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LCI Industries Reports Third Quarter Financial Results

 Executing on diversification, operational improvements, and innovation to drive long-term performance with continued strong performance in the Aftermarket Segment

Third Quarter 2023 Highlights

  • Net sales of $1.0 billion in the third quarter, down 15% year-over-year
  • Net income of $26 million, or $1.02 per diluted share, in the third quarter, down 58% year-over-year
  • EBITDA of $79 million, down 34% year-over-year
  • Continued execution of diversification strategy with Aftermarket Segment and Adjacent Industries OEM net sales exceeding 56% of total net sales for the twelve months ended September 30, 2023
  • Inventory reduction of $238 million year-to-date through September 30, 2023
  • Cash flows from operating activities of $389 million year-to-date through September 30, 2023
  • Net repayments of indebtedness of $211 million year-to-date through September 30, 2023
  • Quarterly dividend of $1.05 per share paid, totaling $27 million in the third quarter and $80 million year-to-date

LCI Industries (NYSE: LCII) which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation, transportation products, and housing markets, and the related aftermarkets of those industries, today reported third quarter 2023 results.

“Our commitment to diversification and operational discipline continues to support our performance in a volatile macro environment. The strength we are seeing in our diversified businesses, highlighted by substantial margin expansion in Aftermarket, greatly contributes to the long-term growth and profitability prospects of Lippert, helping us weather challenges far better than if we competed solely in the RV OEM space,” commented Jason Lippert, LCI Industries’ President and Chief Executive Officer. “With our diverse set of manufacturing capabilities, continuous new product launches, and broad industry and customer portfolios serving as significant differentiators, we have continued to drive organic content growth even as we have seen selling prices decline. Just in the last four years, we have added sales of $0.9 billion from acquisitions and another $1 billion in organic sales growth. Further, through the investments made in our facilities and teams over the years, we have established strong manufacturing capabilities allowing us to develop deep customer relationships, solidifying Lippert’s position as a leader across the outdoor recreation space. Additionally, new business commitments for 2024 across our businesses total approximately $185 million. We believe these are tremendous organic growth and market share wins for next year.”

“We have an incredibly experienced team that has led our business through downturns like this one in the past and each time we have come out stronger as a result of their great leadership. With our strong balance sheet, reinforced by the substantial inventory reductions we have made throughout the year, we believe we are well-positioned to manage through near-term challenges and capture growth opportunities once conditions improve,” Lippert continued. “I want to thank all of the Lippert team members worldwide for their dedication and hard work this quarter as we navigate challenging conditions and focus on generating sustained value for all our stakeholders.”

Third Quarter 2023 Results

Consolidated net sales for the third quarter of 2023 were $1.0 billion, a decrease of 15% from 2022 third quarter net sales of $1.1 billion. Net income in the third quarter of 2023 was $25.9 million, or $1.02 per diluted share, compared to net income of $61.4 million, or $2.40 per diluted share, in the third quarter of 2022. EBITDA in the third quarter of 2023 was $78.9 million, compared to EBITDA of $119.8 million in the third quarter of 2022. Additional information regarding EBITDA, as well as a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.

The decrease in year-over-year net sales for the third quarter of 2023 was primarily driven by decreased North American RV wholesale shipments, lower North American marine production levels, and decreased selling prices which are indexed to select commodities, partially offset by acquisitions. Net sales from acquisitions completed in the twelve months ended September 30, 2023 contributed approximately $16.9 million in the third quarter of 2023.

October 2023 Results

October 2023 consolidated net sales were approximately $344 million, down 1% from October 2022, primarily due to an approximate 10% decline in North American RV wholesale shipments and an approximate 3% decline due to decreased selling prices which are indexed to select commodities compared to October 2022. October 2023 results were favorably impacted by our diversification efforts, including 15% growth in adjacent markets and 5% growth in the Aftermarket Segment compared to October 2022.

OEM Segment

OEM net sales for the third quarter of 2023 were $728.5 million, down 20% year-over-year, primarily driven by a 21% reduction in North American wholesale shipments, decreased selling prices which are indexed to select commodities, and lower North American marine production levels. Operating profit of the OEM Segment was $11.2 million in the third quarter of 2023, or 1.5% of net sales, compared to $65.2 million, or 7.1%, in the same period in 2022. The operating profit of the OEM Segment for the quarter was driven by decreased selling prices which are indexed to select commodities and the impact of fixed costs on reduced sales.

RV OEM

RV OEM net sales for the third quarter of 2023 were $429.2 million, down 26% compared to the same prior year period, driven by a 21% decline in North American wholesale shipments.

Adjacent Industries OEM

Adjacent Industries OEM net sales for the third quarter of 2023 were $299.2 million, down 11% year-over-year, primarily due to lower sales to North American marine OEMs. North American marine OEM net sales in the third quarter of 2023 were $72.5 million, down 42% year-over-year.

Aftermarket Segment

Aftermarket net sales for the third quarter of 2023 were $230.8 million, up 5% year-over-year, as distribution channel inventories stabilized. Operating profit of the Aftermarket Segment was $34.4 million in the third quarter of 2023, or 14.9% of net sales, compared to $22.4 million, or 10.2%, in the same period in 2022. The operating profit expansion of the Aftermarket Segment for the quarter was driven by decreased commodity costs and leveraging of fixed costs over larger sales and production volume.

Income Taxes

The Company's effective tax rate was 26.6% for the quarter ended September 30, 2023, compared to 23.9% for the quarter ended September 30, 2022. The rate was impacted by a decrease to the life insurance contract assets related to the deferred compensation plan.

Balance Sheet and Other Items

At September 30, 2023, the Company's cash and cash equivalents balance was $31.2 million, compared to $47.5 million at December 31, 2022. The Company used $79.7 million for dividend payments to shareholders, $50.1 million for capital expenditures, and $25.9 million for acquisitions in the nine months ended September 30, 2023. The Company also made $165.7 million in net repayments under its revolving credit facility and $45.8 million in repayments under its term loan and other borrowings in the nine months ended September 30, 2023.

The Company's outstanding long-term indebtedness, including current maturities, was $908.8 million at September 30, 2023, and the Company was in compliance with its debt covenants.

Conference Call & Webcast

LCI Industries will host a conference call to discuss its third quarter results on Tuesday, November 7, 2023, at 8:30 a.m. Eastern time, which may be accessed by dialing (833) 470-1428 for participants in the U.S. and (646) 904-5544 for participants outside the U.S. using the required conference ID 356208. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the Company's website, www.investors.lci1.com.

A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (929) 458-6194 for participants outside the U.S. and referencing access code 105381. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

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, transportation products, and housing 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 our 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, 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 disaster, 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, 2022, 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

September 30,

 

Nine Months Ended

September 30,

 

Last Twelve

 

2023

 

2022

 

2023

 

2022

 

Months

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

959,315

 

$

1,132,079

 

$

2,947,264

 

$

4,312,797

 

$

3,841,610

Cost of sales

 

748,367

 

 

879,025

 

 

2,332,125

 

 

3,186,415

 

 

3,079,564

Gross profit

 

210,948

 

 

253,054

 

 

615,139

 

 

1,126,382

 

 

762,046

Selling, general and administrative expenses

 

165,358

 

 

165,479

 

 

494,332

 

 

550,317

 

 

664,276

Operating profit

 

45,590

 

 

87,575

 

 

120,807

 

 

576,065

 

 

97,770

Interest expense, net

 

10,325

 

 

6,910

 

 

30,968

 

 

19,353

 

 

39,188

Income before income taxes

 

35,265

 

 

80,665

 

 

89,839

 

 

556,712

 

 

58,582

Provision for income taxes

 

9,378

 

 

19,273

 

 

23,267

 

 

144,609

 

 

9,139

Net income

$

25,887

 

$

61,392

 

$

66,572

 

$

412,103

 

$

49,443

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

$

1.02

 

$

2.41

 

$

2.63

 

$

16.23

 

$

1.95

Diluted

$

1.02

 

$

2.40

 

$

2.62

 

$

16.15

 

$

1.94

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

25,340

 

 

25,447

 

 

25,293

 

 

25,398

 

 

25,299

Diluted

 

25,504

 

 

25,600

 

 

25,405

 

 

25,520

 

 

25,434

 

 

 

 

 

 

 

 

 

 

Depreciation

$

18,857

 

$

17,989

 

$

55,974

 

$

53,953

 

$

74,860

Amortization

$

14,412

 

$

14,258

 

$

42,844

 

$

42,013

 

$

57,204

Capital expenditures

$

15,978

 

$

32,911

 

$

50,060

 

$

103,748

 

$

76,953

LCI INDUSTRIES

SEGMENT RESULTS

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

Last Twelve

 

2023

 

2022

 

2023

 

2022

 

Months

(In thousands)

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

OEM Segment:

 

 

 

 

 

 

 

 

 

RV OEMs:

 

 

 

 

 

 

 

 

 

Travel trailers and fifth-wheels

$

363,573

 

$

493,515

 

$

1,032,866

 

$

2,261,250

 

$

1,389,201

Motorhomes

 

65,669

 

 

82,922

 

 

206,404

 

 

261,656

 

 

283,845

Adjacent Industries OEMs

 

299,225

 

 

335,983

 

 

1,006,378

 

 

1,062,374

 

 

1,303,192

Total OEM Segment net sales

 

728,467

 

 

912,420

 

 

2,245,648

 

 

3,585,280

 

 

2,976,238

Aftermarket Segment:

 

 

 

 

 

 

 

 

 

Total Aftermarket Segment net sales

 

230,848

 

 

219,659

 

 

701,616

 

 

727,517

 

 

865,372

Total net sales

$

959,315

 

$

1,132,079

 

$

2,947,264

 

$

4,312,797

 

$

3,841,610

 

 

 

 

 

 

 

 

 

 

Operating profit:

 

 

 

 

 

 

 

 

 

OEM Segment

$

11,165

 

$

65,186

 

$

29,086

 

$

501,137

 

$

7,099

Aftermarket Segment

 

34,425

 

 

22,389

 

 

91,721

 

 

74,928

 

 

90,671

Total operating profit

$

45,590

 

$

87,575

 

$

120,807

 

$

576,065

 

$

97,770

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

OEM Segment depreciation

$

14,835

 

$

14,213

 

$

43,840

 

$

43,090

 

$

58,915

Aftermarket Segment depreciation

 

4,022

 

 

3,776

 

 

12,134

 

 

10,863

 

 

15,945

Total depreciation

$

18,857

 

$

17,989

 

$

55,974

 

$

53,953

 

$

74,860

 

 

 

 

 

 

 

 

 

 

OEM Segment amortization

$

10,550

 

$

10,472

 

$

31,204

 

$

30,668

 

$

41,788

Aftermarket Segment amortization

 

3,862

 

 

3,786

 

 

11,640

 

 

11,345

 

 

15,416

Total amortization

$

14,412

 

$

14,258

 

$

42,844

 

$

42,013

 

$

57,204

LCI INDUSTRIES

BALANCE SHEET INFORMATION

(unaudited)

 

 

September 30,

 

December 31,

 

2023

 

2022

(In thousands)

 

 

 

 

 

 

 

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

31,242

 

$

47,499

Accounts receivable, net

 

338,847

 

 

214,262

Inventories, net

 

791,884

 

 

1,029,705

Prepaid expenses and other current assets

 

68,666

 

 

99,310

Total current assets

 

1,230,639

 

 

1,390,776

Fixed assets, net

 

472,518

 

 

482,185

Goodwill

 

579,912

 

 

567,063

Other intangible assets, net

 

462,412

 

 

503,320

Operating lease right-of-use assets

 

233,740

 

 

247,007

Other long-term assets

 

54,586

 

 

56,561

Total assets

$

3,033,807

 

$

3,246,912

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities

 

 

 

Current maturities of long-term indebtedness

$

566

 

$

23,086

Accounts payable, trade

 

198,914

 

 

143,529

Current portion of operating lease obligations

 

34,642

 

 

35,447

Accrued expenses and other current liabilities

 

179,894

 

 

219,238

Total current liabilities

 

414,016

 

 

421,300

Long-term indebtedness

 

908,245

 

 

1,095,888

Operating lease obligations

 

211,289

 

 

222,478

Deferred taxes

 

25,281

 

 

30,580

Other long-term liabilities

 

102,836

 

 

95,658

Total liabilities

 

1,661,667

 

 

1,865,904

Total stockholders' equity

 

1,372,140

 

 

1,381,008

Total liabilities and stockholders' equity

$

3,033,807

 

$

3,246,912

LCI INDUSTRIES

SUMMARY OF CASH FLOWS

(unaudited)

 

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

(In thousands)

 

 

 

Cash flows from operating activities:

 

 

 

Net income

$

66,572

 

 

$

412,103

 

Adjustments to reconcile net income to cash flows provided by operating activities:

 

 

 

Depreciation and amortization

 

98,818

 

 

 

95,966

 

Stock-based compensation expense

 

14,027

 

 

 

20,564

 

Deferred taxes

 

 

 

 

(2,401

)

Other non-cash items

 

4,611

 

 

 

1,174

 

Changes in assets and liabilities, net of acquisitions of businesses:

 

 

 

Accounts receivable, net

 

(121,914

)

 

 

(18,128

)

Inventories, net

 

246,155

 

 

 

26,508

 

Prepaid expenses and other assets

 

31,237

 

 

 

31,304

 

Accounts payable, trade

 

54,817

 

 

 

(82,054

)

Accrued expenses and other liabilities

 

(5,060

)

 

 

471

 

Net cash flows provided by operating activities

 

389,263

 

 

 

485,507

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(50,060

)

 

 

(103,748

)

Acquisitions of businesses

 

(25,851

)

 

 

(55,709

)

Other investing activities

 

4,284

 

 

 

2,137

 

Net cash flows used in investing activities

 

(71,627

)

 

 

(157,320

)

Cash flows from financing activities:

 

 

 

Vesting of stock-based awards, net of shares tendered for payment of taxes

 

(9,591

)

 

 

(10,805

)

Proceeds from revolving credit facility

 

248,900

 

 

 

844,900

 

Repayments under revolving credit facility

 

(414,554

)

 

 

(1,001,040

)

Repayments under shelf loan, term loan, and other borrowings

 

(45,767

)

 

 

(65,852

)

Payment of dividends

 

(79,744

)

 

 

(76,273

)

Payment of contingent consideration and holdbacks related to acquisitions

 

(31,857

)

 

 

(57,328

)

Other financing activities

 

(834

)

 

 

1,468

 

Net cash flows used in financing activities

 

(333,447

)

 

 

(364,930

)

Effect of exchange rate changes on cash and cash equivalents

 

(446

)

 

 

(2,750

)

Net decrease in cash and cash equivalents

 

(16,257

)

 

 

(39,493

)

Cash and cash equivalents at beginning of period

 

47,499

 

 

 

62,896

 

Cash and cash equivalents at end of period

$

31,242

 

 

$

23,403

 

LCI INDUSTRIES

SUPPLEMENTARY INFORMATION

(unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

September 30,

 

September 30,

 

Last Twelve

 

 

2023

 

2022

 

 

2023

 

 

2022

 

Months

 

Industry Data(1) (in thousands of units):

 

 

 

 

 

 

 

 

 

 

Industry Wholesale Production:

 

 

 

 

 

 

 

 

 

 

Travel trailer and fifth-wheel RVs

61.5

 

 

73.3

 

 

 

195.7

 

 

 

359.6

 

 

257.7

 

 

Motorhome RVs

10.3

 

 

15.3

 

 

 

35.8

 

 

 

46.0

 

 

48.2

 

 

Industry Retail Sales:

 

 

 

 

 

 

 

 

 

 

Travel trailer and fifth-wheel RVs

91.1

 

(2)

106.0

 

 

 

271.4

 

(2)

 

330.6

 

 

330.5

 

(2)

Impact on dealer inventories

(29.6

)

(2)

(32.7

)

 

 

(75.7

)

(2)

 

29.0

 

 

(72.8

)

(2)

Motorhome RVs

11.4

 

(2)

12.3

 

 

 

36.5

 

(2)

 

39.3

 

 

45.5

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

 

Lippert Content Per Industry Unit Produced:

 

 

 

 

 

 

 

Travel trailer and fifth-wheel RV

 

 

 

 

$

5,192

 

 

$

5,862

 

 

 

Motorhome RV

 

 

 

 

$

3,705

 

 

$

3,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2022

 

 

Balance Sheet Data (debt availability in millions):

 

 

 

 

 

 

 

Remaining availability under the revolving credit facility (3)

 

$

178.5

 

 

$

369.2

 

$

306.5

 

 

Days sales in accounts receivable, based on last twelve months

 

 

29.2

 

 

 

28.0

 

 

27.5

 

 

Inventory turns, based on last twelve months

 

 

3.3

 

 

 

3.8

 

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

Estimated Full Year Data:

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

$55 - $60 million

 

 

 

Depreciation and amortization

 

 

 

 

$130 - $135 million

 

 

 

Stock-based compensation expense

 

 

 

 

$18 - $20 million

 

 

 

Annual tax rate

 

 

 

 

24% - 26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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)

 

September 2023 retail sales data for RVs has not been published yet, therefore 2023 retail data for RVs includes an estimate for September 2023 retail units. Retail sales data will likely be 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 September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

(In thousands)

 

 

 

 

 

 

 

Net income

$

25,887

 

$

61,392

 

$

66,572

 

$

412,103

Interest expense, net

 

10,325

 

 

6,910

 

 

30,968

 

 

19,353

Provision for income taxes

 

9,378

 

 

19,273

 

 

23,267

 

 

144,609

Depreciation expense

 

18,857

 

 

17,989

 

 

55,974

 

 

53,953

Amortization expense

 

14,412

 

 

14,258

 

 

42,844

 

 

42,013

EBITDA

$

78,859

 

$

119,822

 

$

219,625

 

$

672,031

In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measure of EBITDA to illustrate and improve comparability of its results from period to period. EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, and amortization expense during the three and nine month periods ended September 30, 2023 and 2022. The Company considers this non-GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The measure is not in accordance with, nor is it a substitute for, GAAP measures, and it may not be comparable to similarly titled measures used by other companies.

Contacts

Lillian D. Etzkorn, CFO

Phone:
(574) 535-1125

E Mail: LCII@lci1.com

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