Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle
product manufacturer, today reported financial results for the
Company's fourth quarter and full year Fiscal 2024.
Fourth Quarter Fiscal
2024 Financial Summary
- Revenues of $720.9 million
- Gross profit of $94.2 million, representing 13.1% gross
margin
- Net loss per diluted share of $1.01 (includes goodwill
impairment)
- Adjusted net earnings per diluted share of $0.28(1)
- Net cash from operations of $40.7 million
Full Year Fiscal 2024 Financial
Summary
- Revenues of $2,973.5 million
- Gross profit of $433.5 million, representing 14.6% gross
margin
- Net earnings per diluted share of $0.44 (includes goodwill
impairment and loss on note repurchase)
- Adjusted net earnings per diluted share of $3.40(1)
- Net cash from operations of $143.9 million
CEO Commentary
“Winnebago Industries’ fourth quarter performance
fell short of our expectations, primarily reflecting the sluggish
retail demand environment and operating inefficiencies within our
Winnebago branded businesses,” said Michael Happe, the Company’s
President and Chief Executive Officer. “The RV industry continues
to face various headwinds, including uncertain retail conditions,
higher inventory carrying costs and slightly elevated inventories
in the motorhome segment, leading to continued dealer hesitancy and
increased promotional efforts. Despite the challenging operating
conditions, in the fourth quarter we continued to focus on the
variables within our control. We prioritized profitability and cash
generation, aggressively managed inventory, and invested in new
products and technologies to drive future growth.
“As evidenced by the recent launch of the Lineage
Series M, Grand Design’s first motorized RV, product innovation
remains a centerpiece of our long-term strategy,” Happe said. “We
are continuously evolving our offerings to strike the right balance
between cutting-edge features and the growing consumer preference
for affordability, highlighted by products such as the Grand Design
Reflection 100 Series, the Grand Design Influence and the Winnebago
Access. As we begin Fiscal 2025, our RV and marine brands are
intensifying their efforts to deliver exceptional value to
consumers across a range of price points.
“In recent weeks, we have implemented leadership
changes to enhance our Winnebago Motorhome and Winnebago Towables
businesses, both of which have underperformed in recent quarters,”
Happe said. “Chris West, who previously served as Senior Vice
President of Enterprise Operations and Barletta Boats, has been
named President of the Winnebago branded Motorhome and Specialty
Vehicles business. Don Clark, President of Grand Design and a
proven leader with an unmatched track record of success and
understanding of the RV industry over the last 40 years, has been
promoted to Group President and will augment his responsibilities
by providing executive oversight for the Winnebago Towables
business. The extensive industry knowledge and leadership skills
Chris and Don bring to their new roles will be invaluable in
further enhancing Winnebago brand’s influence, impact, and market
share through new products and technology innovations.”
Fourth Quarter Fiscal
2024 Results
Revenues were $720.9 million, a decrease of 6.5%
compared to $771.0 million in the fourth quarter of last year,
driven primarily by product mix, partially offset by higher unit
volume.
Gross profit was $94.2 million, a decrease of 26.1%
compared to $127.5 million in the fourth quarter of last year.
Gross profit margin decreased 340 basis points in the quarter to
13.1%, reflecting higher warranty expense, operational challenges,
and deleverage.
Operating expenses were $112.0 million, an increase
of 60.4% compared to $70.0 million in the fourth quarter of last
year. This increase was primarily driven by a $30.3 million
impairment charge associated with the Chris-Craft reporting unit,
start-up costs associated with the launch of the Grand Design
motorized business, and strategic investments in engineering,
digital technology development and increased data and information
technology capabilities. The decline in fair value of the
Chris-Craft reporting unit was driven primarily by softening in the
marine industry as a result of sustained macroeconomic challenges
impacting consumer demand, such as inflationary pressures and
elevated interest rates, and the current uncertainty regarding the
timing and degree of an economic recovery.
Operating loss was $17.8 million compared to
operating income of $57.5 million in the fourth quarter of last
year.
Net loss was $29.1 million, compared to net income
of $43.8 million in the fourth quarter of last year. Reported net
loss per diluted share was $1.01, compared to reported net earnings
per diluted share of $1.28 in the fourth quarter of last year.
Adjusted earnings per diluted share was $0.28(1), a decrease of
80.1% compared to adjusted earnings per diluted share of $1.41(1)
in the fourth quarter of last year.
Consolidated Adjusted EBITDA was $28.7 million, a
decrease of 60.6%, compared to $72.9 million last year.
Full Year Fiscal
2024 Results
Revenues were $3.0 billion, a decrease of 14.8%
compared to $3.5 billion in Fiscal 2023, driven primarily by
product mix and lower unit sales related to market conditions.
Gross profit was $433.5 million, a decrease of
26.0% compared to $586.1 million in Fiscal 2023. Gross profit
margin decreased 220 basis points year-over-year to 14.6% as a
result of deleverage, higher warranty expense, and operational
challenges.
Operating expenses were $333.3 million, an increase
of 16.8% compared to $285.4 million in Fiscal 2023. The increase
was primarily due to the goodwill impairment charge associated with
the Chris-Craft reporting unit, a full year of Lithionics
operations and increased intangible amortization, start-up costs
associated with the launch of the Grand Design motorized business,
and strategic investments in engineering, digital technology
development, and increased data and information technology
capabilities, partially offset by lower incentive-based
compensation.
Operating income was $100.2 million, a decrease of
66.7% compared to $300.7 million in Fiscal 2023.
Net income was $13.0 million, compared to net
income of $215.9 million in Fiscal 2023. Reported earnings per
diluted share was $0.44, compared to reported earnings per diluted
share of $6.23 in the same period last year. Adjusted earnings per
diluted share was $3.40(1), a decrease of 49.8% compared to
adjusted earnings per diluted share of $6.77(1) in Fiscal 2023.
Consolidated Adjusted EBITDA was $190.6 million, a
decrease of 46.3%, compared to $354.7 million last year.
Fourth Quarter and Fiscal
2024 Segments Summary
Towable RV
|
Three Months Ended |
($, in millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Net revenues |
$ |
317.0 |
|
|
$ |
341.4 |
|
|
(7.2 |
)% |
Adjusted EBITDA |
$ |
20.6 |
|
|
$ |
42.7 |
|
|
(51.9 |
)% |
Adjusted EBITDA Margin |
|
6.5 |
% |
|
|
12.5 |
% |
|
(600 |
) bps |
(1) Amounts are calculated based on unrounded numbers
and therefore may not recalculate using the rounded numbers
provided. |
|
- Revenues for the Towable RV segment were down compared to the
prior year, primarily driven by a reduction in average selling
price per unit related to product mix, partially offset by an
increase in unit volume.
- Segment Adjusted EBITDA margin decreased compared to the prior
year, primarily driven by higher warranty expense due to a
favorable prior year trend, deleverage from a reduction in average
selling price per unit related to product mix, and operational
challenges in our Winnebago branded towable business.
|
Year Ended |
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Net revenues |
$ |
1,318.8 |
|
|
$ |
1,415.3 |
|
|
(6.8 |
)% |
Adjusted EBITDA |
$ |
122.4 |
|
|
$ |
172.1 |
|
|
(28.9 |
)% |
Adjusted EBITDA Margin |
|
9.3 |
% |
|
|
12.2 |
% |
|
(290 |
) bps |
|
($, in
millions) |
August 31, 2024 |
|
|
August 26, 2023 |
|
|
Change(1) |
|
Backlog |
$ |
137.1 |
|
|
$ |
208.1 |
|
|
(34.1 |
)% |
|
(1) Amounts are calculated based on unrounded numbers
and therefore may not recalculate using the rounded numbers
provided. |
|
|
- Revenues for the Towable RV segment were down compared to the
prior year, primarily driven by a reduction in average selling
price per unit related to product mix and targeted price
reductions, partially offset by an increase in unit volume.
- Segment Adjusted EBITDA margin decreased compared to the prior
year, primarily driven by deleverage, higher warranty expense due
to a favorable prior year trend, and operational challenges at our
Winnebago branded towable business.
- Backlog decreased due to current market conditions and a
cautious dealer network as well as reduced order lead times due to
production capacity.
Motorhome RV
|
Three Months Ended |
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Net revenues |
$ |
308.0 |
|
|
$ |
317.7 |
|
|
(3.1 |
)% |
Adjusted EBITDA |
$ |
13.0 |
|
|
$ |
22.4 |
|
|
(41.9 |
)% |
Adjusted EBITDA Margin |
|
4.2 |
% |
|
|
7.0 |
% |
|
(280 |
) bps |
(1) Amounts are calculated based on unrounded numbers
and therefore may not recalculate using the rounded numbers
provided. |
|
- Revenues for the Motorhome RV segment were down from the prior
year due to product mix and a decline in unit volume related to
market conditions, partially offset by price increases related to
higher motorized chassis costs.
- Segment Adjusted EBITDA margin decreased compared to the prior
year primarily due to deleverage, operational challenges, and
higher warranty expense.
|
Year Ended |
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Net revenues |
$ |
1,279.8 |
|
|
$ |
1,560.1 |
|
|
(18.0 |
)% |
Adjusted EBITDA |
$ |
73.7 |
|
|
$ |
142.0 |
|
|
(48.1 |
)% |
Adjusted EBITDA Margin |
|
5.8 |
% |
|
|
9.1 |
% |
|
(330 |
) bps |
|
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Backlog |
$ |
234.4 |
|
$ |
688.6 |
|
(66.0 |
)% |
(1) Amounts are calculated based on unrounded numbers
and therefore may not recalculate using the rounded numbers
provided. |
|
- Revenues for the Motorhome RV segment were down from the prior
year due to a decline in unit volume related to market conditions
and higher levels of discounts and allowances, partially offset by
price increases related to higher motorized chassis cost.
- Segment Adjusted EBITDA margin decreased compared to the prior
year, primarily due to deleverage, higher warranty expense, and
operational challenges, partially offset by cost containment
efforts.
- Backlog decreased due to current market conditions and a
cautious dealer network.
Marine
|
Three Months Ended |
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Net revenues |
$ |
80.5 |
|
|
$ |
96.4 |
|
|
(16.6 |
)% |
Adjusted EBITDA |
$ |
5.5 |
|
|
$ |
10.3 |
|
|
(45.7 |
)% |
Adjusted EBITDA Margin |
|
6.9 |
% |
|
|
10.6 |
% |
|
(370 |
) bps |
(1) Amounts are calculated based on unrounded numbers
and therefore may not recalculate using the rounded numbers
provided. |
|
- Revenues for the Marine segment were down from the prior year,
primarily driven by product mix, and a decline in unit volume
related to market conditions and dealer destocking, partially
offset by targeted price increases.
- Segment Adjusted EBITDA margin decreased compared to the prior
year, primarily due to deleverage, and higher discounts and
allowances, partially offset by targeted price increases.
|
Year Ended |
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
Net revenues |
$ |
325.5 |
|
|
$ |
469.7 |
|
|
(30.7 |
)% |
Adjusted EBITDA |
$ |
25.6 |
|
|
$ |
60.5 |
|
|
(57.6 |
)% |
Adjusted EBITDA Margin |
|
7.9 |
% |
|
|
12.9 |
% |
|
(500 |
) bps |
|
($, in
millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Change(1) |
|
Backlog |
$ |
260.0 |
|
|
$ |
194.7 |
|
|
|
33.5 |
% |
|
(1) Amounts are calculated based on unrounded numbers
and therefore may not recalculate using the rounded numbers
provided. |
|
|
|
- Revenues for the Marine segment were down from the prior year,
primarily driven by a decline in unit volume related to market
conditions and product mix.
- Segment Adjusted EBITDA margin decreased compared to the prior
year, primarily due to deleverage, partially offset by lower
incentive-based compensation and cost containment efforts.
- Backlog increased primarily driven by the improvement in
inventory position with dealers and continued market share
growth.
Balance Sheet and Cash FlowAs of
August 31, 2024, cash and cash equivalents were $330.9
million, compared with $309.9 million as of the end of Fiscal 2023.
Total outstanding debt was $696.2 million ($709.3 million of debt,
net of debt issuance costs of $13.1 million) with working capital
of $584.0 million. Cash flow provided by operations was $40.7
million in the Fiscal 2024 fourth quarter. With a cash balance of
$330.9 million and an undrawn asset-backed revolving credit
facility of $350.0 million, the Company maintains meaningful
financial flexibility, supported by its strong balance sheet and
robust liquidity.
Quarterly Cash Dividend and Share RepurchasesOn
August 15, 2024, the Company’s Board of Directors approved a
10% increase in the quarterly cash dividend of $0.34 per share. The
dividend was paid on September 25, 2024, to common
stockholders of record at the close of business on
September 11, 2024. In addition, Winnebago Industries executed
share repurchases of $10.0 million during the Fiscal 2024 fourth
quarter, bringing its total share repurchases for the Fiscal year
to $70.0 million.
Business Outlook and Financial GuidanceFor
calendar year 2025, Winnebago Industries anticipates total North
American RV wholesale shipments in the range of 320,000 to 350,000
units. Based on this outlook and the current business environment,
the Company expects Fiscal 2025 consolidated revenues in the range
of $2.9 billion to $3.2 billion, reported earnings per diluted
share of $2.40 to $3.90(2) and adjusted earnings per diluted share
of $3.00 to $4.50(2). The Company’s outlook takes into account
prevailing trends in the RV sector, including competitive dynamics,
shifts in consumer preferences, and key macroeconomic factors that
may influence overall demand.
“We enter Fiscal 2025 confident in the long-term prospects of
our business, optimism that is grounded in the strong market
potential of our latest product innovations,” Happe said. “Although
the recent easing of interest rates is expected to bolster consumer
demand as we move into the second half of the 2025 calendar year,
near-term visibility remains limited due to the potential for
further economic instability and the likelihood of continued
industry-wide destocking within the motorhome RV category.
“Amid this complex and dynamic market environment, we are
managing capacity, output, and cost in a highly disciplined
manner,” said Bryan Hughes, the Company’s Senior Vice President and
Chief Financial Officer. “We are focused on leveraging our
strengths, optimizing our product mix, and maintaining operational
flexibility to capitalize on opportunities that position our
portfolio of premium brands to gain share as market conditions
improve. We are committed to investing in our core competencies and
enhancing the customer experience through new products and
technologies, while maintaining a balanced approach to capital
allocation that we believe will enable us to create value for our
shareholders over the long term.”
Q4 FY 2024 Conference CallWinnebago Industries,
Inc. will discuss fourth quarter and full year Fiscal 2024 earnings
results during a conference call scheduled for 9:00 a.m. Central
Time today. Members of the news media, investors and the general
public are invited to access a live broadcast of the conference
call and view the accompanying presentation slides via the Investor
Relations page of the Company's website at http://investor.wgo.net.
The event will be archived and available for replay for the next 90
days.
About Winnebago IndustriesWinnebago Industries, Inc. is a
leading North American manufacturer of outdoor lifestyle products
under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta
brands, which are used primarily in leisure travel and outdoor
recreation activities. The Company builds high-quality motorhomes,
travel trailers, fifth-wheel products, outboard and sterndrive
powerboats, pontoons, and commercial community outreach vehicles.
Committed to advancing sustainable innovation and leveraging
vertical integration in key component areas, Winnebago Industries
has multiple facilities in Iowa, Indiana, Minnesota and Florida.
The Company’s common stock is listed on the New York Stock Exchange
and traded under the symbol WGO. For access to Winnebago
Industries' investor relations material or to add your name to an
automatic email list for Company news releases, visit
winnebagoind.com/investors.
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including the business
outlook and financial guidance for Fiscal 2025. Investors are
cautioned that forward-looking statements are inherently uncertain.
A number of factors could cause actual results to differ materially
from these statements, including, but not limited to general
economic uncertainty in key markets and a worsening of domestic and
global economic conditions or low levels of economic growth;
availability of financing for RV and marine dealers and retail
purchasers; competition and new product introductions by
competitors; ability to innovate and commercialize new products;
ability to manage our inventory to meet demand; risk related to
cyclicality and seasonality of our business; risk related to
independent dealers; risk related to dealer consolidation or the
loss of a significant dealer; significant increase in repurchase
obligations; ability to retain relationships with our suppliers and
obtain components; business or production disruptions; inadequate
management of dealer inventory levels; increased material and
component costs, including availability and price of fuel and other
raw materials; ability to integrate mergers and acquisitions;
ability to attract and retain qualified personnel and changes in
market compensation rates; exposure to warranty claims and product
recalls; ability to protect our information technology systems from
data security, cyberattacks, and network disruption risks and the
ability to successfully upgrade and evolve our information
technology systems; ability to retain brand reputation and related
exposure to product liability claims; governmental regulation,
including for climate change; increased attention to environmental,
social, and governance (“ESG”) matters, and our ability to meet our
commitments; impairment of goodwill and trade names; risks related
to our 2025 Convertible Notes, 2030 Convertible Notes, and Senior
Secured Notes, including our ability to satisfy our obligations
under these notes; and changes in recommendations or a withdrawal
of coverage by third party security analysts. Additional
information concerning certain risks and uncertainties that could
cause actual results to differ materially from that projected or
suggested is contained in the Company's filings with the Securities
and Exchange Commission (“SEC”) over the last 12 months, copies of
which are available from the SEC or from the Company upon request.
The Company disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements
contained in this release or to reflect any changes in the
Company's expectations after the date of this release or any change
in events, conditions or circumstances on which any statement is
based, except as required by law.
ContactsInvestors: Ray Posadas ir@winnebagoind.com
Media: Dan Sullivanmedia@winnebagoind.com
Winnebago Industries, Inc.Footnotes to
News Release |
|
Footnotes: |
|
(1) |
Beginning in the fourth quarter of Fiscal 2024, the Company updated
its definition of Adjusted EPS to no longer adjust for theimpact of
a call spread overlay that was put in place upon the issuance of
convertible notes, and which economically offsetsdilution risk.
Prior period amounts have been revised to conform to current year
presentation. |
(2) |
Fiscal 2025 adjusted EPS guidance excludes the pretax impact of
intangible amortization of approximately $22 million. |
|
Winnebago Industries, Inc.Condensed
Consolidated Statements of Income(Unaudited and
subject to reclassification) |
|
|
|
|
Three Months Ended |
|
(in millions, except percent and per share data) |
August 31, 2024 |
|
August 26, 2023 |
|
Net revenues |
$ |
720.9 |
|
|
|
100.0 |
% |
|
$ |
771.0 |
|
|
|
100.0 |
% |
|
Cost of goods sold |
|
626.7 |
|
|
|
86.9 |
% |
|
|
643.5 |
|
|
|
83.5 |
% |
|
Gross profit |
|
94.2 |
|
|
|
13.1 |
% |
|
|
127.5 |
|
|
|
16.5 |
% |
|
Selling, general, and administrative expenses |
|
75.6 |
|
|
|
10.5 |
% |
|
|
64.3 |
|
|
|
8.3 |
% |
|
Amortization |
|
6.1 |
|
|
|
0.8 |
% |
|
|
5.7 |
|
|
|
0.7 |
% |
|
Goodwill impairment |
|
30.3 |
|
|
|
4.2 |
% |
|
|
— |
|
|
|
— |
% |
|
Total operating expenses |
|
112.0 |
|
|
|
15.6 |
% |
|
|
70.0 |
|
|
|
9.1 |
% |
|
Operating (loss) income |
|
(17.8 |
) |
|
|
(2.5 |
)% |
|
|
57.5 |
|
|
|
7.5 |
% |
|
Interest expense, net |
|
5.9 |
|
|
|
0.8 |
% |
|
|
4.1 |
|
|
|
0.5 |
% |
|
Non-operating loss (income) |
|
2.2 |
|
|
|
0.3 |
% |
|
|
(1.3 |
) |
|
|
(0.2 |
)% |
|
(Loss) income before income taxes |
|
(25.9 |
) |
|
|
(3.6 |
)% |
|
|
54.7 |
|
|
|
7.1 |
% |
|
Provision for income taxes |
|
3.2 |
|
|
|
0.4 |
% |
|
|
10.9 |
|
|
|
1.4 |
% |
|
Net (loss) income |
$ |
(29.1 |
) |
|
|
(4.0 |
)% |
|
$ |
43.8 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.01 |
) |
|
|
|
|
|
$ |
1.46 |
|
|
|
|
|
|
Diluted |
$ |
(1.01 |
) |
|
|
|
|
|
$ |
1.28 |
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
28.8 |
|
|
|
|
|
|
|
30.0 |
|
|
|
|
|
|
Diluted |
|
28.8 |
|
|
|
|
|
|
|
35.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
(in millions, except percent and per share data) |
August 31, 2024 |
|
August 26, 2023 |
|
Net revenues |
$ |
2,973.5 |
|
|
|
100.0 |
% |
|
$ |
3,490.7 |
|
|
|
100.0 |
% |
|
Cost of goods sold |
|
2,540.0 |
|
|
|
85.4 |
% |
|
|
2,904.6 |
|
|
|
83.2 |
% |
|
Gross profit |
|
433.5 |
|
|
|
14.6 |
% |
|
|
586.1 |
|
|
|
16.8 |
% |
|
Selling, general, and administrative expenses |
|
280.0 |
|
|
|
9.4 |
% |
|
|
267.7 |
|
|
|
7.7 |
% |
|
Amortization |
|
23.0 |
|
|
|
0.8 |
% |
|
|
17.7 |
|
|
|
0.5 |
% |
|
Goodwill impairment |
|
30.3 |
|
|
|
1.0 |
% |
|
|
— |
|
|
|
— |
% |
|
Total operating expenses |
|
333.3 |
|
|
|
11.2 |
% |
|
|
285.4 |
|
|
|
8.2 |
% |
|
Operating income |
|
100.2 |
|
|
|
3.4 |
% |
|
|
300.7 |
|
|
|
8.6 |
% |
|
Interest expense, net |
|
21.1 |
|
|
|
0.7 |
% |
|
|
20.5 |
|
|
|
0.6 |
% |
|
Loss on note repurchase |
|
32.7 |
|
|
|
1.1 |
% |
|
|
— |
|
|
|
— |
% |
|
Non-operating loss |
|
8.0 |
|
|
|
0.3 |
% |
|
|
1.0 |
|
|
|
— |
% |
|
Income before income taxes |
|
38.4 |
|
|
|
1.3 |
% |
|
|
279.2 |
|
|
|
8.0 |
% |
|
Provision for income taxes |
|
25.4 |
|
|
|
0.9 |
% |
|
|
63.3 |
|
|
|
1.8 |
% |
|
Net income |
$ |
13.0 |
|
|
|
0.4 |
% |
|
$ |
215.9 |
|
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.44 |
|
|
|
|
|
|
$ |
7.12 |
|
|
|
|
|
|
Diluted |
$ |
0.44 |
|
|
|
|
|
|
$ |
6.23 |
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
29.2 |
|
|
|
|
|
|
|
30.3 |
|
|
|
|
|
|
Diluted |
|
29.5 |
|
|
|
|
|
|
|
35.4 |
|
|
|
|
|
|
|
Amounts in tables are calculated based on unrounded numbers and
therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.
Winnebago Industries, Inc. Condensed
Consolidated Balance Sheets(Unaudited and subject
to reclassification) |
|
|
|
(in millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
330.9 |
|
$ |
309.9 |
|
Receivables, net |
|
183.5 |
|
|
178.5 |
|
Inventories, net |
|
438.7 |
|
|
470.6 |
|
Prepaid expenses and other current assets |
|
35.6 |
|
|
37.7 |
|
Total current assets |
|
988.7 |
|
|
996.7 |
|
Property, plant, and equipment, net |
|
338.9 |
|
|
327.3 |
|
Goodwill |
|
484.2 |
|
|
514.5 |
|
Other intangible assets, net |
|
479.0 |
|
|
502.0 |
|
Investment in life insurance |
|
29.6 |
|
|
29.3 |
|
Operating lease assets |
|
46.6 |
|
|
42.6 |
|
Other long-term assets |
|
17.2 |
|
|
20.0 |
|
Total assets |
$ |
2,384.2 |
|
$ |
2,432.4 |
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
$ |
144.7 |
|
$ |
146.9 |
|
Current maturities of long-term debt, net |
|
59.1 |
|
|
— |
|
Accrued expenses |
|
200.9 |
|
|
249.1 |
|
Total current liabilities |
|
404.7 |
|
|
396.0 |
|
Long-term debt, net |
|
637.1 |
|
|
592.4 |
|
Deferred income tax liabilities, net |
|
3.0 |
|
|
11.7 |
|
Unrecognized tax benefits |
|
5.4 |
|
|
6.1 |
|
Long-term operating lease liabilities |
|
45.6 |
|
|
42.0 |
|
Deferred compensation benefits, net of current portion |
|
6.6 |
|
|
7.9 |
|
Other long-term liabilities |
|
8.5 |
|
|
8.2 |
|
Total liabilities |
|
1,110.9 |
|
|
1,064.3 |
|
Shareholders' equity |
|
1,273.3 |
|
|
1,368.1 |
|
Total liabilities and shareholders' equity |
$ |
2,384.2 |
|
$ |
2,432.4 |
|
|
Winnebago Industries, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited
and subject to reclassification) |
|
|
|
|
Year Ended |
|
(in millions) |
August 31, 2024 |
|
August 26, 2023 |
|
Operating activities |
|
|
|
|
|
|
|
|
Net income |
$ |
13.0 |
|
|
$ |
215.9 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
|
Depreciation |
|
35.6 |
|
|
|
29.2 |
|
|
Amortization |
|
23.0 |
|
|
|
17.7 |
|
|
Amortization of debt issuance costs |
|
3.2 |
|
|
|
3.1 |
|
|
Last in, first-out expense |
|
4.2 |
|
|
|
0.5 |
|
|
Stock-based compensation |
|
14.6 |
|
|
|
10.9 |
|
|
Deferred income taxes |
|
8.1 |
|
|
|
16.3 |
|
|
Deferred compensation expense |
|
0.9 |
|
|
|
0.7 |
|
|
Goodwill impairment |
|
30.3 |
|
|
|
— |
|
|
Loss on note repurchase |
|
32.7 |
|
|
|
— |
|
|
Contingent consideration fair value adjustment |
|
1.1 |
|
|
|
0.6 |
|
|
Payments of earnout liability above acquisition-date fair
value |
|
(14.7 |
) |
|
|
(13.3 |
) |
|
Other, net |
|
5.4 |
|
|
|
0.8 |
|
|
Change in operating assets and liabilities, net of assets and
liabilities acquired |
|
|
|
|
|
|
|
|
Receivables, net |
|
(5.2 |
) |
|
|
76.7 |
|
|
Inventories, net |
|
27.2 |
|
|
|
63.8 |
|
|
Prepaid expenses and other assets |
|
1.7 |
|
|
|
9.7 |
|
|
Accounts payable |
|
(3.9 |
) |
|
|
(67.5 |
) |
|
Income taxes and unrecognized tax benefits |
|
5.0 |
|
|
|
(8.9 |
) |
|
Accrued expenses and other liabilities |
|
(38.3 |
) |
|
|
(61.7 |
) |
|
Net cash provided by operating activities |
|
143.9 |
|
|
|
294.5 |
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
(45.0 |
) |
|
|
(83.2 |
) |
|
Acquisition of business, net of cash acquired |
|
— |
|
|
|
(87.5 |
) |
|
Proceeds from the sale of property, plant, and equipment |
|
0.4 |
|
|
|
0.4 |
|
|
Other, net |
|
(1.3 |
) |
|
|
0.3 |
|
|
Net cash used in investing activities |
|
(45.9 |
) |
|
|
(170.0 |
) |
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Borrowings on long-term debt |
|
2,652.2 |
|
|
|
3,718.0 |
|
|
Repayments on long-term debt |
|
(2,596.0 |
) |
|
|
(3,718.0 |
) |
|
Payments for convertible note bond hedge |
|
(68.7 |
) |
|
|
— |
|
|
Proceeds from issuance of convertible note warrant |
|
31.3 |
|
|
|
— |
|
|
Proceeds from partial unwind of convertible note bond hedge |
|
55.8 |
|
|
|
— |
|
|
Payments for partial unwind of convertible note warrant |
|
(25.3 |
) |
|
|
— |
|
|
Payments of cash dividends |
|
(36.8 |
) |
|
|
(33.2 |
) |
|
Payments for repurchases of common stock |
|
(74.5 |
) |
|
|
(55.1 |
) |
|
Payments of debt issuance costs |
|
(10.4 |
) |
|
|
— |
|
|
Payments of earnout liability up to acquisition-date fair
value |
|
(5.8 |
) |
|
|
(8.7 |
) |
|
Other, net |
|
1.2 |
|
|
|
0.2 |
|
|
Net cash used in financing activities |
|
(77.0 |
) |
|
|
(96.8 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
21.0 |
|
|
|
27.7 |
|
|
Cash and cash equivalents at beginning of period |
|
309.9 |
|
|
|
282.2 |
|
|
Cash and cash equivalents at end of period |
$ |
330.9 |
|
|
$ |
309.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
Income taxes paid, net |
$ |
14.4 |
|
|
$ |
57.8 |
|
|
Interest paid |
|
29.0 |
|
|
|
24.2 |
|
|
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities |
|
|
|
|
|
|
|
|
Capital expenditures in accounts payable |
$ |
4.6 |
|
|
$ |
3.0 |
|
|
Dividends declared not yet paid |
|
10.9 |
|
|
|
10.2 |
|
|
Increase in lease assets in exchange for lease liabilities: |
|
|
|
|
|
|
|
|
Operating leases |
|
9.8 |
|
|
|
5.6 |
|
|
Financing leases |
|
1.8 |
|
|
|
2.4 |
|
|
|
|
Winnebago Industries, Inc.Supplemental
Information by Reportable Segment - Towable RV(in
millions, except unit data)(Unaudited and subject
to reclassification) |
|
|
|
|
|
Three Months Ended |
|
|
|
August 31,2024 |
|
%
ofRevenues(1) |
|
August 26,2023 |
|
%
ofRevenues(1) |
|
$ Change(1) |
|
% Change(1) |
|
Net revenues |
$ |
317.0 |
|
|
|
|
|
|
$ |
341.4 |
|
|
|
|
|
|
$ |
(24.4 |
) |
|
|
(7.2 |
)% |
|
Adjusted
EBITDA |
|
20.6 |
|
|
|
6.5 |
% |
|
|
42.7 |
|
|
|
12.5 |
% |
|
|
(22.2 |
) |
|
|
(51.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Unit deliveries |
August 31,2024 |
|
ProductMix(2) |
|
August 26,2023 |
|
ProductMix(2) |
|
Unit Change |
|
% Change |
|
Travel
trailer |
|
5,649 |
|
|
|
69.0 |
% |
|
|
5,303 |
|
|
|
68.8 |
% |
|
|
346 |
|
|
|
6.5 |
% |
|
Fifth wheel |
|
2,534 |
|
|
|
31.0 |
% |
|
|
2,408 |
|
|
|
31.2 |
% |
|
|
126 |
|
|
|
5.2 |
% |
|
|
Total Towable RV |
|
8,183 |
|
|
|
100.0 |
% |
|
|
7,711 |
|
|
|
100.0 |
% |
|
|
472 |
|
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
August 31,2024 |
|
%
ofRevenues(1) |
|
August 26,2023 |
|
%
ofRevenues(1) |
|
$ Change(1) |
|
% Change(1) |
|
Net
revenues |
$ |
1,318.8 |
|
|
|
|
$ |
1,415.3 |
|
|
|
|
|
|
$ |
(96.5 |
) |
|
|
(6.8 |
)% |
|
Adjusted
EBITDA |
|
122.4 |
|
|
|
9.3 |
% |
|
|
172.1 |
|
|
|
12.2 |
% |
|
|
(49.7 |
) |
|
|
(28.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Unit deliveries |
August 31,2024 |
|
ProductMix(2) |
|
August 26,2023 |
|
ProductMix(2) |
|
Unit Change |
|
% Change |
|
Travel
trailer |
|
21,636 |
|
|
|
67.5 |
% |
|
|
21,352 |
|
|
|
68.8 |
% |
|
|
284 |
|
|
|
1.3 |
% |
|
Fifth wheel |
|
10,403 |
|
|
|
32.5 |
% |
|
|
9,701 |
|
|
|
31.2 |
% |
|
|
702 |
|
|
|
7.2 |
% |
|
|
Total Towable RV |
|
32,039 |
|
|
|
100.0 |
% |
|
|
31,053 |
|
|
|
100.0 |
% |
|
|
986 |
|
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,2024 |
|
August 26,2023 |
|
Change(1) |
|
% Change(1) |
|
|
|
|
|
|
|
|
|
Backlog(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
4,850 |
|
|
|
5,111 |
|
|
|
(261 |
) |
|
|
(5.1 |
)% |
|
|
|
|
|
|
|
|
|
|
Dollars |
$ |
137.1 |
|
|
$ |
208.1 |
|
|
$ |
(71.0 |
) |
|
|
(34.1 |
)% |
|
|
|
|
|
|
|
|
|
Dealer
Inventory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
15,940 |
|
|
|
16,744 |
|
|
|
(804 |
) |
|
|
(4.8 |
)% |
|
|
|
|
|
|
|
|
|
(1) |
Amounts are calculated based on unrounded numbers and therefore may
not recalculate using the rounded numbers provided. |
|
(2) |
Percentages may not add due to rounding differences. |
|
(3) |
Our backlog includes all accepted orders from dealers which
generally have been requested to be shipped within the next six
months. Ordersin backlog generally can be cancelled or postponed at
the option of the dealer at any time without penalty; therefore,
backlog may notnecessarily be an accurate measure of future
sales. |
|
|
|
|
Winnebago Industries, Inc.Supplemental
Information by Reportable Segment - Motorhome
RV(in millions, except unit
data)(Unaudited and subject to
reclassification) |
|
|
|
|
|
|
Three Months Ended |
|
|
|
August 31,2024 |
|
%
ofRevenues(1) |
|
August 26,2023 |
|
%
ofRevenues(1) |
|
$ Change(1) |
|
% Change(1) |
|
Net
revenues |
$ |
308.0 |
|
|
|
|
|
|
$ |
317.7 |
|
|
|
|
|
|
$ |
(9.8 |
) |
|
|
(3.1 |
)% |
|
Adjusted
EBITDA |
|
13.0 |
|
|
|
4.2 |
% |
|
|
22.4 |
|
|
|
7.0 |
% |
|
|
(9.4 |
) |
|
|
(41.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Unit deliveries |
August 31,2024 |
|
ProductMix(2) |
|
August 26,2023 |
|
ProductMix(2) |
|
Unit Change |
|
% Change |
|
Class
A |
|
356 |
|
|
|
23.0 |
% |
|
|
408 |
|
|
|
25.7 |
% |
|
|
(52 |
) |
|
|
(12.7 |
)% |
|
Class B |
|
463 |
|
|
|
30.0 |
% |
|
|
612 |
|
|
|
38.5 |
% |
|
|
(149 |
) |
|
|
(24.3 |
)% |
|
Class C |
|
726 |
|
|
|
47.0 |
% |
|
|
570 |
|
|
|
35.8 |
% |
|
|
156 |
|
|
|
27.4 |
% |
|
|
Total Motorhome RV |
|
1,545 |
|
|
|
100.0 |
% |
|
|
1,590 |
|
|
|
100.0 |
% |
|
|
(45 |
) |
|
|
(2.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
August 31,2024 |
|
%
ofRevenues(1) |
|
August 26,2023 |
|
%
ofRevenues(1) |
|
$ Change(1) |
|
% Change(1) |
|
Net
revenues |
$ |
1,279.8 |
|
|
|
|
|
|
$ |
1,560.1 |
|
|
|
|
|
|
$ |
(280.4 |
) |
|
|
(18.0 |
)% |
|
Adjusted
EBITDA |
|
73.7 |
|
|
|
5.8 |
% |
|
|
142.0 |
|
|
|
9.1 |
% |
|
|
(68.3 |
) |
|
|
(48.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Unit deliveries |
August 31,2024 |
|
ProductMix(2) |
|
August 26,2023 |
|
ProductMix(2) |
|
Unit Change |
|
% Change |
|
Class
A |
|
1,625 |
|
|
|
24.0 |
% |
|
|
2,142 |
|
|
|
25.5 |
% |
|
|
(517 |
) |
|
|
(24.1 |
)% |
|
Class B |
|
2,278 |
|
|
|
33.7 |
% |
|
|
3,845 |
|
|
|
45.8 |
% |
|
|
(1,567 |
) |
|
|
(40.8 |
)% |
|
Class C |
|
2,854 |
|
|
|
42.2 |
% |
|
|
2,407 |
|
|
|
28.7 |
% |
|
|
447 |
|
|
|
18.6 |
% |
|
|
Total Motorhome RV |
|
6,757 |
|
|
|
100.0 |
% |
|
|
8,394 |
|
|
|
100.0 |
% |
|
|
(1,637 |
) |
|
|
(19.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,2024 |
|
August 26,2023 |
|
Change(1) |
|
% Change(1) |
|
|
|
|
|
|
|
|
|
Backlog(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
897 |
|
|
|
3,828 |
|
|
|
(2,931 |
) |
|
|
(76.6 |
)% |
|
|
|
|
|
|
|
|
|
|
Dollars |
$ |
234.4 |
|
|
$ |
688.6 |
|
|
$ |
(454.1 |
) |
|
|
(66.0 |
)% |
|
|
|
|
|
|
|
|
|
Dealer
Inventory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
3,933 |
|
|
|
4,068 |
|
|
|
(135 |
) |
|
|
(3.3 |
)% |
|
|
|
|
|
|
|
|
|
(1) |
Amounts are calculated based on unrounded numbers and therefore may
not recalculate using the rounded numbers provided. |
|
(2) |
Percentages may not add due to rounding differences. |
|
(3) |
Our backlog includes all accepted orders from dealers which
generally have been requested to be shipped within the next six
months. Ordersin backlog generally can be cancelled or postponed at
the option of the dealer at any time without penalty; therefore,
backlog may notnecessarily be an accurate measure of future
sales. |
|
|
|
|
Winnebago Industries, Inc.Supplemental
Information by Reportable Segment - Marine(in
millions, except unit data)(Unaudited and subject
to reclassification) |
|
|
|
|
|
Three Months Ended |
|
|
|
August 31,2024 |
|
%
ofRevenues(1) |
|
August 26,2023 |
|
%
ofRevenues(1) |
|
$ Change(1) |
|
% Change(1) |
|
Net revenues |
$ |
80.5 |
|
|
|
|
|
|
$ |
96.4 |
|
|
|
|
|
|
$ |
(16.0 |
) |
|
|
(16.6 |
)% |
|
Adjusted
EBITDA |
|
5.5 |
|
|
|
6.9 |
% |
|
|
10.3 |
|
|
|
10.6 |
% |
|
|
(4.7 |
) |
|
|
(45.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
Unit deliveries |
August 31,2024 |
|
August 26,2023 |
|
Unit Change |
|
% Change |
|
|
|
|
|
|
|
|
|
Boats |
|
1,042 |
|
|
|
1,162 |
|
|
|
(120 |
) |
|
|
(10.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
August 31,2024 |
|
%
ofRevenues(1) |
|
August 26,2023 |
|
%
ofRevenues(1) |
|
$ Change(1) |
|
% Change(1) |
|
Net
revenues |
$ |
325.5 |
|
|
|
|
|
|
$ |
469.7 |
|
|
|
|
|
|
$ |
(144.2 |
) |
|
|
(30.7 |
)% |
|
Adjusted
EBITDA |
|
25.6 |
|
|
|
7.9 |
% |
|
|
60.5 |
|
|
|
12.9 |
% |
|
|
(34.8 |
) |
|
|
(57.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
Unit deliveries |
August 31,2024 |
|
August 26,2023 |
|
Unit Change |
|
% Change |
|
|
|
|
|
|
|
|
|
Boats |
|
4,149 |
|
|
|
5,714 |
|
|
|
(1,565 |
) |
|
|
(27.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,2024 |
|
August 26,2023 |
|
Change(1) |
|
% Change(1) |
|
|
|
|
|
|
|
|
|
Backlog(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
3,403 |
|
|
|
2,545 |
|
|
|
858 |
|
|
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
Dollars |
$ |
260.0 |
|
|
$ |
194.7 |
|
|
$ |
65.2 |
|
|
|
33.5 |
% |
|
|
|
|
|
|
|
|
|
Dealer
Inventory(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
2,564 |
|
|
|
3,376 |
|
|
|
(812 |
) |
|
|
(24.1 |
)% |
|
|
|
|
|
|
|
|
|
(1) |
Amounts are calculated based on unrounded numbers and therefore may
not recalculate using the rounded numbers provided. |
|
(2) |
Our backlog includes all accepted orders from dealers which
generally have been requested to be shipped within the next six
months. Ordersin backlog generally can be cancelled or postponed at
the option of the dealer at any time without penalty; therefore,
backlog may notnecessarily be an accurate measure of future
sales. |
|
(3) |
Due to the nature of the Marine industry, this amount includes a
higher proportion of retail sold units than our other
segments. |
|
|
|
|
Winnebago Industries, Inc.Non-GAAP
Reconciliation(Unaudited and subject to
reclassification) |
|
|
|
Non-GAAP financial measures, which are not calculated or
presented in accordance with accounting principles generally
accepted in the United States (“GAAP”), have been provided as
information supplemental and in addition to the financial measures
presented in the accompanying news release that are calculated and
presented in accordance with GAAP. Such non-GAAP financial measures
should not be considered superior to, as a substitute for, or as an
alternative to, and should be considered in conjunction with, the
GAAP financial measures presented in the news release. The non-GAAP
financial measures presented may differ from similar measures used
by other companies.
The following table reconciles diluted earnings per share to
Adjusted diluted earnings per share:
|
|
Three Months Ended |
|
Year Ended |
|
|
|
August 31,2024 |
|
August 26,2023 |
|
August 31,2024 |
|
August 26,2023 |
|
Diluted (loss) earnings per share |
$ |
(1.01 |
) |
|
$ |
1.28 |
|
|
$ |
0.44 |
|
|
$ |
6.23 |
|
|
Acquisition-related costs(1) |
|
— |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.21 |
|
|
Litigation
reserves(1) |
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
Amortization(1) |
|
0.21 |
|
|
|
0.16 |
|
|
|
0.78 |
|
|
|
0.50 |
|
|
Change in fair
value of note receivable and otherinvestments(1) |
|
0.10 |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
|
Contingent
consideration fair value adjustment(1) |
|
— |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
0.02 |
|
|
Tax impact of
adjustments(2) |
|
(0.07 |
) |
|
|
(0.04 |
) |
|
|
(0.25 |
) |
|
|
(0.17 |
) |
|
Goodwill
impairment(3) |
|
1.05 |
|
|
|
— |
|
|
|
1.03 |
|
|
|
— |
|
|
Loss on note
repurchase |
|
— |
|
|
|
— |
|
|
|
1.11 |
|
|
|
— |
|
|
|
Adjusted diluted earnings per
share(4,5) |
$ |
0.28 |
|
|
$ |
1.41 |
|
|
$ |
3.40 |
|
|
$ |
6.77 |
|
|
(1) |
Represents a pre-tax adjustment. |
|
(2) |
Income tax charge calculated using the statutory tax rate for the
U.S. of 23.0% and 24.1% for Fiscal 2024 and Fiscal 2023,
respectively. |
|
(3) |
Represents a non-cash impairment charge associated with the
Chris-Craft reporting unit. |
|
(4) |
Beginning in the fourth quarter of Fiscal 2024, the Company updated
its definition of Adjusted EPS to no longer adjust for the impact
of a callspread overlay that was put in place upon the issuance of
convertible notes, and which economically offsets dilution risk.
Prior periodamounts have been revised to conform to current year
presentation. |
|
(5) |
Per share numbers may not foot due to rounding. |
|
|
|
|
The following table reconciles net income to consolidated EBITDA
and Adjusted EBITDA:
|
Three Months Ended |
|
Year Ended |
|
(in
millions) |
August 31,2024 |
|
August 26,2023 |
|
August 31,2024 |
|
August 26,2023 |
|
Net (loss) income |
$ |
(29.1 |
) |
|
$ |
43.8 |
|
|
$ |
13.0 |
|
|
$ |
215.9 |
|
|
Interest expense, net |
|
5.9 |
|
|
|
4.1 |
|
|
|
21.1 |
|
|
|
20.5 |
|
|
Provision for income
taxes |
|
3.2 |
|
|
|
10.9 |
|
|
|
25.4 |
|
|
|
63.3 |
|
|
Depreciation |
|
10.1 |
|
|
|
8.3 |
|
|
|
35.6 |
|
|
|
29.2 |
|
|
Amortization |
|
6.1 |
|
|
|
5.7 |
|
|
|
23.0 |
|
|
|
17.7 |
|
|
EBITDA |
|
(3.8 |
) |
|
|
72.8 |
|
|
|
118.1 |
|
|
|
346.6 |
|
|
Acquisition-related costs |
|
— |
|
|
|
1.9 |
|
|
|
1.5 |
|
|
|
7.5 |
|
|
Litigation reserves |
|
— |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.4 |
) |
|
Change in fair value of note
receivable and otherinvestments |
|
3.0 |
|
|
|
— |
|
|
|
6.0 |
|
|
|
— |
|
|
Contingent consideration fair
value adjustment |
|
— |
|
|
|
(1.4 |
) |
|
|
1.1 |
|
|
|
0.6 |
|
|
Goodwill impairment |
|
30.3 |
|
|
|
— |
|
|
|
30.3 |
|
|
|
— |
|
|
Loss on note repurchase |
|
— |
|
|
|
— |
|
|
|
32.7 |
|
|
|
— |
|
|
Non-operating (income)
loss |
|
(0.8 |
) |
|
|
— |
|
|
|
0.9 |
|
|
|
0.4 |
|
|
Adjusted EBITDA |
$ |
28.7 |
|
|
$ |
72.9 |
|
|
$ |
190.6 |
|
|
$ |
354.7 |
|
|
|
Non-GAAP performance measures of Adjusted diluted earnings per
share, EBITDA, and Adjusted EBITDA have been provided as comparable
measures to illustrate the effect of non-recurring transactions
occurring during the reported periods and to improve comparability
of our results from period to period. Adjusted diluted earnings per
share is defined as diluted earnings per share adjusted for
after-tax items that impact the comparability of our results from
period to period. EBITDA is defined as net income before interest
expense, provision for income taxes, and depreciation and
amortization expense. Adjusted EBITDA is defined as net income
before interest expense, provision for income taxes, depreciation
and amortization expense and other pretax adjustments made in order
to present comparable results from period to period. Management
believes Adjusted diluted earnings per share and Adjusted EBITDA
provide meaningful supplemental information about our operating
performance because these measures exclude amounts that we do not
consider part of our core operating results when assessing our
performance.
Management uses these non-GAAP financial measures (a) to
evaluate historical and prospective financial performance and
trends as well as assess performance relative to competitors and
peers; (b) to measure operational profitability on a
consistent basis; (c) in presentations to the members of our Board
of Directors to enable our Board of Directors to have the same
measurement basis of operating performance as is used by management
in its assessments of performance and in forecasting and budgeting
for the Company; (d) to evaluate potential acquisitions; and (e) to
ensure compliance with restricted activities under the terms of our
ABL credit facility and outstanding notes. Management believes
these non-GAAP financial measures are frequently used by securities
analysts, investors and other interested parties to evaluate
companies in our industry.
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