Core Insights - White Gold Corp. has commenced Phase II of its 2025 Exploration Program, focusing on high-priority gold targets in the White Gold Property, Yukon, Canada, aiming to expand its multi-million-ounce high-grade gold resource [7][8][10] - The company is leveraging its strategic partnership with Agnico Eagle Mines Limited to enhance the technical understanding of the project for future development [7][8] - The exploration program includes diamond drilling at the Golden Saddle Zone, which remains open in multiple directions and at depth, with significant widths of high-grade near-surface gold mineralization already intersected [10][11] Exploration Program Highlights - Phase II aims to efficiently expand the size and confidence of the flagship resource, with a focus on relogging and resampling historic core to unlock overlooked mineralization [11][12] - The Golden Saddle deposit contains approximately 1,203,000 ounces of gold in the Indicated Resource category and 1,116,600 ounces in the Inferred Resource category, with potential for further expansion [11][27] - The Target for Further Exploration (TFFE) area is estimated to host an additional 10-12 million tonnes grading between 1-2 g/t Au, based on current geological models [11][12] Property Portfolio and Market Position - White Gold Corp. holds a portfolio of 15,362 quartz claims across 21 properties, covering approximately 300,000 hectares, representing about 40% of the White Gold District [27] - The company’s flagship project includes four near-surface gold deposits, which are interpreted as structurally controlled orogenic gold systems, remaining open for expansion [16][27] - The Yukon region is recognized as a top mining jurisdiction, attracting significant investment from major mining companies [15][27]

Group 1 - Winnebago Industries has faced challenges in recent months, particularly for shareholders, as the earnings for the second quarter of the 2025 fiscal year approach [1] - The company is reaffirming its focus on cash flow and the potential for value and growth in the oil and natural gas sector [1] Group 2 - The investment service offers subscribers access to a stock model account and in-depth cash flow analyses of exploration and production firms [2] - Subscribers can engage in live chat discussions regarding the oil and gas sector [2]

Core Insights - White Gold Corp. has initiated its Critical Metals Exploration Program in the White Gold District, Yukon, Canada, expanding its focus beyond gold to include critical metals such as copper, molybdenum, tungsten, antimony, and bismuth [1][3] - The 2025 exploration program consists of two phases, with Phase I already underway and Phase II set to focus on high-priority gold projects and new gold occurrences [1][3] Company Overview - White Gold Corp. holds a portfolio of 15,362 quartz claims across 21 properties, covering approximately 300,000 hectares, which represents about 40% of the White Gold District [2][20] - The flagship White Gold Project contains an estimated 1,203,000 ounces of gold in the Indicated Resource category and 1,116,600 ounces in the Inferred Resource category, with potential for further resource expansion [2][20] Exploration Activities - Initial activities have begun on three critical mineral targets: the Bridget target on the Pedlar Property, the Guilder target on the Loonie Property, and the Mt. Hart target on the Nolan Property [4][5] - The Bridget target is characterized by significant geochemical anomalies, including molybdenum values over 250 ppm and copper values typically exceeding 100 ppm [5][6] - The Guilder target has identified a 3.0 by 0.5 km zone of anomalous copper results, while the Mt. Hart target shows a multi-element soil geochemical anomaly with enrichment in several metals [11][12] Regional Context - The Yukon is recognized as one of Canada's most prospective mining districts, with a rich history of mineral deposits, including the Casino copper-gold-molybdenum porphyry deposit [3][19] - The Dawson Range, where the company's properties are located, has attracted increased investment due to its high mineral potential, hosting various types of mineralization [19]

Group 1 - The individual has nearly two decades of experience in the logistics sector and a decade in stock investing and macroeconomic analysis, focusing on ASEAN and NYSE/NASDAQ stocks, particularly in banks, telecommunications, logistics, and hotels [1] - Since 2014, the individual has been trading on the Philippine stock market, initially investing in blue-chip companies and later diversifying across various industries and market capitalizations [1] - In 2020, the individual entered the US market after gaining experience through a relative's trading account, leading to the decision to open their own account and write for Seeking Alpha to share knowledge [1] Group 2 - The individual has holdings in US banks, hotels, shipping, and logistics companies, and has been using analyses from Seeking Alpha to compare with their own research in the Philippine market [1]

Core Viewpoint - Winnebago Industries reported mixed financial results for Q2 fiscal 2025, with adjusted earnings meeting expectations but revenues declining year over year, leading to a downward revision in future guidance [2][6]. Financial Performance - Adjusted earnings for Q2 fiscal 2025 were 19 cents per share, matching the Zacks Consensus Estimate, but down from 93 cents per share in the same period last year [2]. - Revenues for the quarter were $620.2 million, exceeding the Zacks Consensus Estimate of $609 million, but reflecting an 11.8% decline year over year [2]. Segmental Performance - **Towable RV**: Revenues increased by 1.2% year over year to $288.2 million, with total deliveries rising 7.1% to 7,225 units. Adjusted EBITDA fell 36.5% to $17 million due to product mix and high costs, but was above expectations [3]. - **Motorhome RV**: Revenues decreased by 30.4% year over year to $235.6 million, with total deliveries down 36.8% to 1,144 units. Adjusted EBITDA dropped 79.8% to $5.2 million, missing estimates [4]. - **Marine**: Revenues rose 17.1% year over year to $81.7 million, with total deliveries up 21.3% to 1,046 units. Adjusted EBITDA increased 75.7% to $7.7 million, surpassing expectations [5]. Financials & Outlook - As of March 1, 2025, Winnebago had cash and cash equivalents of $115.5 million and long-term debt of $539.4 million [6]. - The company repurchased $20 million in shares during the quarter [6]. - Revised fiscal 2025 revenue guidance is now between $2.8 billion and $3 billion, down from $2.9 billion to $3.2 billion. Adjusted EPS is now estimated between $2.75 and $3.75, compared to the previous range of $3.10 to $4.40 [6]. Estimate Trends - There has been a significant downward trend in consensus estimates, with a shift of -46.94% noted in the past month [7][10]. VGM Scores - Winnebago currently holds an average Growth Score of C, a Momentum Score of F, and a Value Score of C, placing it in the middle 20% for value [8][9].

Core Insights - The outdoor activity participation among women is increasing, with 52% planning to engage more in 2025, a six-point increase from the previous year [2] - The survey indicates that 89% of women will at least maintain their outdoor activity levels in 2025, reflecting a shift in prioritizing time in nature for health benefits [2] Group 1: Survey Findings - The Winnebago Industries Spotlight Survey reveals that 55% of women spend six or more hours outdoors each week [2] - Key motivations for increasing outdoor time include staying active (56%), improving health (54%), reducing stress (52%), and boosting mood (48%) [4] - The survey highlights generational differences, with Baby Boomers focusing on physical health benefits, while Gen Z and Millennials value self-reliance and skill development [4] Group 2: Barriers to Participation - A significant 90% of women report facing at least one obstacle to outdoor participation, with safety concerns being the primary issue [5] - The number of women reducing outdoor time due to family disinterest has doubled since 2022, indicating social dynamics as a barrier [5] - Lack of experience or knowledge is also cited as a persistent hurdle for many women [5] Group 3: Solutions for Increased Participation - The survey suggests that connection and reassurance could encourage more women to participate, with 52% indicating they would be more likely to engage if accompanied by a loved one [6] - Improved safety measures are also essential, as 18% of respondents would spend more time outdoors if they felt safer or had more guidance [6] - The outdoor industry is called to create inclusive spaces to ensure women feel welcome and empowered [7] Group 4: Company Overview - Winnebago Industries is a leading manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, primarily used in leisure travel and outdoor recreation [8] - The company is committed to sustainable innovation and has multiple facilities across the United States [8]

Core Viewpoint - Winnebago Industries (WGO) reported mixed financial results for the third quarter of fiscal 2025, with adjusted earnings per share beating estimates but revenues falling short of expectations and declining year over year [1]. Financial Performance - Adjusted earnings per share for Q3 fiscal 2025 were 81 cents, surpassing the Zacks Consensus Estimate of 79 cents, but down from $1.13 in the same period last year [1]. - Total revenues for the quarter were $775.1 million, missing the Zacks Consensus Estimate of $788 million and reflecting a 1.39% decline year over year [1]. Segmental Performance - **Towable RV Segment**: Revenues decreased by 3.8% year over year to $371.7 million, missing the estimate of $428.5 million. Deliveries increased by 2.5% to 9,495 units but fell short of the estimate of 10,066 units. Adjusted EBITDA declined 15.7% to $35.4 million, below the estimate of $43.5 million due to high warranty expenses and lower efficiency [2]. - **Motorhome RV Segment**: Revenues fell 2.6% year over year to $291.2 million, exceeding the estimate of $239.6 million. Deliveries dropped 14.8% to 1,431 units but surpassed the estimate of 1,309 units. Adjusted EBITDA plummeted 77.7% to $3 million, missing the estimate of $16.3 million due to higher discounts and operational inefficiencies [3]. - **Marine Segment**: Revenues rose 14.6% year over year to $100.7 million, exceeding the estimate of $93.9 million. Deliveries increased by 11.3% to 1,254 units, also surpassing the estimate of 1,196 units. Adjusted EBITDA grew 37% to $11.6 million, exceeding the expectation of $9.8 million [4]. Financial Outlook - As of May 31, 2025, Winnebago had cash and cash equivalents of $10.5 million and long-term debt of $539.9 million. The company revised its fiscal 2025 revenue guidance to a range of $2.7 billion to $2.8 billion, down from $2.8 billion to $3 billion. Adjusted EPS is now estimated between $1.20 and $1.70, compared to the previous range of $2.75 to $3.75 [5]. Zacks Rank - Winnebago currently holds a Zacks Rank of 5 (Strong Sell) [6].

PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents unaudited consolidated financial statements for Q3 and YTD FY2025 and FY2024, with detailed notes on financial position and performance [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income (Three Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | Change ($) | Change (%) | | :---------------------------------- | :----------- | :----------- | :--------- | :--------- | | Net revenues | $775.1 | $786.0 | $(10.9) | (1.4)% | | Gross profit | $106.0 | $118.2 | $(12.2) | (10.3)% | | Operating income | $30.2 | $43.5 | $(13.4) | (30.7)% | | Net income | $17.6 | $29.0 | $(11.3) | (39.1)% | | Diluted EPS | $0.62 | $0.96 | $(0.34) | (35.4)% | Consolidated Statements of Income (Nine Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | Change ($) | Change (%) | | :---------------------------------- | :----------- | :----------- | :--------- | :--------- | | Net revenues | $2,020.9 | $2,252.6 | $(231.7) | (10.3)% | | Gross profit | $265.9 | $339.3 | $(73.4) | (21.6)% | | Operating income | $37.1 | $118.0 | $(81.0) | (68.6)% | | Net income | $12.0 | $42.1 | $(30.1) | (71.4)% | | Diluted EPS | $0.42 | $1.40 | $(0.98) | (70.0)% | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights | (in millions) | May 31, 2025 | August 31, 2024 | | :------------------------ | :----------- | :-------------- | | Total assets | $2,132.7 | $2,384.2 | | Total liabilities | $916.8 | $1,110.9 | | Total shareholders' equity | $1,215.9 | $1,273.3 | | Cash and cash equivalents | $10.5 | $330.9 | | Inventories, net | $477.8 | $438.7 | | Long-term debt, net | $539.9 | $637.1 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------------------------- | :----------- | :----------- | | Net cash (used in) provided by operating activities | $(52.5) | $103.2 | | Net cash used in investing activities | $(25.5) | $(36.4) | | Net cash used in financing activities | $(242.4) | $(58.6) | | Net (decrease) increase in cash and cash equivalents | $(320.4) | $8.2 | | Cash and cash equivalents at end of period | $10.5 | $318.1 | [Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' Equity Changes (Nine Months Ended May 31, 2025) | (in millions) | Amount | | :------------------------ | :----- | | Balances at August 31, 2024 | $1,273.3 | | Stock-based compensation | $12.2 | | Repurchase of common stock | $(54.1) | | Common stock dividends | $(29.0) | | Net income | $12.0 | | Balances at May 31, 2025 | $1,215.9 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1. Basis of Presentation](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation) Outlines the basis for preparing consolidated financial statements, including U.S. GAAP adherence, segment changes, and evaluation of new FASB pronouncements - A Grand Design motorhomes operating segment was established in the first quarter of Fiscal 2025 and included in the Motorhome RV reportable segment. Prior period amounts were not reclassified as the impact was not significant[23](index=23&type=chunk) - The company is evaluating the impact of new FASB ASUs: 2024-04 (convertible debt settlements), 2024-03 (disaggregated expense disclosures), 2023-09 (income tax disclosures), and 2023-07 (segment reporting disclosures)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) [Note 2. Business Segments](index=12&type=section&id=Note%202.%20Business%20Segments) Details the company's nine operating segments aggregated into three reportable segments: Towable RV, Motorhome RV, and Marine, with performance evaluated by Adjusted EBITDA - Winnebago Industries has nine operating segments grouped into three reportable segments: Towable RV, Motorhome RV, and Marine. Performance is assessed using Adjusted EBITDA[31](index=31&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) Segment Net Revenues (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | Towable RV | $371.7 | $386.3 | | Motorhome RV | $291.2 | $299.0 | | Marine | $100.7 | $87.9 | | Corporate / All Other | $11.5 | $12.8 | | Consolidated | $775.1 | $786.0 | Segment Adjusted EBITDA (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | Towable RV | $35.4 | $41.9 | | Motorhome RV | $3.0 | $13.4 | | Marine | $11.6 | $8.5 | | Corporate / All Other | $(3.5) | $(5.8) | | Consolidated | $46.5 | $58.0 | [Note 3. Investments and Fair Value Measurements](index=14&type=section&id=Note%203.%20Investments%20and%20Fair%20Value%20Measurements) Details the company's fair value measurement approach, categorizing assets and liabilities by input transparency, and notes a $1.2 million asset impairment Assets Measured at Fair Value on a Recurring Basis (May 31, 2025) | (in millions) | Fair Value | Level 1 | Level 2 | Level 3 | | :------------------------ | :--------- | :------ | :------ | :------ | | Domestic equity funds | $2.1 | $2.1 | — | — | | International equity funds | $0.1 | $0.1 | — | — | | Total assets at fair value | $2.2 | $2.2 | — | — | - For the nine months ended May 31, 2025, the Company recognized an impairment of approximately **$1.2 million** related to non-financial assets. No impairment was recorded in the prior year period[44](index=44&type=chunk) [Note 4. Inventories](index=15&type=section&id=Note%204.%20Inventories) Provides a breakdown of inventory components and specifies the valuation methods used Inventories Breakdown (in millions) | Category | May 31, 2025 | August 31, 2024 | | :---------------- | :----------- | :-------------- | | Finished goods | $79.0 | $81.3 | | Work-in-process | $169.3 | $171.9 | | Raw materials | $281.0 | $237.6 | | Total | $529.3 | $490.8 | | Less: FIFO over LIFO cost | $51.5 | $52.1 | | Inventories, net | $477.8 | $438.7 | [Note 5. Property, Plant, and Equipment](index=16&type=section&id=Note%205.%20Property,%20Plant,%20and%20Equipment) Details the composition of property, plant, and equipment (PPE) at cost, net of accumulated depreciation, and reports depreciation expense Property, Plant, and Equipment, Net (in millions) | Category | May 31, 2025 | August 31, 2024 | | :------------------------------ | :----------- | :-------------- | | Land | $14.6 | $14.6 | | Buildings and building improvements | $278.8 | $279.3 | | Machinery and equipment | $181.0 | $171.8 | | Software | $81.0 | $72.0 | | Transportation | $7.5 | $7.8 | | Construction in progress | $29.3 | $24.5 | | Property, plant, and equipment, gross | $592.2 | $570.0 | | Less: Accumulated depreciation | $256.0 | $231.1 | | Property, plant, and equipment, net | $336.2 | $338.9 | - Depreciation expense was **$9.6 million** for the three months ended May 31, 2025 (up from $8.9 million YoY) and **$28.7 million** for the nine months ended May 31, 2025 (up from $25.5 million YoY)[48](index=48&type=chunk) [Note 6. Goodwill and Intangible Assets](index=16&type=section&id=Note%206.%20Goodwill%20and%20Intangible%20Assets) Provides a breakdown of goodwill by reportable segment and details other intangible assets, net of accumulated amortization, including estimated future amortization expense Goodwill by Reportable Segment (in millions) | Segment | May 31, 2025 & August 31, 2024 | | :---------------------- | :----------------------------- | | Towable RV | $244.7 | | Motorhome RV | $73.1 | | Marine | $30.3 | | Corporate / All Other | $136.1 | | Total | $484.2 | Other Intangible Assets, Net (in millions) | Category | May 31, 2025 | August 31, 2024 | | :------------------------------ | :----------- | :-------------- | | Indefinite-lived trade names | $352.3 | $352.3 | | Finite-lived trade name | $2.9 | $3.3 | | Dealer networks/customer relationships | $80.4 | $92.1 | | Backlog | — | $0.4 | | Developed technology | $26.8 | $30.9 | | Other intangible assets, net | $462.4 | $479.0 | Estimated Future Amortization Expense (in millions) | Fiscal Year | Amortization | | :------------------ | :----------- | | Remainder of Fiscal 2025 | $5.4 | | Fiscal 2026 | $21.7 | | Fiscal 2027 | $21.7 | | Fiscal 2028 | $21.4 | | Fiscal 2029 | $15.5 | | Fiscal 2030 | $12.3 | | Thereafter | $12.1 | | Total | $110.1 | [Note 7. Product Warranties](index=17&type=section&id=Note%207.%20Product%20Warranties) Describes the company's product warranty policies and provides a table detailing changes in product warranty liability Changes in Product Warranty Liability (in millions) | Category | Three Months Ended May 31, 2025 | Three Months Ended May 25, 2024 | Nine Months Ended May 31, 2025 | Nine Months Ended May 25, 2024 | | :------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Balance at beginning of period | $66.7 | $89.3 | $78.9 | $97.8 | | Provision | $29.3 | $20.7 | $69.6 | $60.6 | | Claims paid | $(24.0) | $(25.0) | $(76.5) | $(73.4) | | Balance at end of period | $72.0 | $85.0 | $72.0 | $85.0 | [Note 8. Debt](index=17&type=section&id=Note%208.%20Debt) Summarizes outstanding debt, including the ABL Credit Facility, Senior Secured Notes, and 2030 Convertible Notes, detailing terms and significant events Outstanding Debt (in millions) | Debt Type | May 31, 2025 | August 31, 2024 | | :------------------------ | :----------- | :-------------- | | ABL Credit Facility | $— | $— | | Senior Secured Notes | $200.0 | $300.0 | | 2030 Convertible Notes | $350.0 | $350.0 | | 2025 Convertible Notes | $— | $59.3 | | Total debt, gross | $550.0 | $709.3 | - On February 20, 2025, **$100.0 million** aggregate principal amount of Senior Secured Notes were tendered and accepted, resulting in a **$2.0 million** loss on note repurchase[59](index=59&type=chunk) - The 2025 Convertible Notes matured on April 1, 2025, and were fully repaid with **$59.3 million** in principal and **$0.4 million** in accrued interest using cash on hand, with no shares of common stock issued[78](index=78&type=chunk) Aggregate Contractual Maturities of Debt (in millions) | Fiscal Year | Amount | | :------------------ | :----- | | Remainder of Fiscal 2025 | $— | | Fiscal 2026 | $— | | Fiscal 2027 | $— | | Fiscal 2028 | $200.0 | | Fiscal 2029 | $— | | Fiscal 2030 | $350.0 | | Total debt, gross | $550.0 | [Note 9. Contingent Liabilities and Commitments](index=22&type=section&id=Note%209.%20Contingent%20Liabilities%20and%20Commitments) Discusses repurchase commitments with lending institutions for dealer floorplan financing and addresses ongoing litigation - Total contingent liability on repurchase agreements was approximately **$1,707.2 million** at May 31, 2025, an increase from **$1,673.7 million** at August 31, 2024[85](index=85&type=chunk) - The repurchase accrual was **$1.2 million** at May 31, 2025, up from **$1.1 million** at August 31, 2024[86](index=86&type=chunk) [Note 10. Revenue](index=23&type=section&id=Note%2010.%20Revenue) Disaggregates revenue by reportable segment and product category, primarily from sales to independent dealer networks Net Revenues by Segment and Product Category (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | **Towable RV**| | | | Fifth Wheel | $186.1 | $195.3 | | Travel Trailer| $177.9 | $183.0 | | Other | $7.7 | $8.0 | | Total Towable RV | $371.7 | $386.3 | | **Motorhome RV**| | | | Class A | $118.2 | $124.4 | | Class B | $29.6 | $60.2 | | Class C and Other | $143.4 | $114.4 | | Total Motorhome RV | $291.2 | $299.0 | | Marine | $100.7 | $87.9 | | Corporate / All Other | $11.5 | $12.8 | | Consolidated Net Revenues | $775.1 | $786.0 | Net Revenues by Segment and Product Category (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | **Towable RV**| | | | Fifth Wheel | $464.8 | $501.4 | | Travel Trailer| $426.0 | $475.3 | | Other | $23.1 | $25.1 | | Total Towable RV | $913.9 | $1,001.8 | | **Motorhome RV**| | | | Class A | $324.5 | $420.2 | | Class B | $114.1 | $209.5 | | Class C and Other | $359.9 | $342.1 | | Total Motorhome RV | $798.5 | $971.8 | | Marine | $272.9 | $245.0 | | Corporate / All Other | $35.6 | $34.0 | | Consolidated Net Revenues | $2,020.9 | $2,252.6 | [Note 11. Income Taxes](index=23&type=section&id=Note%2011.%20Income%20Taxes) Provides effective tax rates and explains primary drivers for changes, including R&D credits, reserve releases, and non-deductible losses Effective Tax Rates | Period | May 31, 2025 | May 25, 2024 | | :------------------------ | :----------- | :----------- | | Three Months Ended | 26.3% | 18.4% | | Nine Months Ended | 28.5% | 34.5% | - The increase in the effective tax rate for the three months ended May 31, 2025, was primarily due to prior year's favorable R&D credit increase and reserve release, alongside lower current year income. The decrease for the nine months was mainly due to the prior year's non-deductible loss on note repurchase[91](index=91&type=chunk) [Note 12. Earnings Per Share](index=24&type=section&id=Note%2012.%20Earnings%20Per%20Share) Details the calculation of basic and diluted earnings per share, outlining net income and weighted average common shares outstanding Earnings Per Share (Three Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | | :---------------------------------- | :----------- | :----------- | | Basic earnings per common share | $0.63 | $0.99 | | Diluted earnings per common share | $0.62 | $0.96 | | Weighted average common shares outstanding (Basic) | 28.0 | 29.2 | | Weighted average common shares outstanding (Diluted) | 28.4 | 30.4 | Earnings Per Share (Nine Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | | :---------------------------------- | :----------- | :----------- | | Basic earnings per common share | $0.43 | $1.43 | | Diluted earnings per common share | $0.42 | $1.40 | | Weighted average common shares outstanding (Basic) | 28.3 | 29.3 | | Weighted average common shares outstanding (Diluted) | 28.4 | 30.6 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition, results of operations, liquidity, and factors affecting future results, including segment updates and non-GAAP measures [Overview](index=25&type=section&id=Overview) Winnebago Industries, a leading outdoor lifestyle product manufacturer, faces macroeconomic challenges impacting sales and demand, prompting strategic business transformation - Winnebago Industries is a leading North American manufacturer of outdoor lifestyle products (RVs, marine) and advanced battery solutions, distributed primarily through independent dealers in the U.S. and Canada[98](index=98&type=chunk) - The business faces challenges from macroeconomic conditions including inflation, elevated interest rates, and lower consumer confidence, leading to decreased sales and reduced short-term demand for discretionary products[99](index=99&type=chunk) - The company is transforming its Winnebago motorhome business by lowering field inventory, improving working capital, aligning production to market demand, and enhancing product value[99](index=99&type=chunk) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Defines EBITDA and Adjusted EBITDA, outlining the adjustments made to present comparable financial results - EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense[103](index=103&type=chunk) - Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other pretax adjustments (e.g., acquisition-related costs, contingent consideration fair value adjustment, loss on note repurchase, asset impairment, non-operating income or loss) to present comparable results[103](index=103&type=chunk)[105](index=105&type=chunk) [Results of Operations - Three Months Ended May 31, 2025 Compared to Three Months Ended May 25, 2024](index=26&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20May%2031,%202025%20Compared%20to%20Three%20Months%20Ended%20May%2025,%202024) Consolidated net revenues decreased by 1.4% to $775.1 million, driven by product mix and Motorhome RV volume declines, while gross profit margin, operating income, and net income also decreased [Consolidated Performance Summary](index=26&type=section&id=Consolidated%20Performance%20Summary%20(3%20Months)) Consolidated Performance Summary (Three Months Ended) | ($ in millions, except per share data) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :----------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $775.1 | $786.0 | $(10.9) | (1.4)% | | Gross profit | $106.0 | $118.2 | $(12.2) | (10.3)% | | Operating income | $30.2 | $43.5 | $(13.4) | (30.7)% | | Net income | $17.6 | $29.0 | $(11.3) | (39.1)% | | Diluted earnings per share | $0.62 | $0.96 | $(0.34) | (35.4)% | - Net revenues decreased primarily due to a reduction in average selling price per unit related to product mix, partially offset by targeted price increases. Unit volume growth in Towable RV and Marine segments was offset by declines in Motorhome RV[107](index=107&type=chunk) - Gross profit as a percentage of revenue decreased primarily due to higher warranty experience and deleverage associated with product mix, partially offset by operational efficiencies[108](index=108&type=chunk) [Non-GAAP Reconciliation](index=27&type=section&id=Non-GAAP%20Reconciliation%20(3%20Months)) Consolidated EBITDA and Adjusted EBITDA (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------- | :----------- | :----------- | | Net income | $17.6 | $29.0 | | EBITDA | $45.7 | $55.8 | | Adjusted EBITDA | $46.5 | $58.0 | [Reportable Segment Performance Summary](index=27&type=section&id=Reportable%20Segment%20Performance%20Summary%20(3%20Months)) [Towable RV](index=27&type=section&id=Towable%20RV%20(3%20Months)) Towable RV Performance (Three Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $371.7 | $386.3 | $(14.7) | (3.8)% | | Adjusted EBITDA | $35.4 | $41.9 | $(6.6) | (15.7)% | | Average Selling Price (ASP) | $38,934 | $41,638 | $(2,704) | (6.5)% | | Unit deliveries | 9,495 | 9,263 | 232 | 2.5% | - Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by higher unit volume[112](index=112&type=chunk) [Motorhome RV](index=28&type=section&id=Motorhome%20RV%20(3%20Months)) Motorhome RV Performance (Three Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $291.2 | $299.0 | $(7.9) | (2.6)% | | Adjusted EBITDA | $3.0 | $13.4 | $(10.4) | (77.7)% | | Average Selling Price (ASP) | $208,146 | $183,568 | $24,578 | 13.4% | | Unit deliveries | 1,431 | 1,680 | (249) | (14.8)% | - Net revenues decreased primarily due to lower unit volume related to current market conditions, partially offset by product mix[114](index=114&type=chunk) - Adjusted EBITDA margin decreased primarily due to higher discounts and allowances, volume deleverage, and operational inefficiencies within the Winnebago motorhome business[115](index=115&type=chunk) [Marine](index=28&type=section&id=Marine%20(3%20Months)) Marine Performance (Three Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $100.7 | $87.9 | $12.8 | 14.6% | | Adjusted EBITDA | $11.6 | $8.5 | $3.1 | 37.0% | | Average Selling Price (ASP) | $81,185 | $78,595 | $2,590 | 3.3% | | Unit deliveries | 1,254 | 1,127 | 127 | 11.3% | - Net revenues increased primarily due to unit volume and targeted price increases, partially offset by product mix[116](index=116&type=chunk) [Results of Operations - Nine Months Ended May 31, 2025 Compared to the Nine Months Ended May 25, 2024](index=29&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20May%2031,%202025%20Compared%20to%20the%20Nine%20Months%20Ended%20May%2025,%202024) Consolidated net revenues decreased by 10.3% to $2,020.9 million, driven by lower unit volume and product mix, with significant declines in gross profit, operating income, and net income [Consolidated Performance Summary](index=29&type=section&id=Consolidated%20Performance%20Summary%20(9%20Months)) Consolidated Performance Summary (Nine Months Ended) | ($ in millions, except per share data) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :----------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $2,020.9 | $2,252.6 | $(231.7) | (10.3)% | | Gross profit | $265.9 | $339.3 | $(73.4) | (21.6)% | | Operating income | $37.1 | $118.0 | $(81.0) | (68.6)% | | Net income | $12.0 | $42.1 | $(30.1) | (71.4)% | | Diluted earnings per share | $0.42 | $1.40 | $(0.98) | (70.0)% | - Net revenues decreased primarily due to a reduction in average selling price per unit related to product mix and lower unit volume, partially offset by targeted price increases[118](index=118&type=chunk) - Gross profit as a percentage of revenue decreased primarily due to deleverage, including that associated with product mix, and higher warranty experience, partially offset by operational efficiencies[119](index=119&type=chunk) - Interest expense, net increased primarily due to the 2030 Convertible Notes issued in the second quarter of 2024[120](index=120&type=chunk) [Non-GAAP Reconciliation](index=30&type=section&id=Non-GAAP%20Reconciliation%20(9%20Months)) Consolidated EBITDA and Adjusted EBITDA (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------- | :----------- | :----------- | | Net income | $12.0 | $42.1 | | EBITDA | $81.5 | $121.9 | | Adjusted EBITDA | $83.7 | $161.9 | [Reportable Segment Performance Summary](index=31&type=section&id=Reportable%20Segment%20Performance%20Summary%20(9%20Months)) [Towable RV](index=31&type=section&id=Towable%20RV%20(9%20Months)) Towable RV Performance (Nine Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $913.9 | $1,001.8 | $(87.9) | (8.8)% | | Adjusted EBITDA | $66.0 | $101.8 | $(35.9) | (35.2)% | | Average Selling Price (ASP) | $38,906 | $41,841 | $(2,935) | (7.0)% | | Unit deliveries | 23,336 | 23,856 | (520) | (2.2)% | | Dealer Inventory (Units) | 17,747 | 18,110 | (363) | (2.0)% | - Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume due to market conditions, partially offset by targeted price increases[124](index=124&type=chunk) [Motorhome RV](index=32&type=section&id=Motorhome%20RV%20(9%20Months)) Motorhome RV Performance (Nine Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $798.5 | $971.8 | $(173.3) | (17.8)% | | Adjusted EBITDA | $10.9 | $60.7 | $(49.8) | (82.0)% | | Average Selling Price (ASP) | $204,588 | $189,356 | $15,232 | 8.0% | | Unit deliveries | 3,997 | 5,212 | (1,215) | (23.3)% | | Dealer Inventory (Units) | 3,614 | 4,386 | (772) | (17.6)% | - Net revenues decreased primarily due to lower unit volume related to market conditions, partially offset by the introduction of the Grand Design motorhome business and product mix[127](index=127&type=chunk) - Adjusted EBITDA margin decreased primarily due to volume deleverage, operational inefficiencies, and higher discounts and allowances associated with the Winnebago motorhome business[128](index=128&type=chunk) [Marine](index=33&type=section&id=Marine%20(9%20Months)) Marine Performance (Nine Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $272.9 | $245.0 | $27.9 | 11.4% | | Adjusted EBITDA | $27.7 | $20.1 | $7.6 | 38.1% | | Average Selling Price (ASP) | $79,846 | $80,819 | $(973) | (1.2)% | | Unit deliveries | 3,471 | 3,107 | 364 | 11.7% | | Dealer Inventory (Units) | 3,069 | 3,400 | (331) | (9.7)% | - Net revenues increased primarily due to unit volume and targeted price increases, partially offset by a reduction in average selling price per unit related to product mix[130](index=130&type=chunk) [Analysis of Financial Condition, Liquidity, and Capital Resources](index=33&type=section&id=Analysis%20of%20Financial%20Condition,%20Liquidity,%20and%20Capital%20Resources) Analyzes cash flows, debt, working capital, and share repurchases, highlighting decreased operating cash flow and increased financing activities, while maintaining sufficient liquidity [Cash Flows](index=33&type=section&id=Cash%20Flows) Summary of Cash Flows (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------------------------- | :----------- | :----------- | | Total cash (used in) provided by: | | | | Operating activities | $(52.5) | $103.2 | | Investing activities | $(25.5) | $(36.4) | | Financing activities | $(242.4) | $(58.6) | | Net (decrease) increase in cash and cash equivalents | $(320.4) | $8.2 | - Net cash used in operating activities was **$52.5 million**, a significant decrease from **$103.2 million** provided in the prior year, driven by lower profitability, increased inventory, and higher accounts receivable[133](index=133&type=chunk) - Cash used in financing activities increased primarily due to partial settlement of high-yield notes and the maturity of 2025 Convertible Notes[135](index=135&type=chunk) [Debt and Capital](index=34&type=section&id=Debt%20and%20Capital) - The company maintains a **$350.0 million** ABL Credit Facility, which was undrawn as of May 31, 2025, with a maturity date of July 15, 2027[136](index=136&type=chunk) - As of May 31, 2025, the company had **$10.5 million** in cash and cash equivalents and **$350.0 million** in unused ABL Credit Facility[136](index=136&type=chunk) - The 2025 Convertible Notes matured on April 1, 2025, and were fully settled with cash on hand (**$59.3 million** principal, **$0.4 million** accrued interest)[139](index=139&type=chunk) [Working Capital](index=34&type=section&id=Working%20Capital) Working Capital (in millions) | Period | Amount | | :------------ | :----- | | May 31, 2025 | $444.2 | | August 31, 2024 | $584.0 | [Share Repurchases](index=34&type=section&id=Share%20Repurchases) - The Board of Directors authorized a **$350.0 million** share repurchase program on August 17, 2022, with no time restriction[144](index=144&type=chunk) - In the nine months ended May 31, 2025, the company repurchased approximately **951,000 shares** for **$50.0 million** under this authorization, and **64,000 shares** for **$3.6 million** to satisfy tax obligations on employee equity awards[144](index=144&type=chunk) - As of May 31, 2025, **$180.0 million** remained on the Board-approved repurchase authorization[144](index=144&type=chunk) - A quarterly cash dividend of **$0.34 per share** was approved on May 16, 2025, payable on June 25, 2025[145](index=145&type=chunk) [Contractual Obligations and Commercial Commitments](index=35&type=section&id=Contractual%20Obligations%20and%20Commercial%20Commitments) - There have been no material changes in contractual obligations since the end of Fiscal 2024[146](index=146&type=chunk) [Critical Accounting Estimates](index=35&type=section&id=Critical%20Accounting%20Estimates) - There have been no material changes to critical accounting policies or estimates since the end of Fiscal 2024[147](index=147&type=chunk) [Recently Issued Accounting Pronouncements](index=35&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) - For a summary of new applicable accounting pronouncements, refer to Note 1 in the Notes to Consolidated Financial Statements[148](index=148&type=chunk) [Safe Harbor Statement Under the Private Securities Litigation Reform Act](index=35&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[149](index=149&type=chunk) - Important factors include general economic uncertainty, financing availability for dealers/retailers, competition, ability to innovate, inventory management, cyclicality, dealer risks, increased repurchase obligations, supply chain issues, material costs, M&A integration, personnel retention, warranty claims, IT security, brand reputation, governmental regulation, ESG matters, goodwill impairment, and risks related to convertible notes[151](index=151&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Addresses the company's exposure to market risks, noting that deferred compensation asset risk is borne by participants and the ABL Credit Facility is the only undrawn floating rate debt - Assets funding deferred compensation have market risk, but this risk is borne by the participants due to a corresponding liability[152](index=152&type=chunk) - The ABL Credit Facility is the company's only floating rate debt instrument and remains undrawn as of May 31, 2025[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of May 31, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and concluded to be effective as of May 31, 2025[154](index=154&type=chunk) - There were no material changes in internal control over financial reporting during the third quarter of Fiscal 2025[155](index=155&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 9 in the Consolidated Financial Statements for a description of the company's legal proceedings - For a description of legal proceedings, refer to Note 9 in the Notes to Consolidated Financial Statements[156](index=156&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) States that there have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 31, 2024 - There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 31, 2024[157](index=157&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's stock repurchase activities during the third quarter of Fiscal 2025, including shares repurchased under the Board-authorized program and for tax obligations Stock Repurchases (Third Quarter Fiscal 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in millions) | | :-------------- | :------------------------------- | :--------------------------- | :--------------------------------------------------------------------------------------------------- | | 3/2/25 - 4/5/25 | — | $— | $180.0 | | 4/6/25 - 5/3/25 | 469 | $32.06 | $180.0 | | 5/4/25 - 5/31/25| 779 | $34.44 | $180.0 | | Total | 1,248 | $33.54 | $180.0 | - Shares not purchased as part of a publicly announced program were repurchased from employees who vested in Company shares and elected to pay their payroll tax via the value of shares delivered as opposed to cash[158](index=158&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) Confirms that no director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter ended May 31, 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended May 31, 2025[159](index=159&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of the Form 10-Q, including organizational documents, debt indentures, certifications, and XBRL interactive data files - Key exhibits include Articles of Incorporation, Bylaws, Indentures for Senior Secured Notes and 2030 Convertible Notes, Certifications by CEO and CFO (Sections 302 and 906), and various XBRL documents[160](index=160&type=chunk) SIGNATURES [SIGNATURES](index=36&type=section&id=SIGNATURES) Contains the official signatures of the Chief Executive Officer and Chief Financial Officer, certifying the filing of the report on behalf of Winnebago Industries, Inc

Core Viewpoint - Winnebago Industries reported a significant reduction in adjusted EPS guidance and net revenue guidance for FY2025, highlighting operational inefficiencies in the Motorhome segment while noting improvements in Marine and selective growth in other segments [1][10]. Inventory Discipline - The company aims for a long-term operational standard of two times inventory turn, aligning with dealer goals and industry best practices, and is willing to sacrifice short-term market share for channel health [3][4]. - This disciplined approach may increase near-term financial pressure but is expected to enhance dealer partnerships and improve supply-demand dynamics when demand recovers [4]. Tariff Risk - Recent U.S. tariff policy escalations have a direct impact on imported RV and marine components, with a forecasted unmitigated tariff risk of $0.50–$0.75 to diluted EPS for FY2026 [5][6]. - The company is monitoring costs with suppliers and may implement price increases to offset short-term effects, but persistent tariff exposure could depress profitability if mitigation tactics are insufficient [6]. Segment Performance - The Marine segment achieved a 15% net revenue increase and over 11% unit growth in Q3 FY2025, with Barletta capturing 9.2% of the U.S. aluminum pontoon market [7]. - Newmar's Class A diesel market share exceeded 33%, and dealer inventory for the brand has significantly decreased since 2019, contributing to the company's risk diversification [7][9]. Future Outlook - Full-year adjusted EPS guidance for FY2025 has been lowered to $1.20–$1.70, with consolidated revenue guidance set at $2.7 billion–$2.8 billion due to dealer destocking and weak RV retail demand [10]. - The company targets margin recapture in the Motorhome segment for FY2026 and aims to reduce net leverage, with a current net-debt-to-EBITDA ratio of 4.8 times [10].

Financial Data and Key Metrics Changes - Net revenues declined modestly in Q3, primarily due to a shift in product mix as the new lower ASP Grand Design Transcend series travel trailers outpaced the broader portfolio in terms of units sold [23] - Gross margin decreased by 130 basis points year over year, attributed to higher warranty experience and product mix, partially offset by operational efficiencies [24] - Adjusted EBITDA margin declined by 140 basis points year over year, primarily due to the lower gross margin [24] Business Line Data and Key Metrics Changes - In the Towable RV segment, lower net revenues were largely due to a shift in product mix, with a 2.5% increase in segment unit volume [24] - Motorhome RV results showed a decline in net revenues due to lower unit volume related to market conditions, with total motorhome RV volume down 14.8% compared to the prior year [26] - Marine segment net revenues increased by 15%, driven primarily by higher unit volume and targeted price increases, with unit volume up more than 11% year over year [27] Market Data and Key Metrics Changes - North America RV retail sales declined by 8.2% in April, marking the third consecutive month of retail sales dropping by more than 8% [15] - Wholesale RV shipments increased by 3.4% in April, with towable RVs led by conventional travel trailers rising 4.2% compared to the same month last year [16] - The company lowered its industry forecast for wholesale RV shipments to a range of 315,000 to 335,000 units for calendar year 2025 [18] Company Strategy and Development Direction - The company is focused on executing a comprehensive margin recapture plan centered on refreshing the product line, boosting operational efficiency, and rebuilding sustained profitability beginning in fiscal 2026 [10] - Strategic actions include conducting a capacity utilization analysis, reviewing the manufacturing footprint, and evolving the supply chain in light of expected tariff cost pressure [11] - The company aims to enhance long-term competitiveness and enterprise resilience through disciplined resource allocation and operational efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management noted that growing macroeconomic uncertainty has led to a notable downshift in RV activity, which is expected to continue through the remainder of the calendar year [9] - The company anticipates that the inflection point for recovery in the RV market may not occur as hoped, leading to a tempered outlook for the remainder of calendar year 2025 [50] - Management expressed confidence in the resilience of the brands and the long-term potential of the end markets, driven by the growing appeal of the outdoor lifestyle [35] Other Important Information - The company has been recognized by Newsweek as one of America's most trustworthy companies for the second consecutive year [14] - The company is taking a comprehensive approach to minimize the effects of tariffs, with anticipated modest price increases to offset net remaining exposure of tariffs for fiscal 2025 [30][31] - Free cash flow was negative $81.7 million for the nine-month period, driven primarily by operational inefficiencies and strategic investments [28] Q&A Session Summary Question: Steps being taken to address the Winnebago branded motorhome business - Management discussed significant production reductions to avoid pushing units to the field with high sales allowances, focusing on improving working capital and cash flow [38][39] Question: Profitability decline in the motorized business - Management indicated that the decline is related to deleverage and necessary discounting to push products into the market [44] Question: Outlook for the back half of calendar 2025 - Management refrained from providing specific guidance for calendar year 2026 but acknowledged that the market recovery is not occurring as hoped [50] Question: Impact of tariffs on pricing - Management explained that the anticipated tariff-related costs could lead to price adjustments, with a potential net risk of $0.50 to $0.75 of diluted earnings per share for fiscal 2026 [32][54] Question: Inventory management and turns - Management confirmed that they are targeting a two-turn ratio in the long term, although they do not expect to achieve that by the end of fiscal 2025 [88][92] Question: Performance of Newmar brand - Management highlighted Newmar's strong retail share and profitability, attributing success to a robust product line and effective dealer inventory management [100][102]