Winnebago industries, inc. (WGO)
CashFlow / Quarterly
Feb'20Nov'19Aug'19May'19Feb'19Nov'18Aug'18May'18Feb'18Nov'17Aug'17May'17Feb'17Nov'16Aug'16May'16Feb'16Nov'15Aug'15May'15Feb'15Nov'14Aug'14May'14Feb'14Nov'13Aug'13May'13Feb'13Nov'12Aug'12May'12Feb'12Nov'11Aug'11May'11Feb'11Nov'10
Operating activities:
Net income

17,268

14,068

31,868

36,171

21,598

22,161

29,790

32,521

22,088

17,958

24,923

19,391

15,278

11,738

13,146

14,438

9,354

8,558

11,717

11,502

8,096

9,895

12,929

11,385

9,593

11,146

10,616

7,661

6,285

7,391

40,908

3,941

-912

1,035

3,547

1,195

3,315

3,786

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

4,100

3,600

3,894

3,488

3,100

3,200

3,170

2,351

2,198

2,130

2,028

1,859

1,848

1,580

1,502

1,480

1,393

1,370

1,229

1,159

1,064

1,061

1,035

996

982

984

1,574

1,012

1,031

1,147

1,086

1,196

1,279

1,311

1,299

1,348

1,415

1,430

Amortization of intangible assets

7,974

3,614

2,431

2,278

2,267

2,659

3,407

1,933

1,933

2,055

2,082

10,160

10,367

2,051

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash interest expense, net

3,159

1,023

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

697

760

426

396

396

394

984

396

389

437

707

404

407

78

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Last-in, first-out expense

332

332

714

515

432

597

2,106

640

299

299

825

299

299

299

-127

692

678

-90

203

415

246

380

522

326

177

431

-1,618

-113

199

352

-1,457

315

201

328

882

410

419

364

Stock-based compensation

2,000

1,600

1,323

1,135

2,100

2,500

2,451

1,430

2,730

823

771

667

718

821

1,475

552

643

623

1,358

391

447

901

1,692

306

436

952

1,751

262

309

687

1,055

114

572

177

314

877

44

80

Deferred income taxes

-155

731

7,622

16

-36

382

977

2,727

415

1,665

1,964

-461

8,470

-1,613

-484

1,898

437

382

-2,578

-4,334

7,574

-447

-512

616

-518

366

3,033

307

-1,510

-40

-33,996

-433

357

-677

-357

291

292

291

Deferred compensation expense and postretirement income

-

-

-

-

-

-

-

-

-

-

308

347

-11,563

-12,471

-1,239

-1,138

-1,138

-777

-256

-249

-184

-154

-227

-347

-266

-139

-14

-25

63

221

60

62

154

294

344

344

345

345

Other, net

187

65

-1,008

1,435

400

-570

-1,189

114

-17

97

-311

-494

-181

-271

-255

-178

-207

-295

-

-

-

-

-

-

-

-

-

-

-

-

-

268

295

16

0

32

29

29

Provision (benefit) for doubtful accounts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2

6

-4

-20

2

-1

0

-37

56

3

3

97

8

10

10

6

15

-27

17

Loss (gain) on disposal of property

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-15

18

17

-21

10

710

-8

61

8

23

3

-8

1

-15

-6

127

159

15

693

Gain on life insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

0

0

27

0

509

248

86

0

195

0

0

372

0

Increase in cash surrender value of life insurance policies

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

195

275

187

154

211

154

286

177

306

164

383

209

302

-35

256

352

317

-24

324

Change in assets and liabilities:
Receivables

16,172

-27,906

-27,379

5,606

39,103

-23,748

13,144

-8,422

40,692

-7,675

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

-25,193

-20,082

10,957

1,787

-1,418

-3,070

10,078

-28

26,558

9,821

-1,332

-3,735

-6,691

17,923

-7,741

-3,341

-1,517

24,109

-10,207

-26,851

-666

38,285

-4,365

-6,228

1,988

10,368

-2,028

-11,106

17,780

19,621

16,033

9,736

-4,806

-3,647

-6,299

5,101

22,979

2,011

Prepaid expenses and other assets

3,997

84

3,846

-4,273

4,994

-68

967

-1,399

-2,857

936

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

8,902

-4,214

-3,047

-8,038

12,791

-799

-10,895

-10,925

22,985

-2,443

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receivables, prepaid and other assets

-

-

-

-

-

-

-

-

-

-

-

-215

37,631

-16,080

-

-10,893

16,354

-7,366

1,123

-11,141

14,401

-6,841

11,884

-13,707

26,128

13,928

-1,911

4,485

2,227

4,107

3,978

-671

3,303

-4,525

2,508

-3,977

3,614

-2,246

Investment in operating leases, net of repurchase obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

226

-154

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes and unrecognized tax benefits

-4,183

3,217

88

1,318

-12,773

-2,443

9,020

3,429

-10,957

6,447

1,239

10,437

-12,831

8,200

851

690

-2,710

1,254

2,783

8,883

-13,052

1,794

3,639

717

-3,315

4,584

40

-1,852

-1,577

3,195

-98

353

-743

495

-1,380

-1,357

-364

974

Accrued expenses and other liabilities

-5,265

6,364

-7,042

-4,710

10,139

-737

5,501

1,502

7,917

3,072

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

16,647

24,108

-7,977

-

9,080

6,640

-1,375

4,428

-2,233

-3,443

-632

2,068

8,315

5,211

-4,675

-956

6,843

531

2,521

2,677

5,157

8,390

-8,597

-3,074

1,197

3,761

-3,435

Postretirement and deferred compensation benefits

-

-

-

-

-

-

-

-

-

-

-

-998

-688

-742

-825

-1,195

-1,002

-970

-1,110

-1,197

-930

-922

-928

-1,156

-954

-970

-963

-1,223

-959

-1,177

-977

-1,176

-918

-959

-949

-938

-928

-926

Net cash provided by operating activities

40,131

79,033

50,901

30,911

-2,233

54,171

22,334

45,967

-14,413

29,458

29,777

62,208

5,292

-150

21,005

40,553

-749

-8,063

26,626

52,609

-14,430

-19,622

13,047

39,719

-17,635

-11,895

17,172

19,208

-15,819

-10,323

-11,634

351

10,238

1,160

3,944

2,419

-18,655

2,173

Investing activities:
Purchases of property and equipment

12,433

6,624

9,177

8,315

10,595

12,771

10,545

6,448

6,318

5,357

4,253

2,802

3,376

3,562

4,623

3,571

13,248

3,109

2,399

9,020

2,844

2,310

3,471

3,233

2,079

1,693

1,100

879

1,170

1,273

686

359

712

456

519

311

612

667

Acquisition of business, net of cash acquired

0

264,280

0

0

0

702

81,200

0

0

0

-2,221

0

-141

394,835

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Sale of Property, Plant, and Equipment

-

-

-

-

-

-

22

17

207

92

4

154

65

0

-3

11

5

5

22

0

26

17

20

11

2,391

1

97

23

48

566

1

9

7

0

134

216

24

3,769

Proceeds from the sale of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,350

7,050

0

250

0

300

0

250

500

700

0

5,250

1,200

Proceeds from life insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

295

-

0

0

0

-

-

-

0

0

30

0

974

248

761

0

643

0

0

659

0

Payments of COLI borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

1,371

0

0

0

0

-

-

-

-

Repayments of COLI borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Other, net

64

-243

-724

-708

-733

-311

2,148

65

-39

57

-174

-64

281

-901

-770

-374

-217

220

444

-141

-1

-293

279

1,018

258

-153

-130

-541

-22

-129

66

623

47

-112

504

-51

485

-24

Net cash used in investing activities

-12,497

-270,661

-8,439

-7,473

-9,862

-13,162

-93,871

-6,496

-6,072

-5,322

-1,854

-2,584

-3,451

-397,496

-3,856

-3,481

-13,026

-3,029

-2,821

-8,879

-2,817

-2,000

-3,730

-2,503

54

811

6,177

-285

-850

-975

-203

-212

-502

799

-189

-44

142

4,326

Financing activities:
Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,080

75

0

0

0

-

-

-

-

-

-

-

-

Borrowings on credit agreement

509,002

603,292

549,343

123,829

85,009

133,711

201,433

0

19,700

0

0

0

13,400

353,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of credit agreement

509,002

603,292

554,986

141,516

61,693

172,229

162,901

19,700

19,750

4,250

13,000

43,000

26,400

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of convertible senior notes

0

300,000

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of convertible note hedge

0

70,800

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of warrants

0

42,210

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of offering costs

54

10,707

-

-

0

0

-

-

-

-

0

0

262

10,758

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of cash dividends

3,705

3,469

3,469

3,488

3,530

3,183

3,181

3,182

6,375

0

3,184

3,184

3,185

3,185

2,718

2,718

2,725

2,730

2,441

2,441

2,441

2,442

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments for repurchase of common stock

-

-

-

-

-

-

0

5,003

115

1,363

163

2

47

1,318

8

4

2,349

705

353

25

191

5,950

2,016

2,840

15,923

5,561

1,595

2,756

1,190

7,177

6,261

108

235

0

0

0

0

89

Other, net

486

-1,709

352

0

1,244

-948

-

-

-

-

0

0

0

-92

-93

31

0

9

13

13

14

13

13

-144

25

25

26

20

19

-133

-50

0

0

33

322

60

60

64

Net cash provided by (used in) financing activities

-6,023

255,525

-9,207

-22,279

14,410

-42,649

34,850

-27,885

-6,540

-5,613

-16,347

-46,186

-16,494

337,647

-2,819

-2,691

-5,074

-3,426

-2,781

-2,453

-2,618

-8,379

-2,003

-2,984

-15,898

-3,456

-1,494

-2,736

-1,171

-7,310

-6,311

-108

-235

33

322

68

135

-25

Net increase (decrease) in cash and cash equivalents

21,611

63,897

33,255

1,159

2,315

-1,640

-36,687

11,586

-27,025

18,523

11,576

13,438

-14,653

-59,999

14,330

34,381

-18,849

-14,518

21,024

41,277

-19,865

-30,001

7,314

34,232

-33,479

-14,540

21,855

16,187

-17,840

-18,608

-18,148

31

9,501

1,992

4,077

2,443

-18,378

6,474

Supplement cash flow disclosure:
Income taxes paid, net

7,963

-311

3,209

3,590

21,484

8,778

1,603

5,543

18,968

322

9,610

119

11,571

121

5,312

289

10,173

2,675

5,297

-204

9,358

3,207

2,247

3,614

8,200

0

1,554

4,276

5,657

13

-249

60

24

31

-

-

-

-

Interest paid

4,745

5,193

4,586

2,866

3,733

3,736

4,630

3,029

4,358

4,548

4,605

5,557

1,731

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business

0

92,572

-

-

0

0

-

-

-

-

0

0

0

124,066

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures in accounts payable

-1,945

2,063

378

-250

114

145

91

-405

633

379

742

-43

-373

695

506

-353

-76

826

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes paid, net of refunds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

25