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03.12.2020, adminMalibu qre nearly half of all the new towboats on the water today. We lead the pack with innovations that improve your time on the water.
Malibu Boats are malibu boats good keep designed to deliver an unforgettable are malibu boats good keep on the water for you, your family and friends.
So, they decided to build one. They were disruptors. Year after year, we continue to lead the towboat industry from the. And while we relish our history, we keep the past in us rearview�along with the competition.
Instead, we are keenly focused on our next industry-transforming innovation. And the one after. For we are disruptors. The manufacturer will reply to your request as soon as possible. Back Explore View All. Back Types View All.
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We just completed the first month since we closed the acquisition of Maverick Boat Group. We have spent significant time there in January and are even more excited about the opportunities. There are operational improvements that we can make rapidly that will allow us to increase boat count.
The real production driver will be the Phase 2 addition to Plant 2, which will double that plant's square footage. Very much like the Pursuit game plan, once this expansion is completed, it will mean a significant increase to weekly production capability. We expect to break ground on this expansion later this calendar year and have the plant up and running as soon as possible. We are always focusing on creating sustainable improvements over the long term and our plan for every brand includes building more boats in the second half of fiscal year '21 than in the first half, and more boats in fiscal year '22 than in fiscal year Moving to our operational excellence initiatives, we continue to see the gross margin benefit from a vertical integration strategy, which remains a key competitive advantage across our brands.
Our vertical integration strategy allows our brands to control products or features from conception through customer delivery. It also reinforces repeated statements that investments in our vertical integration initiatives drives profitability and unlocks maximum value from our product portfolio.
As you know, all of our Malibu and Axis models are powered by our best-in-class Malibu Monsoon engines. Further, these new models are equipped with several of our patented technologies, including our integrated surf platform featuring Surf Gate and our Stern Turn technology.
Our patented Swim Step feature that originated with Cobalt is being utilized in Malibu models as well, and Malibu's flooring vertical integration has expanded to Cobalt and will eventually expand to Pursuit. By developing our cross-brand vertical integration, we remain confident in our ability to generate new synergies across brands in fiscal year and beyond.
Looking ahead, we remain committed to our growth strategy and growing our marine platforms. We will continue to drive innovation and be the first to market with compelling new products and features.
Additionally, our strategic acquisition strategy of acquiring premium companies with improvement opportunities remains a focus. Fiscal year is positioned to be a monster of a year and well ahead of our initial expectations.
Despite the noise around supply chain constraints, as we have discussed today, we have increased production significantly since the beginning of the fiscal year. I want to specifically recognize our suppliers who have done a magnificent job of getting us the products and parts we need to accommodate this growth.
In a tough environment, they have excelled. Across our brands, we have continued to outperform our competitors and every one's expectations. The last three quarters have been consistent with our very strong historical operational performance. Going forward, nothing changes. In an environment where channel inventories are at historical lows and aged inventory is at a minimum, there is an overriding factor that determines who wins, who gains market share, and who is most successful.
The companies that produce the most boats will come out on top. We are producing at least a third more boats than our closest competitor in the performance sports boats segment, that is one-third more to ship to the retail customer and the build back channel inventory is quicker. As we have for over a decade, Malibu will win and that will carry to our other brands. We are incredibly optimistic for the second half of fiscal year As a result, we have increased our full-year fiscal guidance.
Wayne will take you through the specifics in a moment. I remain incredibly proud of our team and their enduring commitment to lead the boating industry continues to shine. We are achieving long-term sustainable success and I'm confident in our ability to deliver value to our shareholders, while outperforming peers to remain a leader within the industry.
I will now turn the call over to Wayne to take you through our financial performance in more detail. Thank you, Jack. In the second quarter, net sales increased 8. This decrease was primarily driven by lower production levels in our Cobalt segment, but as Jack mentioned, we expect Cobalt's production to ramp up during the second half following the completion of its expansion and improvement project.
Consolidated net sales per unit increased Gross profit increased As a percentage of sales, selling and marketing expense decreased 60 basis points. General and administrative expenses increased The increase was primarily driven by acquisition-related costs.
Net income for the quarter increased Non-GAAP adjusted fully distributed net income per share increased This is calculated using a normalized C-corp tax rate of Our healthy balance sheet supported our continued disciplined deployment of capital through the acquisition of Maverick Boat Group during the quarter, an acquisition that we think fits our playbook of aggressive investment, operational enhancement, and robust growth on the top and bottom lines.
At the same time, we continue to invest in our current brands, where we are focused on setting up for substantial retail demand-driven organic growth and continued margin expansion. As Jack mentioned, we expect a robust second half Are Nordic Boats Good Guys of the year for fiscal That said, we will remain attentive to the retail marketplace and nimble in the face of the ongoing global pandemic to quickly address any potential volatility that manifests as a result.
In terms of cadence for the remainder of the year, we believe revenue will be generally consistent throughout the second half and margins will slightly increase as the second half progresses. These estimates include the impacts of our acquisition of Maverick Boat Group for the second half of the fiscal year and continue to include a modest amount of cushion given pandemic related uncertainty.
In closing, our team continues to post incredible results and surpass expectations. We believe in our ability to continue to deliver strong returns on our investments, both organic and inorganic.
Our prior investments, industry positioning, and record momentum provide an attractive setup to drive significant revenue and profitability gains through fiscal '22, further solidifying Malibu as the industry leader. Your line is open. Maybe just want to touch on your new guidance here. Obviously, this is the first time you formally incorporated Maverick in that guidance. And I guess we were under the assumption that Maverick's margins were in the mid-teens, that you're taking your consolidated EBITDA margin guidance up.
So maybe help us think about the puts, the takes there, and maybe if you can back out the contribution from Maverick specifically? I think you're thinking about it correctly that, ultimately the implied guide excluding Maverick is meaningfully up from a margin perspective. And so we continue to see really strong margins.
We talked about it in fiscal Q1, that -- the strength of the margins in this business, we continue to see that. We see that continuing through the year in terms of what we're seeing both from a volume perspective and margin performance and the cost profile in the business. That embeds some headwinds that you see in terms of some inflationary cost pressures, all of those things, but we're not going to give specific guidance that excludes Maverick.
But I think your math and the way you're looking at it is correct. So it's underlying margin performance and it's really driven by Pursuit and the Malibu business. I would tell you, all three of the pre-existing businesses are outperforming margin expectations, most meaningfully it would be on the Pursuit side with the addition of the new factory and Malibu, where we're seeing the benefit of the engine business.
That's helpful. And then, just given the strength of retail demand and what you're seeing in your order book, can you talk about maybe how much flexibility you have in the year to take on new orders in your businesses? And there is some talk about competitors and other players in the industry moving their model years forward and doing some different things with the timing therein. Have you given any thought to that or how you're going to proceed going into model Are Yamaha Boats Good For Wakesurfing Amazon year '22?
I mean, we will keep the model year as it historically has been. Last year, as you recall, we did move the model year up one month and that was based on a scenario where we thought that we're going to need to increase demand and get newer product out there quicker. It flipped on us here and that did not materialize, but it certainly did not hurt.
But going back to a more recognizable cadence, I think is the right thing to do. And we'll sell throughout the end of the year. In terms of ratcheting up, we have done that all year long, where, as you know, Mike, we take commitments from our dealers before the beginning of the fiscal year and we are going to surpass by a large margin for all of the brands, the commitments that we took in at the beginning of the fiscal year.
And as I've talked about in the call, we have taken production counts up substantially and we will continue to do that on an as-needed basis as we can. Obviously, if you look at fiscal '21, you're benefiting from a lack of discounting, very strong features uptake and number of other items, but is this the new base, the I mean arithmetically, you obviously in fiscal '22 have the inclusion of Maverick for additional six months.
And so that creates a natural headwind. I would still -- I think it's a little early to go out there and give '22 guidance, but I think -- and Jack can affirm this, which is, I see it as the new base. Now, growing off of it, I think, everybody needs to keep in mind that you're going to have the six months of Maverick added to fiscal '22, and that's going to be a headwind that's going to be measured in probably 50 basis points or so.
So is that exactly the baseline? I agree. I think it's sustainable. I think everything that we've modeled says that it is even with Maverick coming into play.
Thank you. And just second question, if you look at your production capacity, you guys have increased significantly across the portfolio. If we were to index what your capacity will be in '22, let's call it ex Maverick versus '19, how much of an increase have we seen over the last three years? It's higher than that. We've put in a lot of improvements in place, expansions in place. Good morning. I want to dissect some of the Cobalt information a little bit more.
And I think what was in the print with that units would be increasing in the second half of the fiscal year, but I think what I heard in the commentary was that, that might not happen until the end of the fourth quarter. And so we may not see actual positive unit volume growth until fiscal on that.
Am I thinking about that the right way? We will have unit growth increase in Q3 and in Q4. And then, given there were so many positive commentary factors coming out of the quarter, can you guys sort of give us the inverse perspective?
Production Team Member. Director Information Systems. Product Engineer-Product Development. Ready to apply? Get help updating your resume through Indeed. Good Company and great associates to work with but upward mobility was not available. Current employees were not Are Tracker Boats Good Keep considered or allowed to post for open positions that were available. Work hours were flexible.
Accounts payable department was not highly thought of by upper management. Management is Horrible and worried about numbers. The management at malibu is so worried about getting the boats done, they don't care if even the bare minimum is done on a boat, as long as it's done but, if something about the quality comes back bad, then they get upset. It's kind of a lose lose situation. They don't really care about an employee's suggestion about their job that they work daily.
Fast paced and whiny. Communication sucks, nobody really informs everybody on if something is going on or gonna happen that day. You just get surprised with what it is. Honestly, if management crew could be improved along with communication, it would be A LOT better place to work. The only good thing about it is, the pay, you start out good and top out in a year.
Would have ppl from other places in the break room every morning and lunch time, Most of the co workers are easy to work with. Poor management, Poor communication, Was still wearing respirators when i was there, To much in a hurry, Not worried too much about inputs from employees. Yes 4 No. Not good. Having the nerve to let people go because of being sick something they can't help they tell you that they wont you succeed but they lie some employees understand but management doesn't.
Yes 6 No 3. Everyone works hard but you never really get ahead. Kind of like the wild wild west just do what you have to and deal with the consequences later. Not bad if you can handle chaos. Yes 5 No 1. Wonderful Place to Work. Very family oriented place to work. Great management, co-workers and overall fun work environment. Fast paced manufacturing and high quality workmanship. Caring management.
Yes 5 No 3. Very good environment. Want to be able to grow within company. Be able to take classes to grow within. I feel like when u get a chance to move up within the company they hire outside. Yes 4 No 3. Good place to work. Great place to work. They Have a great hr department that is there to help you with any issues.
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