Mike Albanese

Mike Albanese asked about the key drivers behind the 50%+ growth in online bookings and the impact of international market expansion, particularly in the UK.

Answer

CEO Natalya Leahy attributed online booking growth to web platform updates, enhanced search/booking capabilities, and increased lead generation from National Geographic and Disney partnerships. For international markets, she noted significant momentum in the UK, with nearly half of 2025's annual revenue booked in the first six weeks of 2026, and plans to expand efforts in Australia.

Mike Albanese from StoneX asked about the seasonal cadence of Lindblad Expeditions' booking activity, inquiring if it's typically concentrated in Q1 or if momentum is sustained throughout the year. He also sought clarification on the key drivers behind the 50%+ growth in online bookings and whether the company's international expansion efforts, particularly in the UK, are already contributing to current booking numbers.

Answer

CEO Natalya Leahy explained that while a record wave season just concluded, booking activity remains relatively consistent year-round due to diverse destinations, with an expanded booking curve for 2027 and 2026 driving pricing momentum. She attributed the significant online booking growth to web platform enhancements (search, booking, lead generation) and increased leads from National Geographic and Disney partnerships. Ms. Leahy confirmed 'very real booking momentum' in the UK market, noting that half of 2025's annual revenue was booked in the first six weeks of 2026, with future expansion planned for Australia.

Mike Albanese asked for further comment on RV product mix expectations, particularly the momentum in fifth wheels, and whether it's driven by dealers right-sizing inventory or consumer demand.

Answer

President and CEO Jason Lippert expressed hope for the mix to shift towards higher-content trailers, which is healthier for the industry. He noted that January saw a slight drop in single-axle shipments and an increase in fifth wheels compared to the prior year, indicating that high-end buyers are less impacted and more willing to spend.

Mike Albanese asked for further comment on RV product mix expectations, specifically momentum in fifth wheels, and whether it's driven by dealer inventory right-sizing or consumer demand.

Answer

President and CEO Jason Lippert expressed hope for a mix shift towards higher-content trailers, noting the eventual saturation of single-axle products. He reiterated January trends showing single-axle units down and fifth wheels up, and mentioned that high-end buyers are less impacted and more willing to spend.

Mike Albanese followed up on aftermarket sales, asking about the incremental pull-through from SKU additions and the timeline for realizing an incremental lift. He also inquired if there was any incremental marketing spend to drive this initiative and if it was included in the margin outlook.

Answer

Jeff Rodino, President, described the aftermarket initiative as a long-term game, requiring marketing and advertising for pull-through, with a better gauge expected in 6-12 months. Andy Nemeth, CEO, clarified that any marketing spend is built into the current gross and operating margins, with no significant incremental spend expected unless tied to incremental volume, and it is indeed included in the 70-90 basis points operating margin expansion outlook.

Mike Albanese followed up on aftermarket sales and SKU additions, asking about the incremental pull-through from these additions and the timeline for realizing an incremental lift in after-sales. He also inquired if incremental marketing spend for this initiative is included in the 70-90 basis points operating margin expansion outlook.

Answer

President Jeff Rodino explained that achieving pull-through from SKU additions is a long-term process requiring marketing and advertising, with a better gauge expected in 6-12 months. CEO Andy Nemeth confirmed that any marketing spend for this initiative is typical of the company's current profile, built into existing gross and operating margins, and is indeed included in the projected 70-90 basis points operating margin expansion.

Mike Albanese (Benchmark) asked for an update on the MBI Acceptance program's impact on boat show conversions and the realized cost savings from centralized sourcing initiatives.

Answer

CEO Steve Menneto indicated it's too early to establish trends for the MBI Acceptance program, but early boat shows showed a higher take rate on the 3.99% financing, positively impacting traffic and sales. CFO David Black explained that centralized sourcing efforts are expected to be a significant driver of margin growth in the latter half of the fiscal year, with benefits starting to appear in the P&L.

Mike Albanese inquired about any incremental lift or improved conversion rates observed from the MBI Acceptance program's rollout at boat shows and the cost savings realized from centralized sourcing initiatives.

Answer

CEO Steve Menneto noted that it is still early for the MBI Acceptance program, but initial feedback from boat shows indicates a higher take rate on the 3.99% financing, which is encouraging for driving traffic and closing sales. CFO David Black explained that a significant portion of the expected margin growth in the latter half of the fiscal year is anticipated to come from centralized sourcing efforts, with meaningful benefits expected to flow into the P&L.

Mike Albanese inquired about the progress of Grand Design Motorized relative to expectations, specifically concerning the initial $100 million dealer stock target. He also asked about the opportunity size for new Grand Design Motorized models compared to the original Lineage series and the current industry-wide mixed shift towards value products, questioning if this trend has stabilized.

Answer

CEO Michael Happe confirmed that Grand Design Motorized exceeded $100 million in net revenue in fiscal 2025, noting it's a multi-year strategy that has already achieved over four points of market share in 15 months, with more products to come. CFO Bryan Hughes highlighted that Grand Design Motorhome Series M and F are already top 2-3 in retail share in their respective classes. Michael Happe did not provide a specific sales target for fiscal 2026 but expects continued growth. Regarding mixed shift, Michael Happe believes consumers have not stabilized from an affordability perspective, but Winnebago is addressing both ends of the market with improved lower-priced products (e.g., AXIS, Transcend One, Barletta Aria) and successful higher-priced offerings (e.g., Super C, Barletta Lusso). He expressed confidence in gaining retail dollar market share. Bryan Hughes welcomed the recent strength in motorhome retail and wholesale growth.

Mike Albanese asked for an update on Grand Design Motorized's performance relative to expectations, specifically concerning the initial $100 million dealer stock. He also inquired about the opportunity size for new models compared to the original Lineage and the overall industry trend of consumer mixed shifts towards value products.

Answer

CEO Michael Happe confirmed that Grand Design Motorized exceeded $100 million in net revenue for fiscal 2025, describing it as a multi-year strategy that has already achieved over four points of market share in 15 months. CFO Bryan Hughes highlighted that Grand Design Motorhome Series M and F are already top 2-3 in retail share in their respective classes. Michael Happe noted that the consumer has not yet stabilized from an affordability perspective, and Winnebago Industries is addressing this by improving lower price point products while also successfully introducing higher price point products. He expressed confidence in gaining retail dollar market share. Bryan Hughes welcomed the recent strength in Motorhome retail and wholesale growth.

Mike Albanese inquired about the expected margin profile for the Robotics segment in fiscal 2022, the strategy for achieving economies of scale with robot deployment, and future capital expenditure needs for the legacy cash management business.

Answer

Chairman Terence Yap explained that while the legacy cash logistics business has thin margins, the Robotics and Cybersecurity segments offer significantly higher margin potential, which will improve the company's overall profile as they scale. He detailed that the Intelligent Cloud Platform (ICP) is key to creating value-added data services from the growing robot fleet. Regarding CapEx, Yap noted that major investments are focused on acquisitions and robotics, with only standard maintenance CapEx expected for the legacy business, alongside potential AI system upgrades.