Lci Industries · NYSE:LCII
Lci Industries — Q4 2024 Earnings Presentation
16 slides from Lci Industries's earnings presentation, Feb 11, 2025
Slide 1: Q4 + Full Year 2024 Earnings Conference Call
Q4 + Full Year 2024 Earnings Conference Call 2.11.2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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,
Slide 3: Fourth Quarter and Full Year 2024 Highlights
Fourth Quarter and Full Year 2024 Highlights Strong operational improvements drove profitability across diverse end markets Financial Performance Gaining Share through Innovation • Full year net sales of $4 billion, down 1% year-over- • Grew sales to RV OEMs in our top 5 product year categories desp
Slide 4: RV OEM
RV OEM Performance and Trends • 67,700 North American wholesale towable units shipped in Q4 2024, up 7% YoY • 54,800 estimated North American retail towable units sold in Q4 2024, up 2% YoY • Total North American wholesale unit shipments for the year ended December 31, 2024 of 333,700 and retail uni
Slide 5: Innovation Driving RV Content Growth, Share Gains
Innovation Driving RV Content Growth, Share Gains Key 2025 Model Year Product Wins New Window Designs Furrion® 18K Chill Cube Touring Coil and Integrated Shades Air Conditioner Suspension Sequential Towable Content Growth (LTM) YoY Towable Content Growth (LTM) +2% +1% * "Other" includes impact of RV
Slide 6: Adjacent Industries OEM
Adjacent Industries OEM Performance and Trends • Q4 2024 Adjacent Industries sales down 9% YoY • Decrease primarily due to lower sales to North American marine and utility trailer OEMs • Pressured by current dealer inventory levels, inflation, and elevated interest rates impacting retail consumers •
Slide 7: Aftermarket Segment
Aftermarket Segment Performance and Trends • Q4 2024 sales up slightly from the prior year; resiliency driven by market share gains in automotive aftermarket, partially offset by softness in RV and Marine aftermarkets • 10 bps YoY margin contraction primarily driven by increased labor costs due to p
Slide 8: Innovation Driving Growth
Helux Coil Spring Pin Box Residential Windows Anti-Lock Braking Systems Innovation Touring Coil Suspension Driving Growth 4000 Series Windows Continued focus on innovation driving an ongoing increase of new product introductions Bi Fold Sundeck Chill Cube Air Conditioner 8
Slide 9: Growth Strategy
Growth Strategy Expanding share across diversified portfolio with cutting-edge innovations and best-in-class service Capture Share of $12 Billion of Addressable Capital Allocation Strategy Opportunities in Diversified Markets • Focusing on strategic acquisitions to expand • Leveraging the expertise
Slide 10: Q4 2024 Financial Performance
Q4 2024 Financial Performance -4% +170 bps +29% * Additional information regarding EBITDA, as well as reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. 10
Slide 11: FY 2024 Financial Performance
FY 2024 Financial Performance -1% +250 bps +123% +35% * Additional information regarding EBITDA, as well as reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. 11
Slide 12: Liquidity and Cash Flow
Liquidity and Cash Flow As of and for the twelve months ended December 31 2024 2023 Cash and Cash Equivalents $166M $66M Remaining Availability under $453M $245M Revolving Credit Facility(1) Capital Expenditures $42M $62M Dividends $109M $106M Debt / Net Income (TTM) 5.3x 13.2x Net Debt/EBITDA (TTM)
Slide 13: 2025 Outlook
2025 Outlook RV Industry • Our current full year 2025 North American forecast is 335 - 350k wholesale unit shipments and 345 - 360k retail unit shipments • Continued momentum and product placement with newly launched products • Consolidated January 2025 sales up 6% YoY, driven by a 17% increase in R
Slide 14: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures EBITDA Three Months Ended December 31, EBITDA Twelve months ended December 31, ($ in thousands) 2024 2023 ($ in thousands) 2024 2023 Net income (loss) $ 9,547 $ (2,377) Net income $ 142,867 $ 64,195 Interest expense, net 5,100 9,456 Interest expense, net
Slide 15: Historical Unit Mix as Percentage of LCI RV OEM Chassis Shipments
Appendix Historical Unit Mix as Percentage of LCI RV OEM Chassis Shipments 15
Slide 16: Q&A
Q&A