WGO - Earnings call transcript Q4 2018 | Winnebago Industries, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the fourth quarter 2018 Winnebago earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time [Operator Instructions].

As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s call, Mr. Planning and Financial Relations. Director, Stuber, and Investor Analysis Steve Sir, begin. you may

Steve Stuber

Web the for being Chief And available Officer; review investor.wgo.net, Vice for and site for and XXXX. this Officer. quarter issued later posted I was our call release everyone. call August live and quarter morning, the Executive on by on which joining full the be our earnings XXXX year, news and with earlier President site at thank morning. results is a am to Good will broadcast to Chief of Financial Web XX, call replay Michael today. Hughes, our you and us Happe, and ended The result and site full-year fourth Bryan conference fourth on Winnebago company's the This joined fiscal call our today Industries' President Web

turn read. results to beyond With control, are I our that call in the Michael These I to of the which Happe. factors identified remind number call its made like that over and statements inherently you in you forward-looking cautions CEO, materially could said, I'd certain start, you be may many statements laws. to now operations Winnebago we cause regarding company's from actual differ under The considered are forward-looking statements. company our a a and of to which are Before to Mike? like these factors, risks, securities SEC that encourage uncertain number statements President conference of would Industries involve today's during and filings,

Michael Happe

on time appreciate in your Thank Winnebago Industries. you, and those today's We call. truly And your Steve. morning good interest to

of transformation morning performance of We our specific with in in drivers key an continued overview will year fourth the XXXX, begin quarter. highlighting fiscal company's our this

communities committed accountability, year about strengthening one, set remain through focus on with closing comments return key XXXX, XXXX that Fiscal over lifestyle Hughes, June then ago, a some build XXXX high-performance five as Industries. leaders live to a broader ambition in tremendous will More the key our and the innovation, continued We on fiscal years We the to on stakeholders an of detail I external financial by to results. will turn delivered giving. our financial trusted provide to a consistently will embark expectations. service initiatives enterprise of outdoor the quality in saw providing meeting investment here to Number And leadership, We share related exciting group who to more our we Bryan Winnebago. then of with multiple blend and year. strategies and a and to to began unmatched deepening exceeding two give industries offer culture in call on today. commitments annual than we back quarterly our our new work in. and be and leader at solutions, statement we vision their the unique Winnebago by and stated accelerated shareholders employees We we engage. employees in at that we

in XXXX by being second motorhome B performance that our and motorhome position in our direction gas strategy by our Our vans. and RV core Winnebago significantly in market, expanding motorized the of fastest-growing RVs, segment. was the growth business, both resetting expanded investing towable strengthening segment our leadership Fiscal the Class of our led a of stabilization represented

X% share the America did X.X% consolidated short two momentum market continued share to other the our of We – are RV towable in Design North and especially and XXXX year. risen past North organically years, RV two company In under results from our RV businesses Grand fiscal no we with Winnebago-branded America. towables. retail almost towable this pleased gained Combined, in has

Our future higher. much ambitions are

Our and employee We quality operational safety, manufacturing by driving operations made priorities. product productivity. excellence levels of third of all in strategy fiscal overall XXXX higher to these on material three is elevate progress in

Our meaningfully we all consolidated recordable increased of in of campuses. projects lower a levels fiscal in we reduced daily XXXX, sales capacity a output lost our and service, as and of safe strong results workplace our manufacturing of warranty to Indiana productivity on expansion yield commitment gains in across net lines. resulted our pass first from percentage and injuries And many achieved

the in of raced an enterprise of fourth to engagement, strategy with digital vehicle all-electric to create the on Winnebago is working connectedness innovation to XXXX leverage electrification specialty fiscal Our customers. and Industries stronger technology pack platform products front our introduction in with their customers, partnership lineups. internal via its new within RV motorhome each our businesses Systems. the effectiveness serve technology presence to in We aftermarket Power of the and select invested and advance of better smart with our Motiv

luxury has of another to a In secular the our growth lifestyle more profitable model. Chris-Craft industry creating its – new marine entry our business boatbuilding. RV Our similar the initial Chris-Craft, – to represents validated deal a build of premier asset outdoor many to four, new strategy to portfolio, Industries industry. to premier enterprise characteristics that expand the global Adding iconic our to through brand in a long-term the XXXX, acquisition June fifth markets, diversified Winnebago and intent final company in quarter is

of product company. recorded their that to We lots have our to learning to and want left $X the income, we employees best.” but history billion providing experience XXXX work enter all-time poised of their to Winnebago of pace In profitability the customers our larger, XXXX, industries to the an embrace and management and have ending over time than and all grow grow another of to fiscal exceeds our our the but I of we fiscal with strong increase. growth by compete points margins of a desire strong primarily fiscal We remains negotiations. accelerated to extremely organic intentions dedication segment. XXXX, do, basis record. cost year an the revenue partnership growth revenues that that $XXX overall globe growth over driven in efforts brand the of organization, be diversified, net marine select across extraordinary increases “our XX We our the a the curve and first input in. for is team expeditiously reached Full-year company's a year hard-working over fiscal continue the to supplier and and thank cliché pressures for driven gross by travel to improve million we XX.X%, to continues continued profitable says successful towable segment. XX% growth Industries’ with towable increased our Organic increase segment isn't at continue representing strong be XXXX future. more business continued the the more about more in with the sales We in Chris-Craft biggest, energized as cost Profitability XXXX, fiscal through consolidated

the Grand segments our outpace business, products that and to growth Towables reach customer a base. in to of the the broader branded industry Winnebago detail, in more of Design as RV Turning appeal enables our us the unique continues to

basis fiscal over XX.X% XX increased XXXX by and margins revenues year, full the points. adjusted expanded EBITDA For

reduce see the quarter the and did unsustainably online than brought backlog for X.X% to backlog high we of a help backlog prior fourth the unit product capacity in dollar reflecting meet favorable X% year, increase, levels, to our over part demand growing increased we on continue declined more While Towables mix. the back

meet smart and strategic demand to more making expansion Towable of reflect our segment sales projects investments that Design in the business, commitment the continued capacity our Our to Grand into especially around better backlog enabling RV in business. convert

XXXX, expect XXXX. towables bring in to broke additional an also we early for on fiscal in one the ground We calendar Winnebago-branded online facility line

to Turning we segment, motorized efforts motorized business. transform make against continued to steady to the the progress our

adjusted industry-leading up X.X% by full our margins fourth XXX in impact of to adjustments fiscal for B more contracted Class efforts For products. input and account to Class implement efficiency significant we costs. rising improve its from A EBITDA points, The basis continued EBITDA investing the adjusted effort fiscal while points, the the in sequential C were operational team quarter motorized improvement affordable of strengthening Class year, see to encouraged XXXX. and basis were pricing a reflecting gas XXX margin And spent revenues XXXX in year lineup and

the in We set visual of line. improving our strong feature strides making and are appeal

year. market the We and the remain forward. from motorized and remain a financial with going year pleased a of gross chain where for challenges This motorized comparison product The dollars, surrounding XXXX and category product availability diesel of our focus also both the the squarely positive units division two pressure stability our in supply backlog, line, in Class source terms came largest the strong Oregon in A quarters our year and facility fiscal the the for segment motorized especially ago. and improvement versus of of first margins, our manufacturing the manufacturing facility a line affected and both

During more his corporate and Bryan we’ll the vehicles comments. will reporting provide now, Other have – two detail following Chris-Craft segments in And quarter, this realigned specialty non-reportable also in certain shortly operating together we acquisition. and an category. segments Hughes the on our marine operating costs – combined

to our very with introducing are the and Chris-Craft family team the progress, into rest our We Industries market. pleased Winnebago far bringing the thus of marine

integrating key a to there backroom good and such human as start efforts progress and resources we've assimilation functions Our good off IT. made are finance,

line As our business driving and supporting growth development with about and through customer, by we are marketing and growth plan our brand manufacturing channel, move reach efficiencies, our development Chris-Craft’s extensions, and improving stronger which dealer for expanding growth even efforts. facing the new the of forward, improving quality product the excited quantity implementing includes organic we

opening stewardship overall careful will future forward over more our to and sharing fiscal fourth-quarter quarters. brand market We call are on more XXXX to turn committed marine Bryan we iconic look I to With information review detail. overview, Bryan? our in financials to the that the Hughes Chris-Craft strategy now full-year of and in

Bryan Hughes

of of actions. XX% consolidated of million, good segment, basis year-over-year. XX.X% Gross the largely which quarter. million XX.X% by accelerated we also inventory for aided total Motorhome segment, mentioned margins at increase quarter, initiative increase the revenues $X.X the of a driven growth points, was profit revenues savings by accounts consolidated costs now XX or morning, were X.X% segment. that growth offset year-over-year, of the growth and million an by was year but This increase fourth basis driven $XXX.X Towable in adjustment an of continuation pricing XX.X% higher Gross profit Thanks, Fourth-quarter in primarily input fourth level. by favorable that the in decreased cost organic Mike. points Recall strong $XX.X the by of in the driven And in XX everyone. were Towable last

underlying our had QX for the was impacts and aluminum, impact year. margin comparison, that year-over-year the increases these and prices The have in been other spot materials had mitigated on impacted pricing. gross performance tariffs this combination with considering steel savings last So, gross the cost have and margins generally our of a on have par initiatives in with on

been commodity of has parts to a and units increasing where ultimately, impacted manner, the vendors challenged available, solve targeted feasible prices to on approach the each content working where creatively counteract Our increases. components our address cost substitutes seeking component such and materials to and, in with adjusting and

of business X.X%, operating growth was to income to margin. were these per of or acquisition also Fourth-quarter definite-lived to XX.X%. Chris-Craft results for of $XX.X costs of with up share an and last intangible fourth share, our per far, including of sufficient related and $X.X include increase and So the related million million over million strong amortization million. $X.XX the mix transaction revenue our Earnings gross acquired income quarter costs and along diluted the in increase million, XX% $XX.X be per from share, Fourth-quarter diluted $X.XX an was year. of leverage assets $X.X our $X.XX product to net expenses hold $X.X proving are actions

approximately increase two consolidated of increase largely Grand results segment XX.X% income of by deal and XX% up income from per timing the fiscal million, annualizing Operating closing. per XXXX, For a of the Full-year fiscal was diluted the in XXXX. driven months fiscal from $X.XX associated strong XX.X%, the from fiscal revenues and for earnings from an increase share were the an billion, acquisition year and on Design $XXX.X also $X were XXXX, for share, Towable $XXX.X XX.X%. was net million $X.XX

measures performance. income performance between to release EBITDA adjusted and a net EBITDA. EBITDA help measure non-GAAP provided have provide reconciliation press We as comparable and adjusted the our The clarity accompanying press to further into in schedules show release a our

EBITDA adjusted the consolidated quarter increase for schedules those XX.X% year-over-year. an was of As show, $XX.X million,

an EBITDA For million, of the full year, year-over-year. consolidated XX.X% $XXX.X increase adjusted was

have in in opening still Chris-Craft the we through Motorhome operating reportable – comments, vehicles segments marine, operating corporate have Towable specialty costs administrative as will The And Before and now in segment realigned the acquisition. as have segments, I two the segment, talk and non-reportable corporate certain his Chris-Craft, charges. segments we we the – our Mike following individual charges while combined mentioned which together two as effectively is certain Other. include well segments corporate

directing these specific with of Some examples the our and as idea company for tied development costs prominent costs. business are grow more the CFO, the associated portfolio, and and of the the enterprise. and The Board myself, administrative corporate being the the and to General segments include more Counsel we CEO, charges less that, Directors, reach diversify broaden

this the new the of with segment retrospective comments and regarding following As are a in of XXXX segment we the result reflect both segment that structure restatement fiscal accordance introducing the this fiscal havoc this Towable new all XXXX, Motorhome structure, call on such for those XXXX fiscal and of on or that for comparisons your doing to recognize basis. results. of that on wreaks modeling this a are results an you consistent our are past apples-to-apples I models that

updated structure stand And are during you to can new next your everything to over mind. days and this in sort and with help through I sure change ready make this so, you of couple our Steve that we the calls appropriately models with do

will containing revenues and XXXX for RV our continued reclassified on company's document fiscal fiscal investor individual EBITDA a With comments the now the were the the Towable starting the Towable by mind, related segments, site. across new structure growth relations adjusted $XXX.X Grand strong year-over-year, lines. Revenues posted I XXXX have Web quarter regarding with driven we XX.X% by quarter Winnebago-branded organic Additionally, comments turn and and those up Design to million, for in segment. to fourth

For point, pressures effective by EBITDA fiscal mix adjusted the than to Towable from the million, XXXX Grand fiscal by November XXXX, driven adjusted due XX.X% for were Grand XX fiscal reduction acquisition we XXXX. Design months about XX were quarter cost revenues year, Design fourth more XX.X% compared XX have from of that results full billion, in $X.X months in to Recall closing of up fiscal was XXXX. cost Segment the EBITDA And prior the input $XX.X year. up and that margins increases, decreased offset efforts. basis in price

year's we results previously, last favorable recorded numbers, a mentioned segment, prior-year points I margin had million As inventory basis at adjustment segment by EBITDA XXX $X.X at the in this the level. or by impacting QX in

improved from points, increased EBITDA segment cost over growth. basis year, XX% year. up the and prior initiatives, by XX full the adjusted adjustment For $XXX.X acquisition, was EBITDA margins And sales Grand driven Design the million, by strong leverage synergies savings from the

for by versus C last Growth quarter, were the the was Motorhome in Class a shipments. Motorhome up Turning A $XXX.X B Class shipments product of year. Class in million and offset revenues to now reduction segment, X.X%

we’ve investments this have been XXXX, XXX down million $XXX.X by net that X.X%. with and year-over-year. been strong by and fourth adjusted fiscal quarter, million margin by our input basis yet The driven business Class cost partially increasing Travato pressures driven products, our performance up in EBITDA pricing X.X% making Adjusted primarily by the performance. revenues actions. was quarter adjusted EBITDA decreased B the For overcome Segment points, margin in was EBITDA not XX.X% fourth A $XX.X Class Motorhome were up year-over-year, offset for Revel

basis decreased segment was and year-over-year, million, adjusted year, For XX.X% margins down XXX adjusted EBITDA $XX.X the points. full EBITDA

debt of Turning year million. was our debt the as $X.X sheet, $XXX.X million, had issuance end, of of the net million fiscal outstanding company balance of debt to Working comprised $XXX.X million. $XXX.X of capital of costs

deleveraging $XX.X year, track operations commitment Our to ratio with the of year. from current leverage the X.X, Cash is range recent on X.X for was our last flow acquisition down slightly million $XX.X EBITDA ratio which to X.X. full debt adjusted above million net our is just from and considers and targeted Chris-Craft

While the item $XX and in a benefited also the chassis cash in in last in driven tax flow for our the tax generated by last in postretirement the increase we the fiscal for period item the is effective reduction results. issued flow. Cuts result the versus in operations XXXX. fiscal rate benefit of the Recall cash blended driven year inventory on enactment year's timing and fourth AP effective on health as federal a Job non-cash The decrease from the rate XX.X% The of to a of was million income for had by net prior-year quarter Tax fourth year's increase represents compared and quarter by of XX December income, rate income XX.X% tax that XXXX. balances rate the same the stat rate the decline was nice Act an in

quarterly of approved to reporting my our review record which on public per cash and of the of Finally, segment year Directors our as XXXX. was a of financials, paid $X.XX new dividend on of quarterly Board our close well business concludes structure. as recently XX, common of as stockholders describing September XXXX That XX, full September share,

Mike? now the will to I back So, comments. pass Mike call some for final

Michael Happe

increased light and in position the the oil interest trend in the market, rates. Fed-stated sense, Thanks, finished the surprise the scrutiny increasing of market, and there health not in goods in especially short price in the of of around on equities Bryan. of both the It's inventory the to volatility of RV midterm industry, any of upward immediate the a you on rebalancing to been that has the

and own market at convinced the Winnebago overall growth we prospects speak in long-term a the been baby in from the view as the generations will and America perspective, to recreational enticing. have focus and our very segments North boomers millennials Multiple Industries. customers, comment vehicle that the RV on appeal perceptions here marine of From We and very lifestyle of an penetration that outdoor even to increasingly younger, of positive. directly some remain remain and

number active, of to industries platforms to sense customers relevant all with Our hard terms an the of OEMs and ensure want work end in increase by capacity to are investments both increasing shows the busy versatility used be in being features adventurism. the of ongoing. full, cases. offered remain country, Retail product of capability campground remain both especially the Campgrounds marinas customers further mobile, which and prompting healthy in the an increasing have industries. and across to in of use continue both is

of and marine longest is shipment is next the The with experienced bullish RV roughly the We vehicles, to of the consumer perfect month. elevated each the fifth dealer sport marriage industries. the flat Industry of growth to much are from trucks our in cases that to marine in wheels sales that RV trailers, which a be the one months in of products. appear of travel in many projected levels related We future to XX one and for booms double-digit industry have about auto and lessening itself be half to Broad inventories history. midst total. in Association recent RV And by just country's of investments on the utility for remain concerns transition, XX

Towables have terms here way. of to There aging – XXXX previous been dealer We in on that identify next months. the clear shape dollars two – believe we what motorized industry statements spots remained always and and our enter that but business comfort fiscal XX and our we that units zones carefully. there your our keeping of must in are in have RV outpacing respective to monitor We inventories segments turns, that you of growth focused it we continue the remain the in in good is improve, very

in We event California. Open Indiana, Show XXXX have House in the – Industry important and the the the Show Pennsylvania, in Hershey just Pomona events Retail Dealer of three in completed Retail fall

that results in feedback our are fiscal explicitly comment the dealers the strong middle XXXX, open shows, quarter from new of products not in we positive Given brands on to other dealers. our first our than the received at shown our at will to generally house these state the across event we multiple

is to comparisons the interest and Regardless, to lifestyle do the due will in be during to the the in robust, a to While primarily industry we can. degree same the market excessively shipment pressured, XXXX back that the demand performance those year we believe greatest ago. how early RV of half strong outperform objective remains was XXXX continue periods Winnebago's

industries consumer and now to from policies US rate prices attention possible Europe, and equities specifically the continue of products conditions been especially impact a the have ambitions some – our they Winnebago basis, our We with on against And agreements of negotiation tariffs free trade and around worked and marine ongoing headwinds, of achieved by the landscape, rounds stabilities regions. pressures impact with on can to the cases, Canada on hard American daily of limited are impacted as as new for on tariffs really We as goals support extremely cost interest as confidence, be with and, The suppliers beginning retaliatory effect, as RV business. the marine macroeconomic and do developments import market tariffs updated new persist while in to particularly to imposed the Mexico marine swiftly just fuel the administration political our these paying China have wealth and to are close the daily Industries mitigate tactics. or North tariffs dealers reliance real brands those have those exports and and hope tariffs. The real financials. such our

we Industries strengthening quality best can Our culture the control in end our and statement service – our can and and best we organically on months allocate our focused value income and inorganically balance and our sheet the customers creating can they managing smart years the the in how we market, product manner, ahead. our internally and squarely propositions team what an in very profitable in externally, being at is find, Winnebago relationships capital efficient, aftermarket providing increasingly

more specialty than platform markets global consolidation XX diversified we the business the operations. on an with in in share significant a product each to brands vehicle expansion standpoint, service search continual those with in X have with RV, marine have but make. of of active promises next We future, potential and all ever opportunity of customers the premium From that into years, them they the for a and on state companies before, strong deliver

During performance we XXXX November year our Investor offered fiscal end our Day event several in City, of XXXX. New York the for long-range goals

team year your again closing forward. and From standpoint, morning our fiscal that continue this very thank tell Winnebago and our I businesses XX% we fiscal I to three those in Industries fiscal Each at income. own share goals them, coming and hope all for over end you fourth-quarter we today. but two year to want for XXXX, are the much challenges those XX% thank from years and Our we on all in respective of is being the want materially categories their operating able with meeting hard the next full of to give work a net in we XX% committed RV attain their that has in focused it unique results you to non-RV our RV revenue of still remain competition XXXX. targets. XXXX year at our outperforming not product here market American time pleased will our were can North team that and of and/or market,

back Q&A We will the to session. over now the turn begin operator our to line

Operator

Thank Instructions]. you. [Operator

The first question Kennison Baird. from comes Craig from

Your line open. is

Craig Kennison

of XXXX goal. for the specifically you you've XXXX help us but in that two unfold the just XXXX, understand achieve or things to my margin I in I you the how maybe margin Motorhome segment And and know three goal? you comment would provide the you're longer-term Thanks morning. and on congratulations. kind way about guidance, that that on ask help to question taking maybe out wanted Good laid trajectory. don't could might doing

Michael Happe

important Motorhome, of over Good and you for it on, detail, the a question to things morning, Bryan Craig. questions. though, probably This focusing I'll talk bit is Thank handle not the some in turn little around then we’re I'll your latter key great Mike. we’re some enterprise. maybe more, very continued and to a operational combination thinking me, things. One and manufacturing and of The most Motorhome business, about for margin likely in terms the efficiency performance in of chain performance of and things for about excellence is overall the the side. is supply two

some of to In and internally cost better a we we the pressures continue opportunity face, team we velocity. own certainly in expectations and strong, managing that improved our with new couple addition quality, incremental the in our that our when of input to job development, years in the most to specifically the Oregon combined efficiency That significant diesel retail new of which and have do to costs continue to the operations productivity as chain our are some market to of to parts were with last relates manufacturing. from step take Iowa a own In XXXX that introduces we that the for inefficiencies and it earlier the area, around fiscal ways, forward, profitability, the environment environment. in cases, we some products saw some manufacturing manufacturing transition the enemy improved supply worst improved in product

ones do we how controlling run, that specifically costs, the and job can chain a take Our efficiently those example margins the very great products transformation continued forward. product that on is and efficient that how strong won't supply lines with better negotiate our But suppliers at side, – B to control, manufacturing of manufacturing our – Class a the we Revel effectively now at of defer new to profitability demand. hope Bryan securing the like that line maybe two the more on details, on drivers to right continue We XXXX. as two is are also, our overall good that those continue to need enterprise I’ll comments that price, We the for business. his into for need materials look we but the big particular to we get probably things. the towards here

Bryan Hughes

to Yeah. few and I comments. overlap guess with some going highlight I’d are Mike’s things, a just be

On going is business, think margin line the product in the positive product to any innovative that’s focus important side, line continue thing on Motorhome most me, will those in we’re the any occur, having think Particularly lift. see as to we I business, an our differentiated. I industry improvements. To

And made that line would coming the of just so, the comments of already. those emphasize years. Mike in I importance evolution some product

be that with to some the product headwinds offset pricing but we market, to will aggressiveness we the Secondly, our are recently. of most always some seeing

people to efficiencies. business, to headwinds of business, we just us will things opportunities. the operational leading of is So, as mention And as marketplace. the well-known talk a feel then Motorhome stiff. We've in of have I’d pressures we activities. well. have will this the The offset the opportunity like some Mike we’re going and some just differentiation, Tariffs, I And a cases some then, headwinds. got favorable In the identify grow we have call execute cases, same all pricing to where where that follow and on In few. be There's the Operational We and here. we lift and on In the differentiation. here. we've those great have the term, competition or right see. there consistently got seeing in don't one which we business form pressures continue that near out. And operations trends Towables that we the promotional business outpace the frequently efficiencies, finally, do The impact lot would the in in of business, need follow to are some the business the there. to, should to you we growth a about Motorhome out price guess general don't in of activity mix. alluded but to we well the out certainly promotional those expect going our call published to in I marketplace by help there's magnitude, have think mix we’re on are I that

those Initially, for there that was opportunistic bit settled XXX, I recent then And in part, question First and a X. tariff a more activity. some of pricing most offset X, covers still there’s the of which those that, but tariffs of steel with to settled to lot the have on that the has marks will that the markets. got tariffs of a able think to what aluminum, as There's we list the were rounds pricing seems impact some XXX, initial X spot bit. We've and be. there, –

XXXX. still of the threatened, effect are beginning going of Some at them calendar into

terribly that The deal, we’ll we So, for how the material a have think others trade don't on as the those will us, most and we’re agreement, see eye close a impact play out. US-Mexico-Canada some but well. on keeping part, TTIP of

administration lot tariffs, agreements, pending impact and a on from there's the by the trade going So, negotiations. and

strive those that a And so, term, remain headwind we’ll will near to the continue for to overcome.

As as increases our I my go after with sure make areas possible. work those that mitigate finding cost savings we in prepared we mentioned to vendors to comments, all we’re cost initiatives,

to never right continue as a to and of will our that that quick we We’ve Motorhome then, business. transformation business in characterized And headwind. Motorhome a profitability fix. already. It’s that’s And on a not to remain the the longer-term a it general we’re associated the fix. alluded be journey transforming direction. sure working in And that quick make Mike tariffs So,

answer, the that’s So, sorry about long-term near-term for how the think margin. the and long-winded both of but kind Craig, we

Craig Kennison

the back get I'll Thanks. in queue.

Operator

question comes from from Woolf Our Northcoast Research. next Seth

Your open. line is

Seth Woolf

this my challenging. taking Congrats quarter. the in for that’s an lot more Thanks questions. strong Really industry results a on outperformance

things. two guess, I So,

like all front, efficiencies appreciate a is as and we half of little you the positive? evolves. going line these First some back, it your taking be on the first expansive about But to get then, commentary. to they step half, margins, pressured; drag consolidated and can first the sounds But think these headwinds margin the going back Is numbers, be gross really the be the question. they product next a will to year? something margins that’s down? Are Or is this the going – flat qualitative

Michael Happe

your for question. thanks again, And Mike. is This Seth. morning, Good

that will will Bryan good not going overview gave specific of we I we’re question our think qualitative we’re on response what you to say said, facing. share about, be this. forward Obviously, margins forward. there a the going as I in to think projections Craig’s elements some

opinion, that, the earlier. working perform That team our of business a opportunity that We the on on described be But runway headwinds continue specific they face to there. to better. business, some seen continues our motorized by in but business to Bryan to remains have have that that is same

pressures That Our day Towables you businesses said, have very we on to we work it strong to And level try same costs. being motorized. performed to a now continue manage determined do be the keep for several margin that years we those see Towables And at on that on the to way. every side.

more to runway did standpoint, both were headwind see as a I probably say, hard results, and we working sort doesn't or margin much here a we’re today manage to it. in the ago. than our as a margins and not do mix a ago have two couple QX mean, you if But from of it’s years current that So, today year can it difficult sit at that very was today we as

is Seth, So, environment. that at we’re make mitigate market very the of cost the carefully have question, we the everything increases and need versus times. select I’ll absorb we to to some it's health harder we of ways today's to And competition. to through price that's the can where long-term that in drive do way, remains market best input can price line answer to doing the can some sure thing find the that today probably pressure in and product those so we the But dynamic is strong, the the

Seth Woolf

current Okay, comment the Mike, And thank then forecast. the RVIA about made just, you you.

next months, believe. for XX XX You I said flattish to the

know and does that you thinking? at pass through low your that So, we’re that changed it? in all very you're some I settling single-digit how you just to I about about think that into you’ve guess, the kind dynamic, environment. retail? mid past thinking are the thinking said of Is that retail how about And of still along? with real tariff to has you're the have go thinking how seeing impact Or that

Michael Happe

the That retail RVIA to we is is there, statements most through reference And what did environment right important the our obviously, XXXX. going forecast certainly, in prepared the question be.

next of the downside maybe out months. RV first a So, a while, is but X%; time think in think, has Association the XX forecast is X%. rate said, of a also plus could to for some a I the one. also carefully. related a And I Industry an the The if that pressure XX pricing base the and a we’ve And very minus upside very downside. something carefully the is retail to And put talked interest I site I we’re factors retail. sort that includes forecast, said environment correctly, not as influence is in But due the I watching of the Certainly, we’re that's increases standpoint. shipment some about on cost watching standpoint, market things to remember

something people. versus probably years, on the rates While XX historically the they’ve in where or still very today volatility material watch that been is in last will equities The the to much prices. eight XX the even in last lean upward low We interest certainly seven market is trend versus years. fuel

Towables segments. as retail will the industry say to in we’re the regardless on objectives, we outgrow you is we Towables back of the grow faster watching has motorized. is than factors. both has here side those believe do side Motorized pressure our at continue it So, would more that than late. market, at again, industry hopefully seen a the all retail to specific when standpoint of I the take And, where of can that

great of we’ve that not done job doing on Now, motorized. a

the to exceed. plus. on Towables strong year turn we continue segment, But from a know, that And last there standpoint to retail as we believe we’ve around. you the been looking We’re very performance can

as tell. given should you time low should bode continue Towables in where be share competitiveness that So, will well little there. again, as will into blended I'm hopeful single-digit And us for bit a increasing settle stronger, to know, our our that retail that a it retail we pace. But increase

Seth Woolf

I’ll guys. in Thanks, hop the queue.

Michael Happe

Thanks, Seth.

Operator

come King. Stember next question from from CL Our Scott

line Your open. is

Scott Stember

my And Good for taking morning. thanks questions.

Michael Happe

Hey, good morning, Scott.

Scott Stember

go I guess about we latest we just year. to could And, guidance. if profits of tariffs. rounds the talking guess, obviously, talked Maybe for back not But the I you’re tariffs. next giving about,

of my what's obviously, coming share at RV I there and with everything to of is And that potential out you of lion’s the look not there frame the some latest trying an size from guess, because, where, guess, deal. the could be it’s and when be. add else, guess, in impact understanding itself product tariffs from that just how to vast maybe big on you tremendous out impact But, that China. I lion’s coming of could the Just – when share, is to it you tariffs doesn't a seem just I round figure the it

Michael Happe

morning, This Scott. is Good Yeah. Mike.

your costs me here Let first comment in about general. to just question

want I sole think year that your cost the to or to the seen we some overweigh of question material does not careful we've tariffs last remind of the be here probably so. in that me driver as increases

cost, commodities combined supplier by components mean I direct but the domestic of the side raising because certainly enacted. and/or of consolidation healthy tariff And their economy, the I in are think sources price were with the both with along what business, the some the tariffs that generally tariff also related costs.

those the settled and as months, are of to foreign are they to in believe in still domestic share source have well. numbers, due I really steel up related raise those. in. either several factored where fiscal prices would absorbed And or think quarters and you year our that the but And probably in probably of eight a another look if back tariffs, go going pressures past direct combination their do to say XXXX prices our is and year P&L to of tariffs that maybe hit We past pressure I of the figures terms volatility a probably all continue We plan related candidly what a high of fiscal that is for directly related specific sources or aluminum both our domestic XXXX. assumes impact, at we related some domestic were to while percentage sources past cost-wise gross because eight of years. figures but of were versus won’t in sources. those also elevated from they bit hits remain

of then best of of have business our have the It eight that specifically. those when take would you to anything. other cost annualized, figures reduction of just to some the catch go would work kind have way business areas and costs up – be could I the we really that in chain. component is our And through efficiency supply at always But to mitigate sort those and we to these Bryan, I offer it will business. future be the know, that add the can. doesn't if in to looking in related that hit so, don't this when And past, things in we’re move you hit or

Bryan Hughes

No, that's I good, think Mike.

Scott Stember

right. All

the guess, commentary, I Just about back to pricing.

comments We’ve I think, Bryan, top about about it your competitors bit talk more motorized happening promotional. customers. you of you pricing made Could in the seen whether that's more the about a some little one your with versus Towables some segment being segment.

Bryan Hughes

previously. the it I from say in feel – of parts business, more it I’d network emphasize I sides business dealer where we seeing the an it on say industry that in We’re the we one-side made this lack versus hearing our from differentiation. I’d of those it’s wouldn't and another. more standpoint both business both Scott. of comment

products that Design And the respond need is like well or we are products really less So, competitive Grand likewise, to offers. less of of that in we feel or the and Revel where of all well, you positioned the our to positioned lineup, case great Travato, we very feel a have as also. know,

the story of then feel as we’re that's a so, Where more same differentiated, And pressure. goes not lot where we the there.

Scott Stember

that line you competitors that a the pricing Got you're their inventory expectation inventories but, to that these given about it. it – have competitors pressure and too occurring much is be bring as this obviously, comfortable Would clearly, your And into guys to respond would your you inventory. levels, somewhat? your with talk have that of lot belief, mitigate –

Michael Happe

control. more will Scott, competitors it return But, on future. the we discounting would the based the continue there some that of can't the competitors by given share to that's factors, going They this of how an normal I here would we’ve would been levels phrase is to we a see make decisions to that as, years, obviously, of in are some primary element hope, number that our taking Mike. the our be that the work to every day Towables to certainly last aggressive. with anticipation come couple market, on in need be we successful of those side

competitors. we well. production But again, production And do industry adjusting see can't explicitly in you the the its see. levels from has and levels will inventories our the see we been as dealer that So, industry certainly We normalizing hear the lessening. qualitatively

it the then, and if so, obviously, feel be, transition it does And as will takes that has been, time question to connected much really, And from customer standpoint. retail to as is end how happening. the an demand

control the we going can things what and, we but in take we way can't profitable be we phrase the how market, to we around is the overall forward. share control market can can't continue here certainly hopefully, So,

to can So, on control. focused have what we we just remain

Scott Stember

Okay. And question. quick one just last

given that such give how bit important the revised Class – just Some us model D, the that models you seen, motorized want just get a Adventure the you Intent, talk recent the the notably in? know for and you the area in an of you. segment, Porto of reception can for have, Thanks but little new recover the maybe Vita of don't the show, the was newer guys to market into specifics and a is again. like retail C, and each to granularity maybe piece And on this I you’ve more that you this

Michael Happe

have Thanks, said the those that fall. the statements, pleased made of showed we been new what is, to Not the overall, new retail some channel products in this the say we've open as receptiveness larger dealer all with to prepared I'll the the of we at which exactly house. Scott. products shows from it

feedback health product side, the gas give the But our So, we are on motorized a an products. you sort to direction positive net apples-to-apples dealers. to moving specific specifically between can't and line, continue with end that get we customers in Winnebago-branded we comparison of of the

our focus products. mentioned put on. our on making diesel We C to and them work especially do have in work we specifically progress. but an on And the products, more several lot that do of Class strong you gas there, categories are we to A some more A Class

Class spend that is that marriage more related very watch not hard, are has have competitors spite because in B of class being The grown as increased our business. working particularly as carefully other category B And, proud we’ll team category thing in of to competition we Winnebago that Class But and that time Thor only is it our Hymer in the into that but getting market. the really of a B tremendously well. effective an element more motorized they're energy and we to certainly, in the share of

the we’re even bit and making so, that faster. results steady again, But, we’d by progress if like the we as move businesses healthier And see to is, feel side. on getting bit,

Scott Stember

thanks. Great,

Operator

question from comes Tristan next [BMO]. Our BMW (sic) from Thomas

is line open. Your

Tristan Thomas

morning. Hi. Good

Michael Happe

Good morning.

Tristan Thomas

Two a follow-up. talk I seeing you're to changes what with capacity but you're questions you're the had do manage then, kind curious new first. And all and then numbers, know of how was ordering you change any there bringing dealer online? I not going actually patterns in

Michael Happe

Yes.

of script. when it given on results house, again, backlog in dealer Grand we’re segment. backlog. show won’t Design gymnastics bringing Grand they will currently few those December online we've morning we grow for QX house, specific that But in has in material earnings to standpoint. in our from open some so continues brought of backlog but probably terms Design. this in the within in were the is X%. side brands, unit you towables a Winnebago open Towable share up up you between line, But, QX, capacity the the was That’s both as on The but the And happening So, one generally, Tristan, mix sense our of dollars have year a a the the are momentum. X.X%, biggest combination events in ASP a and And brands down ordering we really mentioned the of Towables of get the the we about ways, our and end also our while the slightly, for way. towable call of order active from also

future And have fan I'm that there of indicator a so, to products pure a lot related because of in and personally, new backlogs sort a shipments not of big you noise timing. are

You capacity been a you’ve have constrained. of too heavy backlog sometimes because

working might to retail market actually Towable that our providing bringing And probably not bring perception more on so, backlog the down the we capturing dealers view have side and stronger actually in knowing but our that positive most been the little the we’re service effectively you a But to terms generally way anticipate by QX. motorized at down least units. that bit, saw that we backlog future. way the of will again, the remain And end into in of remain at backlog a the for strong while that

appropriate the shape we can for in my we’re commenting feel to that continue business. to not so, what tell hopefully, And achieve but, we hope our today of in specifically, that you remains backlog tone the

Tristan Thomas

it. profitability? of got reiterate then, Can one year quick next And modeling on and what our for Okay, benefit. expect in Chris-Craft, just kind question just maybe revenue of you you terms more

Michael Happe

Yeah.

there. are not, sharing We numbers Tristan, specific

some to information have get Given, guys We his will obviously also of opportunities both talent big it inorganically with grow and marine one the allows within that to team out the answers the potentially of balance have we future. strategic think But the segment, being materially. is. probably respectful industry segments, grow to us is we consider continue marine general shared and And we iconic sheet elements, materially grow future. is we a some I broken in about probably learn to we business now significantly, into it but we the a in bought also though, those new the it a Chris-Craft, small segment, though, that business brand a you the in Bryan that very the very can work other we potentially along there but can it marine. between because tell way. into think the a intend segment, that play you, careful the and brand it to It's while which business, we new can with as a as

intent our future. would topline from that the it standpoint is segment that So, grow other a in

of related Now, Bryan bunch got that there the it's some costs a mentioned. of corporate to in expenses

the So, vehicle we bit that go continue specialty it's related And a see not of other line But pure the on in be business. anticipate positive that direction that a future. top to that to to of little related segment a sense. in you'll and Chris-Craft lot will on the our

Tristan Thomas

Got you. Thank it.

Operator

next from Michael Our Swartz comes SunTrust. question from

is line open. Your

Michael Swartz

Hey, good of area dealer morning, touch everyone. It’s Mike, with concern or just to a question on wanted big inventory. mark been investors.

at inventory looking dealers like quarter, Just looks consolidated the back the is at end of about XX% year-over-year. your

that you was just overall wanted just that anything mentioned can you there's do on get your And to the I share to you a think feeling metrics sense So, of at if number? point how comfort that more that. you pretty look in I some about that get good – wondering I front. had

Michael Happe

of a there. popular That's, couple you, our obviously, comfort. Thank question Michael. terms Yeah. in things of A

for probably They inventory quarter. are XX% this in Our some up better. actually were comps getting ways

increase But that's share down of versus the slightly QX Towable’s majority think specifically a number that dealer gains. before. I is maintained related we inventory market our to have

Grand and brands market retail of at at expense standpoint, space the a a lines both earn more become towable carry. that the are our other share the they product dealers with probably brands the popular Winnebago-branded few dealers would Design towables and giving As more

lines. the specifically that in those product we happening is been both Grand have in so, and brands, Design, other the And been of thing that's expanding

But with out you thin – that, to to were products Design’s in products in. those travel time stick in dealers new of around And Grand imagine, new XXXX, trailer example, every so, before that that were taking product both category. Transcend, one brand latest committed the the and come brand a a and was those the in

combination attention pleased six them pay of turns, and to aging. market it’s And the board, inventory so, retail pay we we continue for a of looking across combination at they close when months as products or to older products levels, as close share, but we especially to a start obviously every We the them long zones they're our trajectory with track it's new we’re sit the from and attention to month, dollar standpoint standpoint, dollar the we lot. turn and both on to inventory and But dealer dealer more attention concerning to that the – be a conversations comfort it remains aging at business. dealers. call within of I pay And the standpoint, with our increase a an

it. And of so, our of if growing brands’ being than that's though the on share, that are elevated, the maintained we they a because too and a performance taking industry higher that's was business been in and Winnebago primary dealer because side. that inventories we’ve ago, trouble have Industries reason less year Even driving

Michael Swartz

brands for hard us give a great. then other particular second obviously, have. just I trailing And that’s maybe like, on the it, color, some sense think Okay, your growth of figures or least can has year-to-date what touched you hot you at But maybe retail of predict And the latest topic. to the Seth maybe is and, retail future. just growth looked

Michael Happe

share but don't trend this specific I’ll information, you. with share We retail

say And Motorhome vary as those digits. sometimes I been as are month of brand, overall we've industry quarter, And brands the single by on but type motorized. Our of again, different low It been is seasonal subcategory that business And growth and the some varies has and The generally does two been product have the business but that a by retail has go in way will the towables as towables especially by in category. towables. Certainly, generally well. in it's It double-digit numbers. remain stronger sort and far to numbers, business. I that's would specifically. been. than occurring similar where But, by settling been the week our to that’s that's again,

Michael Swartz

great. Thanks Okay, for the color.

Michael Happe

Michael. Thank,

Operator

Greg next from comes question from Our Badishkanian Citi.

line Your open. is

Fred Wightman

for Hey, guys. Wightman It’s actually Fred on Greg.

an high you the Are pushback what you over So, higher a them you're forgo the rising purchase? are from potential actually challenges financing just about give from Can year. side? update retail talked seeing seeing to different rates maybe on from times, possible consumers? a rates level coming Those few you’ve convincing a

Bryan Hughes

overall yet side we’re curve, Fred. the the them causing price down, the it seeing the Bryan, in the – on So, the go rates of up, what, the inventories, them interest but point the demand affecting that may It’s the – the retail range, be basis seeing would the have line characterize to not not in demand them we’re of again, to inventory, I'm in affecting things, points, interest pressure rates not to further XX as certainly causes other say would I their affecting course. with words. I overall as reduce buyer okay? it that rate dealers more hearing I'm and XXX causes increases is curve. the doing hearing it financing purchase probably of side to shift But

lot yet said, level. of So, that. impact retail hearing we’re I mindful at But I'm the like not of a

Fred Wightman

past great. about the commodities from prepared you an in and this talked either think tariffs Q&A I or margins on impact eight-figure remarks, then, Okay, year. And

are that saying to talked that eight-figure had year. eight-figure off higher this incremental another fall not you costs expected year? just You impact about are also those an this impact? Or Is

Michael Happe

Fred, made one who comments. Mike. the those I was this is

which above, range, have similar they is our I in $XX growth and assumed to them. see to fiscal incremental ranged say – take eight-figure put or or or we level. we together, at direct related both in million plan I'll for tariffs accountability continue fiscal that all eight-figure difficult increases again So, eight-figure would tariffs that in whether related probably we as XXXX XXXX pressure XXXX to the The directly would were is say not. reference cost

see. that is pressures the And, cost not that other that put but obviously, that's the planning into gross. net, the gets along Now, with any we

cost of goods industries, that times the want I inflationary very in So, business. at I numbers heard don't especially about their you've state to alarm lot a anybody specific of impact durable to because the manufacturers, material environment on think the

administration of as said materials of been with. of sort I countries pricing, not from including imported So, have that we an the industries as as our of large some domestic percentage directly some negotiating other sources has foreign well. are earlier, a not impacted global are it bill does But the impact as because on

every not or again, either alarmist, managing meant it's state so, day here. And backwards and something meant it's we’re real that it's going just that going to to be forward,

So, costs. that to as obviously, continue said, our been mitigate and gets have intention. light to date forward with continue those to it of come day to tougher tougher those okay going in work But I results and to every we’ll

Fred Wightman

Great, thank you.

Operator

from Our from next Whiston David Morningstar. question comes

Your open. line is

David Whiston

a you have done working much to your so far, good really tariffs keep realistically, sorry more partners guess, I on prices, costs, job kind with squeezing? ask cutting with of whatnot. can cynical and But, question, a morning. but raising Good guys Thanks. the you how

Michael Happe

of find whole structure. want to you out a of great business, David. is in in some the your low definitely, fixed, a That's expenses cost two think run ways Yeah. our me, squeeze the drive And Obviously, a value question, you have the we’re Over in I attention believe you model variable highly paying lemon categories, But Mike. to maintain time, This to all we as the business out chain. of new juice, within reasons. across general. cyclical probably businesses, in And to there. really costs for

Grand as elements be Winnebago And young Design with industry, like to well But ways. efficient. costs nimble there's as in that the while areas would those some of so, can company, obviously, more a definitely we’re each efficient and businesses, slowdown company businesses a down. And manage to in that way to, Towables, be XX-year-old in new occur variable enough any be those want we non-material also, opportunities like has legacy we’re

We’re at looking freight.

leverage costs, and SG&A at, marketing our We’re our sales obviously, looking over time.

for So, fair can is time. pricing on the might exceed equal the And really, or us so well over harder that the to retail only the find have material much happening. right. the at as point, market, income that a absolutely side. impact dollar to real It try of you're dollar until gets whole the you But certainly absorb game happening statement is some

David Whiston

guys insights well-positioned you it’s they're think cut? Thanks. Any early a of but That’s fat it, Chris-Craft, I view? you from cost lot be think point helpful. then, you know Do a do And there efficiency would of to on owning for early there helpful.

Michael Happe

the fat. Well, I would lot definitely term not a of use

can we the constraint. would And going the that a premium to great represents continue knew release right that now, be us capital the about allocating thing business, somewhat But but think thin customer capacity terms I segment. that efficient. when that brand its is I for relatively constrained. in an are it's capacity bought forward in we say the We of that opportunity and operates Chris-Craft in to more that it air base business

see the opportunity So, are well. opportunity increase growth ways, we affluent. see their it's to customers that world. certainly almost their profitability We some as In in extremely But business. opposite

And have so, of even their ability buying and to the in to beautiful continue customers cash paying often – boats. very difficult – these the times, some dealers

in in And business at about premium beginning time our a attractive marine a of but we’re ways, future. and way how to way brand. for learn it say, we least industry brand, in the foot a little we’re not cyclicality, plays a and but highly would increase trying excited can some of us that to going. the And here be that expect spending the leader is it's team, again, it It on a that for again, the fiscal will is presence I in immune so, that's our share and strong to definitely integration that the year And more quite the that with while. more about consider space business in at remains business it's And high insulated you super-premium, and to not wouldn't market. certainly the pedal. their determine because put his that But how is

David Whiston

That’s all like of premium, Lexus boating, And ask, Rolls-Royce of Mercedes, got being very analyst, that high-end, even that is familiar supreme as I've to used similar an helpful. with a you phrases when the like not Chris-Craft premium, boating? sort is [indiscernible] or auto

Michael Happe

more that here – span definitely very standpoint, high-end, but a to They boats. the those. luxury from they both still years Yeah. I metaphor viewed have the last say over also but they've as on some are accessible, probably they would very intentionally things products that of much worked couple some have

throw brands but that see the used again, auto and have fine for the so, mix I metaphor, other later. our are you think we now, And probably if each metaphor in ones we’ll would own brands we any into

David Whiston

you. thank Okay,

Operator

follow-up a Seth with from Northcoast Woolf do We Research. have

open. Your line is

Seth Woolf

Hey, thanks for squeezing me in here again.

Just question. a quick

about Towables been trends, motorhomes. On recently. talked outperform continuing the Motorhomes retail to you have soft

I think last the of down. in are agreement year, was probably of like to was inventory? of has understanding that, dealers people kind with destocking winding outperformance inventory, in Do moving the most the Towables on think that market category, some going probably not you my the the recent in to really inventory call segment is of the heaviest the anything that Because the is the inventory where towable excess back motorhomes. do

into I the going curious how your there factors thought you. and kind Thank So, that forward. thinking then was of

Michael Happe

focused But dealers do know, towable This on Seth. the Mike. as side. is been you types. of are I different dealers Yeah. the Thanks, all think very have

And are more that full-line. of a some So, of there are dealers there more dealer. that dealers there are are that dealers dealers are motorized a other and then, towables are certainly

the category you're even dealers are working in through platforms there. that in have related an C seeing smaller obviously, B industry, And A larger continues happening is for is Class because concerns for diesel, inventory So, XX% the OEMs think the products most motorized other as part but to the A are historically that dealers versatile to any Class units really, the Class that's the kind do towables the of gas, motorhomes A macro depends. well. of been focused appetite the to towables. Class smaller In motorhomes macro, shift and I more Class trend from rise as and also popularity, in

entering products, market A as is XX in customers ways, motorhome but there some motorhome And to attractive too. Class will believe be that by a the always the is for XX-foot so, a large more probably we viewed, smaller where business that here period

forward. And so, product strategy you'll see that our reflect line going

that saw in at of think you some the house. Elkhart I open

that anticipate that's thing, I think, category that need to so, of kind they the are the trying other and in happening, and at dealers too. And shift so of lots their on is kind looking mix

Seth Woolf

let you quick I Real sense. makes That go. before

backlog. hearing been open talked to past, the your look disclosed just from was if than publicly with things peer you have You and the the to like curious, that now. could I the what intra-quarter positive of backlog the you're closer we've because your And the backlog backlogs. could show share might house was anything respect just I dates show. about traded there's wondering you ordering influence right in And

Michael Happe

part simplistic Seth, because in is share the will we take won’t that. that, And responsibility I that market ways. direct too some for in the has perceptions backlogs

And as Our we mix very positive remain down for between towables to with that we the and view we about backlogs good them where be. units want dollars up, a as talked thing. earlier,

won’t information alarm anymore. on again, going sounding much intra-quarter But, seeing also on not probably we’re we any backlogs yeah, forward, so, And share, we’re trends either. an

Seth Woolf

Thanks.

Operator

at would to closing over remarks. Steve further I'm no time. Stuber now showing for like turn call this I back to questions the

Steve Stuber

really a our you forward behalf to myself. appreciate of of day. with we and rest your today. speaking quarter. and many the Thank on everyone, throughout Bryan We Have joining Mike, of Thanks call Great. your time you, look for again great

Operator

you for in today's program. This and gentlemen, the thank concludes conference. participating Ladies

may You disconnect a wonderful day. have and

Winnebago Industries (WGO) 17 Oct 182018 Q4 Earnings call transcript