Winnebago Industries, Inc.

Good day and thank you for standing by and welcome to the Q1 Fiscal 2022 Winnebago Industries Results Conference call. I would now like to hand the conference over to your host today, Steve Stuber, Vice President of Investor Relations. Please go ahead.

Thank you, Justin. Good morning, everyone, and thank you for joining us today to discuss Winnebago Industries Fiscal 2022 First Quarter Earnings Results. I am joined today on the call by Michael Happe, President and Chief Executive Officer, and Brian Hughes, Senior Vice President and Chief Financial Officer. This call is being broadcast live on our website at investor.wgo.net, and a replay of the call will be available on our website later today. The news release with our third quarter results as well as the Q1 earnings supplement were issued and posted to our website earlier this morning. Before we start, I'd like to remind you that certain statements made during today's conference call regarding Winnebago Industries and its operations may be considered forward-looking statements under securities laws. The company cautions you that forward-looking statements involve a number of risks and are inherently uncertain, and a number of factors, many of which are beyond the company's control, could cause actual results to differ materially from these statements. These factors are identified in our SEC filings, which I encourage you to read. With that, I would now like to turn the call over to our president and CEO, Michael Happi. Mike?

Thanks, Steve. Good morning, everyone, and thank you for joining us today. As always, we deeply appreciate your interest in Winnebago Industries and taking the time this morning to discuss our fiscal 2022 first quarter results. I'll begin this morning with the discussion of the drivers of our performance for the quarter before turning it over to Brian Hughes, our Chief Financial Officer, who will discuss our financial results in more detail. Then I will offer some closing comments and thoughts before we turn to your questions. Winnebago Industries started our fiscal 2022 year this past September by building on our sustained momentum and continuing to demonstrate the outsized growth and profitability our expanded portfolio of premium outdoor lifestyle brands can deliver. Our golden threads of quality, service, and innovation continued to differentiate our premium brands, propelling continued retail market share gains across the portfolio. The way in which consumers have increasingly embraced an excitement for the outdoor lifestyle remained a powerful tailwind driving demand for Winnebago Industries premium products, whether on land or water. Winnebago Industries grew first quarter revenues 46% year-over-year, including, for the first time, results from Barletta boats. And revenues grew 38% on an organic basis, excluding Barletta. The strength of consumer demand for our products drove our RV performance ahead of the overall market, resulting in further retail market share gains during the quarter. On a trailing three-month basis through October, our RV market share is 13.3%, 1.3 share points ahead of the same period last year. The catalyst continues to be our Grand Design RV brand, which consistently delivers record results and outstanding support for our dealers and end consumers. Newmar branded diesel motorhome share and Winnebago brand towables growth also contributed nicely. In the marine segment, Barletta continues to grow ahead of the pontoon market, capturing 5.3% retail market share on a trailing three-month basis through October, one and a half share points ahead of the same period last year. Our outstanding team And their commitment to operational excellence enabled us to deliver for consumers while simultaneously expanding our gross margin to an all-time high. Winnebago Industries delivered gross margin of 19.8% in the first quarter, a 250 basis point improvement versus last year. Our commitment to a make to confirm dealer order business model across the enterprise and a highly effective enterprise-wide strategic sourcing team were particularly helpful as we continue to navigate supply chain challenges and inflationary cost input pressures that we fully expect will be an ongoing reality during our fiscal 2022. Before I continue, I want to recognize the superb Winnebago Industries employee team. Now more than 7,200 strong across our five brands, our employees have worked diligently to drive our continued momentum and provide the high quality products and exceptional service our customers and dealer partners have come to expect. They are collectively phenomenal. Now, in the face of record backlogs and working hard to replenish dealer inventories, our team's focus and drive remains a key contributor to Winnebago Industries and driving our market growth. We continue to believe that the accelerated demand for our products, catalyzed by COVID-19 by bringing even more people into the outdoor lifestyle, and ultimately our premium brands, is a lasting foundation to further build on. Recent RVIA survey data showed that an astounding 9.6 million additional households say they are considering buying an RV in the next five years, combined with over 14 million households who have camped for the first time during 2020 and 2021. Now, we fully recognize that not all these potential customers will actually buy a recreational vehicle. But we do agree that future demand will be reasonably sustained at higher historical levels, in large part because of consumer interest and participation in the outdoors being at all-time highs. Winnebago Industries is uniquely well-positioned to continue to capture an outsized portion of the market's growth and deliver that value to our employees, communities, and shareholders as more families take to the great outdoors and enjoy the outdoor lifestyle. Winnebago Industries continues to invest in the long term, appealing to the increasingly diverse number of consumers turning to the outdoors in both recreational vehicles, and marine, providing a strong foundation for additional growth. As evidence of that, today we are reporting our marine segment for the first time, consisting of our premium branded Chris Craft and Barletta businesses. We are convicted in our intent to profitably grow this segment meaningfully in the years ahead. As Brian's remarks will outline in more detail, Our marine segment is performing well and in line with the high expectations we have for Barletta. The results highlight the strength of the pontoon market and Barletta's unique offering and strong brand affinity, which has integrated smoothly into our portfolio and delivered on the high growth expectations we anticipated. Barletta extended our reach into one of the fastest growing boating segments. the pontoon category, and we see tremendous opportunity to further leverage their unique product innovation, quality, dealer network, and service offering strengths to sustain retail market share growth. Harletta is delivering both an exciting growth platform and a natural fit with our broader portfolio of premium brands. Within our marine segment, Barletta is balanced by the iconic Chris Craft brand, which was our initial entree into marine and a truly strategic entity in our premium brand portfolio. Together, they are enabling Winnebago Industries to capture more of the industry-wide demand for the outdoor lifestyle and drive incremental growth. Overall, we see a meaningful runway for further growth across our portfolio as Winnebago Industries is well positioned to tap into the secular demand shift of consumers embracing the outdoor lifestyle. We are also investing significant energy and resources around emerging technologies and anticipate being an active innovator in the future as consumer demand for new technology application rises. I want to thank our world-class team, our dedicated dealer network, and supply partners for their ongoing hard work and strong execution. With that opening summary, I will now turn the call over to our Chief Financial Officer, Brian Hughes, to review our fiscal 2022 first quarter financials in more detail.