Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle
product manufacturer, today reported financial results for the
Company's Fiscal 2022 third quarter.
Third Quarter Fiscal 2022 ResultsRevenues for the Fiscal 2022
third quarter ended May 28, 2022, were a record $1.5 billion, an
increase of 51.8% compared to $960.7 million for the Fiscal 2021
third quarter. Revenues excluding the recently acquired Barletta
business were $1.4 billion, representing an organic growth rate of
41.1% over the prior year period, driven by pricing increases and
shipments related to the strong dealer order backlog. Gross profit
was $273.0 million, an increase of 60.9% compared to $169.6 million
for the Fiscal 2021 period. Gross profit margin increased 100 basis
points in the quarter to 18.7%, driven primarily by operating
leverage, price increases and favorable segment mix, partially
offset by higher material and component costs. Operating income,
which includes $4.6 million of amortization associated with the
acquisition of Barletta, was $176.7 million for the quarter, an
increase of 72.5% compared to $102.4 million for the third quarter
of last year. Fiscal 2022 third quarter net income, which includes
$11.8 million of contingent consideration fair value adjustment
related to the Barletta acquisition, was $117.2 million, an
increase of 64.4% compared to $71.3 million in the prior year
quarter. Reported earnings per diluted share was $3.57, compared to
reported earnings per diluted share of $2.05 in the same period
last year. Adjusted earnings per diluted share was $4.13, an
increase of 84.4% compared to adjusted earnings per diluted share
of $2.24 in the same period last year. Consolidated Adjusted EBITDA
was $191.7 million for the quarter, compared to $109.8 million last
year, an increase of 74.7%.
President and Chief Executive Officer Michael Happe commented,
“The trend in recent quarters continued, as Winnebago Industries
delivered impressive third quarter results, driven by our team’s
focused execution and good progress on reducing our order backlog
in the quarter from our expanded portfolio of premier outdoor
lifestyle brands. In the third quarter, we capitalized on the prime
spring selling season to further gain share and expand our pipeline
of lifelong customers, as our golden threads of quality, innovation
and customer experience continue to differentiate the Winnebago
portfolio and resonate with consumers. The unique strength of our
brands positioned Winnebago Industries to not only gain market
share but also to successfully take continued pricing actions to
offset meaningful component and material cost inflation and enhance
margin performance across our segments. We are incredibly proud of
our results and the efforts of our talented team across the
organization. As we look ahead to our last quarter in the fiscal
year, we will maintain our focus on executing our proven strategy
and build on our momentum to further grow and solidify our
expanding market position, while driving long-term value for end
customers, dealers, employees and shareholders. We will also
continue to demonstrate appropriate discipline in capacity
utilization in accordance with matching our production schedule to
dealer demand.”
TowableRevenues for the Towable segment were $805.6 million for
the third quarter, up 45.0% over the prior year, primarily driven
by pricing increases, in addition to solid unit growth as a result
of strong dealer order backlog. Segment Adjusted EBITDA was $117.8
million, up 47.0% over the prior year period. Adjusted EBITDA
margin of 14.6% increased 20 basis points over the prior year.
Backlog decreased to $1.3 billion, down 13.7% from the prior year
and down 29.9% sequentially, as Winnebago Industries successfully
replenished dealer inventories in the Towable segment.
MotorhomeRevenues for the Motorhome segment were $516.3 million
for the third quarter, up 34.0% from the prior year, driven by
pricing increases across the segment and strong unit sales. Segment
Adjusted EBITDA was $64.4 million, an increase of 71.9% over the
prior year. Adjusted EBITDA margin of 12.5% increased 280 basis
points over the prior year driven by price increases and operating
leverage, partially offset by increased material and component
costs. Backlog increased to $2.3 billion, up 4.8% over the prior
year, driven by increased ASP's partially offset by a decrease of
16.3% in units.
MarineRevenues for the Marine segment were $126.5 million for
the third quarter. Segment Adjusted EBITDA was $19.8 million, an
increase of $18.2 million over the prior year and Adjusted EBITDA
margin was 15.7%. Backlog for the Marine segment was $245.4 million
and remains at elevated levels as low dealer inventories persist.
The Barletta brand continues to outperform pro-forma expectations
and deliver margins accretive to the Winnebago Industries
portfolio.
Balance Sheet and Cash FlowAs of May 28, 2022, the Company had
total outstanding debt of $541.5 million ($600.0 million of debt,
net of convertible note discount of $49.1 million, and net of debt
issuance costs of $9.4 million) and working capital of $582.7
million. Cash flow from operations was $245.2 million in the first
nine months of Fiscal 2022, an increase of $97.3 million compared
to $148.0 million in the same period last year.
Quarterly Cash Dividend and Share RepurchaseOn May 18, 2022, the
Company’s board of directors approved a quarterly cash dividend of
$0.18 per share payable on June 29, 2022, to common stockholders of
record at the close of business on June 8, 2022. This dividend is
in line with the prior quarter dividend of $0.18 per share and
represents a 50%, or $0.06 per share, increase from the dividend of
$0.12 per share approved in May of 2021. Winnebago Industries
executed record share buybacks of $70.0 million during the third
quarter. On a fiscal year-to-date basis, share buybacks total
$129.6 million and cash returned to shareholders totals $147.7
million.
Mr. Happe continued, “Looking at the broader economic trends, we
have been successful in managing supply chain disruptions,
improving dealer inventory levels, navigating cost inflation, and
driving manufacturing productivity to deliver consistently strong
results. We expect supply chain inconsistencies and inflation
pressures to continue in the fourth quarter, and into our fiscal
2023, and we are focused on continuing to stay ahead of them by
leveraging our resilient operating structure, deep and
collaborative relationships with our dealers and suppliers, and
highly-differentiated, premium portfolio of brands. We are
confident that the continued execution of our strategy, including a
focus on innovation and a differentiated product and overall
customer experience, and unwavering commitment to our team and
communities positions Winnebago Industries for sustained market
share gains and strong profitability across our business.”
Conference CallWinnebago Industries, Inc. will discuss Fiscal
2022 third quarter earnings results during a conference call
scheduled for 9:00 a.m. Central Time today. Members of the news
media, investors and the general public are invited to access a
live broadcast of the conference call via the Investor Relations
page of the Company's website at http://investor.wgo.net. The event
will be archived and available for replay for the next 90 days.
About Winnebago IndustriesWinnebago Industries, Inc. is a
leading North American manufacturer of outdoor lifestyle products
under the Winnebago, Grand Design, Chris-Craft, Newmar and
Barletta brands, which are used primarily in leisure travel and
outdoor recreation activities. The Company builds quality
motorhomes, travel trailers, fifth-wheel products, pontoons,
inboard/outboard and sterndrive powerboats and commercial community
outreach vehicles. Winnebago Industries has multiple facilities in
Iowa, Indiana, Minnesota and Florida. The Company's common stock is
listed on the New York Stock Exchange and traded under the symbol
WGO. For access to Winnebago Industries' investor relations
material or to add your name to an automatic email list for Company
news releases, visit http://investor.wgo.net.
Forward-Looking StatementsThis press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements are inherently uncertain. A number
of factors could cause actual results to differ materially from
these statements, including, but not limited to uncertainty
surrounding the COVID-19 pandemic; general economic uncertainty in
key markets and a worsening of domestic and global economic
conditions or low levels of economic growth; availability of
financing for RV and marine dealers; ability to innovate and
commercialize new products; ability to manage our inventory to meet
demand; competition and new product introductions by competitors;
risk related to cyclicality and seasonality of our business;
significant increase in repurchase obligations; business or
production disruptions; inadequate inventory and distribution
channel management; ability to retain relationships with our
suppliers; increased material and component costs, including
availability and price of fuel and raw materials; ability to
integrate mergers and acquisitions; ability to attract and retain
qualified personnel and changes in market compensation rates;
exposure to warranty claims; ability to protect our information
technology systems from data security, cyberattacks, and network
disruption risks and the ability to successfully upgrade and evolve
our information technology systems; ability to retain brand
reputation and related exposure to product liability claims;
governmental regulation, including for climate change; impairment
of goodwill; and risks related to our Convertible and Senior
Secured Notes including our ability to satisfy our obligations
under these notes. Additional information concerning certain risks
and uncertainties that could cause actual results to differ
materially from that projected or suggested is contained in the
Company's filings with the Securities and Exchange Commission
("SEC") over the last 12 months, copies of which are available from
the SEC or from the Company upon request. The Company disclaims any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained in this release or to
reflect any changes in the Company's expectations after the date of
this release or any change in events, conditions or circumstances
on which any statement is based, except as required by law.
Contacts
Steve Stuber, Investor Relationssrstuber@wgo.net(952)
828-8461
Media: Chad Reece, Corporate Relationscreece@wgo.net(641)
585-6647
Winnebago Industries,
Inc.Condensed Consolidated Statements of
Income(Unaudited and subject to
reclassification)
|
Three Months Ended |
|
May 28, 2022 |
|
May 29, 2021 |
Net revenues |
$ |
1,458,138 |
|
100.0 |
% |
|
$ |
960,737 |
|
|
100.0 |
% |
Cost of goods sold |
|
1,185,174 |
|
81.3 |
% |
|
|
791,125 |
|
|
82.3 |
% |
Gross profit |
|
272,964 |
|
18.7 |
% |
|
|
169,612 |
|
|
17.7 |
% |
Selling, general, and
administrative expenses |
|
88,231 |
|
6.1 |
% |
|
|
63,586 |
|
|
6.6 |
% |
Amortization |
|
8,016 |
|
0.5 |
% |
|
|
3,590 |
|
|
0.4 |
% |
Total operating expenses |
|
96,247 |
|
6.6 |
% |
|
|
67,176 |
|
|
7.0 |
% |
Operating income |
|
176,717 |
|
12.1 |
% |
|
|
102,436 |
|
|
10.7 |
% |
Interest expense, net |
|
10,511 |
|
0.7 |
% |
|
|
10,229 |
|
|
1.1 |
% |
Non-operating loss
(income) |
|
11,658 |
|
0.8 |
% |
|
|
(93 |
) |
|
— |
% |
Income before income
taxes |
|
154,548 |
|
10.6 |
% |
|
|
92,300 |
|
|
9.6 |
% |
Provision for income
taxes |
|
37,326 |
|
2.6 |
% |
|
|
21,005 |
|
|
2.2 |
% |
Net income |
$ |
117,222 |
|
8.0 |
% |
|
$ |
71,295 |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
3.62 |
|
|
|
$ |
2.12 |
|
|
|
Diluted |
$ |
3.57 |
|
|
|
$ |
2.05 |
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
32,389 |
|
|
|
|
33,552 |
|
|
|
Diluted |
|
32,855 |
|
|
|
|
34,772 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
May 28, 2022 |
|
May 29, 2021 |
Net revenues |
$ |
3,778,609 |
|
100.0 |
% |
|
$ |
2,593,754 |
|
|
100.0 |
% |
Cost of goods sold |
|
3,059,656 |
|
81.0 |
% |
|
|
2,130,556 |
|
|
82.1 |
% |
Gross profit |
|
718,953 |
|
19.0 |
% |
|
|
463,198 |
|
|
17.9 |
% |
Selling, general, and
administrative expenses |
|
234,896 |
|
6.2 |
% |
|
|
165,001 |
|
|
6.4 |
% |
Amortization |
|
24,203 |
|
0.6 |
% |
|
|
10,771 |
|
|
0.4 |
% |
Total operating expenses |
|
259,099 |
|
6.9 |
% |
|
|
175,772 |
|
|
6.8 |
% |
Operating income |
|
459,854 |
|
12.2 |
% |
|
|
287,426 |
|
|
11.1 |
% |
Interest expense, net |
|
31,078 |
|
0.8 |
% |
|
|
30,222 |
|
|
1.2 |
% |
Non-operating loss
(income) |
|
24,522 |
|
0.6 |
% |
|
|
(310 |
) |
|
— |
% |
Income before income
taxes |
|
404,254 |
|
10.7 |
% |
|
|
257,514 |
|
|
9.9 |
% |
Provision for income
taxes |
|
96,227 |
|
2.5 |
% |
|
|
59,728 |
|
|
2.3 |
% |
Net income |
$ |
308,027 |
|
8.2 |
% |
|
$ |
197,786 |
|
|
7.6 |
% |
Earnings per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
9.35 |
|
|
|
$ |
5.89 |
|
|
|
Diluted |
$ |
9.18 |
|
|
|
$ |
5.83 |
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
32,936 |
|
|
|
|
33,565 |
|
|
|
Diluted |
|
33,559 |
|
|
|
|
33,943 |
|
|
|
Percentages may not add due to rounding differences.
Winnebago Industries, Inc.
Condensed Consolidated Balance
Sheets(Unaudited and subject to
reclassification)
|
May 28, 2022 |
|
August 28, 2021 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
238,073 |
|
$ |
434,563 |
Receivables, net |
|
373,639 |
|
|
253,808 |
Inventories, net |
|
486,100 |
|
|
341,473 |
Prepaid expenses and other current assets |
|
20,806 |
|
|
29,069 |
Total current assets |
|
1,118,618 |
|
|
1,058,913 |
Property, plant, and equipment, net |
|
256,335 |
|
|
191,427 |
Goodwill |
|
484,176 |
|
|
348,058 |
Other intangible assets, net |
|
477,603 |
|
|
390,407 |
Investment in life insurance |
|
29,505 |
|
|
28,821 |
Operating lease assets |
|
42,327 |
|
|
28,379 |
Other long-term assets |
|
18,570 |
|
|
16,562 |
Total assets |
$ |
2,427,134 |
|
$ |
2,062,567 |
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
229,727 |
|
$ |
180,030 |
Income taxes payable |
|
10,754 |
|
|
8,043 |
Accrued expenses |
|
295,471 |
|
|
219,203 |
Total current liabilities |
|
535,952 |
|
|
407,276 |
Long-term debt, net |
|
541,453 |
|
|
528,559 |
Deferred income taxes |
|
8,445 |
|
|
13,429 |
Unrecognized tax benefits |
|
6,346 |
|
|
6,483 |
Long-term operating lease liabilities |
|
41,195 |
|
|
26,745 |
Deferred compensation benefits, net of current portion |
|
8,550 |
|
|
9,550 |
Other long-term liabilities |
|
21,302 |
|
|
13,582 |
Total liabilities |
|
1,163,243 |
|
|
1,005,624 |
Shareholders' equity |
|
1,263,891 |
|
|
1,056,943 |
Total liabilities and shareholders' equity |
$ |
2,427,134 |
|
$ |
2,062,567 |
Winnebago Industries,
Inc.Condensed Consolidated Statements of Cash
Flows(Unaudited and subject to
reclassification)
|
Nine Months Ended |
|
May 28, 2022 |
|
May 29, 2021 |
Operating activities |
|
|
|
Net income |
$ |
308,027 |
|
|
$ |
197,786 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
Depreciation |
|
17,031 |
|
|
|
13,476 |
|
Amortization |
|
24,203 |
|
|
|
10,771 |
|
Non-cash interest expense, net |
|
11,225 |
|
|
|
10,372 |
|
Amortization of debt issuance costs |
|
1,849 |
|
|
|
1,852 |
|
Last in, first-out expense |
|
5,878 |
|
|
|
2,321 |
|
Stock-based compensation |
|
12,518 |
|
|
|
11,719 |
|
Deferred income taxes |
|
(4,311 |
) |
|
|
(765 |
) |
Contingent consideration fair value adjustment |
|
24,717 |
|
|
|
— |
|
Other, net |
|
2,261 |
|
|
|
(4,412 |
) |
Change in operating assets and
liabilities, net of assets and liabilities acquired |
|
|
|
Receivables, net |
|
(117,391 |
) |
|
|
(7,384 |
) |
Inventories, net |
|
(129,056 |
) |
|
|
(152,398 |
) |
Prepaid expenses and other assets |
|
10,212 |
|
|
|
1,010 |
|
Accounts payable |
|
41,610 |
|
|
|
40,817 |
|
Income taxes and unrecognized tax benefits |
|
4,023 |
|
|
|
(12,771 |
) |
Accrued expenses and other liabilities |
|
32,449 |
|
|
|
35,560 |
|
Net cash provided by
operating activities |
|
245,245 |
|
|
|
147,954 |
|
|
|
|
|
Investing
activities |
|
|
|
Purchases of property, plant, and equipment |
|
(63,228 |
) |
|
|
(23,596 |
) |
Acquisition of business, net of cash acquired |
|
(228,159 |
) |
|
|
— |
|
Proceeds from the sale of property, plant, and equipment |
|
113 |
|
|
|
12,450 |
|
Other, net |
|
(60 |
) |
|
|
(224 |
) |
Net cash used in
investing activities |
|
(291,334 |
) |
|
|
(11,370 |
) |
|
|
|
|
Financing
activities |
|
|
|
Borrowings on long-term debt |
|
3,422,539 |
|
|
|
2,629,932 |
|
Repayments on long-term debt |
|
(3,422,539 |
) |
|
|
(2,629,932 |
) |
Payments of cash dividends |
|
(18,052 |
) |
|
|
(12,136 |
) |
Payments for repurchases of common stock |
|
(134,243 |
) |
|
|
(12,109 |
) |
Payments of debt issuance costs |
|
— |
|
|
|
(224 |
) |
Other, net |
|
1,894 |
|
|
|
1,151 |
|
Net cash used in
financing activities |
|
(150,401 |
) |
|
|
(23,318 |
) |
|
|
|
|
Net (decrease)/increase in
cash and cash equivalents |
|
(196,490 |
) |
|
|
113,266 |
|
Cash and cash equivalents at
beginning of period |
|
434,563 |
|
|
|
292,575 |
|
Cash and cash equivalents at
end of period |
$ |
238,073 |
|
|
$ |
405,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosures |
|
|
|
Income taxes paid, net |
$ |
97,717 |
|
|
$ |
71,090 |
|
Interest paid |
|
14,271 |
|
|
|
14,618 |
|
|
|
|
|
Non-cash investing and
financing activities |
|
|
|
Issuance of common stock for acquisition of business |
$ |
22,000 |
|
|
$ |
— |
|
Issuance of common stock for settlement of earnout liability |
|
13,168 |
|
|
|
— |
|
Capital expenditures in accounts payable |
|
4,668 |
|
|
|
121 |
|
Dividends declared not yet paid |
|
6,214 |
|
|
|
4,273 |
|
Increase (decrease) in lease assets in exchange for lease
liabilities: |
|
|
|
Operating leases |
|
17,236 |
|
|
|
1,633 |
|
Finance leases |
|
2,528 |
|
|
|
(10 |
) |
Winnebago Industries,
Inc.Supplemental Information by Reportable Segment
- Towable(in thousands, except unit
data)(Unaudited and subject to
reclassification)
|
Three Months Ended |
|
May 28, 2022 |
|
% of Revenues |
|
May 29, 2021 |
|
% of Revenues |
|
$ Change |
|
% Change |
Net revenues |
$ |
805,567 |
|
|
|
$ |
555,749 |
|
|
|
$ |
249,818 |
|
|
45.0 |
% |
Adjusted EBITDA |
|
117,767 |
|
14.6 |
% |
|
|
80,130 |
|
14.4 |
% |
|
|
37,637 |
|
|
47.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Unit deliveries |
May 28, 2022 |
|
Product Mix(1) |
|
May 29, 2021 |
|
Product Mix(1) |
|
Unit Change |
|
% Change |
Travel trailer |
|
12,031 |
|
68.1 |
% |
|
|
11,089 |
|
66.4 |
% |
|
|
942 |
|
|
8.5 |
% |
Fifth wheel |
|
5,644 |
|
31.9 |
% |
|
|
5,620 |
|
33.6 |
% |
|
|
24 |
|
|
0.4 |
% |
Total towables |
|
17,675 |
|
100.0 |
% |
|
|
16,709 |
|
100.0 |
% |
|
|
966 |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
May 28, 2022 |
|
% of Revenues |
|
May 29, 2021 |
|
% of Revenues |
|
$ Change |
|
% Change |
Net revenues |
$ |
2,103,192 |
|
|
|
$ |
1,449,934 |
|
|
|
$ |
653,258 |
|
|
45.1 |
% |
Adjusted EBITDA |
|
330,417 |
|
15.7 |
% |
|
|
205,639 |
|
14.2 |
% |
|
|
124,778 |
|
|
60.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
Unit deliveries |
May 28, 2022 |
|
Product Mix(1) |
|
May 29, 2021 |
|
Product Mix(1) |
|
Unit Change |
|
% Change |
Travel trailer |
|
33,938 |
|
68.7 |
% |
|
|
29,125 |
|
65.6 |
% |
|
|
4,813 |
|
|
16.5 |
% |
Fifth wheel |
|
15,462 |
|
31.3 |
% |
|
|
15,306 |
|
34.4 |
% |
|
|
156 |
|
|
1.0 |
% |
Total towables |
|
49,400 |
|
100.0 |
% |
|
|
44,431 |
|
100.0 |
% |
|
|
4,969 |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
May 28, 2022 |
|
|
|
May 29, 2021 |
|
|
|
Change |
|
% Change |
Backlog(2) |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
31,606 |
|
|
|
|
46,646 |
|
|
|
|
(15,040 |
) |
|
(32.2 |
)% |
Dollars |
$ |
1,312,878 |
|
|
|
$ |
1,522,069 |
|
|
|
$ |
(209,191 |
) |
|
(13.7 |
)% |
Dealer
Inventory |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
25,230 |
|
|
|
|
11,647 |
|
|
|
|
13,583 |
|
|
116.6 |
% |
(1) Percentages may not add due to rounding
differences.
(2) Our backlog includes all accepted orders from
dealers which generally have been requested to be shipped within
the next six months. Orders in backlog generally can be cancelled
or postponed at the option of the dealer at any time without
penalty; therefore, backlog may not necessarily be an accurate
measure of future sales.
Winnebago Industries,
Inc.Supplemental Information by Reportable Segment
- Motorhome(in thousands, except unit
data)(Unaudited and subject to
reclassification)
|
Three Months Ended |
|
May 28, 2022 |
|
% of Revenues |
|
May 29, 2021 |
|
% of Revenues |
|
$ Change |
|
% Change |
Net revenues |
$ |
516,345 |
|
|
|
$ |
385,257 |
|
|
|
$ |
131,088 |
|
|
34.0 |
% |
Adjusted EBITDA |
|
64,388 |
|
12.5 |
% |
|
|
37,467 |
|
9.7 |
% |
|
|
26,921 |
|
|
71.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Unit deliveries |
May 28, 2022 |
|
Product Mix(1) |
|
May 29, 2021 |
|
Product Mix(1) |
|
Unit Change |
|
% Change |
Class A |
|
672 |
|
21.0 |
% |
|
|
745 |
|
27.3 |
% |
|
|
(73 |
) |
|
(9.8 |
)% |
Class B |
|
1,801 |
|
56.3 |
% |
|
|
1,384 |
|
50.8 |
% |
|
|
417 |
|
|
30.1 |
% |
Class C |
|
728 |
|
22.7 |
% |
|
|
598 |
|
21.9 |
% |
|
|
130 |
|
|
21.7 |
% |
Total motorhomes |
|
3,201 |
|
100.0 |
% |
|
|
2,727 |
|
100.0 |
% |
|
|
474 |
|
|
17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
May 28, 2022 |
|
% of Revenues |
|
May 29, 2021 |
|
% of Revenues |
|
$ Change |
|
% Change |
Net revenues |
$ |
1,355,389 |
|
|
|
$ |
1,090,221 |
|
|
|
$ |
265,168 |
|
|
24.3 |
% |
Adjusted EBITDA |
|
160,636 |
|
11.9 |
% |
|
|
118,779 |
|
10.9 |
% |
|
|
41,857 |
|
|
35.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
Unit deliveries |
May 28, 2022 |
|
Product Mix(1) |
|
May 29, 2021 |
|
Product Mix(1) |
|
Unit Change |
|
% Change |
Class A |
|
2,004 |
|
22.9 |
% |
|
|
2,047 |
|
25.8 |
% |
|
|
(43 |
) |
|
(2.1 |
)% |
Class B |
|
4,889 |
|
55.8 |
% |
|
|
3,901 |
|
49.1 |
% |
|
|
988 |
|
|
25.3 |
% |
Class C |
|
1,874 |
|
21.4 |
% |
|
|
1,994 |
|
25.1 |
% |
|
|
(120 |
) |
|
(6.0 |
)% |
Total motorhomes |
|
8,767 |
|
100.0 |
% |
|
|
7,942 |
|
100.0 |
% |
|
|
825 |
|
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
May 28, 2022 |
|
|
|
May 29, 2021 |
|
|
|
Change |
|
% Change |
Backlog(2) |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
15,180 |
|
|
|
|
18,145 |
|
|
|
|
(2,965 |
) |
|
(16.3 |
)% |
Dollars |
$ |
2,285,236 |
|
|
|
$ |
2,180,149 |
|
|
|
$ |
105,087 |
|
|
4.8 |
% |
Dealer
Inventory |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
3,008 |
|
|
|
|
2,429 |
|
|
|
|
579 |
|
|
23.8 |
% |
(1) Percentages may not add due to rounding
differences.
(2) Our backlog includes all accepted orders from
dealers which generally have been requested to be shipped within
the next six months. Orders in backlog generally can be cancelled
or postponed at the option of the dealer at any time without
penalty; therefore, backlog may not necessarily be an accurate
measure of future sales.
Winnebago Industries,
Inc.Supplemental Information by Reportable Segment
- Marine(in thousands, except unit
data)(Unaudited and subject to
reclassification)
|
Three Months Ended |
|
May 28, 2022 |
|
% of Revenues |
|
May 29, 2021 |
|
% of Revenues |
|
$ Change |
|
% Change |
Net revenues |
$ |
126,548 |
|
|
|
$ |
17,170 |
|
|
|
$ |
109,378 |
|
637.0 |
% |
Adjusted EBITDA |
|
19,813 |
|
15.7 |
% |
|
|
1,624 |
|
9.5 |
% |
|
|
18,189 |
|
1,120.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Unit deliveries |
May 28, 2022 |
|
|
|
May 29, 2021 |
|
|
|
Unit Change |
|
% Change |
Boats |
|
1,655 |
|
|
|
|
83 |
|
|
|
|
1,572 |
|
1,894.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
May 28, 2022 |
|
% of Revenues |
|
May 29, 2021 |
|
% of Revenues |
|
$ Change |
|
% Change |
Net revenues |
|
303,175 |
|
|
|
|
43,527 |
|
|
|
$ |
259,648 |
|
596.5 |
% |
Adjusted EBITDA |
|
43,336 |
|
14.3 |
% |
|
|
3,502 |
|
8.0 |
% |
|
|
39,834 |
|
1,137.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Unit deliveries |
May 28, 2022 |
|
|
|
May 29, 2021 |
|
|
|
Unit Change |
|
% Change |
Boats |
|
4,112 |
|
|
|
|
213 |
|
|
|
|
3,899 |
|
1,830.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
May 28, 2022 |
|
|
|
May 29, 2021 |
|
|
|
Change |
|
% Change |
Backlog(1) |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
2,491 |
|
|
|
|
492 |
|
|
|
|
1,999 |
|
406.3 |
% |
Dollars |
$ |
245,416 |
|
|
|
$ |
110,472 |
|
|
|
$ |
134,944 |
|
122.2 |
% |
Dealer
Inventory |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
2,454 |
|
|
|
|
167 |
|
|
|
|
2,287 |
|
1,369.5 |
% |
(1) Our backlog includes all accepted orders from
dealers which generally have been requested to be shipped within
the next six months. Orders in backlog generally can be cancelled
or postponed at the option of the dealer at any time without
penalty; therefore, backlog may not necessarily be an accurate
measure of future sales.
Winnebago Industries,
Inc.Non-GAAP
Reconciliation(Unaudited and subject to
reclassification)
Non-GAAP financial measures, which are not calculated or
presented in accordance with accounting principles generally
accepted in the United States (“GAAP”), have been provided as
information supplemental and in addition to the financial measures
presented in the accompanying news release that are calculated and
presented in accordance with GAAP. Such non-GAAP financial measures
should not be considered superior to, as a substitute for, or as an
alternative to, and should be considered in conjunction with, the
GAAP financial measures presented in the news release. The non-GAAP
financial measures presented may differ from similar measures used
by other companies.
The following table reconciles diluted earnings per share to
Adjusted diluted earnings per share:
|
Three Months Ended |
|
Nine Months Ended |
|
May 28, 2022 |
|
May 29, 2021 |
|
May 28, 2022 |
|
May 29, 2021 |
Diluted earnings per share |
$ |
3.57 |
|
|
$ |
2.05 |
|
|
$ |
9.18 |
|
|
$ |
5.83 |
|
Acquisition-related
costs(1) |
|
0.02 |
|
|
|
— |
|
|
|
0.14 |
|
|
|
— |
|
Gain on sale of property,
plant and equipment(1) |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.14 |
) |
Litigation reserves(1) |
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
Amortization(1) |
|
0.24 |
|
|
|
0.10 |
|
|
|
0.72 |
|
|
|
0.32 |
|
Non-cash interest
expense(1,2) |
|
0.12 |
|
|
|
0.10 |
|
|
|
0.33 |
|
|
|
0.31 |
|
Contingent consideration fair
value adjustment(1) |
|
0.36 |
|
|
|
— |
|
|
|
0.74 |
|
|
|
— |
|
Tax impact of
adjustments(3) |
|
(0.18 |
) |
|
|
(0.03 |
) |
|
|
(0.50 |
) |
|
|
(0.10 |
) |
Impact of convertible share
dilution(4) |
|
— |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
|
0.01 |
|
Adjusted diluted earnings per share(5) |
$ |
4.13 |
|
|
$ |
2.24 |
|
|
$ |
10.77 |
|
|
$ |
6.22 |
|
(1) Represents a pre-tax
adjustment.(2) Non-cash interest expense associated with
the convertible notes issued as part of our acquisition of
Newmar.(3) Income tax charge calculated using the
statutory tax rate for the U.S. of 24.2% and 21.0% for Fiscal 2022
and Fiscal 2021, respectively.(4) Represents the
dilution of convertible notes which is economically offset by a
call/spread overlay that was put in place upon
issuance.(5) Per share numbers may not foot due to
rounding.
The following table reconciles net income to consolidated EBITDA
and Adjusted EBITDA.
|
Three Months Ended |
|
Nine Months Ended |
|
May 28, 2022 |
|
May 29, 2021 |
|
May 28, 2022 |
|
May 29, 2021 |
Net income |
$ |
117,222 |
|
|
$ |
71,295 |
|
|
$ |
308,027 |
|
|
$ |
197,786 |
|
Interest expense, net |
|
10,511 |
|
|
|
10,229 |
|
|
|
31,078 |
|
|
|
30,222 |
|
Provision for income
taxes |
|
37,326 |
|
|
|
21,005 |
|
|
|
96,227 |
|
|
|
59,728 |
|
Depreciation |
|
6,264 |
|
|
|
4,917 |
|
|
|
17,031 |
|
|
|
13,476 |
|
Amortization |
|
8,016 |
|
|
|
3,590 |
|
|
|
24,203 |
|
|
|
10,771 |
|
EBITDA |
|
179,339 |
|
|
|
111,036 |
|
|
|
476,566 |
|
|
|
311,983 |
|
Acquisition-related costs |
|
724 |
|
|
|
— |
|
|
|
4,594 |
|
|
|
— |
|
Litigation reserves |
|
— |
|
|
|
— |
|
|
|
4,000 |
|
|
|
— |
|
Restructuring expenses |
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
112 |
|
Gain on sale of property,
plant and equipment |
|
— |
|
|
|
(1,188 |
) |
|
|
— |
|
|
|
(4,753 |
) |
Contingent consideration fair
value adjustment |
|
11,830 |
|
|
|
— |
|
|
|
24,717 |
|
|
|
— |
|
Non-operating income |
|
(172 |
) |
|
|
(93 |
) |
|
|
(195 |
) |
|
|
(310 |
) |
Adjusted EBITDA |
$ |
191,721 |
|
|
$ |
109,774 |
|
|
$ |
509,682 |
|
|
$ |
307,032 |
|
Non-GAAP performance measures of Adjusted diluted earnings per
share, EBITDA and Adjusted EBITDA have been provided as comparable
measures to illustrate the effect of non-recurring transactions
occurring during the reported periods and to improve comparability
of our results from period to period. Adjusted diluted earnings per
share is defined as diluted earnings per share adjusted for
after-tax items that impact the comparability of our results from
period to period. EBITDA is defined as net income before interest
expense, provision for income taxes, and depreciation and
amortization expense. Adjusted EBITDA is defined as net income
before interest expense, provision (benefit) for income taxes,
depreciation and amortization expense and other pretax adjustments
made in order to present comparable results from period to period.
Management believes Adjusted diluted earnings per share and
Adjusted EBITDA provide meaningful supplemental information about
our operating performance because these measures exclude amounts
that we do not consider part of our core operating results when
assessing our performance. Examples of items excluded from Adjusted
diluted earnings per share include acquisition-related costs, gain
on sale of property, plant and equipment, litigation reserves,
amortization, non-cash interest expense, contingent consideration
fair value adjustment, impact of convertible share dilution and the
tax impact of the adjustments. Examples of items excluded from
Adjusted EBITDA include acquisition-related costs, litigation
reserves, restructuring expenses, gain or loss on sale of property,
plant and equipment, contingent consideration fair value
adjustment, and non-operating income or loss.
Management uses these non-GAAP financial measures (a) to
evaluate historical and prospective financial performance and
trends as well as assess performance relative to competitors and
peers; (b) to measure operational profitability on a
consistent basis; (c) in presentations to the members of our Board
of Directors to enable our Board of Directors to have the same
measurement basis of operating performance as is used by management
in its assessments of performance and in forecasting and budgeting
for the Company; (d) to evaluate potential acquisitions; and (e) to
ensure compliance with restricted activities under the terms of our
asset-based revolving ("ABL") credit facility and outstanding
notes. Management believes these non-GAAP financial measures are
frequently used by securities analysts, investors and other
interested parties to evaluate companies in our industry.
Winnebago Industries (NYSE:WGO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Winnebago Industries (NYSE:WGO)
Historical Stock Chart
From Mar 2023 to Mar 2024