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Text: I am joined on the call today by Michael Happe, president and chief executive officer, and Bryan Hughes, senior vice president and chief financial officer.
These factors are identified in our SEC filings, which I encourage you to read.
We, as always, deeply appreciate your interest in Winnebago Industries and taking the time to discuss our fiscal fourth quarter and annual 2021 results.
Our fourth-quarter fiscal 2021 was a strong finish to a remarkable year, characterized by record revenue and record profitability, propelled by three key factors.
First, a sustained elevated excitement for the outdoor lifestyle remained a powerful tailwind driving demand for Winnebago Industries premium products.
Winnebago Industries grew fourth-quarter revenues 40.4% year over year, and 56.8% on an organic basis ex-Newmar, compared to our fiscal 2019 fourth quarter.
Second, Winnebago Industries trend of expanding market share accelerated in the fourth quarter, gaining a full 2.1 percentage points of share during the three-month period ending August.
Importantly, this is driven by both new and experienced consumers who recognize the differentiated quality and innovation in Winnebago Industries brand portfolio.
And the exceptional service we are known to provide in partnership with our dealers.
And third, our team's relentless demonstration of operational excellence, which enabled us to deliver for consumers and our dealer partners efficiently and profitably during a very challenging period as supply constraints and inflation have endured.
As a result, we expanded margins in both our motor home and towable segments during the fourth quarter.
Before I continue, I want to recognize the superb Winnebago Industries employee team.
Our employees now 6,800 plus drawn with the addition of Barletta, have worked tirelessly to provide the high-quality products and exceptional service our customers and dealer partners have come to expect.
While managing through record high backlogs to meet the tremendous demand for our products, their dedication throughout this year has been the key factor in our success.
The pandemic has undoubtedly catalyzed and accelerated powerful demand for outdoor experiences.
And we believe this secular shift already underway pre-COVID-19 will have a lasting impact as more and more new families experience the great outdoors.
Over 10 million households camp for the first time in 2020, and we are tracking toward another estimated 4.3 million households to have their first camping experience in 2021.
In addition to first timers, a new wave of engaged enthusiasts, especially millennials, younger generations are investing more of their time and income in the outdoor lifestyle.
To put a finer point on this, even as we saw the easing of pandemic restrictions over the summer, creating a possible return to a broader set of vacation and travel leisure options.
Our performance in the summer selling season was strong, setting revenue records in both our fiscal third quarter, and now, our fiscal fourth quarter.
Our record backlog of orders continues to grow, and we are seeing rapid sell-through of inventory we provide to dealers.
We are also confident that the diverse cohorts making memories in the outdoors will be the foundation of our growth in the decades ahead.
So, we're bullish on the broader recreation economy and investing to expand our reach beyond RVs, in line with our strategy to become a premier outdoor lifestyle company.
Early in the first quarter of our fiscal 2022 year, we completed our acquisition of Barletta Boat Company.
Building on our past marine investment in the Chris-Craft brand, Barletta's premium pontoon boats meaningfully expand and extend our marine platform into one of the fastest-growing boating segments in pontoons.
Looking ahead, we're excited to discuss the exciting opportunity in our new marine reporting segment in quarters to come.
Due to the strength of our overall offering, we have been very successful in harnessing the industrywide demand for the outdoor lifestyle and delivering net total growth.
Winnebago Industries is increasingly winning with customers, and we're proud that an outsized share of new outdoor adventures has chosen to become part of the Winnebago Industries' community.
As of August 2021, our RV fiscal year-to-date market share is now 12.5%, up 140 basis points from the same period last year.
Even better, we've been able to achieve these gains while maintaining record low levels of discounting.
Our performance and ability to capture share in the full value of our products in a competitive market underscores the unique appeal of our differentiated brand portfolio, which includes a broad range of options for new customers as they enter the market, as well as more premium products as customers upgrade and move up the value chain.
Continuing to invest in our products and brands unified by our golden threads of quality, innovation and service ensures we are positioned to meet consumer demands on technology and capabilities to drive share gains now and into the future.
Finally, our world-class team did a masterful job translating demand growth and market share gains into financial performance in the fourth quarter with an enterprisewide commitment to operational efficiency, despite the challenges posed by the ongoing pandemic, including supply chain disruptions and inflationary pressures.
These operational efforts can be clearly seen as we kept off the fiscal year with record consolidated annual gross margins of 17.9%.
One key element of our operational excellence is the success of our enterprisewide operations and sourcing teams, who quickly adapted to component shortages and supply disruptions that have become commonplace across the supply chain.
Our team has remained flexible using creative and strategic material sourcing strategies and solutions to keep our assembly lines moving.
We will continue to monitor supply chain issues and provide updates along with our results as long as they persist.
Our work to improve communication across our supply chain has allowed us to better anticipate and plan for disruptions in partner component availability.
And we are continuing to strengthen and deepen our relationships with our dedicated dealer network as we focus on replenishing their inventories as quickly as possible.
We are incredibly proud of our team and the performance in the fourth quarter and for our entire fiscal 2021 year.
Our results demonstrate that we are executing well on our proven value creation strategy.
The new heights we were able to achieve in revenues and profitability demonstrate the unique strength and appeal of our growing platform, as well as our world-class team.
I'll touch on fourth quarter and annual highlights, recent capital allocation announcements and several items impacting reporting going forward.
This information can be found on our investor relations website at investor.
As Mike mentioned earlier, our first fiscal fourth quarter was a strong finish to an already outstanding fiscal 2021.
Fourth-quarter revenues were a record $1 billion, an increase of 40% compared to the fiscal 2020 fourth quarter.
Fourth quarter consolidated gross profit margin of 18.1% was up 150 basis points compared to the same period last year due to leverage, pricing, including lower discounts and allowances and profitability initiatives.
Fourth-quarter record revenues and strong margins resulted in record levels of earnings per share.
Fourth-quarter earnings per diluted share was a record $2.45, an increase of 96% versus the same period last year.
Fourth-quarter adjusted earnings per diluted share was a record $2.57, up 77% versus the same period last year.
Now turning to the full-year fiscal 2021 results.
Consolidated fiscal 2021 record revenues of $3.6 billion increased approximately 54% from $2.4 billion in fiscal 2020, positively impacted by strong consumer demand for Winnebago Industries product, coupled with continued RV market share gains.
Revenues were also positively impacted by pricing taken throughout the year, which was implemented to offset inflationary cost input, as well as lower levels of discounts and allowances.
Annual gross profit margin improved 460 basis points to a record 17.9%, primarily due to robust fixed cost leverage, profitability initiatives, increased pricing, including lower discounts and allowances and favorable segment mix.
In line with the fourth quarter, strong annual revenues and healthy margins drove record levels of profitability.
Full-year earnings per diluted share were a record $8.28, an increase of 350% compared to fiscal 2020.
Annual adjusted earnings per diluted share also hit a record high of $8.55, an increase of 231% compared to adjusted earnings per diluted share of $2.58 in the same period last year.
Now, turning to the individual segments.
Towable segment revenues for the fourth quarter were $560 million, up approximately 35% from $414 million in fiscal 2020, primarily driven by strong-end consumer demand and pricing, which was implemented to offset inflationary cost input pressures.
Segment adjusted EBITDA for the fourth quarter was $83.4 million, up approximately 36% year over year, primarily driven by the higher revenues.
Fourth-quarter adjusted EBITDA margin of 14.9% increased 10 basis points, compared to the same period last year, primarily driven by operating leverage, which was offset by a shift in mix favoring travel trailers versus fifth wheel.
For the full-year fiscal 2021, revenues for the towable segment were a record $2 billion, up 64% from fiscal 2020, driven by high demand for our towable products and pricing, which was implemented to offset inflationary cost input pressures.
Segment adjusted EBITDA for the full year was $289 million, up 95% from fiscal 2020.
Segment adjusted EBITDA margin of 14.4% increased 230 basis points for the full year over fiscal 2020.
Now, let's turn to our motor home segment.
In the fourth quarter, revenues for the motor home segment were $448.9 million, up approximately 49% from the prior year, driven by strong end consumer demand, particularly in class B and class A and pricing, which was implemented to offset inflation.
Segment adjusted EBITDA was $50.4 million, up approximately 159% from the prior year.
And adjusted EBITDA margin was 11.2%, an increase of 480 basis points over the prior year and 150 basis points sequentially, driven by fixed cost leverage and profitability initiatives.
For the full-year fiscal 2021, revenues from motor home segment were $1.5 billion, up approximately 46% compared to fiscal 2020 due to increased unit sales and pricing.
Segment adjusted EBITDA for the full year was $169.2 million, up 414% from fiscal 2020.
Segment adjusted EBITDA margin for the full year was 11%, up 790 basis points over fiscal 2020.
Turning to the balance sheet.
As of the end of the 2021 fiscal year.
The company had outstanding debt of $528.6 million comprised of $600 million of gross debt, net of convertible note discount of $60.4 million and net of debt issuance costs of $11.1 million.
Working capital was $651.6 million.
Our current net debt to adjusted EBITDA ratio is 0.4 times, below our targeted range of 0.9 to 1.5 times providing financial flexibility and balance sheet strength to enable continued investment in our strategic imperatives and health returns for our shareholders.
We continue to maintain a very healthy liquidity position.
Our cash balance increased to $434.6 million at the end of fiscal 2021, and we have not drawn on our $192.5 million ABL.
This liquidity of approximately $627 million provided the necessary funding for the Barletta acquisition, which closed in early fiscal 2022.
We also bought back approximately $45 million worth of shares throughout the year with approximately $35 million occurring in the fourth quarter.
Combining share repurchases with dividends paid, Winnebago Industries returned a total of $62 million to shareholders in fiscal 2021, while also growing the business significantly.
The effective income tax rate for the full year was 23.3% compared to 20.5% for fiscal 2020 due to relatively consistent year-over-year tax credits on higher pre-tax income in fiscal 2021.
Looking ahead to fiscal 2022, we expect our tax rate to be in the range of 23.5% to 24.5%, not considering unforeseen discrete items or any change in the tax law.
Our balance sheet and financial health have never been so strong.
With that in mind and looking ahead, I want to comment on our capital allocation priorities.
First, we will continue to invest in our business and advance our strategic priorities focused on growth and to meet the robust demand we continue to expect.
We are planning investments to add capacity, including new facilities, executing production flow, redesign and optimizing our operational capabilities.
These improvements will support continued production output, as well as product innovation, and they signal our confidence in the future of Winnebago Industries and the vitality of our end markets.
We continually look for areas of improvement across our Winnebago, Grand Design, Newmar, Chris-Craft, and now, Barletta, manufacturing and assembly footprint and will add meaningful square footage in the coming year.
Our acquisition of Barletta completed in early fiscal 2022 was primarily funded out of cash but also included newly issued shares.
This effective deal structure keeps our liquidity position strong and our leverage ratio low, so we can continue to pursue M&A opportunities as they arise.
Issuing shares also serves to align all parties on driving a successful integration and our collective future success.
On August 18, 2021, the company's board of directors approved a quarterly cash dividend of $0.18 per share, payable on September 29, 2021, to common stockholders of record at the close of business on September 15, 2021.
This quarter's dividend declaration represents a 50% or $0.06 per share increase from the previous quarter and further demonstrates our confidence in future business performance while also delivering financial returns to our shareholders.
As mentioned previously, we returned approximately $45 million to shareholders through share repurchases during the year.
with approximately $35 million occurring in the fourth quarter.
To enable further repurchase activity in the future, our board approved a new share buyback program on October 13 that authorizes us to repurchase up to $200 million of our shares in the future.
This should be interpreted as a signal that we have confidence in our future, and we will continue to utilize our share repurchase program as another mechanism to return cash to our shareholders.
Before I conclude my remarks, I want to raise three items that will change our reporting beginning with the first quarter of our fiscal year 2022.
The first is that, as previously announced, our acquisition of Barletta Boat Company materially increases the scale of our marine platform.
Beginning next quarter, Q1 of fiscal 2022, Winnebago Industries' public reporting will include a new reporting segment, the Marine segment, comprised of Barletta and Chris-Craft.
Comparisons will be made to fiscal 2021, which will only include Chris-Craft results, and we will report the same key data points for the Marine segment as we do with our RV segments, specifically revenues, units, adjusted EBITDA, backlog and field inventories.
Second, going forward, we will be adjusting for 100% of intangible amortization within our adjusted earnings per diluted share metric.
We are taking this step to ensure that our adjusted earnings per share best reflects the core operations of our business.
Third, the tax rate for adjusting items that impact reported earnings per share to arrive at adjusted earnings per share will be 24.2%.
We have historically utilized the federal statutory 21% rate.
This change will be effective going forward, and we will not restate prior years.
To conclude, our Q4 and annual fiscal 2021 results reflect very strong position in the industries we compete in and also reflects the great contributions to the Winnebago Industries portfolio of businesses and the people that comprise these businesses.
We are extremely proud of these results, and we have strong expectations for our future.
That concludes my review of our quarterly and full-year financials with that.
As we reflect on 2021, as Bryan said, we're proud of the financial, strategic and cultural strides we have made together with our talented team.
In addition to delivering strong financial results and market share growth, Winnebago Industries also continued our deep commitment to our corporate responsibility to our communities and shareholders.
As part of our commitment to our Winnebago Industries family and all of our stakeholders, we have made several important strides toward enhancing our ESG efforts across the organization.
Jill is responsible in partnership with the rest of company leadership for advancing DEI programs and initiatives and leading the execution of our overall DEI strategy and road map.
As an example of lifting others up, we launched a year-round Go Together fund to aid employees facing natural and personal disasters.
Following our work mobilizing resources recently to support earthquake relief and recovery in Haiti as an example, which is closely connected with many of our valued Chris-Craft teammates.
At Winnebago Industries, we are committed to the pursuit of outdoor adventures and in doing so, seek to be vigorous protectors of the environment.
It is essential to our mission that our employees and customers are able to experience the beautiful natural spaces our planet has to offer.
In the spirit of reducing our footprint for the next generation of outdoor enthusiasts, we recently strengthened our commitment to sustainability by joining the business ambition for 1.5 degrees Celsius, a United Nations-backed global coalition of business leaders.
As part of this program, we are committing to help limit the impact of climate change by setting a goal to achieve net zero greenhouse gas emissions by 2050.
We also announced additional goals on water, waste and product sustainability.
We look forward to working with the science-based target initiative and external validators to develop an active plan for achieving this net zero goal, which represents an important focus of our corporate responsibility strategy.
As we move into the coming year, you can expect us to continue to prioritize corporate responsibility in our investments and partnerships.
Turning to the future.
The unprecedented interest in our products and bullish industry outlook has provided us with a very bright outlook for fiscal 2022.
In addition to leveraging the strength of our RV and Chris-Craft brands, we are excited to add Barletta, the fastest-growing brand and the fastest-growing segment of the marine category in pontoons.
Barletta's quality brand and high-quality dealer partners adds to our existing portfolio of premium brands, bringing more families access to the long-term value of Winnebago Industries' quality products provide.
Collectively, our brands exemplify quality, service and innovation to our dealers and end consumers.
The golden threads that will drive market share gains for us in the RV and marine industries during fiscal '22 and the years ahead.
Consumer interest in the outdoors remains strong.
Campground reservations are just one metric that remained robust due to more households camping and camping more frequently.
Website traffic is as strong as ever on our websites, and dealers continue to see steady interest in the outdoor lifestyles of RV and boating.
As I mentioned earlier, over 14 million households will have experienced camping for the first time during the 2021 and 2021 period.
And those experiences have resulted in many of those families buying their first RV.
As these new households experience the outdoors and further identify what they want from their experiences, our dealers are already seeing the upgrade cycle take place.
Yes, some new customers from 2020 are trading out of the lifestyle, which is not at all historically unusual.
But our broad dealer conversations across all RV brands indicate dealers are also seen at a higher accelerated pace of users trade up, a trend that favors our premium brands as we tend to outperform the broader market when consumers upgrade.
Long term, we believe the number of new customers who came into the outdoor lifestyle in 2021 and 2020 will bode well for the industry.
And we're particularly excited about the number of kids who experienced RV and boating as those experiences have been proven to translate into a love of the outdoors throughout their future lifetimes.
From a supply perspective, we continue to see material and component cost increases from suppliers, and we continue to manage out of stock or late deliveries on a weekly basis.
There is limited visibility right now to when those trends will dissipate meaningfully.
Despite those challenges, though, we continue to deliver record-level revenues and margin accretion as our teams continue to work very hard in deploying effective sourcing and production strategies.
Given the levels of cost input inflation that we have witnessed over the past year, we are thoughtfully working to mitigate these cost increases with our internal cost savings initiatives.
However, it has also been necessary for us to pass price increases that serve to offset the inflationary pressures we are seeing while also ensuring our products are viewed as having exceptional value in the marketplace.
The level of price increases year-over-year across our portfolio of our respective brands varies from mid-single digits to 20% plus.
There is no one price increase number for our business.
Each of our outdoor brands are blending a price to market and price to cost approach that protects profitable market share growth.
Accordingly, consumers are seeing the price of boats and RVs go up as pricing to the consumer is a combination of OEM pricing and improved dealer margins due to high levels of demand.
Retail pricing is not a result of OEM pricing strategy alone.
Despite higher prices, we are still sustaining a higher double-digit percentage retail pace currently than two years ago.
Before we open the call to questions, I want to touch quickly on expectations for the RV industry for the upcoming year.
We are aligned with RVIA's recent -- recently released RVIA forecast for calendar year 2022, which calls for 600,000 wholesale shipments or a growth of 4% versus the calendar year 2021 forecast of 577,000 units.
On a fiscal year 2022 basis for Winnebago Industries, the RVIA forecast translates to 605,000 wholesale industry shipments or 6% growth compared to the fiscal 2021 number of 569,000 units.
RV retail sales for the industry in our fiscal year 2021 were approximately 585,000 units, a record number and will likely be adjusted upwards as SSI adjustments take place in the coming months.
Looking ahead, we expect that fiscal 2022 RV industry retail sales will be strong.
While they will still likely fall short of the record fiscal 2021 retail results, we fully expect that we will see industry retail sales for our fiscal 2022 period, notch the second highest level of industry retail sales on record in that period.
Given that outlook, it is highly unlikely that industry field RV inventories will be adequately replenished by the end of our fiscal year 2022, suggesting that the restocking phase will continue into our fiscal 2023.
As we approach inventory normalization sometime in the future, we've mentioned in the past that we could see that some dealers, not all, but some work on lower levels of inventory and higher turns.
In line with history as markets normalize, dealers will rationalize the quantity of OEM brands on their lots, and we believe we are competitively advantaged in that scenario with our brands.
We would also expect that dealers will return to more normal or historic levels of profitability, implying pricing to end customers may ease as that occurs and as general inflation dissipates in the future.

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compname reports q4 earnings of $2.45 per share.
q4 adjusted earnings per share $2.57.
q4 earnings per share $2.45.
compname posts q4 adjusted earnings per share $2.57.

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