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    Michael Swartz • Truist Securities, Inc.

    Michael Swartz's questions to Winnebago Industries Inc (WGO) leadership

    Michael Swartz's questions to Winnebago Industries Inc (WGO) leadership • Q3 2025

    Question

    Michael Swartz of Truist Securities inquired about the specific steps being taken to improve the Winnebago-branded Motorhome business, including whether the company is considering exiting or consolidating parts of it. He also asked for a breakdown of the drivers behind the Motorhome segment's significant year-over-year profitability decline.

    Answer

    CEO Michael Happe stated that the turnaround plan involves reducing production, improving product value, and evaluating all strategic options while remaining committed to the brand. CFO Bryan Hughes added that the margin decline was driven by both deleverage from lower volumes and a significant increase in discounts and allowances needed to move product in the competitive market.

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    Michael Swartz's questions to Winnebago Industries Inc (WGO) leadership • Q2 2025

    Question

    Michael Swartz requested more context on the plan to 'reset the pricing strategy' for the Winnebago Towables business and asked how the company is thinking about balancing margins and market share, given its recent trend of undershipping the market.

    Answer

    President and CEO Michael Happe detailed that the pricing reset involves making current products more competitive at retail to reduce reliance on OEM discounts, with a long-term goal of introducing better-differentiated products. He emphasized a focus on gaining retail market share first, confident that shipment share will naturally follow as dealers reorder successful products.

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    Michael Swartz's questions to Winnebago Industries Inc (WGO) leadership • Q1 2025

    Question

    Michael Swartz asked about the strategy behind undershipping the RV industry in the quarter, its potential impact on retail market share, and for more detail on the drivers for Q2 revenue and profitability guidance.

    Answer

    CEO Michael Happe explained the focus is on managing the quantity and quality of field inventory, not correlating shipment share to retail results, and that they have enough inventory to compete. CFO Bryan Hughes detailed that Q2 profitability is expected to improve sequentially due to lower warranty costs, ongoing productivity improvements, and an easing of competitive discounting pressures.

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    Michael Swartz's questions to Winnebago Industries Inc (WGO) leadership • Q4 2024

    Question

    Michael Swartz asked if the fiscal 2025 guidance embeds any assumptions for future interest rate cuts and sought clarity on the basis for the $100 million+ revenue projection for the new Grand Design motorhome business.

    Answer

    President and CEO Michael Happe explained that their planning incorporates an average consensus of potential rate cuts but noted the difficulty in correlating a single factor to business trajectory. He clarified the Grand Design revenue projection is based on a combination of signing up dealers, initial retail orders, and a heavier initial emphasis on dealer stocking inventory.

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    Michael Swartz's questions to Topgolf Callaway Brands Corp (MODG) leadership

    Michael Swartz's questions to Topgolf Callaway Brands Corp (MODG) leadership • Q1 2025

    Question

    Michael Swartz asked for details on how Topgolf plans to manage its venue-level cost structure amid the value repositioning and what the long-term margin outlook is. He also inquired about the business cadence during the quarter.

    Answer

    Topgolf CEO Artie Starrs reiterated his confidence in achieving long-term venue EBITDAR margins north of 35%, explaining the current margin pressure is a deliberate investment in value to acquire customers. He noted that ongoing labor model efficiencies and corporate overhead reductions support this strategy. He also confirmed the Easter timing shift was not a material factor for the quarter.

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    Michael Swartz's questions to Topgolf Callaway Brands Corp (MODG) leadership • Q3 2024

    Question

    Michael Swartz asked for more detail on the intra-quarter trends for Topgolf's same-venue sales, noting the -11% result was consistent with the July trend. He also sought to quantify how much of the Q3 outperformance was due to product shipment timing from Q4.

    Answer

    President and CEO Chip Brewer noted there was volatility within the quarter, with August being slightly better and September slightly worse, driven primarily by weakness in the 3+ bay event business. CFO and CLO Brian Lynch confirmed that the 'substantial majority' of the Q3 earnings beat was attributable to the pull-forward of shipments from Q4 into Q3.

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    Michael Swartz's questions to Fox Factory Holding Corp (FOXF) leadership

    Michael Swartz's questions to Fox Factory Holding Corp (FOXF) leadership • Q1 2025

    Question

    Michael Swartz asked for more detail on the company's ability to offset the gross impact of tariffs in 2025 and questioned if the strong Q1 revenue was due to any discernible demand pull-forward from customers buying ahead of tariffs.

    Answer

    CEO Mike Dennison explained that tariff mitigation is a multi-faceted strategy involving commodity price indexing with OEMs, in-sourcing production, and shifting manufacturing locations for products like wheels and bats. He stated there was no significant pull-forward of demand in Q1, with revenue strength being tied more to the timing of new product launches.

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    Michael Swartz's questions to Fox Factory Holding Corp (FOXF) leadership • Q4 2024

    Question

    Michael Swartz of Truist Securities questioned the flat year-over-year revenue guidance for the bike business in 2025, asking for the puts and takes given potential tailwinds from new models. He also asked for a framework to understand the size and timing of the new Marucci MLB partnership's impact.

    Answer

    CEO Mike Dennison stated the flat bike guidance is conservative due to past forecasting challenges but noted positive signals and potential upside from new product launches. Regarding the MLB partnership, he explained the impact would build through Q2 and Q3 but said it was premature to quantify the financial upside, emphasizing the focus is on growing into the new relationship.

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    Michael Swartz's questions to Six Flags Entertainment Corp (FUN) leadership

    Michael Swartz's questions to Six Flags Entertainment Corp (FUN) leadership • Q1 2025

    Question

    Michael Swartz asked about the typical early indicators of consumer weakness seen in the business during prior downturns. He also questioned why the rate of EBITDA decline in Q1 was significantly steeper for the legacy Six Flags business compared to the prior year.

    Answer

    CEO Richard Zimmerman recalled that during the '08-'09 recession, the company saw lower season pass sales, group booking cancellations, and a drop in resort bookings, none of which are occurring now. He pointed to current strength in group bookings and e-commerce trends as positive signs. CFO Brian Witherow explained the steeper Q1 EBITDA decline at legacy Six Flags parks was primarily due to a strategic pull-forward of off-season maintenance and pre-opening costs into the first quarter of 2025.

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    Michael Swartz's questions to Six Flags Entertainment Corp (FUN) leadership • Q4 2024

    Question

    Michael Swartz sought clarification on the like-for-like attendance growth at legacy Six Flags parks in Q4 and asked for an explanation of the puts and takes on the softer-than-expected per capita spending, including currency and mix.

    Answer

    CFO Brian Witherow clarified that the mid-teens Q4 attendance growth at legacy Six Flags parks was driven by a successful Fright Fest and favorable weather, not operating day changes. He explained that the strong attendance from lower-priced channels like season passes pressured admission per caps, though in-park spending increased. He also confirmed that foreign exchange rates in Canada and Mexico were a headwind.

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    Michael Swartz's questions to Six Flags Entertainment Corp (FUN) leadership • Q3 2024

    Question

    Michael Swartz asked for the rationale behind providing Q4 guidance, which is atypical, and requested details on the realization of the $50 million in run-rate cost savings for the year.

    Answer

    CFO Brian Witherow explained that Q4 guidance was provided to offer clarity amid post-merger reporting complexities, especially after a very strong October. On cost savings, he noted that legacy Cedar Fair's core operating expenses were down $11 million in Q3 due to these initiatives, and that synergies from eliminating duplicative overhead are now being activated to meet the year-end run-rate goal.

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    Michael Swartz's questions to Malibu Boats Inc (MBUU) leadership

    Michael Swartz's questions to Malibu Boats Inc (MBUU) leadership • Q3 2025

    Question

    Michael Swartz questioned the company's long-term tariff risk beyond fiscal 2025, including its international sourcing exposure, and asked about pricing expectations for the model year 2026 lineup.

    Answer

    CEO Steven Menneto detailed that the company is actively pursuing mitigation strategies like reshoring and strategic purchasing. CFO Bruce Beckman quantified that 18-20% of cost of sales is sourced internationally across various categories with no single large concentration. For model year 2026, Menneto noted the industry is in a 'wait and see' mode on pricing, and Beckman added that absent tariffs, he expects a normal inflationary environment where cost increases are passed through.

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    Michael Swartz's questions to Malibu Boats Inc (MBUU) leadership • Q4 2024

    Question

    Michael Swartz of The Benchmark Company, identified in the transcript as Mike Albany, asked for confirmation on the final number of repurchased units related to the Tommy's dealership issue and how this figure compared to the company's initial estimates.

    Answer

    CFO Bruce Beckman confirmed the repurchase of 19 units was completed. He stated the executed repurchase value was about $2.5 million, which was less than half of the originally estimated $5.2 million, indicating that the dealer moved through more inventory than anticipated.

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    Michael Swartz's questions to Acushnet Holdings Corp (GOLF) leadership

    Michael Swartz's questions to Acushnet Holdings Corp (GOLF) leadership • Q1 2025

    Question

    On behalf of Michael Swartz of Truist Securities, an analyst asked how recent changes in foreign exchange rates would impact the company's outlook compared to the guidance provided in February.

    Answer

    CFO Sean Sullivan detailed the FX impact, noting the initial full-year forecast was a $35 million headwind. After a $12 million headwind in Q1, he stated that if current rates persist, the company would see a tailwind of over $20 million for the remainder of the year. This would result in a net positive impact of approximately $8 million for the full year compared to the prior year.

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    Michael Swartz's questions to Acushnet Holdings Corp (GOLF) leadership • Q4 2024

    Question

    Michael Swartz sought to understand the mix between unit volume and pricing within the organic growth outlook for 2025. He also asked for clarification on whether the potential $7 million headwind from China tariffs was included in the company's guidance.

    Answer

    CEO David Maher explained that growth would be a combination of unit growth and pricing, particularly on the equipment side, while wearables would see more level volumes with some price increases. CFO Sean Sullivan clarified that the potential $7 million tariff impact is NOT included in the guidance, as the situation is dynamic, but noted the company is actively working on mitigation strategies.

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    Michael Swartz's questions to LCI Industries (LCII) leadership

    Michael Swartz's questions to LCI Industries (LCII) leadership • Q1 2025

    Question

    Michael Swartz questioned what the financial impact of tariffs would be if calculated at the proposed 145% rate for China, and asked whether the 180 basis point impact calculation was based on 2024 or 2025 China sourcing levels.

    Answer

    CEO Jason Lippert dismissed modeling a 145% tariff rate as impractical, stating that at such a level, the company would simply accelerate its complete exit from China. Executive Lillian Etzkorn clarified that the impact is based on a rolling exit from China, with the company planning to reduce its imports from China from 24% of total in 2024 to 10% by the end of 2025.

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    Michael Swartz's questions to LCI Industries (LCII) leadership • Q4 2024

    Question

    Michael Swartz of Truist Securities asked for the specific impact of pricing versus mix on towable content during the quarter. He also sought confirmation on whether the company's long-term target of 3% to 5% organic content growth is a reasonable expectation for the full year 2025.

    Answer

    CFO Lillian Etzkorn characterized the pricing impact as benign, at less than one point, stating the primary depressant on content was the mix shift toward single-axle trailers. Both Etzkorn and CEO Jason Lippert affirmed that achieving the 3% to 5% organic content growth range for 2025 is a reasonable expectation, assuming the product mix does not shift more unfavorably.

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    Michael Swartz's questions to LCI Industries (LCII) leadership • Q3 2024

    Question

    Michael Swartz asked for a reconciliation between the 1% organic content growth and the 1% decline in reported content, seeking clarity on the impacts of pricing, mix, and M&A. He also inquired about the sales contribution from M&A in the quarter and the reason for the lowered CapEx guidance.

    Answer

    VP of Finance and Treasurer Lillian Etzkorn identified product mix as the primary driver of the decline, with the increase in low-content single-axle trailers creating a 3.5% headwind. She confirmed M&A's sales contribution was in the low single digits. The reduced CapEx guidance was attributed to timing and a disciplined focus on essential maintenance, with spending expected to increase next year. CEO Jason Lippert reinforced the mix impact, noting the significant price and content difference in single-axle units.

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    Michael Swartz's questions to Patrick Industries Inc (PATK) leadership

    Michael Swartz's questions to Patrick Industries Inc (PATK) leadership • Q1 2025

    Question

    Michael Swartz of Truist Securities inquired about the company's gross financial exposure to new tariffs, the extent to which these impacts are expected to be offset, and the role pricing will play as a mitigation lever. He also asked about potential product mix dilution in the RV market.

    Answer

    CFO Andy Roeder quantified the company's import exposure, noting about 5% of COGS is from China. President, RV, Jeff Rodino and CEO Andy L. Nemeth explained that the company is using multiple levers to mitigate tariff impacts, including alternative sourcing, a 'good, better, best' product strategy, and thoughtful pricing discussions with customers, rather than automatic increases. Rodino also stated that the product mix has remained stable compared to late 2024.

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    Michael Swartz's questions to Patrick Industries Inc (PATK) leadership • Q4 2024

    Question

    Michael Swartz inquired about any changes to the 2025 outlook compared to three months prior and requested a breakdown of the drivers behind the 8% revenue growth.

    Answer

    CEO Andy L. Nemeth stated that while there are building tailwinds and optimism, the company is maintaining its estimates for now as it's early in the retail season. CFO Andrew Roeder detailed the 8% growth, attributing 11% to acquisitions and 2% to organic growth (3.5% content share gain offset by a 2% pricing decline), with a 4% headwind from industry mix shifts.

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    Michael Swartz's questions to Patrick Industries Inc (PATK) leadership • Q3 2024

    Question

    Michael Swartz requested a breakdown of the 6% quarterly revenue growth, clarification on the impact of the RecPro acquisition on the lowered full-year operating margin outlook, and an explanation for the change in implied intra-quarter RV content per unit.

    Answer

    CFO Andrew Roeder attributed the growth primarily to acquisitions (+9%), with organic growth at 1%. CEO Andy L. Nemeth clarified that Q4 margin pressure stems from production pullbacks in Marine and Powersports, not RecPro. President, RV Jeffrey Rodino explained the RV content change was driven by a market mix shift toward smaller, entry-level units.

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    Michael Swartz's questions to MarineMax Inc (HZO) leadership

    Michael Swartz's questions to MarineMax Inc (HZO) leadership • Q2 2025

    Question

    Michael Swartz inquired if the lowered guidance was due to macro concerns or specific tariff costs, and asked for more detail on the historically low boat margins and their future trajectory.

    Answer

    Executive Michael McLamb stated the guidance reduction is solely due to a weaker macro outlook and anticipated margin pressure, not direct tariff costs. He noted industry-wide boat margins are roughly 150-200 basis points below normal levels and expects this pressure to persist. Executive William McGill added that current inventory levels provide a shield against immediate tariff impacts.

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    Michael Swartz's questions to MarineMax Inc (HZO) leadership • Q1 2025

    Question

    Michael Swartz of Truist Securities questioned the regional disparities in retail volume, specifically asking how performance outside of Florida compared to the overall 11% same-store sales decline, and also sought clarity on new boat margins relative to last year.

    Answer

    Executives Bill McGill and Michael McLamb confirmed that the revenue decline was almost entirely driven by Florida, with non-Florida store revenue being approximately flat on a comparable basis. Regarding boat margins, McLamb explained that while the company is still promoting aggressively, it is receiving more support from manufacturing partners this year compared to the same quarter last year, when MarineMax was largely promoting on its own.

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    Michael Swartz's questions to MarineMax Inc (HZO) leadership • Q4 2024

    Question

    On behalf of Michael Swartz, Adam asked if the previously stated $20-$25 million annualized cost savings target is still valid and whether it includes savings from floor plan expenses.

    Answer

    CFO Michael McLamb confirmed the $20-$25 million target is still the goal for gross SG&A reductions and does not include any interest expense savings. He cautioned that the net savings will be lower due to cost inflation in other areas of the business.

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    Michael Swartz's questions to United Parks & Resorts Inc (PRKS) leadership

    Michael Swartz's questions to United Parks & Resorts Inc (PRKS) leadership • Q4 2024

    Question

    Michael Swartz followed up on the cost savings plan, asking for color on the incremental savings that raised the 2025 target to $50 million from a previously discussed $25-30 million. He also sought clarification on Q1 attendance trends and the expected magnitude of the Easter calendar shift.

    Answer

    CEO Marc Swanson clarified that the savings are gross figures used to offset other investments and cost pressures. He cited labor management, purchasing efficiencies, and utility contracts as areas for savings. Swanson confirmed that year-to-date attendance was up through the previous Sunday and agreed that a visitor shift of 150,000-175,000 due to Easter moving from Q1 to Q2 was in the right range.

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    Michael Swartz's questions to OneWater Marine Inc (ONEW) leadership

    Michael Swartz's questions to OneWater Marine Inc (ONEW) leadership • Q1 2025

    Question

    Michael Swartz of Truist Securities questioned the company's fiscal year-end inventory target, the current level of aged inventory, and the rationale for maintaining full-year guidance after a strong Q1.

    Answer

    CFO Jack Ezzell stated the goal is to reduce inventory by over 10% year-over-year by September 2025. CEO Philip Singleton noted that aged inventory is cleaning up well. Regarding guidance, Ezzell explained that Q1 is seasonally the smallest quarter and that market consensus for Q3 may be too high. Singleton added that the company remains cautious until the core selling season provides more clarity, especially given the uncertain interest rate environment.

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    Michael Swartz's questions to OneWater Marine Inc (ONEW) leadership • Q4 2024

    Question

    Michael Swartz sought to understand the drivers behind the fiscal 2025 low-single-digit comparable store sales growth guidance and asked if the company expects EBITDA to be negative in the first quarter.

    Answer

    Executive Jack Ezzell explained that the guidance embeds some market share gains, with OneWater expected to be low-single-digit positive while the industry is likely low-single-digit negative. He noted noise from the Florida recovery and brand exits. CEO Austin Singleton clarified that store closures are minor consolidations of satellite locations. Regarding Q1, Ezzell stated it "wouldn't surprise me if it was slightly negative."

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