LCI 인더스트리즈 2026년 3분기 실적 발표 콘퍼런스 콜: 마진 확대, 가이던스 및 패트릭 합병

핵심 요약

• 3분기 순매출은 10억 달러를 소폭 밑돌며 전년 동기 대비 4% 감소했다. 다각화된 사업 부문의 성장이 RV OEM 매출의 17% 감소세를 일부 상쇄했다.
• GAAP 영업이익률은 30bp 상승한 7.6%를 기록했다. 원자재 가격 연동 가격 책정, 조달 전략 및 기타 비용 개선에 힘입어 조정 영업이익률은 100bp 오른 8.3%를 나타냈다.
• 조정 EBITDA는 1억 600만 달러에서 1억 1,100만 달러로 증가했으며, 이익률은 100bp 확대된 11.2%를 기록했다. 조정 희석 EPS는 1.97달러에서 2.21달러로 상승했다.
• 애프터마켓 순매출은 6% 증가했고, 인접 산업 부문은 7% 늘었으며, 견인형 RV의 대당 탑재액은 6% 증가한 5,733달러를 기록했다.
• LCI 인더스트리스는 2026년 조정 매출 전망치를 39억~40억 달러로, 조정 영업이익률 가이던스를 7.5~8.0%로 유지했다. 조정 EPS 가이던스는 8.25~8.50달러로 범위를 좁혔다.
• 이사회는 모노모이 캐피털의 제안이 기존에 추진 중이던 패트릭 인더스트리스와의 합병안보다 우수하지 않다고 판단해 이를 거절했다. 경영진은 패트릭과의 합병이 성사된 후 3년 이내에 연간 환산 기준 약 1억 5,000만 달러의 순 비용 시너지를 창출할 것으로 예상하고 있다.

주요 재무 데이터

사업 및 운영 실적

북미 RV 도매 출하량 감소가 연결 매출의 주요 감소 요인으로 작용했다. 다만 원자재 가격 연동 판매가 인상, 자동차 애프터마켓 성장, 인수 사업의 기여로 감소세가 일부 상쇄되었다.

RV OEM 매출은 17% 감소했으나, 견인형 RV 대당 탑재액은 6% 증가한 5,733달러를 기록했다. 경영진은 탑재액 증가의 배경으로 고객사의 채택 확대와 세분화된 '굿, 베터, 베스트(good, better, best)' 제품 전략을 꼽았다. 2028년형 모델의 경우 고객들이 가격 접근성과 가치를 우선시함에 따라 현재 '굿(good)' 제품군을 선호하고 있다.

애프터마켓 순매출은 자동차 견인 및 트럭 액세서리 부문 주도로 6% 증가했다. 경영진은 애프터마켓 사업의 연간 매출이 10억 달러에 육박했다고 밝혔다. 아울러 향후 수년간 약 200만 대의 RV가 수리 및 교체 주기에 진입함에 따라 관련 기회가 커지고 있다고 강조했다.

인접 산업 부문은 7% 성장했다. LCI 인더스트리스는 대형 버스용 시트 출시와 오프로드 차량용 창문 공급을 통해 수송 부문에서의 입지를 넓혔다.

생산시설 합리화 작업은 예정대로 진행되고 있다. 경영진은 8~10개 시설의 통폐합을 완료할 것으로 예상하며, 최종 작업은 4분기부터 이듬해 1분기까지 이어질 전망이다. 텍사스의 신규 랜치 핸드(Ranch Hand) 시설은 생산능력을 약 2.5배 확대할 것으로 기대된다. 경영진은 해당 사업 부문이 20주 치의 수주잔고를 확보한 상태에서 시설 이전 작업에 돌입했으며 연말까지 완전 가동될 것으로 예상된다고 밝혔다.

경영진 가이던스

경영진은 업계의 전반적인 침체 지속에도 불구하고 조정 매출 및 영업이익률 전망 범위를 유지했다. 조정 EPS 범위는 8.25~8.50달러로 축소 조정되었다.

LCI 인더스트리스는 도매 출하량 전망치가 2027년이 아닌 2026년에 적용되는 수치임을 분명히 했다. 경영진은 4분기 실적 발표 콘퍼런스콜에서 2027년 도매 및 소매 전망에 관한 구체적인 내용을 제시할 계획이다.

리스크 및 주시 요인

• RV를 비롯한 야외 레크리에이션 시장 전반에서 수요 부진이 이어지고 있으며, 생산량 감소로 고정비 흡수율이 지속적으로 저하되고 있다.
• 철강과 알루미늄은 여전히 부담스러운 비용 요인이다. 원자재 가격 연동 가격 책정은 원가 변동 대비 1~2분기 시차가 발생할 수 있으며, 상향 및 하향 조정 모두 가능하다.
• 시장은 가격 접근성을 지속적으로 중시하고 있으며, 고객들은 현재 상대적으로 저렴한 가격대의 제품 구성을 선호하고 있다.
• 패트릭 인더스트리스와의 합병 추진안은 거래 종결 절차를 남겨두고 있다. 경영진은 공개된 정보 외에 해당 거래에 대한 언급을 제한했다.
• 딜러 재고가 양호하게 관리되고 있다고 설명하면서도, 경영진은 이러한 시장 평가가 현재 확보 가능한 데이터에 기반한 것임을 강조했다.

애널리스트 Q&A 주요 내용

RV 수요 및 재고: 경영진은 딜러 재고 수준과 OEM의 재고 관리가 회사의 2026년 출하량 전망 범위에 대한 신뢰를 뒷받침한다고 밝혔다. 이번 콘퍼런스콜에서 2027년 전망치는 제시하지 않았다.

대당 탑재액: LCI 인더스트리스는 RV 및 해양 제품 전반에 걸친 탑재액 확대 기회에 대해 자신감을 표명했다. 경영진은 단일 축 트레일러로의 전환 흐름이 내년까지 이어질 가능성이 높다고 밝혔다.

패트릭 합병에 대한 고객 반응: 경영진은 OEM 고객들이 구체적인 질문을 제기하며 합병이 가격 접근성을 개선할 수 있다는 근거를 원하고 있다고 밝혔다. 회사는 원활한 대화가 진행 중이라고 전했으나, 고객 행동에 실질적인 변화가 나타난 것은 아니라고 덧붙였다.

비용 절감 및 사업장 최적화: 계획된 8~10개 시설 통폐합은 순조롭게 진행되고 있다. 경영진은 이번 합병안이 현재의 통폐합 계획에 차질을 주지 않으면서 추가적인 사업장 최적화 기회를 창출할 수 있다고 언급했다.

원자재 인플레이션: 철강 및 알루미늄 익스포저의 대부분은 1~2분기의 시차를 두고 가격 지수 연동제를 통해 커버된다. 또한 조달 및 가공 비용 절감 노력 역시 이익률 개선에 기여했다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, everyone, and thank you for joining us today for the LCI Industries Third Quarter 2026 Earnings Call. My name is Al, and I will be coordinating your call today.

Before we begin, I would like to remind you that certain statements made on today's conference call regarding LCI Industries and its operations may be considered forward-looking statements under the securities laws and involve a number of risks and uncertainties.

As a result, the company cautions you that 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 are discussed in the company's earnings release, Form 10-K and in other filings with the SEC. The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements are made, except as required by law.

In addition, during today's conference call, management will refer to certain non-GAAP or adjusted financial measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are available in the company's earnings release and investor presentation, which have been posted on the Investor Relations section of the company's website and are also available on Form 8-K filed this morning with the SEC.

On the call from management today are Johnny Sirpilla, Interim Chief Executive Officer; Lillian Etzkorn, Chief Financial Officer; and Kip Emenhiser, VP of Finance and Treasurer. [Operator Instructions].

With that, it is my pleasure to turn the call over to Johnny Sirpilla. Please go ahead.

John Sirpilla

Thank you very much, operator, and thanks to everyone for being with us today. Before we begin, I want to take a moment to express my sincere appreciation to our more than 12,000 Lippert members around the world. The financial performance we are proud to be reporting this quarter is a direct reflection of their hard work, commitment and passion for winning. I also want to speak directly about our proposed merger with Patrick Industries and the recent news you may have heard.

As many of you know, we received a proposal from Monomoy Capital a few weeks ago. Our Board took that proposal seriously and gave it careful consideration, consistent with its responsibilities and ultimately concluded that it was not superior to the proposed merger with Patrick, so we declined it. We are excited for the merger with Patrick and believe strongly in what LCI and Patrick can build together.

This combination brings together 2 companies with complementary strengths, deep customer relationships and a shared commitment to service. We expect it to deliver approximately $150 million of net run rate cost synergies within 3 years of closing. And just as importantly, it gives our shareholders the opportunity to participate in the future growth of a fundamentally stronger company, a company with creativity and flexibility to keep investing in growth while continuing to return capital to shareholders.

At the same time, our standalone strategy is active and executing every day, and we see this combination as a natural way to build on that momentum. I'm genuinely proud of our product portfolio, our people, our culture and the partnerships we've built with customers across the markets we serve. I like the energy inside the company right now, the teamwork and the unending desire to win every day. As I challenge this team, they continue to dig deeper and come out stronger. We are going to stay on offense, and I truly believe the best days of our team, our customers and our shareholders are still ahead.

Now moving to the quarterly results. Despite the continued economic headwinds facing our industry and the broader economy, our teams have remained focused, engaged and motivated to deliver. What makes me particularly proud is not just what we are accomplishing, but how we are accomplishing it through teamwork, accountability, operational discipline and a shared commitment to continuous improvement.

Our leaders have done an outstanding job of keeping our team members aligned, energized and focused on the opportunities ahead. That combination of strong execution and a positive winning culture gives me tremendous confidence in our ability to navigate today's challenges while positioning Lippert for an exciting future.

We continue to execute consistently in the third quarter, building on the progress we've made throughout 2026. Against the backdrop of continued soft demand across several markets and with adjustments for restructuring and transaction costs, we expanded our operating profit margin by 100 basis points year-over-year to 8.3% and grew our total RV product content per unit by 6%. Additionally, our diversified business grew with aftermarket net sales growth of 6% and adjacent industries up 7% partially mitigating the 17% decline in RV OEM sales.

We continue to expand our presence in the transportation markets, launching heavy-duty bus seats and supplying windows in off-road vehicles. These results show that our strategy is working. We are strengthening profitability at today's industry levels while expanding the drivers of our future growth. As we approach year-end and look towards 2027, our priorities are clear and consistent with what we've outlined throughout the year.

First, we are earning additional opportunities with our customers by delivering innovative products and solutions that create meaningful value for them and their end consumers. Second, we are diversifying our growth opportunities by expanding our aftermarket presence and our offerings across adjacent OEM markets, further enhancing our well-balanced portfolio. And third, we continue to build on the progress we've made throughout 2026 with our self-help actions and are actively streamlining our operations and cost structure while selectively pursuing accretive M&A.

We continue to leverage our expanding product and content pipeline, while engineering capabilities and our deep customer relationships continue to build on that momentum. As we move forward, our team, led by Ryan Smith and Jamie Schnur at the segment level, remain focused on executing these priorities and advancing the growth opportunities already underway across our businesses.

Our aftermarket business illustrates how we are expanding growth opportunities beyond new RV production. Over the years, we have placed some 20 billion in replaceable parts into OEM products and nearly 2 million RVs on the road are entering the repair and replacement cycle over the next few years.

By partnering closely with dealers to help consumers repair and replace complex products, we are building another durable growth platform for LCI. Our aftermarket business has grown to nearly $1 billion in annual revenue and the growth trajectory is bright. Together with our continued expansion in the automotive aftermarket and RV adjacent OEM markets, this growth underscores the impact of our diversification strategy, reducing our reliance on the new unit production and supporting profitable growth across a broader range of market conditions.

In summary, we remain confident in LCI's positioning for profitable growth. We are increasing content through creativity, expanding our aftermarket and adjacent market presence and improving operating efficiency with much improved leverage just since the start of the year, as Lillian will discuss.

Our focus is on strengthening performance at current demand levels while positioning the business to create long-term shareholder value. Thank you to our entire team for its continued commitment to our customers and our business, and I look forward to keeping the investment community updated on our progress.

With that, Lillian will now provide a detailed review of our quarterly results and our full year outlook. Lillian?

Lillian Etzkorn

Thanks, Johnny, and thank you, everyone, for joining us. During the third quarter, we again delivered solid results despite what continues to be a weaker demand environment for outdoor recreation, specifically RV. Even with much lower industry-wide RV OEM sales, our revenues were off just 4% over the past year, supported by the growth we were able to achieve in our diversified businesses.

Specifically, we grew aftermarket net sales by 6%, and we delivered 7% growth in adjacent industries. We were also able to grow our operating profit margin by 30 basis points to 7.6%. Adjusted for restructuring, transaction costs and tariffs, we delivered an adjusted OI margin of 8.3% which is an expansion of 100 basis points over prior year.

These accomplishments are a testament to the durable, diversified platform that we've built over the years and of course, the tremendous efforts day in and day out by our skilled colleagues. Combined, the LCI platform is able to not only weather the storm but deliver enhanced shareholder value creation once conditions normalize. With this goal in mind, this has been a year of sharp focus on the many self-help initiatives we've outlined, which include thoughtful cost reductions, striving for operational efficiencies and steadily expanding product offerings.

Let us now walk through our consolidated results for the third quarter. Our net sales came in just under $1 billion and consistent with the prior quarter. This was a 4% year-over-year decline. The decrease in consolidated net sales was primarily driven by lower North American RV wholesale shipments, partially offset by increases in selling prices contractually tied to indices of select commodities, growth in the automotive aftermarket and sales from acquired businesses. We continue to focus on providing our customers quality products they want that leverage our creativity and our advanced manufacturing abilities. By executing on this strategy, we were able to increase RV towable content per unit 6% year-over-year to $5,733.

Moving on to aftermarket. As I mentioned, we grew adjusted net sales by 6% over the past year. The increase was primarily driven in increases in volume in the automotive aftermarket, reflecting growth in towing and truck accessories. From a profitability standpoint, our team was able to deliver consolidating operating profit of $83 million on an adjusted basis, which equates to an 8.3% adjusted operating margin, up 100 basis points over prior year.

Year-over-year margin expansion was driven primarily by increases in selling prices contractually tied to indices of select commodities and cost improvement actions, including material sourcing strategies, partially offset by lower absorption of fixed costs due to lower sales volumes.

In terms of adjusted EBITDA, we produced $111 million on an adjusted consolidated basis, up from $106 million a year earlier and reflecting a margin of 11.2%, up a full percentage point. Our GAAP net income was $50 million with diluted GAAP EPS of $2.05. On an adjusted basis, our diluted EPS of $2.21 was up significantly from $1.97 in the prior year period.

In terms of our balance sheet, we maintain a very solid financial foundation with cash and cash equivalents of $246 million as of September and with $595 million available under our revolver, we have total liquidity of $841 million. We ended the quarter with an outstanding net debt balance of $607 million, suggesting a net debt to adjusted EBITDA ratio of just 1.4x, which has improved from 1.8x at the beginning of the year and places us at the conservative end of our targeted range of 1.5 to 2x.

Our capital expenditures during the third quarter were $13 million, and we paid out $28 million in dividends or $1.15 per share. As always, we intend to remain disciplined and balanced with our capital allocation in the quarters ahead.

Lastly, I'll provide our updated outlook, which includes October adjusted net sales of approximately $341 million. For full year 2026, we expect RV industry wholesale shipments to be in the range of 285,000 to 295,000 units. We look for adjusted revenue to be $3.9 billion to $4 billion and continue to expect to achieve our range of 7.5% to 8% for adjusted operating profit margin despite the softness across the industry. And this is thanks to our self-help strategy and the incredible dedication of our talented team. As for adjusted EPS, we have tightened the range to $8.25 to $8.50. We continue to expect full year CapEx in the range of $55 million to $65 million.

We are now ready for Q&A. And similar to last quarter, I'll mention that we're understandably limited in what we can say regarding the proposed merger beyond what has already been publicly disclosed. We're eager to see the benefits come to life for our valued partners and end consumers, given, as Johnny mentioned, the compelling strategic benefits for our industry.

With that, if you could please open the lines, we'd be happy to take questions.

Operator

[Operator Instructions]. Your first question comes from the line of Dan Moore with CJS Securities.

질의응답

Peter Lukas

It's Pete Lukas for Dan. Just looking at your revised outlook of approximately flat for RV demand and shipments next year, what gives you the confidence that this year is the bottom? And how are you thinking about potential for upside or downside to those projections? In other words, is the risk skewed higher or lower in your view?

John Sirpilla

It's a good question, Pete. Being in this industry for 35 years, I've seen the cycles. And one of the ways that we really gauge it is listening to our customers and listening to the dealers on the RV side and hearing directly from them what they're doing in order to manage the business. And one of the things I can tell you is that we've been really happy with what we've heard from dealers in terms of their inventory that they have in stock. We think the OEMs have done an outstanding job of managing inventory with their dealer partners.

And so, as we look at this, what we see today and what we feel in the market by watching the numbers, we feel good about this range that we're putting out today. And it's year-after-year in doing this, I understand that we can only make decisions off of the data that we have in front of us today. We continue to prepare. And as you see with the impact that we've delivered on the OI side and being up 100 bps for this quarter, again, and consistent with this year, we've managed to those expectations or the realities that come even if we were a little bit below plan for wholesale production this year.

Lillian Etzkorn

Pete, it's Lillian. Just to clarify because I think when you started the question, you were referring to our outlook for 2027. The outlook that we put out there for wholesales reflects 2026. We'll provide more details for the 2027 outlook for wholesale and retail when we do our fourth quarter call, just to be clear on that.

Peter Lukas

Very helpful. And then just last one for me. Can you talk about your expectations for organic content growth in both RV and marine over the next several quarters?

John Sirpilla

Our customers continue to choose us. We see that in meeting-after-meeting that our sales and ops teams work closely with our customers. And so we're confident of what we saw this year in the 6% increase on the RV side and great results as well on the marine side with them choosing us. And so we feel really good about that. And our good, better, best product offering is one of the things that is really a great process that we work together with really creating innovation and new products for our customers that fall into those good, better, best categories where they can choose and decide what works better for their various price points that they offer. So we have good confidence in that.

Operator

Your next question comes from the line of Craig Kennison with Baird.

Craig Kennison

I wanted to follow up on the content per unit trend. I think in towables, it was up 6%. And there was also a note on a shift towards more single axle trailers, if I'm not mistaken. So curious if you could sort of reconcile that trend? And I'll have a follow-up.

John Sirpilla

Thank you, Craig, for the question. Quite simply, we've seen consistency on that trend on the single axle and expect to see more of that for -- into next year.

Craig Kennison

And just thinking about the content per unit growth in the context of the merger, I know you're limited in what you can say, but have you seen any behavior shift among your OEM partners who are saying maybe it's an important time for them to diversify to protect their strategic interest?

John Sirpilla

I would say that our OEM partners have asked all of the right questions, and we've really appreciated the opportunity to engage with them. And our teams developed such close relationships with our customers that we've really had good open dialogue. And what we've heard is that they are wanting to see the statements that we've made in terms of what we believe that we can do for affordability for the industry and what we can do together with this merger that they're looking forward to seeing us do that. I believe that they have confidence that we can. But of course, for them, they need to see the proof of that. And that's what we're here to do as this merger gets to a close and deliver that to them.

Operator

Your next question comes from the line of Scott Stember with ROTH Capital Partners.

Scott Stember

Just focusing on the cost cutting and facility rationalization process, which has had a great impact on your margins. In past quarters, you've given an update of how many facilities have been consolidated and just basically giving us a line of sight of how long that will positively benefit margins. Can you potentially do that? And the other part of that, to the extent that you can talk is if the merger does take place, does the narrative or the line of thinking for some of those consolidations change?

John Sirpilla

So great question, Scott, and thank you for asking that. So we remain on pace and on target for the 8 to 10 facility consolidations that we talked about. And right now, in Q4, we're in the heat of that in this quarter, wrapping those up into Q1. And so we have been on target for that throughout the year in the planning and feel really good about where we are and being on pace for that. I would tell you as well that at Ranch Hand, that facility consolidation in Texas is going into a new facility that's absolutely amazing. This new facility will increase our capacity by about 2.5x, and we currently are going into that facility with 20 weeks of backlog, which this is going to help us very strongly by that, and we will have that consolidation move completely finished and up and running fully by the end of the year.

And as you said about -- with the merger and what's ahead, it really creates more opportunity for footprint optimization. It does not impact negatively in any way all that we have planned because we've done a lot over the last 12 months. We still have in this next quarter, the final execution of the 8 to 10 that are in play. But the merger creates a wide open field for more opportunity for footprint optimization.

Scott Stember

Got it. And then just on the aftermarket last question. Lillian, you made some comments, it sounds like the CURT side of the business probably did a little bit better. But could you parse out the legacy pure RV side versus CURT?

Lillian Etzkorn

Scott, thanks for joining. So I'd say really across the aftermarket business, the team performed quite well. We highlighted the towables and the CURT side just because we have been seeing exceptional growth there, and it also leads into the strength that Johnny was just talking about in terms of the strategy with Ranch Hand and opening the new facility.

But on the OEM aftermarket side, we are still seeing nice growth there and penetration. We've talked in the past around the addressable market. And as we've increased the content over the past several years, as those units are now coming into the service and repair cycle, we have the opportunity to capture those sales, the business and to support the customers as they continue to enjoy and utilize their RV going forward.

Operator

Your next question comes from the line of Tristan Thomas-Martin with BMO Capital Markets.

Tristan Thomas-Martin

Johnny, I think you referenced good, better, best product offerings. Which of those buckets are your customers favoring as they start to think about model year '28?

John Sirpilla

It's in the good range. Continue to look for affordability and value to the customers right now. So those goods stand out.

Tristan Thomas-Martin

Okay. And then just on the kind of the ongoing cost inflation, how are you thinking about that? And then how should we think about kind of the index pricing puts and takes in 4Q and maybe early into next year?

John Sirpilla

Lillian, you start off, I'll jump in after.

Lillian Etzkorn

Perfect. So Tristan, as you know, with the commodities, most of that is on an index-based pricing. So that continues, and that specifically addresses steel and aluminum. If you recall, there's a little bit of a lag [ Tristan ], some of that maybe up to 1 to 2 quarters in terms of being able to pass that through. And I should note, it passes through both if costs go up and the prices reduce as commodities come down, which hopefully they will at some point. I mean, clearly, at this stage, we're not seeing that relief, but the index pricing does work both ways.

John Sirpilla

And Tristan, I want to add to that. I meet twice a week with our Chief Supply Chain Officer, Scott Meiner, who just does an outstanding job. Yesterday, we had in-depth conversations about steel and aluminum and the work that our team is doing to continue to look to bring procurement value to our customers. The commitment that he has, and it is -- it's a tough market right now in steel and aluminum.

And so he's working hard to mitigate, especially on the conversion costs that we see. And so he's doing a really nice job on that. He and his team, we're super proud of. And so that's something that we continue to focus on and look to work with our customers the best way possible. And when you look at the improvement that we've seen in operating margin this year, again, procurement has been a big part of that in terms of helping to us to be able to mitigate some of the price off to our customers as well as ensuring that we're doing the best job procuring the products and working to drive our margin in those positions as well.

Operator

There are no further questions at this time. I will now turn the call back to Johnny Sirpilla for closing remarks.

John Sirpilla

Al, thank you. This has been a really good quarter that, again, I'm so proud of our team. And I spend a fair amount of time each week in our plants. And what I see there is clearly the results that we did not deliver this quarter's results by chance. It's really thousands of people that are showing up every day with a commitment to excellence and supporting one another and serving our customers and just finding better ways to drive the business.

And so when I see in our plants, our leadership action plans and the continued investment in the professional development of our team members, it's really great to see not only their personal goals being set, but their professional goals where they're attending local colleges and strengthening their capabilities and expertise in human resources and safety and quality and lean manufacturing, maintenance technology. And what we're really doing is building the bench of leadership depth and the technical capabilities that are really essential to our long-term performance.

And I really wanted to highlight in my closing remarks and share these observations with the investment community because it's this continued development of our team members that directly influence our financial performance. The quality improvements that we've seen that cost can be reduced happen at their hands and the operational efficiencies that expand our margins, again, all of this happens on our plant floors through the dedication and the capability of those team members.

So again, I just want to give a shout out to the team, 12,000 strong across the world, very proud of them. And I'm proud of everyone as well for working through this time of change as we work towards our planned merger with Patrick, and I appreciate everyone's commitment to that.

So with that, I want to thank you all for joining the call, and thank you very much for your continued interest in LCI Industries and Lillian and I look forward to more conversation as you need it. Thank you.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.