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Text: I'm joined on the call today by Michael Happe, president and chief executive officer; and Bryan Hughes, vice president and chief financial officer.
These factors are identified in our SEC filings, which I encourage you to read.
We express our hope that each of you and your families are safe and healthy, currently and into the future.
I would like to begin with an overview of the progress made by our team in continuing to transform our company during this unprecedented fiscal year 2020.
We will specifically highlight the macro results of our strong fiscal 2020 fourth quarter and review the strategic drivers critical to that success.
Our final segment will offer some closing thoughts on the state of the outdoor industry, early trends we are seeing in our fiscal 2021 first quarter, which we are already more than halfway through, and our core enterprise strategies for the future.
We will conclude the call, as always, with a question-and-answer session.
Now it is difficult to overstate just how unique the back half of our fiscal 2020 year was from the March through August.
We witnessed the incredible health, societal and economic consequences of the worst global pandemic in more than 100 years.
Critical matters of social injustice rose to the forefront during the summer of 2020, and the depth of our country's political discord seems as magnified as ever.
2020 also witnessed and continues to experience an engagement by Americans in the great outdoors at recently unseen levels.
Our consumers combined the imperative of the safety of their families with our strong desire to be immersed in the experiences they could control and consequently flocked to the outdoor recreation lifestyle like never before.
The outdoor industry, the recreational vehicles industry, the marine industry and Winnebago Industries continues to see record interest in outdoor participation as calendar year 2020 progresses.
I strongly believe that the prevailing theme of fiscal 2020 was that despite all of the chaos we experienced, our 5,500-plus strong Winnebago Industries employees were steadfast in their commitment to safely achieving our strategic goals and also delivering on our golden threads of quality, innovation and service in all that we do.
This team experienced some difficult days in -- as we navigated the worst of the pandemic's impact on our business, and they continue to adhere to the stringent safety protocols we utilize every day.
It is our employees' ongoing commitment to working collaboratively, safely and efficiently that drives our business forward.
They, too, are true heroes as the pandemic drags on, and their efforts remain a constant force against this unfortunate virus.
In fiscal 2020 and especially in our fourth quarter, we made meaningful progress on delivering on our strategic growth initiatives and creating increased value for key stakeholders of our business.
While the acute impact of this year's third quarter impeded our ability to deliver the full-year financial performance, reflective of the momentum we had generated in the first half of the year, the underlying fundamentals of the business remain strong, driven by ongoing and tremendous consumer and dealer demand, which has returned in full force, evidenced by our significant fourth-quarter results.
Throughout the fiscal year, we continued to expand our portfolio, organically and now inorganically, and gain market share behind our four premium outdoor brands.
We successfully completed the acquisition of the Newmar luxury RV business in November of 2019, which added yet another outstanding brand to our Winnebago Industries family and furthered our progress to restore leadership in the Motorhome RV segment through their ever-increasing market share in the Class A Motorized category.
Winnebago Industries also drove organic market share in fiscal year 2020, led once again by the surging Grand Design RV brand and its expanding and highly desired travel trailer and fifth wheel lineups.
Our leading offering of Winnebago-branded Class B vans added almost nine points of market share in fiscal 2020, and heralded some new product launches by our Winnebago Towables team also enabled a significant increase in future orders in that business.
As the pandemic hit our company with unforeseen speed in the middle of March, we, ourselves, took swift and appropriate actions to protect our employees and key stakeholders, while strengthening our solid financial position and ensuring liquidity and flexibility in the face of uncertainty.
While much of our operations were suspended for six weeks in the spring of 2020, we wasted no time reimagining some daily operating processes to ensure a safe return to full operating status in May, which allowed us to react appropriately to begin meeting increased and soon to be record levels of consumer demand in the summer of 2020.
We kept our foot on the accelerator in terms of new product development, worked to create strategic and mutually beneficial relationships with key suppliers and pivoted our portfolio to a committed and confirmed order production system.
These actions and many more set us up to safely and profitably deliver for our end consumers and dealers in the fourth quarter even as a record backlog of new orders accumulated across both our RV and Marine businesses.
Throughout our fiscal year, Winnebago Industries continued to make progress in realizing our vision to be a leading provider of outdoor lifestyle solutions and in creating value for our shareholders and communities.
In fiscal 2020, Winnebago Industries returned $15 million to shareholders through our increase in sustained dividends.
As Bryan Hughes will touch on further, our capital allocation priorities are focused on managing our flexibility and maintaining our solid financial position as we continue to really invest in a disciplined manner in the face of an uncertain economic environment.
We feel confident but remain constantly diligent in the strength of our balance sheet and are pleased with our ability of having delivered positive operating cash flow throughout the fiscal year.
We also maintained our commitment to publishing our first annual corporate social responsibility report for the 2019 calendar year, with the 2020 edition just around the corner later this fall.
These reports highlight our every effort to address the environmental, social and governance issues that impact our employees, our customers and our world and most directly affect the long-term success and sustainability of our business.
It is also indicative of our commitment to developing goals and tracking our progress toward enhanced sustainability.
Additionally, in light of the pandemic and the financial hardship it has put on so many in our communities, Winnebago Industries made a record 7-figure donation to the Winnebago Industries Foundation in fiscal 2020, supporting national partners in its three impact areas: outdoors, access and community as well as some local organizations in our Winnebago Industries hometowns, like those supporting the pandemic first responders and healthcare providers in the communities in which our employees live, work and play.
Turning now to our consolidated financial results.
Our fiscal fourth quarter was a strong finish to the year, reflecting the appeal and the market position of our portfolio of leading outdoor lifestyle brands.
The strides we have made in safety and operational excellence and the value of our collaborative relationships with our supplier partners and our dealer network.
Consolidated revenues for Winnebago Industries were the $737.8 million for the fourth quarter of fiscal 2020, an increase of approximately 39% year over year and a robust 15.3% organic increase, excluding the impact of Newmar.
We saw exceptional demand across our product portfolio as consumers invested in safe outdoor lifestyle solutions once the stay-at-home restrictions began to lift, with standout performance by Grand Design in our Towables segment and Class B sales in our Motorhome segment.
Behind the strength of our Winnebago Grand Design and Newmar brands, and we saw our RV market share gains continue, achieving 11.3% market share on a trailing 12-month basis, which is a full 1.3 percentage points above last year, of which 0.8 percentage points or almost 2/3 is organic.
Remember, this company had less than 3% total market share at the end of 2015.
This continuation of market share gains is especially encouraging since first-time RV buyers make up a larger portion of our purchases these days.
First-time buyers generally gravitate toward more entry-level models where Winnebago Industries portfolio skews toward more premium offerings.
Yet, our market share gains would now reflect that we appear to be competing just fine for these new consumers.
Full-year operating cash flow was $270.4 million, an increase of approximately 102%, reflecting disciplined working capital management and our strong sales momentum throughout the year, despite the acute COVID impact in our fiscal third quarter.
We have continued to be very measured with our cash and have maintained our focus on curtailing expenses and enhancing our liquidity.
Our cash balance rose to $293 million at quarter end.
While really our outlook for continued strong consumer and dealer demand trends are positive, we are closely monitoring the evolution of the pandemic and its economic impacts.
The successful cash management actions that we deployed in the third quarter underscores this high variability of our cost structure and our ability to manage through challenging periods should we face further macro level disruption.
I am also very pleased that Winnebago Industries' overall quarterly adjusted EBITDA margin expanded over 70 basis points in the fourth quarter compared to the same period last year as we continued our focus on excellence in operations and delivered our profitable growth safely.
We reimagined our operating processes to support a safe return to running at high speed throughout our fourth quarter and continuing into fiscal year 2021.
Now let us turn to the segments in more detail.
In the Towables segment, fourth-quarter revenues of $414 million were up approximately 35% from the prior year period, primarily driven by strong demand for safe outdoor lifestyle experiences and the strength of our premium Towable portfolio.
The increasing appeal of Grand Design's products and their tireless focus on quality, innovation and service has allowed us to again outpace the industry.
Our adjusted EBITDA margin was 14.8% in the quarter for the Towable segment, up 110 basis points compared to the same period last year as a result of fixed cost leverage and profitability initiatives.
Backlog increased to a record $747.9 million, an increase of approximately 219% over the prior year period as dealers at the end of August had largely depleted much of their inventories to meet high levels of the consumer demand in the fourth quarter.
Our multi-branded Towables portfolio has continued to be resilient and successful in gaining share.
And we still see vast opportunity for growth as demand trends remain positive, overall market size expands and our dealers will look to restore lot inventory levels, especially with our preferred brands.
Our performance emphasizes that our Winnebago brand and our Grand Design Towables lineups remain strong and reflects the continued appeal of both brands with consumers.
Turning to the Motorhome segment, the addition of Newmar's luxury brand to our Motorhome platform is allowing Winnebago Industries overall to compete more effectively in the Class A and Super C categories and more broadly supporting our priority to restore our Motorhome business to a leadership position.
As demand trends continue and new customers come into the RV lifestyle, our Motorhome segment is headed in the right direction to be also more balanced and competitive than ever and well positioned to capture value going forward.
Fourth-quarter Motorhome segment revenues are $301.8 million were up approximately 50% from the prior year period, driven by those same strong demand trends for safe outdoor family experiences.
Excluding Newmar, organic revenues were $175.5 million, down 12.6% from the same period last year.
You may recall that fourth quarter of fiscal year 2019 saw strong Class B and Class C unit sales as we benefited from more normal chassis availability a year ago.
In fourth quarter of fiscal 2020, our strengthening Class B sales more than offset, by the impact of the COVID-19, our Class A and Class C sales that did not recover as quickly after the shutdown in Q3.
Yet Winnebago, our brand, increased its Class C diesel sales in August and throughout our fiscal year.
Adjusted EBITDA margin for the Motorhome segment increased to 6.4% in the quarter, 100 basis points over the fourth quarter in 2019 because of lower input costs.
Our Motorhome backlog increased to some record $1.1 billion at the end of this August, an increase of approximately 536% from the prior year due to depleted dealer inventory, strong consumer demand and the influx of Newmar orders inorganically.
Our fourth-quarter backlog included approximately 7,000 units of Winnebago-branded Motorhome units alone as dealers see increasing promise in the improving lineup of Motorhome products within that brand.
We have also continue to work closely with our suppliers to ensure that we are supporting them and partnering with them in carefully managing the supply chain with more advanced notice on lead times and overall closer communication.
Likewise, we also continue to validate the incredible amount of orders from our dealer partners and prioritize what they need most to continue to sustain impressive retail momentum in the months ahead.
In fiscal year 2021, we have continued to ensure that we are strategically sourcing from our supplier partners in sustainably, replenishing dealer stocks as possible.
Finally, I will touch on our Marine segment.
Like our RV businesses, Chris-Craft's strong premium brand and market position has propelled it to growth in the fourth quarter as more consumers flock to experiencing the outdoors by boat as well.
The planning process for our capacity expansion at the facility in Sarasota is being considered again as we look to fuel this brand as an integral part of our broader outdoor lifestyle solutions platform.
Summer of 2020 saw record retail for our Chris-Craft brand, the introduction of further new models, a decline in field inventory with its dealer partners and a material increase in backlog orders, stretching deep into spring of calendar 2021.
Fourth-quarter consolidated revenues were $737.8 million.
Revenues, excluding Newmar, were $611.5 million, reflecting an increase of 15.3% compared to the fiscal 2019 fourth quarter, driven by the strong rebound in consumer demand in the Towable segment and Class B Motorized products.
Gross profit was $122.5 million in the fourth quarter, an increase of approximately 47% year over year, reflecting strong growth in the Towable segment and the contribution from Newmar.
Gross profit margin of 16.6% was up 90 basis points compared to the same period of last year due to lower Motorhome segment input costs and Towable segment fixed cost leverage, partially offset by segment mix as a result of the acquisition of Newmar.
Operating income was $68.4 million for the quarter, an increase of approximately 53% compared to the fourth quarter last year.
Fiscal 2020 fourth-quarter net income was $42.5 million, an increase of approximately 33%, compared to $31.9 million in the fourth quarter of last year, driven by the growth in operating income, partially offset by increased interest expense.
The increase in interest expense is related to the convertible bond issued to finance the acquisition of Newmar, and separately, the write-off of certain debt issuance costs associated with the termination of the company's Term Loan B, which, as previously announced, was refinanced by a bond issuance during the fourth quarter.
Our earnings per diluted share was $1.25.
Adjusted earnings per diluted share was $1.45, representing an increase of 45%, compared to adjusted earnings per diluted share of $1 even in the same period last year.
Consolidated adjusted EBITDA was $76.5 million for the quarter, compared to $50.8 million last year, an increase of approximately 51%.
Now turning to the full-year fiscal 2020 results.
And as Mike mentioned earlier, the COVID-19 pandemic and the related shutdown of our operations in the third quarter, combined with the momentary disruption to consumer purchasing patterns, had a significant impact on our results for fiscal 2020.
Consolidated fiscal 2020 revenues of $2.4 billion increased approximately 19% from $2 billion in fiscal 2019, positively impacted by the acquisition of Newmar, which closed in Q1 of fiscal 2020, but negatively impacted by the COVID-19 pandemic and related suspension of manufacturing operations.
Gross profit margin decreased 220 basis points, primarily due to the mix impact of adding Newmar as well as the related purchase accounting impacts and further impacted by COVID-19 and associated deleverage during fiscal third quarter.
Operating income for the year was $113.8 million, compared to $155.3 million in fiscal 2019, and net income was $61.4 million.
Full-year earnings per diluted share were $1.84, a decrease of approximately 48% compared to fiscal 2019.
Adjusted earnings per diluted share was $2.58 for fiscal 2020, compared to adjusted earnings per diluted share of $3.45 in the same period last year.
Fiscal 2020 consolidated adjusted earnings per diluted share excludes costs totaling $25 million or $0.74 of per diluted share after tax related to the noncash portion of interest expense on the convertible bond, Newmar acquisition-related costs, debt issuance cost write-off due to termination of the Term loan B and restructuring costs.
Recall also that reported and adjusted earnings per diluted share was also impacted by the 2 million shares issued as consideration in the Newmar acquisition.
Fiscal 2020 consolidated adjusted EBITDA was $168.1 million, a decrease of 6.4% from $179.7 million in fiscal 2019.
Now, before turning to the individual segments, I wanted to mention that amortization of intangibles for the fourth quarter was $3.6 million.
We currently expect amortization of approximately $3.6 million in each quarter of our fiscal 2021.
Now turning to the individual segments, beginning with the Towable segment.
Towable segment revenues for the fourth quarter were $414 million, up approximately 35% from $307 million in fiscal 2019, primarily driven by strong consumer demand for outdoor experiences.
Notably, Grand Design's resilience and popularity with consumers has again enabled the brand to gain market share.
As of just August, Grand Design's market share was 8.7% of the Towables market on a trailing 12-month basis, representing an increase of 1.5 percentage points over the prior year.
Segment adjusted EBITDA for the fourth quarter was $61.3 million, up approximately 46% year over year and adjusted EBITDA margin of 14.8% increased 110 basis points, primarily due to fixed cost leverage and profitability initiative.
For the full-year fiscal 2020, revenues for the Towable segment were $1.2 billion, up 2.5% from fiscal 2019, reflecting strong results for three quarters of our fiscal year, partially offset by the severe impact of the suspension of manufacturing and consumer disruption due to the COVID-19 pandemic in the third quarter.
Segment adjusted EBITDA for the full year was $148.3 million, down approximately 9% from fiscal 2019.
Adjusted EBITDA margin of 12.1% decreased 160 basis points for the full year, driven again by the COVID-related impacts during our fiscal third quarter.
Next, let's turn to our Motorhome segment.
In the fourth quarter, revenues for the Motorhome segment were $301.8 million, up approximately 50% from the prior year, driven by the addition of Newmar.
Excluding Newmar, segment revenues decreased 12.6% compared to the prior year as a result of strong Class B sales, offset by a decline in Class A and Class C sales due to a slower ramp-up of this business following the COVID-19 pandemic.
Segment adjusted EBITDA was $19.5 million, up approximately 81% over the prior year due to improved profitability in the Winnebago-branded business and the addition of Newmar, partially offset by class mix.
Adjusted EBITDA margin was 6.4%, an increase of 100 basis points over the prior year, primarily due to lower input costs, driven by an improvement in our LIFO reserve of $5 million that was recognized in the quarter.
This reduction in the LIFO reserve was driven by the initiatives that produced a dramatic reduction in inventory in the Winnebago Motorhome business, largely recognized in Q3 and Q4.
For the full-year fiscal 2020, revenues for the Motorhome segment were $1.1 billion, up approximately 50% compared to fiscal 2019.
Revenues, excluding Newmar, were $668.4 million, down 5.4% from fiscal 2019 as a result of manufacturing and distribution disruption due to this COVID-19 pandemic.
Segment adjusted EBITDA for the full year was $32.9 million, up 20% over fiscal 2019, driven by the addition of Newmar.
Adjusted EBITDA margin of 3.1% was down 80 basis points for the full year due to the impact of COVID-19 during our fiscal 2020 third quarter, partially offset by the addition of Newmar.
Turning to the balance sheet.
As of the end of the fiscal year, the company had outstanding debt of $512.6 million, comprised of $600 million of gross debt, net of convertible note discount of $74.3 million and our net of debt issuance costs of $13.1 million.
Working capital was $413.2 million.
Our current net debt to adjusted EBITDA ratio was 1.7 times.
At the end of June, we took an opportunity to restructure the Term loan B portion of our outstanding debt.
The action took advantage of favorable financing rates in the debt markets to add further flexibility to our overall debt position by allowing us to extend maturity dates without any maintenance covenant restrictions.
I'll touch more on this a bit later.
Annual fiscal year 2020 cash flow from operations was $270.4 million, an increase of $136.7 million from the same period of fiscal 2019.
Our disciplined approach to preserving cash was critical in our ability to navigate the COVID-related temporary shutdown in Q3.
We have also made dramatic improvements during the year to the inventory position of the Motorhome business, and this was the primary contributor to the extremely strong cash flow generated this year as compared to last year.
And finally, we continue to maintain a very healthy liquidity position.
As Mike mentioned earlier, our cash balance increased to approximately $293 million at the end of the fiscal year, and we currently have nothing drawn on our $193 million ABL.
The effective income tax rate for the full year was 20.5%, compared to 19.5% for fiscal 2019.
On August 19, 2020, the company's board of directors approved a quarterly cash dividend of $0.12 per share payable on September 30, 2020, to common stockholders of record at the close of the business on September 16, 2020.
This represents a 9% increase from the prior dividend of $0.11 per share.
As Mike mentioned earlier, Winnebago Industries returned a total of $15 million to shareholders during the fiscal year 2020.
The acquisition of Newmar in November introduced $300 million of convertible debt.
In late June, during our fiscal Q4, we refinanced our Term loan B and issued some senior secured notes, also valued at $300 million.
There are a couple of important considerations that are deserving of some additional comments.
The first is that the convertible debt instrument, which matures in 2025, is not prepayable.
The secured notes mature in 2028 and prepaying during the first three years is cost prohibitive.
Second, the convertible note will have a dilutive accounting impact on outstanding shares once the average share price during a reporting period exceeds the conversion price of $63.73.
Since we structured the convertible instrument with our call spread overlay, economic dilution to our shareholders does not materialize until the share price exceeds $96.20.
As such, if our reported earnings per share for a reporting period reflects the dilution required by the accounting rules, our adjusted earnings per share will remove this dilution up until the average share price exceeds $96.20.
And finally, as it relates to our capital allocation priorities, and we continue to prioritize reaching our target leverage ratio of 0.9 to 1.5.
Given the nature of our debt instruments, we will achieve this through the utilization of two levers: through the accumulation of cash and the resulting some lower net debt and increasing adjusted EBITDA over the coming quarters, particularly once we lap fiscal '20 Q3 results.
That concludes my review of our quarterly financials.
Mike, back to you.
The environment we are operating under in our industry and our world more broadly is materially different than the one we imagined when new leadership first presented our enterprise strategies and transformation goals for Winnebago Industries in 2017.
However, I am also pleased to say that despite our annual fiscal 2020 financial results being significantly impacted by COVID-19, the relative performance of our diverse and balanced portfolio during these unprecedented times is a reflection of the progress we've made on our enterprise strategies.
We remain a company moving forward positively, culturally, strategically, financially and now also from a corporate responsibility perspective.
Our transformation efforts have undoubtedly positioned Winnebago Industries to be more competitive in the future in the markets we serve and weather potentially challenging times should they now arise, leveraging our highly variable fixed cost structure and strengthened financial position.
As we look ahead to fiscal 2021, we are encouraged by some ongoing demand trends that we are experiencing.
People are rethinking their recreational priorities and turning to the outdoors as a primary venue for leisure and travel and a safer alternative for gathering with loved ones.
The recent fall 2020 KOA Camping Report confirmed that indeed customers new and experienced have flocked to the outdoors and are recreating in record numbers.
They are broadly confident that many of these consumers will continue to do so in calendar year 2021 as well.
We do not see retail momentum for RVs and boats slowing anytime soon.
And with dealer inventory levels exceedingly low, the need for wholesale shipments to restore a full line offering and selection on lots across America is and we will remain high.
Recently, the Recreational Vehicle Industry Association issued their wholesale shipment forecast for calendar 2020 and calendar 2021.
The 424,000 unit forecast for calendar 2020 or roughly 4.5% overall growth is reasonable in our minds for the 2020 period.
Further, the record number of 507,000 units forecasted for wholesale shipments in calendar 2021 also appears reasonable in our view even considering well-documented and real ongoing supply chain challenges.
Underpinning these shipment assumptions is a belief that there remains enough consumer interest in the outdoor industry to drive low to mid-single-digit percentage retail increases in calendar year 2021 as well.
That is saying something considering the crowd retail in the summer and fall of 2020.
And I can communicate that our September and October RV retail at Winnebago Industries continues to grow at rates similar to what we saw in our fiscal 2020 fourth quarter.
With this backdrop, we look forward to growing our position and share in the market as our customers and end consumers continue to view our brands as a trusted and safe way to have extraordinary experiences as they travel, live, work and play in the outdoors.
Barring any unexpected setbacks related to this COVID-19, macroeconomic strife or hangover from a contentious general election cycle later this fall, we are optimistic that our company's current momentum will continue into our fiscal Q1 and beyond.
Our expectation is that we will be working hard with our suppliers and dealers to efficiently work through our backlog in an intentional urgent but disciplined manner and replenish a portion of the dealer pipeline with quality inventory to meet ongoing consumer demand.
We are selectively investing in additional capacity, assembly and our vertical integration capabilities in fiscal 2021 throughout various businesses, and we'll continue to invest and introduce new products and models to drive preference to our brands.
Now as many on the call are aware, supply chain issues do exist in both the RV and marine industries.
As evidenced by our fourth-quarter performance, we are confident that this multifaceted supply chain challenge will also continue to be managed in a fashion by our team that allows us to compete vigorously for retail and lot space in the market.
The supply chain issues are real, but our enterprise strategic sourcing team is working very closely with our purchasing resources within each business unit to chart a mutually agreeable path forward with our supplier partners.
Candidly, we view this as a competitive and strategic differentiation opportunity versus solely a headwind.
In recent meetings with our board of directors, we have achieved alignment on our enterprise strategies for Winnebago Industries for fiscal year 2021, and we have created an organic long-range strategic and financial plan for the next three fiscal years.
This is a plan our senior leadership and our board of directors are excited about.
Given the continued dynamic nature of the ongoing pandemic and about possible further uncontrollable factors in fiscal year 2021, we will not be releasing our next generation of long-term goals publicly quite yet.
Internally, though, we are aligned, but we will wait for a stronger sense of certainty externally before sharing any of our BHAGs.
In light of our increasing cash flow, we also continue carefully any possible business development opportunities.
These are disciplined assessments -- are always carefully considered with other means of managing our capital assets, and our commitment to drive our net leverage ratio to our desired range remains a priority.
We have established five core enterprise strategies for fiscal year 2021 and beyond here at Winnebago Industries: number one, we will strengthen an inclusive high-performance culture; number two, we will build exceptional outdoor lifestyle brands; number three, we will create a lifetime of customer intimacy; number four, we will drive operational excellence and portfolio synergy; number five, we will utilize technology and information as business catalysts.
Going forward, we remain committed to managing our business in a disciplined fashion, so we are best positioned to build on this momentum, capture the numerous opportunities we believe lie ahead and deliver further value to the customers, communities and shareholders we serve.
I will now turn the line back over to the operator to take questions.

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compname reports fourth quarter earnings per share $1.25.
q4 adjusted earnings per share $1.45.
q4 earnings per share $1.25.
q4 revenue $737.8 million versus refinitiv ibes estimate of $722.9 million.

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