(Exact Name of Registrant as Specified in its Charter) |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
WINNEBAGO INDUSTRIES, INC. | ||||||||||||||
Date: | March 21, 2024 | By: | /s/ Bryan L. Hughes | |||||||||||
Name: | Bryan L. Hughes | |||||||||||||
Title: | Chief Financial Officer and Senior Vice President | |||||||||||||
(Principal Financial and Accounting Officer) |
News Release |
Three Months Ended | |||||||||||||||||
($, in millions) | February 24, 2024 | February 25, 2023 | Change(1) | ||||||||||||||
Net revenues | $ | 284.7 | $ | 342.5 | (16.9) | % | |||||||||||
Adjusted EBITDA | $ | 26.8 | $ | 39.3 | (31.8) | % | |||||||||||
Adjusted EBITDA Margin | 9.4 | % | 11.5 | % | (210) bps |
($, in millions) | February 24, 2024 | February 25, 2023 | Change(1) | ||||||||||||||
Backlog | $ | 222.3 | $ | 278.2 | (20.1) | % |
Three Months Ended | |||||||||||||||||
($, in millions) | February 24, 2024 | February 25, 2023 | Change(1) | ||||||||||||||
Net revenues | $ | 338.4 | $ | 403.8 | (16.2) | % | |||||||||||
Adjusted EBITDA | $ | 26.0 | $ | 42.5 | (38.9) | % | |||||||||||
Adjusted EBITDA Margin | 7.7 | % | 10.5 | % | (280) bps |
($, in millions) | February 24, 2024 | February 25, 2023 | Change(1) | ||||||||||||||
Backlog | $ | 452.2 | $ | 872.7 | (48.2) | % |
Three Months Ended | |||||||||||||||||
($, in millions) | February 24, 2024 | February 25, 2023 | Change(1) | ||||||||||||||
Net revenues | $ | 69.8 | $ | 112.9 | (38.2) | % | |||||||||||
Adjusted EBITDA | $ | 4.4 | $ | 14.4 | (69.7) | % | |||||||||||
Adjusted EBITDA Margin | 6.3 | % | 12.8 | % | (650) bps |
($, in millions) | February 24, 2024 | February 25, 2023 | Change(1) | ||||||||||||||
Backlog | $ | 102.9 | $ | 238.5 | (56.9) | % |
Three Months Ended | |||||||||||||||||||||||
(in millions, except percent and per share data) | February 24, 2024 | February 25, 2023 | |||||||||||||||||||||
Net revenues | $ | 703.6 | 100.0 | % | $ | 866.7 | 100.0 | % | |||||||||||||||
Cost of goods sold | 598.3 | 85.0 | % | 719.9 | 83.1 | % | |||||||||||||||||
Gross profit | 105.3 | 15.0 | % | 146.8 | 16.9 | % | |||||||||||||||||
Selling, general, and administrative expenses | 64.2 | 9.1 | % | 66.2 | 7.6 | % | |||||||||||||||||
Amortization | 5.7 | 0.8 | % | 3.8 | 0.4 | % | |||||||||||||||||
Total operating expenses | 69.9 | 9.9 | % | 70.0 | 8.1 | % | |||||||||||||||||
Operating income | 35.4 | 5.0 | % | 76.8 | 8.9 | % | |||||||||||||||||
Interest expense, net | 5.3 | 0.8 | % | 5.3 | 0.6 | % | |||||||||||||||||
Loss on note repurchase | 32.7 | 4.7 | % | — | — | % | |||||||||||||||||
Non-operating loss | 3.0 | 0.4 | % | 1.8 | 0.2 | % | |||||||||||||||||
(Loss) income before income taxes | (5.6) | (0.8) | % | 69.7 | 8.0 | % | |||||||||||||||||
Provision for income taxes | 7.1 | 1.0 | % | 16.9 | 2.0 | % | |||||||||||||||||
Net (loss) income | $ | (12.7) | (1.8) | % | $ | 52.8 | 6.1 | % | |||||||||||||||
(Loss) earnings per common share: | |||||||||||||||||||||||
Basic | $ | (0.43) | $ | 1.73 | |||||||||||||||||||
Diluted | $ | (0.43) | $ | 1.52 | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 29.2 | 30.5 | |||||||||||||||||||||
Diluted | 29.2 | 35.5 | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
(in millions, except percent and per share data) | February 24, 2024 | February 25, 2023 | |||||||||||||||||||||
Net revenues | $ | 1,466.6 | 100.0 | % | $ | 1,818.9 | 100.0 | % | |||||||||||||||
Cost of goods sold | 1,245.5 | 84.9 | % | 1,511.7 | 83.1 | % | |||||||||||||||||
Gross profit | 221.1 | 15.1 | % | 307.2 | 16.9 | % | |||||||||||||||||
Selling, general, and administrative expenses | 135.3 | 9.2 | % | 136.9 | 7.5 | % | |||||||||||||||||
Amortization | 11.3 | 0.8 | % | 7.6 | 0.4 | % | |||||||||||||||||
Total operating expenses | 146.6 | 10.0 | % | 144.5 | 7.9 | % | |||||||||||||||||
Operating income | 74.5 | 5.1 | % | 162.7 | 8.9 | % | |||||||||||||||||
Interest expense, net | 9.4 | 0.6 | % | 11.2 | 0.6 | % | |||||||||||||||||
Loss on note repurchase | 32.7 | 2.2 | % | — | — | % | |||||||||||||||||
Non-operating loss | 3.6 | 0.2 | % | 2.1 | 0.1 | % | |||||||||||||||||
Income before income taxes | 28.8 | 2.0 | % | 149.4 | 8.2 | % | |||||||||||||||||
Provision for income taxes | 15.7 | 1.1 | % | 36.4 | 2.0 | % | |||||||||||||||||
Net income | $ | 13.1 | 0.9 | % | $ | 113.0 | 6.2 | % | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.45 | $ | 3.71 | |||||||||||||||||||
Diluted | $ | 0.44 | $ | 3.25 | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 29.4 | 30.5 | |||||||||||||||||||||
Diluted | 29.7 | 35.5 |
(in millions) | February 24, 2024 | August 26, 2023 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 265.7 | $ | 309.9 | |||||||
Receivables, net | 234.4 | 178.5 | |||||||||
Inventories, net | 465.8 | 470.6 | |||||||||
Prepaid expenses and other current assets | 36.3 | 37.7 | |||||||||
Total current assets | 1,002.2 | 996.7 | |||||||||
Property, plant, and equipment, net | 333.7 | 327.3 | |||||||||
Goodwill | 514.5 | 514.5 | |||||||||
Other intangible assets, net | 490.7 | 502.0 | |||||||||
Investment in life insurance | 30.1 | 29.3 | |||||||||
Operating lease assets | 39.9 | 42.6 | |||||||||
Deferred income tax assets, net | 3.2 | — | |||||||||
Other long-term assets | 19.6 | 20.0 | |||||||||
Total assets | $ | 2,433.9 | $ | 2,432.4 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 138.0 | $ | 146.9 | |||||||
Accrued expenses | 215.2 | 249.1 | |||||||||
Total current liabilities | 353.2 | 396.0 | |||||||||
Long-term debt, net | 694.8 | 592.4 | |||||||||
Deferred income tax liabilities, net | — | 11.7 | |||||||||
Unrecognized tax benefits | 6.6 | 6.1 | |||||||||
Long-term operating lease liabilities | 39.3 | 42.0 | |||||||||
Deferred compensation benefits, net of current portion | 7.3 | 7.9 | |||||||||
Other long-term liabilities | 8.1 | 8.2 | |||||||||
Total liabilities | 1,109.3 | 1,064.3 | |||||||||
Shareholders' equity | 1,324.6 | 1,368.1 | |||||||||
Total liabilities and shareholders' equity | $ | 2,433.9 | $ | 2,432.4 |
Six Months Ended | |||||||||||
(in millions) | February 24, 2024 | February 25, 2023 | |||||||||
Operating activities | |||||||||||
Net income | $ | 13.1 | $ | 113.0 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation | 16.6 | 13.3 | |||||||||
Amortization | 11.3 | 7.6 | |||||||||
Amortization of debt issuance costs | 1.6 | 1.5 | |||||||||
Last in, first-out expense | 0.1 | 1.7 | |||||||||
Stock-based compensation | 8.1 | 6.5 | |||||||||
Deferred income taxes | 1.9 | (1.5) | |||||||||
Loss on note repurchase | 32.7 | — | |||||||||
Contingent consideration fair value adjustment | 1.1 | 2.0 | |||||||||
Other, net | 3.0 | — | |||||||||
Change in operating assets and liabilities, net of assets and liabilities acquired | |||||||||||
Receivables, net | (55.9) | (27.2) | |||||||||
Inventories, net | 4.3 | (16.3) | |||||||||
Prepaid expenses and other assets | 1.3 | 0.4 | |||||||||
Accounts payable | (8.6) | (50.1) | |||||||||
Income taxes and unrecognized tax benefits | 3.5 | (5.4) | |||||||||
Accrued expenses and other liabilities | (30.3) | (28.7) | |||||||||
Net cash provided by operating activities | 3.8 | 16.8 | |||||||||
Investing activities | |||||||||||
Purchases of property, plant, and equipment | (22.8) | (49.4) | |||||||||
Other, net | (2.7) | 0.8 | |||||||||
Net cash used in investing activities | (25.5) | (48.6) | |||||||||
Financing activities | |||||||||||
Borrowings on long-term debt | 1,805.7 | 1,808.5 | |||||||||
Repayments on long-term debt | (1,749.5) | (1,808.5) | |||||||||
Payments for convertible note bond hedge | (68.7) | — | |||||||||
Proceeds from issuance of convertible note warrant | 31.3 | — | |||||||||
Proceeds from partial unwind of convertible note bond hedge | 55.8 | — | |||||||||
Payments for partial unwind of convertible note warrant | (25.3) | — | |||||||||
Payments of cash dividends | (18.7) | (16.8) | |||||||||
Payments for repurchases of common stock | (44.2) | (4.9) | |||||||||
Payments of debt issuance costs | (9.7) | — | |||||||||
Other, net | 0.8 | 0.6 | |||||||||
Net cash used in financing activities | (22.5) | (21.1) | |||||||||
Net decrease in cash and cash equivalents | (44.2) | (52.9) | |||||||||
Cash and cash equivalents at beginning of period | 309.9 | 282.2 | |||||||||
Cash and cash equivalents at end of period | $ | 265.7 | $ | 229.3 | |||||||
Supplemental Disclosures | |||||||||||
Income taxes paid, net | $ | 10.8 | $ | 42.0 | |||||||
Interest paid | 13.2 | 12.1 | |||||||||
Non-cash investing and financing activities | |||||||||||
Capital expenditures in accounts payable | $ | 2.7 | $ | 4.5 | |||||||
Accrued debt issuance costs | $ | 0.5 | $ | — | |||||||
Increase in lease assets in exchange for lease liabilities: | |||||||||||
Operating leases | — | 3.5 | |||||||||
Finance leases | 0.7 | — | |||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
February 24, 2024 | % of Revenues(1) | February 25, 2023 | % of Revenues(1) | $ Change(1) | % Change(1) | ||||||||||||||||||||||||||||||
Net revenues | $ | 284.7 | $ | 342.5 | $ | (57.8) | (16.9) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 26.8 | 9.4 | % | 39.3 | 11.5 | % | (12.5) | (31.8) | % | ||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Unit deliveries | February 24, 2024 | Product Mix(2) | February 25, 2023 | Product Mix(2) | Unit Change | % Change | |||||||||||||||||||||||||||||
Travel trailer | 4,486 | 66.5 | % | 5,023 | 67.5 | % | (537) | (10.7) | % | ||||||||||||||||||||||||||
Fifth wheel | 2,261 | 33.5 | % | 2,413 | 32.5 | % | (152) | (6.3) | % | ||||||||||||||||||||||||||
Total Towable RV | 6,747 | 100.0 | % | 7,436 | 100.0 | % | (689) | (9.3) | % | ||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
February 24, 2024 | % of Revenues(1) | February 25, 2023 | % of Revenues(1) | $ Change(1) | % Change(1) | ||||||||||||||||||||||||||||||
Net revenues | $ | 615.5 | $ | 689.8 | $ | (74.3) | (10.8) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 59.9 | 9.7 | % | 75.6 | 11.0 | % | (15.7) | (20.8) | % | ||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
Unit deliveries | February 24, 2024 | Product Mix(2) | February 25, 2023 | Product Mix(2) | Unit Change | % Change | |||||||||||||||||||||||||||||
Travel trailer | 9,867 | 67.6 | % | 9,673 | 66.1 | % | 194 | 2.0 | % | ||||||||||||||||||||||||||
Fifth wheel | 4,726 | 32.4 | % | 4,954 | 33.9 | % | (228) | (4.6) | % | ||||||||||||||||||||||||||
Total Towable RV | 14,593 | 100.0 | % | 14,627 | 100.0 | % | (34) | (0.2) | % | ||||||||||||||||||||||||||
February 24, 2024 | February 25, 2023 | Change(1) | % Change(1) | ||||||||||||||||||||||||||||||||
Backlog(3) | |||||||||||||||||||||||||||||||||||
Units | 5,273 | 5,841 | (568) | (9.7) | % | ||||||||||||||||||||||||||||||
Dollars | $ | 222.3 | $ | 278.2 | $ | (55.9) | (20.1) | % | |||||||||||||||||||||||||||
Dealer Inventory | |||||||||||||||||||||||||||||||||||
Units | 18,106 | 22,354 | (4,248) | (19.0) | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
February 24, 2024 | % of Revenues(1) | February 25, 2023 | % of Revenues(1) | $ Change(1) | % Change(1) | ||||||||||||||||||||||||||||||
Net revenues | $ | 338.4 | $ | 403.8 | $ | (65.5) | (16.2) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 26.0 | 7.7 | % | 42.5 | 10.5 | % | (16.6) | (38.9) | % | ||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Unit deliveries | February 24, 2024 | Product Mix(2) | February 25, 2023 | Product Mix(2) | Unit Change | % Change | |||||||||||||||||||||||||||||
Class A | 371 | 20.5 | % | 517 | 23.9 | % | (146) | (28.2) | % | ||||||||||||||||||||||||||
Class B | 648 | 35.8 | % | 893 | 41.2 | % | (245) | (27.4) | % | ||||||||||||||||||||||||||
Class C | 792 | 43.7 | % | 755 | 34.9 | % | 37 | 4.9 | % | ||||||||||||||||||||||||||
Total Motorhome RV | 1,811 | 100.0 | % | 2,165 | 100.0 | % | (354) | (16.4) | % | ||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
February 24, 2024 | % of Revenues(1) | February 25, 2023 | % of Revenues(1) | $ Change(1) | % Change(1) | ||||||||||||||||||||||||||||||
Net revenues | $ | 672.8 | $ | 868.0 | $ | (195.3) | (22.5) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 47.3 | 7.0 | % | 92.8 | 10.7 | % | (45.5) | (49.0) | % | ||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
Unit deliveries | February 24, 2024 | Product Mix(2) | February 25, 2023 | Product Mix(2) | Unit Change | % Change | |||||||||||||||||||||||||||||
Class A | 852 | 24.1 | % | 1,210 | 25.9 | % | (358) | (29.6) | % | ||||||||||||||||||||||||||
Class B | 1,339 | 37.9 | % | 2,215 | 47.4 | % | (876) | (39.5) | % | ||||||||||||||||||||||||||
Class C | 1,341 | 38.0 | % | 1,248 | 26.7 | % | 93 | 7.5 | % | ||||||||||||||||||||||||||
Total Motorhome RV | 3,532 | 100.0 | % | 4,673 | 100.0 | % | (1,141) | (24.4) | % | ||||||||||||||||||||||||||
February 24, 2024 | February 25, 2023 | Change(1) | % Change(1) | ||||||||||||||||||||||||||||||||
Backlog(3) | |||||||||||||||||||||||||||||||||||
Units | 2,582 | 5,341 | (2,759) | (51.7) | % | ||||||||||||||||||||||||||||||
Dollars | $ | 452.2 | $ | 872.7 | $ | (420.5) | (48.2) | % | |||||||||||||||||||||||||||
Dealer Inventory | |||||||||||||||||||||||||||||||||||
Units | 4,844 | 4,800 | 44 | 0.9 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
February 24, 2024 | % of Revenues(1) | February 25, 2023 | % of Revenues(1) | $ Change(1) | % Change(1) | ||||||||||||||||||||||||||||||
Net revenues | $ | 69.8 | $ | 112.9 | $ | (43.2) | (38.2) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 4.4 | 6.3 | % | 14.4 | 12.8 | % | (10.1) | (69.7) | % | ||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Unit deliveries | February 24, 2024 | February 25, 2023 | Unit Change | % Change | |||||||||||||||||||||||||||||||
Boats | 862 | 1,266 | (404) | (31.9) | % | ||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
February 24, 2024 | % of Revenues(1) | February 25, 2023 | % of Revenues(1) | $ Change(1) | % Change(1) | ||||||||||||||||||||||||||||||
Net revenues | $ | 157.1 | $ | 244.3 | $ | (87.2) | (35.7) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 11.6 | 7.4 | % | 32.9 | 13.5 | % | (21.3) | (64.8) | % | ||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
Unit deliveries | February 24, 2024 | February 25, 2023 | Unit Change | % Change | |||||||||||||||||||||||||||||||
Boats | 1,980 | 2,966 | (986) | (33.2) | % | ||||||||||||||||||||||||||||||
February 24, 2024 | February 25, 2023 | Change(1) | % Change(1) | ||||||||||||||||||||||||||||||||
Backlog(2) | |||||||||||||||||||||||||||||||||||
Units | 1,194 | 2,511 | (1,317) | (52.4) | % | ||||||||||||||||||||||||||||||
Dollars | $ | 102.9 | $ | 238.5 | $ | (135.6) | (56.9) | % | |||||||||||||||||||||||||||
Dealer Inventory(3) | |||||||||||||||||||||||||||||||||||
Units | 4,095 | 4,016 | 79 | 2.0 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
February 24, 2024 | February 25, 2023 | February 24, 2024 | February 25, 2023 | ||||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.43) | $ | 1.52 | $ | 0.44 | $ | 3.25 | |||||||||||||||
Acquisition-related costs(1) | 0.01 | 0.03 | 0.05 | 0.05 | |||||||||||||||||||
Amortization(1) | 0.19 | 0.11 | 0.38 | 0.21 | |||||||||||||||||||
Change in fair value of note receivable(1) | 0.10 | — | 0.10 | — | |||||||||||||||||||
Contingent consideration fair value adjustment(1) | 0.01 | 0.04 | 0.04 | 0.06 | |||||||||||||||||||
Tax impact of adjustments(2) | (0.07) | (0.04) | (0.13) | (0.08) | |||||||||||||||||||
Impact of call spread overlay(3) | — | 0.22 | — | 0.46 | |||||||||||||||||||
Loss on note repurchase | 1.12 | — | 1.10 | — | |||||||||||||||||||
Adjusted diluted earnings per share(4) | $ | 0.93 | $ | 1.88 | $ | 1.98 | $ | 3.95 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in millions) | February 24, 2024 | February 25, 2023 | February 24, 2024 | February 25, 2023 | |||||||||||||||||||
Net (loss) income | $ | (12.7) | $ | 52.8 | $ | 13.1 | $ | 113.0 | |||||||||||||||
Interest expense, net | 5.3 | 5.3 | 9.4 | 11.2 | |||||||||||||||||||
Provision for income taxes | 7.1 | 16.9 | 15.7 | 36.4 | |||||||||||||||||||
Depreciation | 8.5 | 6.7 | 16.6 | 13.3 | |||||||||||||||||||
Amortization | 5.7 | 3.8 | 11.3 | 7.6 | |||||||||||||||||||
EBITDA | 13.9 | 85.5 | 66.1 | 181.5 | |||||||||||||||||||
Acquisition-related costs | 0.2 | 1.1 | 1.5 | 1.7 | |||||||||||||||||||
Change in fair value of note receivable | 3.0 | — | 3.0 | — | |||||||||||||||||||
Contingent consideration fair value adjustment | 0.3 | 1.6 | 1.1 | 2.0 | |||||||||||||||||||
Loss on note repurchase | 32.7 | — | 32.7 | — | |||||||||||||||||||
Non-operating (income) loss | (0.3) | 0.2 | (0.5) | 0.2 | |||||||||||||||||||
Adjusted EBITDA | $ | 49.8 | $ | 88.4 | $ | 103.9 | $ | 185.4 |
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Cover page |
Mar. 21, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 21, 2024 |
Entity Registrant Name | Winnebago Industries, Inc. |
Entity Incorporation, State or Country Code | MN |
Entity File Number | 001-06403 |
Entity Tax Identification Number | 42-0802678 |
Entity Address, Address Line One | 13200 Pioneer Trail |
Entity Address, City or Town | Eden Prairie |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55347 |
City Area Code | 952 |
Local Phone Number | 829-8600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.50 par value per share |
Trading Symbol | WGO |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000107687 |
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