good Jeff, morning, and everyone. Thanks,
Our quarter consolidated the $XXX X% net million. to sales fourth increased for
marine X% $XXX year, increased to net billion, while X% to by $X.X RV revenue to For year Full increased was off $X.X the revenue XX% sales million. full billion.
increasing shipments XXX% shipments RV $X.X our last revenue and increased wholesale billion. $XXX revenue recovered, Our wholesale XX% increasing powersports nicely year-over-year. and year, also XX% MH increased to million, to improved X% housing
declined production mix for as RV the inventory full marine across field outpaced in shipments GAAP XX.X% basis, with in seasonality. OEMs was the and our given the to solid affordable the market wholesale reductions year. with in remain end producing prior quarter margin revenue disciplined with in schedules. Retail XX.X% a quarter Marine due registrations partially On wholesale end from dynamics estimated compared OEMs of markets reported typical the their more units on combined dealer an the gross fourth suggesting XX% year, focused to
purchase XX fourth related accounting gross respectively, full The full and for operating year. expenses XXXX. XX.X% quarter quarter in margin million Total year XX were was the the basis acquisitions to year, inventory compared For XX.X% $XXX include to fourth adjustments full million step-ups $XXX gross of XXXX for points, the margins and and
the XX% to increased RecPro. For third the warehouse delivery acquisition of quarter, and quarter expenses primarily due
expenses expenses SG&A increased increased quarter, approximately XX% million to million $X or fourth $XX the XX%. and For amortization
model business related fourth cost structure to acquisitions potential ability further our support decision maintain upon these inflection the to in efficacy of the markets. were The our during adjustment increases in to without in of expenses and directly our signs and XXXX quarter to customers our our ensure
For X.X% for quarter, to reported after full the X% million the was was acquisitions. quarter full increased operating of $XX morning, expense this operating onetime On our adjusted in year. X.X% and as was $XXX including XX% expenses fourth the $XX a in fourth X.X% for basis, as fourth expenses, an and the noted million. full GAAP in to On for year. million a $XX in X.X% to year. the year, and $XXX costs, result refinancing and costs approximately quarter and nonrecurring million income release the SG&A excluding inventory Operating the the fourth million related step-up for certain Amortization transaction full margin margin press debt our increased or basis, quarter
quarter reported Adjusted On XXXX. per $X.XX was GAAP million diluted or net income to $XX million $XX or $X.XX in fourth $X.XX basis, was compared income in diluted per per share. diluted a the net share share
GAAP million the $XXX $X.XX income share. was basis for on or per net $XXX the an reported full and For full diluted year, diluted $X.XX net or million income year, share adjusted per was
transaction exclude As inventory release, our our to to press income including expenses a reconciled value onetime net step-up per acquisitions, and the costs, establishment in net earnings and debt. related fair income related of certain adjusted share nonrecurring items,
dividends per on paid XX. was share for our split, reflect which EPS that data, Please X stock including also recall our and X December
from Additionally, increase price. our our approximately $X.XX our full price result above EPS strike per related option convertible of fourth the and share, as quarter respectively, notes a $X.XX the and and convertible in stock accounting-related dilution in year XXXX warrants include additional
excess the potential in dilution noted have in reduce company's of notes hedges past, common conversion we've in payments of any any or to to place which of the and/or expected are converted the amount principal convertible As offset a on the eliminate the company we required notes. make the to is cash stock
to For basis, share. to for to reporting adjusted be EBITDA, GAAP margin decreased cannot On million, million, margin XX decreased always the reporting purposes, these adjusted increased anti-dilutive Adjusted and EBITDA per basis EBITDA hedges quarter. adjusted $XX XX.X%. while when XX% therefore, EBITDA a year are while earnings points fourth included $XXX full decreased X% to XX.X%
was tax for plant million. operations rate million quarter and XX% were full Cash million overall year, property, and effective provided equipment XXXX cash XX% approximately year the Our of purchases $XX for free flow for XXXX. $XXX was of approximately resulting in and by for the the $XXX fourth
in made to This utilize the ensure certain fell our to support decision the raw short a uptick strictly demand material are first we cash inventory maintain to any in of and customers XXXX. of our outlook to from as in position quarter we our flows procure
approach align pursue growth RecPro week. Elkhart which the the cash objectives. We to million. of $XXX transactions our flow evaluating total us operating year bolt-on quarter, with committed was Composites acquisitions as strategically allowed of our was to our Sportech announced quarter, the during deleveraging remain like goal smaller acquisitions this opportunistic such This At has that net end leverage was the and For while X.Xx. and
opportunities. We credit $XXX our approximately the $XX appropriate Available unused and of of increasing comprised remain was on revolving million. million, million to at hand of capacity end $XXX streak of the leverage comfortable when on capitalize facility on cash quarter liquidity
in that projects prioritizing to organic growth align to through support our capital efforts We are to while that commitment initiatives. investing growth returns. maintaining and strategic disciplined Patrick These value objectives our dedicated also allocation are complemented reinvesting by our in with a acquisitions strategy, shareholders delivering
Sportech acquisitions including In in XXXX, acquisition and our we of invested million $XXX RecPro.
dividends. we quarter, in returned to or the of million million the approximately repurchased form $XX During approximately shareholders XX,XXX $X shares and
we our million repurchases our November, of repurchase In our the Directors of to current electing the For million increase demonstrate authorization. in strength growth share. Patrick's and end of dividend shareholders, million returned million by $XX and $X total we full to $XX XXXX, financial a $X.XX in quarterly X% confidence share year, At $XXX per including remaining Board under our dividends. management potential and stock in by to had their
President's expectations on Before estimated outlook, give our we want with align we exposure to end our Saturday. to that our discuss current tariff the market relative announcement
will Canada. worth XX% to X Mexico have on providing original seen the Although we the and week on Canada Mexico necessary, exposure to as X/X our sold half changes with we this our approximately color China for and is focused believe we countries. and proposal on cost of it and other adapt of goods China, approximately these In account total,
past diligently our than the We reduce derisking if further in necessary. exposure have China confident are by X been and to more years our over our to ability China exposure to offshore half,
options sourcing where all continue We countries exploring alternative will across possible. X
extremely as dynamic. We situation will is the tariff to monitor continue it
both disposal decisions and good, at at offering, product tools optional in this customers impact our our many better, the our including initiatives VAVE and best mitigate sourcing have We our our materially partnership to margins strategic suppliers time. through working to with
to our end Moving XXXX. market
we we As our share ready and and have poised to additional pursue customers gains. are discussed, serve market
as Though we continue Our These trends. to manage to minor trends sentiment, teams early first the potential interest reflect marine will our the of rates, show believe some disciplined they we monitoring on indicators consumer shape consumer fourth Meanwhile, market, dealer activity, as which focused are move quarter improving we quarters selling inventories customer restocking RV seeing sport dealer year-over-year and In as demand approach such remain optimism for confidence indicators the and key from and are demand thoughtfully OEMs anticipate forward. power and seasons. maintaining cautious dealer inventory. customers we OEM their in currently
will between that market, marine dealer we wholesale XXXX pullback that of XXXX rate shown a RV currently approximately XX% shipments flat, increase XXXX, until our reduction We modest XXX,XXX our retail In be wholesale XXXX halves one-for-one and of solid at estimate the estimate This retail replenishment a will we in XXXX In units. in mix registrations bifurcated for estimates in second up the year the product market, a as result implying will maintaining environment. mid-single-digit to a still be categories. are dealer marine discipline and flat our to for our X% our be production mix to overall inflection first and units signs of implies inventory incredible unit occur.
unit mid-single expect be businesses. the decline we full market, our mid-single-digit overall end powersports with up year, organic be to down our for for our to implying approximately content shipments digits In an XX%
we the production sales be be we business, up housing on to to absorbing shipments estimate available starts the XX% On will XX% estimate housing retail side basis. residential real-time end to a housing up new In with XXXX market, MH wholesale of our wholesale flat X%.
our we've points end outlook current operating we margin. the XX basis market versus XX adjusted to Given continue XXXX XXXX margin will by outlined, to improve operating estimate
our be to to operating between and $XXX million more a implying cash CapEx million or cash million million approximately $XX estimate free flow flow $XX $XXX of free flow XX%. of total will approximately yield We million between cash to and $XXX
our year be and expect For rate XX% XX%. XXXX, tax between will we full
in earlier, our could our to notes related share completes noted our include on XXXX additional and remarks. dilution convertible my As price. warrants EPS That depending
questions. We are now ready for
