Company Quick10K Filing
Winnebago Industries
Price37.80 EPS3
Shares34 P/E14
MCap1,273 P/FCF8
Net Debt460 EBIT138
TEV1,733 TEV/EBIT13
TTM 2019-11-30, in MM, except price, ratios
10-Q 2020-05-30 Filed 2020-06-24
10-Q 2020-02-29 Filed 2020-03-25
10-Q 2019-11-30 Filed 2019-12-20
10-K 2019-08-31 Filed 2019-10-23
10-Q 2019-05-25 Filed 2019-06-20
10-Q 2019-02-23 Filed 2019-03-26
10-Q 2018-11-24 Filed 2018-12-20
10-K 2018-08-25 Filed 2018-10-18
10-Q 2018-05-26 Filed 2018-06-21
10-Q 2018-02-24 Filed 2018-03-22
10-Q 2017-11-25 Filed 2017-12-21
10-K 2017-08-26 Filed 2017-10-20
10-Q 2017-05-27 Filed 2017-06-23
10-Q 2017-02-25 Filed 2017-03-23
10-Q 2016-11-26 Filed 2016-12-29
10-K 2016-08-27 Filed 2016-10-18
10-Q 2016-05-28 Filed 2016-06-22
10-Q 2016-02-27 Filed 2016-03-24
10-Q 2015-11-28 Filed 2015-12-23
10-K 2015-08-29 Filed 2015-10-27
10-Q 2015-05-30 Filed 2015-06-26
10-Q 2015-02-28 Filed 2015-03-27
10-Q 2014-11-29 Filed 2014-12-30
10-K 2014-08-30 Filed 2014-10-28
10-Q 2014-05-31 Filed 2014-06-27
10-Q 2014-03-01 Filed 2014-03-28
10-Q 2013-11-30 Filed 2014-01-03
10-K 2013-08-31 Filed 2013-10-29
10-Q 2013-06-01 Filed 2013-06-28
10-Q 2013-03-02 Filed 2013-04-04
10-Q 2012-12-01 Filed 2013-01-04
10-K 2012-08-25 Filed 2012-10-23
10-Q 2012-05-26 Filed 2012-06-29
10-Q 2012-02-25 Filed 2012-03-30
8-K 2020-07-08 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-30 Other Events, Exhibits
8-K 2020-06-30 Regulation FD, Other Events, Exhibits
8-K 2020-06-24
8-K 2020-04-29
8-K 2020-04-08
8-K 2020-03-25
8-K 2020-03-23
8-K 2019-12-20
8-K 2019-12-18
8-K 2019-12-17
8-K 2019-11-08
8-K 2019-10-29
8-K 2019-10-28
8-K 2019-10-23
8-K 2019-10-22
8-K 2019-09-15
8-K 2019-06-19
8-K 2019-06-19
8-K 2019-03-25
8-K 2018-12-19
8-K 2018-12-11
8-K 2018-10-17
8-K 2018-09-21
8-K 2018-06-20
8-K 2018-03-21
8-K 2018-03-14
8-K 2018-03-07

WGO 10Q Quarterly Report

Part I. Financial Information.
Item 1. Condensed Consolidated Financial Statements.
Note 1: Basis of Presentation
Note 2: Business Combinations
Note 3: Business Segments
Note 4: Derivatives, Investments, and Fair Value Measurements
Note 5: Inventories
Note 6: Property, Plant, and Equipment
Note 7: Goodwill and Intangible Assets
Note 8: Product Warranties
Note 9: Long - Term Debt
Note 10: Leases
Note 11: Employee and Retiree Benefits
Note 12: Contingent Liabilities and Commitments
Note 13: Revenue
Note 14: Stock - Based Compensation
Note 15: Restructuring
Note 16: Income Taxes
Note 17: Income per Share
Note 18: Accumulated Other Comprehensive Income (Loss)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information.
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 a2020q3exh311.htm
EX-31.2 a2020q3exh312.htm
EX-32.1 a2020q3exh321.htm
EX-32.2 a2020q3exh322.htm

Winnebago Industries Earnings 2020-05-30

Balance SheetIncome StatementCash Flow
1.61.31.00.60.30.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________________ to _________________
Commission File Number:001-06403

wgo-20200530_g1.jpg
WINNEBAGO INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Iowa42-0802678
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
P. O. Box 152Forest CityIowa50436
(Address of principal executive offices)(Zip Code)
641-585-3535
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.50 par value per shareWGONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer  Accelerated Filer ☐ Non-accelerated filer ☐
        Smaller Reporting Company   Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares of common stock, par value $0.50 per share, outstanding on June 19, 2020 was 33,699,082.



Winnebago Industries, Inc.
Table of Contents


2

Table of Contents
PART I. FINANCIAL INFORMATION.

Item 1. Condensed Consolidated Financial Statements.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
(in thousands, except per share data)May 30,
2020
May 25,
2019
May 30,
2020
May 25,
2019
Net revenues$402,458  $528,940  $1,617,726  $1,455,278  
Cost of goods sold370,434  442,356  1,427,307  1,231,269  
Gross profit32,024  86,584  190,419  224,009  
Selling, general, and administrative expenses33,271  35,332  126,540  106,303  
Amortization of intangible assets6,926  2,278  18,514  7,204  
Total operating expenses40,197  37,610  145,054  113,507  
Operating (loss) income(8,173) 48,974  45,365  110,502  
Interest expense8,440  4,446  23,140  13,293  
Non-operating income(74) (360) (460) (1,330) 
(Loss) income before income taxes(16,539) 44,888  22,685  98,539  
(Benefit) provision for income taxes(4,186) 8,717  3,702  18,609  
Net (loss) income$(12,353) $36,171  $18,983  $79,930  
Income (loss) income per common share:
Basic$(0.37) $1.15  $0.57  $2.53  
Diluted$(0.37) $1.14  $0.57  $2.52  
Weighted average common shares outstanding:
Basic33,625  31,493  33,102  31,546  
Diluted33,625  31,644  33,289  31,722  
Net (loss) income $(12,353) $36,171  $18,983  $79,930  
Other comprehensive income (loss):
Amortization of net actuarial loss (net of tax of $3, $3, $9, and $8)
8  8  24  24  
Interest rate swap activity (net of tax of $141, $114, $163, and $327)
(432) (362) (500) (1,018) 
Total other comprehensive loss(424) (354) (476) (994) 
Comprehensive (loss) income$(12,777) $35,817  $18,507  $78,936  
See Notes to Condensed Consolidated Financial Statements.
3

Table of Contents

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except per share data)May 30,
2020
August 31,
2019
Assets
Current assets:
Cash and cash equivalents$152,480  $37,431  
Receivables, less allowance for doubtful accounts ($381 and $160, respectively)
163,590  158,049  
Inventories, net190,359  201,126  
Prepaid expenses and other assets21,566  14,051  
Total current assets527,995  410,657  
Property, plant, and equipment, net175,431  127,572  
Other assets:
Goodwill348,058  274,931  
Other intangible assets, net408,358  256,082  
Investment in life insurance27,336  26,846  
Operating lease assets29,790  —  
Other assets16,072  8,143  
Total assets$1,533,040  $1,104,231  
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$81,998  $81,635  
Accrued expenses:
Accrued compensation24,907  20,328  
Product warranties60,665  44,436  
Self-insurance16,860  13,820  
Promotional11,677  10,896  
Accrued interest1,992  4,059  
Other16,408  13,678  
Current maturities of long-term debt13,668  8,892  
Total current liabilities228,175  197,744  
Non-current liabilities:
Long-term debt, less current maturities451,306  245,402  
Deferred income taxes16,708  12,032  
Unrecognized tax benefits6,269  3,591  
Operating lease liabilities27,366  —  
Deferred compensation benefits, net of current portion11,454  12,878  
Other6,952  372  
Total non-current liabilities520,055  274,275  
Contingent liabilities and commitments (Note 12)
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-zero
    
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares
25,888  25,888  
Additional paid-in capital200,456  91,185  
Retained earnings874,911  866,886  
Accumulated other comprehensive loss(967) (491) 
Treasury stock, at cost: 18,146 and 20,262 shares, respectively
(315,478) (351,256) 
Total stockholders' equity784,810  632,212  
Total liabilities and stockholders' equity$1,533,040  $1,104,231  
See Notes to Condensed Consolidated Financial Statements.
4

Table of Contents
Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
(in thousands)May 30,
2020
May 25,
2019
Operating activities:
Net income$18,983  $79,930  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation11,854  9,788  
Amortization of intangible assets18,514  7,204  
Non-cash interest expense, net7,440    
Amortization of debt issuance costs2,181  1,186  
Last-in, first-out expense1,450  1,544  
Stock-based compensation3,332  5,735  
Deferred income taxes365  362  
Other, net516  1,265  
Change in assets and liabilities:
Receivables31,440  (20,961) 
Inventories91,938  2,701  
Prepaid expenses and other assets159  (653) 
Accounts payable(13,528) 3,954  
Income taxes and unrecognized tax benefits(2,622) (13,898) 
Accrued expenses and other liabilities(9,585) 4,692  
Net cash provided by operating activities162,437  82,849  
Investing activities:
Purchases of property and equipment(28,582) (31,681) 
Acquisition of business, net of cash acquired(260,965) (702) 
Proceeds from the sale of property  134  
Other, net141  1,752  
Net cash used in investing activities(289,406) (30,497) 
Financing activities:
Borrowings on credit agreement1,495,209  342,549  
Repayments of credit agreement(1,495,209) (375,438) 
Proceeds from issuance of convertible senior notes300,000    
Purchase of convertible note hedge(70,800)   
Proceeds from issuance of warrants42,210    
Payments on long-term debt(6,500)   
Payments of offering costs(10,761)   
Payments of cash dividends(10,881) (10,201) 
Payments for repurchase of common stock  (7,724) 
Other, net(1,250) 296  
Net cash provided by (used in) financing activities242,018  (50,518) 
Net increase in cash and cash equivalents115,049  1,834  
Cash and cash equivalents at beginning of period37,431  2,342  
Cash and cash equivalents at end of period$152,480  $4,176  
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Supplement cash flow disclosure:
Income taxes paid, net$6,240  $33,852  
Interest paid$14,961  $10,335  
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business$92,572  $  
Capital expenditures in accounts payable$255  $9  
See Notes to Condensed Consolidated Financial Statements.
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Winnebago Industries, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
Three Months Ended May 30, 2020
(in thousands,
except per share data)
 Common Shares Additional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock Total Stockholders' Equity
NumberAmountNumberAmount
Balances at February 29, 202051,776  $25,888  $200,751  $890,994  $(543) (18,153) $(315,566) $801,524  
Stock-based compensation, net of forfeitures—  —  (315) —  —    7  (308) 
Issuance of stock, net—  —  20  —  —  8  133  153  
Repurchase of common stock—  —  —  —  —  (1) (52) (52) 
Common stock dividends; $0.11 per share
—  —  —  (3,730) —  —  —  (3,730) 
Actuarial loss, net of tax—  —  —  —  8  —  —  8  
Interest rate swap activity, net of tax—  —  —  —  (432) —  —  (432) 
Net loss—  —  —  (12,353) —  —  —  (12,353) 
Balances at May 30, 202051,776  $25,888  $200,456  $874,911  $(967) (18,146) $(315,478) $784,810  
Nine Months Ended May 30, 2020
(in thousands, except per share data) Common Shares Additional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock Total Stockholders' Equity
NumberAmountNumberAmount
Balances at August 31, 201951,776  $25,888  $91,185  $866,886  $(491) (20,262) $(351,256) $632,212  
Stock-based compensation, net of forfeitures—  —  3,309  —  —  1  23  3,332  
Issuance of stock, net—  —  (2,011) —  —  160  2,782  771  
Issuance of stock for acquisition—  —  57,811  —  —  2,000  34,761  92,572  
Repurchase of common stock—  —  —  —  —  (45) (1,788) (1,788) 
Common stock dividends; $0.33 per share
—  —  —  (10,958) —  —  —  (10,958) 
Actuarial loss, net of tax—  —  —  —  24  —  —  24  
Interest rate swap activity, net of tax—  —  —  —  (500) —  —  (500) 
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) 
Warrant transactions—  —  42,210  —  —  —  —  42,210  
Net income—  —  —  18,983  —  —  —  18,983  
Balances at May 30, 202051,776  $25,888  $200,456  $874,911  $(967) (18,146) $(315,478) $784,810  
Three Months Ended May 25, 2019
(in thousands,
except per share data)
 Common Shares Additional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock Total Stockholders' Equity
NumberAmountNumberAmount
Balances at February 23, 201951,776  $25,888  $89,682  $805,851  $252  (20,292) $(351,007) $570,666  
Stock-based compensation, net of forfeitures—  —  1,118  —  —  1  12  1,130  
Issuance of restricted stock—  —  (904) —  —  52  904    
Repurchase of common stock—  —  —  —  —  (32) (1,104) (1,104) 
Common stock dividends; $0.11 per share
—  —  —  (3,516) —  —  —  (3,516) 
Actuarial loss, net of tax—  —  —  —  8  —  —  8  
Interest rate swap activity, net of tax—  —  —  —  (362) —  —  (362) 
Net income—  —  —  36,171  —  —  —  36,171  
Balances at May 25, 201951,776  $25,888  $89,896  $838,506  $(102) (20,271) $(351,195) $602,993  
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Winnebago Industries, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (continued)
(Unaudited)
Nine Months Ended May 25, 2019
(in thousands, except per share data) Common Shares Additional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock Total Stockholders' Equity
NumberAmountNumberAmount
Balances at August 25, 201851,776  $25,888  $86,223  $768,816  $892  (20,243) $(347,374) $534,445  
Stock-based compensation, net of forfeitures—  —  5,683  —  —  4  69  5,752  
Issuance of restricted stock—  —  (2,056) —  —  208  3,584  1,528  
Issuance of stock under ESPP—  —  46  —  —  15  250  296