Welcome to the Winnebago Industries fi rst q uarter f iscal 2026 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Please be advised that today's conference call is being recorded. I would now like to hand the call over to Joanne Ondala, Vice President, Treasury, and Investor Relations. Ms. Ondala, please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining us to discuss our fiscal 2026 first quarter results. This call is being broadcast live on our website at investor.wgo.net, and the replay of the call will be available on our website later today. The news release with our first quarter results was issued and posted to our website earlier this morning. Please note that the earnings slide deck that follows along our prepared remarks is also available on the investor section of our website under Quarterly Results. Turning to slide two, certain statements made during today's conference call regarding Winnebago Industries and its operations may be considered forward-looking statements under securities law. The company cautions you that forward-looking statements involve a number of risks and are inherently uncertain, and a number of factors, many of which are beyond the company's control, could cause the actual results to differ materially from these statements. These factors are identified in our SEC filing, which we encourage you to read. In addition, on today's call, management will refer to GAAP and non-GAAP financial measures. The reconciliation of the non-GAAP measures to the comparable GAAP measures is available in our earnings press release. Please turn to slide three. Hosting today's call are Michael Happe, President and Chief Executive Officer of Winnebago Industries, and Bryan Hughes, Senior Vice President and Chief Financial Officer. Michael will begin with an overview of our first quarter performance as well as a forward view of the market. Bryan will discuss the associated drivers of our financial results and our updated Fiscal Year 2026 guidance. Michael will conclude our prepared remarks, and then management will be happy to take your questions. With that, please turn to slide four as I hand the call over to Mike. Thank you, Joanne, and good morning, everyone. Winnebago Industries posted strong top and bottom line results in the first quarter, performing ahead of our expectations and advancing meaningfully on our priorities. Revenue increased in all three segments, with operating profitability higher in both our Motorhome and Towable RV businesses. Marine segment results in Q1 were just slightly below prior year, which we view favorably given the continued softness in the industry. We entered Fiscal 2026 with a disciplined plan and a pragmatic view of industry demand conditions. Our Q1 performance reflected steady execution against our controllables, product innovation, operational efficiency, and brand expansions, while navigating a macroeconomic backdrop that remains mixed. Although the recent rate relief from the Fed may be a positive development for consumers, as outlined during our year-end earnings call, our financial outlook remains firmly anchored in the strategic levers within our business and is not solely reliant on industry growth. In our Towable RV segment, affordability continues to shape buying power. We are aggressively leaning into the shift towards lower-priced products with models including the Transcend Series, Imagine, and Reflection 100 from Grand Design, which enable families to enjoy the outdoors in a great travel trailer that combines quality and value. Winnebago's new Thrive is proving to be an exceptionally popular entry-level travel trailer among consumers whose RV journey is just getting started. While our recent share position in towables has room for growth, we are appropriately prioritizing profitability, stronger product value, and our dual-branded strategy. The transformation underway at Winnebago Towables is designed to give us a second strong brand and access to a higher quality and quantity of dealers in that category, an initiative we believe will lead to meaningful share growth over time. On the Motorhome RV side, we've grown our share in Class A Gas, Class A Diesel, and Class C over the most recent multi-month periods ending October 31st. For many Motorhome RV buyers, the priorities versus other RV types are greater convenience, premium amenities, reliable power, and more than ever, integrated technology. Our luxury Newmar brand and Grand Design Motorhome's rapidly growing Lineage Series are hitting those sweet spots. The business refresh initiatives taking shape at our flagship Winnebago Motorhomes business further strengthen that brand as a third pillar of our motorized RV strategy. When you consider that over the trailing 12 months as a premium-branded OEM, we have achieved 33.9% share in Class A Diesel, 21.4% share in Class B, 13.7% share in Class C, and 12.3% share in Class A Gas. We are a formidable and well-diversified player in a dollar-weighted segment we believe will gain momentum as market conditions improve. The right side of slide four highlights several products that contributed to our Q1 performance, including the Cabrio from Barletta, which had strong retail in the first quarter. Barletta continues to grow its position in the U.S. aluminum pontoon space, ranking as the number three brand by market share in the segment. From a financial perspective, we've made outstanding progress over the past two quarters, strengthening our balance sheet, reducing our net leverage ratio, and driving positive operating cash flow. Q1 is a seasonally tougher cash generation period historically, and I am very pleased with our balance sheet standing going into calendar 2026. Bryan will provide more details on that shortly. Looking at key RV retail trends on slide five, based on preliminary SSI data, industry RV retail registrations declined 7.6% year-over-year in October before final adjustments, following a 2.2% net increase in the prior month. Keep in mind, gross monthly numbers are frequently adjusted upward as additional states report. On the wholesale side, North American RV unit shipments totaled just over 30,000 units in October. This is down about 1% from prior year, although on a calendar year-to-date basis, shipments are up about 4% higher. Specifically, towable unit shipments were down about 3% for the month and 4% higher for the calendar year-to-date period. Motorhome unit shipments grew nearly 13% in October and posted a growth rate of 3.5% calendar year-to-date. Based on RVIA's wholesale industry shipment data through October for calendar year 2025, we are revising our industry forecast upward to a range of 335,000-345,000 units, or a midpoint of 340,000 units, compared to our prior midpoint of 330,000 units. Our updated forecast essentially aligns with RVIA's current midpoint projection of 339,700 units for calendar year 2025. Now, for calendar year 2026, we continue to expect North American RV wholesale shipments in the range of 315,000-345,000 units. Our midpoint of 330,000 units for 2026 is 5.5% lower than RVIA's current midpoint estimate, but more optimistic than some industry peers. We do expect the RV retail market to stabilize in the back half of our fiscal year. Inventory turns were 1.8x in the first quarter, reflecting the seasonal shipment dynamics and dealer demand for our new products. Specifically, we are seeing dealer stocking orders on Grand Design Motorhome and Winnebago towables as the channel embraces these new lineups. As noted on our year-end call, we are targeting two turns across all of our businesses generally as a yardstick to measure consistent growth and operational efficiency. This number will be dictated largely by dealer behavior and the rhythm of key business initiatives. Moving to the marine segment on slide six, sales improved modestly in the first quarter. Amid ongoing headwinds for the industry, our Barletta and Chris-Craft brands continued to demonstrate disciplined inventory management and strong dealer relationships. Both brands saw positive retail momentum coming out of the 2025 Fort Lauderdale International Boat Show and received solid dealer orders from their fall dealer meetings. The customer reception to Chris-Craft's Sportster series and the new Catalina 31 has been fantastic. Barletta has received accolades for its model year 2026 offerings, including its industry-exclusive Tech Cover, which has been well received as a practical solution that simplifies the ownership experience. Dealer feedback has reinforced that this innovation addresses a real customer need and reflects our focus on thoughtful, owner-centric design. For the trailing 12 months ended October 31st, Barletta expanded its share of the aluminum pontoon segment in the U.S. by 30 basis points to 9.1% and has seen even stronger recent retail share results on a monthly standalone basis. Turning to slide seven, our Winnebago, Newmar, and Grand Design brands earned multiple top honors for the 2026 model year from leading RV industry publications. These include RV of the Year awards across several categories, top debut recognition for standout models like Freedom Aire and Sunflyer, best new models for Thrive and Foundation, editors' picks for Supreme Aire, and innovation of the year for Grand Design's Lineage shower system. These accolades and many more reflect our relentless focus on innovation, quality, and delivering exceptional experiences for every traveler. In addition, our Grand Design and Newmar businesses both received Dealer Satisfaction Index Awards this past November. Chris-Craft and Barletta received Industry Customer Satisfaction Index Awards in 2025 as well. On slide eight, I also want to highlight our recent recognition by Newsweek as one of America's most responsible companies. This was the fourth consecutive year we have received this award, reflecting our ongoing commitment to sustainability and social impact. In fiscal 2025, we contributed all in over $3.9 million, volunteered 13,600 employee hours, supported Habitat for Humanity ReStores, and grew our employee resource group memberships by 38%. We also advanced inclusion initiatives and began a comprehensive sustainability assessment with our annual and best-ever corporate responsibility report coming next month. Together, these achievements demonstrate how we're driving innovation forward while staying true to our values. I will now turn the call over to Bryan Hughes for the financial review. Bryan? Thank you, Mike. Good morning, everyone. Starting on slide nine, in the first quarter, our net revenue growth exceeded 12%, primarily reflecting higher unit volume and selective price increases. Our Towable RV and Motorhome RV segments each posted double-digit percentage growth in the quarter, with our marine segment up low single digits on the top line compared to prior year. On a consolidated basis, warranty expense was 3.6% of net revenues, up 40 basis points from Q4, primarily reflecting our ongoing commitment to ensuring product quality and customer service. Operating expenses declined 3.2% compared to prior year, primarily related to the cost reduction initiatives implemented in the second half of fiscal 2025, partially offset by investments to support the growth of our Grand Design Motorhome business. On the bottom line, we reported adjusted earnings per diluted share of $0.38, compared with an adjusted net loss per share of $0.03 in the first quarter of last year. Turning to our segment results, beginning with towable RV on slide 10, net revenues grew 15.5%. This increase was driven by higher volume from products like the Grand Design Imagine, Grand Design Reflection, Winnebago's new Thrive, and Winnebago Access, all of which are resonating strongly with our dealer partners, along with selective price increases partially offset by a mixed shift toward lower price point products. Operating income margin of 3.8% improved 30 basis points from prior year, primarily due to volume leverage. This increase was partially offset by higher warranty expense. Turning to our Motorhome segment performance on slide 11, first quarter net revenues grew 13.5% year-over-year. This was driven primarily by favorable product mix and selective price increases, partially offset by lower unit volume. Motorhome RV segment operating income margin improved 390 basis points from the prior year due to targeted price increases, lower discounts and allowances, and lower warranty expense. As shown on slide 12, net revenues in the marine segment for the first quarter grew 2.2% from prior year due to selective price increases, partially offset by lower unit volume. As we noted on our year-end call, both Chris-Craft and Barletta have demonstrated strong discipline in managing production, adapting effectively to the cautious retail environment. Dealer inventory for the quarter remained essentially flat versus the comparable period of fiscal 2025. Marine segment operating income decreased less than 1%, primarily due to lower unit volume. Turning to slide 13, we continued to strengthen our balance sheet in the first quarter while further reducing our net leverage ratio. Cash and cash equivalents were $181.7 million at quarter end, driven by $25.4 million in net cash from operating activities. While inventories increased just over 4% in the quarter, accounts receivables decreased by more than 22% from year-end, which contributed to improved working capital. We continue to manage working capital prudently, balancing inventory discipline with the flexibility to support retail demand. Adjusted EBITDA more than doubled year-over-year to $30.2 million, and combined with our cash from operations, reduced our net leverage ratio to 2.7x at the end of the quarter. We continue to target a net leverage ratio approximating two times by the end of fiscal 2026. Turning to guidance on slide 14, we are raising our fiscal 2026 full-year guidance as follows. Consolidated net revenues in the range of $2.8 billion-$3.0 billion versus a prior expectation of $2.75 billion-$2.95 billion. Reported earnings per diluted share in the range of $1.40-$2.10, compared with $1.25-$1.95 previously, and adjusted earnings per diluted share in the range of $2.10-$2.80 versus a prior range of $2.00-$2.70. From a segment perspective, we continue to expect flat to modest, low single-digit growth in the Towable RV segment. In the Motorhome RV segment, we remain on track for operating income margin improvement in the low single digits for the fiscal year. Even with some outperformance in the marine segment in the first quarter, industry retail trends remain soft, and as a result, we expect full-year net revenues to be down in fiscal 2026 compared to the prior year. Our revenue and earnings expectations for the fiscal year reflect the strength of our performance rather than reliance on industry-level unit growth. This approach underscores confidence in our ability to deliver results through disciplined execution and strategic initiatives, regardless of external market fluctuations. For Q2, we expect a modest increase versus the prior year's Q2 sales, driven by growth in the Motorhome segment. We expect Q2 sales to be down sequentially or from Q1 due to the normal seasonal flow of our business, further influenced by dealers' preference for low inventories. Similar to sales, we expect EPS to be down sequentially in Q2. Compared to the prior year, we expect EPS to be flat to up modestly, taking into consideration the relatively strong sequential recovery we witnessed in Q2 EPS last year. I want to reiterate that our financial guidance reflects current trade policy positions and prevailing tariff rates, which remain under a broader legal challenge before the U.S. Supreme Court concerning presidential tariff authority. Now, let me take a moment to formally introduce Joanne Ondala, who has recently expanded her role to lead investor relations here at Winnebago Industries. Since joining the organization more than four years ago, Joanne has been a critical leader on our enterprise team in building the foundation for our strategic planning, risk management, and business development initiatives, and most recently has led our treasury function. Joanne brings a strong background in strategy, corporate development, and finance, including senior roles at Tennant Company and Ecolab. We are excited to leverage Joanne's broad skill set in this new capacity. Joanne, I'll hand things over to you for some brief comments. Thank you, Bryan. I am thrilled to lead the investor relations function at Winnebago Industries. During my time at the company, I've deeply valued my work with our commercial and investment banking partners, and I'm eager to bring that same level of engagement to our analysts and shareholders. I look forward to working with all of you as we execute on our long-term growth strategy. Now, please turn to slide 15 as I hand the call back to Mike for his closing comments. Thanks, Joanne. In closing, Winnebago Industries continues to demonstrate disciplined execution and resilience across our diversified portfolio. We are expanding margins, strengthening our balance sheet, and advancing a focused product roadmap that positions us for sustainable growth. The process we outlined last quarter, delivering better products, deepening dealer partnerships, and driving operational performance, are gaining meaningful traction and generating tangible results. On slide 15, which we discussed on our year-end call, this shows what we believe are the key drivers for our success in fiscal 2026. While we continue to navigate a dynamic market environment, we do so with a realistic and disciplined optimism. Our approach is rooted in intentional risk management and targeted investment, ensuring we deploy resources where returns are clear and sustainable. Above all, we are committed to supporting our dealer partners and consumers with innovative, high-quality products that deliver on our purpose, elevating every moment outdoors. Now, Bryan and I are happy to take your questions this morning. Operator, please open the line for the Q&A session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from Craig Kennison with Baird. Your line is open. Hey, good morning. Mike, a lot of optimism building around the 2026 retail consumer driven by lower rates and tax policy. What signals are you looking for to ascertain whether your end markets might grow for the first time since the pandemic? Yeah, good morning, Craig. The retail environment, as Bryan Hughes indicated in his comments, continues to be soft and tempered here in the fall, early winter, the last few months of 2025. But as you well know, we are heading into our retail show season, really in the January and February, even early March periods where we hit the retail shows hard with our RV and marine brands. And so certainly one sign we'll be looking for here in the next 30- 90 days is the foot traffic, but more importantly, the retail appetite from consumers at these shows. The other note that I would probably include would be reception to the new products that our teams are bringing to the market. We have a slate of new products across many of our brands, and we'll be monitoring carefully the consumer and dealer reception, candidly, to those new products in the near future. So as you well know, the early parts of the calendar year are important barometers for the industries that we compete in. And by the time we show up on our next call in March, we'll certainly, obviously, have a good understanding as to retail prospects in calendar 2026. Hey, Craig, I'll just add, we continue to monitor, as you would expect, a basket of macro indicators. It's certainly helpful to have interest rates reduced, but lower gas prices, housing starts. We had a good inflation reading. And then certainly, and probably most importantly, consumer sentiment. We'll keep a close eye on that as well. All these things will certainly weigh and contribute to an improved retail environment, as you would expect. And if I could, on a follow-up, I know you've got some affordable units in the market now that chase a new price point and a new consumer. But I'm wondering if you can look at your portfolio of customers today and wonder, I guess I'm wondering when we might see an upgrade cycle. It feels like that has been deferred, much like the housing market, but you should be pretty well positioned as consumers look for higher quality, and I'm wondering if you're seeing any of that in your checks or data. Craig, we agree with your sentiments about the deferral of an upgrade cycle that seems to have taken place over the last couple of years. I think many of our industry peers are also thinking the same thing. We are not seeing probably yet any signs of that upgrade cycle taking off with any significant momentum. Again, we'll see if that happens in the early to first half of 2026. As you said, I mean, our brands are positioned better from an accessibility standpoint for first-time or younger or more cost-conscious buyers. But we are absolutely well positioned for those consumers that are looking for a step-up in product, especially products that offer innovation, quality, and a great aftermarket customer experience as well. So optimistic that as the cycle eventually turns upward, that our product lineups and brands are well positioned. Thank you. Thank you. Our next question comes from Joe Altobello with Raymond James. Your line is open. Thanks. Hey, guys. Good morning. First question on the towable business. It looks like incremental margins were pretty light this quarter. I think revenue was up almost $40 million. Year-over-year operating income was up about $2 million. I know you guys called out higher warranty expense, but what were the big driver or drivers of that? Yeah. Good morning, Joseph. Bryan, warranty was certainly one of the drivers. We continue to have some mix that we are seeing as headwinds as well. I'd say those are the primary drivers. Down at this level of volume, a lot of the equation is leverage. We did have growth, as you pointed out, which contributed favorably. But overall, I think those are the drivers. It's mixed, and it is that higher warranty expense. Got it. Okay. And just in terms of the guidance for this year, if I look at your industry shipment outlook, it calls for, at least at the midpoint, a little bit of decline in calendar 2026. What sort of market share trends on the RV side are you guys baking into that guidance? Craig, we are, excuse me, Joe, good morning, by the way. This is Mike. We are absolutely looking to drive a little bit of market share in fiscal 2026. It'll be in areas like Super Cs from Newmar and Grand Design. The Winnebago Towables brand should see some share lift as well. We anticipate, obviously, share increases with some of our Grand Design travel trailers, Transcend brand specifically. And then when you get to the marine side, Barletta continues to show very strong market share growth. Even in recent individual months that haven't been reported, I'm quite confident that you'll see Barletta standalone monthly market share continue to be at very impressive levels. I do want to emphasize, Joe, that we have been very consistent since the call in October and including the call this morning that much of our increase in earnings from fiscal 2025 to fiscal 2026 is within our control, and while we are somewhat conservative on our industry wholesale shipment assumptions that we're sharing, we view any upside to the number that we're sharing as something that could flow through to our financials in the future. We are executing the controllable here at Winnebago Industries. Operational discipline, we have significant cost improvement, margin improvement initiatives that are happening, new products that are being launched that we believe will both drive share but also potentially add some profitability as well, so our plan is really based this fiscal year on what we can control, and we'll certainly be agile should the market grow or even decline versus our current assumption. Got it. Okay. Thank you, guys. Thank you. Our next question comes from Scott Stember with Roth MKM. Your line is open. Good morning, and thanks for taking my questions. Yeah. Good morning, Scott. Yeah. Clearly, some very nice progress here on the operational front, but just trying to get a sense of the price increases that you guys talked about on a select basis on RV. Just trying to get a sense of the size and the scale and basically to see if you've seen any pushback at retail at any point just given those increases? Yeah. Good morning, Scott. I think the word that we used was selective related to the price increases, and that is an important word. The market is not conducive nor supportive of broad, significant price increases, even with some of the cost input pressure that we're seeing from still ongoing tariffs for the time being. So our teams are really focusing their pricing around new products, around some of the feature enhancements we made in the latest model year transition. Certainly, as we transform some of our brands, like particularly the Winnebago brand of RVs, we are actively pruning both the motorized and towable lines under the Winnebago brand by discontinuing some products that were not performing at retail and, candidly, were pressuring our margin and replacing those with healthier products, in some cases, even with probably an ASP lift as well. The pricing is intentional, but it's also disciplined and selective. We'll monitor the cost input environment. Obviously, here as we go forward, we have seen a few shifts in some commodities like aluminum lately, as an example, that we'll have to react to in the future if those trends continue. To your point, we have to price to market and not necessarily to profit because we do want to maintain and, in fact, grow market share over time as well. Got it. And then just touching on the comment you made about what's in your control within guidance, I guess given your commentary about where you expect Q2 to come in on the bottom line, obviously, the back half of the year is virtually everything. So just trying to get a sense of self-help items versus the market, just trying to get a sense of how much will be based on what you have in your control. Yeah. Scott, our business model, as you well know, is always back half loaded from an EPS standpoint. Q1 and Q2 from our fiscal year timing are always softer from an EPS contribution standpoint. So the back half loading isn't abnormal from my standpoint, from a historical perspective. That being said, when I talk about controllables, I talk about several of the cost management and profit improvement initiatives we have underway here at the company in different parts of the business across supply chain. I talk about a lot of the new products that we're bringing out, some of which the market doesn't know about yet that we'll be bringing to some of the retail shows later in the spring for the first time. We have brand expansion going on, and we're candidly still seeing softness in business revenue streams like Grand Design Motorized and Winnebago Towables. The new Class C Freedom Aire from Newmar has not hit the market yet in any material way. So the back half of the year is certainly a reflection of a market assumption that we've been transparent about. But to your point, it's a collection of the commercial and the operational initiatives that we're driving. And so while we still have a relatively broad range on the guidance, I think you can take our moderate guidance increase this quarter to reflect our confidence in executing Q1 well and looking at the following three quarters, Q2 and Q4, and saying, "Listen, most of those results are within our control. Got it. Thanks again. Thank you. Our next question comes from Tristan Thomas with BMO Capital Markets. Your line is open. Hey, good morning. Morning, Tristan. You guys shipped above retail during the quarter tied to new products. How should we think about that retail wholesale relationship in the rest of the year? We've been very clear that every business is expected to try to drive their trailing 12-month turns level in the field to around two times. Now, there's some seasonality related to that. There'll be businesses that will be slightly above that at times. There will be businesses that are slightly below that. As an example, our motorized RV businesses at times tend to run below two times, particularly in the high-end Newmar type product. But I would say we're really trying to stay disciplined with the exception of new products and some of these, let's call it sort of brand reinvigoration efforts or new revenue streams like Grand Design Motorized. We're really trying to stay disciplined and keep dealer inventory in good shape. If you look at our aging inventory, Tristan, year over year in macro on both the RV and marine side, the percentage of aged inventory in our businesses is, on a consolidated basis, less than it was a year ago. And so we not only feel good about the quantity of inventory in the business, but we are particularly pleased with the quality of the inventory at this time. The next three, four months are going to be critical, obviously, to seeing how that will shape up in the 2026 selling season and how some of the current model year inventory moves going forward. Okay. Thank you. And this isn't necessarily a directly related follow-up, but you've mentioned a couple of times some of the operational and margin improvement initiatives you've done. My understanding is a lot of that's on the motorized side. So could you maybe just give an update on everything you've done and how much more there is to come and kind of what you're doing? Thanks. Yeah. We probably use the word operational from a broad definition standpoint, but we have been more transparent about the operational initiatives, particularly around our Winnebago Motorhome business, where we have been consolidating the footprint, where we are undergoing rationalization of vertical discussions and even actions here at the company. We have been consolidating assembly lines across much of the RV portfolio, candidly. There are lines that are not running today that were running two years ago, but there are also lines and/or buildings in the company that are running multiple models today that weren't doing that a couple of years ago as well. I also use the word operational when talking about supply chain efforts. As Bryan indicated, our tariff exposure for fiscal year 2026 is embedded in the guidance that he provided, but there's a significant amount of work being done to obviously mitigate the tariff pressures. But also, more importantly, we are really putting our foot on the pedal on what we'll call coordinated or centralized strategic sourcing initiatives to try to be smarter about how we buy, working with our valued supply partners, but also leveraging, candidly, some of the volume that we do have and even working on things like engineering efficiency to harmonize specs on key components across brands that allows us to buy a little smarter. So over time, I think we'll probably figure out a way how to be more articulate about some of these operational initiatives and how they'll improve or contribute to improving gross margin in the future. But there's a lot of things going on across the whole of the portfolio. Thank you. Thank you. Our next question comes from Mike Albanese with The Benchmark Company. Your line is open. Yeah. Hey, good morning, guys. Thanks for taking my question. Nice to see some momentum in the business here. Just quickly on Grand Design Motor, could you just comment on where you're tracking relative to your expectations as it relates to kind of that initial $100 million dealer stock? Yeah. We had mentioned in our fiscal 2025 year that Grand Design Motorized would exceed $100 million in net revenue. And in fact, for the year that ended in August, we did reach that goal. The great news about the Grand Design Motorized strategy is that it's multi-year in its formation. We have, candidly, a three- to five-year plan on making Grand Design Motorized one of the most exciting brands in the motorized segment. We've already reached more than four points of market share 15 months into this journey, and many of the products that are on the wish list at Grand Design from a motorized perspective have not seen the light of day yet in the market. We are really pleased with the products that have been released, even some things that, candidly, I personally wasn't sure how the market would react to, like the Lineage Series F Super C. That's been fantastic. The market has reacted very strongly. As you all know, the Super C category has been one of those sort of hot, trendy categories in motorized RVs the last several years. We're on track, if not ahead of our plan. We just gave our board an update on this here recently as well. We anticipate fiscal 2026 to benefit from the continued progression, not just at wholesale, but in the market and with our dealer relationships from the retail success that we're beginning to see across their line. We're very excited about that particular business initiative. Yeah. And the Series M, for that matter, the Grand Design Motorhome Series M is already number two, number three in its class for retail share. So just a phenomenal entry point by that particular model and floor plan. And then similarly, as Mike was just talking about the Class F, the Super C has already achieved a top three rating as well in retail. So the two models that they've come forward with have both hit the market extremely well, both from a retail and wholesale perspective. That's great context. Thank you. Just quick follow-up, that initial stock, if you will, for some of these new models, I mean, how would you frame the opportunity size relative to the original lineage that came out, and yeah, I'm just trying to think about growth here as new models are implemented. Yeah, Michael, we're not sharing a specific target number for Grand Design Motorized for fiscal 2026 as it becomes a more meaningful part of the portfolio. We tend to obviously share disclosure by segment, but you can expect it to grow. We won't provide a sales target this morning. Some of the back half wholesale volume will certainly be dependent on retail replenishment of current models in the field, in addition to any new products that you'll see Grand Design Motorized bring to the market as well. Fair enough. Thanks. And then just another quick one, if I may. I just want to follow up on mixed shifts. Obviously, you have some selective price increases. You come out with new models across the board to kind of meet consumers where they're at from an affordability standpoint. Just taking a step back here and thinking about the overall mixed shift from the consumer, they've obviously, over the last couple of years, gravitated towards those value products. I mean, are we still moving in that direction, or has that kind of stabilized? And again, that's a little more industry-specific than company-specific because you have some initiatives that are obviously affecting mixed shift within your portfolio, but. Yeah. I don't think the consumer has stabilized quite yet from an affordability perspective. I mean, as you guys are well aware, there's a lot of chatter in the financial media and many industries about consumer affordability, particularly of discretionary higher-priced items. I'll tell you this. We're kind of playing the game at both ends. We have absolutely improved our lower price point products almost in every brand that we carry. And so while we sometimes don't get that first-time buyer, we have a better chance through some of the products that we've introduced here recently with Access in the Winnebago Towables line, Transcend One in the Grand Design line. The Aria from Barletta continues to do fantastic. But when I say we're playing both ends, we're also introducing products with higher price points that are being successful as well. The Super C products from Newmar and Grand Design are a good example of that. Some of Barletta's best-performing brands continue to be in the higher side of their line. The Lusso, of which I own a Lusso myself, that continues to be a really strong performer in the Barletta line. That's probably one of their top two or three brands in the whole catalog. We're going to try to have a broad, full lineup within Better Best within our segments and not only attract more affordable consumers, but those consumers who also have a little higher level of discernment and will trade up, buy up, and expect the best as well. We don't talk a lot about retail dollar share on the call, candidly, because we don't have the greatest data here at Winnebago Industries. But I'm really confident that if you look at the combination of our unit retail volume and our ASP trends versus the rest of the market, that we're actually gaining retail market share in both the RV and marine industry. And I think that's just as important as unit volume. You take dollars to the bank, and those retail dollars ultimately are really, really valuable to us. The only other thing I'd add as it relates to mix is that we welcome the more recent strength in both retail and wholesale growth in the Motorhome business. As I think everyone on the call understands, Motorhome for a long time had been seeing declines, and more recently, we're finally starting to see that show year-over-year improvement. So we welcome that trend as well, particularly as it relates to our portfolio business. Got it. Great context. Appreciate it. Nice quarter, guys. Thank you. Thank you, Mike. Thank you. Our next question comes from Brett Jordan with Jefferies. Your line is open. Hey, good morning, guys. Morning, Brett. Pretty much everything's been asked, but I guess one macro question. When you think about your forecast for 2026, what is the assumption on sort of a rate backdrop and what kind of Fed move would make you either more positive or negative on that outlook? Yeah, Brett, this is Bryan. You hesitate to draw too much correlation to Fed action. We are anticipating, from a macro perspective, another two to three 25-point cuts over the next year. I think that that's the prevailing expectation and how the bond market's priced out right now. What happens to the 10-year, as I think you know, Brett, is probably more important for our industry as it relates to floor plan financing costs as well as retail financing. So we'll keep a close eye on that. There's differing points of view, I think, as to what will happen with the 10-year rate as it relates to the correlation between that and the Fed funds rate. But that's kind of how we're thinking about it right now. Okay. Great. Thank you. You bet. Thank you. Our next question comes from Noah Zatzkin with KeyBanc Capital Markets. Your line is open. Hi. Thanks for taking my questions. I guess first, just on the margin recapture initiatives at Winnebago Motorhomes, you touched on this a bit, but any way to quantify kind of the magnitude of those initiatives on the improvement in motorized margins in the quarter? And then just kind of thinking through where you are, maybe in terms of innings or opportunity that's kind of left from a margin perspective structurally moving forward, any thoughts would be helpful. Thanks. Yeah. Good morning, Noah. Thanks for the questions. Let me comment first on the Winnebago Motorhome side, and then Bryan obviously can give you some further perspectives on margin trends and opportunities for the business. I'll be very transparent that the Winnebago Motorhome margin improvement contribution to Q1 was not as significant as some of the other motorized contributors in that segment, which means from a positive standpoint that the contributions of a stronger Winnebago Motorhome business are still ahead of us, not just in fiscal 2026, but fiscal 2027. That particular business is obviously our flagship legacy business. We're very busy there under Chris West's leadership and his team to improve that business. But I would not tell you that the financial benefits of that business are being quite felt yet within the Q1 financials. But the expectation is that those do grow sequentially in the future. We're not providing specific dollar references there, but that journey should become a bigger contributor in the future. Yeah. I guess what I'd add on that one, Noah, is we gave guidance that the Motorhome segment would reach OI yield in the low single digits. We stand by that guidance. That compares to a negative 0.6%, so slightly negative OI yield in 2025. So that continues to be our target. Hey, I think we saw a good proof point in Q1, some good improvement there. A lot of the improvements longer term, including the back half of this fiscal year, are tied to the product and the new introductions, the refreshes that the team is working very hard on. And as Mike alluded to, some of those are yet to really impact the yield. So we look for continued improvement there long term, but we like what we saw in Q1 here as it relates to an initial proof point. That's really helpful, and maybe just one more. Thinking about this from an industry perspective, I think motorized shipments have been kind of stronger, at least year over year overall for the industry of late. When you think about kind of inventory levels there for the industry as well as drivers of that, is that more that level's kind of got lower than ideal, or what's kind of driven that pop? I know for you guys, part of that obviously is the new product, but more broadly. Thanks. I think the trends, Noah, within that segment vary by class. The Class A consumer has been soft for really a few years now. Recently, we've seen the Class B van category not have the same vigor that it used to have in prior years. The two segments that have been very strong have been Class C, traditional Class Cs, both diesel and gas, but also Super Cs. That's where you've seen a lot of dealers, I believe, shift their recent inventory management practices to making sure that they have the products that they want to have in the Class C space. We're watching that Class C category carefully. It's pretty crowded. There's a lot of competition. I would say the turns in that Class C category probably need to be a little bit higher in the future. And hopefully, we'll see some retail momentum in calendar 2026 to help the whole industry get the inventory in that particular segment, maybe even in a little bit better shape. But I don't think we're overly concerned. The dealers are putting their bets there, and obviously, the OEMs are working closely with them. I don't know, Bryan. Have you to add anything? Yeah. Just one small add. We feel really good about our dealer inventory position. We saw a pretty sizable decline year over year, 19% in inventories out in the field, and that is even with the launch of the Grand Design Motorhome and the stocking up in the field of that business, the Series M and F, so we feel really good about our position there, and I think that that will serve us well throughout fiscal 2026. Thank you. Thank you. Our next question comes from John Healy with North Coast Research. Your line is open. Thanks for taking my question. I wanted to ask one about kind of the margin outlook in the business and how it ties into the tariff environment we're in. Mike, I know you've mentioned numerous times on the call that you guys are working on sourcing, working with your suppliers. You're doing all the things that we would expect you to. But I was curious if there's been any development in terms of tying cost and input costs to the actual tariff environments. Have you been able to develop any sort of linkage? So theoretically, if we do get some relief on tariffs and maybe certain ones kind of go to the wayside in calendar 2026, is there any sort of kind of automatic kind of indexed type relief that you would get, or is this going to be a situation where you have to go back and try to price some dollars out of things? And hypothetically, is there a view with your suppliers that, "Hey, we need to maybe share more of this or work with more of this than there was six months ago just to impact and solve this affordability issue?" Because when I listen to the calls of your industry, everyone talks about affordability and interest rates, but it seems like there could be more give back with the suppliers and the sourcing community. So I was hoping to hear your thoughts on that. Thanks. Thank you, John, for the question. So multiple dimensions to what you talked about. Let me try to break it down efficiently here. We have a very robust tariff exposure risk management process in the company. It extends from our centralized strategic sourcing function as the air traffic control tower on that to deep within the businesses in terms of their day-to-day relationships with suppliers. I think we feel good that there's a high level of transparency by our tier-one suppliers as to the tariff pressures that they have been experiencing. They're not always the importer of record. They have either tier-two or tier-three supply relationships that pass those costs up to them. And in many cases, our suppliers have agreed to defer and/or share the increased tariff costs that we've seen since April of 2025. But that's on a case-by-case basis. It's one of those cases where if you don't ask, you may not get that as an initial response. But our supply chain partnerships have been good there. We've also done a lot of other things in terms of engineering design, bill of material management, working through some of our own raw materials and component inventory to try to be creative and mitigate that. And so while that's been a Herculean exercise for really the last eight, nine months, we feel good about managing the exposure. And as I said earlier, Bryan's guidance here this morning embeds that into our earnings outlook for fiscal 2026. Now, overall, should the Supreme Court make the decision that the IEEPA tariff powers are no longer and there is some sort of refund process, we'll have to digest that very quickly and obviously work with our supply chain to see what that means from a possible recovery standpoint going forward. Just in general, though, we are maturing in our muscle building on just, again, as I said earlier, trying to manage our material costs within the company. And each of our businesses and brands has a significant target for fiscal 2026 to secure some savings. And that doesn't always necessarily mean that's a bad thing for our supply chain. That just may mean that we're going about our purchasing just a little bit differently as well. And there could be some consolidation of how many suppliers we use on a certain part. So all of that is kind of baked into this, I think, 40%+ i ncrease in EPS year over year. It's one of the "controllables," quote-unquote, that we believe that we can execute in the year. But tariffs continue to be very top of mind, and we'll manage those for as long as that pressure is upon us. But you're absolutely right that any input pressure cost-wise in this industry is non-constructive versus dealing with consumer affordability right now. We all need to try to find a way to make the products more affordable ultimately. Great. Thank you, Mike. One last question, o perator. Thank you. And as we have time for one last question, our final question comes from David Whiston with Morningstar. Your line is open. Good morning, guys. Thanks. Just one question for me. It's on the success driver side. You talked about in Newmar having competitiveness in lower price segments. Are we talking just new product there, or are you actually talking about price reductions? Because that's a luxury brand. You don't have a lot of leeway to cut pricing there. Yeah. Good morning, David. Good to hear from you. It's really about new products in the Newmar business. Not price reductions. I would tell you that Casey Tubman, who leads that business, has been very disciplined with, again, managing their floor plan and their model mix to make sure that we have the right floor plans that are moving in the market. So you may see a little ASP shift because of that. Newmar is one of our most coveted brand assets. Just a tremendous consumer experience, great dealer partnerships, and the product is second to none in the marketplace. So everything we do at Newmar is about maintaining that brand promise that is luxury, that is second to none. So when we talk about affordability there, it's really coming up with new products that maybe fill out the little lower side of that luxury lineup on the pricing side. So the Freedom Aire in the Class C space is premium versus the other Class Cs in the market, but it is affordable for people to get into the Newmar brand in a whole different way. So it depends on how you kind of define affordability. But a lot of people want to get into that brand, and we're trying to provide a catalog there that gives them access across multiple segments. But no, we're not looking to raise price dramatically on that brand by any means, but we're certainly trying to keep that consumer experience just best in class. Thank you. Thank you. This concludes the question and answer session. Oh, now I'd like to turn it back to Joanne Ondala for closing remarks. Thank you all for joining us. For those of you planning to attend the upcoming Florida RV SuperShow in Tampa, Florida, we look forward to meeting with you. Have a wonderful holiday season. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.