10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

Commission File Number: 001-13646

LCI INDUSTRIES

(Exact name of registrant as specified in its charter)

Delaware		13-3250533
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)
3501 County Road 6 East		46514
Elkhart,	Indiana	(Zip Code)
(Address of principal executive offices)

(574) 535-1125

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report) N/A

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	LCII	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

1

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒                           Accelerated filer ☐

Non-accelerated filer ☐                        Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares outstanding of the registrant’s common stock, as of the latest practicable date (July 31, 2025) was 24,244,283 shares of common stock.

2

LCI INDUSTRIES

TABLE OF CONTENTS

		Page
PART I –	FINANCIAL INFORMATION
	ITEM 1 – FINANCIAL STATEMENTS
	CONDENSED CONSOLIDATED STATEMENTS OF INCOME	4
	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5
	CONDENSED CONSOLIDATED BALANCE SHEETS	6
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	7
	CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	9
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	11
	ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26
	ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	37
	ITEM 4 – CONTROLS AND PROCEDURES	37
PART II –	OTHER INFORMATION
	ITEM 1 – LEGAL PROCEEDINGS	38
	ITEM 1A – RISK FACTORS	38
	ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	38
	ITEM 5 – OTHER INFORMATION	39
	ITEM 6 – EXHIBITS	39
SIGNATURES		40
EXHIBIT 31.1 - SECTION 302 CEO CERTIFICATION
EXHIBIT 31.2 - SECTION 302 CFO CERTIFICATION
EXHIBIT 32.1 - SECTION 906 CEO CERTIFICATION
EXHIBIT 32.2 - SECTION 906 CFO CERTIFICATION

3

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2025		2024		2025		2024
(In thousands, except per share amounts)
Net sales	$	1,107,250	$	1,054,544	$	2,152,840	$	2,022,573
Cost of sales	837,229		788,099		1,631,070		1,532,222
Gross profit	270,021		266,445		521,770		490,351
Selling, general and administrative expenses	182,217		175,841		352,649		342,136
Operating profit	87,804		90,604		169,121		148,215
Interest expense, net	9,689		7,962		15,680		17,283
Loss on extinguishment of debt	—		—		8,053		—
Income before income taxes	78,115		82,642		145,388		130,932
Provision for income taxes	20,480		21,479		38,315		33,224
Net income	$	57,635	$	61,163	$	107,073	$	97,708
Net income per common share:
Basic	$	2.29	$	2.40	$	4.23	$	3.86
Diluted	$	2.29	$	2.40	$	4.23	$	3.85
Weighted average common shares outstanding:
Basic	25,157		25,473		25,297		25,344
Diluted	25,157		25,504		25,297		25,367

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2025		2024		2025		2024
(In thousands)
Net income	$	57,635	$	61,163	$	107,073	$	97,708
Other comprehensive income:
Net foreign currency translation adjustment	22,268		(1,458)		32,697		(4,721)
Actuarial loss on pension plans	—		(345)		—		(345)
Total comprehensive income	$	79,903	$	59,360	$	139,770	$	92,642

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

LCI INDUSTRIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30,		December 31,
	2025		2024
(In thousands, except per share amount)
ASSETS
Current assets
Cash and cash equivalents	$	191,931	$	165,756
Accounts receivable, net of allowances of $8,622 and $5,439 at June 30, 2025 and December 31, 2024, respectively	386,074		199,560
Inventories, net	710,288		736,604
Prepaid expenses and other current assets	69,952		58,318
Total current assets	1,358,245		1,160,238
Fixed assets, net	433,012		432,728
Goodwill	618,898		585,773
Other intangible assets, net	423,037		392,018
Operating lease right-of-use assets	239,865		224,313
Other long-term assets	101,081		99,669
Total assets	$	3,174,138	$	2,894,739
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term indebtedness	$	3,677	$	423
Accounts payable, trade	228,092		187,684
Current portion of operating lease obligations	39,450		38,671
Accrued expenses and other current liabilities	213,079		185,275
Total current liabilities	484,298		412,053
Long-term indebtedness	944,313		756,830
Operating lease obligations	215,695		199,929
Deferred taxes	16,793		26,110
Other long-term liabilities	127,939		112,931
Total liabilities	1,789,038		1,507,853
Stockholders' equity
Common stock, par value $.01 per share	289		288
Paid-in capital	242,490		257,486
Retained earnings	1,255,463		1,208,096
Accumulated other comprehensive income	35,929		3,232
Stockholders' equity before treasury stock	1,534,171		1,469,102
Treasury stock, at cost	(149,071)		(82,216)
Total stockholders' equity	1,385,100		1,386,886
Total liabilities and stockholders' equity	$	3,174,138	$	2,894,739

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended  June 30,
(In thousands)	2025		2024
Cash flows from operating activities:
Net income	$	107,073	$	97,708
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	59,865		64,728
Stock-based compensation expense	10,949		9,301
Loss on extinguishment of debt	8,053		—
Other non-cash items	6,514		2,238
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	(168,012)		(118,962)
Inventories, net	62,977		96,351
Prepaid expenses and other assets	(4,899)		(2,746)
Accounts payable, trade	33,012		18,977
Accrued expenses and other liabilities	39,405		17,687
Net cash flows provided by operating activities	154,937		185,282
Cash flows from investing activities:
Capital expenditures	(21,774)		(21,328)
Acquisitions of businesses	(98,187)		(19,957)
Other investing activities	(3,389)		552
Net cash flows used in investing activities	(123,350)		(40,733)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes	(4,858)		(9,111)
Proceeds from revolving credit facility	—		86,248
Repayments under revolving credit facility	(19,261)		(87,766)
Proceeds from term loan borrowings	391,000		—
Repayments under term loan and other borrowings	(281,525)		(15,007)
Proceeds from issuance of convertible notes	448,500		—
Repurchase of convertible notes	(368,920)		—
Purchases of convertible note hedge contracts	(67,574)		—
Proceeds from issuance of warrants concurrent with note hedge contracts	27,600		—
Partial unwind of convertible note hedge and warrants	1,378		—
Payment of debt issuance costs	(4,821)		—
Payment of dividends	(58,388)		(53,455)
Repurchases of common stock	(66,338)		—
Other financing activities	(895)		(2)
Net cash flows used in financing activities	(4,102)		(79,093)
Effect of exchange rate changes on cash and cash equivalents	(1,310)		(1,195)
Net increase in cash and cash equivalents	26,175		64,261
Cash and cash equivalents at beginning of period	165,756		66,157
Cash and cash equivalents at end of period	$	191,931	$	130,418

7

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended  June 30,
(In thousands)	2025		2024
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	15,432	$	17,364
Income taxes, net of refunds	$	24,676	$	16,561
Non-cash investing and financing activities:
Purchase of property and equipment in accrued expenses	$	168	$	429

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

8

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except shares and per share amounts)	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Total Stockholders’ Equity
Balance - December 31, 2023	$	287	$	245,659	$	1,177,034	$	14,272	$	(82,216)	$	1,355,036
Net income	—		—		36,545		—		—		36,545
Issuance of 122,023 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	1		(9,041)		—		—		—		(9,040)
Stock-based compensation expense	—		4,327		—		—		—		4,327
Other comprehensive loss	—		—		—		(3,263)		—		(3,263)
Cash dividends ($1.05 per share)	—		—		(26,721)		—		—		(26,721)
Dividend equivalents on stock-based awards	—		569		(569)		—		—		—
Balance - March 31, 2024	$	288	$	241,514	$	1,186,289	$	11,009	$	(82,216)	$	1,356,884
Net income	—		—		61,163		—		—		61,163
Issuance of 14,059 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	—		(71)		—		—		—		(71)
Stock-based compensation expense	—		4,974		—		—		—		4,974
Other comprehensive loss	—		—		—		(1,803)		—		(1,803)
Cash dividends ($1.05 per share)	—		—		(26,734)		—		—		(26,734)
Dividend equivalents on stock-based awards	—		567		(567)		—		—		—
Balance - June 30, 2024	$	288	$	246,984	$	1,220,151	$	9,206	$	(82,216)	$	1,394,413

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

9

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except shares and per share amounts)	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Total Stockholders’ Equity
Balance - December 31, 2024	$	288	$	257,486	$	1,208,096	$	3,232	$	(82,216)	$	1,386,886
Net income	—		—		49,438		—		—		49,438
Issuance of 82,153 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	1		(4,814)		—		—		—		(4,813)
Stock-based compensation expense	—		4,933		—		—		—		4,933
Purchase of convertible note hedge contracts, net of tax	—		(51,382)		—		—		—		(51,382)
Issuance of warrants	—		27,600		—		—		—		27,600
Partial unwind of convertible note hedge and warrants	—		1,378		—		—		—		1,378
Repurchase of 308,898 shares of common stock, including excise tax	—		—		—		—		(28,404)		(28,404)
Other comprehensive income	—		—		—		10,429		—		10,429
Cash dividends ($1.15 per share)	—		—		(29,352)		—		—		(29,352)
Dividend equivalents on stock-based awards	—		655		(655)		—		—		—
Balance - March 31, 2025	$	289	$	235,856	$	1,227,527	$	13,661	$	(110,620)	$	1,366,713
Net income	—		—		57,635		—		—		57,635
Issuance of 14,065 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	—		(45)		—		—		—		(45)
Stock-based compensation expense	—		6,016		—		—		—		6,016
Repurchase of 424,132 shares of common stock, including excise tax	—		—		—		—		(38,451)		(38,451)
Other comprehensive income	—		—		—		22,268		—		22,268
Cash dividends ($1.15 per share)	—		—		(29,036)		—		—		(29,036)
Dividend equivalents on stock-based awards	—		663		(663)		—		—		—
Balance - June 30, 2025	$	289	$	242,490	$	1,255,463	$	35,929	$	(149,071)	$	1,385,100

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

10

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.    BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.

LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), the Company also caters to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online. At June 30, 2025, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

The Company's results are influenced by seasonal demand patterns, with sales and profits typically strongest in the second quarter and weakest in the fourth quarter. However, economic conditions, dealer inventory fluctuations, and consumer trends can impact these patterns. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events, except as disclosed in these Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

11

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2024 and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as debt extinguishments. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company will adopt this ASU for the year ending December 31, 2025, and it will only impact the Company's disclosures with no impacts to its financial condition or results of operations.

3.    EARNINGS PER SHARE

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

	Three Months Ended  June 30,		Six Months Ended  June 30,
(In thousands)	2025	2024	2025	2024
Weighted average shares outstanding for basic earnings per share	25,157	25,473	25,297	25,344
Common stock equivalents pertaining to stock-based awards	—	31	—	23
Weighted average shares outstanding for diluted earnings per share	25,157	25,504	25,297	25,367
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive	309	289	307	290

2030 Convertible Notes

For the Company's 3.000 percent convertible senior notes due 2030 (the "2030 Convertible Notes") issued in March 2025, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2030 Convertible Notes, dated March 14, 2025, by and between the Company and U.S. Bank Trust Company,

12

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

National Association, as trustee (the "2030 Notes Indenture”), to settle the principal amount of the 2030 Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company’s common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2030 Convertible Notes are converted. Because the average closing price of the Company’s common stock for the period from issuance through June 30, 2025 and for the three months ended June 30, 2025, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $116.62, all associated shares were antidilutive.

In conjunction with the issuance of the 2030 Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the “2030 Counterparties”), sold warrants to purchase 3.9 million shares of the Company’s common stock (the “2030 Warrants”). The 2030 Warrants have a strike price of $182.94 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the 2030 Warrants, the Company uses the treasury stock method, which assumes exercise of the 2030 Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the 2030 Warrants are assumed to be used to repurchase shares of the Company’s common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the 2030 Warrants less the number of shares repurchased, are included in diluted shares. For the period from issuance through June 30, 2025 and for the three months ended June 30, 2025, the average share price was below the Warrant strike price of $182.94 per share, and therefore 3.9 million shares were considered antidilutive.

In connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated call option contracts on the Company’s common stock (the “2030 Convertible Note Hedge Transactions”) with the 2030 Counterparties. The aggregate cost to the Company of the 2030 Convertible Note Hedge Transactions was $67.6 million pursuant to the 2030 Convertible Note Hedge Transactions. The 2030 Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2030 Convertible Notes, approximately 3.9 million shares of the Company’s common stock, the same number of shares initially underlying the 2030 Convertible Notes, at a strike price of approximately $116.62, subject to customary anti-dilution adjustments. The 2030 Convertible Note Hedge Transactions will expire upon the maturity of the 2030 Convertible Notes, subject to earlier exercise or termination. Exercise of the 2030 Convertible Note Hedge Transactions would reduce the number of shares of the Company’s common stock outstanding, and therefore would be antidilutive.

2026 Convertible Notes

For the Company's 1.125 percent convertible senior notes due 2026 (the "2026 Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2026 Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "2026 Notes Indenture"), to settle the principal amount of the 2026 Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2026 Convertible Notes are converted. Because the average closing price of the Company's common stock for each of the three and six months ended June 30, 2025, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.

In conjunction with the issuance of the 2026 Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "2026 Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock (the "2026 Warrants"). The 2026 Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the 2026 Warrants, the Company uses the treasury stock method, which assumes exercise of the 2026 Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the 2026 Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the 2026 Warrants less the number of shares repurchased, are included in diluted shares. Concurrently with the 2026 Convertible Note Repurchases (as defined below), we entered into agreements to terminate a proportionate amount of the 2026 Warrants, which resulted in a reduction of the number of shares of common stock underlying the 2026 Warrants to an aggregate of 0.6 million shares of common stock. For each of the three and six months ended June 30, 2025, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.

13

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In connection with the issuance of the 2026 Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "2026 Convertible Note Hedge Transactions") with the 2026 Counterparties. The Company paid an aggregate amount of $100.1 million to the 2026 Counterparties pursuant to the 2026 Convertible Note Hedge Transactions. The 2026 Convertible Note Hedge Transactions initially covered, subject to anti-dilution adjustments substantially similar to those in the 2026 Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the 2026 Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The 2026 Convertible Note Hedge Transactions will expire upon the maturity of the 2026 Convertible Notes, subject to earlier exercise or termination. Concurrently with the 2026 Convertible Note Repurchases, we entered into agreements to terminate a proportionate amount of the 2026 Convertible Note Hedge Transactions, which resulted in a reduction of the number of shares of common stock underlying the 2026 Convertible Note Hedge Transactions to an aggregate of 0.6 million shares of common stock. Exercise of the 2026 Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.

4.    ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Acquisitions Completed During the Six Months Ended June 30, 2025

Freedman Seating Company

In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The cash consideration was approximately $68.6 million, subject to customary adjustments related to working capital and indebtedness. The Company also assumed $10.0 million of the seller's debt related to new market tax credits. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM segment. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed for the opening balance sheet, including net working capital, fixed assets, and the fair value of intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration	$	68,608
Debt assumed	10,000
Total consideration	$	78,608
Customer relationships	$	25,900
Other identifiable intangible assets	8,700
Net tangible assets	25,251
Total fair value of net assets acquired	$	59,851
Goodwill (tax deductible)	$	18,757

The customer relationships intangible asset is being amortized over its estimated useful life of 10 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products.

Trans/Air Manufacturing Corporation

In March 2025, the Company acquired substantially all of the business assets of Trans/Air Manufacturing Corporation, a manufacturer of climate control systems for the school, commercial, and electric/hybrid vehicle markets. The Company paid $29.6 million in cash consideration at closing with contingent consideration up to a maximum of $2.0 million. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily

14

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

in the OEM segment. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2024	$	418,220	$	167,553	$	585,773
Acquisitions	20,427		—		20,427
Foreign currency translation	11,219		1,479		12,698
Net balance – June 30, 2025	$	449,866	$	169,032	$	618,898

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2025:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	549,255	$	246,938	$	302,317	6	to	20
Patents	99,420		61,457		37,963		3	to	20
Trade names (finite life)	107,332		32,563		74,769		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,854		300		3	to	6
Other	609		353		256		2	to	12
Other intangible assets	$	769,202	$	346,165	$	423,037

Other intangible assets consisted of the following at December 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,945	$	228,332	$	280,613	6	to	20
Patents	111,934		74,010		37,924		3	to	20
Trade names (finite life)	95,879		30,524		65,355		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,732		422		3	to	6
Other	609		337		272		2	to	12
Other intangible assets	$	729,953	$	337,935	$	392,018

15

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

5.    INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	430,797	$	427,585
Work in process	40,976		44,435
Finished goods	238,515		264,584
Inventories, net	$	710,288	$	736,604

At June 30, 2025 and December 31, 2024, the Company had recorded inventory obsolescence reserves of $81.8 million and $77.7 million, respectively.

6.    FIXED ASSETS

Fixed assets consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Fixed assets, at cost	$	990,063	$	960,219
Less accumulated depreciation and amortization	557,051		527,491
Fixed assets, net	$	433,012	$	432,728

7.    ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Employee compensation and benefits	$	75,859	$	70,107
Current portion of accrued warranty	42,780		40,735
Customer rebates	25,409		21,707
Other	69,031		52,726
Accrued expenses and other current liabilities	$	213,079	$	185,275

Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the six months ended June 30:

(In thousands)	2025		2024
Balance at beginning of period	$	65,485	$	71,578
Provision for warranty expense issued during the period	22,200		19,260
Provision for warranty expense for preexisting warranties	9,906		8,968
Warranty costs paid	(25,351)		(28,439)
Balance at end of period	72,240		71,367
Less long-term portion	(29,460)		(24,320)
Current portion of accrued warranty at end of period	$	42,780	$	47,047

16

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

8.    LONG-TERM INDEBTEDNESS

Long-term debt consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
2030 Convertible Notes	$	460,000	$	—
2026 Convertible Notes	92,000		460,000
Term Loan	399,000		280,000
Revolving Credit Loan	—		19,263
Other	11,551		1,588
Unamortized deferred financing fees	(14,561)		(3,598)
	947,990		757,253
Less current portion	(3,677)		(423)
Long-term indebtedness	$	944,313	$	756,830

Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated March 25, 2025 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which up to $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loans") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Term Loans is March 25, 2032 and the maturity date of the revolving credit facility is March 25, 2030 or, if earlier, the date that is 91 days prior to the scheduled maturity date of any 2030 Convertible Notes outstanding at any such time or the date on which the revolving commitments are reduced to zero or otherwise terminated. The Term Loans are required to be repaid in equal $1.0 million quarterly installments, which commenced on June 30, 2025. The Credit Agreement also permits the Company to request incremental loans under the Credit Agreement and certain other incremental equivalent debt in an aggregate incremental amount equal to the sum of (A) up to the greater of (i) $371.0 million and (ii) an amount equal to 100% of EBITDA for the most recently ended four consecutive fiscal quarters for which financial statements have been delivered pursuant to the Credit Agreement (the “Fixed Incremental Amount”), (B) the amount of any voluntary prepayments of any term loans, incremental equivalent debt or permanent reductions of the revolving commitments as in effect as of the date of the Credit Agreement (which amount shall replenish, but not exceed, the Fixed Incremental Amount), and (C) an unlimited additional amount of additional debt that meets certain requirements set forth in the Credit Agreement, including limitations on any incremental facility that is secured on a pari passu basis or junior basis with the debt under the Credit Agreement, in each case subject to the willingness of the lenders to fund such increase and other customary conditions as further set forth in the Credit Agreement.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company to bear interest at either (i) a base rate plus an applicable margin which (a) for borrowings under the revolving credit facility, ranges from 0.25 percent to 1.00 percent depending on the Company's total net leverage ratio (0.50 percent would have been applicable at June 30, 2025 if the Company had elected base rate loans for any revolving credit facility borrowings) and (b) for Term Loans, is 1.5 percent or (ii) a term Secured Overnight Financing Rate ("SOFR") for an interest period selected by the Company plus an applicable margin, which (a) for borrowings under the revolving credit facility ranges from 1.25 percent to 2.00 percent (1.50 percent would have been applicable at June 30, 2025 if the Company had elected term benchmark loans for any revolving credit facility borrowings) depending on the Company’s total net leverage ratio and (b) for any Term Loans, is 2.50%. Foreign currency borrowings bear interest at an index rate available in such currencies plus the same additional interest margins applicable to term SOFR benchmark loans under the revolving credit facility based on the Company's total net leverage ratio. At June 30, 2025, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.175 percent to 0.275 percent (0.200 percent was applicable at June 30, 2025) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum interest coverage ratio, and must comply with certain other covenants. At June 30, 2025, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility was $595.3 million at June 30, 2025. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At June 30, 2025, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

In March 2025, the Company used a portion of the proceeds of the Term Loans to repay the remaining outstanding principal of the term loan under the previous credit agreement of $280.0 million, and the previous credit agreement was terminated. The Company recognized a loss on extinguishment of debt related to the previous term loan of $1.9 million during the six months ended June 30, 2025.

Convertible Notes

2030 Convertible Notes

On March 14, 2025, the Company issued $460.0 million in aggregate principal amount of 2030 Convertible Notes in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.0 million after deducting the initial purchasers’ discounts and offering expenses payable by the Company. The 2030 Convertible Notes bear interest at a coupon rate of 3.000 percent per annum, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2025. The 2030 Convertible Notes will mature on March 1, 2030, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of June 30, 2025, the conversion rate of the 2030 Convertible Notes was 8.5745 shares of the Company’s common stock per $1,000 principal amount of the 2030 Convertible Notes. The conversion rate of the 2030 Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2030 Notes Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2030 Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding November 1, 2029, the 2030 Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the 2030 Notes Indenture. On or after November 1, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2030 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2030 Convertible Notes being converted.

The Company may not redeem the 2030 Convertible Notes prior to March 6, 2028, except in the event of a Cleanup Redemption (as defined below). Beginning on March 6, 2028, the Company may redeem for cash all or any portion of the 2030 Convertible Notes, at the Company's option, if (i) the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) the Liquidity Conditions (as defined in the 2030 Notes Indenture) are met at a redemption price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, the Company may redeem for cash all, but not less than all, of the 2030 Convertible Notes at any time at a redemption price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date if (i) the amount of the 2030 Convertible Notes that remains outstanding is less than 25 percent of the aggregate principal amount of the 2030 Convertible Notes initially issued under the 2030 Notes Indenture and (ii) the Liquidity Conditions are met (such redemption, a “Cleanup Redemption”). Upon the occurrence of a fundamental change (as defined in the 2030 Notes Indenture), subject to certain conditions and a limited exception, holders of the 2030 Convertible

18

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Notes may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest on such 2030 Convertible Notes to, but excluding, the fundamental change repurchase date (as defined in the 2030 Notes Indenture).

The 2030 Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the 2030 Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries. The 2030 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding 2030 Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding 2030 Convertible Notes to be due and payable.

The 2030 Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the 2030 Convertible Notes of $460.9 million at June 30, 2025 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

2026 Convertible Notes

On May 13, 2021, the Company issued $460.0 million in aggregate principal amount of 2026 Convertible Notes in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.8 million after deducting the initial purchasers' discounts and offering expenses payable by the Company. The 2026 Convertible Notes bear interest at a coupon rate of 1.125 percent per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The 2026 Convertible Notes will mature on May 15, 2026, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of June 30, 2025, the conversion rate of the 2026 Convertible Notes was 6.2482 shares of the Company's common stock per $1,000 principal amount of the 2026 Convertible Notes. The conversion rate of the 2026 Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2026 Notes Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2026 Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding January 15, 2026, the 2026 Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the 2026 Notes Indenture. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2026 Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2026 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted.

Beginning on May 20, 2024, the Company may redeem for cash all or any portion of the 2026 Convertible Notes, at the Company's option, if the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the 2026 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the 2026 Notes Indenture), subject to certain conditions, holders of the 2026 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2026 Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest on such 2026 Convertible Notes to, but not including, the fundamental change repurchase date (as defined in the 2026 Notes Indenture).

The 2026 Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the 2026 Convertible Notes, equal in right of

19

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries. The 2026 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding 2026 Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding 2026 Convertible Notes to be due and payable.

The 2026 Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the 2026 Convertible Notes of $89.2 million at June 30, 2025 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

On March 14, 2025, the Company settled certain separate, privately negotiated transactions (the "2026 Convertible Note Repurchases") with certain holders of the 2026 Convertible Notes to repurchase $368.0 million aggregate principal amount of the 2026 Convertible Notes using $370.3 million of the net proceeds received from the issuance of the 2030 Convertible Notes. In connection with the 2026 Convertible Note Repurchases, the Company recorded a loss on extinguishment of debt of $6.2 million. Concurrently with the 2026 Convertible Note Repurchases, the Company entered into agreements to terminate a proportionate amount of the 2026 Warrants and the 2026 Convertible Note Hedge Transactions, which resulted in net proceeds to the Company of $1.4 million.

9.    LEASES

The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Operating lease expense	$	18,055	$	16,162	$	34,625	$	31,850
Short-term lease expense	739		964		1,573		1,951
Variable lease expense	1,027		1,277		1,943		2,163
Total lease expense	$	19,821	$	18,403	$	38,141	$	35,964

10.    COMMITMENTS AND CONTINGENCIES

Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are accrued at their discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at June 30, 2025.

Product Recalls

From time to time, the Company cooperates with, and assists its customers on, their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at June 30, 2025.

20

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at June 30, 2025.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of June 30, 2025, would not be material to the Company's financial position or results of operations.

11.    STOCKHOLDERS' EQUITY

The following table summarizes information about shares of the Company's common stock at:

	June 30,	December 31,
(In thousands)	2025	2024
Common stock authorized	75,000	75,000
Common stock issued	28,900	28,804
Treasury stock	4,074	3,341
Common stock outstanding	24,826	25,463

The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2025 and December 31, 2024:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2024	$	1.05	03/08/24	03/22/24	$	26,721
Second Quarter 2024	1.05		05/31/24	06/14/24	26,734
Third Quarter 2024	1.05		08/30/24	09/13/24	26,736
Fourth Quarter 2024	1.15		11/29/24	12/13/24	29,280
Total 2024	$	4.30			$	109,471
First Quarter 2025	$	1.15	03/07/25	03/21/25	$	29,352
Second Quarter 2025	1.15		05/30/25	06/13/25	29,036
Total 2025	$	2.30			$	58,388

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest

21

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2024	301,477	$	119.84
Issued	767	89.17
Granted	164,234	102.40
Dividend equivalents	8,450	88.10
Forfeited	(2,658)	116.81
Vested	(143,237)	119.32
Outstanding at June 30, 2025	329,033	$	110.88

Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2024	245,878	$	120.26
Granted	79,688	103.49
Dividend equivalents	6,531	88.10
Forfeited	(76,651)	122.07
Outstanding at June 30, 2025	255,446	$	114.33

Stock Repurchase Programs

In May 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, which ended on May 19, 2025. The timing of stock repurchases, and the number of shares, were dependent upon market conditions and other factors. Share repurchases could be made in the open market and/or in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program was subject to modification, suspension, or termination at any time by the Board of Directors. In March 2025, the Company purchased 308,898 shares at a weighted average price of $91.47 per share, totaling $28.4 million, including excise tax, under the 2022 Share Repurchase Program. Following such repurchase, no additional shares were purchased under the 2022 Share Repurchase Program prior to its expiration on May 19, 2025. No shares were purchased under the 2022 Share Repurchase Program in the six months ended June 30, 2024.

In May 2025, the Company's Board of Directors authorized a new stock repurchase program (the "2025 Share Repurchase Program") for the purchase of up to $300.0 million of the Company's common stock over a three-year period ending on May 15, 2028. The timing of stock repurchases, and the number of shares, will depend upon market conditions and other factors. Share repurchases, if any, will be made in privately negotiated and/or open market transactions, such as in compliance with Rule 10b-18 of the Securities Act of 1934, as amended (the "Exchange Act") and/or pursuant to a trading plan in accordance with Rule 10b5-1 of the Exchange Act, or a combination of methods. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors.

On June 11, 2025, the Company entered into a Rule 10b5-1 trading plan under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 to repurchase up to $100.0 million of common stock, subject to certain parameters. Under this Rule 10b5-1 trading plan, the Company purchased 424,132 shares at a weighted average price of $89.79 per share totaling $38.5 million, including excise tax, during June 2025. As of June 30, 2025, there was $261.9 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.

From July 1, 2025 through the conclusion of the Rule 10b5-1 plan on August 1, 2025, the Company purchased 633,535 shares at a weighted average price of $97.73 per share totaling $62.5 million, including excise tax. Following these

22

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

subsequent repurchases, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.

12.    SEGMENT REPORTING

The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 77 percent of consolidated net sales for each of the six months ended June 30, 2025 and 2024, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 55 percent of the Company's OEM Segment net sales for the six months ended June 30, 2025 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 23 percent of consolidated net sales for each of the six months ended June 30, 2025 and 2024, supplies engineered components to the related aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as directly to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, and fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit, generally defined as income before interest expense and income taxes. Segment assets are not reviewed by the CODM and therefore are not disclosed below. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing

address of the Company's customers:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	437,205	$	4,721	$	441,926	$	418,947	$	7,402	$	426,349
Motorhomes	36,514		24,858		61,372		32,889		30,731		63,620
Adjacent Industries OEMs	285,949		50,312		336,261		254,778		51,377		306,155
Total OEM Segment net sales	759,668		79,891		839,559		706,614		89,510		796,124
Aftermarket Segment:
Total Aftermarket Segment net sales	243,292		24,399		267,691		235,273		23,147		258,420
Total net sales	$	1,002,960	$	104,290	$	1,107,250	$	941,887	$	112,657	$	1,054,544

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	903,558	$	9,562	$	913,120	$	799,109	$	18,003	$	817,112
Motorhomes	72,703		48,277		120,980		72,893		59,565		132,458
Adjacent Industries OEMs	531,480		97,534		629,014		503,291		101,575		604,866
Total OEM Segment net sales	1,507,741		155,373		1,663,114		1,375,293		179,143		1,554,436
Aftermarket Segment:
Total Aftermarket Segment net sales	443,015		46,711		489,726		424,921		43,216		468,137
Total net sales	$	1,950,756	$	202,084	$	2,152,840	$	1,800,214	$	222,359	$	2,022,573

(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America

Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
(In thousands)	OEM		Aftermarket		Total		OEM		Aftermarket		Total
Net sales to external customers	$	839,559	$	267,691	$	1,107,250	$	796,124	$	258,420	$	1,054,544
Cost of sales	665,422		171,807		837,229		626,330		161,769		788,099
Gross profit	174,137		95,884		270,021		169,794		96,651		266,445
Selling, general and administrative expenses	122,453		59,764		182,217		119,232		56,609		175,841
Operating profit	$	51,684	$	36,120	$	87,804	$	50,562	$	40,042	$	90,604
	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
(In thousands)	OEM		Aftermarket		Total		OEM		Aftermarket		Total
Net sales to external customers	$	1,663,114	$	489,726	$	2,152,840	$	1,554,436	$	468,137	$	2,022,573
Cost of sales	1,311,902		319,168		1,631,070		1,237,313		294,909		1,532,222
Gross profit	351,212		170,558		521,770		317,123		173,228		490,351
Selling, general and administrative expenses	237,555		115,094		352,649		233,724		108,412		342,136
Operating profit	$	113,657	$	55,464	$	169,121	$	83,399	$	64,816	$	148,215

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the Company's revenue disaggregated by product:    

	Three Months Ended  June 30,				Six Months Ended  June 30,
(In thousands)	2025		2024		2025		2024
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms	$	230,542	$	229,934	$	473,462	$	442,073
Windows and doors	225,251		228,957		454,772		446,579
Furniture and mattresses	130,909		110,720		244,089		216,169
Axles, ABS, and suspension solutions	93,918		89,277		182,528		174,569
Appliances	87,441		70,958		165,091		140,616
Other	71,498		66,278		143,172		134,430
Total OEM Segment net sales	839,559		796,124		1,663,114		1,554,436
Total Aftermarket Segment net sales	267,691		258,420		489,726		468,137
Total net sales	$	1,107,250	$	1,054,544	$	2,152,840	$	2,022,573

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ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and Notes thereto included in Item 1 of Part I of this report, as well as the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

LCI Industries ("LCII" and collectively with its subsidiaries, the "Company," the "Registrant," "we," "us," or "our"), through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), we also cater to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online.

Our diverse portfolio of innovative and high-quality products includes:

•Chassis & Suspension Solutions: Steel chassis, axles, anti-lock braking systems ("ABS"), suspension systems, and stabilizer/leveling systems (manual, electric, and hydraulic)

•Outdoor Living Systems: Awnings, slide-out mechanisms, and accessories

•Windows, Doors & Steps: Vinyl, aluminum, and frameless windows; entry, luggage, patio, and ramp doors; and electric and manual entry steps

•Interior & Appliance Solutions: Thermoformed bath and kitchen products, furniture, mattresses, tankless water heaters, air conditioners, appliances, electronic components, televisions, and sound systems

•Towing & Truck Accessories: Hitches, pin boxes, grill guards, towing electrical, and towing and truck accessories

At June 30, 2025, we operated over 110 manufacturing and distribution facilities located throughout North America and Europe, supporting key industries such as recreational vehicles ("RVs"), marine products, utility trailers, transportation, and residential and commercial construction industries. Our core manufacturing competencies include:

•Metal fabrication and welding	•Power and motion systems
•Lamination	•Electronics
•Glass fabrication	•Plastics forming
•Cut and sew

We operate in two primary segments: OEM and Aftermarket. Together, these segments leverage our manufacturing competencies, leadership expertise, customer relationships, and market insights to drive efficiencies and innovation that enable us to maintain a leadership position in the RV market while continuing to expand in adjacent industries and aftermarket channels. Intersegment sales are insignificant. See Note 12 of the Notes to Condensed Consolidated Financial Statements for further information regarding our segments.

OEM Segment: Our OEM Segment services leading OEMs in recreation, transportation, and housing markets. Our strategically located manufacturing and distribution facilities across North America and Europe provide efficient service to OEMs. Key markets served by our OEM Segment include RVs and Adjacent Industries.

Aftermarket Segment: Our Aftermarket Segment enhances the product lifecycle for the recreation and transportation markets by offering discretionary accessories, replacement parts, and upgrades. This approach drives additional revenue, deepens customer engagement, and leverages our OEM expertise. Products are sold through retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer sales through online platforms.

Diversification Strategy: Over the past several years, we have diversified our portfolio beyond the RV OEM market into marine, building products, transportation, international, and aftermarket sectors. Leveraging our manufacturing competencies in other industries can accelerate profitable growth and help to mitigate seasonal and cyclical market risk. For example, within our Aftermarket Segment, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain sales within this segment to be counter-seasonal.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

Most industries where we sell products, or where our products are used, historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, our sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters, or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition, and results of operations.

We were able to fully mitigate the impact of tariffs in the second quarter of 2025 through a combination of materials sourcing strategies and targeted sales price increases.

INDUSTRY BACKGROUND

OEM Segment - North American Recreational Vehicle Industry: RVs are designed as temporary living quarters for recreational, camping, travel, or seasonal use. They can be either motorized, such as motorhomes, or towable, including travel trailers, fifth-wheel trailers, folding camping trailers, and truck campers. The RV industry generally follows a predictable annual sales cycle that starts after the annual fall "Open House" in Elkhart, Indiana:

•October - March: Dealers build inventory, leading wholesale shipments to historically outpace retail sales.

•April - September: Retail sales typically exceed wholesale shipments, driven by spring and summer demand.

According to the Recreation Vehicle Industry Association ("RVIA"), industry-wide wholesale shipments from the United States of travel trailer and fifth-wheel RVs, our primary RV market, increased 8 percent to 167,700 units in the first six months of 2025, compared to the same period in 2024. Retail demand for travel trailer and fifth-wheel RVs decreased 3 percent to 159,500 units in the first six months of 2025 compared to the same period in 2024, as inflation and elevated interest rates continued to pressure consumer discretionary spending, dampening demand. Retail registration data is often revised upward in subsequent months due to reporting delays.

While we track our OEM Segment RV sales against wholesale shipment statistics, the health of the RV industry is ultimately determined by retail demand. The table below highlights trends in wholesale shipments, retail sales, and dealer inventory adjustments for travel trailers and fifth-wheel RVs, as reported by Statistical Surveys, Inc. ("Statistical Surveys").

					Estimated
	Wholesale		Retail		Unit Impact on
	Units	Change	Units	Change	Dealer Inventories
Quarter ended June 30, 2025	81,400	(1)%	97,100	(2)%	(15,700)
Quarter ended March 31, 2025	86,300	18%	62,400	(4)%	23,900
Quarter ended December 31, 2024	67,700	7%	55,100	3%	12,600
Quarter ended September 30, 2024	68,500	11%	87,500	(5)%	(19,000)
Twelve months ended June 30, 2025	303,900	8%	302,100	(2)%	1,800

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

					Estimated
	Wholesale		Retail		Unit Impact on
	Units	Change	Units	Change	Dealer Inventories
Quarter ended June 30, 2024	82,000	15%	98,600	(10)%	(16,600)
Quarter ended March 31, 2024	73,400	17%	65,100	(10)%	8,300
Quarter ended December 31, 2023	63,400	2%	53,700	(9)%	9,700
Quarter ended September 30, 2023	61,500	(16)%	92,000	(13)%	(30,500)
Twelve months ended June 30, 2024	280,300	4%	309,400	(11)%	(29,100)

According to the RVIA, industry-wide wholesale shipments of motorhome RVs in the first six months of 2025 decreased 3 percent to 18,700 units compared to the first six months of 2024. Retail demand for motorhome RVs in the first six months of 2025 decreased 10 percent to 19,600 units compared to the same period of 2024. Retail demand has declined from post-pandemic elevated levels, primarily driven by inflation and higher interest rates impacting retail consumer discretionary spending.

OEM Segment - Adjacent Industries: Our expertise in RV components extends to adjacent industries, including boats, buses, trailers, trucks, trains, manufactured homes, and modular housing. These adjacent industries offer significant growth opportunities, including by helping us leverage our established relationships with OEMs that often operate in multiple sectors. While the potential content per unit we may supply to adjacent industries varies across these markets, and is different than RVs, they represent meaningful diversification opportunities.

Aftermarket Segment: Our Aftermarket Segment enhances the product lifecycle for the recreation and transportation markets by offering discretionary accessories, replacement parts, and upgrades through various channels, including retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer platforms. These products support recreation and transportation markets, addressing both routine maintenance needs and customer-driven enhancements.

We also provide comprehensive customer support through multiple customer care centers, offering rapid responses to inquiries related to technical support, product delivery, and critical repair, designed to minimize consumer downtime. Dedicated teams deliver product, technical, and installation training, as well as marketing assistance, to enhance customer engagement and satisfaction.

Aftermarket offerings span a diverse product portfolio, including:

•Marine Products: Biminis, covers, buoys, and fenders.

•Recreation and Transportation Accessories: Towing products, truck accessories, replacement glass, and awnings.

•Core Systems: Appliances, air conditioners, televisions, sound systems, and tankless water heaters.

Aftermarket sales are influenced by seasonal trends, with many non-critical upgrades and replacement parts purchased outside peak selling periods, creating certain counter-seasonal demand.

The U.S. RV ownership base, which reached a record 8.1 million households in 2025 according to the RVIA, drives robust demand for aftermarket products. Owners seek to enhance and maintain their units, replacing components that experience normal wear and tear. This vibrant and growing market represents a key driver of our Aftermarket Segment’s performance.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

RESULTS OF OPERATIONS

Consolidated Highlights

•Consolidated net sales in the second quarter of 2025 were $1,107.3 million, an increase of 5.0 percent, from $1,054.5 million in the same period of 2024. The increase was primarily due to sales from acquired businesses and higher North American RV sales driven by market share gains and an increased mix of higher content fifth-wheel units. Net sales from acquisitions completed in the twelve months ended June 30, 2025, primarily Freedman Seating and Trans/Air Manufacturing, contributed approximately $35.0 million in the second quarter of 2025.

•Net income for the second quarter of 2025 was $57.6 million, or $2.29 per diluted share, compared to net income of $61.2 million, or $2.40 per diluted share, for the same period of 2024.

•Consolidated operating profit during the second quarter of 2025 was $87.8 million, compared to $90.6 million in the same period of 2024. Operating profit margin was 7.9 percent in the second quarter of 2025 compared to 8.6 percent in the same period of 2024. The decrease was primarily due to executive separation costs related to the departure of our Chief Legal and Human Resources Officer and an increase in sales mix of lower margin products.

•Tariff mitigation strategy of diversifying supply chain, with help from vendors and other sourcing strategies, enabled us to minimize the impact of pricing to our customers as well as support profitability.

•In the second quarter of 2025, we returned $67.1 million to shareholders through a quarterly dividend of $1.15 per share, aggregating $29.0 million, and $38.1 million in share repurchases.

OEM Segment - Second Quarter

Net sales of the OEM Segment in the second quarter of 2025 increased by $43.4 million, compared to the same period of 2024. Net sales of components to OEMs were to the following markets for the three months ended June 30:

(In thousands)	2025		2024		Change
RV OEMs:
Travel trailers and fifth-wheels	$	441,926	$	426,349	4	%
Motorhomes	61,372		63,620		(4)	%
Adjacent Industries OEMs	336,261		306,155		10	%
Total OEM Segment net sales	$	839,559	$	796,124	5	%

According to the RVIA, industry-wide wholesale unit shipments for the three months ended June 30 were:

	2025	2024	Change
Travel trailer and fifth-wheels	81,400	82,000	(1)	%
Motorhomes	9,300	8,800	6	%

The trend in our average product content per RV produced is an indicator of our overall market share of components for new RVs. Our average product content per type of RV, calculated based upon our net sales of components to domestic RV OEMs for the different types of RVs produced for the twelve months ended June 30, divided by the industry-wide wholesale shipments of the different product mix of RVs for the same period, was:

Content per:	2025		2024		Change
Travel trailer and fifth-wheel	$	5,234	$	5,237	—	%
Motorhome	$	3,793	$	3,766	1	%

Our average product content per type of RV excludes international sales and sales to the Aftermarket Segment and Adjacent Industries. Content per RV is impacted by changes in selling prices for our products, market share gains, changes in unit mix and acquisitions. For the twelve months ended June 30, 2025, travel trailer and fifth-wheel RV content remained largely consistent year-over year, which included market share gains mostly offset by shipments exceeding units produced and an increase in RV unit mix toward lower content single axle travel trailers.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

Our increase in net sales to RV OEMs during the second quarter of 2025 was primarily driven by market share gains, an increase in RV mix toward higher content fifth-wheel units, and sales price increases, partially offset by volume decreases in the European RV market.

Our increase in net sales to OEMs in Adjacent Industries during the second quarter of 2025 was primarily due to sales from acquired businesses.

Operating profit of the OEM Segment was $51.7 million in the second quarter of 2025, an increase of $1.1 million compared to the same period of 2024. The operating profit margin of the OEM Segment decreased to 6.2 percent in the second quarter of 2025, compared to 6.4 percent for the same period of 2024, and was negatively impacted by:

•Higher material costs, which negatively impacted operating profit by $8.0 million compared to the same period in 2024, primarily related to tariffs costs of $13.9 million and increased freight costs, partially offset by decreased costs of steel consumed.

•Decreases in selling prices contractually tied to indices of select commodities, which negatively impacted operating profit by $3.9 million compared to the same period in 2024.

•Executive separation costs, which negatively impacted operating profit by $2.6 million compared to the same period in 2024.

•Changes in product sales mix toward lower margin products, which negatively impacted operating profit by $1.4 million compared to the same period in 2024.

•An increase in wages due to an additional holiday compared to the same period in 2024, which negatively impacted operating profit by $0.9 million.

•Additional amortization related to intangible assets from acquisitions completed in the last twelve months, which negatively impacted operating profit by $0.6 million compared to the same period in 2024.

Partially offset by:

•Increases in selling prices for targeted products primarily related to increasing material costs, which positively impacted operating profit by $14.3 million compared to the same period in 2024.

•Increases in production labor efficiencies, which positively impacted operating profit by $2.5 million compared to the same period in 2024.

Amortization expense on intangible assets for the OEM Segment was $9.6 million in the second quarter of 2025, compared to $10.2 million in the same period of 2024. Depreciation expense on fixed assets for the OEM Segment was $12.2 million in the second quarter of 2025, compared to $13.7 million in the same period of 2024.

OEM Segment – Year to Date

Net sales of the OEM Segment in the first six months of 2025 increased by $108.7 million, compared to the same period of 2024. Net sales of components to OEMs were to the following markets for the six months ended June 30:

(In thousands)	2025		2024		Change
RV OEMs:
Travel trailers and fifth-wheels	$	913,120	$	817,112	12	%
Motorhomes	120,980		132,458		(9)	%
Adjacent Industries OEMs	629,014		604,866		4	%
Total OEM Segment net sales	$	1,663,114	$	1,554,436	7	%

According to the RVIA, industry-wide wholesale unit shipments for the six months ended June 30 were:

	2025	2024	Change
Travel trailer and fifth-wheel RVs	167,700	155,400	8	%
Motorhomes	18,700	19,200	(3)	%

30

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

Our increase in net sales to RV OEMs during the first six months of 2025 was primarily driven by an 8 percent increase in North American travel trailer and fifth-wheel wholesale shipments, market share gains, an increase in RV mix toward higher content fifth-wheel units and sales price increases, partially offset by volume decreases in the European RV market.

Our increase in net sales to OEMs in Adjacent Industries during the first six months of 2025 was primarily due to sales from acquired businesses and higher sales to North American utility trailer OEMs, partially offset by lower sales to North American powersports and marine OEMs driven by higher current dealer inventory levels, inflation, and elevated interest rates impacting retail consumer demand.

Operating profit of the OEM Segment was $113.7 million in the first six months of 2025, an increase of $30.3 million compared to the same period of 2024. The operating profit margin of the OEM Segment increased to 6.8 percent in the first six months of 2025, compared to 5.4 percent for the same period in 2024, and was positively impacted by:

•The impact of fixed costs spread over increased sales, which increased operating profit by $7.7 million related to fixed selling, general, and administrative costs and $6.9 million related to fixed production overhead costs.

•Increases in selling prices for targeted products primarily related to increasing material costs, which positively impacted operating profit by $13.5 million compared to the same period in 2024.

•Increases in production labor efficiencies, which positively impacted operating profit by $5.9 million compared to the same period in 2024.

Partially offset by:

•Decreases in selling prices contractually tied to indices of select commodities, which negatively impacted operating profit by $5.7 million compared to the same period in 2024.

•Changes in product sales mix toward lower margin products, which negatively impacted operating profit by $3.6 million compared to the same period in 2024.

Amortization expense on intangible assets for the OEM Segment was $18.8 million in the first six months of 2025, compared to $20.4 million in the same period of 2024. Depreciation expense on fixed assets for the OEM Segment was $24.5 million in the first six months of 2025, compared to $27.8 million in the same period of 2024.

Aftermarket Segment - Second Quarter

Net sales of the Aftermarket Segment in the second quarter of 2025 increased by $9.3 million, compared to the same period of 2024. Net sales of components in the Aftermarket Segment were as follows for the three months ended June 30:

(In thousands)	2025		2024		Change
Total Aftermarket Segment net sales	$	267,691	$	258,420	4	%

Our net sales of the Aftermarket Segment for the second quarter of 2025 increased compared to the same period in 2024, primarily driven by product innovations and the expanding Camping World relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarket.

Operating profit of the Aftermarket Segment was $36.1 million in the second quarter of 2025, a decrease of $3.9 million compared to the same period of 2024. The operating profit margin of the Aftermarket Segment was 13.5 percent in the second quarter of 2025, compared to 15.5 percent in the same period in 2024, and was negatively impacted by:

•Increases in sales mix toward lower margin products, which negatively impacted operating profit by $2.6 million compared to the same period in 2024.

•Investments in capacity, distribution and logistics technology to support continued growth in the aftermarket segment, which negatively impacted operating profit by $1.3 million compared to the same period of 2024.

•Higher material costs, which negatively impacted operating profit by $1.9 million compared to the same period in 2024, primarily related to tariffs of $1.5 million and increased freight costs.

•Decreases in automotive aftermarket production volumes due to uncertainty in retail volumes for the remainder of the year, which led to reduced utilization of fixed production overhead costs, negatively impacting operating profit by $1.0 million compared to the same period in 2024.

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LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

•Executive separation costs, which negatively impacted operating profit by $0.4 million compared to the same period in 2024.

Partially offset by:

•Increases in selling prices for targeted products primarily related to increasing material costs, which positively impacted operating profit by $1.7 million compared to the same period in 2024.

Amortization expense on intangible assets for the Aftermarket Segment was $3.9 million in the second quarter of 2025, compared to $4.0 million in the same period of 2024. Depreciation expense on fixed assets for the Aftermarket Segment was $4.7 million in the second quarter of 2025, compared to $4.2 million in the same period of 2024.

Aftermarket Segment – Year to Date

Net sales of the Aftermarket Segment in the first six months of 2025 increased by $21.6 million, compared to the same period of 2024. Net sales of components in the Aftermarket Segment were as follows for the six months ended June 30:

(In thousands)	2025		2024		Change
Total Aftermarket Segment net sales	$	489,726	$	468,137	5	%

Net sales of the Aftermarket Segment increased during the first six months of 2025, primarily driven by product innovations and the expanding Camping World relationship within the RV aftermarket.

Operating profit of the Aftermarket Segment was $55.5 million in the first six months of 2025, a decrease of $9.4 million compared to the same period of 2024. The operating profit margin of the Aftermarket Segment was 11.3 percent in the first six months of 2025, compared to 13.8 percent in the same period in 2024, and was negatively impacted by:

•Increases in sales mix toward lower margin products, which negatively impacted operating profit by $6.5 million compared to the same period in 2024.

•Higher material costs, which negatively impacted operating profit by $2.2 million compared to the same period in 2024, primarily related to tariffs of $1.6 million and increased freight costs.

•Investments in capacity, distribution and logistics technology to support continued growth in the aftermarket segment, which negatively impacted operating profit by $2.1 million compared to the same period of 2024.

•Decreases in automotive aftermarket production volumes due to uncertainty in retail volumes for the remainder of the year, which led to reduced utilization of fixed production overhead costs, negatively impacting operating profit by $1.9 million compared to the same period in 2024.

•Increase in customer promotions and rebates, which negatively impacted operating profit by $1.1 million compared to the same period in 2024.

Partially offset by:

•Increases in selling prices for targeted products primarily related to increasing material costs, which positively impacted operating profit by $1.7 million compared to the same period in 2024.

Amortization expense on intangible assets for the Aftermarket Segment was $7.6 million in the first six months of 2025, compared to $7.8 million in the same period of 2024. Depreciation expense on fixed assets for the Aftermarket Segment was $9.0 million in the first six months of 2025, compared to $8.8 million in the same period of 2024.

Interest Expense

Interest expense, net was $15.7 million for the six months ended June 30, 2025, compared to $17.3 million in the same period of 2024. The decrease in net interest expense was primarily due to net repayments on the revolving credit facility of $52.5 million in 2024 and repayments of $19.3 million in the first quarter of 2025, principal prepayments on our previous term loan in 2024, and interest income of $3.6 million earned on investments in money market mutual funds for the six months ended June 30, 2025, compared to $0.9 million in the same period of 2024. The decrease was partially offset by interest on the

32

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

2030 Convertible Notes and higher interest rates on our adjustable rate debt, including the term loans and revolving credit facility. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.

Loss on Extinguishment of Debt

In the six months ended June 30, 2025, we recorded an $8.1 million loss on extinguishment of debt, consisting of $6.2 million in connection with the repurchase of a portion of our 2026 Convertible Notes and $1.9 million related to the repayment of our previous term loan.

Income Taxes

The effective tax rate for the six months ended June 30, 2025 and 2024 was 26.4 percent and 25.4 percent, respectively. The effective tax rate for the six months ended June 30, 2025 differed from the Federal statutory rate primarily due to state taxes, foreign taxes, and non-deductible expenses, partially offset by Federal and Indiana research and development credits. The increase in the effective tax rate for the six months ended June 30, 2025 as compared to the same period in 2024 was primarily due to an increase in non-deductible executive compensation and discrete tax expense related to tax deficiencies on stock-based compensation.

On July 4, 2025, the "One Big Beautiful Bill Act" (the "Act") was enacted in the U.S. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

We maintain a level of cash and liquidity sufficient to allow us to meet our cash needs in the short term. Over the long term, we manage our cash and capital structure to maximize shareholder return, maintain our financial condition, and maintain flexibility for our future strategic investments. We continuously assess our capital requirements, working capital needs, debt and leverage levels, debt and lease maturity schedules, capital expenditure requirements, dividends, future investments or acquisitions, and potential share repurchases. We believe our operating cash flows, credit facilities, as well as any potential future borrowings, will be sufficient to fund our future payments and long-term initiatives.

As of June 30, 2025, we had $191.9 million in cash and cash equivalents, and $595.3 million of availability under our revolving credit facility under the Credit Agreement (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements). We also have the ability to request an increase to the revolving and/or incremental term loan facilities by up to an additional $371.0 million in the aggregate upon approval of the lenders providing any such increase and the satisfaction of certain other conditions. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.

We believe the availability under the revolving credit facility under the Credit Agreement, along with our cash flows from operations, are adequate to finance our anticipated cash requirements for the next twelve months.

The Condensed Consolidated Statements of Cash Flows reflect the following for the six months ended June 30:

(In thousands)	2025		2024
Net cash flows provided by operating activities	$	154,937	$	185,282
Net cash flows used in investing activities	(123,350)		(40,733)
Net cash flows used in financing activities	(4,102)		(79,093)
Effect of exchange rate changes on cash and cash equivalents	(1,310)		(1,195)
Net increase in cash and cash equivalents	$	26,175	$	64,261

33

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

Cash Flows from Operating Activities

Net cash flows provided by operating activities were $154.9 million in the first six months of 2025, compared to $185.3 million in the first six months of 2024. The decrease in net cash flows provided by operating activities was primarily due to the net change in assets and liabilities, net of acquired businesses, as it used $48.8 million more cash in the first six months of 2025 compared to the same period in 2024, partially offset by an increase in net income of $9.4 million. The primary use of cash in net assets was the increase of $168.0 million in accounts receivable due to seasonally higher sales in the first six months of 2025.

Depreciation and amortization was $59.9 million in the first six months of 2025, and is expected to be approximately $115 to $125 million for the full year 2025. Non-cash stock-based compensation expense in the first six months of 2025 was $10.9 million. Non-cash stock-based compensation expense is expected to be approximately $18 to $23 million for the full year 2025.

Cash Flows from Investing Activities

Cash flows used in investing activities of $123.4 million in the first six months of 2025 were primarily comprised of $98.2 million for the acquisitions of businesses and $21.8 million for capital expenditures. Cash flows used in investing activities of $40.7 million in the first six months of 2024 were primarily comprised of $21.3 million for capital expenditures and $20.0 million for the acquisition of a business.

Our capital expenditures are primarily for replacement and growth. Over the long term, based on our historical capital expenditures, the replacement portion has averaged approximately one to two percent of net sales, while the growth portion has averaged approximately two to three percent of net sales. However, there are many factors that can impact the actual spending compared to these historical averages. We estimate full year 2025 capital expenditures of $50 to $70 million, including investments in automation and lean projects, which we expect to fund with cash flows from operations or periodic borrowings under the revolving credit facility.

Capital expenditures and acquisitions of businesses in the first six months of 2025 were funded by cash on hand and borrowings under our revolving credit facility. Capital expenditures and any acquisitions in the remainder of fiscal year 2025 are expected to be funded primarily from cash generated from operations, as well as periodic borrowings under our revolving credit facility.

Cash Flows from Financing Activities

Cash flows used in financing activities of $4.1 million in the first six months of 2025 were primarily comprised of the following:

•payments of $368.9 million for the repurchase of a portion of our 2026 Convertible Notes,

•debt repayments of $300.8 million under our revolving credit facility, term loan, and other borrowings,

•payments of $67.6 million for the purchase of convertible note hedge contracts,

•payments for the repurchase of common stock of $66.3 million,

•payments of quarterly dividends of $58.4 million,

•cash outflows of $4.9 million related to vesting of stock-based awards, net of shares tendered for payment of taxes, and

•payments of debt issuance costs of $4.8 million,

Partially offset by:

•net proceeds from the issuance of our 2030 Convertible Notes of $448.5 million,

•proceeds from term loan borrowings of $391.0 million,

•proceeds from the issuance of warrants of $27.6 million, and

34

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

•net proceeds of $1.4 million from the termination of a portion of our 2026 warrants and convertible note hedge transactions.

Cash flows used in financing activities of $79.1 million in the first six months of 2024 were primarily comprised of payments of quarterly dividends of $53.5 million, net debt repayments of $16.5 million under our revolving credit facility, term loan, and other borrowings, and cash outflows of $9.1 million related to vesting of stock-based awards, net of shares tendered for payment of taxes.

The Credit Agreement includes both financial and non-financial covenants. The covenants dictate we shall not permit our net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At June 30, 2025, we were in compliance with all financial covenants.

We have paid regular quarterly dividends since 2016. Future dividend policy with respect to our common stock will be determined by our Board of Directors in light of our prevailing financial needs, earnings, and other relevant factors, including any limitations in our debt agreements, such as maintenance of certain financial ratios.

In May 2022, our Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") for the purchase of up to $200.0 million of our common stock over a three-year period, which ended on May 19, 2025. Under this stock repurchase program, we purchased 308,898 shares at a weighted average price of $91.47 per share, totaling $28.4 million including excise tax during March 2025, using approximately $28.3 million of the net proceeds from the offering of the 2030 Convertible Notes. Following such repurchase, no additional shares were purchased under the 2022 Share Repurchase Program prior to its expiration on May 19, 2025. No shares were repurchased during the six months ended June 30, 2024.

In May 2025, our Board of Directors authorized a new stock repurchase program (the "2025 Share Repurchase Program") for the purchase of up to $300.0 million of our common stock over a three-year period ending on May 15, 2028. On June 11, 2025, we entered into a Rule 10b5-1 trading plan under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 to repurchase up to $100.0 million of our common stock, subject to certain parameters. Under this 10b5-1 trading plan, we purchased 424,132 shares at a weighted average price of $89.79 per share totaling $38.5 million, including excise tax, during June 2025. As of June 30, 2025, there was $261.9 million remaining for the repurchase of shares under the 2025 Share Repurchase Program. From July 1, 2025 through the conclusion of the Rule 10b5-1 plan on August 1, 2025, the Company purchased 633,535 shares at a weighted average price of $97.73 per share totaling $62.5 million, including excise tax. Following these subsequent repurchases, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.

CORPORATE GOVERNANCE

We are in compliance with the corporate governance requirements of the Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange. Our governance documents, committee charters, and key practices have been posted to the “Investors” section of our website (www.lci1.com) and are updated periodically. The website also contains, or provides direct links to, all SEC filings, press releases and investor presentations. We have also established a Whistleblower Policy, which includes a toll-free hotline (800-461-9330) to report complaints about our accounting, internal controls, auditing matters or other concerns. The Whistleblower Policy and procedure for complaints can be found on our website (www.lci1.com).

CONTINGENCIES

Information required by this item is included in Note 10 of the Notes to Condensed Consolidated Financial Statements and is incorporated herein by reference.

RAW MATERIALS INFLATION

The prices of key raw materials, consisting primarily of steel and aluminum, and components used by us which are made from these raw materials, are influenced by demand and other factors specific to these commodities, including tariffs for materials sourced internationally. The prices for steel consumed in certain of our manufactured components were lower and the prices for aluminum consumed in certain of our manufactured components were higher during the first six months of 2025 compared to the same period of 2024. While the prices for steel consumed in certain of our manufactured components were lower year-over-year, commodity prices for both steel and aluminum generally have been increasing during the first six months

35

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

of 2025, and are expected to remain elevated through the remainder of 2025. However, prices of these commodities have historically been volatile and there can be no assurances of future prices. Please see "Results of Operations" above for additional information regarding the impact of raw material costs on our results of operations for the first six months of 2025.

NEW ACCOUNTING PRONOUNCEMENTS

Information required by this item is included in Note 2 of the Notes to Condensed Consolidated Financial Statements.

CRITICAL ACCOUNTING ESTIMATES

Our Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which requires certain estimates and assumptions to be made that affect amounts and disclosures reported in those financial statements and the related accompanying notes. Actual results could differ from these estimates and assumptions.

For a discussion of our critical accounting estimates, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to our critical accounting estimates as described in that Annual Report.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this Form 10-Q that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to the Company's production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this Form 10-Q, are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this Form 10-Q, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of, and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's subsequent filings with the SEC, including the Company's Quarterly Reports on Form 10-Q. Readers of this report are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

36

LCI INDUSTRIES

ITEM 3 – QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk related to changes in short-term interest rates on our variable rate debt. Depending on the interest rate option selected as further described in Note 8 of the Notes to Condensed Consolidated Financial Statements, interest is charged based on an indexed rate plus an applicable margin. Assuming a hypothetical increase of 0.25 percent in the indexed interest rate (which approximates a six percent increase of the weighted-average interest rate on our borrowings as of June 30, 2025), our results of operations would not be materially affected.

We are also exposed to changes in the prices of raw materials, specifically steel and aluminum. We have, from time to time, entered into derivative instruments for the purpose of managing a portion of the exposures associated with fluctuations in steel and aluminum prices. While these derivative instruments are subject to fluctuations in value, these fluctuations are generally offset by the changes in fair value of the underlying exposures. We had no outstanding derivative instruments on commodities at June 30, 2025 and December 31, 2024.

We have historically been able to obtain sales price increases to partially offset the majority of raw material cost increases. However, there can be no assurance future cost increases, if any, can be partially or fully passed on to customers, or that the timing of such sales price increases will match raw material cost increases. Our tariff mitigation strategy of diversifying our supply chain, with help from our vendors and other sourcing strategies, enabled us to minimize the impact of pricing to our customers as well as support profitability in the second quarter.

Additional information required by this item is included under the caption "Raw Materials Inflation" in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this report.

ITEM 4 – CONTROLS AND PROCEDURES

a.Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure, in accordance with the definition of "disclosure controls and procedures" in Rule 13a-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance of achieving the desired control objectives. Management included in its evaluation the cost-benefit relationship of possible controls and procedures. We continually evaluate our disclosure controls and procedures to determine if changes are appropriate based upon changes in our operations or the business environment in which we operate.

As of the end of the period covered by this Form 10-Q, we performed an evaluation, under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of June 30, 2025.

b.Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended June 30, 2025, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

37

LCI INDUSTRIES

PART II – OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

In the normal course of business, we are subject to proceedings, lawsuits, regulatory agency inquiries and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of June 30, 2025, would not be material to our financial position or results of operations.

ITEM 1A – RISK FACTORS

There have been no material changes to the matters discussed in Part I, Item 1A – Risk Factors in our Annual Report on Form 10-K as filed with the SEC on February 21, 2025, except that the following risk factor is added:

Changing conditions and uncertainty over global tariffs, or the financial impact of tariffs and resulting consequences, may negatively affect our business, operating results, and financial condition.

Changes in U.S. domestic and global tariff frameworks have increased our costs of sourcing goods and resulted in additional risks to our supply chain. Recently, the U.S. government has imposed significant tariffs impacting a wide variety of goods across multiple countries and indicated that additional tariffs may be imposed in the near future. In response, some countries have announced or imposed tariffs on goods made in the U.S. These actions could negatively impact demand for our products or increase the cost to manufacture our products, which could have a material adverse effect on our business, financial condition, results of operations and cash flow.

Political tensions and uncertainty as a result of trade policies could reduce trade volume, investment, technological exchange, and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets, which could in turn have a material adverse impact on our business, financial condition, and results of operations.

ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (in millions)
April 1, 2025 - April 30, 2025	—	$	—	—	$	147.6
May 1, 2025 - May 31, 2025	—	$	—	—	$	300.0
June 1, 2025 - June 30, 2025 (2)	424,132	$	89.79	424,132	$	261.9
Total	424,132	$	89.79

(1) On May 19, 2022, we announced that our Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") for up to $200.0 million of our common stock over a three-year period, which ended on May 19, 2025. On May 15, 2025, we announced that our Board of Directors authorized a stock repurchase program (the "2025 Share Repurchase Program") for up to $300.0 million of our common stock over a three-year period ending on May 15, 2028. The timing of stock repurchases and the number of shares will depend upon market conditions and other factors. Share repurchases, if any, will be made in privately negotiated and/or open market transactions, such as in compliance with Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan in accordance with Rule 10b5-1 of the Exchange Act, or a combination of methods.

38

(2) Includes shares repurchased under a Rule 10b5-1 trading plan adopted by the Company for repurchases under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 for up to $100.0 million of common stock, subject to certain parameters.

See Note 11 - Stockholders' Equity of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further discussion regarding share repurchases.

ITEM 5 - OTHER INFORMATION

During the three months ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

ITEM 6 – EXHIBITS

a)    Exhibits as required by Item 601 of Regulation S-K:

1	3.1	Amended and Restated Certificate of Incorporation of LCI Industries, conformed version that includes all amendments through May 16, 2024 (incorporated by reference to Exhibit 3.3 included in the Registrant's Form 10-Q filed on August 6, 2024).
2	3.2	Amended and Restated Bylaws of LCI Industries, effective March 9, 2023 (incorporated by reference to Exhibit 3.2 included in the Registrant's Form 10-Q filed on May 9, 2023).
3	10.1	Separation Agreement and General Release, dated as of June 6, 2025, by and between Lippert Components, Inc., LCI Industries, Lippert Components Manufacturing, Inc., and all related companies and Andrew Namenye (incorporated by reference to Exhibit 10.1 included in the Registrant's Form 8-K filed on June 9, 2025).
4	31.1	Certification of Chief Executive Officer required by Rule 13a-14(a).
5	31.2	Certification of Chief Financial Officer required by Rule 13a-14(a).
6	32.1	Certification of Chief Executive Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
7	32.2	Certification of Chief Financial Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
8	101	The following information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Income; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Stockholders’ Equity; (vi) Notes to Condensed Consolidated Financial Statements; and (vii) information in Part II, Item 5.
9	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

39

LCI INDUSTRIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

LCI INDUSTRIES
Registrant
By	/s/ Lillian D. Etzkorn
Lillian D. Etzkorn
Chief Financial Officer
August 5, 2025

40

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 13a-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Jason D. Lippert, Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of LCI Industries;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2025

By /s/ Jason D. Lippert

Jason D. Lippert, Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 13a-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Lillian D. Etzkorn, Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of LCI Industries;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2025

By /s/ Lillian D. Etzkorn

Lillian D. Etzkorn, Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.

SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of LCI Industries (the “Company”) for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Jason D. Lippert, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

By /s/ Jason D. Lippert

Chief Executive Officer

Principal Executive Officer

August 5, 2025

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C.

SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of LCI Industries (the “Company”) for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Lillian D. Etzkorn, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

By /s/ Lillian D. Etzkorn

Chief Financial Officer

Principal Financial Officer

August 5, 2025

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2025	Jul. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-13646
Entity Registrant Name	LCI INDUSTRIES
Entity Central Index Key	0000763744
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3250533
Entity Address, Address Line One	3501 County Road 6 East
Entity Address, City or Town	Elkhart,
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46514
City Area Code	574
Local Phone Number	535-1125
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	LCII
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,244,283

XML

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Net sales	$ 1,107,250	$ 1,054,544	$ 2,152,840	$ 2,022,573
Cost of sales	837,229	788,099	1,631,070	1,532,222
Gross profit	270,021	266,445	521,770	490,351
Selling, general and administrative expenses	182,217	175,841	352,649	342,136
Operating profit	87,804	90,604	169,121	148,215
Interest expense, net	9,689	7,962	15,680	17,283
Loss on extinguishment of debt	0	0	8,053	0
Income before income taxes	78,115	82,642	145,388	130,932
Provision for income taxes	20,480	21,479	38,315	33,224
Net income	$ 57,635	$ 61,163	$ 107,073	$ 97,708
Net income per common share:
Basic (in usd per share)	$ 2.29	$ 2.40	$ 4.23	$ 3.86
Diluted (in usd per share)	$ 2.29	$ 2.40	$ 4.23	$ 3.85
Weighted average common shares outstanding:
Basic (in shares)	25,157	25,473	25,297	25,344
Diluted (in shares)	25,157	25,504	25,297	25,367

XML

Condensed Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 57,635	$ 61,163	$ 107,073	$ 97,708
Other comprehensive (loss) income:
Net foreign currency translation adjustment	22,268	(1,458)	32,697	(4,721)
Actuarial loss on pension plans	0	(345)	0	(345)
Total comprehensive income	$ 79,903	$ 59,360	$ 139,770	$ 92,642

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 191,931	$ 165,756
Accounts receivable, net of allowances of $8,622 and $5,439 at June 30, 2025 and December 31, 2024, respectively	386,074	199,560
Inventories, net	710,288	736,604
Prepaid expenses and other current assets	69,952	58,318
Total current assets	1,358,245	1,160,238
Fixed assets, net	433,012	432,728
Goodwill	618,898	585,773
Other intangible assets, net	423,037	392,018
Operating lease right-of-use assets	239,865	224,313
Other long-term assets	101,081	99,669
Total assets	3,174,138	2,894,739
Current liabilities
Current maturities of long-term indebtedness	3,677	423
Accounts payable, trade	228,092	187,684
Current portion of operating lease obligations	39,450	38,671
Accrued expenses and other current liabilities	213,079	185,275
Total current liabilities	484,298	412,053
Long-term indebtedness	944,313	756,830
Operating lease obligations	215,695	199,929
Deferred taxes	16,793	26,110
Other long-term liabilities	127,939	112,931
Total liabilities	1,789,038	1,507,853
Stockholders’ equity
Common stock, par value $.01 per share	289	288
Paid-in capital	242,490	257,486
Retained earnings	1,255,463	1,208,096
Accumulated other comprehensive income	35,929	3,232
Stockholders' equity before treasury stock	1,534,171	1,469,102
Treasury stock, at cost	(149,071)	(82,216)
Total stockholders' equity	1,385,100	1,386,886
Total liabilities and stockholders' equity	$ 3,174,138	$ 2,894,739

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 8,622	$ 5,439
Common stock, par value (in usd per share)	$ 0.01	$ 0.01

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Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Cash flows from operating activities:
Net income	$ 57,635	$ 49,438	$ 61,163	$ 36,545	$ 107,073	$ 97,708
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization					59,865	64,728
Stock-based compensation expense					10,949	9,301
Loss on extinguishment of debt	0		0		8,053	0
Other non-cash items					6,514	2,238
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net					(168,012)	(118,962)
Inventories, net					62,977	96,351
Prepaid expenses and other assets					(4,899)	(2,746)
Accounts payable, trade					33,012	18,977
Accrued expenses and other liabilities					39,405	17,687
Net cash flows provided by operating activities					154,937	185,282
Cash flows from investing activities:
Capital expenditures					(21,774)	(21,328)
Acquisitions of businesses					(98,187)	(19,957)
Other investing activities					(3,389)	552
Net cash flows used in investing activities					(123,350)	(40,733)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes					(4,858)	(9,111)
Proceeds from revolving credit facility					0	86,248
Repayments under revolving credit facility					(19,261)	(87,766)
Proceeds from term loan borrowings					391,000	0
Repayments under term loan and other borrowings					(281,525)	(15,007)
Proceeds from issuance of convertible notes					448,500	0
Repurchase of convertible notes					(368,920)	0
Purchases of convertible note hedge contracts					(67,574)	0
Proceeds from issuance of warrants concurrent with note hedge contracts					27,600	0
Partial unwind of convertible note hedge and warrants		1,378			1,378	0
Payment of debt issuance costs					(4,821)	0
Payment of dividends					(58,388)	(53,455)
Payments for Repurchase of Common Stock					(66,338)	0
Other financing activities					(895)	(2)
Net cash flows used in financing activities					(4,102)	(79,093)
Effect of exchange rate changes on cash and cash equivalents					(1,310)	(1,195)
Net increase in cash and cash equivalents					26,175	64,261
Cash and cash equivalents at end of period	$ 191,931		$ 130,418		191,931	130,418	$ 165,756
Cash and cash equivalents at beginning of period		$ 165,756		$ 66,157	165,756	66,157	$ 66,157
Supplemental disclosure of cash flow information:
Interest					15,432	17,364
Income taxes, net of refunds					24,676	16,561
Purchase of property and equipment in accrued expenses					$ 168	$ 429

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Condensed Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2023	$ 1,355,036	$ 287	$ 245,659	$ 1,177,034	$ 14,272	$ (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,545			36,545
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	(9,040)	1	(9,041)
Stock-based compensation expense	4,327		4,327
Other comprehensive income (loss)	(3,263)				(3,263)
Cash dividends	(26,721)			(26,721)
Dividend equivalents on stock-based awards	0		569	(569)
Ending balance at Mar. 31, 2024	1,356,884	288	241,514	1,186,289	11,009	(82,216)
Beginning balance at Dec. 31, 2023	1,355,036	287	245,659	1,177,034	14,272	(82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	97,708
Partial unwind of convertible note hedge and warrants	0
Ending balance at Jun. 30, 2024	1,394,413	288	246,984	1,220,151	9,206	(82,216)
Beginning balance at Mar. 31, 2024	1,356,884	288	241,514	1,186,289	11,009	(82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,163			61,163
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	(71)		(71)
Stock-based compensation expense	4,974		4,974
Other comprehensive income (loss)	(1,803)				(1,803)
Cash dividends	(26,734)			(26,734)
Dividend equivalents on stock-based awards	0		567	(567)
Ending balance at Jun. 30, 2024	1,394,413	288	246,984	1,220,151	9,206	(82,216)
Beginning balance at Dec. 31, 2024	1,386,886	288	257,486	1,208,096	3,232	(82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,438			49,438
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	(4,813)	1	(4,814)
Stock-based compensation expense	4,933		4,933
Purchase of convertible note hedge contracts, net of tax	(51,382)		(51,382)
Issuance of warrants	27,600		27,600
Partial unwind of convertible note hedge and warrants	1,378		1,378
Repurchase of 308,898 shares of common stock, including excise tax	(28,404)					(28,404)
Other comprehensive income (loss)	10,429				10,429
Cash dividends	(29,352)			(29,352)
Dividend equivalents on stock-based awards	0		655	(655)
Ending balance at Mar. 31, 2025	1,366,713	289	235,856	1,227,527	13,661	(110,620)
Beginning balance at Dec. 31, 2024	1,386,886	288	257,486	1,208,096	3,232	(82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	107,073
Partial unwind of convertible note hedge and warrants	1,378
Ending balance at Jun. 30, 2025	1,385,100	289	242,490	1,255,463	35,929	(149,071)
Beginning balance at Mar. 31, 2025	1,366,713	289	235,856	1,227,527	13,661	(110,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,635			57,635
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	(45)		(45)
Stock-based compensation expense	6,016		6,016
Repurchase of 308,898 shares of common stock, including excise tax	(38,451)					(38,451)
Other comprehensive income (loss)	22,268				22,268
Cash dividends	(29,036)			(29,036)
Dividend equivalents on stock-based awards	0		663	(663)
Ending balance at Jun. 30, 2025	$ 1,385,100	$ 289	$ 242,490	$ 1,255,463	$ 35,929	$ (149,071)

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Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Issuance of common stock (in shares)	14,065	82,153	14,059	122,023
Cash dividend (in usd per share)	$ 1.15	$ 1.15	$ 1.05	$ 1.05
Repurchase of share (in shares)	424,132	308,898

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Basis of Presentation

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation

BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.

LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), the Company also caters to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online. At June 30, 2025, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

The Company's results are influenced by seasonal demand patterns, with sales and profits typically strongest in the second quarter and weakest in the fourth quarter. However, economic conditions, dealer inventory fluctuations, and consumer trends can impact these patterns. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events, except as disclosed in these Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2024 and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as debt extinguishments. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company will adopt this ASU for the year ending December 31, 2025, and it will only impact the Company's disclosures with no impacts to its financial condition or results of operations.

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Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

	Three Months Ended  June 30,		Six Months Ended  June 30,
(In thousands)	2025	2024	2025	2024
Weighted average shares outstanding for basic earnings per share	25,157	25,473	25,297	25,344
Common stock equivalents pertaining to stock-based awards	—	31	—	23
Weighted average shares outstanding for diluted earnings per share	25,157	25,504	25,297	25,367
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive	309	289	307	290

2030 Convertible Notes

For the Company's 3.000 percent convertible senior notes due 2030 (the "2030 Convertible Notes") issued in March 2025, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2030 Convertible Notes, dated March 14, 2025, by and between the Company and U.S. Bank Trust Company,

National Association, as trustee (the "2030 Notes Indenture”), to settle the principal amount of the 2030 Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company’s common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2030 Convertible Notes are converted. Because the average closing price of the Company’s common stock for the period from issuance through June 30, 2025 and for the three months ended June 30, 2025, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $116.62, all associated shares were antidilutive.

In conjunction with the issuance of the 2030 Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the “2030 Counterparties”), sold warrants to purchase 3.9 million shares of the Company’s common stock (the “2030 Warrants”). The 2030 Warrants have a strike price of $182.94 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the 2030 Warrants, the Company uses the treasury stock method, which assumes exercise of the 2030 Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the 2030 Warrants are assumed to be used to repurchase shares of the Company’s common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the 2030 Warrants less the number of shares repurchased, are included in diluted shares. For the period from issuance through June 30, 2025 and for the three months ended June 30, 2025, the average share price was below the Warrant strike price of $182.94 per share, and therefore 3.9 million shares were considered antidilutive.

In connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated call option contracts on the Company’s common stock (the “2030 Convertible Note Hedge Transactions”) with the 2030 Counterparties. The aggregate cost to the Company of the 2030 Convertible Note Hedge Transactions was $67.6 million pursuant to the 2030 Convertible Note Hedge Transactions. The 2030 Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2030 Convertible Notes, approximately 3.9 million shares of the Company’s common stock, the same number of shares initially underlying the 2030 Convertible Notes, at a strike price of approximately $116.62, subject to customary anti-dilution adjustments. The 2030 Convertible Note Hedge Transactions will expire upon the maturity of the 2030 Convertible Notes, subject to earlier exercise or termination. Exercise of the 2030 Convertible Note Hedge Transactions would reduce the number of shares of the Company’s common stock outstanding, and therefore would be antidilutive.

2026 Convertible Notes

For the Company's 1.125 percent convertible senior notes due 2026 (the "2026 Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2026 Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "2026 Notes Indenture"), to settle the principal amount of the 2026 Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2026 Convertible Notes are converted. Because the average closing price of the Company's common stock for each of the three and six months ended June 30, 2025, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.

In conjunction with the issuance of the 2026 Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "2026 Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock (the "2026 Warrants"). The 2026 Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the 2026 Warrants, the Company uses the treasury stock method, which assumes exercise of the 2026 Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the 2026 Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the 2026 Warrants less the number of shares repurchased, are included in diluted shares. Concurrently with the 2026 Convertible Note Repurchases (as defined below), we entered into agreements to terminate a proportionate amount of the 2026 Warrants, which resulted in a reduction of the number of shares of common stock underlying the 2026 Warrants to an aggregate of 0.6 million shares of common stock. For each of the three and six months ended June 30, 2025, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.

In connection with the issuance of the 2026 Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "2026 Convertible Note Hedge Transactions") with the 2026 Counterparties. The Company paid an aggregate amount of $100.1 million to the 2026 Counterparties pursuant to the 2026 Convertible Note Hedge Transactions. The 2026 Convertible Note Hedge Transactions initially covered, subject to anti-dilution adjustments substantially similar to those in the 2026 Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the 2026 Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The 2026 Convertible Note Hedge Transactions will expire upon the maturity of the 2026 Convertible Notes, subject to earlier exercise or termination. Concurrently with the 2026 Convertible Note Repurchases, we entered into agreements to terminate a proportionate amount of the 2026 Convertible Note Hedge Transactions, which resulted in a reduction of the number of shares of common stock underlying the 2026 Convertible Note Hedge Transactions to an aggregate of 0.6 million shares of common stock. Exercise of the 2026 Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.

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Acquisitions, Goodwill And Other Intangible Assets

6 Months Ended

Jun. 30, 2025

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Acquisitions Completed During the Six Months Ended June 30, 2025

Freedman Seating Company

In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The cash consideration was approximately $68.6 million, subject to customary adjustments related to working capital and indebtedness. The Company also assumed $10.0 million of the seller's debt related to new market tax credits. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM segment. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed for the opening balance sheet, including net working capital, fixed assets, and the fair value of intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration	$	68,608
Debt assumed	10,000
Total consideration	$	78,608
Customer relationships	$	25,900
Other identifiable intangible assets	8,700
Net tangible assets	25,251
Total fair value of net assets acquired	$	59,851
Goodwill (tax deductible)	$	18,757

The customer relationships intangible asset is being amortized over its estimated useful life of 10 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products.

Trans/Air Manufacturing Corporation

In March 2025, the Company acquired substantially all of the business assets of Trans/Air Manufacturing Corporation, a manufacturer of climate control systems for the school, commercial, and electric/hybrid vehicle markets. The Company paid $29.6 million in cash consideration at closing with contingent consideration up to a maximum of $2.0 million. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily

in the OEM segment. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2024	$	418,220	$	167,553	$	585,773
Acquisitions	20,427		—		20,427
Foreign currency translation	11,219		1,479		12,698
Net balance – June 30, 2025	$	449,866	$	169,032	$	618,898

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2025:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	549,255	$	246,938	$	302,317	6	to	20
Patents	99,420		61,457		37,963		3	to	20
Trade names (finite life)	107,332		32,563		74,769		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,854		300		3	to	6
Other	609		353		256		2	to	12
Other intangible assets	$	769,202	$	346,165	$	423,037

Other intangible assets consisted of the following at December 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,945	$	228,332	$	280,613	6	to	20
Patents	111,934		74,010		37,924		3	to	20
Trade names (finite life)	95,879		30,524		65,355		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,732		422		3	to	6
Other	609		337		272		2	to	12
Other intangible assets	$	729,953	$	337,935	$	392,018

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Acquisitions Completed During the Six Months Ended June 30, 2025

Freedman Seating Company

In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The cash consideration was approximately $68.6 million, subject to customary adjustments related to working capital and indebtedness. The Company also assumed $10.0 million of the seller's debt related to new market tax credits. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM segment. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed for the opening balance sheet, including net working capital, fixed assets, and the fair value of intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration	$	68,608
Debt assumed	10,000
Total consideration	$	78,608
Customer relationships	$	25,900
Other identifiable intangible assets	8,700
Net tangible assets	25,251
Total fair value of net assets acquired	$	59,851
Goodwill (tax deductible)	$	18,757

The customer relationships intangible asset is being amortized over its estimated useful life of 10 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products.

Trans/Air Manufacturing Corporation

In March 2025, the Company acquired substantially all of the business assets of Trans/Air Manufacturing Corporation, a manufacturer of climate control systems for the school, commercial, and electric/hybrid vehicle markets. The Company paid $29.6 million in cash consideration at closing with contingent consideration up to a maximum of $2.0 million. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily

in the OEM segment. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2024	$	418,220	$	167,553	$	585,773
Acquisitions	20,427		—		20,427
Foreign currency translation	11,219		1,479		12,698
Net balance – June 30, 2025	$	449,866	$	169,032	$	618,898

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2025:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	549,255	$	246,938	$	302,317	6	to	20
Patents	99,420		61,457		37,963		3	to	20
Trade names (finite life)	107,332		32,563		74,769		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,854		300		3	to	6
Other	609		353		256		2	to	12
Other intangible assets	$	769,202	$	346,165	$	423,037

Other intangible assets consisted of the following at December 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,945	$	228,332	$	280,613	6	to	20
Patents	111,934		74,010		37,924		3	to	20
Trade names (finite life)	95,879		30,524		65,355		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,732		422		3	to	6
Other	609		337		272		2	to	12
Other intangible assets	$	729,953	$	337,935	$	392,018

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Inventories

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	430,797	$	427,585
Work in process	40,976		44,435
Finished goods	238,515		264,584
Inventories, net	$	710,288	$	736,604

At June 30, 2025 and December 31, 2024, the Company had recorded inventory obsolescence reserves of $81.8 million and $77.7 million, respectively.

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Fixed Assets

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Fixed Assets

FIXED ASSETS

Fixed assets consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Fixed assets, at cost	$	990,063	$	960,219
Less accumulated depreciation and amortization	557,051		527,491
Fixed assets, net	$	433,012	$	432,728

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Accrued Expenses And Other Current Liabilities

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses And Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Employee compensation and benefits	$	75,859	$	70,107
Current portion of accrued warranty	42,780		40,735
Customer rebates	25,409		21,707
Other	69,031		52,726
Accrued expenses and other current liabilities	$	213,079	$	185,275

Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the six months ended June 30:

(In thousands)	2025		2024
Balance at beginning of period	$	65,485	$	71,578
Provision for warranty expense issued during the period	22,200		19,260
Provision for warranty expense for preexisting warranties	9,906		8,968
Warranty costs paid	(25,351)		(28,439)
Balance at end of period	72,240		71,367
Less long-term portion	(29,460)		(24,320)
Current portion of accrued warranty at end of period	$	42,780	$	47,047

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Long-Term Indebtedness

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Long-Term Indebtedness

LONG-TERM INDEBTEDNESS

Long-term debt consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
2030 Convertible Notes	$	460,000	$	—
2026 Convertible Notes	92,000		460,000
Term Loan	399,000		280,000
Revolving Credit Loan	—		19,263
Other	11,551		1,588
Unamortized deferred financing fees	(14,561)		(3,598)
	947,990		757,253
Less current portion	(3,677)		(423)
Long-term indebtedness	$	944,313	$	756,830

Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated March 25, 2025 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which up to $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loans") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Term Loans is March 25, 2032 and the maturity date of the revolving credit facility is March 25, 2030 or, if earlier, the date that is 91 days prior to the scheduled maturity date of any 2030 Convertible Notes outstanding at any such time or the date on which the revolving commitments are reduced to zero or otherwise terminated. The Term Loans are required to be repaid in equal $1.0 million quarterly installments, which commenced on June 30, 2025. The Credit Agreement also permits the Company to request incremental loans under the Credit Agreement and certain other incremental equivalent debt in an aggregate incremental amount equal to the sum of (A) up to the greater of (i) $371.0 million and (ii) an amount equal to 100% of EBITDA for the most recently ended four consecutive fiscal quarters for which financial statements have been delivered pursuant to the Credit Agreement (the “Fixed Incremental Amount”), (B) the amount of any voluntary prepayments of any term loans, incremental equivalent debt or permanent reductions of the revolving commitments as in effect as of the date of the Credit Agreement (which amount shall replenish, but not exceed, the Fixed Incremental Amount), and (C) an unlimited additional amount of additional debt that meets certain requirements set forth in the Credit Agreement, including limitations on any incremental facility that is secured on a pari passu basis or junior basis with the debt under the Credit Agreement, in each case subject to the willingness of the lenders to fund such increase and other customary conditions as further set forth in the Credit Agreement.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company to bear interest at either (i) a base rate plus an applicable margin which (a) for borrowings under the revolving credit facility, ranges from 0.25 percent to 1.00 percent depending on the Company's total net leverage ratio (0.50 percent would have been applicable at June 30, 2025 if the Company had elected base rate loans for any revolving credit facility borrowings) and (b) for Term Loans, is 1.5 percent or (ii) a term Secured Overnight Financing Rate ("SOFR") for an interest period selected by the Company plus an applicable margin, which (a) for borrowings under the revolving credit facility ranges from 1.25 percent to 2.00 percent (1.50 percent would have been applicable at June 30, 2025 if the Company had elected term benchmark loans for any revolving credit facility borrowings) depending on the Company’s total net leverage ratio and (b) for any Term Loans, is 2.50%. Foreign currency borrowings bear interest at an index rate available in such currencies plus the same additional interest margins applicable to term SOFR benchmark loans under the revolving credit facility based on the Company's total net leverage ratio. At June 30, 2025, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.175 percent to 0.275 percent (0.200 percent was applicable at June 30, 2025) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum interest coverage ratio, and must comply with certain other covenants. At June 30, 2025, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility was $595.3 million at June 30, 2025. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At June 30, 2025, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

In March 2025, the Company used a portion of the proceeds of the Term Loans to repay the remaining outstanding principal of the term loan under the previous credit agreement of $280.0 million, and the previous credit agreement was terminated. The Company recognized a loss on extinguishment of debt related to the previous term loan of $1.9 million during the six months ended June 30, 2025.

Convertible Notes

2030 Convertible Notes

On March 14, 2025, the Company issued $460.0 million in aggregate principal amount of 2030 Convertible Notes in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.0 million after deducting the initial purchasers’ discounts and offering expenses payable by the Company. The 2030 Convertible Notes bear interest at a coupon rate of 3.000 percent per annum, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2025. The 2030 Convertible Notes will mature on March 1, 2030, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of June 30, 2025, the conversion rate of the 2030 Convertible Notes was 8.5745 shares of the Company’s common stock per $1,000 principal amount of the 2030 Convertible Notes. The conversion rate of the 2030 Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2030 Notes Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2030 Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding November 1, 2029, the 2030 Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the 2030 Notes Indenture. On or after November 1, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2030 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2030 Convertible Notes being converted.

The Company may not redeem the 2030 Convertible Notes prior to March 6, 2028, except in the event of a Cleanup Redemption (as defined below). Beginning on March 6, 2028, the Company may redeem for cash all or any portion of the 2030 Convertible Notes, at the Company's option, if (i) the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) the Liquidity Conditions (as defined in the 2030 Notes Indenture) are met at a redemption price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, the Company may redeem for cash all, but not less than all, of the 2030 Convertible Notes at any time at a redemption price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date if (i) the amount of the 2030 Convertible Notes that remains outstanding is less than 25 percent of the aggregate principal amount of the 2030 Convertible Notes initially issued under the 2030 Notes Indenture and (ii) the Liquidity Conditions are met (such redemption, a “Cleanup Redemption”). Upon the occurrence of a fundamental change (as defined in the 2030 Notes Indenture), subject to certain conditions and a limited exception, holders of the 2030 Convertible

Notes may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest on such 2030 Convertible Notes to, but excluding, the fundamental change repurchase date (as defined in the 2030 Notes Indenture).

The 2030 Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the 2030 Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries. The 2030 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding 2030 Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding 2030 Convertible Notes to be due and payable.

The 2030 Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the 2030 Convertible Notes of $460.9 million at June 30, 2025 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

2026 Convertible Notes

On May 13, 2021, the Company issued $460.0 million in aggregate principal amount of 2026 Convertible Notes in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.8 million after deducting the initial purchasers' discounts and offering expenses payable by the Company. The 2026 Convertible Notes bear interest at a coupon rate of 1.125 percent per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The 2026 Convertible Notes will mature on May 15, 2026, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of June 30, 2025, the conversion rate of the 2026 Convertible Notes was 6.2482 shares of the Company's common stock per $1,000 principal amount of the 2026 Convertible Notes. The conversion rate of the 2026 Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2026 Notes Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2026 Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding January 15, 2026, the 2026 Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the 2026 Notes Indenture. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2026 Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2026 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted.

Beginning on May 20, 2024, the Company may redeem for cash all or any portion of the 2026 Convertible Notes, at the Company's option, if the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the 2026 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the 2026 Notes Indenture), subject to certain conditions, holders of the 2026 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2026 Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest on such 2026 Convertible Notes to, but not including, the fundamental change repurchase date (as defined in the 2026 Notes Indenture).

The 2026 Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the 2026 Convertible Notes, equal in right of

payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries. The 2026 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding 2026 Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding 2026 Convertible Notes to be due and payable.

The 2026 Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the 2026 Convertible Notes of $89.2 million at June 30, 2025 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

On March 14, 2025, the Company settled certain separate, privately negotiated transactions (the "2026 Convertible Note Repurchases") with certain holders of the 2026 Convertible Notes to repurchase $368.0 million aggregate principal amount of the 2026 Convertible Notes using $370.3 million of the net proceeds received from the issuance of the 2030 Convertible Notes. In connection with the 2026 Convertible Note Repurchases, the Company recorded a loss on extinguishment of debt of $6.2 million. Concurrently with the 2026 Convertible Note Repurchases, the Company entered into agreements to terminate a proportionate amount of the 2026 Warrants and the 2026 Convertible Note Hedge Transactions, which resulted in net proceeds to the Company of $1.4 million.

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Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

LEASES

The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Operating lease expense	$	18,055	$	16,162	$	34,625	$	31,850
Short-term lease expense	739		964		1,573		1,951
Variable lease expense	1,027		1,277		1,943		2,163
Total lease expense	$	19,821	$	18,403	$	38,141	$	35,964

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Commitments And Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are accrued at their discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at June 30, 2025.

Product Recalls

From time to time, the Company cooperates with, and assists its customers on, their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at June 30, 2025.

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at June 30, 2025.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of June 30, 2025, would not be material to the Company's financial position or results of operations.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

The following table summarizes information about shares of the Company's common stock at:

	June 30,	December 31,
(In thousands)	2025	2024
Common stock authorized	75,000	75,000
Common stock issued	28,900	28,804
Treasury stock	4,074	3,341
Common stock outstanding	24,826	25,463

The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2025 and December 31, 2024:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2024	$	1.05	03/08/24	03/22/24	$	26,721
Second Quarter 2024	1.05		05/31/24	06/14/24	26,734
Third Quarter 2024	1.05		08/30/24	09/13/24	26,736
Fourth Quarter 2024	1.15		11/29/24	12/13/24	29,280
Total 2024	$	4.30			$	109,471
First Quarter 2025	$	1.15	03/07/25	03/21/25	$	29,352
Second Quarter 2025	1.15		05/30/25	06/13/25	29,036
Total 2025	$	2.30			$	58,388

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest

(i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2024	301,477	$	119.84
Issued	767	89.17
Granted	164,234	102.40
Dividend equivalents	8,450	88.10
Forfeited	(2,658)	116.81
Vested	(143,237)	119.32
Outstanding at June 30, 2025	329,033	$	110.88

Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2024	245,878	$	120.26
Granted	79,688	103.49
Dividend equivalents	6,531	88.10
Forfeited	(76,651)	122.07
Outstanding at June 30, 2025	255,446	$	114.33

Stock Repurchase Programs

In May 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, which ended on May 19, 2025. The timing of stock repurchases, and the number of shares, were dependent upon market conditions and other factors. Share repurchases could be made in the open market and/or in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program was subject to modification, suspension, or termination at any time by the Board of Directors. In March 2025, the Company purchased 308,898 shares at a weighted average price of $91.47 per share, totaling $28.4 million, including excise tax, under the 2022 Share Repurchase Program. Following such repurchase, no additional shares were purchased under the 2022 Share Repurchase Program prior to its expiration on May 19, 2025. No shares were purchased under the 2022 Share Repurchase Program in the six months ended June 30, 2024.

In May 2025, the Company's Board of Directors authorized a new stock repurchase program (the "2025 Share Repurchase Program") for the purchase of up to $300.0 million of the Company's common stock over a three-year period ending on May 15, 2028. The timing of stock repurchases, and the number of shares, will depend upon market conditions and other factors. Share repurchases, if any, will be made in privately negotiated and/or open market transactions, such as in compliance with Rule 10b-18 of the Securities Act of 1934, as amended (the "Exchange Act") and/or pursuant to a trading plan in accordance with Rule 10b5-1 of the Exchange Act, or a combination of methods. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors.

On June 11, 2025, the Company entered into a Rule 10b5-1 trading plan under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 to repurchase up to $100.0 million of common stock, subject to certain parameters. Under this Rule 10b5-1 trading plan, the Company purchased 424,132 shares at a weighted average price of $89.79 per share totaling $38.5 million, including excise tax, during June 2025. As of June 30, 2025, there was $261.9 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.

From July 1, 2025 through the conclusion of the Rule 10b5-1 plan on August 1, 2025, the Company purchased 633,535 shares at a weighted average price of $97.73 per share totaling $62.5 million, including excise tax. Following these

subsequent repurchases, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.

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Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 77 percent of consolidated net sales for each of the six months ended June 30, 2025 and 2024, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 55 percent of the Company's OEM Segment net sales for the six months ended June 30, 2025 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 23 percent of consolidated net sales for each of the six months ended June 30, 2025 and 2024, supplies engineered components to the related aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as directly to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, and fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit, generally defined as income before interest expense and income taxes. Segment assets are not reviewed by the CODM and therefore are not disclosed below. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing

address of the Company's customers:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	437,205	$	4,721	$	441,926	$	418,947	$	7,402	$	426,349
Motorhomes	36,514		24,858		61,372		32,889		30,731		63,620
Adjacent Industries OEMs	285,949		50,312		336,261		254,778		51,377		306,155
Total OEM Segment net sales	759,668		79,891		839,559		706,614		89,510		796,124
Aftermarket Segment:
Total Aftermarket Segment net sales	243,292		24,399		267,691		235,273		23,147		258,420
Total net sales	$	1,002,960	$	104,290	$	1,107,250	$	941,887	$	112,657	$	1,054,544

	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	903,558	$	9,562	$	913,120	$	799,109	$	18,003	$	817,112
Motorhomes	72,703		48,277		120,980		72,893		59,565		132,458
Adjacent Industries OEMs	531,480		97,534		629,014		503,291		101,575		604,866
Total OEM Segment net sales	1,507,741		155,373		1,663,114		1,375,293		179,143		1,554,436
Aftermarket Segment:
Total Aftermarket Segment net sales	443,015		46,711		489,726		424,921		43,216		468,137
Total net sales	$	1,950,756	$	202,084	$	2,152,840	$	1,800,214	$	222,359	$	2,022,573

(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America

Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
(In thousands)	OEM		Aftermarket		Total		OEM		Aftermarket		Total
Net sales to external customers	$	839,559	$	267,691	$	1,107,250	$	796,124	$	258,420	$	1,054,544
Cost of sales	665,422		171,807		837,229		626,330		161,769		788,099
Gross profit	174,137		95,884		270,021		169,794		96,651		266,445
Selling, general and administrative expenses	122,453		59,764		182,217		119,232		56,609		175,841
Operating profit	$	51,684	$	36,120	$	87,804	$	50,562	$	40,042	$	90,604
	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
(In thousands)	OEM		Aftermarket		Total		OEM		Aftermarket		Total
Net sales to external customers	$	1,663,114	$	489,726	$	2,152,840	$	1,554,436	$	468,137	$	2,022,573
Cost of sales	1,311,902		319,168		1,631,070		1,237,313		294,909		1,532,222
Gross profit	351,212		170,558		521,770		317,123		173,228		490,351
Selling, general and administrative expenses	237,555		115,094		352,649		233,724		108,412		342,136
Operating profit	$	113,657	$	55,464	$	169,121	$	83,399	$	64,816	$	148,215

The following table presents the Company's revenue disaggregated by product:    

	Three Months Ended  June 30,				Six Months Ended  June 30,
(In thousands)	2025		2024		2025		2024
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms	$	230,542	$	229,934	$	473,462	$	442,073
Windows and doors	225,251		228,957		454,772		446,579
Furniture and mattresses	130,909		110,720		244,089		216,169
Axles, ABS, and suspension solutions	93,918		89,277		182,528		174,569
Appliances	87,441		70,958		165,091		140,616
Other	71,498		66,278		143,172		134,430
Total OEM Segment net sales	839,559		796,124		1,663,114		1,554,436
Total Aftermarket Segment net sales	267,691		258,420		489,726		468,137
Total net sales	$	1,107,250	$	1,054,544	$	2,152,840	$	2,022,573

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 57,635	$ 49,438	$ 61,163	$ 36,545	$ 107,073	$ 97,708

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risk and Uncertainties

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

Recently adopted accounting pronouncement

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as debt extinguishments. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company will adopt this ASU for the year ending December 31, 2025, and it will only impact the Company's disclosures with no impacts to its financial condition or results of operations.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Earnings per Share

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

	Three Months Ended  June 30,		Six Months Ended  June 30,
(In thousands)	2025	2024	2025	2024
Weighted average shares outstanding for basic earnings per share	25,157	25,473	25,297	25,344
Common stock equivalents pertaining to stock-based awards	—	31	—	23
Weighted average shares outstanding for diluted earnings per share	25,157	25,504	25,297	25,367
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive	309	289	307	290

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Acquisitions, Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2025

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration	$	68,608
Debt assumed	10,000
Total consideration	$	78,608
Customer relationships	$	25,900
Other identifiable intangible assets	8,700
Net tangible assets	25,251
Total fair value of net assets acquired	$	59,851
Goodwill (tax deductible)	$	18,757

Schedule of Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2024	$	418,220	$	167,553	$	585,773
Acquisitions	20,427		—		20,427
Foreign currency translation	11,219		1,479		12,698
Net balance – June 30, 2025	$	449,866	$	169,032	$	618,898

Schedule of Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2025:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	549,255	$	246,938	$	302,317	6	to	20
Patents	99,420		61,457		37,963		3	to	20
Trade names (finite life)	107,332		32,563		74,769		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,854		300		3	to	6
Other	609		353		256		2	to	12
Other intangible assets	$	769,202	$	346,165	$	423,037

Other intangible assets consisted of the following at December 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,945	$	228,332	$	280,613	6	to	20
Patents	111,934		74,010		37,924		3	to	20
Trade names (finite life)	95,879		30,524		65,355		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	5,154		4,732		422		3	to	6
Other	609		337		272		2	to	12
Other intangible assets	$	729,953	$	337,935	$	392,018

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Inventories (Tables)

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Schedule Of Inventories

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	430,797	$	427,585
Work in process	40,976		44,435
Finished goods	238,515		264,584
Inventories, net	$	710,288	$	736,604

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Fixed Assets (Tables)

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule Of Fixed Assets

Fixed assets consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Fixed assets, at cost	$	990,063	$	960,219
Less accumulated depreciation and amortization	557,051		527,491
Fixed assets, net	$	433,012	$	432,728

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Accrued Expenses And Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Schedule Of Accrued Expenses And Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
Employee compensation and benefits	$	75,859	$	70,107
Current portion of accrued warranty	42,780		40,735
Customer rebates	25,409		21,707
Other	69,031		52,726
Accrued expenses and other current liabilities	$	213,079	$	185,275

Schedule Of Reconciliation Of The Activity Related To Accrued Warranty

The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the six months ended June 30:

(In thousands)	2025		2024
Balance at beginning of period	$	65,485	$	71,578
Provision for warranty expense issued during the period	22,200		19,260
Provision for warranty expense for preexisting warranties	9,906		8,968
Warranty costs paid	(25,351)		(28,439)
Balance at end of period	72,240		71,367
Less long-term portion	(29,460)		(24,320)
Current portion of accrued warranty at end of period	$	42,780	$	47,047

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Long-Term Indebtedness (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following at:

	June 30,		December 31,
(In thousands)	2025		2024
2030 Convertible Notes	$	460,000	$	—
2026 Convertible Notes	92,000		460,000
Term Loan	399,000		280,000
Revolving Credit Loan	—		19,263
Other	11,551		1,588
Unamortized deferred financing fees	(14,561)		(3,598)
	947,990		757,253
Less current portion	(3,677)		(423)
Long-term indebtedness	$	944,313	$	756,830

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Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Components of Lease Cost

The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Operating lease expense	$	18,055	$	16,162	$	34,625	$	31,850
Short-term lease expense	739		964		1,573		1,951
Variable lease expense	1,027		1,277		1,943		2,163
Total lease expense	$	19,821	$	18,403	$	38,141	$	35,964

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Common Stock Information

The following table summarizes information about shares of the Company's common stock at:

	June 30,	December 31,
(In thousands)	2025	2024
Common stock authorized	75,000	75,000
Common stock issued	28,900	28,804
Treasury stock	4,074	3,341
Common stock outstanding	24,826	25,463

Schedule of Dividends Declared

The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2025 and December 31, 2024:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2024	$	1.05	03/08/24	03/22/24	$	26,721
Second Quarter 2024	1.05		05/31/24	06/14/24	26,734
Third Quarter 2024	1.05		08/30/24	09/13/24	26,736
Fourth Quarter 2024	1.15		11/29/24	12/13/24	29,280
Total 2024	$	4.30			$	109,471
First Quarter 2025	$	1.15	03/07/25	03/21/25	$	29,352
Second Quarter 2025	1.15		05/30/25	06/13/25	29,036
Total 2025	$	2.30			$	58,388

Deferred And Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Awards and Units Activity

Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2024	301,477	$	119.84
Issued	767	89.17
Granted	164,234	102.40
Dividend equivalents	8,450	88.10
Forfeited	(2,658)	116.81
Vested	(143,237)	119.32
Outstanding at June 30, 2025	329,033	$	110.88

Stock Awards and Performance Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Awards and Units Activity

Transactions in PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2024	245,878	$	120.26
Granted	79,688	103.49
Dividend equivalents	6,531	88.10
Forfeited	(76,651)	122.07
Outstanding at June 30, 2025	255,446	$	114.33

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Disaggregation of Revenue

The following tables present the Company's revenues disaggregated by segment and geography based on the billing

address of the Company's customers:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	437,205	$	4,721	$	441,926	$	418,947	$	7,402	$	426,349
Motorhomes	36,514		24,858		61,372		32,889		30,731		63,620
Adjacent Industries OEMs	285,949		50,312		336,261		254,778		51,377		306,155
Total OEM Segment net sales	759,668		79,891		839,559		706,614		89,510		796,124
Aftermarket Segment:
Total Aftermarket Segment net sales	243,292		24,399		267,691		235,273		23,147		258,420
Total net sales	$	1,002,960	$	104,290	$	1,107,250	$	941,887	$	112,657	$	1,054,544

	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	903,558	$	9,562	$	913,120	$	799,109	$	18,003	$	817,112
Motorhomes	72,703		48,277		120,980		72,893		59,565		132,458
Adjacent Industries OEMs	531,480		97,534		629,014		503,291		101,575		604,866
Total OEM Segment net sales	1,507,741		155,373		1,663,114		1,375,293		179,143		1,554,436
Aftermarket Segment:
Total Aftermarket Segment net sales	443,015		46,711		489,726		424,921		43,216		468,137
Total net sales	$	1,950,756	$	202,084	$	2,152,840	$	1,800,214	$	222,359	$	2,022,573

(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America

Schedule Of Information Relating To Segments

Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
(In thousands)	OEM		Aftermarket		Total		OEM		Aftermarket		Total
Net sales to external customers	$	839,559	$	267,691	$	1,107,250	$	796,124	$	258,420	$	1,054,544
Cost of sales	665,422		171,807		837,229		626,330		161,769		788,099
Gross profit	174,137		95,884		270,021		169,794		96,651		266,445
Selling, general and administrative expenses	122,453		59,764		182,217		119,232		56,609		175,841
Operating profit	$	51,684	$	36,120	$	87,804	$	50,562	$	40,042	$	90,604
	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
(In thousands)	OEM		Aftermarket		Total		OEM		Aftermarket		Total
Net sales to external customers	$	1,663,114	$	489,726	$	2,152,840	$	1,554,436	$	468,137	$	2,022,573
Cost of sales	1,311,902		319,168		1,631,070		1,237,313		294,909		1,532,222
Gross profit	351,212		170,558		521,770		317,123		173,228		490,351
Selling, general and administrative expenses	237,555		115,094		352,649		233,724		108,412		342,136
Operating profit	$	113,657	$	55,464	$	169,121	$	83,399	$	64,816	$	148,215

Revenue Disaggregated by Product

The following table presents the Company's revenue disaggregated by product:    

	Three Months Ended  June 30,				Six Months Ended  June 30,
(In thousands)	2025		2024		2025		2024
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms	$	230,542	$	229,934	$	473,462	$	442,073
Windows and doors	225,251		228,957		454,772		446,579
Furniture and mattresses	130,909		110,720		244,089		216,169
Axles, ABS, and suspension solutions	93,918		89,277		182,528		174,569
Appliances	87,441		70,958		165,091		140,616
Other	71,498		66,278		143,172		134,430
Total OEM Segment net sales	839,559		796,124		1,663,114		1,554,436
Total Aftermarket Segment net sales	267,691		258,420		489,726		468,137
Total net sales	$	1,107,250	$	1,054,544	$	2,152,840	$	2,022,573

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Basis of Presentation (Details)	Jun. 30, 2025
Manufacturing Facility
Property, Plant and Equipment
Manufacturing Facilities	110

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Earnings Per Share - Schedule of Computation of Earnings per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Weighted average shares outstanding for basic earnings per share	25,157	25,473	25,297	25,344
Common stock equivalents pertaining to stock options and deferred stock units (in shares)	0	31	0	23
Weighted average shares outstanding for diluted earnings per share	25,157	25,504	25,297	25,367
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)	309	289	307	290

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Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 14, 2025	May 13, 2021	May 31, 2021	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Debt Instrument [Line Items]
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)				309	289	307	290
Purchases of convertible note hedge contracts						$ 67,574	$ 0
Proceeds from issuance of convertible notes						$ 448,500	$ 0
2030 Convertible Notes
Debt Instrument [Line Items]
Number of shares called by warrant		3,900
Warrant, strike price (in dollars per share)		$ 182.94
Purchases of convertible note hedge contracts			$ 67,600
2026 Convertible Notes
Debt Instrument [Line Items]
Number of shares called by warrant		2,800
Purchases of convertible note hedge contracts			$ 100,100
2026 Warrants
Debt Instrument [Line Items]
Warrant, strike price (in dollars per share)		$ 259.84
Warrants | 2026 Warrants
Debt Instrument [Line Items]
Class of Warrant or Right, Outstanding				600		600
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)				2,800		2,800
Convertible Debt Securities | 2030 Convertible Notes
Debt Instrument [Line Items]
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)						3,900
Convertible Debt Securities | 2026 Convertible Notes
Debt Instrument [Line Items]
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)						2,800
Convertible Debt [Member] | 2030 Convertible Notes
Debt Instrument [Line Items]
Stated interest rate	3.00%
Conversion price				$ 116.62		$ 116.62
Convertible Debt [Member] | 2026 Convertible Notes
Debt Instrument [Line Items]
Stated interest rate		1.125%
Conversion price				$ 165.65		$ 165.65
2026 Convertible Notes
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes	$ 370,300	$ 447,800

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Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2025	Mar. 31, 2025	Jun. 30, 2025
Freedman Seating Company
Acquired Intangible Assets
Cash consideration	$ 68,608
Debt assumed	10,000
Purchase price	$ 78,608
Freedman Seating Company | Customer relationships
Acquired Intangible Assets
Estimated Useful Life in Years			10 years
Trans/Air Manufacturing Corporation
Acquired Intangible Assets
Cash consideration		$ 29,600
Maximum contingent consideration		$ 2,000

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Acquisitions, Goodwill And Other Intangible Assets - Business Acquisition (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Business Acquisition [Line Items]
Goodwill		$ 618,898	$ 585,773
Freedman Seating Company
Business Acquisition [Line Items]
Cash consideration	$ 68,608
Debt assumed	10,000
Total consideration	78,608
Net tangible assets	25,251
Total fair value of net assets acquired	59,851
Goodwill	18,757
Freedman Seating Company | Customer relationships
Business Acquisition [Line Items]
Intangible assets	25,900
Freedman Seating Company | Other identifiable intangible assets
Business Acquisition [Line Items]
Intangible assets	$ 8,700

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Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Segment Reporting Information
Net balance – beginning of period	$ 585,773
Acquisitions	20,427
Foreign currency translation	12,698
Net balance – end of period	618,898
OEM Segment
Segment Reporting Information
Net balance – beginning of period	418,220
Acquisitions	20,427
Foreign currency translation	11,219
Net balance – end of period	449,866
Aftermarket Segment
Segment Reporting Information
Net balance – beginning of period	167,553
Acquisitions	0
Foreign currency translation	1,479
Net balance – end of period	$ 169,032

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Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Acquired Intangible Assets
Accumulated Amortization	$ 346,165		$ 337,935
Intangible Assets, Gross (Excluding Goodwill)	769,202		729,953
Intangible Assets, Net (Excluding Goodwill)	423,037		392,018
Tradenames
Acquired Intangible Assets
Indefinite-Lived Intangible Assets	7,432		7,432
Customer relationships
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	549,255		508,945
Accumulated Amortization	246,938		228,332
Net Balance	$ 302,317		280,613
Customer relationships | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	6 years	6 years
Customer relationships | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	20 years	20 years
Patents
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 99,420		111,934
Accumulated Amortization	61,457		74,010
Net Balance	$ 37,963		37,924
Patents | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	3 years	3 years
Patents | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	20 years	20 years
Tradenames
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 107,332		95,879
Accumulated Amortization	32,563		30,524
Net Balance	$ 74,769		65,355
Tradenames | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	3 years	3 years
Tradenames | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	20 years	20 years
Non-compete Agreements
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 5,154		5,154
Accumulated Amortization	4,854		4,732
Net Balance	$ 300		422
Non-compete Agreements | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	3 years	3 years
Non-compete Agreements | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	6 years	6 years
Other
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 609		609
Accumulated Amortization	353		337
Net Balance	$ 256		$ 272
Other | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	2 years	2 years
Other | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	12 years	12 years

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Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 430,797	$ 427,585
Work in process	40,976	44,435
Finished goods	238,515	264,584
Inventories, net	710,288	736,604
Inventory obsolescence reserves	$ 81,800	$ 77,700

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Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Fixed assets, at cost	$ 990,063	$ 960,219
Less accumulated depreciation and amortization	557,051	527,491
Fixed assets, net	$ 433,012	$ 432,728

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Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 75,859	$ 70,107
Current portion of accrued warranty	42,780	40,735	$ 47,047
Customer rebates	25,409	21,707
Other	69,031	52,726
Accrued expenses and other current liabilities	$ 213,079	$ 185,275

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Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 65,485	$ 71,578
Provision for warranty expense	22,200	19,260
Provision for warranty expense for preexisting warranties	9,906	8,968
Warranty costs paid	(25,351)	(28,439)
Balance at end of period	72,240	71,367
Less long-term portion	(29,460)	(24,320)
Current portion of accrued warranty	$ 42,780	$ 47,047	$ 40,735

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Long-Term Indebtedness (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized deferred financing fees	$ (14,561)	$ (3,598)
Long-term debt	947,990	757,253
Less current portion	(3,677)	(423)
Long-term debt, excluding current maturities	944,313	756,830
2030 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	460,000	0
2026 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	92,000	460,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0	19,263
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	399,000	280,000
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 11,551	$ 1,588

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Long-Term Indebtedness (Narrative) (Details)								3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 14, 2025 USD ($)	Dec. 07, 2021 USD ($)	May 13, 2021 USD ($) tradingDay	Dec. 19, 2019	Dec. 14, 2018 USD ($)	Apr. 27, 2016 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Line of Credit Facility
Long-term indebtedness								$ 944,313,000		$ 944,313,000		$ 756,830,000
Proceeds from issuance of convertible notes										448,500,000	$ 0
Loss on extinguishment of debt								0	$ 0	8,053,000	$ 0
Term Loan
Line of Credit Facility
Debt, face amount			$ 371,000,000
Term Loan | Period one
Line of Credit Facility
Debt Instrument, Periodic Payment			$ 1,000,000
Debt term					2 years
Term Loan | Period two
Line of Credit Facility
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			2.50%
Term Loan | Period two
Line of Credit Facility
Debt Instrument, Prepaid, Principal										1,900,000
2030 Convertible Notes
Line of Credit Facility
Debt, face amount		$ 460,000,000
Proceeds from issuance of convertible notes		$ 447,000,000
Debt, conversion ratio		0.0085745
Redemption price, percentage				100.00%
Amount of principal held				25.00%
2030 Convertible Notes | Level 1
Line of Credit Facility
Convertible debt, fair value								460,900,000		460,900,000
2030 Convertible Notes | Period one
Line of Credit Facility
Threshold trading days | tradingDay				20
Threshold consecutive trading days | tradingDay				30
Threshold percentage of stock price trigger				130.00%
2026 Convertible Notes
Line of Credit Facility
Debt, face amount		$ 368,000,000		$ 460,000,000
Proceeds from issuance of convertible notes		370,300,000		$ 447,800,000
Debt, conversion ratio	0.0062277
Redemption price, percentage				100.00%
Amount of principal held				25.00%
Loss on extinguishment of debt		6,200,000
2026 Convertible Notes | Level 1
Line of Credit Facility
Convertible debt, fair value								89,200,000		89,200,000
2026 Convertible Notes | Period one
Line of Credit Facility
Threshold trading days | tradingDay				20
Threshold consecutive trading days | tradingDay				30
Threshold percentage of stock price trigger				130.00%
2026 Warrants and 2026 Convertible Note Hedge Transactions
Line of Credit Facility
Proceeds from issuance of convertible notes		$ 1,400,000
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit
Line of Credit Facility
Letter of credit								4,800,000		$ 4,800,000
Commitment fee percentage										0.20%
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Minimum
Line of Credit Facility
Commitment fee percentage										0.175%
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Maximum
Line of Credit Facility
Commitment fee percentage										0.275%
JPMorgan Chase Bank And Wells Fargo Bank | Letter of Credit
Line of Credit Facility
Maximum borrowings under line of credit							$ 50,000,000
Prudential Investment Management Inc | Line of Credit
Line of Credit Facility
Long-term indebtedness						$ 400,000,000
Prudential Investment Management Inc | Line of Credit | New Term Loan, Amendment No. 4
Line of Credit Facility
Long-term indebtedness			$ 400,000,000
JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit
Line of Credit Facility
Maximum borrowings under line of credit						$ 600,000,000
Remaining availability under the facilities								$ 595,300,000		$ 595,300,000
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit
Line of Credit Facility
Debt instrument, additional margin interest rate										0.50%
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Minimum
Line of Credit Facility
Debt instrument, additional margin interest rate							0.25%
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Maximum
Line of Credit Facility
Debt instrument, additional margin interest rate						1.00%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit
Line of Credit Facility
Basis spread on variable rate										1.50%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Debt
Line of Credit Facility
Basis spread on variable rate										1.50%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Minimum
Line of Credit Facility
Basis spread on variable rate										1.25%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Maximum
Line of Credit Facility
Debt instrument, additional margin interest rate						2.00%

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Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Leases [Abstract]
Operating lease expense	$ 18,055	$ 16,162	$ 34,625	$ 31,850
Short-term lease expense	739	964	1,573	1,951
Variable lease expense	1,027	1,277	1,943	2,163
Total lease expense	$ 19,821	$ 18,403	$ 38,141	$ 35,964

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Stockholders' Equity (Summary Of Common Stock Information) (Details) - shares shares in Thousands	Jun. 30, 2025	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Common stock authorized (in shares)	75,000	75,000
Common stock issued (in shares)	28,900	28,804
Treasury stock, common, shares (in shares)	4,074	3,341
Common stock outstanding (in shares)	24,826	25,463

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Stockholders' Equity (Summary of Regular Quarterly Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividend (in usd per share)	$ 1.15	$ 1.15	$ 1.15	$ 1.05	$ 1.05	$ 1.05	$ 2.30		$ 4.30
Payment of dividends							$ 58,388	$ 53,455
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment of dividends	$ 29,036	$ 29,352	$ 29,280	$ 26,736	$ 26,734	$ 26,721	$ 58,388		$ 109,471

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Stockholders' Equity (Stock Awards and Units Activity) (Details)	6 Months Ended
	Jun. 30, 2025 $ / shares shares
Deferred And Restricted Stock Units
Number of Shares
Outstanding at beginning of period (in shares) | shares	301,477
Issued (in shares) | shares	767
Granted (in shares) | shares	164,234
Dividend equivalents (in shares) | shares	8,450
Forfeited (in shares) | shares	(2,658)
Vested (in shares) | shares	(143,237)
Outstanding at end of period (in shares) | shares	329,033
Weighted Average Price
Outstanding at beginning of period (in usd per share) | $ / shares	$ 119.84
Issued (in usd per share) | $ / shares	89.17
Granted (in usd per share) | $ / shares	102.40
Dividend equivalents (in usd per share) | $ / shares	88.10
Forfeited (in usd per share) | $ / shares	116.81
Vested (in usd per share) | $ / shares	119.32
Outstanding at end of period (in usd per share) | $ / shares	$ 110.88
Stock Awards and Performance Stock Units
Number of Shares
Outstanding at beginning of period (in shares) | shares	245,878
Granted (in shares) | shares	79,688
Dividend equivalents (in shares) | shares	6,531
Forfeited (in shares) | shares	(76,651)
Outstanding at end of period (in shares) | shares	255,446
Weighted Average Price
Outstanding at beginning of period (in usd per share) | $ / shares	$ 120.26
Granted (in usd per share) | $ / shares	103.49
Dividend equivalents (in usd per share) | $ / shares	88.10
Forfeited (in usd per share) | $ / shares	122.07
Outstanding at end of period (in usd per share) | $ / shares	$ 114.33

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Stockholders' Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended			3 Months Ended	6 Months Ended
	May 19, 2022	Aug. 01, 2025	Jun. 30, 2025	May 31, 2025	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased	200,000,000
Stock repurchase program, period in force	3 years
Stock repurchased during period (in shares)					308,898		0
Stock repurchased (in usd per share)					$ 91.47
Stock repurchase price					$ 28.4
2025 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased				300,000,000
Stock repurchase program, period in force				3 years
Stock repurchased during period (in shares)			424,132
Stock repurchased (in usd per share)			$ 89.79
Stock repurchase price			$ 38.5
Remaining authorized repurchase amount						$ 261.9
Stock repurchase program, authorized amount				$ 100.0
2025 Share Repurchase Program | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)		633,535
Stock repurchased (in usd per share)		$ 97.73
Stock repurchase price		$ 62.5
Remaining authorized repurchase amount		$ 200.0

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Segment Reporting (Narrative) (Details)	6 Months Ended
	Jun. 30, 2025 segment	Jun. 30, 2024
Segment Reporting Information
Number of reportable segments	2
Product Concentration Risk | Net sales | OEM Segment
Segment Reporting Information
Percentage of sales	0.77	0.77
Product Concentration Risk | Net sales | Travel trailers and fifth-wheels
Segment Reporting Information
Percentage of sales	0.55
Product Concentration Risk | Net sales | Aftermarket Segment
Segment Reporting Information
Percentage of sales	0.23	0.23

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Segment Reporting (Schedule of Operating Profit by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information
Net sales	$ 1,107,250	$ 1,054,544	$ 2,152,840	$ 2,022,573
Cost of sales	837,229	788,099	1,631,070	1,532,222
Gross profit	270,021	266,445	521,770	490,351
Selling, general and administrative expenses	182,217	175,841	352,649	342,136
Operating profit	87,804	90,604	169,121	148,215
OEM Segment
Segment Reporting Information
Net sales	839,559	796,124	1,663,114	1,554,436
Aftermarket Segment
Segment Reporting Information
Net sales	267,691	258,420	489,726	468,137
Operating Segments | OEM Segment
Segment Reporting Information
Net sales	839,559	796,124	1,663,114	1,554,436
Cost of sales	665,422	626,330	1,311,902	1,237,313
Gross profit	174,137	169,794	351,212	317,123
Selling, general and administrative expenses	122,453	119,232	237,555	233,724
Operating profit	51,684	50,562	113,657	83,399
Operating Segments | Aftermarket Segment
Segment Reporting Information
Net sales	267,691	258,420	489,726	468,137
Cost of sales	171,807	161,769	319,168	294,909
Gross profit	95,884	96,651	170,558	173,228
Selling, general and administrative expenses	59,764	56,609	115,094	108,412
Operating profit	$ 36,120	$ 40,042	$ 55,464	$ 64,816

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Segment Reporting (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 1,107,250	$ 1,054,544	$ 2,152,840	$ 2,022,573
OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	839,559	796,124	1,663,114	1,554,436
Travel trailers and fifth-wheels
Disaggregation of Revenue [Line Items]
Net sales	441,926	426,349	913,120	817,112
Motorhomes
Disaggregation of Revenue [Line Items]
Net sales	61,372	63,620	120,980	132,458
Adjacent industries OEMs
Disaggregation of Revenue [Line Items]
Net sales	336,261	306,155	629,014	604,866
Aftermarket Segment
Disaggregation of Revenue [Line Items]
Net sales	267,691	258,420	489,726	468,137
Chassis, chassis parts and slide-out mechanisms | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	230,542	229,934	473,462	442,073
Windows and doors | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	225,251	228,957	454,772	446,579
Furniture and mattresses | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	130,909	110,720	244,089	216,169
Axles and suspension solutions | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	93,918	89,277	182,528	174,569
Appliances | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	87,441	70,958	165,091	140,616
Other | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	71,498	66,278	143,172	134,430
U.S.
Disaggregation of Revenue [Line Items]
Net sales	1,002,960	941,887	1,950,756	1,800,214
U.S. | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	759,668	706,614	1,507,741	1,375,293
U.S. | Travel trailers and fifth-wheels
Disaggregation of Revenue [Line Items]
Net sales	437,205	418,947	903,558	799,109
U.S. | Motorhomes
Disaggregation of Revenue [Line Items]
Net sales	36,514	32,889	72,703	72,893
U.S. | Adjacent industries OEMs
Disaggregation of Revenue [Line Items]
Net sales	285,949	254,778	531,480	503,291
U.S. | Aftermarket Segment
Disaggregation of Revenue [Line Items]
Net sales	243,292	235,273	443,015	424,921
International
Disaggregation of Revenue [Line Items]
Net sales	104,290	112,657	202,084	222,359
International | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	79,891	89,510	155,373	179,143
International | Travel trailers and fifth-wheels
Disaggregation of Revenue [Line Items]
Net sales	4,721	7,402	9,562	18,003
International | Motorhomes
Disaggregation of Revenue [Line Items]
Net sales	24,858	30,731	48,277	59,565
International | Adjacent industries OEMs
Disaggregation of Revenue [Line Items]
Net sales	50,312	51,377	97,534	101,575
International | Aftermarket Segment
Disaggregation of Revenue [Line Items]
Net sales	$ 24,399	$ 23,147	$ 46,711	$ 43,216