Welcome to the Winnebago Industries third quarter fiscal 2026 financial results conference call. At this time, all participants on a listen only mode. After the speaker's presentation, there'll 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 Joan 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 third quarter results. This call is being broadcast live on our website at investor.wgo.net, and an audio replay of the call will be available on our website later today. The news release with our third quarter results was issued and posted to our website earlier this morning. Please note that the earnings slide deck, which accompanies our prepared remarks, is also available in 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. 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 filings, 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 are 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. Mike will begin with an overview of our third quarter performance, as well as the forward view of the market. Bryan will discuss the associated drivers of our financial results and our fiscal year 2026 guidance. Mike will conclude our prepared remarks, 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, Joan, and good morning, everyone. Our fiscal third quarter results reflect a demand environment that remains challenged with limited near-term visibility to stable conditions. Consumers who are drawn to the outdoor lifestyle remain engaged, but continue to navigate affordability pressures from cumulative inflation, elevated interest rates, and the uncertainty and related consequences around geopolitical events, which is influencing the timing of discretionary purchases. Macro demand worsened as our fiscal third quarter progressed, particularly from late March onwards, reflecting a more cautious consumer than we had anticipated heading into the spring selling season. Despite this, underlying interest in our brands and products remains intact. We are focused on both responsibly managing the business through this sustained turbulence and positioning the portfolio to profitably capture that demand as conditions recover. Before I get into the details, let me highlight a few priorities that are shaping our actions across the business. First, we remain disciplined in how we allocate resources across the portfolio, prioritizing investments that strengthen our brands, enhance product differentiation, maintain profitability, and protect the balance sheet. Second, we continue to advance both innovation and price accessibility across our portfolio. Our new product pipeline remains active, with recent offerings designed to strengthen our competitive position while expanding participation across a broader range of consumers and price points. Third, we remain focused on cost and cash discipline. We are actively managing SG&A, improving working capital efficiency, and maintaining a strong focus on cash generation. Finally, we continue to pursue operational efficiencies across the enterprise, including material cost reduction initiatives. Manufacturing footprint and capacity optimization, and efforts to reduce complexity where appropriate. While the timing of an outdoor recreation market recovery remains uncertain, these are actions within our control that strengthen the business today and position us to create value over the long term. Turning to slide five. In motorhome RV, our retail share has increased for the trailing three, six, and 12-month periods through April. That momentum is being driven by Grand Design Motorized, a strong performance for Newmar, and continued progress in revitalizing the Winnebago Motorho me brand. The actions we have taken across product, quality, and operational execution are gradually translating into improved share and profitability in the segment as volume, mix, and operational execution move in the right direction. Turning to towables, the environment remains price-sensitive and more promotional than what we are seeing in motorized. Volume trends in the quarter reflected both softer retail conditions and continued dealer caution around inventory levels. Grand Design anchors the category and continues to hold a strong competitive position. Winnebago Towables is beginning to build traction with newer products such as Thrive and Access, showing encouraging early retail signals and contributing to emerging share gains. A key focus for us in this environment is expanding affordability, including the recent launch of the Transcend Lite travel trailer from Grand Design, and continued action to broaden our reach to a wider range of buyers while protecting acceptable profitability. While still early, this progress is an important proof point for our dual brand towable strategy and our ability to expand our reach into broader product segments of the market. In marine, retail conditions remained less volatile than RV, with demand and ordering patterns continuing to be measured across the category. Within that environment, Barletta's performance stands out. The Pontoon brand has continued to take retail share consistently in the aluminum pontoon segment, even as overall marine demand has been soft. This is a reflection of the strength of Barletta's dealer network, a product lineup that continues to resonate with pontoon buyers, supported by one of the strongest customer service reputations in the industry. The Sanza is now shipping and retailing in the market, creating a more accessible entry point into the Barletta brand and serving as another example of how we are expanding participation across our portfolio without compromising brand positioning. Chris-Craft maintains its premium luxury positioning, serving a buyer who has shown more resilience through the cycle. Moving to key RV trends on slide six, the consumer demand picture through the spring reflected a buyer who is engaged but not yet ready to commit. That hesitancy is showing up in extended purchase timelines, more deliberate dealer ordering, and retail trends that remain below where we would expect them to be at this point in the selling season. Consumer participation with an outdoor lifestyle remains solid, but the environment for new RV and boat purchases remains more constrained. Shipment patterns remain measured as both OEMs and dealers continue to manage the channel with discipline, keeping field inventory in check with true retail demand. We believe the quality of dealer inventory and the pace of retail sell-through matters more than incremental wholesale, and that conviction shapes how we are running the business right now. Field inventory turns were stable quarter-over-quarter. The slower aggregate turn rate is driven in part by recent new product introduction stocking orders, including Grand Design's motorized new vans, Winnebago's Thrive and Access towable platforms, and Barletta's Sanza line, which are still building their retail velocity as dealer teams get up to speed and consumer awareness grows. We view this as an expected and healthy part of the product introduction cycle. We remain focused on driving motorized and marine turns towards two times over the coming quarters. While towables will require a more stable retail environment to reach that threshold, particularly as we continue to build out the Winnebago Towables portfolio. As shown on slide seven, I want to spend a moment on RV market share because it highlights both where we are performing well today and where we are focused on improving. On the motorized side, we continue to grow enterprise motorhome unit share with gains across key categories on a trailing 12-month basis through April. Importantly, retail results in the quarter showed positive momentum across all three motorized brands, an encouraging signal that the investments we have made in product and complementary brand strategy are translating at the retail level. On the towable side, Grand Design continues to face targeted pressure, particularly in fifth wheels, where the competitive environment remains intense. At the same time, the Winnebago Towables brand is delivering results with the Thrive and Access demonstrating encouraging positive early retail momentum. We believe this dual brand strategy can lift our towable retail share meaningfully over time. I also want to introduce a metric we are sharing for the first time this quarter, retail dollar share, using the SSI data pool. While unit share remains the conventional industry measure, we believe retail dollar share provides additional context of where brands are competing and winning. By that measure, our industry profile is stronger than our unit share would suggest. This reflects the higher average selling prices across our RV portfolio, which results in our dollar share being recently more resilient than our unit share. We believe it is an important indicator of the competitive strength of our portfolio. One that demonstrates a resilience in our market position that unit share alone does not capture. Turning to slide eight, Barletta continues to perform very well, maintaining consistent and accelerating market share gains, reaching 9.3% on a trailing 12-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction. Slide nine reflects our new product highlights. We are excited about the recent introduction of the ARKA, an all-new off-grid adventure truck that joins Revel and EKKO in Winnebago Brands' Backcountry Series. Built to extend our presence in the growing adventure segment, ARKA broadens the appeal of the Winnebago Motorhome brand with a product that combines purpose-built capability, premium comfort, and off-grid functionality. ARKA is an important example of the kind of innovation that can strengthen brand relevance and support future growth. With the 2027 model year Newmar lineup, we are bringing to market a portfolio of coaches that reinforces that brand's leadership in the luxury segment. These new offerings reflect Newmar's craftsmanship, premium design, and ongoing focus on innovation, and they continue to support the premium positioning of our motorized portfolio. On the technology innovation front, Grand Design recently expanded its Worry-Free Roof to the Momentum and Momentum G-Class lineups, building on its earlier introduction across Solitude, Influence, and the Foundation product lines. Engineered as a single seamless piece using marine-grade fiberglass and automotive-grade gaskets, the Worry-Free Roof eliminates the seams and exposed sealants that are common failure points in traditional roof designs. This helps reduce long-term maintenance and reinforces Grand Design's reputation for building products that enhance the ownership experience. I'll now turn the call over to Bryan Hughes for the financial review. Bryan? Thank you, Mike, and good morning, everyone. Starting with our consolidated results on slide 11, our third quarter performance reflects a continued focus on disciplined execution across RV and marine. As Mike described, a consumer who is engaged but cautious, dealer discipline on both the quantity and quality of inventory, and demand that softened as the quarter progressed are key factors that shaped our financial results this quarter. Consolidated net revenues were $698.7 million, representing a decrease of 9.9% compared to $775.1 million in the third quarter of last year, driven by lower unit volume, partially offset by selective price adjustments and product mix. As in prior quarters, segment mix mattered, with improved performance in motorhome RV helping to moderate continued pressure in towable RV and marine. Gross profit was $94.9 million, a decrease of 10.5% compared to $106 million in the prior year period, with gross margin of 13.6%, reflecting higher input costs and deleverage, partially offset by selective price adjustments. Maintaining relative gross margin in this environment is a meaningful accomplishment, reflecting disciplined pricing, mix management and cost control. We are deliberately prioritizing profitable market share to position the business to scale as the cycle improves. Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million last year. This reflects continued SG&A efficiency and cost discipline, even as we absorb incremental investment to support the growing Grand Design Motorized business. We are advancing broader operational efficiency actions, including vertical rationalization and footprint consolidation within Motorhome RV this year, and we are fina lizing plans to further reduce excess capacity across both RV segments heading into fiscal 2027. Operating income was $23 million, a decrease of 23.9% compared to $30.2 million in the third quarter of fiscal 2025. Net income was $14.5 million compared to $17.6 million in the prior year period. Reported earnings per diluted share were $0.51 compared to $0.62, and adjusted earnings per diluted share were $0.66, a decrease of 18.5% compared to $0.81 last year. Consolidated adjusted EBITDA was $37.8 million, a decrease of 18.7% compared to $46.5 million in the third quarter of fiscal 2025. Turning to our Towable RV segment on slide 12. Net revenues were $274.7 million, compared to $371.7 million in the third quarter of last year, reflecting lower unit volume and a shi ft in product mix toward lower price point models, partially offset by selective price actions. Operating income was $16 million, compared to $29.7 million in the prior year, with operating income margin of 5.8%, compared to 8% last year. Towable segment performance was driven by higher input costs, volume deleverage, and product mix, partially offset by selective price actions and cost containment initiatives. As shown on slide 13, Motorhome RV net revenues were $320.7 million, compared to $291.2 million in the third quarter of last year, driven primarily by higher unit volume and selective price adjustments. Operating income was $9.6 million compared to negative $3.2 million in the prior year, with operating income margin of 3% compared to negative 1.1% last year. Motorhome segment performance reflects higher unit volume driven by mix from new products and selective price adjustments partially offset by higher input costs. On slide 14, Marine segment net revenues were $92.4 million compared to $100.7 million in the third quarter of last year, driven by lower unit volume and product mix, partially offset by selective price actions. Marine operating income was $5.3 million compared to $9.4 million last year, with operating income margin of 5.8% compared to 9.3% in the prior year period. Performance in the segment primarily reflects higher input costs and volume deleverage, partially offset by selective price adjustments. Turning to the balance sheet and cash flow on slide 15. At quarter end, cash and cash equivalents totaled $57.1 million. Total outstanding debt was $450 million or $442.9 million net of issuance costs, and working capital was $411.6 million. Cash flow provided by operations was $25.6 million during the quarter. Net leverage increased modestly from 2.9 times in the second quarter to three times this quarter end, primarily reflecting lower EBITDA and temporary working capital investments. We remain focused on preserving financial flexibility, managing working capital responsibly, and continuing to strengthen the balance sheet as market conditions evolve. Turning to our outlook on slide 17. Based on current market conditions and performance through the first nine months of the fiscal year, we are updating our full year guidance ranges as follows. Consolidated net revenues of $2.65 billion-$2.75 billion. Reported earnings per diluted share of $1.05-$1.40. Adjusted earnings per diluted share of $1.65-$2.00. Our updated outlook reflects a more cautious demand environment than we had anticipated, shaped by ongoing affordability pressures, elevated competitive intensity, and increased promotional activity in towables, measured dealer ordering patterns, and broader macroeconomic and geopolitical uncertainty. With that, please turn to slide 19 as I hand the call back to Mike for closing remarks. Mike, back to you. Thanks, Bryan. As we currently move through the fourth quarter of fiscal 2026, the external environment remains challenging. Macro volatility, affordability pressure, and consumer hesitancy are real headwinds. Yet our ability to navigate them with operational agility is what continues to differentiate us. What gives us confidence is our ability to execute on factors within our control. We are protecting margins, building share in key areas, and continuing to strengthen our brand positioning, even in a challenging demand environment. Our new product pipeline is active in gaining traction in the market. Our retail dollar share profile reflects the premium positioning of our brands and demonstrates a resilience in our competitive standing. The discipline we have maintained through this cycle has kept the foundation of this company strong. We have a number of cost and operational efficiency projects in flight to continue rightsizing our model to this current landscape. As external conditions become more constructive, we are ready to scale. We remain focused on the controllable and confident in the long-term health and vitality of Winnebago Industries. Now Bryan and I are happy to answer your questions at this time. Operator, please open the line for the Q&A session. Thank you. At this time, if you would like to ask a question, please press star one one on your telephone. You will be handed an automated message advising your hand is raised. We also ask that you please wait for your name and company to be announced before proceeding with your question. One moment w hile we compile the Q&A roster. The first question is coming from the line of Craig Kennison of Baird. Please go ahead. Hey, good morning. Thanks for taking my question. Bryan, I think in your comments you mentioned some upcoming adjustments to your footprint to address excess capacity. Could you shed more light on that and maybe just comment on industry capacity and whether there's just too much given the level of production we anticipate? Yeah. Good morning, Craig. To be clear, we're looking at both motor home and towable RV segments. Making sure that we have the appropriate capacity given where the industry is, while keeping a mind on the long-term expectations as well. We are executing some projects here in the near term that will address that. That's currently what's underway. It's both segments. Got it. Thank you. Maybe just to follow up, Bryan, with you, looking at your guidance, could you give us a feel for free cash flow expectations for the year? I know you've tried to manage working capital tightly this year, based on the revised guidance, what would your free cash flow look like for fiscal 2026? We should have some further improvements to working capital here in Q4 that will drive some of the favorability that we're expecting. I think I'll provide just a little bit more context to Q4 as well. We're expecting Q4 sales to be down from Q3 or sequentially, also down double-digits from the prior year as we work with our dealer partners, to improve dealer turns in this soft retail environment, most notably, to benefit or improve turns in the towable RV segment. Gross m argins, EBITDA margins, they're expected to be down slightly on a sequential basis, due largely to the deleveraging impact of the lower sales. Gross margins and EBITDA margins are expected to be flattish, to last year, with several of the cost savings initiatives, some of which we just talked about. That we have implemented over the past 12 months to serve to offset that deleverage, including the improvements to the motor home RV segment that we've already demonstrated throughout this year. A lot going on throughout the year, to defend and lift our gross margins in the face of declining top line. We feel good about the progress in that regard. We had more work to do on working capital, specifically in the fourth quarter, closing Q3 at slightly elevated levels versus our longer-term opportunity. A lot of working going on cash generation, both on the earnings side, but then also on the working capital front. Very helpful. Thank you, Bryan. You bet. Thank you. One moment for the next question. The next question is coming from the line of Tristan Thomas-Martin of BMO Capital Markets. Please go ahead. Hey, good morning. Good morning. You called a couple of times, selective price adjustments. What were those tied to? What kind of caused them? Good morning, Tristan. This is Mike. Q3 is usually the period where we begin to take some early p ricing actions related to the next model year. In several of the businesses, we began to take several of those actions, particularly in the month of May. Those comments specifically relate to that. Okay. Just maybe sticking with kind of model year 2027, how are you thinking about like for like pricing, given kind of some of the general cost inflation we're seeing? Thank you. It really varies by brand. Particularly, the cost input pressure that may be present in that particular business and the competitive position that we have in that particular brand as well. The price adjustments for model year 2027 will vary pretty meaningfully across our portfolio. In some cases, they'll be in the low single digits, partly because we're managing cost inputs effectively in that area and/or we believe we have to remain competitive in the retail environment with sharp pricing. However, there are a couple businesses where cost input pressures, particularly around raw material costs, are significantly higher, and we've had to take some more aggressive price actions here around the model year 2027 period. It really does vary across all three segments and each of the brands. We've talked before, we are working very hard to balance the profitability of our portfolio, the retail market share that we compete for every day with the consumers, but also partnering with our dealers on appropriate field inventory turns in this environment. That's a constant balance, and p ricing is just one of several levers that we have to calculate and act on to try to maintain a balance between those three elements. Okay. Thank you. Thank you. One moment for the next question, please. The next question is coming from the line of Bret Jordan of Jefferies. Your line is open. Hey, good morning, guys. Good morning, Bret. Could you talk about the dealer channel? I guess, sort of the health and enthusiasm for incremental inventory in this environment. Are you seeing any either consolidation or any areas of particular strength or weakness? Well, health and enthusiasm are probably two different terms. I'll try to speak to both of them. The dealers are working hard, whether they're a large, consolidated, regional or national dealer or a single-store location, independent dealer. All the dealers are working very hard to drive revenue through diversified sources within their business, including used products and service, and in some cases, storage or parts and accessories. They're also very focused, obviously, on their own working capital and any cost related to their inventory, whether it's carrying costs or whether it's the ultimate discounting of product in the market. By and large, the financial health of the dealer communities within the RV and marine segments we play in appears to be stable. That does not mean it isn't a tough environment for the dealers. It is. They are very conscious about their own cash flow. That is then spilling into the other part of your question, which is really their appetite for new product. Dealers are being very disciplined, very intentional with their ordering of new product from the OEMs. I would suggest that this particular model year 2027 has been one of the slower uptakes of model year 2027 or current model year product that we've seen in the last couple of years, primarily because the dealers are very focused on making sure that model year 2026, the prior model year product, is being focused on and retailed during this, especially now, this summer retail season. The dealers are fighting. We're trying to be a good OEM partner. That is why we are trying to be very disciplined and responsible on the wholesale shipment side. We want to chase retail opportunities where that's certainly possible. We also want to work with our dealers to stabilize and, best case, improve turns as we point towards the calendar year 2027 cycle as well. Okay, great. Then, I guess sort of more of an economic question, looking at Chris-Craft, obviously probably the highest socioeconomic customer in your base, are you seeing any change in behavior in the super-rich buying that product? I mean, you talked about Barletta, but is there any either are they stable or are they stepping back also in this environment? Yeah, we're fortunate to obviously have two premium brands in the marine space. As you mentioned, Chris-Craft is certainly targeted at a more affluent customer even than probably any other brand in our portfolio. Maybe the Newmar brand on the RV side also targets a highly affluent customer as well. We're seeing Chris-Craft retail be quite stable this year-over-year. Their retail results have been stable to even, at times, slightly higher. It's not dramatically different from the Barletta business in terms of retail comps year-over-year. We probably are seeing both sides of that K-shaped economy that is often referenced. Chris-Craft retail being solid and stable and healthy. Our Barletta business, which is, while it's premium in the pontoon space, certainly targets a different household income sector within the marine industry. Barletta, as we've said many times, is continuing to outperform the pontoon market and doing quite well. It's probably candidly the middle of our lineups where we see the most pressure within our retail results currently. Great. Thank you. Appreciate it. One moment for the next question. Our next question will be coming from the line of Scott Stember of ROTH Capital Partners. Please go ahead. Good morning, and thanks for taking my questions. Morning, Scott. Question on 2027 pricing. Just trying to get a sense of you talked about some, I don't know if you'd say the word is sizable, but some materials and inputs which will drive pricing higher. Can you maybe kind of give us an indication of size up the price increases that we're looking at for 2027 versus 2026? I ask because 2026, I know there's been some issues and difficulties passing through some of the tariff costs. What's the ability to offset that in 2027 to keep affordability in mind? Thank you, Scott, and good morning. The first step that our teams take is doing everything they possibly can to mitigate the cost input pressure that we're seeing every day. I think PCE came out this morning, Really the general inflation that we're seeing in our business is quite similar to some of the macro inflation numbers that have been released in the last couple weeks. So our teams are working hard in each business to do what they can to work with their supply chains, to work on the design side, to work on the manufacturing and assembly side to really drive those cost input pressures lower. It's then when we understand the result of those efforts that we obviously make a pricing decision that factors in both retail competitiveness and the profit targets that we have in each business. As I mentioned in an earlier answer to Tristan, those pricing adjustments really vary by business for model year 2027. In some cases, it's literally 0% to low single digits, In other businesses, it can be high single digits to even touching low double digits. It really varies quite dramatically by business, by brand. We won't release this morning what that number specifically is for each segment. It is carefully, obviously, considered and decided as we, again, try to balance profitability, retail market share, and work with the dealers on increasing field inventory turns in the market. Let me just comment. We are working aggressively on improving the accessibility and affordability of our product lineups in each of our businesses. The latest example of that is the Transcend Lite, just announced and introduced in early June by the Grand Design Towables business. This is a single-axle, lightweight travel trailer with an MSRP in the low $20,000 range with a street retail that will be closer to the $15,000-$16,000 range in the market. Sleeps two. It is a fantastic small travel trailer, and it provides an excellent opportunity for RV owners to transition candidly from a tent into a much more comfortable recreational vehicle. Each of our brands and businesses as examples. Barletta introducing the Sanza, which is quickly becoming a hit in the roughly $50,000, $49,900 price po int in the pontoon market. Yes, we are taking some price increases and adjustments, but I also want to make sure that the investment community understands that the average selling price from a mix standpoint is being influenced in the right direction in many ways by a lot of the good product work that our teams are doing to advance the affordability and accessibility of our product lineups as well. We really have to think about both factors. Got it. Last question on dealers. They have a new mindset seemingly of improved turns and cash flow, and we're seeing that in the order patterns. Do you have an idea of what we should be looking for? How low or how high their turns they're looking for them to be and how much of this weakness in orders will continue into 2027? Scott, I think our dealers share many of the same turns ambitions that we do. They'd like to see turns in the two-plus range. I would argue that your healthier dealers, those dealers that are incredibly efficient with their business, really even target a number that's meaningfully higher than that at times. Three times or in some cases, even higher. It varies greatly by the thousands of dealers that we work with. As we indicated in the call this morning, we're targeting two turns on motorized and marine products here over the next several quarters. We think the towables market is going to take some retail stabilization and some healthier retail conditions for probably the entire industry, and especially our line, to move towards that two-turn range. I think we're generally in line with our dealers. They'd like higher tu rns. We'd like higher turns. We understand that the environment we're in, and we're adjusting our production plans accordingly to serve the market with discipline. Got it. That's all I have. Thank you. Thank you. One moment for the next question. Our next question is coming from the line of Noah Zatzkin of KeyBanc Capital Markets. Please go ahead. Hi, thanks for taking my questions. I guess this is kind of a high-level one, kind of dovetailing off of some of Bret's questions. When you think about kind of the divergence that we've seen in RV retail versus marine trends this year, I guess both from your perspective and from an industry perspective, what do you think is driving that dynamic? Is it kind of purely the K-shaped economy effect? As we look into next year, how do you think about the factors that could get retail moving in the right direction for each end market? Thanks. Good morning, Noah. Thanks for the questions. We've contemplated giving our foot in both the RV and marine markets some of the differences. It's hard to speculate exactly why. We're in two very specific segments of the marine market, the pontoon space and the high-end luxury runabout space. I would probably focus my comments on the pontoon side. I do think there is a K-shaped element happening in the marine space that is a little bit more present, meaning that you continue to see some of your premium brands and your premium products move in the market. In the marine space, you also see some of the affordable products moving as well. I think the RV market, and here's another thesis, I think the RV market has potentially a more robust used equipment market as well. A lot of you on the south side have written about this in the recent past, that the dealers are very engaged, as are many of our consumers, candidly, on the used market during these difficult times. I think the used market is definitely keeping consumer engagement in the recreational vehicle industry strong and solid. It is potentially borrowing from some of the new unit sales, particularly, for those consumers who are looking for the most affordable solutions to get into or remain in the RV lifestyle. I'll ask Bryan to comment on some of the conditions we think would need to be present for calendar year 2027 to be an inflection point of potentially, certainly. I certainly welcome the recent tempering of the geopolitical conflicts in the Middle East. Hopefully oil and subsequently gasoline prices going the right direction. At the end of the day, we need a number of macro elements to settle down quite a bit. More certainty for the consumer, more certainty for businesses, and less noise in the market that would cause all of us to be hesitant in our plans going forward. Bryan, any thoughts you might have on conditions that would be favorable for our industries in the future? I think you hit on the primary ones, Mike. First and foremost, consumer confidence, consumer sentiment, to see some leveling of that and start to see some increases as a result of lower fuel prices. It's nice to see WTI and Brent back near that $70 range, right about at pre-conflict, pre-Iran levels. I think everybody welcomes that, and I think the consumer will as well. You've got interest rates. I think the expectation now, broadly speaking, is that we're not going to see reductions to the Fed rates during the calendar year. We'll look for those hopefully in the future. I think just depending on how fuel comes through on the future CPI, PPI and PCE readings will certainly have an impact there. It's good again to see the WTI and Brent prices back near 70. We all welcome that. I think you hit the primary ones, Mike, that we'll be keeping a close eye on here over the coming months. Really helpful. Maybe just one on cost containment initiatives on the towable side during the quarter. If you could kind of maybe expand upon what those were, and how much runway there is there. It sounds like maybe capacity is some of that looking forward. Also on the motor home side, if you could maybe give an update on some of the margin, kind of recapture initiatives there and how those are going. Thanks. Let me speak to the towable side. I'll ask Bryan to speak to the motorized. On the towable side, it's across all elements of the value chain. Bryan mentioned some of the capacity reduction work that we're doing here currently, and we'll have more to announce on that in the future. We are very focused on making sure that the manufacturing environment is right-sized, not just to the current cycle, but our expectations for where we might head in a future mid-cycle. We work very closely with our suppliers on mitigating as much of the cost input pressure that they're receiving as well. Our engineers and product managers are doing an excellent job in the towable space of reformulating the value proposition regularly. To make sure that the bill of materials, the feature set and ultimately the wholesale and retail price offerings in the market are competitive. We're constantly juggling those particular products to make sure that they're relevant and maintain a strong profit margin in that way. One thing we haven't talked a lot about this morning, it doesn't necessarily show up in gross margin, but it certainly shows up in EBITDA, is SG&A management. It is hard when the top line is challenged from an SG&A percentage standpoint to battle that element. Our teams are really focusing on prudent, responsible spending on the SG&A side. We are becoming more efficient from a productivity and a workforce standpoint. We're also just continuing to find ways to spend our SG&A dollars and still support the business, in the right way. Bryan, you want to speak to some of the motorized activity we're working on? Yeah, sure. Motorhome profits continue to improve versus the prior year, in line with the expectations we conveyed at the start of this fiscal year. Good work by the team so far. We expect more improvements in the coming quarters as our initiatives, particularly in Winnebago Motorhome, continue to take hold. These include, most importantly, a refreshed product lineup, with a good proof point being the recently introduced ARKA that we mentioned earlier. More new product is forthcoming, and that is true from all brands. We're also driving improvements, I should say, in a more efficient footprint, improvements in the cost structure, evaluation of overhead-related costs. Further make-or-buy decisions related to our verticals, which will reduce our fixed cost structure in the Winnebago Motorhome business in particular. Grand Design Motorhome continues to expand the product lineup and drive growth in both the top line and bottom line. A great job by that team in bringing well-received products with both the dealers and the end customers. Newmar continues to execute very well from a margin perspective. Motorhome is progressing. It is progressing in line with our expectations at the beginning of the year, and we think that there is more opportunity going forward. Thank you. Thank you. One moment for our next question. Our next question is coming from the line of Brandon Rollé of Loop Capital. Please go ahead. Good morning. Thank you for taking my question. Just on the affordability topic. I think in prior years you had diversified your supplier base a little bit to get prices lower or create product lineups that were more affordable for customers. Have you entertained doing that recently, just given that it seems like just retail isn't responding well to the price increases coming through? Yeah. Good morning, Brandon. Thanks for the question. The answer to your question is yes. We are constantly on the hunt for strategic supply chain partners that match the environment we're operating in and what we foresee in the future. We have a number of very strong, reliable partners that we've done business with for a long time, and we work with them not just on innovation and quality, but certainly on the affordability of their components as well. One of the efforts that we've really turned up the dial on here recently is a material cost savings initiative within the company, where we are expecting our teams, business by business, to work throughout their business models, but particularly with strategic sourcing here at the center of the enterprise, to find improved buying conditions with our suppliers. Many of you know that the enterprise organizational model that we've undertaken since I've been at the company is really a hybrid model where the brands and the businesses are empowered facing the market. We have centers of excellence here in the enterprise that support the businesses. Our strategic sourcing function, I would argue, is one of the best in the outdoor recreation industry. They work closely with the businesses to leverage the collective scale of the volume of our businesses to work on even such things as component SKU harmonization. We approach suppliers that we work with across brands and businesses in the portfolio to have common master supply agreements and favorable terms and pricing arrangements. Our strategic sourcing function, I think, continues to be one of the most effective ways that we use to mitigate some of the material cost input pressure. It's a strong focus. Every business has a goal. The enterprise has a goal. We're not afraid to look at new parts of the supply chain if we need to make a change to get a lower level of cost, a h igher level of quality, or some more differentiation or innovation. Everyone on the call knows that there will be continued evolution in the supplier side of both the RV and marine industries, and we are very active right now in trying to cast our own destiny in terms of what our supply chain strategy looks like in the future, both in the present but also in the years to come. Lots of active work there to address the affordability, candidly also address the agility and resiliency of the business as well. That's great to hear. Thank you. Thank you. One moment for our next question. Our next question is coming from the line of Gerrick Johnson of Seaport Research Partners. Please go ahead. Great. Thank you. Good morning. Hey, you guys mentioned that Grand Design Towables is facing targeted competition. Can you talk about that? I thought the use of the word targeted was interesting. Good morning, Gerrick. Grand Design has, in the marketplace competitively really went from being viewed as the hunter to, in some cases, being viewed as the hunted. Its success over the last 14 years of its existence has earned a strong place in the towables market. This is a business that still holds the mantle of the fastest-growing towables business in the history of the RV industry. You have seen some very good competition come out in the last number of years, particularly startups with a very similar business model to Grand Design. It's really an iron sharpens iron competitive environment. A lot of the towable and particularly the fifth wheel competitors have looked at Grand Design's success over the past number of years and really tried to both match and if not, try to exceed that as well. The Grand Design team is continuing to stay paranoid in a healthy way. They want to maintain the hunter mentality, and they continue to try to make sure that their channel relationships, their product strategies, their customer service support, their marketing efforts continue to be collectively strong enough. We very much acknowledge the competitive intensity, particularly around fifth wheels. We're also very pleased with how the Grand Design team is fighting the fight. I think a number of the things that we've done with quality, with channel, with innovation, with affordability will continue to position the Grand Design towables business for success in the future. The Grand Design overall business is even healthier when you include the motorized launch of Grand Design product in the last 18 months as well. We haven't talked about that a lot this morning, but Bryan and I continue to be very pleased with the launch of Grand Design Motorized. It is another point of leverage for us in terms of healthy relationships with the dealer channel and the consumers. It expands the brand presence and power within the RV industry. The collective Grand Design business really is, in many ways, as strong as ever, given that it's now a full line RV business. Targeted is probably, in some ways, a compliment, but it's also a reality that the teams have to wake up and battle every day, and we're doing so. Okay, understood. Thank you for that. One more question, more of a higher level question about the Winnebago brand. Can you talk about that brand positioning and what it means? The reason why I ask is, when I first started covering Winnebago a long time ago, back in the Potts days, the phrase was, "Winnebago is no one's first RV, but a lot of people's second and third." Now it seems to be the more affordable brand reaching new customers. Is there any confusion there? Well, thanks, Gerrick, for that question as well. Obviously, the Winnebago brand continues to be the flagship brand within Winnebago Industries, the parent company that shares that same name. You really kind of break the Winnebago RV story down into two pieces. The Winnebago Towables element, we've talke d about that a lot recently. We are putting a lot of investment, a lot of effort and capital and resources into that business as we pursue a 3%-5% towables market share position in the future. We've seen fantastic success on Winnebago Towables retail here in the recent past. We advanced retail share in the trailing three months, I believe somewhere in the 30-40 basis point range here recently. This is a business that's just really only begun to revolutionize its dealer network, but also introduce better product. That is really the part of the Winnebago brand that's going to hit the affordability part of the towables in the RV market. On the Winnebago motorized side, we still consider that to be a differentiation business. Yes, we want price points that are accessible, but we are really trying to maintain our focus on quality, on innovation, on reliability, and really attacking some segments of the market that are both high volume but also growing. Bryan talked about the ARKA here in some of his comments, and that Backcountry Series product that we have really is a growing segment for RV consumers. The Winnebago brand is both, candidly. It's more affordability and accessibility on the towable side, and it continues to be innovation and differentiation and adventure and great experiences on the motorized side. It is a nice blend as you work through. We are really pleased with the progression that we're making on the Winnebago Motorhome business in this fiscal year 2026. We've acknowledged in the past that that was a business that became challenged, and we had a lot of work to do to improve it both internally and externally. It's not where we want it to be yet, but it is making very solid progress, and great new products will fuel that turnaround and the timeline of that turnaround and the profitability of that turnaround. We are beginning to see some of those great new products and better operational efficiency coming out of that business. I'm bullish on the future of the Winnebago brand in our portfolio because the work is there. We're seeing the fruit of some of the hard work that the teams are doing beginning to show itself. The only thing I'd add to that, Gerrick, is we're early in the process of reinvigorating that Winnebago Towables line. Obviously the Thrive has been a big hit. That's towards the lower price points, but don't be too fooled by that, too. I know that there's a broader product lineup that Don and the team have in mind there, and there's a lot of excitement yet to come. That's the only add I'd have. Okay, great. Thank you. I appreciate the detail. Thank you. This does conclude today's Q&A session. I would like to turn the call back over to Ms. Ondala for closing remarks. Please go ahead. Thank you all for joining us this morning. We look forward to keeping you all updated on our progress. Enjoy the summer. This concludes today's program. Thank you all for joining. You may now disconnect.