Iowa | 42-0802678 | |||||||||||||||||||
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||||||||||||||
incorporation or organization) | ||||||||||||||||||||
P.O. Box 152 | Forest City | Iowa | 50436 | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.50 par value per share | WGO | New York Stock Exchange |
Type | Description | Winnebago product offerings | Grand Design product offerings | ||||||||
Travel trailer | Towed by means of a hitch attached to the frame of the vehicle | Minnie, Micro Minnie, Hike, Voyage, and Spyder | Transcend, Imagine, and Reflection | ||||||||
Fifth wheel | Constructed with a raised forward section that is connected to the vehicle with a special fifth wheel hitch | Voyage and Spyder | Momentum, Reflection, and Solitude |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Travel trailer | 23,184 | 61.2 | % | 22,458 | 61.0 | % | 22,360 | 61.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fifth wheel | 14,706 | 38.8 | % | 14,371 | 39.0 | % | 14,229 | 38.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total towables | 37,890 | 100.0 | % | 36,829 | 100.0 | % | 36,589 | 100.0 | % |
Type | Description | Winnebago product offerings | Newmar product offerings | ||||||||
Class A | Built on a heavy truck chassis in both diesel and gas models with the ability to tow a small vehicle | Gas: Adventurer, Intent, Vista, and Sunstar | Gas: Bay Star, Bay Star Sport, and Canyon Star | ||||||||
Diesel: Horizon and Forza | Diesel: Canyon Star, King Aire, Dutch Star, Essex, Kountry Star, London Aire, Mountain Aire, New Aire, and Ventana | ||||||||||
Class B | Built by adding taller roof and amenities to existing van, which allows for easy maneuvering | Boldt, Revel, Travato, Era, and Solis | N/A | ||||||||
Class C | Built on a medium truck chassis in both diesel and gas models with similar features and amenities to Class A models | Gas: Outlook, Spirit, and Minnie Winnie | Diesel: Superstar and Supreme Aire | ||||||||
Diesel: View, Navion, Vita, Porto, and Fuse | |||||||||||
Accessibility Enhanced | Class A vehicle with a wheelchair lift to allow individuals with physical handicaps access to the motorhome | Gas: Adventurer AE, Intent AE | N/A | ||||||||
Diesel: Forza AE |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 2,493 | 30.8 | % | 1,582 | 20.8 | % | 2,997 | 31.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Class B | 3,351 | 41.3 | % | 2,784 | 36.7 | % | 2,012 | 21.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Class C | 2,261 | 27.9 | % | 3,225 | 42.5 | % | 4,539 | 47.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total motorhomes | 8,105 | 100.0 | % | 7,591 | 100.0 | % | 9,548 | 100.0 | % |
Location | Facility Type/Use | Reportable Segment |
# of
Buildings |
Owned or
Leased |
Square
Footage |
||||||||||||||||||||||||
Charles City, IA | Manufacturing | Motorhome | 2 | Owned | 161,000 | ||||||||||||||||||||||||
Forest City, IA | Manufacturing, warehouse, maintenance, service, and office | Motorhome | 36 | Owned | 2,007,000 | ||||||||||||||||||||||||
Lake Mills, IA | Manufacturing | Motorhome | 1 | Owned | 99,000 | ||||||||||||||||||||||||
Waverly, IA | Manufacturing | Motorhome | 1 | Owned | 33,000 | ||||||||||||||||||||||||
Junction City, OR | Manufacturing, service, and office | Motorhome | 10 | Owned | 305,000 | ||||||||||||||||||||||||
Nappanee, IN | Manufacturing and office | Motorhome | 19 | Owned | 811,000 | ||||||||||||||||||||||||
Nappanee, IN | Service center | Motorhome | 1 | Leased | 166,000 | ||||||||||||||||||||||||
Middlebury, IN | Manufacturing and office | Towable | 6 | Owned | 449,000 | ||||||||||||||||||||||||
Middlebury, IN | Manufacturing, service, and office | Towable | 10 | Leased | 1,105,000 | ||||||||||||||||||||||||
Bristol, IN | Manufacturing and maintenance | Towable | 1 | Leased | 50,000 | ||||||||||||||||||||||||
Sarasota, FL | Manufacturing, warehouse, and office | Corporate / All Other | 4 | Owned | 147,000 | ||||||||||||||||||||||||
Eden Prairie, MN | Office | Corporate / All Other | 1 | Leased | 30,000 | ||||||||||||||||||||||||
92 | 5,363,000 |
Name | Office (Year First Elected an Officer) | Age | ||||||
Michael J. Happe | President and Chief Executive Officer (2016) | 49 | ||||||
Ashis N. Bhattacharya | Senior Vice President, Business Development, Advanced Technology, and Enterprise Marketing (2016) | 58 | ||||||
Stacy L. Bogart | Senior Vice President, General Counsel, Secretary and Corporate Responsibility; President - Winnebago Industries Foundation (2018) | 57 | ||||||
Huw Bower | President, Winnebago Outdoors (2020) | 46 | ||||||
Donald J. Clark | President of Grand Design RV (2016) | 60 | ||||||
Brian D. Hazelton | Senior Vice President, Winnebago-branded RV Business (2016) | 55 | ||||||
Bryan L. Hughes | Chief Financial Officer; Senior Vice President, Finance, IT and Strategic Planning (2017) | 51 | ||||||
Matthew L. Miller | President of Newmar Corporation (2019) | 50 | ||||||
Christopher D. West | Senior Vice President, Enterprise Operations (2016) | 48 | ||||||
Bret A. Woodson | Senior Vice President, Human Resources and Corporate Relations (2015) | 50 |
Total Number of Shares Purchased(1)
|
Average Price Paid per Share |
Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(2)(3)
|
||||||||||||||||||||
05/31/20 - 07/04/20 | 962 | $ | 62.86 | — | $ | 59,862,000 | |||||||||||||||||
07/05/20 - 08/01/20 | — | $ | — | — | $ | 59,862,000 | |||||||||||||||||
08/02/20 - 08/29/20 | — | $ | — | — | $ | 59,862,000 | |||||||||||||||||
Total | 962 | $ | 62.86 | — | $ | 59,862,000 |
(a) | (b) | (c) | |||||||||||||||||||||||||||
Plan Category |
Number of Securities
to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |
Weighted Average
Exercise Price of
Outstanding Options,
Warrants and Rights(1)
|
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in (a)) |
||||||||||||||||||||||||||
Equity compensation plans
approved by shareholders - 2004 Plan |
6,500 |
(2)
|
$ | — | — | ||||||||||||||||||||||||
Equity compensation plans
approved by shareholders - 2014 Plan |
491,475 |
(3)
|
$ | 34.42 | — | ||||||||||||||||||||||||
Equity compensation plans
approved by shareholders - 2019 Plan |
285,725 |
(4)
|
$ | 47.93 | 4,040,289 |
(5)
|
|||||||||||||||||||||||
Equity compensation plans approved by shareholders - ESPP | — |
(6)
|
$ | — | 33,357 |
(7)
|
|||||||||||||||||||||||
Equity compensation plans not
approved by shareholders(8)
|
36,871 |
(9)
|
$ | — | — |
(10)
|
|||||||||||||||||||||||
Total | 820,571 | 4,073,646 |
Base Period | |||||||||||||||||||||||||||||||||||||||||||||||
Company/Index |
August 29,
2015 |
August 27,
2016 |
August 26,
2017 |
August 25,
2018 |
August 31,
2019 |
August 29,
2020 |
|||||||||||||||||||||||||||||||||||||||||
Winnebago Industries, Inc. | 100.00 | 119.38 | 174.86 | 190.51 | 165.70 | 305.29 | |||||||||||||||||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 111.47 | 128.18 | 153.74 | 159.79 | 195.25 | |||||||||||||||||||||||||||||||||||||||||
Peer Group | 100.00 | 91.05 | 106.35 | 117.82 | 80.60 | 122.13 |
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
Fiscal Year |
2020(1)
|
2019 | 2018 |
2017(2)
|
2016 | |||||||||||||||||||||||||||||||||
Consolidated Statements of Income Data: | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 2,355,533 | $ | 1,985,674 | $ | 2,016,829 | $ | 1,547,119 | $ | 975,226 | ||||||||||||||||||||||||||||
Net income | 61,442 | 111,798 | 102,357 | 71,330 | 45,496 | |||||||||||||||||||||||||||||||||
Income per common share: | ||||||||||||||||||||||||||||||||||||||
Basic | 1.85 | 3.55 | 3.24 | 2.33 | 1.69 | |||||||||||||||||||||||||||||||||
Diluted | 1.84 | 3.52 | 3.22 | 2.32 | 1.68 | |||||||||||||||||||||||||||||||||
Dividends paid per common share | 0.45 | 0.43 | 0.40 | 0.40 | 0.40 | |||||||||||||||||||||||||||||||||
Year End Data: | ||||||||||||||||||||||||||||||||||||||
Total assets | 1,713,700 | 1,104,231 | 1,051,805 | 902,512 | 390,718 | |||||||||||||||||||||||||||||||||
Total non-current liabilities | 585,844 | 274,275 | 313,175 | 293,680 | 29,410 |
US and Canada Industry | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale Unit Shipments per RVIA | Retail Unit Registrations per Stat Surveys | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolling 12 Months through August | Rolling 12 Months through August | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Unit Change | % Change | 2020 | 2019 | Unit Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Towable(1)
|
338,602 | 355,598 | (16,996) | (4.8) | % | 408,179 | 399,900 | 8,279 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Motorhome(2)
|
38,680 | 48,605 | (9,925) | (20.4) | % | 49,112 | 52,936 | (3,824) | (7.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined | 377,282 | 404,203 | (26,921) | (6.7) | % | 457,291 | 452,836 | 4,455 | 1.0 | % |
Calendar Year | |||||||||||||||||||||||||||||||||||||||||
Wholesale Unit Shipment Forecast per RVIA(1)
|
2021
Forecast |
2020
Actual |
Unit Change | % Change | |||||||||||||||||||||||||||||||||||||
Aggressive | 519,900 | 401,500 | 118,400 | 29.5 | % | ||||||||||||||||||||||||||||||||||||
Most likely | 507,200 | 401,500 | 105,700 | 26.3 | % | ||||||||||||||||||||||||||||||||||||
Conservative | 494,400 | 401,500 | 92,900 | 23.1 | % |
Rolling 12 Months through August | Calendar Year | ||||||||||||||||||||||||||||||||||||||||||||||
US and Canada | 2020 | 2019 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
Travel trailer and fifth wheels | 10.1 | % | 8.8 | % | 9.3 | % | 7.8 | % | 6.1 | % | |||||||||||||||||||||||||||||||||||||
Motorhome A, B, C | 20.2 | % | 15.3 | % | 16.1 | % | 15.6 | % | 16.3 | % | |||||||||||||||||||||||||||||||||||||
Total market share | 11.2 | % | 9.5 | % | 10.1 | % | 8.7 | % | 7.4 | % |
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Cumulative Investment | ||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | $ | 3,891 | $ | 3,875 | $ | 5,941 | $ | 1,881 | $ | 7,798 | $ | 3,291 | $ | 26,677 | 58.8 | % | |||||||||||||||||||||||||||||||||||||
Expensed | 1,788 | 3,709 | 2,107 | 2,601 | 5,930 | 2,528 | 18,663 | 41.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,679 | $ | 7,584 | $ | 8,048 | $ | 4,482 | $ | 13,728 | $ | 5,819 | $ | 45,340 | 100.0 | % |
(in thousands, except percent and per share data) | 2020 |
% of Revenues(1)
|
2019 |
% of Revenues(1)
|
$ Change | % Change | |||||||||||||||||||||||||||||
Net revenues | $ | 2,355,533 | 100.0 | % | $ | 1,985,674 | 100.0 | % | $ | 369,859 | 18.6 | % | |||||||||||||||||||||||
Cost of goods sold | 2,042,605 | 86.7 | % | 1,678,477 | 84.5 | % | 364,128 | 21.7 | % | ||||||||||||||||||||||||||
Gross profit | 312,928 | 13.3 | % | 307,197 | 15.5 | % | 5,731 | 1.9 | % | ||||||||||||||||||||||||||
Selling, general, and administrative expenses ("SG&A") | 177,061 | 7.5 | % | 142,295 | 7.2 | % | 34,766 | 24.4 | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 22,104 | 0.9 | % | 9,635 | 0.5 | % | 12,469 | 129.4 | % | ||||||||||||||||||||||||||
Total operating expenses | 199,165 | 8.5 | % | 151,930 | 7.7 | % | 47,235 | 31.1 | % | ||||||||||||||||||||||||||
Operating income | 113,763 | 4.8 | % | 155,267 | 7.8 | % | (41,504) | (26.7) | % | ||||||||||||||||||||||||||
Interest expense | 37,461 | 1.6 | % | 17,939 | 0.9 | % | 19,522 | 108.8 | % | ||||||||||||||||||||||||||
Non-operating income | (974) | — | % | (1,581) | (0.1) | % | (607) | (38.4) | % | ||||||||||||||||||||||||||
Income before income taxes | 77,276 | 3.3 | % | 138,909 | 7.0 | % | (61,633) | (44.4) | % | ||||||||||||||||||||||||||
Provision for income taxes | 15,834 | 0.7 | % | 27,111 | 1.4 | % | (11,277) | (41.6) | % | ||||||||||||||||||||||||||
Net income | $ | 61,442 | 2.6 | % | $ | 111,798 | 5.6 | % | $ | (50,356) | (45.0) | % | |||||||||||||||||||||||
Diluted income per share | $ | 1.84 | $ | 3.52 | $ | (1.68) | (47.7) | % | |||||||||||||||||||||||||||
Diluted average shares outstanding | 33,454 | 31,721 | 1,733 | 5.5 | % |
(in thousands) | 2020 | 2019 | |||||||||
Net income | $ | 61,442 | $ | 111,798 | |||||||
Interest expense | 37,461 | 17,939 | |||||||||
Provision for income taxes | 15,834 | 27,111 | |||||||||
Depreciation | 15,997 | 13,682 | |||||||||
Amortization of intangible assets | 22,104 | 9,635 | |||||||||
EBITDA | 152,838 | 180,165 | |||||||||
Acquisition-related fair-value inventory step-up | 4,810 | — | |||||||||
Acquisition-related costs | 9,761 | — | |||||||||
Restructuring(1)
|
1,640 | 1,068 | |||||||||
Non-operating income | (974) | (1,581) | |||||||||
Adjusted EBITDA | $ | 168,075 | $ | 179,652 |
(in thousands, except ASP) | 2020 | % of Revenues | 2019 | % of Revenues | $ Change | % Change | |||||||||||||||||||||||||||||
Net revenues | $ | 1,227,567 | $ | 1,197,327 | $ | 30,240 | 2.5 | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 148,276 | 12.1 | % | 163,677 | 13.7 | % | (15,401) | (9.4) | % | ||||||||||||||||||||||||||
Average Selling Price ("ASP")(1)
|
32,607 | 32,811 | (204) | (0.6) | % | ||||||||||||||||||||||||||||||
Unit deliveries | 2020 |
Product Mix(2)
|
2019 |
Product Mix(2)
|
Unit Change | % Change | |||||||||||||||||||||||||||||
Travel trailer | 23,184 | 61.2 | % | 22,458 | 61.0 | % | 726 | 3.2 | % | ||||||||||||||||||||||||||
Fifth wheel | 14,706 | 38.8 | % | 14,371 | 39.0 | % | 335 | 2.3 | % | ||||||||||||||||||||||||||
Total Towable | 37,890 | 100.0 | % | 36,829 | 100.0 | % | 1,061 | 2.9 | % | ||||||||||||||||||||||||||
($ in thousands) | August 29, 2020 | August 31, 2019 | Change | % Change | |||||||||||||||||||||||||||||||
Backlog(3)
|
|||||||||||||||||||||||||||||||||||
Units | 24,903 | 7,225 | 17,678 | 244.7 | % | ||||||||||||||||||||||||||||||
Dollars
|
$ | 747,925 | $ | 234,339 | $ | 513,586 | 219.2 | % | |||||||||||||||||||||||||||
Dealer Inventory | |||||||||||||||||||||||||||||||||||
Units | 10,528 | 15,658 | (5,130) | (32.8) | % |
(in thousands, except ASP) | 2020 | % of Revenues |
2019(4)(4)
|
% of Revenues | $ Change | % Change | |||||||||||||||||||||||||||||
Net revenues | $ | 1,056,794 | $ | 706,927 | $ | 349,867 | 49.5 | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 32,949 | 3.1 | % | 27,455 | 3.9 | % | 5,494 | 20.0 | % | ||||||||||||||||||||||||||
ASP(1)
|
130,098 | 93,549 | 36,549 | 39.1 | % | ||||||||||||||||||||||||||||||
Unit deliveries | 2020 |
Product Mix(2)
|
2019(4)
|
Product Mix(2)
|
Unit Change | % Change | |||||||||||||||||||||||||||||
Class A | 2,493 | 30.8 | % | 1,582 | 20.8 | % | 911 | 57.6 | % | ||||||||||||||||||||||||||
Class B | 3,351 | 41.3 | % | 2,784 | 36.7 | % | 567 | 20.4 | % | ||||||||||||||||||||||||||
Class C | 2,261 | 27.9 | % | 3,225 | 42.5 | % | (964) | (29.9) | % | ||||||||||||||||||||||||||
Total Motorhome | 8,105 | 100.0 | % | 7,591 | 100.0 | % | 514 | 6.8 | % | ||||||||||||||||||||||||||
($ in thousands) | August 29, 2020 |
August 31, 2019(4)
|
Change | % Change | |||||||||||||||||||||||||||||||
Backlog(3)
|
|||||||||||||||||||||||||||||||||||
Units | 8,463 | 1,808 | 6,655 | 368.1 | % | ||||||||||||||||||||||||||||||
Dollars
|
$ | 1,051,415 | $ | 165,373 | $ | 886,042 | 535.8 | % | |||||||||||||||||||||||||||
Dealer Inventory | |||||||||||||||||||||||||||||||||||
Units | 2,761 | 3,891 | (1,130) | (29.0) | % |
(in thousands, except percent and per share data) | 2019 |
% of Revenues(1)
|
2018 |
% of Revenues(1)
|
$ Change | % Change | |||||||||||||||||||||||||||||
Net revenues | $ | 1,985,674 | 100.0 | % | $ | 2,016,829 | 100.0 | % | $ | (31,155) | (1.5) | % | |||||||||||||||||||||||
Cost of goods sold | 1,678,477 | 84.5 | % | 1,716,993 | 85.1 | % | (38,516) | (2.2) | % | ||||||||||||||||||||||||||
Gross profit | 307,197 | 15.5 | % | 299,836 | 14.9 | % | 7,361 | 2.5 | % | ||||||||||||||||||||||||||
SG&A | 142,295 | 7.2 | % | 130,116 | 6.5 | % | 12,179 | 9.4 | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 9,635 | 0.5 | % | 9,328 | 0.5 | % | 307 | 3.3 | % | ||||||||||||||||||||||||||
Total operating expenses | 151,930 | 7.7 | % | 139,444 | 6.9 | % | 12,486 | 9.0 | % | ||||||||||||||||||||||||||
Operating income | 155,267 | 7.8 | % | 160,392 | 8.0 | % | (5,125) | (3.2) | % | ||||||||||||||||||||||||||
Interest expense | 17,939 | 0.9 | % | 18,246 | 0.9 | % | (307) | (1.7) | % | ||||||||||||||||||||||||||
Non-operating income | (1,581) | (0.1) | % | (494) | — | % | 1,087 | 220.0 | % | ||||||||||||||||||||||||||
Income before income taxes | 138,909 | 7.0 | % | 142,640 | 7.1 | % | (3,731) | (2.6) | % | ||||||||||||||||||||||||||
Provision for income taxes | 27,111 | 1.4 | % | 40,283 | 2.0 | % | (13,172) | (32.7) | % | ||||||||||||||||||||||||||
Net income | $ | 111,798 | 5.6 | % | $ | 102,357 | 5.1 | % | $ | 9,441 | 9.2 | % | |||||||||||||||||||||||
Diluted income per share | $ | 3.52 | $ | 3.22 | $ | 0.30 | 9.3 | % | |||||||||||||||||||||||||||
Diluted average shares outstanding | 31,721 | 31,814 | (93) | (0.3) | % |
(in thousands) | 2019 | 2018 | |||||||||
Net income | $ | 111,798 | $ | 102,357 | |||||||
Interest expense | 17,939 | 18,246 | |||||||||
Provision for income taxes | 27,111 | 40,283 | |||||||||
Depreciation | 13,682 | 9,849 | |||||||||
Amortization of intangible assets | 9,635 | 9,328 | |||||||||
EBITDA | 180,165 | 180,063 | |||||||||
Acquisition-related costs | — | 2,177 | |||||||||
Restructuring(1)
|
1,068 | — | |||||||||
Non-operating income | (1,581) | (494) | |||||||||
Adjusted EBITDA | $ | 179,652 | $ | 181,746 |
(in thousands, except ASP) | 2019 | % of Revenues | 2018 | % of Revenues | $ Change | % Change | |||||||||||||||||||||||||||||
Net revenues | $ | 1,197,327 | $ | 1,127,723 | $ | 69,604 | 6.2 | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 163,677 | 13.7 | % | 157,010 | 13.9 | % | 6,667 | 4.2 | % | ||||||||||||||||||||||||||
ASP(1)
|
32,811 | 30,941 | 1,870 | 6.0 | % | ||||||||||||||||||||||||||||||
Unit deliveries | 2019 |
Product Mix(2)
|
2018 |
Product Mix(2)
|
Unit Change | % Change | |||||||||||||||||||||||||||||
Travel trailer | 22,458 | 61.0 | % | 22,360 | 61.1 | % | 98 | 0.4 | % | ||||||||||||||||||||||||||
Fifth wheel | 14,371 | 39.0 | % | 14,229 | 38.9 | % | 142 | 1.0 | % | ||||||||||||||||||||||||||
Total Towable | 36,829 | 100.0 | % | 36,589 | 100.0 | % | 240 | 0.7 | % | ||||||||||||||||||||||||||
($ in thousands) | August 31, 2019 | August 25, 2018 | Change | % Change | |||||||||||||||||||||||||||||||
Backlog(3)
|
|||||||||||||||||||||||||||||||||||
Units | 7,225 | 7,651 | (426) | (5.6) | % | ||||||||||||||||||||||||||||||
Dollars
|
$ | 234,339 | $ | 244,854 | $ | (10,515) | (4.3) | % | |||||||||||||||||||||||||||
Dealer Inventory | |||||||||||||||||||||||||||||||||||
Units | 15,658 | 14,877 | 781 | 5.2 | % |
(in thousands, except ASP) | 2019 | % of Revenues | 2018 | % of Revenues | $ Change | % Change | |||||||||||||||||||||||||||||
Net revenues | $ | 706,927 | $ | 860,675 | $ | (153,748) | (17.9) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 27,455 | 3.9 | % | 35,508 | 4.1 | % | (8,053) | (22.7) | % | ||||||||||||||||||||||||||
ASP(1)
|
93,549 | 89,879 | 3,670 | 4.1 | % | ||||||||||||||||||||||||||||||
Unit deliveries | 2019 |
Product Mix(2)
|
2018 |
Product Mix(2)
|
Unit Change | % Change | |||||||||||||||||||||||||||||
Class A | 1,582 | 20.8 | % | 2,997 | 31.4 | % | (1,415) | (47.2) | % | ||||||||||||||||||||||||||
Class B | 2,784 | 36.7 | % | 2,012 | 21.1 | % | 772 | 38.4 | % | ||||||||||||||||||||||||||
Class C | 3,225 | 42.5 | % | 4,539 | 47.5 | % | (1,314) | (28.9) | % | ||||||||||||||||||||||||||
Total Motorhome | 7,591 | 100.0 | % | 9,548 | 100.0 | % | (1,957) | (20.5) | % | ||||||||||||||||||||||||||
($ in thousands) | August 31, 2019 | August 25, 2018 | Change | % Change | |||||||||||||||||||||||||||||||
Backlog(3)
|
|||||||||||||||||||||||||||||||||||
Units | 1,808 | 1,693 | 115 | 6.8 | % | ||||||||||||||||||||||||||||||
Dollars
|
$ | 165,373 | $ | 157,554 | $ | 7,819 | 5.0 | % | |||||||||||||||||||||||||||
Dealer Inventory | |||||||||||||||||||||||||||||||||||
Units | 3,891 | 4,620 | (729) | (15.8) | % |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Total cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 270,434 | $ | 133,750 | $ | 83,346 | |||||||||||
Investing activities | (293,076) | (38,936) | (111,761) | ||||||||||||||
Financing activities | 277,786 | (59,725) | (5,188) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 255,144 | $ | 35,089 | $ | (33,603) |
Total(1)
|
Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||||||||||||||||||||||||||||||
ABL(2)
|
— | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Senior Secured Notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes | 300,000 | — | — | 300,000 | — | ||||||||||||||||||||||||||||||||||||||||||
ABL commitment fee(3)
|
2,094 | 503 | 1,006 | 585 | — | ||||||||||||||||||||||||||||||||||||||||||
Debt interest payments(4)
|
172,500 | 23,250 | 46,500 | 46,500 | 56,250 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligations | 14,008 | 2,878 | 5,274 | 3,396 | 2,460 | ||||||||||||||||||||||||||||||||||||||||||
Contracted services | 22,447 | 12,128 | 9,773 | 546 | — | ||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations | 38,786 | 4,403 | 8,485 | 8,580 | 17,318 | ||||||||||||||||||||||||||||||||||||||||||
Finance lease obligations | 6,836 | 855 | 1,692 | 1,713 | 2,576 | ||||||||||||||||||||||||||||||||||||||||||
Total contractual cash obligations | $ | 856,671 | $ | 44,017 | $ | 72,730 | $ | 361,320 | $ | 378,604 | |||||||||||||||||||||||||||||||||||||
Total | Expiration by Period | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||||||||||||||||||||||||||||||
Contingent repurchase obligations | $ | 798,906 | $ | 689,614 | $ | 109,292 | $ | — | $ | — |
/s/ Michael J. Happe | /s/ Bryan L. Hughes | |||||||
Michael J. Happe | Bryan L. Hughes | |||||||
President, Chief Executive Officer | Senior Vice President, Chief Financial Officer | |||||||
October 21, 2020 | October 21, 2020 |
Fiscal Years Ended | August 29, 2020 | August 31, 2019 | August 25, 2018 | ||||||||||||||
Net revenues | $ | 2,355,533 | $ | 1,985,674 | $ | 2,016,829 | |||||||||||
Cost of goods sold | 2,042,605 | 1,678,477 | 1,716,993 | ||||||||||||||
Gross profit | 312,928 | 307,197 | 299,836 | ||||||||||||||
Selling, general, and administrative expenses | 177,061 | 142,295 | 130,116 | ||||||||||||||
Amortization of intangible assets | 22,104 | 9,635 | 9,328 | ||||||||||||||
Total operating expenses | 199,165 | 151,930 | 139,444 | ||||||||||||||
Operating income | 113,763 | 155,267 | 160,392 | ||||||||||||||
Interest expense | 37,461 | 17,939 | 18,246 | ||||||||||||||
Non-operating income | (974) | (1,581) | (494) | ||||||||||||||
Income before income taxes | 77,276 | 138,909 | 142,640 | ||||||||||||||
Provision for income taxes | 15,834 | 27,111 | 40,283 | ||||||||||||||
Net income | $ | 61,442 | $ | 111,798 | $ | 102,357 | |||||||||||
Income per common share: | |||||||||||||||||
Basic | $ | 1.85 | $ | 3.55 | $ | 3.24 | |||||||||||
Diluted | $ | 1.84 | $ | 3.52 | $ | 3.22 | |||||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 33,236 | 31,536 | 31,596 | ||||||||||||||
Diluted | 33,454 | 31,721 | 31,814 | ||||||||||||||
Net income | $ | 61,442 | $ | 111,798 | $ | 102,357 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Amortization of net actuarial loss (net of tax of $12, $10, and $11)
|
33 | 32 | 27 | ||||||||||||||
Change in fair value of interest rate swap (net of tax of $22, $454, and $840)
|
(68) | (1,415) | 1,947 | ||||||||||||||
Total other comprehensive (loss) income | (35) | (1,383) | 1,974 | ||||||||||||||
Comprehensive income | $ | 61,407 | $ | 110,415 | $ | 104,331 |
August 29, 2020 | August 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 292,575 | $ | 37,431 | |||||||
Receivables, less allowance for doubtful accounts ($353 and $160, respectively)
|
220,798 | 158,049 | |||||||||
Inventories | 182,941 | 201,126 | |||||||||
Prepaid expenses and other assets | 17,296 | 14,051 | |||||||||
Total current assets | 713,610 | 410,657 | |||||||||
Property, plant, and equipment, net | 174,945 | 127,572 | |||||||||
Other assets: | |||||||||||
Goodwill | 348,058 | 274,931 | |||||||||
Other intangible assets, net | 404,768 | 256,082 | |||||||||
Investment in life insurance | 27,838 | 26,846 | |||||||||
Operating lease assets | 29,463 | — | |||||||||
Other assets | 15,018 | 8,143 | |||||||||
Total assets | $ | 1,713,700 | $ | 1,104,231 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 132,490 | $ | 81,635 | |||||||
Income taxes payable | 8,840 | — | |||||||||
Accrued expenses: | |||||||||||
Accrued compensation | 36,533 | 20,328 | |||||||||
Product warranties | 64,031 | 44,436 | |||||||||
Self-insurance | 17,437 | 13,820 | |||||||||
Promotional | 12,543 | 10,896 | |||||||||
Accrued interest | 4,652 | 4,059 | |||||||||
Other | 23,864 | 13,678 | |||||||||
Current maturities of long-term debt | — | 8,892 | |||||||||
Total current liabilities | 300,390 | 197,744 | |||||||||
Non-current liabilities: | |||||||||||
Long-term debt, less current maturities | 512,630 | 245,402 | |||||||||
Deferred income taxes | 15,608 | 12,032 | |||||||||
Unrecognized tax benefits | 6,511 | 3,591 | |||||||||
Operating lease liabilities | 27,048 | — | |||||||||
Deferred compensation benefits, net of current portion | 11,130 | 12,878 | |||||||||
Other | 12,917 | 372 | |||||||||
Total non-current liabilities | 585,844 | 274,275 | |||||||||
Contingent liabilities and commitments (Note 12) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-none
|
— | — | |||||||||
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares
|
25,888 | 25,888 | |||||||||
Additional paid-in capital | 203,791 | 91,185 | |||||||||
Retained earnings | 913,610 | 866,886 | |||||||||
Accumulated other comprehensive income (loss) | (526) | (491) | |||||||||
Treasury stock, at cost: 18,133 and 20,262 shares, respectively
|
(315,297) | (351,256) | |||||||||
Total stockholders' equity | 827,466 | 632,212 | |||||||||
Total liabilities and stockholders' equity | $ | 1,713,700 | $ | 1,104,231 |
Fiscal Years Ended | August 29, 2020 | August 31, 2019 | August 25, 2018 | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | 61,442 | $ | 111,798 | $ | 102,357 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||||||||
Depreciation | 15,997 | 13,682 | 9,849 | ||||||||||||||
Amortization of intangibles | 22,104 | 9,635 | 9,328 | ||||||||||||||
Non-cash interest expense, net | 10,727 | — | — | ||||||||||||||
Amortization of debt issuance costs | 7,379 | 1,612 | 2,206 | ||||||||||||||
Last in, first-out expense | (5,188) | 2,258 | 3,344 | ||||||||||||||
Stock-based compensation | 6,475 | 7,058 | 7,434 | ||||||||||||||
Deferred income taxes | (879) | 7,984 | 5,784 | ||||||||||||||
Deferred compensation expense | 1,070 | 1,056 | 1,201 | ||||||||||||||
Other, net | 1,335 | 257 | (995) | ||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Receivables | (25,773) | 6,418 | (37,739) | ||||||||||||||
Inventories | 105,994 | (8,256) | (46,429) | ||||||||||||||
Prepaid expenses and other assets | (358) | (4,499) | 2,353 | ||||||||||||||
Accounts payable | 37,041 | 907 | (1,278) | ||||||||||||||
Income taxes and unrecognized tax benefits | 11,422 | (13,810) | 7,939 | ||||||||||||||
Accrued expenses and other liabilities | 21,646 | (2,350) | 17,992 | ||||||||||||||
Net cash provided by operating activities | 270,434 | 133,750 | 83,346 | ||||||||||||||
Investing activities: | |||||||||||||||||
Purchases of property and equipment | (32,377) | (40,858) | (28,668) | ||||||||||||||
Acquisition of business, net of cash acquired | (260,965) | (702) | (81,200) | ||||||||||||||
Proceeds from the sale of property | — | 148 | 338 | ||||||||||||||
Other, net | 266 | 2,476 | (2,231) | ||||||||||||||
Net cash used in investing activities | (293,076) | (38,936) | (111,761) | ||||||||||||||
Financing activities: | |||||||||||||||||
Borrowings on long-term debt | 2,786,824 | 891,892 | 221,133 | ||||||||||||||
Repayments on long-term debt | (2,446,824) | (930,424) | (206,601) | ||||||||||||||
Purchase of convertible bond hedge | (70,800) | — | — | ||||||||||||||
Proceeds from issuance of warrants | 42,210 | — | — | ||||||||||||||
Payments of cash dividends | (14,588) | (13,670) | (12,738) | ||||||||||||||
Payments for repurchases of common stock | (1,844) | (8,171) | (6,481) | ||||||||||||||
Payments of debt issuance costs | (18,030) | — | (589) | ||||||||||||||
Other, net | 838 | 648 | 88 | ||||||||||||||
Net cash provided by (used in) financing activities | 277,786 | (59,725) | (5,188) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 255,144 | 35,089 | (33,603) | ||||||||||||||
Cash and cash equivalents at beginning of year | 37,431 | 2,342 | 35,945 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 292,575 | $ | 37,431 | $ | 2,342 | |||||||||||
Common Shares
|
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Treasury Stock
|
Total Stockholders' Equity | |||||||||||||||||||||||||||
Number | Amount | Number | Amount | |||||||||||||||||||||||||||||
Balances at August 26, 2017 | 51,776 | 25,888 | 80,401 | 679,138 | (1,023) | (20,183) | (342,730) | 441,674 | ||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | 7,406 | — | — | 5 | 78 | 7,484 | ||||||||||||||||||||||||
Issuance of stock | — | — | (1,584) | — | — | 104 | 1,759 | 175 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (169) | (6,481) | (6,481) | ||||||||||||||||||||||||
Common stock dividends; $0.40 per share
|
— | — | — | (12,738) | — | — | — | (12,738) | ||||||||||||||||||||||||
Actuarial loss, net of tax | — | — | — | — | 27 | — | — | 27 | ||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax | — | — | — | — | 1,947 | — | — | 1,947 | ||||||||||||||||||||||||
Reclassification of tax effects | — | — | — | 59 | (59) | — | — | — | ||||||||||||||||||||||||
Net income | — | — | — | 102,357 | — | — | — | 102,357 | ||||||||||||||||||||||||
Balances at August 25, 2018 | 51,776 | 25,888 | 86,223 | 768,816 | 892 | (20,243) | (347,374) | 534,445 | ||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | 6,993 | — | — | 5 | 82 | 7,075 | ||||||||||||||||||||||||
Issuance of stock | — | — | (2,031) | — | — | 244 | 4,207 | 2,176 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (268) | (8,171) | (8,171) | ||||||||||||||||||||||||
Common stock dividends; $0.43 per share
|
— | — | — | (13,728) | — | — | — | (13,728) | ||||||||||||||||||||||||
Actuarial loss, net of tax | — | — | — | — | 32 | — | — | 32 | ||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax | — | — | — | — | (1,415) | — | — | (1,415) | ||||||||||||||||||||||||
Net income | — | — | — | 111,798 | — | — | — | 111,798 | ||||||||||||||||||||||||
Balances at August 31, 2019 | 51,776 | 25,888 | 91,185 | 866,886 | (491) | (20,262) | (351,256) | 632,212 | ||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | 6,446 | — | — | — | 29 | 6,475 | ||||||||||||||||||||||||
Issuance of stock | — | — | (1,813) | — | — | 174 | 3,013 | 1,200 | ||||||||||||||||||||||||
Issuance of stock for acquisition | — | — | 57,811 | — | — | 2,000 | 34,761 | 92,572 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (45) | (1,844) | (1,844) | ||||||||||||||||||||||||
Common stock dividends; $0.45 per share
|
— | — | — | (14,718) | — | — | — | (14,718) | ||||||||||||||||||||||||
Actuarial loss, net of tax | — | — | — | — | 33 | — | — | 33 | ||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax | — | — | — | — | (68) | — | — | (68) | ||||||||||||||||||||||||
Equity component of convertible senior notes and offering costs, net of tax of $20,840
|
— | — | 61,335 | — | — | — | — | 61,335 | ||||||||||||||||||||||||
Convertible note hedge purchase, net of tax of $17,417
|
— | — | (53,383) | — | — | — | — | (53,383) | ||||||||||||||||||||||||
Issuance of warrants | — | — | 42,210 | — | — | — | — | 42,210 | ||||||||||||||||||||||||
Net income | — | — | — | 61,442 | — | — | — | 61,442 | ||||||||||||||||||||||||
Balances at August 29, 2020 | 51,776 | $ | 25,888 | $ | 203,791 | $ | 913,610 | $ | (526) | (18,133) | $ | (315,297) | $ | 827,466 |
Asset Class | Asset Life | ||||
Buildings |
10-30 years
|
||||
Machinery and equipment |
3-15 years
|
||||
Software |
5-10 years
|
||||
Transportation equipment |
5-6 years
|
(in thousands) |
August 31, 2019
As Reported |
ASU 2016-02 Adjustment on
September 1, 2019 |
September 1, 2019
As Adjusted |
||||||||||||||
Assets | |||||||||||||||||
Other intangible assets, net | 256,082 | $ | (1,310) | $ | 254,772 | ||||||||||||
Lease assets | — | 33,811 | 33,811 | ||||||||||||||
Total assets | $ | 1,104,231 | $ | 32,501 | $ | 1,136,732 | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Accrued expenses: Other | $ | 13,678 | $ | 1,258 | $ | 14,936 | |||||||||||
Total current liabilities | 197,744 | 1,258 | 199,002 | ||||||||||||||
Lease liabilities | — | 31,243 | 31,243 | ||||||||||||||
Total non-current liabilities | 274,275 | 31,243 | 305,518 | ||||||||||||||
Total liabilities and stockholders' equity | 1,104,231 | $ | 32,501 | $ | 1,136,732 |
(in thousands) | November 8, 2019 | ||||
Cash | $ | 264,434 | |||
Winnebago Industries shares: 2,000,000 at $46.29
|
92,572 | ||||
Total | $ | 357,006 |
(in thousands) | November 8, 2019 | ||||
Cash | $ | 3,469 | |||
Accounts receivable | 37,147 | ||||
Inventories | 82,621 | ||||
Prepaid expenses and other assets | 9,830 | ||||
Property, plant, and equipment | 31,143 | ||||
Goodwill | 73,127 | ||||
Other intangible assets | 172,100 | ||||
Total assets acquired | 409,437 | ||||
Accounts payable | 14,023 | ||||
Accrued compensation | 4,306 | ||||
Product warranties | 15,147 | ||||
Promotional | 6,351 | ||||
Other | 11,636 | ||||
Deferred tax liabilities | 968 | ||||
Total liabilities assumed | 52,431 | ||||
Total purchase price | $ | 357,006 |
(in thousands) | November 8, 2019 | Useful Life-Years | |||||||||
Trade name | 98,000 | Indefinite | |||||||||
Dealer network | 64,000 | 12.0 | |||||||||
Backlog | 8,800 | 0.5 | |||||||||
Non-compete agreements | 1,300 | 5.0 |
(in thousands, except per share data) | 2020 | ||||
Net revenues | $ | 388,383 | |||
Net income (loss) | (3,642) |
(in thousands, except per share data) | 2020 | 2019 | |||||||||
Net revenues | $ | 2,508,792 | $ | 2,645,914 | |||||||
Net (loss) income | 72,609 | 101,692 | |||||||||
Income per share - basic | $ | 2.16 | $ | 3.03 | |||||||
Income per share - diluted | $ | 2.11 | $ | 3.02 |
(in thousands) | 2020 | 2019 | |||||||||
Amortization of intangibles (1 year or less useful life)(1)
|
$ | 13,610 | $ | (13,610) | |||||||
Increase in amortization of intangibles(2)
|
(1,061) | (5,578) | |||||||||
Expenses related to business combination (transaction costs)(3)
|
9,761 | (9,950) | |||||||||
Interest to reflect new debt structure(4)
|
(4,356) | (19,155) | |||||||||
Taxes related to the adjustments to the pro forma data and to the income of Newmar(5)
|
(2,968) | 2,686 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net Revenues | |||||||||||||||||
Towable | $ | 1,227,567 | $ | 1,197,327 | $ | 1,127,723 | |||||||||||
Motorhome | 1,056,794 | 706,927 | 860,675 | ||||||||||||||
Corporate / All Other | 71,172 | 81,420 | 28,431 | ||||||||||||||
Consolidated | $ | 2,355,533 | $ | 1,985,674 | $ | 2,016,829 | |||||||||||
Adjusted EBITDA | |||||||||||||||||
Towable | $ | 148,276 | $ | 163,677 | $ | 157,010 | |||||||||||
Motorhome | 32,949 | 27,455 | 35,508 | ||||||||||||||
Corporate / All Other | (13,150) | (11,480) | (10,772) | ||||||||||||||
Consolidated | $ | 168,075 | $ | 179,652 | $ | 181,746 | |||||||||||
Capital expenditures | |||||||||||||||||
Towable | $ | 13,389 | $ | 27,679 | $ | 18,460 | |||||||||||
Motorhome | 15,061 | 9,969 | 9,302 | ||||||||||||||
Corporate / All Other | 3,927 | 3,210 | 906 | ||||||||||||||
Consolidated | $ | 32,377 | $ | 40,858 | $ | 28,668 |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
Total Assets | |||||||||||
Towable | $ | 718,253 | $ | 628,994 | |||||||
Motorhome | 600,304 | 332,157 | |||||||||
Corporate / All Other | 395,143 | 143,080 | |||||||||
Consolidated | $ | 1,713,700 | $ | 1,104,231 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net income | $ | 61,442 | $ | 111,798 | $ | 102,357 | |||||||||||
Interest expense | 37,461 | 17,939 | 18,246 | ||||||||||||||
Provision for income taxes | 15,834 | 27,111 | 40,283 | ||||||||||||||
Depreciation | 15,997 | 13,682 | 9,849 | ||||||||||||||
Amortization of intangible assets | 22,104 | 9,635 | 9,328 | ||||||||||||||
EBITDA | 152,838 | 180,165 | 180,063 | ||||||||||||||
Acquisition-related fair-value inventory step-up | 4,810 | — | — | ||||||||||||||
Acquisition-related costs | 9,761 | — | 2,177 | ||||||||||||||
Restructuring(1)
|
1,640 | 1,068 | — | ||||||||||||||
Non-operating income | (974) | (1,581) | (494) | ||||||||||||||
Adjusted EBITDA | $ | 168,075 | $ | 179,652 | $ | 181,746 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
United States | $ | 2,225,028 | $ | 1,836,472 | $ | 1,860,613 | |||||||||||
International | 130,505 | 149,202 | 156,216 | ||||||||||||||
Net Revenues | $ | 2,355,533 | $ | 1,985,674 | $ | 2,016,829 |
Fair Value at | Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||
(in thousands) | August 29, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Assets that fund deferred compensation: | |||||||||||||||||||||||||||||||||||
Domestic equity funds | $ | 626 | $ | 626 | $ | — | $ | — | |||||||||||||||||||||||||||
International equity funds | 34 | 34 | — | — | |||||||||||||||||||||||||||||||
Fixed income funds | 50 | 50 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 710 | $ | 710 | $ | — | $ | — |
Fair Value at | Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||
(in thousands) | August 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Assets that fund deferred compensation: | |||||||||||||||||||||||||||||||||||
Domestic equity funds | $ | 373 | $ | 288 | $ | 85 | $ | — | |||||||||||||||||||||||||||
International equity funds | 101 | 45 | 56 | — | |||||||||||||||||||||||||||||||
Fixed income funds | 155 | 54 | 101 | — | |||||||||||||||||||||||||||||||
Interest rate swap contract | 90 | — | 90 | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 719 | $ | 387 | $ | 332 | $ | — |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
Finished goods | $ | 17,141 | $ | 53,417 | |||||||
Work-in-process ("WIP") | 86,651 | 82,926 | |||||||||
Raw materials | 114,982 | 105,804 | |||||||||
Total | 218,774 | 242,147 | |||||||||
Less LIFO reserve | 35,833 | 41,021 | |||||||||
Inventories | $ | 182,941 | $ | 201,126 |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
LIFO basis | $ | 88,675 | $ | 184,007 | |||||||
FIFO basis | 130,099 | 58,140 | |||||||||
Total | $ | 218,774 | $ | 242,147 |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
Land | $ | 11,101 | $ | 6,799 | |||||||
Buildings and building improvements | 165,343 | 119,638 | |||||||||
Machinery and equipment | 117,370 | 107,701 | |||||||||
Software | 28,456 | 29,169 | |||||||||
Transportation | 4,913 | 3,865 | |||||||||
Property, plant, and equipment, gross | 327,183 | 267,172 | |||||||||
Less accumulated depreciation | 152,238 | 139,600 | |||||||||
Property, plant, and equipment, net | $ | 174,945 | $ | 127,572 |
(in thousands) | Towable | Motorhome | Corporate / All Other | Total | |||||||||||||||||||
Balances at August 26, 2017 | $ | 242,728 | $ | — | $ | — | $ | 242,728 | |||||||||||||||
Grand Design purchase price adjustment | 1,956 | — | — | 1,956 | |||||||||||||||||||
Acquisition of Chris-Craft(1)
|
— | — | 29,686 | 29,686 | |||||||||||||||||||
Balances at August 25, 2018 | $ | 244,684 | $ | — | $ | 29,686 | $ | 274,370 | |||||||||||||||
Chris-Craft purchase price adjustment(1)
|
— | — | 561 | 561 | |||||||||||||||||||
Balances at August 31, 2019 | $ | 244,684 | $ | — | $ | 30,247 | $ | 274,931 | |||||||||||||||
Acquisition of Newmar(1)
|
— | 73,127 | — | 73,127 | |||||||||||||||||||
Balances at August 29, 2020 | $ | 244,684 | $ | 73,127 | $ | 30,247 | $ | 348,058 |
August 29, 2020 | August 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Weighted Average Life-Years | Cost | Accumulated Amortization | Weighted Average Life-Years | Cost | Accumulated Amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade names | Indefinite | $ | 275,250 | Indefinite | $ | 177,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer networks | 12.2 | 159,581 | $ | 32,487 | 12.2 | 95,581 | $ | 20,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Backlog | 0.5 | 28,327 | 28,327 | 0.5 | 19,527 | 19,527 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-compete agreements | 4.1 | 6,647 | 4,223 | 4.1 | 5,347 | 3,077 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold interest-favorable | 0 | — | — | 8.1 | 2,000 | 690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, gross | 469,805 | 65,037 | 299,705 | 43,623 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less accumulated amortization | 65,037 | 43,623 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | $ | 404,768 | $ | 256,082 |
(in thousands) | Amount | ||||
Fiscal 2021 | $ | 14,361 | |||
Fiscal 2022 | 13,719 | ||||
Fiscal 2023 | 13,526 | ||||
Fiscal 2024 | 13,424 | ||||
Fiscal 2025 | 13,219 | ||||
Thereafter | 61,269 | ||||
Total amortization expense remaining | $ | 129,518 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 44,436 | $ | 40,498 | $ | 30,805 | |||||||||||
Business acquisitions(1)
|
15,147 | — | 611 | ||||||||||||||
Provision | 61,898 | 45,902 | 42,377 | ||||||||||||||
Claims paid | (57,450) | (41,964) | (33,295) | ||||||||||||||
Balance at end of year | $ | 64,031 | $ | 44,436 | $ | 40,498 |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
ABL | $ | — | $ | — | |||||||
Term Loan | — | 260,000 | |||||||||
Senior Secured Notes | 300,000 | — | |||||||||
Convertible Notes | 300,000 | — | |||||||||
Long-term debt, excluding debt issuance costs | 600,000 | 260,000 | |||||||||
Convertible Notes unamortized interest discount | (74,294) | — | |||||||||
Debt issuance cost, net | (13,076) | (5,706) | |||||||||
Long-term debt | 512,630 | 254,294 | |||||||||
Less current maturities | — | 8,892 | |||||||||
Long-term debt, less current maturities | $ | 512,630 | $ | 245,402 |
(in thousands) | Amount | ||||
Fiscal 2021 | $ | — | |||
Fiscal 2022 | — | ||||
Fiscal 2023 | — | ||||
Fiscal 2024 | — | ||||
Fiscal 2025 | 300,000 | ||||
Thereafter | 300,000 | ||||
Total Long-term debt | $ | 600,000 |
(in thousands) | Classification | August 29, 2020 | ||||||
Assets | ||||||||
Operating leases | Operating lease assets | $ | 29,463 | |||||
Finance leases | Other assets | $ | 4,398 | |||||
Total lease assets | $ | 33,861 | ||||||
Liabilities | ||||||||
Current: Operating leases | Accrued expenses: Other | $ | 2,660 | |||||
Current: Finance leases | Accrued expenses: Other | 539 | ||||||
Non-Current: Operating leases | Operating lease liabilities | 27,048 | ||||||
Non-Current: Finance leases | Non-current liabilities: Other | $ | 4,868 | |||||
Total lease liabilities | $ | 35,115 |
Year Ended | ||||||||
(in thousands) | Classification | August 29, 2020 | ||||||
Operating lease expense(1)
|
Costs of goods sold and SG&A | $ | 6,962 | |||||
Finance lease cost: | ||||||||
Depreciation of lease assets | Costs of goods sold and SG&A | 474 | ||||||
Interest on lease liabilities | Interest expense | 289 | ||||||
Total lease cost | $ | 7,725 |
Operating Leases as of August 29, 2020 | Financing Leases | |||||||||||||||||||||||||||||||
(in thousands) | Related Party Amount | Non-Related Party Amount | Total | Non-Related Party Amount | ||||||||||||||||||||||||||||
Fiscal 2021 | $ | 900 | $ | 3,503 | $ | 4,403 | $ | 855 | ||||||||||||||||||||||||
Fiscal 2022 | 900 | 3,188 | 4,088 | 851 | ||||||||||||||||||||||||||||
Fiscal 2023 | 1,500 | 2,897 | 4,397 | 842 | ||||||||||||||||||||||||||||
Fiscal 2024 | 1,800 | 2,587 | 4,387 | 846 | ||||||||||||||||||||||||||||
Fiscal 2025 | 1,800 | 2,393 | 4,193 | 867 | ||||||||||||||||||||||||||||
Thereafter | 7,800 | 9,518 | 17,318 | 2,575 | ||||||||||||||||||||||||||||
Total future undiscounted lease payments | 14,700 | 24,086 | 38,786 | 6,836 | ||||||||||||||||||||||||||||
Less: Interest | 3,874 | 5,204 | 9,078 | 1,429 | ||||||||||||||||||||||||||||
Total reported lease liabilities | $ | 10,826 | $ | 18,882 | $ | 29,708 | $ | 5,407 |
Operating Leases as of August 31, 2019 | |||||||||||||||||
(in thousands) | Related Party Amount | Non-Related Party Amount | Total | ||||||||||||||
Fiscal 2020 | $ | 2,864 | $ | 1,236 | $ | 4,100 | |||||||||||
Fiscal 2021 | 2,863 | 1,068 | 3,931 | ||||||||||||||
Fiscal 2022 | 2,863 | 759 | 3,622 | ||||||||||||||
Fiscal 2023 | 3,597 | 530 | 4,127 | ||||||||||||||
Fiscal 2024 | 3,963 | 361 | 4,324 | ||||||||||||||
Thereafter | 25,064 | 1,359 | 26,423 | ||||||||||||||
Total future lease commitments | $ | 41,214 | $ | 5,313 | $ | 46,527 |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
Non-qualified deferred compensation | $ | 11,460 | $ | 13,093 | |||||||
Supplemental executive retirement plan | 1,838 | 2,072 | |||||||||
Executive share option plan | — | 12 | |||||||||
Executive deferred compensation plan | 710 | 621 | |||||||||
Total deferred compensation benefits | 14,008 | 15,798 | |||||||||
Less current portion(1)
|
2,878 | 2,920 | |||||||||
Deferred compensation benefits, net of current portion | $ | 11,130 | $ | 12,878 |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
Cash value | $ | 64,214 | $ | 61,836 | |||||||
Borrowings | (36,376) | (34,990) | |||||||||
Investment in life insurance | $ | 27,838 | $ | 26,846 |
($ in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Inventory repurchased: | |||||||||||||||||
Units | 107 | 125 | 56 | ||||||||||||||
Dollars | $ | 2,592 | $ | 5,535 | $ | 1,716 | |||||||||||
Inventory resold: | |||||||||||||||||
Units | 118 | 109 | 56 | ||||||||||||||
Cash collected | $ | 2,540 | $ | 4,634 | $ | 1,585 | |||||||||||
Loss recognized | $ | 252 | $ | 556 | $ | 132 | |||||||||||
Units in ending inventory | 5 | 16 | — |
(in thousands) | 2020 | 2019 | |||||||||||||||
Net Revenues | |||||||||||||||||
Towable: | |||||||||||||||||
Fifth Wheel | $ | 690,452 | $ | 688,932 | |||||||||||||
Travel Trailer | 519,282 | 489,956 | |||||||||||||||
Other(1)
|
17,833 | 18,439 | |||||||||||||||
Total Towable | 1,227,567 | 1,197,327 | |||||||||||||||
Motorhome: | |||||||||||||||||
Class A | 479,120 | 178,750 | |||||||||||||||
Class B | 332,961 | 255,000 | |||||||||||||||
Class C | 211,468 | 246,417 | |||||||||||||||
Other(1)
|
33,245 | 26,760 | |||||||||||||||
Total Motorhome | 1,056,794 | 706,927 | |||||||||||||||
Corporate / All Other: | |||||||||||||||||
Other(2)
|
71,172 | 81,420 | |||||||||||||||
Total Corporate / All Other | 71,172 | 81,420 | |||||||||||||||
Consolidated | $ | 2,355,533 | $ | 1,985,674 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Share awards: | |||||||||||||||||
Time-based | $ | 4,287 | $ | 4,986 | $ | 4,152 | |||||||||||
Performance-based | 796 | 716 | 2,525 | ||||||||||||||
Stock options | 990 | 925 | 502 | ||||||||||||||
Other(1)
|
402 | 431 | 255 | ||||||||||||||
Total stock-based compensation expense | $ | 6,475 | $ | 7,058 | $ | 7,434 |
Shares | Weighted Average Fair Value | ||||||||||
Outstanding at August 31, 2019 | 215,506 | $ | 33.40 | ||||||||
Granted | 166,440 | $ | 42.76 | ||||||||
Vested | (77,550) | $ | 34.45 | ||||||||
Forfeited/canceled | (2,132) | $ | 36.08 | ||||||||
Outstanding at August 29, 2020 | 302,264 | $ | 38.27 |
Shares | Weighted Average Fair Value | ||||||||||
Outstanding at August 31, 2019 | 207,433 | $ | 33.87 | ||||||||
Granted | 64,914 | $ | 47.93 | ||||||||
Vested | (65,302) | $ | 28.21 | ||||||||
Forfeited/canceled | (18,053) | $ | 32.79 | ||||||||
Outstanding at August 29, 2020 | 188,992 | $ | 40.73 |
Stock Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (in years) |
Aggregate Intrinsic Value
(in thousands) |
||||||||||||||||||||
Outstanding at August 31, 2019 | 253,145 | $ | 34.43 | ||||||||||||||||||||
Granted | 55,036 | $ | 47.93 | ||||||||||||||||||||
Exercised | (9,718) | $ | 34.21 | ||||||||||||||||||||
Forfeited/canceled | (6,019) | $ | 35.09 | ||||||||||||||||||||
Outstanding at August 29, 2020 | 292,444 | $ | 36.96 | 7.7 | $ | 6,273 | |||||||||||||||||
Vested and expected to vest at August 29, 2020 | 292,444 | $ | 36.96 | 7.7 | $ | 6,273 | |||||||||||||||||
Exercisable at August 29, 2020 | 142,754 | $ | 34.20 | 6.9 | $ | 3,455 |
Valuation Assumptions(1)
|
2020 | 2019 | 2018 | ||||||||||||||
Expected dividend yield | 0.9 | % | 1.3 | % | 0.9 | % | |||||||||||
Risk-free interest rate(2)
|
1.7 | % | 3.0 | % | 2.0 | % | |||||||||||
Expected life of stock options (in years)(3)
|
5 | 5 | 5 | ||||||||||||||
Expected stock price volatility(4)
|
41.2 | % | 39.1 | % | 38.1 | % | |||||||||||
Weighted average fair value of options granted | $ | 17.18 | $ | 11.09 | $ | 14.78 |
Motorhome | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Cost of goods sold | $ | 1,650 | $ | 1,724 | |||||||
Selling, general, and administrative expenses | 47 | 219 | |||||||||
Restructuring expense | $ | 1,697 | $ | 1,943 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 14,318 | $ | 16,433 | $ | 28,874 | |||||||||||
State | 2,806 | 3,138 | 5,215 | ||||||||||||||
Total | 17,124 | 19,571 | 34,089 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | (790) | 6,395 | 5,123 | ||||||||||||||
State | (500) | 1,145 | 1,071 | ||||||||||||||
Total | (1,290) | 7,540 | 6,194 | ||||||||||||||
Provision for income taxes | $ | 15,834 | $ | 27,111 | $ | 40,283 |
2020 | 2019 | 2018 | |||||||||||||||
U.S. federal statutory rate(1)
|
21.0 | % | 21.0 | % | 25.9 | % | |||||||||||
State taxes, net of federal benefit | 1.9 | % | 2.9 | % | 3.0 | % | |||||||||||
Impact from Tax Act | — | % | — | % | 2.6 | % | |||||||||||
Domestic production activities deduction | — | % | — | % | (2.2) | % | |||||||||||
Income tax credits | (2.5) | % | (4.5) | % | (0.5) | % | |||||||||||
Nondeductible compensation | 0.9 | % | — | % | — | % | |||||||||||
Tax-free and dividend income | (0.6) | % | (0.5) | % | (0.4) | % | |||||||||||
Uncertain tax position settlements and adjustments | 0.1 | % | 0.9 | % | 0.1 | % | |||||||||||
Other items | (0.3) | % | (0.3) | % | (0.3) | % | |||||||||||
Effective tax provision rate | 20.5 | % | 19.5 | % | 28.2 | % |
(in thousands) | August 29, 2020 | August 31, 2019 | |||||||||
Warranty reserves | $ | 13,969 | $ | 10,949 | |||||||
Deferred compensation | 5,406 | 3,989 | |||||||||
Self-insurance reserve | 3,426 | 2,617 | |||||||||
Stock-based compensation | 2,865 | 2,558 | |||||||||
Accrued vacation | 1,681 | 1,227 | |||||||||
Unrecognized tax benefit | 498 | 444 | |||||||||
Inventory | 717 | — | |||||||||
Leases | 8,638 | — | |||||||||
Other(1)
|
3,295 | 3,337 | |||||||||
Total deferred tax assets | 40,495 | 25,121 | |||||||||
Convertible notes | 3,125 | — | |||||||||
Intangibles | 32,933 | 28,055 | |||||||||
Depreciation | 11,715 | 8,192 | |||||||||
Inventory | — | 906 | |||||||||
Leases | 8,330 | — | |||||||||
Total deferred tax liabilities | 56,103 | 37,153 | |||||||||
Total deferred income tax liabilities, net | $ | 15,608 | $ | 12,032 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 2,822 | $ | 1,220 | $ | 1,195 | |||||||||||
Gross increases-tax positions in a prior year | 2,486 | 1,173 | 25 | ||||||||||||||
Gross increases-current year tax positions | 522 | 429 | — | ||||||||||||||
Balance at end of year | 5,830 | 2,822 | 1,220 | ||||||||||||||
Accrued interest and penalties | 681 | 769 | 525 | ||||||||||||||
Total unrecognized tax benefits | $ | 6,511 | $ | 3,591 | $ | 1,745 |
(in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 61,442 | $ | 111,798 | $ | 102,357 | |||||||||||
Denominator | |||||||||||||||||
Weighted average common shares outstanding | 33,236 | 31,536 | 31,596 | ||||||||||||||
Dilutive impact of stock compensation awards | 218 | 185 | 218 | ||||||||||||||
Weighted average common shares outstanding, assuming dilution | 33,454 | 31,721 | 31,814 | ||||||||||||||
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution | 39 | 189 | 62 | ||||||||||||||
Basic income per common share | $ | 1.85 | $ | 3.55 | $ | 3.24 | |||||||||||
Diluted income per common share | $ | 1.84 | $ | 3.52 | $ | 3.22 |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Items | Interest Rate Swap | Total | Defined Benefit Pension Items | Interest Rate Swap | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | (559) | $ | 68 | $ | (491) | $ | (591) | $ | 1,483 | $ | 892 | |||||||||||||||||||||||||||||||||||||||||||||||
OCI before reclassifications | — | (500) | (500) | — | (1,415) | (1,415) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 33 | 432 | 465 | 32 | — | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-year OCI | 33 | (68) | (35) | 32 | (1,415) | (1,383) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | (526) | $ | — | $ | (526) | $ | (559) | $ | 68 | $ | (491) |
(In thousands) | Location on Consolidated Statements of Income and Comprehensive Income | 2020 | 2019 | 2018 | ||||||||||||||||
Amortization of net actuarial loss | SG&A | $ | 33 | $ | 32 | $ | 27 | |||||||||||||
Interest rate contract | Interest expense | 432 | — | — | ||||||||||||||||
Total reclassifications | $ | 465 | $ | 32 | $ | 27 |
Fiscal 2020 | Quarter Ended | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) |
November 30,
2019 |
February 29,
2020 |
May 30,
2020 |
August 29,
2020 |
|||||||||||||||||||||||||||||||||||||
Net revenues | $ | 588,458 | $ | 626,810 | $ | 402,458 | $ | 737,807 | |||||||||||||||||||||||||||||||||
Gross profit | 78,613 | 79,782 | 32,024 | 122,509 | |||||||||||||||||||||||||||||||||||||
Operating income | 23,894 | 29,644 | (8,173) | 68,398 | |||||||||||||||||||||||||||||||||||||
Net income | 14,068 | 17,268 | (12,353) | 42,459 | |||||||||||||||||||||||||||||||||||||
Net income per share (basic) | 0.44 | 0.51 | (0.37) | 1.26 | |||||||||||||||||||||||||||||||||||||
Net income per share (diluted) | 0.44 | 0.51 | (0.37) | 1.25 | |||||||||||||||||||||||||||||||||||||
Fiscal 2019 | Quarter Ended | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) |
November 24,
2018 |
February 23,
2019 |
May 25,
2019 |
August 31, 2019(1)
|
|||||||||||||||||||||||||||||||||||||
Net revenues | $ | 493,648 | $ | 432,690 | $ | 528,940 | $ | 530,396 | |||||||||||||||||||||||||||||||||
Gross profit | 70,996 | 66,429 | 86,584 | 83,188 | |||||||||||||||||||||||||||||||||||||
Operating income | 32,625 | 28,903 | 48,974 | 44,765 | |||||||||||||||||||||||||||||||||||||
Net income | 22,161 | 21,598 | 36,171 | 31,868 | |||||||||||||||||||||||||||||||||||||
Net income per share (basic) | 0.70 | 0.68 | 1.15 | 1.01 | |||||||||||||||||||||||||||||||||||||
Net income per share (diluted) | 0.70 | 0.68 | 1.14 | 1.01 |
Exhibit No. | Incorporated by Reference | Filed Herewith | ||||||||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||||||||
10d. | 10-Q | 10.1 | 07/01/2011 | |||||||||||||||||||||||||||||||||||||||||
10e. | 8-K | 10.1 | 12/06/2013 | |||||||||||||||||||||||||||||||||||||||||
10f. | DEF 14A | A | 10/31/2018 | |||||||||||||||||||||||||||||||||||||||||
10g. | 10-Q | 10.1 | 06/28/2013 | |||||||||||||||||||||||||||||||||||||||||
10h. | 10-K | 10.C | 11/22/1995 | |||||||||||||||||||||||||||||||||||||||||
10i. | 8-K | 99.2 | 10/20/2017 | |||||||||||||||||||||||||||||||||||||||||
10j. | 10-Q | 10.b | 12/20/2018 | |||||||||||||||||||||||||||||||||||||||||
10k. | 10-Q | 10.c | 12/20/2018 | |||||||||||||||||||||||||||||||||||||||||
10l. | 10-Q | 10.d | 12/20/2018 | |||||||||||||||||||||||||||||||||||||||||
10m. | 10-Q | 10.e | 12/20/2018 | |||||||||||||||||||||||||||||||||||||||||
10n. | 10-K | 10p | 10/23/2019 | |||||||||||||||||||||||||||||||||||||||||
10o. | 10-Q | 10.f | 12/20/2018 | |||||||||||||||||||||||||||||||||||||||||
10p. | 10-K | 10.Z | 10/27/2009 | |||||||||||||||||||||||||||||||||||||||||
10q. | X |
Exhibit No. | Incorporated by Reference | Filed Herewith | ||||||||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||||||||
10r. | X | |||||||||||||||||||||||||||||||||||||||||||
10s. | X | |||||||||||||||||||||||||||||||||||||||||||
10t. | 8-K | 10.1 | 10/05/2016 | |||||||||||||||||||||||||||||||||||||||||
10u. | 8-K | 10.2 | 10/05/2016 | |||||||||||||||||||||||||||||||||||||||||
10v. | 8-K | 10.3 | 10/05/2016 | |||||||||||||||||||||||||||||||||||||||||
10w. | 8-K | 10.9 | 10/05/2016 | |||||||||||||||||||||||||||||||||||||||||
10x. | 8-K | 99.2 | 11/14/2016 | |||||||||||||||||||||||||||||||||||||||||
10y. | 8-K | 10.1 | 12/12/2017 | |||||||||||||||||||||||||||||||||||||||||
10z. | 8-K | 10.1 | 10/23/2019 | |||||||||||||||||||||||||||||||||||||||||
10aa. | 10-Q | 99.4 | 12/29/2016 | |||||||||||||||||||||||||||||||||||||||||
10ab. | 10-Q | 99.5 | 12/29/2016 | |||||||||||||||||||||||||||||||||||||||||
10ac. | 8-K | 10.1 | 06/24/2019 | |||||||||||||||||||||||||||||||||||||||||
10ad. | 8-K | 10.2 | 06/24/2019 | |||||||||||||||||||||||||||||||||||||||||
10ae. | 8-K | 10.1 | 09/16/2019 | |||||||||||||||||||||||||||||||||||||||||
10af. | 8-K | 10.1 | 10/23/2019 | |||||||||||||||||||||||||||||||||||||||||
10ag. | 8-K | 10.1 | 11/04/2019 | |||||||||||||||||||||||||||||||||||||||||
10ah. | 8-K | 10.2 | 11/04/2019 |
Exhibit No. | Incorporated by Reference | Filed Herewith | ||||||||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||||||||
101.SCH XBRL Taxonomy Extension Schema Document** | ||||||||||||||||||||||||||||||||||||||||||||
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document** | ||||||||||||||||||||||||||||||||||||||||||||
101.DEF XBRL Taxonomy Extension Definitions Linkbase Document** | ||||||||||||||||||||||||||||||||||||||||||||
101.LAB XBRL Taxonomy Extension Label Linkbase Document** | ||||||||||||||||||||||||||||||||||||||||||||
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document** | ||||||||||||||||||||||||||||||||||||||||||||
101 |
The following financial statements from our Annual Report on Form 10-K for the fiscal year ended August 29, 2020 in Inline Extensible Business Reporting Language ("iXBRL"): (i) the Consolidated Balance Sheets at August 29, 2020 and August 31, 2019, (ii) the Consolidated Statements of Income and Comprehensive Income for the fiscal year ended August 29, 2020 and August 31, 2019, (iii) the Consolidated Statements of Cash Flows for the fiscal year ended August 29, 2020 and August 31, 2019, (iv) the Consolidated Statements of Changes in Stockholders' Equity for the fiscal year ended August 29, 2020 and August 31, 2019, (v) and the Notes to Consolidated Financial Statements.
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104 |
The cover page from the Winnebago Industries, Inc. Annual Report on Form 10-K for the fiscal year ended August 29, 2020, formatted in Inline XBRL (included as Exhibit 101).
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WINNEBAGO INDUSTRIES, INC. | |||||||||||
By | /s/ Michael J. Happe | ||||||||||
Michael J. Happe | |||||||||||
President, Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Signature | Capacity | |||||||
/s/ Michael J. Happe | ||||||||
Michael J. Happe |
President, Chief Executive Officer
(Principal Executive Officer) |
|||||||
/s/ Bryan L. Hughes | ||||||||
Bryan L. Hughes |
Senior Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer) |
|||||||
/s/ Sara E. Armbruster | ||||||||
Sara E. Armbruster | Director | |||||||
/s/ Maria F. Blase | ||||||||
Maria F. Blase | Director | |||||||
/s/ William C. Fisher | ||||||||
William C. Fisher | Director | |||||||
/s/ Christopher J. Braun | ||||||||
Christopher J. Braun | Director | |||||||
/s/ Robert M. Chiusano | ||||||||
Robert M. Chiusano | Director | |||||||
/s/ David W. Miles | ||||||||
David W. Miles | Director | |||||||
/s/ Richard D. Moss | ||||||||
Richard D. Moss | Director | |||||||
/s/ John M. Murabito | ||||||||
John M. Murabito | Director |
Jurisdiction of | Percent of | |||||||||||||
Name of Corporation | Incorporation | Ownership | ||||||||||||
Winnebago Industries, Inc. | Iowa | Parent | ||||||||||||
Winnebago of Indiana, LLC | Iowa | 100% | ||||||||||||
Grand Design RV, LLC | Indiana | 100% | ||||||||||||
Winnebago Industries Holdco, LLC | Delaware | 100% | ||||||||||||
Octavius Corporation | Delaware | 100% | ||||||||||||
Chris-Craft Limited | Jersey Channel Islands | 100% | ||||||||||||
Chris-Craft USA, Inc. | Delaware | 100% | ||||||||||||
CC Marine Brand Acquisition LLC | Delaware | 100% | ||||||||||||
Chris Craft Corporation | Delaware | 100% | ||||||||||||
CC Property Acquisition LLC | Delaware | 100% | ||||||||||||
Newmar Corporation | Indiana | 100% |
Date: | October 21, 2020 | By: | /s/ Michael J. Happe | |||||||||||
Michael J. Happe | ||||||||||||||
President, Chief Executive Officer |
Date: | October 21, 2020 | By: | /s/ Bryan L. Hughes | |||||||||||
Bryan L. Hughes | ||||||||||||||
Senior Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer) |
Date: | October 21, 2020 | By: | /s/ Michael J. Happe | |||||||||||
Michael J. Happe | ||||||||||||||
President, Chief Executive Officer |
Date: | October 21, 2020 | By: | /s/ Bryan L. Hughes | |||||||||||
Bryan L. Hughes | ||||||||||||||
Senior Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer) |
Performance Measure | Performance Period | Weighting (% of total target award) | ||||||
Individual performance measures (see individual award schedule for participant’s individual performance metrics) | FY21* | 35% | ||||||
Financial measures (see individual award schedule for financial measures applicable to the FY21, 1H and 2H performance periods) | FY21* | 26% | ||||||
1H | 19.5% | |||||||
2H | 19.5% |