Malibu Boats Inc MBUU 2026 Q4财报及2027财年业绩指引电话会议纪要

发布时间：2026-08-28 一、AI总结内容 一、核心要点 1. 2026财年Q4净销售额2.955亿美元，同比增42.7%；全年净销售额9.146亿美元，超出5月指引上限约2900万美元。2. 2026财年Q4调整后EBITDA3390万美元，同比增72.7%；全年调整后EBITDA7390万美元，处于指引区间上半部分。3. 2026年3月完成对Saksor的收购，该品牌为公司新增运动探险船细分品类，2026财年Q4贡献净销售额6120万美元。4. 2027财年指引：全年净销售额10.8-11.2亿美元，调整后EBITDA1.01-1.09亿美元；Q1净销售额2.55-2.65亿美元，调整后EBITDA1400-1600万美元。 二、投资线索 1. 2026财年已完成124万股回购，金额约3390万美元，均价27.34美元；2027财年6月获7000万美元股票回购授权。 2. 净杠杆率2026财年末约1.2倍，预计备考后趋向1倍，远低于2.5倍的声明上限，有充足资金灵活性。3. Saksor 2027财年预计实现低 teens 个位数的收入增长，调整后EBITDA利润率随国内产能提升全年改善；其佛罗里达Fort Pierce工厂满产后产能超200艘，无需额外资本支出。4. 2027财年计划推出13款新车型，包括Malibu 20 BTX、Axis T220/T235等，覆盖各品牌线。5. 国际业务方面，当前国际零售占比不足5%，2027财年计划将Saksor美产车型的国际发货提速至5%以上，未来可能考虑欧洲本地生产。 三、风险与关注 1. 宏观背景下，2027财年美国游艇零售市场或呈持平至下滑态势，前半段疲软、后半段逐步改善， legacy品牌预计低速增长，Saksor增长更快。 2. 成本端仍存在压力，当前指引内嵌的关税成本为已实施税率，Saksor整合初期需集中采购以抵消部分投入成本。3. 支付敏感型买家复苏缓慢，MBI融资计划虽稳步推进但仅覆盖约30%-40%的经销商，对低价位品牌经销商覆盖有限。4. 2027财年上半年利润率低于下半年，主要受Saksor产能爬坡的投资驱动。 二、音频原文（转写） Capital allocation priorities on capital allocation during fiscal twenty twenty six, we completed repurchase program for the year, buying back approximately one point two four million shares, approximately for approximately thirty three point nine million dollars at an average price of twenty seven point three four, which is well below where we trade today and our two hundred day moving average. While we chose to pause our openmarket purchases during the lender negotiations,our board authorized a new seventy million share. Purchased program for fiscal 2027 in June, and we closed our refinancing in July. This reflects our confidence in the business and our continued commitment to returning capital to shareholders. Net leverage finished the year at approximately one point two times and trends towards onetimes on a pro forma basis, well inside our stated maximum two and a half times even after financing the Saksor acquisition. With that flexibility back in place, we remain opportunistic on capital. allocation and well positioned to keep investing in business as we move through fiscal 2020. So Turning to our outlook for fiscal 2027. For the full fiscal year, we anticipate net salesof 1 point zero eight zero billion dollars to 1.120. billion dollars and adjusted EBITDA of 101million dollars to 109 million dollars. This returns us to a single consolidated outlook as we committed to in May and includes a full year ownership of Saxor. Our guidance takes a prudent view of the industry retail demand given the macrobackdrop in fiscal 2027 while still contemplating that MBI continues to outpace the broader power boot market. with low to mid-single-digit growth across our legacy brands and mid-teens growthat Sackstore. Following the investments we madeinto the brand over the last 4 months, we expect SaaS for segment adjusted EBITDA margin to improve throughout the year. as domestic manufacturing scales and this year's investment in the platform annualizes More broadly, our outlook alsoreflects tariff costs embedded at the currentlyenacted rates. and the pricing actions we have already in market. As always, reconciliations of our guidance measures are addressed in our earnings release. For the first quarter of fiscal 2027, we anticipate net sales of 255 million dollars to 265 million dollars and adjust EBITDA of $14 million to $16 million. Please note. First half margins will be lower than the second half, primarily driven by our investment. and ramp thatsaxord. to close. we delivered a strong finish to fiscal 2026. on both sides of the business. Our legacy operations executed with discipline through a demanding environment. the Sackville integration is progressing well in its first four months and we ended the year with a stronger balance sheet and renewed capacity to return capitalto shareholders. with a refinance credit facility, a new buyback authorization and a differentiated portfolio. We are well positioned to executethrough fiscal 2027 and to capture the mid-cycle opportunity we framed for you at the InvestorDay. With that, I'd like to open the call up forquestions. As a reminder, to ask a question, you will need to press starve and one on your touchtone telephone. If your question has been answered, are you with You wish to withdraw your question. Please press star then two. Please stand by while we compile the Q&A roster. Our first question comes from Craig Kennison with Baird. Please go ahead. Hey. Okay, good morning. Steve andDavid, thanks for your time here. Question on back store appreciate the breakout, David. I'm wondering if you can maybe shed more light on the SEC store impact on all of fiscal 2020. 27 revenue and adjusted EBITDA guidance. 嗯。 Yes, sir, Greg. So as we think about next year having a full year's worth of stack store in thenumbers. The way that we're thinking about the top line is. a growth rate in kind of the low teens on the revenue side of things. and working aramp up to that 10 to 11% range that we talked about on the EBITDA front. I think the first quar ter, as you sa