Adjusted costs. EBITDA points to nearly as adjusted in adjusted chain EBITDA of or XX.X%, XXX net XX.X% exceeded the posted XX% growth expectations. restart the top increased margin during $XXX over supply to first better fiscal declined from $XX and to anticipated million Maverick the the of quarter, quarter. we gross sales financial and costs basis points were Against XX% XXX line inclusion realization increased to The and prior than million. declined of in was all consensus, year, by by fiscal generated margin strong with growing was boats decrease XXXX, margins Cobalt labor metrics the that met basis

impacted that saw quarter that in in margins. we pressures addition, pricing the increase an material accelerated In first

particular, quarter, capitalize feature-rich to and demand, the with During boats very we innovative brands. in larger, continued retail strong best-in-class on our more

for soft-serve RX, are variants for now consumers. the surf the dessert. and sought last RX Also, enhanced the models supply TXXX XX R-Series, in by of for of demand, of year, models premium consisting Related on impact and our the after X and boats remains and Cobalt to new Cobalt inclusive negative For margins retail the models cream booming, are Malibu, ice new new despite continues, our sales RX. M-Series our and cheeseburger we outboard are business driving offering picnic chain the LSV volumes. for highly stern, unlimited These

not space and the rebuilt. and of Boat in are Our well exceeded they concluded the last to $X.X hit saw promotional demand, increase orders, selling XXXX Lauderdale last sales XX% any supply The the show affect At in a as high if X and To brands retail are the it, previous will Cobia as Fort the year. production the XXXX reduced increased unlike the as at or counts quarter. orders almost strong Maverick boat is under at surprised have and further has were outboard Lauderdale in retail. of previous parts recent Shortages pain order also billion resin in over of the without book driven were soon throughout strong, for engines new was were contextualize, There declined last channel the softens, X by nearly where more fiscal parts points. were fill. the meaningful versus XXXX low least another fact we Show, to executable industry that it very levels first for production point as pressures of numbers. given numbers which efficiency have XXXX. chain numbers in-process This the to backlog quarters impacted most has marine at Show The as price the boats receive have supply we show. retail pleased on volume of quarter will of year's the quarter Fort on strength years customers is up short ensures a board, umbrella sold seeing And before be brand. Attendance it with Cobalt inventory the powersports And pressures production weekend. lot. that day, the caused sold first the channel and primary substantially number either in our are boat quality us remains our across was our record-setting increasing chain we of at meet production second time, and of substantially inventory even at Again, has also but historically our preserve substantiated a the than any on sold helps are is fiscal global a sales show. economy from effect manufacturers nearly we supply demand boats limited strength levels, unprecedented now months for brands Malibu With Despite be continue to retail inventory approach retail above to dealer's over the highest every estimate That the build. Production demand, the number the economy. channel proliferated retail many We remain levels focus the and week Underscoring estimate as continue very the efforts Pursued sales to and Lauderdale expectations. same affecting brand over availability. Xx with parts environment. reduce any was count. our dealer mind, we in the entire put increase Malibu finer

expectations in have August, will help increases since the moderated profile our supporting term. we volume overall long price that believe offset margin we our decline, the While volume this are implementing

retail integration we for and innovation, sold the face competition increasing However, are of the margins input reducing of excellence. given for Malibu guidance abundance of the the year a at given in be our vertical our operational step costs. these industry-leading produced remains units time, that will ahead this

some any additional switch to production to production All supply ramp-up We returns at subside. of the chain to least flip are supply the brands boat well and we can headwinds positioned at once normality. use moment have and XX% capacity increase

In capabilities. addition, we remain on on execute our our production pace to initiatives strategic enhance to further help

ahead new the second our both of facility we We during the and of production half of fiscal Maverick Plant are that XXXX. schedule expect X expansion that that on footprint in plant, start building to doubles

regarding and and are term, we gross individual's programs to doubt us current more competition. commitment impact work. carrying quality daily off no have as our incredibly federal shortages based We across margins operational In that hard and workforce distancing our taking am run In the impacted team's as than I on industry vaccination's the work proud capabilities, short talented stand that needed the vein, efficiencies social labor the maintained help out our that place the decision labor will we've to are returning despite rate. and amongst

the rather than quickly doing supplies, under months operating assumption are while we counts hiring the or to labor due weeks this improves, chain will production when wait supply delays. and that We having to increase able short training to be

to the we improve, cannot normal. we expect While chain return our when predict fully supply will

again new customers' our for needs. as Maverick is of the preferred XXXX brands premium product underscoring Malibu's lineup Our choice boating lineup

Malibu products. Axis, deliver continue to For we new exciting and

on-water premier Wakesetter new and the predecessor TXXX that the XX-foot XX name debut model the bigger all-new In boat Wakesetter than replaces and of wakeboarding Axis first the Axis profile only the brand-new TXXX, TXXX and the the value margin convenience, valve a with replaces addition recently the new quarter. the brand -- by and we And welcomed is this The the quarter, new our class. as and will TXXX, XX-foot performance. to first which the and style produced enhanced standard largest cutting-edge the XX-foot suite. boat produced, for Furthermore, also the in Axis Axis we ever an TXX. Malibu LX, better XX to for makes its in wakesurf a The traditional highlights rich introduced adds set product performance, during LSV Malibu history

filling are running we a will Pursuit. identified velocity and all product fiscal new when at In within we new X year, pace we development which that this boats, are the last high As lot quarter, introducing we we brand. boat acquired Pursuit spaces mentioned of launches of product out be

For in between brand-new versions. Boat and replaced previous we include about. X Miami SURF, which are Stern, rollout now RX that the the the The more excited the RX introducing very Cobalt, process boats we RX the Show are of

models R-Series this only In a believe will We XX-foot XX- outboard the coming addition, length. RX new the to strong that luxury of in brand. legacy RX the the model enhance will release to be

We the both will Miami Boat Show. and also debut that boat a at stern exceed versions will feet in XX outboard the larger

Our product products soon development continues we opportunity there replace from to Maverick. Malibu's spaces we to Similar white newest products, growth. more are and integrate world-class will drive that brand, and will there's sharing with Maverick, an new be to product to fill smoothly like Cobalt, model, Pursuit, outdated

year and and XXXX, Looking supply a ahead, expectations fiscal notwithstanding concerns. tightening for meet chain position Malibu inflationary in unique a is to enviable

be Our history. to and of commitment Their strategic on in team has much our and unprecedented as deliver products to vision. best-in-class excellence, distribution operational the enable to most of us to to navigate volatile continues continue Malibu proud periods so one will

remain marketplace. a As in the positioned incredibly result, we well

dodging remain Our many and facing. are competitors us our overcoming has obstacles to foresight resilient, the enabled quickly of

continued result will in already we off share will increased believe start are this an take to sustainable our creation strong gains competitive through to will now the and call turn industry We in time, Wayne I market detail. And Together, incredibly performance XXXX. support value this you year outperformance our our to more advantages profitability. financial fiscal in and for shareholders. long-term over At the to

Wayne Wilson

$XXX.X for margin to by year sales driven or XX.X%. approximately increased the expense made current the primarily and XX.X% XX, primarily the increases approximately period. period. year-over-year Maverick and in to Malibu and boats, favorable and XX.X% Selling the brands increase a to inclusion remaining boats. first XX.X% volume gross Malibu quarter. decline Cobalt or X,XXX the December a Consolidated boats. represented was was driven Cobalt of in to XXXX. model sales X,XXX Boat This by Thanks, margin and of mix Group of XX.X% net increased quarter, segments, XXX gross due Cobalt primarily net Fishing the marketing Maverick driven per segments. or million, greater margin unit up compares XX.X% in increased first year-over-year $XX.X of XX.X% and XXX and represented or in $X.X XX% volumes, Jack. price the our by boats million sales Saltwater and gross unit Gross unit The Malibu primarily and prior price and The unit In sales on larger of acquisition mix profit to in XX.X% boats. Axis XX.X% The increased increased unit, was increased increases net to per $XXX,XXX million, in

expenses, the costs and expenses of administrative compensation million. period. increase and The consistent year IT XX.X% As an infrastructure, and personnel-related due $X.X to travel-related increased a primarily remains by increase marketing driven acquisition incremental percentage was sales, General selling the and of Boat administrative expenses, or in and Maverick expenses administrative general expense Group. to prior other

$XX.X period. expense, EBITDA Net million. to increased the the basis quarter Non-GAAP excluding normalized share. increased prior of decreased consistent G&A points XXX And XX.X% percentage share of adjusted tax the for calculated approximately sales, margin year and EBITDA fully $XX.X to increased to income XX.X% amortization, to of is to C per million As a million. count remains Adjusted for income adjusted per XX.X This weight Corp rate distributed distributed a fully XX.X%. XX.X% $X.XX net XX.X% average using a shares. share quarter

and GAAP in please adjusted our per metrics, adjusted a fully the net share For of income tables to EBITDA earnings reconciliation see release. distributed

remains levels, historically as recent Malibu and Jack mentioned As cost first and plan, low ASP the Based follows. acutely environment. dealer mid-XX% increases. This to start our into an tremendous we incredibly in of of as these uncertainty these as had quarter growth rising to prices challenges, the on costs. and customer Despite supply and impact most related well year given announced spite dynamic is offset robust revenue XXXX our have expectations XXXX such, We to for mitigating year anticipate incredibly positioned robust by are operating pressures current move low range. input our expectations outlook. a earlier, in recently we aware fiscal to input inventory to increases factored items demand supported remain outperformed the grow inflationary We fiscal of price chain our

is of The in In margin price by cadence, combination Consolidated volumes lines. for pressures increases work product to approximately margin impact growth we terms range. temporary quarter expect mid-XX% of cost reduction the as sales EBITDA in the expected the of inflationary and year growth driven to our we be second our lower be XX.X%. is through our across adjusted the announced

future these will of margins the excited the year-over-year approximately XXX Despite Malibu. and see incredibly are about inclusion challenges, input points costs. increased Maverick we expect quarter of the We driven decrease second basis by

acquired, business Our teams waiting demonstrate improved great can progress Malibu since legacy anxiously that are Axis been and have our progress perform of made an well. incredible Pursuit for they've each. chain to continues and Cobalt we and the supply at

With is record-setting We Maverick next to ahead, success as continue robust demand fiscal full I'd products innovation, and call to primed We high-quality up the plan and believe we over and growth integration XXXX for feel on we Our deliver XX our are opportunities to questions. healthy positioned speed like we growth consumer year see months. drive capitalize at well in the advance beyond. margins. long-term that, open for

Operator

the [Operator first Instructions] Your of question comes Securities. from line Mike Swartz from Truist

Mike Swartz

seeing? issues quarters XX% maybe, that supply dynamic do above manufacturing quarter, that, couple -- around, one, said, roughly closer volume maybe and is we X,XXX comments XX%, maybe about so Wayne, I did then volume the touching the we're you you of of and of X,XXX Jack, next in think guess, some chain the think unconstrained think you could lower kind to, I And guess, said expectation, the you do And two, some correct? just of a quarter. how I roughly on given over units I

Jack Springer

Yes.

you're integration. to right we target. get, that it if a on easily mean now, X,XXX well strongly we've on take We the integration. number. pretty was chain very think that continue We I'll cooperating, vertical give vertical focus an supply higher. And up I had even you done. we could what of we example get can I

final things to and is some down -- the that and moved expanding devoted the shifted attention of one focus, finish we area, Mike, our on side our and But place. in that. CapEx devoted initiatives integration slowed several we have We we some vertical did we

do us. to supply XX% chain more the we Axis so once that than supporting And that positions believe starts and even the Malibu brands that,

recover have in quickly quickly because that to are on investing of we're chain focusing you that billion be want backlog, we up accounts corrects a to is in we the we can what supply possible. when inventory you position able So channel as $X.X heard, take as and as as as possibly nearly back to when

that on quantity. right you're So

quarter I ability than up what better it's stay thought, going it be we accounts the change. morph same. we also may it's and the to our to but think going may see And to going from take in second we a see forward,

way changes that predict. said Wayne very the week-to-week it I So the on what with a it versus occurring further. that think hard to basis, chain supply just and it are the it's any we is going down don't see

Wayne Wilson

that years, seasonality QX. manage chain Adding some QX terms of past And sets very X,XXX similarly. I we this to about think the The that's that will year. towards this volumes cadence year color think top year, in we would tell think as translate and up what frankly, going if provided, loosens numbers line to that, last QX and range you're fiscal supply have unit into in just the we you holidays that, something more through what And lot year. is more this Mike, chain seen those the And cadence, like in And of with is ultimately, will I we way as ultimately, I a looks similar. work -- supply you how last on capacity up. are you available see of and if we've very think QX up that

Mike Swartz

And pricing then in in increases the price your understand changed later help policy did and first most think, maybe commentary in the quarter. October, your I how price weren't just very protection has reflected on taken recent then and months. of us understanding, the maybe price you of That's so Okay. increases magnitude But helpful. the they take the were on

Jack Springer

a did Well, surcharge. we Mike, did that standpoint, the it, way from a we is

to more allows whatever you up, you surcharge a can flexibility it which need it One, down, basis, look take you at take increase do. you opportunities. complex. of is prices You to from Or which have can couple it some a systematically,

So only surcharge that had with we've were but with we our based strategy our format. seeing, not anticipate our them went be cost the that increases was try to that and or may conversations suppliers. And we on a of for compensate few focus a coming

remain strategy was margin neutral. to Our

before. at that have margins price our be what look we're So sure to and all increase, versus need capturing keep predicted where we they make costs the

Wayne Wilson

And Mike, in our December. of color. piece will just start to P&L actually impacting add the of month Those one

the part temporary of input increases. that's and between So increases price cost disconnect

pressure on bit the So the the that leads versus guide a little that [XX.X%] [XX%] year. to for

Operator

question Raymond Altobello line comes the with James. next of from Joe Your

Joe Altobello

on I Is changes it this shortages, day. sometimes it brand seems week guess at component like the any the concentrated facility and first particular or by by in point? this it

Jack Springer

No. I mean all of marine. it's across

impacts you're these manufacturer one in the If a really board. seeing not you're And focused it's in across OEM, brand.

that to or brand certain have pertinent a You things segment. are a

and For engines an the across components. Axis. as have and the all some way extends an brands. the and extend the to plastics, relates Petroleum-related are across, and example, brands. the still Maverick that there components some the products will are so issue that have outboard engine that But you Malibu affect all We Pursuit issues brand don't electronics it

Joe Altobello

it. Got

you in competition? from going pricing does terms place in position others the of mentioned Are And standpoint similar seeing Okay. the vis-a-vis a surcharges you in magnitude? up you in that December, pricing take a how

Jack Springer

it doing I Every some is single even manufacturer higher. know and

the also talked of have year. fact take about calendar another price increase that the after the they may first Some

our Malibu trying and the that to -- a in -- we're we're like from sheet protect not P&L gauge. feel we So increase balance

much are in we the are part of right that very middle like feel raising prices. where we people So

Operator

from The Baird. Craig with comes next question Kennison

Craig Kennison

push push increases, against order your cancellations as higher as Just with than, they to pipeline, people price any price have expected? respect been following you there your maybe, back a up, through backlog,

Jack Springer

interesting. a never And there they really go blip of a We've world believe watching No, still there. couple in been Clearly, and our of it. money with. we're money, have and on money that there's lot lot things to out of are a that I out have There's And a demographic Craig, of increase. of closely. been factoring the things And a lot not been experienced us has before. it very most buy into a it's price

think it's get a I on a in I from is customers early aspect an on -- want there there if dawning I line. Secondly, need to boat, line that because

models, are the for our of upon already XXXX. some and -- that depending XXXX into brand, have well We sold-out

sell there on a to that recognition I got I've And buy dynamic so I it, a to if those a and there's slot boat, that boat not that think get and cancellations. my got to it want consumer place at we've play is get that seen list, I I've keep in a

we volume went And because or entree the that year. I thing Show last Boat huge Fort very over the first we into the to, think for Pursuit was Cobia. increase closely after other our Xx We point watch I'd boat affect. saw our show Lauderdale price first saw volume for

the And impact which on so data that Show pricing the there buy boats us right people terms no now. going in Lauderdale ancillary that to Fort of tells was Boat did, other with just what getting literally are along we're

Craig Kennison

elements chain. And difficult have the be But orders, taking or of channel? take terms less boats orders process dealers sell your Is and preserve it's where I level can anything supply you a such kind terms you of opposed know full and there the of to best of on to delighted the right this get more maybe do in slot in to maintaining the way. to current MSRP. an can in creating environment some in ideal some environment it's as stocking

Jack Springer

Yes.

a permanent mean basis? You forward on going more

Craig Kennison

the slots. are just of attributes of to in selling are can I'm preserve that. crisis, some margin there and you Yes. out wondering if a Once we terms here way get production beneficial of find that these

Jack Springer

environment And Well, environment will of I is in. it think that function the the we're switch.

would near-normal we are sold to situation. sold to Government going because We'll of get people to it's or given dealers XX% environment. stock have a capitalistic to boats back in mix, return stock year, want and to And XX% boats. back going retail Federal in. our And carry will to come more a that are a to in people some like what unlike -- are We have, of

is to know there in and back? to way Will customer we've back, And buy see created to to we which I be a going continue go think that will. the that going it are want it But or they're that slots. that stock that don't people comes boat. all going dynamic to will so I don't buy

XX% retail we slots to sale or that return boat. will I buying think

Operator

question next Fred Wolfe Wightman comes Your from with Research.

Fred Wightman

we There expectation comment get will you're ramp given carrying was than do need a you move through that just the balance run the year. the But current that And you about can the totally today you volumes quantify labor that or rates. I either quarter to and given think why more quarter, how would the into quarter as year? second of drag that for the in the first the

Wayne Wilson

you you're from to is Yes. What is it a in points tell that call drag. would XX-ish dozen XX the basis probably it, I measure or going number two, appropriate to that

it's a think persist that little I today, from of recovers hopeful drag we're bit and a year. hopeful and minimize that to into where drag that supply will in we're we're back the little QX. I half think the chain able bit at And the

Fred Wightman

And some the sources versus your the internal of dynamic big retail seeing what you registration see saying? sort are you of a shaking on Okay. disconnect mid-single goes do out then digits just going call of mean industry a from Great. some Are down, bit. industry of from data touch higher-level trend could X-year Ski SSI. year-to-date. Wake And I the slowed some forward? it, how maybe you data

Jack Springer

in our SSI up that registration not think is part for last showing. I -- marrying data of Yes. mean year. data really couple dynamic, quarter about demand is we the last is insatiable that you first that had on We're have this to big The internal the outperformance, we talked huge -- what last seeing of quarters, the most

And so flat line. be there's got a to

that believe with next probably, we'll previous we're year comps against more the are data or can that You normalized. two, pace that going are. come going levels continue see for the they continue SSI where against in But the inventory the be then to to lower. quarter I

cause it or And to get to would will I up the again. start retail expect inventory we up. if channel, data registrations so also And picking that pick into then SSI

Wayne Wilson

I use call is that inventory. perspective, in in just the for proxy Yes. today, the And people demand that not a that that importantly, because proxy the is we're as for demand. And of is there's And the lot it's retail our just think reality from environment typically if -- a reality simply not at great function actually a there look versus Ski basis, out the were And call you what as a and that's -- the at example, there's digits on and the look data, August in mid-single underlying you XX% Wake X-year let's happened down is no in you that it, September. September, reality is inventory.

really a inventory. because of -- frankly, to ultimately And I And that's the feel correct in that lack data So but of demand proxy robust. retail itself. going that is as think to registration remains we comfortable really difficult weight put any

Operator

next Johnson with BMO. from Gerrick question comes The

Gerrick Johnson

one Maverick, was what Maverick. excluding follow-up of impacted by margin impact Wayne, that would mentioned have and for a you Can Jack you the for One about Wayne, gross looked primarily here. then Jack. for like, talk

Wayne Wilson

the the if of just directly tell you carrying we some way of I given labor have don't know that a is is would that I pretty out. But number the business Obviously, well. me in drag. that front we're report I performing

be And EBITDA, going so year points to XX comparable, a of XX We've don't gross right number margin a year-over-year I as that in points in XX basis for side, of for not would front about on it's have even for XXX, the are Maverick. to points. EBITDA. approaching to probably for more that, the that than couple -- have excluding But relative basis on the that gross basis quantified hundred the year the basis probably it's a and individual But that impacted quarters me.

Gerrick Johnson

more say then, economist. I'd we all-you-can-eat looks it you All when Fort dinner. The steak like love Okay. continues, an And right. always at cheeseburger picnic Jack, play Lauderdale,

how about in you right for to the consumer in the on X What's XX here that's next are feeling going months outlook world? the next So your the consumer U.S. of all months?

Jack Springer

now. right outlook good about feel the I

our stock have I buying expected is absolutely that as think performs, good which at with change. have at the demographic a the that has tell would there. stock going price, Right market. boat is I of regardless I place consumer, environment this. as will metric you I be The in a to And to look look disposal. capital at now, never in shown continue lot them very -- of is life no in I long reticence They has caused have our the the been their market and our metrics demographic I the primary changed to a think

for X supply the and that we us fantastic. By should very And way, vanila building start be strawberry, or more chain next with cooperating can chocolate? it you get feel do want start So can good. to the I we months, boats, if

Gerrick Johnson

now, I above. guess the all right of

Jack Springer

All right.

Operator

this I'm turn at to any the call Jack Springer showing back time. I any not further further for questions now remarks. would like to

Jack Springer

our global brands. quarter you while Thank pressure inflationary economy, yet the concerns capabilities summary strength much. first of our supply of industry very our quarter, ongoing on demonstrate constraints and In put inherent again and results that significant chain the Malibu and

outperformance. supply operational support planning, strategic continues and our chain excellence to management Our

driving from profitability integration our value maximum vertical product a innovative portfolio. remains none strategy and competitive second and Our differentiator, unlocking to

hotter-than-ever retail will elevated earnings. continue We to capitalize some support on optimistic, -- strong for on further the and time. unprecedented backlog, will remain also and We tailwinds higher remain these growth which environment

from brand quickly well and is we our in While prepared positioned, systems and parts accounts, to once increasing volume, substantial suppliers. we with production are available and production are increase are every limiting

innovation Cobalt, Our push and product customers of Maverick and into continue lifestyles. the new teams draw introduction models that and Malibu, boundaries through exemplify the Pursuit to luxury

declines volume help our our counter increases position forward moderate, chain and outperforming peers. and price we look the issues short-term to industry-leading supply advancing As

year, excellent confident Given we our start our our value shareholders to deliver in while ability XXXX. the remain to our for fiscal maintaining year guidance to

XXXX. fantastic those joining year in thank and As hope growth towards a and continued support safe and and healthy. always, fiscal journey we for in you I excellence Have you around day. our continued saying your for us are you

Operator

for today's concludes Thank This call. conference you participating.

may now disconnect. You

Malibu Boats (MBUU) 6 Nov 212022 Q1 Earnings call transcript