Winnebago(US:WGO)2024-03-21 16:31Financial Performance - Q2 Fiscal 2024 - Revenue decreased by 17% to $703.6 million compared to Q2 Fiscal 2023's $866.7 million[28] - Adjusted EBITDA decreased to $49.8 million, compared to $88.4 million in Q2 Fiscal 2023[28] - Adjusted diluted EPS decreased by 50.5% to $0.93, compared to $1.88 in Q2 Fiscal 2023[28, 45] Segment Performance - Motorhome RV Segment: Revenue decreased by 19% to $278.2 million, and Adjusted EBITDA decreased by 32%[46] - Towable RV Segment: Revenue decreased by 16% to $338.4 million, and Adjusted EBITDA decreased by 39%[49] - Marine Segment: Revenue decreased by 38% to $102.9 million, and Adjusted EBITDA decreased by 70%[66] Market Trends and Outlook - North America RV industry wholesale shipments ended CY 2023 down by 36.5% to 313,174 units[33] - RVIA expects RV shipments to increase to a mid-range estimate of 350,000 units for CY 2024[18] Financial Position and Capital Allocation - The company has cash and cash equivalents of $266 million[67] - The company has a net debt leverage ratio of 1.6x[67, 87] Future Targets - The company targets mid-cycle net revenue of $4.5-5.0 billion, a 51% increase from the current $3.1 billion[69] - The company targets mid-cycle Adjusted EBITDA margin of 11.0-11.5%, a 255 bps increase from the current 8.7%[69, 71] - The company targets mid-cycle free cash flow of $325-375 million, a 56% increase from the current $225 million[73, 88]