LCI Industries Reports Second Quarter Financial Results
LCI Industries (NYSE: LCII) reported strong Q2 2024 results with net sales of $1.1 billion, up 4% year-over-year. Net income increased to $61 million ($2.40 per diluted share), up from $33 million in Q2 2023. EBITDA rose 39% to $123 million, with operating profit margin expanding to 8.6%. The company achieved significant inventory reduction and improved liquidity. Key highlights include:
- Revenue growth in towable RV OEM, Aftermarket, and certain Adjacent OEM businesses
- Strong cash flows from operations of $439 million for LTM ended June 30, 2024
- Inventory reduction of $142 million from Q2 2023
- Improved liquidity with $130 million cash and $373 million credit facility availability
The company's diversification strategy and focus on innovation are driving content growth and margin expansion.
LCI Industries (NYSE: LCII) ha riportato risultati solidi per il secondo trimestre del 2024 con vendite nette di 1,1 miliardi di dollari, in crescita del 4% rispetto all'anno precedente. Il reddito netto è aumentato a 61 milioni di dollari (2,40 dollari per azione diluita), rispetto ai 33 milioni di dollari del secondo trimestre del 2023. L'EBITDA è cresciuto del 39% a 123 milioni di dollari, con un margine operativo che si è espanso all'8,6%. L'azienda ha conseguito una significativa riduzione dell'inventario e un miglioramento della liquidità. I punti salienti includono:
- Crescita dei ricavi nei OEM di RV rimorchiabili, nel mercato secondario e in alcune attività OEM adiacenti
- Flussi di cassa operativi solidi di 439 milioni di dollari per gli ultimi dodici mesi chiusi il 30 giugno 2024
- Riduzione dell'inventario di 142 milioni di dollari rispetto al secondo trimestre del 2023
- Miglioramento della liquidità con 130 milioni di dollari in contante e 373 milioni di dollari di disponibilità creditizia
La strategia di diversificazione dell'azienda e l'attenzione all'innovazione stanno guidando la crescita dei contenuti e l'espansione dei margini.
LCI Industries (NYSE: LCII) reportó resultados sólidos para el segundo trimestre de 2024 con ventas netas de 1.1 mil millones de dólares, un aumento del 4% en comparación con el año anterior. Los ingresos netos aumentaron a 61 millones de dólares (2.40 dólares por acción diluida), frente a los 33 millones de dólares en el segundo trimestre de 2023. El EBITDA creció un 39% hasta 123 millones de dólares, con un margen de beneficio operativo expandiéndose al 8.6%. La empresa logró una reducción significativa de inventario y mejoró su liquidez. Los puntos destacados incluyen:
- Crecimiento de ingresos en OEM de RV remolcables, mercado secundario y ciertos negocios OEM adyacentes
- Fuertes flujos de caja de operaciones de 439 millones de dólares para los últimos doce meses finalizados el 30 de junio de 2024
- Reducción de inventario de 142 millones de dólares desde el segundo trimestre de 2023
- Mejora de la liquidez con 130 millones de dólares en efectivo y 373 millones de dólares disponibles en líneas de crédito
La estrategia de diversificación de la empresa y su enfoque en la innovación están impulsando el crecimiento del contenido y la expansión del margen.
LCI Industries (NYSE: LCII)는 2024년 2분기 실적을 발표하며 순매출이 11억 달러로 지난해 대비 4% 증가했다고 보고했습니다. 순이익은 6100만 달러로 증가했으며(희석주당 2.40 달러), 2023년 2분기 3300만 달러에서 증가했습니다. EBITDA는 39% 증가하여 1억 2300만 달러에 달했으며, 운영 이익률은 8.6%로 확대되었습니다. 회사는 재고를 크게 줄이고 유동성을 개선했습니다. 주요 사항은 다음과 같습니다:
- 견인형 RV OEM, 애프터마켓 및 특정 인접 OEM 비즈니스에서의 수익 성장
- 2024년 6월 30일 종료된 LTM의 운영 현금 흐름이 4억 3900만 달러에 달했음
- 2023년 2분기 대비 1억 4200만 달러의 재고 감소
- 1억 3000만 달러의 현금 및 3억 7300만 달러의 신용 한도로 유동성 개선
회사의 다각화 전략과 혁신에 중점을 둔 접근 방식이 콘텐츠 성장 및 마진 확대를 이끌고 있습니다.
LCI Industries (NYSE: LCII) a annoncé des résultats solides pour le deuxième trimestre de 2024 avec des ventes nettes de 1,1 milliard de dollars, en hausse de 4 % par rapport à l'année précédente. Le revenu net a augmenté à 61 millions de dollars (2,40 dollars par action diluée), contre 33 millions de dollars au deuxième trimestre 2023. L'EBITDA a augmenté de 39 % pour atteindre 123 millions de dollars, avec une marge bénéficiaire opérationnelle élargie à 8,6 %. L'entreprise a réalisé une réduction significative de son stock et a amélioré sa liquidité. Les points saillants incluent :
- Croissance des revenus dans les OEM de camping-cars tractables, le marché secondaire et certaines activités OEM adjacentes
- Flux de trésorerie solides provenant des opérations s'élevant à 439 millions de dollars pour les douze derniers mois se terminant le 30 juin 2024
- Réduction de l'inventaire de 142 millions de dollars par rapport au deuxième trimestre 2023
- Amélioration de la liquidité avec 130 millions de dollars en liquidités et 373 millions de dollars de disponibilité en crédit
La stratégie de diversification de l'entreprise et son accent sur l'innovation stimulent la croissance du contenu et l'expansion des marges.
LCI Industries (NYSE: LCII) meldete starke Ergebnisse für das zweite Quartal 2024 mit Nettoverkaufszahlen von 1,1 Milliarden Dollar, was einem Anstieg von 4 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn stieg auf 61 Millionen Dollar (2,40 Dollar pro verwässerter Aktie), gegenüber 33 Millionen Dollar im zweiten Quartal 2023. EBITDA stieg um 39 % auf 123 Millionen Dollar, mit einer Erweiterung der Betriebsmarge auf 8,6 %. Das Unternehmen erzielte eine signifikante Reduzierung des Bestands und verbesserte die Liquidität. Zu den wichtigsten Highlights gehören:
- Umsatzwachstum im Segment der ziehbaren Wohnmobile, Aftermarket und bestimmten angrenzenden OEM-Geschäften
- Starker Cashflow aus dem operativen Geschäft von 439 Millionen Dollar für die letzten zwölf Monate bis zum 30. Juni 2024
- Bestandsreduzierung um 142 Millionen Dollar im Vergleich zum zweiten Quartal 2023
- Verbesserte Liquidität mit 130 Millionen Dollar in bar und 373 Millionen Dollar an Verfügbarkeit von Kreditlinien
Die Diversifizierungsstrategie des Unternehmens und der Fokus auf Innovation treiben das Wachstum des Inhalts und die Margenausweitung voran.
- Net sales increased 4% year-over-year to $1.1 billion
- Net income rose to $61 million, up from $33 million in Q2 2023
- EBITDA increased 39% year-over-year to $123 million
- Operating profit margin expanded to 8.6% from 5.4% in Q2 2023
- Inventory reduced by $142 million from Q2 2023
- Cash flows from operations of $439 million for LTM ended June 30, 2024
- Improved liquidity with $130 million cash and $373 million credit facility availability
- Adjacent Industries OEM net sales decreased 12% year-over-year
- North American marine OEM net sales declined 33% year-over-year
- Lower volumes within marine and RV aftermarkets due to decreased consumer discretionary spending
Insights
LCI Industries' Q2 2024 results show significant improvement in profitability and operational efficiency. Net sales increased by
Key highlights include:
- Operating profit margin expansion from
5.4% to8.6% - Substantial inventory reduction of
$142 million year-over-year - Improved liquidity position with
$130 million in cash and$373 million available on credit facility
LCI Industries' Q2 results reflect resilience in a challenging market environment. The
The company's diversification strategy is proving effective, with the Aftermarket segment showing stability and margin improvement. The
LCI Industries' Q2 results highlight impressive supply chain management and operational improvements. The
The company's ability to navigate material and freight cost challenges is evident in the improved profitability across both OEM and Aftermarket segments. The focus on operational effectiveness and continuous improvements is yielding tangible results. As LCI Industries continues to optimize its manufacturing footprint and drive efficiencies, it is well-positioned to maintain strong cash flows and invest in growth opportunities, even in a challenging market environment.
Delivered revenue growth and strong margin expansion
Second Quarter 2024 Highlights
-
Net sales of
$1.1 billion 4% year-over-year -
Net income of
$61 million $2.40 $33 million $1.31 -
EBITDA of
$123 million 39% year-over-year -
Operating profit margin of
8.6% in the second quarter, up from5.4% in the second quarter of 2023 -
Inventory reduction of
$142 million -
Quarterly dividend of
$1.05 $27 million -
Cash flows provided by operations of
$439 million -
Improved liquidity position with
$130 million $373 million $23 million $154 million
“We delivered strong second quarter results, with revenue growth in towable RV OEM, Aftermarket, and certain Adjacent OEM businesses while achieving over 300 basis points of operating profit margin expansion compared to the second quarter of 2023,” commented Jason Lippert, LCI Industries’ President and Chief Executive Officer. “Our strategy has been working. Diversification continues to help mitigate market cyclicality and support margins, while innovation is fueling content growth. Continued expansion into new product markets is also broadening our reach, which has opened up over
“We are generating substantial cash flows through disciplined working capital management, having notably reduced inventories by
“Thanks to the hard work and dedication of our team members, we showed solid performance in the second quarter while navigating a challenging environment. Through a consistent focus on our key strategic pillars, including customer service, safety, quality, culture and leadership, and innovation, we are delivering profitable growth while solidifying our leading position across the recreation space,” commented Ryan Smith, LCI Industries' Group President -
Second Quarter 2024 Results
Consolidated net sales for the second quarter of 2024 were
The increase in year-over-year net sales for the second quarter of 2024 was primarily driven by increased North American RV wholesale shipments of travel trailers and fifth-wheels and market share gains in the automotive aftermarket, partially offset by lower North American marine sales volume.
July 2024 Results
July 2024 consolidated net sales were approximately
OEM Segment - Second Quarter Performance
OEM net sales for the second quarter of 2024 were
Operating profit of the OEM Segment was
Aftermarket Segment - Second Quarter Performance
Aftermarket net sales for the second quarter of 2024 were
“Our Aftermarket business remains healthy, as we delivered another quarter of solid margin expansion, continuing to support overall profitability for Lippert. Strength in the automotive aftermarket was a primary driver during the quarter, along with the structural tailwind from the record number of RVs entering the repair, replacement, and upgrade cycle,” commented Jamie Schnur, LCI Industries’ Group President – Aftermarket. “We look forward to continue delivering long-term, profitable growth as we leverage our core competencies and seek to gain share in premium markets like appliances, transportation, and building products.”
Income Taxes
The Company's effective tax rate was
Balance Sheet and Other Items
At June 30, 2024, the Company's cash and cash equivalents balance was
The Company remained focused on inventory reductions to improve cash generation and optimize working capital in the second quarter. As of June 30, 2024, the Company's net inventory balance was
The Company's outstanding long-term indebtedness, including current maturities, was
Conference Call & Webcast
LCI Industries will host a conference call to discuss its second quarter results on Tuesday, August 6, 2024, at 8:30 a.m. Eastern time, which may be accessed by dialing (833) 470-1428 for participants in the
A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the
About LCI Industries
LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of recreational vehicles and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; tankless water heaters; and other accessories. Additional information about Lippert and its products can be found at www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
LCI INDUSTRIES OPERATING RESULTS (unaudited) |
||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
Last Twelve |
|||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Months |
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net sales |
$ |
1,054,544 |
|
$ |
1,014,639 |
|
$ |
2,022,573 |
|
$ |
1,987,949 |
|
$ |
3,819,432 |
Cost of sales |
|
788,099 |
|
|
796,519 |
|
|
1,532,222 |
|
|
1,583,758 |
|
|
2,957,082 |
Gross profit |
|
266,445 |
|
|
218,120 |
|
|
490,351 |
|
|
404,191 |
|
|
862,350 |
Selling, general and administrative expenses |
|
175,841 |
|
|
162,946 |
|
|
342,136 |
|
|
328,974 |
|
|
665,924 |
Operating profit |
|
90,604 |
|
|
55,174 |
|
|
148,215 |
|
|
75,217 |
|
|
196,426 |
Interest expense, net |
|
7,962 |
|
|
10,249 |
|
|
17,283 |
|
|
20,643 |
|
|
37,064 |
Income before income taxes |
|
82,642 |
|
|
44,925 |
|
|
130,932 |
|
|
54,574 |
|
|
159,362 |
Provision for income taxes |
|
21,479 |
|
|
11,499 |
|
|
33,224 |
|
|
13,889 |
|
|
38,144 |
Net income |
$ |
61,163 |
|
$ |
33,426 |
|
$ |
97,708 |
|
$ |
40,685 |
|
$ |
121,218 |
|
|
|
|
|
|
|
|
|
|
|||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
2.40 |
|
$ |
1.32 |
|
$ |
3.86 |
|
$ |
1.61 |
|
$ |
4.78 |
Diluted |
$ |
2.40 |
|
$ |
1.31 |
|
$ |
3.85 |
|
$ |
1.60 |
|
$ |
4.76 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
25,473 |
|
|
25,329 |
|
|
25,344 |
|
|
25,273 |
|
|
25,386 |
Diluted |
|
25,504 |
|
|
25,437 |
|
|
25,367 |
|
|
25,359 |
|
|
25,485 |
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation |
$ |
17,936 |
|
$ |
18,867 |
|
$ |
36,521 |
|
$ |
37,117 |
|
$ |
74,096 |
Amortization |
$ |
14,103 |
|
$ |
14,183 |
|
$ |
28,207 |
|
$ |
28,432 |
|
$ |
56,851 |
Capital expenditures |
$ |
12,720 |
|
$ |
16,923 |
|
$ |
21,328 |
|
$ |
34,082 |
|
$ |
49,455 |
LCI INDUSTRIES SEGMENT RESULTS (unaudited) |
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|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
Last Twelve |
|||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Months |
|
(In thousands) |
|
|
|
|
|
|
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|
|||||
Net sales: |
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|
|
|
|
|
|
|
|
|||||
OEM Segment: |
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|
|
|
|
|
|
|
|
|||||
RV OEMs: |
|
|
|
|
|
|
|
|
|
|||||
Travel trailers and fifth-wheels |
$ |
426,349 |
|
$ |
338,739 |
|
$ |
817,112 |
|
$ |
669,292 |
|
$ |
1,506,673 |
Motorhomes |
|
63,620 |
|
|
71,185 |
|
|
132,458 |
|
|
140,736 |
|
|
261,079 |
Adjacent Industries OEMs |
|
306,155 |
|
|
349,084 |
|
|
604,866 |
|
|
707,152 |
|
|
1,173,245 |
Total OEM Segment net sales |
|
796,124 |
|
|
759,008 |
|
|
1,554,436 |
|
|
1,517,180 |
|
|
2,940,997 |
Aftermarket Segment: |
|
|
|
|
|
|
|
|
|
|||||
Total Aftermarket Segment net sales |
|
258,420 |
|
|
255,631 |
|
|
468,137 |
|
|
470,769 |
|
|
878,435 |
Total net sales |
$ |
1,054,544 |
|
$ |
1,014,639 |
|
$ |
2,022,573 |
|
$ |
1,987,949 |
|
$ |
3,819,432 |
|
|
|
|
|
|
|
|
|
|
|||||
Operating profit: |
|
|
|
|
|
|
|
|
|
|||||
OEM Segment |
$ |
50,562 |
|
$ |
18,642 |
|
$ |
83,398 |
|
$ |
17,921 |
|
$ |
82,838 |
Aftermarket Segment |
|
40,042 |
|
|
36,532 |
|
|
64,817 |
|
|
57,296 |
|
|
113,588 |
Total operating profit |
$ |
90,604 |
|
$ |
55,174 |
|
$ |
148,215 |
|
$ |
75,217 |
|
$ |
196,426 |
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|||||
OEM Segment depreciation |
$ |
13,733 |
|
$ |
14,655 |
|
$ |
27,768 |
|
$ |
29,004 |
|
$ |
57,160 |
Aftermarket Segment depreciation |
|
4,203 |
|
|
4,212 |
|
|
8,753 |
|
|
8,113 |
|
|
16,936 |
Total depreciation |
$ |
17,936 |
|
$ |
18,867 |
|
$ |
36,521 |
|
$ |
37,117 |
|
$ |
74,096 |
|
|
|
|
|
|
|
|
|
|
|||||
OEM Segment amortization |
$ |
10,150 |
|
$ |
10,204 |
|
$ |
20,430 |
|
$ |
20,654 |
|
$ |
41,356 |
Aftermarket Segment amortization |
|
3,953 |
|
|
3,979 |
|
|
7,777 |
|
|
7,778 |
|
|
15,495 |
Total amortization |
$ |
14,103 |
|
$ |
14,183 |
|
$ |
28,207 |
|
$ |
28,432 |
|
$ |
56,851 |
LCI INDUSTRIES BALANCE SHEET INFORMATION (unaudited) |
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|
June 30, |
|
December 31, |
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|
2024 |
|
2023 |
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(In thousands) |
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|
|
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|
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ASSETS |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
130,418 |
|
$ |
66,157 |
Accounts receivable, net |
|
333,059 |
|
|
214,707 |
Inventories, net |
|
687,870 |
|
|
768,407 |
Prepaid expenses and other current assets |
|
67,637 |
|
|
67,599 |
Total current assets |
|
1,218,984 |
|
|
1,116,870 |
Fixed assets, net |
|
448,025 |
|
|
465,781 |
Goodwill |
|
588,523 |
|
|
589,550 |
Other intangible assets, net |
|
421,713 |
|
|
448,759 |
Operating lease right-of-use assets |
|
239,810 |
|
|
245,388 |
Other long-term assets |
|
94,924 |
|
|
92,971 |
Total assets |
$ |
3,011,979 |
|
$ |
2,959,319 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||
Current liabilities |
|
|
|
||
Current maturities of long-term indebtedness |
$ |
558 |
|
$ |
589 |
Accounts payable, trade |
|
202,622 |
|
|
183,697 |
Current portion of operating lease obligations |
|
38,656 |
|
|
36,269 |
Accrued expenses and other current liabilities |
|
190,657 |
|
|
174,437 |
Total current liabilities |
|
432,493 |
|
|
394,992 |
Long-term indebtedness |
|
829,188 |
|
|
846,834 |
Operating lease obligations |
|
214,434 |
|
|
222,680 |
Deferred taxes |
|
29,350 |
|
|
32,345 |
Other long-term liabilities |
|
112,101 |
|
|
107,432 |
Total liabilities |
|
1,617,566 |
|
|
1,604,283 |
Total stockholders' equity |
|
1,394,413 |
|
|
1,355,036 |
Total liabilities and stockholders' equity |
$ |
3,011,979 |
|
$ |
2,959,319 |
LCI INDUSTRIES SUMMARY OF CASH FLOWS (unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
(In thousands) |
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
97,708 |
|
|
$ |
40,685 |
|
Adjustments to reconcile net income to cash flows provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
64,728 |
|
|
|
65,549 |
|
Stock-based compensation expense |
|
9,301 |
|
|
|
9,080 |
|
Other non-cash items |
|
2,238 |
|
|
|
2,192 |
|
Changes in assets and liabilities, net of acquisitions of businesses: |
|
|
|
||||
Accounts receivable, net |
|
(118,962 |
) |
|
|
(80,952 |
) |
Inventories, net |
|
96,351 |
|
|
|
209,346 |
|
Prepaid expenses and other assets |
|
(2,746 |
) |
|
|
11,607 |
|
Accounts payable, trade |
|
18,977 |
|
|
|
37,949 |
|
Accrued expenses and other liabilities |
|
17,687 |
|
|
|
(21,891 |
) |
Net cash flows provided by operating activities |
|
185,282 |
|
|
|
273,565 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(21,328 |
) |
|
|
(34,082 |
) |
Acquisitions of businesses |
|
(19,957 |
) |
|
|
(25,851 |
) |
Other investing activities |
|
552 |
|
|
|
4,344 |
|
Net cash flows used in investing activities |
|
(40,733 |
) |
|
|
(55,589 |
) |
Cash flows from financing activities: |
|
|
|
||||
Vesting of stock-based awards, net of shares tendered for payment of taxes |
|
(9,111 |
) |
|
|
(9,585 |
) |
Proceeds from revolving credit facility |
|
86,248 |
|
|
|
234,200 |
|
Repayments under revolving credit facility |
|
(87,766 |
) |
|
|
(402,726 |
) |
Repayments under term loan and other borrowings |
|
(15,007 |
) |
|
|
(10,703 |
) |
Payment of dividends |
|
(53,455 |
) |
|
|
(53,154 |
) |
Payment of contingent consideration and holdbacks related to acquisitions |
|
— |
|
|
|
(517 |
) |
Other financing activities |
|
(2 |
) |
|
|
(834 |
) |
Net cash flows used in financing activities |
|
(79,093 |
) |
|
|
(243,319 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(1,195 |
) |
|
|
(62 |
) |
Net increase (decrease) in cash and cash equivalents |
|
64,261 |
|
|
|
(25,405 |
) |
Cash and cash equivalents at beginning of period |
|
66,157 |
|
|
|
47,499 |
|
Cash and cash equivalents at end of period |
$ |
130,418 |
|
|
$ |
22,094 |
|
LCI INDUSTRIES SUPPLEMENTARY INFORMATION (unaudited) |
||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
|
|
||||||||||||
|
June 30, |
|
June 30, |
|
Last Twelve |
|
||||||||||||
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Months |
|
||
Industry Data(1) (in thousands of units): |
|
|
|
|
|
|
|
|
|
|
||||||||
Industry Wholesale Production: |
|
|
|
|
|
|
|
|
|
|
||||||||
Travel trailer and fifth-wheel RVs |
82.0 |
|
|
71.6 |
|
|
|
155.5 |
|
|
|
134.3 |
|
|
|
280.4 |
|
|
Motorhome RVs |
8.8 |
|
|
12.1 |
|
|
|
19.2 |
|
|
|
25.5 |
|
|
|
39.8 |
|
|
Industry Retail Sales: |
|
|
|
|
|
|
|
|
|
|
||||||||
Travel trailer and fifth-wheel RVs |
96.4 |
|
(2) |
109.1 |
|
|
|
161.8 |
|
(2) |
|
180.9 |
|
|
|
307.5 |
|
(2) |
Impact on dealer inventories |
(14.4 |
) |
(2) |
(37.5 |
) |
|
|
(6.3 |
) |
(2) |
|
(46.6 |
) |
|
|
(27.7 |
) |
(2) |
Motorhome RVs |
11.5 |
|
(2) |
14.6 |
|
|
|
21.3 |
|
(2) |
|
25.6 |
|
|
|
40.9 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Twelve Months Ended |
|
|
|
||||||||||
|
|
|
|
|
June 30, |
|
|
|
||||||||||
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
||||
Lippert Content Per Industry Unit Produced: |
|
|
|
|
|
|
|
|||||||||||
Travel trailer and fifth-wheel RV |
|
|
|
|
$ |
5,237 |
|
|
$ |
5,459 |
|
|
|
|
||||
Motorhome RV |
|
|
|
|
$ |
3,766 |
|
|
$ |
3,760 |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
June 30, |
|
December 31, |
|
||||||||||
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
||
Balance Sheet Data (debt availability in millions): |
|
|
|
|
|
|
|
|||||||||||
Remaining availability under the revolving credit facility (3) |
|
$ |
373.1 |
|
|
$ |
270.0 |
|
|
$ |
245.3 |
|
|
|||||
Days sales in accounts receivable, based on last twelve months |
|
|
30.5 |
|
|
|
28.4 |
|
|
|
30.1 |
|
|
|||||
Inventory turns, based on last twelve months |
|
|
3.9 |
|
|
|
3.2 |
|
|
|
3.5 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
2024 |
|
|
|
||||||||||
Estimated Full Year Data: |
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense |
|
|
|
|
|
|
|
|
||||||||||
Annual tax rate |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) |
Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc. |
|
(2) |
June 2024 retail sales data for RVs has not been published yet, therefore 2024 retail data for RVs includes an estimate for June 2024 retail units. Retail sales data have historically been revised upwards in future months as various states report. |
|
(3) |
Remaining availability under the revolving credit facility is subject to covenant restrictions. |
|
LCI INDUSTRIES SUPPLEMENTARY INFORMATION RECONCILIATION OF NON-GAAP MEASURES (unaudited) |
|||||||||||
The following table reconciles net income to EBITDA. |
|||||||||||
|
|||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
(In thousands) |
|
|
|
|
|
|
|
||||
Net income |
$ |
61,163 |
|
$ |
33,426 |
|
$ |
97,708 |
|
$ |
40,685 |
Interest expense, net |
|
7,962 |
|
|
10,249 |
|
|
17,283 |
|
|
20,643 |
Provision for income taxes |
|
21,479 |
|
|
11,499 |
|
|
33,224 |
|
|
13,889 |
Depreciation expense |
|
17,936 |
|
|
18,867 |
|
|
36,521 |
|
|
37,117 |
Amortization expense |
|
14,103 |
|
|
14,183 |
|
|
28,207 |
|
|
28,432 |
EBITDA |
$ |
122,643 |
|
$ |
88,224 |
|
$ |
212,943 |
|
$ |
140,766 |
In addition to reporting financial results in accordance with
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806159985/en/
Lillian D. Etzkorn, CFO
(574) 535-1125
LCII@lci1.com
Source: LCI Industries
FAQ
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