Lci Industries · NYSE:LCII
Lci Industries — Q4 2022 Earnings Presentation
14 slides from Lci Industries's earnings presentation, Feb 14, 2023
Slide 1: LCI Industries Q4 2022 Earnings Conference Call
LCI Industries Q4 2022 Earnings Conference Call February 14, 2023
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains certain “forward-looking statements” with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of manag
Slide 3: Fourth Quarter and Full Year 2022 Highlights
Fourth Quarter and Full Year 2022 Highlights Diversification continues to provide stability while remaining focused on content expansion Financial Performance Executing on Diversification ■ Record full year net sales of $5.2 billion, ■ Strength in our Non-RV OEM up 16% year-over-year businesses help
Slide 4: RV OEM
RV OEM Quarterly Performance • 77,700 wholesale units shipped in Q4 2022 as retail demand softened in North America • Q4 2022 RV OEM sales down 40% YoY • Current 2023 North American forecast of 330-350k wholesale units Content per Wholesale Unit • Travel trailer and fifth-wheel RV record content of
Slide 5: Adjacent Markets
ADJACENT MARKETS Quarterly Performance • Q4 2022 Adjacent Industries sales up 3% YoY • Growth in marine and other adjacent industries continues to support effective diversification ◦ Marine’s stable production schedules will lead to less volatile cycles • New product introduction in marine supportin
Slide 6: Aftermarket
AFTERMARKET Quarterly Performance • Q4 2022 sales down 17% year over year, with macroeconomic headwinds in Q4 2022 compared to strong Q4 2021 due to restocking of distribution channels • Innovative Furrion and Way catalogs driving ongoing portfolio expansion • Customer experience leading towards inn
Slide 7: International Business
INTERNATIONAL BUSINESS Quarterly Performance • Q4 2022 sales down 1% YoY • Diversified end market growth in rail continue to propel international growth • Experiencing different consumer demand than North American business, offering geographic diversification • Maintaining focus on introducing popul
Slide 8: Innovation as a Culture
INNOVATION AS A CULTURE Constant innovation continues to drive record content expansion Independent Suspension ABS (Anti-Lock Brake) System Temp & Propane Sensors Gate Defender Jack OneControl On-The-Go Ladder Furrion Power Cord Set Continuously developing new product innovations to meet increasing
Slide 9: Growth Strategy
GROWTH STRATEGY Allocating capital towards diversification and expanding market share Allocating Capital to Areas with the Continue Execution of our Highest Growth Return Diversification Strategy • Investment in the business, with focus on automation • Lessen the impact from RV down cycles by furthe
Slide 10: Q4 2022 Financial Performance
Q4 2022 FINANCIAL PERFORMANCE * 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 2022 Financial Performance
FY 2022 FINANCIAL PERFORMANCE Consolidated Net Sales by Market +16% RV OEM +25% Adjacent OEM +8% Aftermarket * Additional information regarding adjusted EBITDA, as well as reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the App
Slide 12: Liquidity and Cash Flow
LIQUIDITY AND CASH FLOW As of and for the twelve months ended December 31 2022 2021 Cash and Cash Equivalents $47M $63M Remaining Availability under Revolving Credit $307M $168M Facility(1) Capital Expenditures $131M $99M Dividends $103M $87M Share Repurchases $24M $—M Debt / Net Income (TTM) 2.8x 4
Slide 13: Appendix: Reconciliation of Non-GAAP Measures
APPENDIX Reconciliation of Non-GAAP Measures EBITDA Three Months Ended Twelve Months Ended December 31, December 31, ($ in thousands) 2022 2021 2022 2021 Net (Loss) Income $ (17,129) $ 82,329 $ 394,974 $ 287,739 Interest Expense, Net 8,220 5,522 27,573 16,366 (Benefit) Provision for Income Taxes (14
Slide 14: Q&A
LCI INDUSTRIES Q&A 14