Core Insights - Winnebago Industries has partnered with Leave No Trace to promote environmental stewardship in outdoor activities, specifically targeting RV and boating communities [1][2][4] - The partnership aims to adapt the 7 Principles of Leave No Trace into guidelines tailored for RVers and boaters, encouraging responsible recreation [3][4] Company Overview - Winnebago Industries is a leading manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, with a commitment to sustainable innovation [6] - The company operates multiple facilities across Iowa, Indiana, Minnesota, and Florida, and is publicly traded on the New York Stock Exchange under the symbol WGO [6] Partnership Details - The collaboration with Leave No Trace focuses on educating outdoor enthusiasts on minimizing their environmental impact while enjoying recreational activities [2][4] - The guidelines include practical advice such as planning ahead, disposing of waste properly, and respecting wildlife [5] Leave No Trace Overview - Leave No Trace is a nonprofit organization dedicated to promoting sustainable outdoor practices through education and research [7] - The organization reaches millions of people annually in the U.S. to foster a sustainable future for the outdoors [7]

Core Insights - Winnebago Industries has partnered with Leave No Trace to promote environmental stewardship in outdoor activities, specifically targeting RV and boating communities [1][2] - The partnership aims to adapt the 7 Principles of Leave No Trace into guidelines tailored for RVers and boaters, enhancing responsible recreation practices [3][4] Company Overview - Winnebago Industries is a leading manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, with a commitment to sustainable innovation [7] - The company operates multiple facilities across Iowa, Indiana, Minnesota, and Florida, and is publicly traded on the New York Stock Exchange under the symbol WGO [7] Partnership Details - The collaboration with Leave No Trace focuses on educating outdoor enthusiasts on minimizing their environmental impact while enjoying recreational activities [2][4] - The guidelines include practical advice such as planning ahead, disposing of waste properly, and respecting wildlife [5] Environmental Commitment - Leave No Trace is an international nonprofit organization dedicated to promoting sustainable outdoor practices through education and research [8] - The partnership reflects a shared commitment to preserving outdoor spaces and empowering communities to engage in responsible recreation [4][8]

Core Insights - Mediacom Communications has launched multi-gig and symmetrical speed broadband services to over 2,000 households in rural Minnesota communities of Wells and Winnebago [1] - The company utilizes breakthrough technology to enhance its fiber-powered network, allowing for faster upload and download speeds, improved network reliability, and lower latency [2] - Mediacom plans to scale its network capabilities to offer speeds of 10 gigabits and beyond in the future, leveraging its existing fiber-rich network architecture [2] Service Offerings - Mediacom's Xtream Internet offerings include various tiers: Internet 300 with speeds of 300 Mbps down and 100 Mbps up, Internet 1 Gig Symmetrical with speeds of 1000 Mbps down and up, and Internet 2 Gig Unlimited with speeds of 2000 Mbps down and 1000 Mbps up [6] - The company also offers a low-cost broadband plan called Xtream Connect, providing speeds of 100 Mbps down and 20 Mbps up for $14.99 per month, aimed at qualifying households participating in federal assistance programs [4] Technological Advancements - The new Advanced WiFi solution, featuring eero's TrueMesh, will enhance the internet connectivity experience throughout homes and will soon support Wi-Fi 7 capabilities [3] - Mediacom Mobile allows customers to access their services on the go, utilizing America's most awarded wireless network [3] Company Overview - Mediacom Communications is the 5th largest cable operator in the U.S. and a leading gigabit broadband provider to smaller markets, serving over 3 million households and businesses across 22 states [5]

EDEN PRAIRIE, Minn., April 02, 2025 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE:WGO), a leading manufacturer of outdoor recreation products, today announced the settlement in cash of the remaining $59.3 million aggregate principal amount of 1.50% unsecured convertible senior notes due April 1, 2025 (the "2025 Convertible Notes"). Winnebago Industries has repaid a total of $159 million of debt to date in fiscal 2025. Bryan Hughes, Senior Vice President and Chief Financial Officer of Winnebago Indust ...

Core Points - Winnebago Industries has launched the "Hit It To Win It" sweepstakes in partnership with the Minnesota Twins, allowing fans to win an RV or boat valued up to $200,000 [2][7] - The sweepstakes is tied to a specific event where a homerun hit by a Twins player must strike the Winnebago RV parked at Target Field "on the fly" [2][7] - Winnebago Industries continues to promote outdoor recreation through its various brands, including Winnebago, Grand Design RV, Newmar, Chris-Craft, and Barletta Boats [3][8] Company Overview - Winnebago Industries is a leading manufacturer of outdoor recreation products, focusing on high-quality motorhomes, travel trailers, powerboats, and community outreach vehicles [3][8] - The company is committed to sustainable innovation and vertical integration, with multiple facilities located in Iowa, Indiana, Minnesota, and Florida [8] Event Details - The "Hit It To Win It" sweepstakes runs from April 1, 2025, to September 21, 2025, or until the RV is hit [7] - Fans can enter the sweepstakes by visiting Target Field or through the official website [4][7] - The 2025 Home Opener for the Minnesota Twins is scheduled for April 3, 2025 [4] Unique Offerings - Winnebago Industries is bringing back "The Dock," a premium seating option at Target Field, providing fans with a unique experience that combines baseball and boating [5][6] - "The Dock" offers comfortable seating for up to 12 fans, along with a $30 food and beverage credit [5][6]

Core Points - Winnebago Industries has launched the "Hit It To Win It" sweepstakes in partnership with the Minnesota Twins, allowing fans to win an RV or boat valued up to $200,000 [1][2][7] - The sweepstakes is tied to a specific event where a homerun hit by a Twins player must strike the Winnebago brand RV parked in right field "on the fly" during a home game [2][7] - Winnebago Industries continues its partnership with the Minnesota Twins for a second season, enhancing fan experience at Target Field with unique offerings [5][6] Company Overview - Winnebago Industries is a leading manufacturer of outdoor recreation products, including motorhomes, travel trailers, fifth-wheel products, powerboats, and pontoons under various brands such as Winnebago, Grand Design RV, Newmar, Chris-Craft, and Barletta Boats [3][8] - The company is committed to sustainable innovation and has multiple facilities located in Iowa, Indiana, Minnesota, and Florida [9] Event Details - The "Hit It To Win It" sweepstakes runs from April 1, 2025, until September 21, 2025, or until the RV is hit [7] - Fans can enter the sweepstakes by visiting Target Field or through the official website [4][7] - "The Dock," a unique seating area inspired by boating, will be available for fans at Target Field, providing a premium experience [5][6]

Motorhome RV: Revenues in the Motorhome RV segment decreased 30.4% year over year to $235.6 million due to a decline in unit volume. The top line missed our estimate of $271.3 million. Total deliveries from the Motorhome RV segment came in at 1,144 units, falling 36.8% year over year and missing our estimate of 1,443 units. The segment recorded an adjusted EBITDA of $5.2 million, down 79.8% due to volume deleverage. The metric also missed our estimate of $7.9 million. Marine: Revenues from the segment total ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part contains the company's unaudited consolidated financial statements and management's analysis of financial performance and condition [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The company's unaudited consolidated financial statements detail income, financial position, cash flows, and changes in shareholders' equity [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income (Three Months Ended) | Metric (in millions) | March 1, 2025 | February 24, 2024 | | :------------------- | :------------ | :---------------- | | Net revenues | $620.2 | $703.6 | | Gross profit | $83.1 | $105.3 | | Operating income | $7.8 | $35.4 | | Net (loss) income | $(0.4) | $(12.7) | | Basic EPS | $(0.02) | $(0.43) | | Diluted EPS | $(0.02) | $(0.43) | Consolidated Statements of Income (Six Months Ended) | Metric (in millions) | March 1, 2025 | February 24, 2024 | | :------------------- | :------------ | :---------------- | | Net revenues | $1,245.8 | $1,466.6 | | Gross profit | $159.9 | $221.1 | | Operating income | $6.9 | $74.5 | | Net (loss) income | $(5.6) | $13.1 | | Basic EPS | $(0.20) | $0.45 | | Diluted EPS | $(0.20) | $0.44 | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (as of) | Metric (in millions) | March 1, 2025 | August 31, 2024 | | :------------------- | :------------ | :-------------- | | Total current assets | $812.2 | $988.7 | | Total assets | $2,194.0 | $2,384.2 | | Total current liabilities | $373.8 | $404.7 | | Total liabilities | $977.7 | $1,110.9 | | Total shareholders' equity | $1,216.3 | $1,273.3 | - Cash and cash equivalents decreased significantly from **$330.9 million** at August 31, 2024, to **$115.5 million** at March 1, 2025[9](index=9&type=chunk) [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (Six Months Ended) | Activity (in millions) | March 1, 2025 | February 24, 2024 | | :--------------------- | :------------ | :---------------- | | Operating activities | $(27.2) | $3.8 | | Investing activities | $(15.2) | $(25.5) | | Financing activities | $(173.0) | $(22.5) | | Net decrease in cash | $(215.4) | $(44.2) | | Cash at end of period | $115.5 | $265.7 | - Operating activities shifted from providing cash to using cash, primarily due to **lower profitability and an increase in inventory**[11](index=11&type=chunk)[130](index=130&type=chunk) - Cash used in financing activities significantly increased, driven by **debt repayments and share repurchases**[11](index=11&type=chunk)[132](index=132&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) - Total shareholders' equity decreased from **$1,273.3 million** at August 31, 2024, to **$1,216.3 million** at March 1, 2025[9](index=9&type=chunk)[15](index=15&type=chunk) - Repurchase of common stock amounted to **$53.6 million** for the six months ended March 1, 2025[15](index=15&type=chunk) - Common stock dividends of **$9.7 million** were paid for the six months ended March 1, 2025[15](index=15&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - A new **Grand Design motorhomes operating segment** was established in the first quarter of Fiscal 2025 and is included in the Motorhome RV reportable segment[21](index=21&type=chunk) - The company's three reportable segments are **Towable RV, Motorhome RV, and Marine**, with financial performance evaluated based on Adjusted EBITDA[31](index=31&type=chunk) Key Financial Information by Reportable Segment (Six Months Ended March 1, 2025) | Segment | Net Revenues (in millions) | Adjusted EBITDA (in millions) | Assets (in millions) | | :-------- | :------------------------- | :---------------------------- | :------------------- | | Towable RV | $542.2 | $30.6 | $723.7 | | Motorhome RV | $507.3 | $7.9 | $851.3 | | Marine | $172.2 | $16.1 | $373.7 | | Corporate / All Other | $24.1 | $(17.4) | $245.3 | | **Consolidated** | **$1,245.8** | **$37.2** | **$2,194.0** | - Total inventories, net, increased from **$438.7 million** at August 31, 2024, to **$460.2 million** at March 1, 2025[9](index=9&type=chunk)[46](index=46&type=chunk) - Product warranty liability decreased from **$78.9 million** at the beginning of the six-month period to **$66.7 million** at March 1, 2025[52](index=52&type=chunk) Outstanding Debt Summary (in millions) | Debt Type | March 1, 2025 | August 31, 2024 | | :------------------ | :------------ | :-------------- | | Senior Secured Notes | $200.0 | $300.0 | | 2030 Convertible Notes | $350.0 | $350.0 | | 2025 Convertible Notes | $59.3 | $59.3 | | **Total debt, gross** | **$609.3** | **$709.3** | - The company recorded a **$2.0 million loss on note repurchase** for the three and six months ended March 1, 2025, related to the tender of $100.0 million of Senior Secured Notes[7](index=7&type=chunk)[58](index=58&type=chunk) - Total contingent liability on repurchase agreements increased to approximately **$1,750.1 million** at March 1, 2025, from $1,673.7 million at August 31, 2024[83](index=83&type=chunk) - The effective tax rate was **8.1%** for the three months ended March 1, 2025, and **21.0%** for the six months ended March 1, 2025, significantly impacted by prior year's non-deductible loss on note repurchase and current period pre-tax loss[89](index=89&type=chunk) Earnings Per Share (Six Months Ended) | Metric | March 1, 2025 | February 24, 2024 | | :-------------------------------- | :------------ | :---------------- | | Net (loss) income | $(5.6) | $13.1 | | Basic (loss) earnings per common share | $(0.20) | $0.45 | | Diluted (loss) earnings per common share | $(0.20) | $0.44 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, liquidity, and capital resources, highlighting segment performance and strategic outlook [Overview and Trends](index=24&type=section&id=Overview%20and%20Trends) - Winnebago Industries is a leading North American manufacturer of outdoor lifestyle products (RVs, marine, battery solutions) under brands like Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta Boat[96](index=96&type=chunk) - The business is challenged by macroeconomic conditions, including **inflation and elevated interest rates**, leading to lower consumer spending and reduced demand for discretionary products[97](index=97&type=chunk) - Decreased sales in the first six months of Fiscal 2025 were primarily due to **declines in unit volume**, with dealers exercising caution on stocking levels[97](index=97&type=chunk) - Management anticipates stabilization of consumer demand and dealer ordering patterns as the spring selling season approaches, maintaining a belief in the **long-term health of the RV and marine markets**[97](index=97&type=chunk)[98](index=98&type=chunk) [Non-GAAP Financial Measures](index=24&type=section&id=Non-GAAP%20Financial%20Measures) - The company uses non-GAAP financial measures, such as **EBITDA and Adjusted EBITDA**, to provide supplemental information on operating performance and improve comparability across periods[100](index=100&type=chunk)[101](index=101&type=chunk) - Adjusted EBITDA excludes items like acquisition-related costs, contingent consideration fair value adjustments, loss on note repurchase, and non-operating income/loss to present core operating results[103](index=103&type=chunk) - Management utilizes these non-GAAP measures for evaluating financial performance, measuring profitability, board presentations, acquisition assessments, and ensuring compliance with debt covenants[104](index=104&type=chunk) [Results of Operations - Three Months Ended March 1, 2025 Compared to Three Months Ended February 24, 2024](index=25&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20March%201,%202025%20Compared%20to%20Three%20Months%20Ended%20February%2024,%202024) Consolidated Performance Summary (Three Months Ended) | Metric (in millions) | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :------------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $620.2 | $703.6 | $(83.3) | (11.8)% | | Gross profit | $83.1 | $105.3 | $(22.2) | (21.1)% | | Operating income | $7.8 | $35.4 | $(27.7) | (78.0)% | | Net loss | $(0.4) | $(12.7) | $12.3 | (96.7)% | | Diluted loss per share | $(0.02) | $(0.43) | $0.41 | (95.3)% | - Net revenues decreased primarily due to a **reduction in average selling price per unit** related to product mix, partially offset by targeted price increases[105](index=105&type=chunk) - Gross profit as a percentage of revenue decreased due to **deleverage associated with product mix**, while operating expenses increased due to incentive-based compensation and investments in growth[106](index=106&type=chunk) Adjusted EBITDA Reconciliation (Three Months Ended) | Metric (in millions) | March 1, 2025 | February 24, 2024 | | :------------------- | :------------ | :---------------- | | Net loss | $(0.4) | $(12.7) | | EBITDA | $21.4 | $13.9 | | Adjusted EBITDA | $22.8 | $49.8 | Towable RV Segment Performance (Three Months Ended) | Metric | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :---------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $288.2M | $284.7M | $3.5M | 1.2% | | Adjusted EBITDA | $17.0M | $26.8M | $(9.8)M | (36.5)% | | Average Selling Price | $39,559 | $41,852 | $(2,293) | (5.5)% | | Unit deliveries | 7,225 | 6,747 | 478 | 7.1% | Motorhome RV Segment Performance (Three Months Ended) | Metric | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :---------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $235.6M | $338.4M | $(102.7)M| (30.4)% | | Adjusted EBITDA | $5.2M | $26.0M | $(20.7)M | (79.8)% | | Average Selling Price | $209,259 | $189,246 | $20,013 | 10.6% | | Unit deliveries | 1,144 | 1,811 | (667) | (36.8)% | Marine Segment Performance (Three Months Ended) | Metric | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :---------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $81.7M | $69.8M | $11.9M | 17.1% | | Adjusted EBITDA | $7.7M | $4.4M | $3.3M | 75.7% | | Average Selling Price | $79,123 | $83,346 | $(4,223) | (5.1)% | | Unit deliveries | 1,046 | 862 | 184 | 21.3% | [Results of Operations - Six Months Ended March 1, 2025 Compared to the Six Months Ended February 24, 2024](index=28&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20March%201,%202025%20Compared%20to%20the%20Six%20Months%20Ended%20February%2024,%202024) Consolidated Performance Summary (Six Months Ended) | Metric (in millions) | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :------------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $1,245.8 | $1,466.6 | $(220.8) | (15.1)% | | Gross profit | $159.9 | $221.1 | $(61.2) | (27.7)% | | Operating income | $6.9 | $74.5 | $(67.6) | (90.7)% | | Net (loss) income | $(5.6) | $13.1 | $(18.7) | NM | | Diluted (loss) earnings per share | $(0.20) | $0.44 | $(0.64) | NM | - Net revenues decreased due to a **reduction in average selling price per unit** from product mix and lower unit volume[116](index=116&type=chunk) - Gross profit as a percentage of revenue decreased primarily due to **volume deleverage, product mix, and higher warranty experience**[117](index=117&type=chunk) - Interest expense, net, increased due to the issuance of the **2030 Convertible Notes** in the second quarter of 2024[118](index=118&type=chunk) Adjusted EBITDA Reconciliation (Six Months Ended) | Metric (in millions) | March 1, 2025 | February 24, 2024 | | :------------------- | :------------ | :---------------- | | Net (loss) income | $(5.6) | $13.1 | | EBITDA | $35.8 | $66.1 | | Adjusted EBITDA | $37.2 | $103.9 | Towable RV Segment Performance (Six Months Ended) | Metric | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :---------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $542.2M | $615.5M | $(73.2)M | (11.9)% | | Adjusted EBITDA | $30.6M | $59.9M | $(29.3)M | (49.0)% | | Average Selling Price | $38,887 | $41,970 | $(3,083) | (7.3)% | | Unit deliveries | 13,841 | 14,593 | (752) | (5.2)% | | Dealer Inventory | 17,406 units | 18,106 units | (700) | (3.9)% | Motorhome RV Segment Performance (Six Months Ended) | Metric | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :---------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $507.3M | $672.8M | $(165.4)M| (24.6)% | | Adjusted EBITDA | $7.9M | $47.3M | $(39.4)M | (83.2)% | | Average Selling Price | $202,604 | $192,108 | $10,496 | 5.5% | | Unit deliveries | 2,566 | 3,532 | (966) | (27.3)% | | Dealer Inventory | 3,784 units | 4,844 units | (1,060) | (21.9)% | Marine Segment Performance (Six Months Ended) | Metric | March 1, 2025 | February 24, 2024 | $ Change | % Change | | :---------------- | :------------ | :---------------- | :------- | :------- | | Net revenues | $172.2M | $157.1M | $15.1M | 9.6% | | Adjusted EBITDA | $16.1M | $11.6M | $4.5M | 38.9% | | Average Selling Price | $79,090 | $82,085 | $(2,995) | (3.6)% | | Unit deliveries | 2,217 | 1,980 | 237 | 12.0% | | Dealer Inventory | 3,610 units | 4,095 units | (485) | (11.8)% | [Analysis of Financial Condition, Liquidity, and Capital Resources](index=31&type=section&id=Analysis%20of%20Financial%20Condition,%20Liquidity,%20and%20Capital%20Resources) Cash Flows Summary (Six Months Ended) | Activity (in millions) | March 1, 2025 | February 24, 2024 | | :--------------------- | :------------ | :---------------- | | Operating activities | $(27.2) | $3.8 | | Investing activities | $(15.2) | $(25.5) | | Financing activities | $(173.0) | $(22.5) | | Net decrease in cash | $(215.4) | $(44.2) | - Net cash used in operating activities was **$27.2 million**, a decrease from $3.8 million provided in the prior year, primarily due to lower profitability and increased inventory[130](index=130&type=chunk) - Cash used in financing activities increased significantly due to **partial settlement of high-yield notes and higher share repurchases**[132](index=132&type=chunk) - As of March 1, 2025, the company had **$115.5 million in cash and cash equivalents** and an undrawn **$350.0 million ABL Credit Facility**[133](index=133&type=chunk) - Working capital decreased from **$584.0 million** at August 31, 2024, to **$438.4 million** at March 1, 2025[139](index=139&type=chunk) - The company repurchased approximately **951,000 shares of common stock for $50.0 million** during the six months ended March 1, 2025, with **$180.0 million remaining** on the authorization[141](index=141&type=chunk) - A quarterly cash dividend of **$0.34 per share** was approved, payable on April 30, 2025[142](index=142&type=chunk) [Critical Accounting Estimates and Recently Issued Accounting Pronouncements](index=33&type=section&id=Critical%20Accounting%20Estimates%20and%20Recently%20Issued%20Accounting%20Pronouncements) - **No material changes** to critical accounting policies or estimates have occurred since the end of Fiscal 2024[144](index=144&type=chunk) - The company is evaluating the impact of recently issued FASB ASUs (2024-04, 2024-03, 2023-09, 2023-07) and the SEC's climate-related disclosure rule (33-11275, currently stayed) on its financial statements[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[145](index=145&type=chunk) [Safe Harbor Statement Under the Private Securities Litigation Reform Act](index=33&type=section&id=Safe%20Harbor%20Statement%20Under%20the%20Private%20Securities%20Litigation%20Reform%20Act) - The report contains **forward-looking statements** subject to risks and uncertainties that could cause actual results to differ materially from projections[146](index=146&type=chunk) - Key risk factors include general economic uncertainty, financing availability for dealers and purchasers, competition, inventory management, cyclicality, supplier relationships, and governmental regulation[146](index=146&type=chunk)[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's exposure to market risks is primarily related to interest rate fluctuations and deferred compensation plan assets - The **ABL Credit Facility** is the company's only floating rate debt instrument and remains undrawn as of March 1, 2025[150](index=150&type=chunk) - Market risk for assets funding deferred compensation is **borne by the participants** in the deferred compensation program[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls and procedures and reports no material changes in internal controls - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of March 1, 2025[151](index=151&type=chunk) - There were **no material changes** in internal control over financial reporting during the second quarter of Fiscal 2025[152](index=152&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part covers legal proceedings, risk factors, stock repurchases, and other required disclosures [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation not expected to have a material financial impact - The company is involved in various legal proceedings considered ordinary and routine, with **no expectation of a material adverse effect** on its financial position, results of operations, or liquidity[86](index=86&type=chunk)[153](index=153&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors have occurred since the last annual report - **No material changes** have occurred from the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 31, 2024[154](index=154&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its common stock repurchase activities for the second quarter of Fiscal 2025 Common Stock Repurchases (Q2 Fiscal 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--------------- | :------------------------------- | :--------------------------- | | 12/1/24 - 1/4/25 | 418,500 | $47.79 | | 1/5/25 - 2/1/25 | — | — | | 2/2/25 - 3/1/25 | 249 | $46.31 | | **Total** | **418,749** | **$47.79** | - As of March 1, 2025, **$180.0 million remained authorized** under the $350.0 million share repurchase program approved on August 17, 2022[141](index=141&type=chunk)[155](index=155&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during the quarter - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter ended March 1, 2025[156](index=156&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) A list of all exhibits filed with the report, including corporate documents, debt instruments, and certifications, is provided - Exhibits include Articles of Incorporation, Bylaws, Indentures for the 2025, 2028, and 2030 Convertible/Senior Secured Notes, Section 302 and 906 certifications, and various XBRL documents[157](index=157&type=chunk) [SIGNATURES](index=37&type=section&id=SIGNATURES) The report is certified by the official signatures of the company's principal executive and financial officers - The report was signed on March 27, 2025, by **Michael J. Happe** (Chief Executive Officer, President) and **Bryan L. Hughes** (Chief Financial Officer and Senior Vice President)[161](index=161&type=chunk)

Financial Data and Key Metrics Changes - The company reported a sequential increase in profitability, attributed to operational pricing and cost improvements within the Towable and Motorhome RV segments [11] - Gross margin declined year over year due to a shift in product mix, but improved by 110 basis points sequentially due to lower allowances and discounts [35][36] - Adjusted EBITDA increased by 140 basis points sequentially, driven by lower allowances and discounts alongside reduced SG&A expenses [36] Business Line Data and Key Metrics Changes - In the Towable RV segment, revenues increased modestly year over year due to higher unit volume, but adjusted EBITDA margin declined due to product mix shifts and higher input costs [37] - Motorhome RV revenues decreased year over year, reflecting lower unit sales due to market conditions, although the launch of the Grand Design Motorhome Lineage lineup provided some offset [38] - Marine segment revenues increased year over year primarily due to unit volume, with adjusted EBITDA rising due to targeted price increases and operational efficiencies [40] Market Data and Key Metrics Changes - The company forecasts wholesale RV shipments for calendar 2025 to be between 320,000 to 350,000 units, approximately 4% below the RVIA's forecast, reflecting a conservative approach amid subdued retail conditions [25] - The company noted that retail patterns in March mirrored those of February, indicating no significant change in consumer sentiment [69] - Market share in motorhomes rose mid-single digits in 2024 versus 2023, while towable market share grew low single digits over the same period [28][29] Company Strategy and Development Direction - The company is focused on disciplined production, strong dealer relationships, improved operating efficiency, and sustained innovation to position itself for sustainable growth [11][12] - A tri-brand strategy in the motorhome sector aims to cater to distinct market segments and mitigate risks while unlocking potential for margin expansion [20] - The Winnebago Towables business is undergoing a strategic transformation to reset its portfolio with a new pricing strategy and product offerings [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the economic environment, noting that inflation and consumer confidence are critical factors affecting future sales [46][47] - The adjusted EPS guidance was reduced to a range of $2.75 to $3.75 per diluted share, reflecting a decrease in consumer confidence and sentiment [48] - Despite challenges, management remains optimistic about new products and long-term strategies, emphasizing a commitment to profitability and market presence [49][53] Other Important Information - The company completed a $100 million cash tender offer to repurchase a portion of its senior secured notes due 2028 [41] - A quarterly dividend of $0.34 per share will be paid in April, marking the forty-third consecutive quarterly dividend [43] - The company is actively managing tariff impacts through strategic sourcing and supplier collaboration [44] Q&A Session Summary Question: Impact of tariffs on EPS guidance - Management indicated that the guidance incorporates expected tariff impacts, which are believed to be relatively limited for fiscal 2025 [58] Question: Retail trends in March - Management noted that retail patterns in March were consistent with February, with no significant changes observed [69] Question: Inventory management and dealer relationships - Management emphasized the importance of maintaining healthy dealer relationships and managing inventory levels effectively [72] Question: Pricing strategy for Winnebago Towables - The company is adjusting pricing to enhance retail effectiveness and improve dealer inventory turnover [108] Question: Future product offerings and market share - Management expressed confidence in the potential for market share growth through new product introductions and improved dealer relationships [117]

Core Insights - Winnebago Industries reported revenue of $620.2 million for the quarter ended February 2025, reflecting an 11.9% decline year-over-year, with EPS at $0.19 compared to $0.93 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $608.95 million by 1.85%, while EPS met the consensus estimate [1] Financial Performance - Winnebago's stock has returned -17.6% over the past month, underperforming the Zacks S&P 500 composite, which declined by -4% [3] - The company holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Unit Deliveries and Revenue Breakdown - Total Motorhome RV unit deliveries were 1,144, below the average estimate of 1,491 [4] - Total Towable RV unit deliveries reached 7,225, exceeding the average estimate of 6,188 [4] - Marine boat unit deliveries were 1,046, slightly above the average estimate of 1,028 [4] Revenue and EBITDA Metrics - Net Revenues for Marine were $81.70 million, surpassing the average estimate of $74.32 million, marking a year-over-year increase of 17.1% [4] - Net Revenues for Motorhome RV were $235.60 million, significantly lower than the estimated $276.89 million, representing a 30.4% decline year-over-year [4] - Adjusted EBITDA for Towable RV was $17 million, slightly above the average estimate of $16.73 million [4] - Adjusted EBITDA for Marine was $7.70 million, exceeding the average estimate of $5.58 million [4] - Adjusted EBITDA for Motorhome RV was $5.20 million, below the average estimate of $8.67 million [4]