$LCII

DREW INDUSTRIES INC

CIK:0000763744|SEC Filings

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 968,675	$ 1,107,250	$ 2,059,192	$ 2,152,840
Cost of sales	667,531	837,229	1,484,383	1,631,070
Gross profit	301,144	270,021	574,809	521,770
Warehouse and transportation	61,342	54,235	117,224	104,090
Selling, general and administrative expenses	143,842	127,982	266,466	248,559
Operating profit	95,960	87,804	191,119	169,121
Interest expense, net	6,319	9,689	16,232	15,680
Loss on extinguishment of debt	0	0	0	8,053
Gain on sale of real estate	(554)	0	(554)	0
Income before income taxes	90,195	78,115	175,441	145,388
Provision for income taxes	23,054	20,480	45,353	38,315
Net income	$ 67,141	$ 57,635	$ 130,088	$ 107,073
Net income per common share:
Basic (in usd per share)	$ 2.76	$ 2.29	$ 5.36	$ 4.23
Diluted (in usd per share)	$ 2.75	$ 2.29	$ 5.29	$ 4.23
Weighted average common shares outstanding:
Basic (in shares)	24,314	25,157	24,274	25,297
Diluted (in shares)	24,392	25,157	24,571	25,297

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income	$ 67,141	$ 62,947	$ 57,635	$ 49,438	$ 130,088	$ 107,073
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization					60,656	59,865
Stock-based compensation expense					12,303	10,949
Loss on extinguishment of debt	0		0		0	8,053
Gain on sale of real estate	(554)		0		(554)	0
Other non-cash items					901	6,514
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net					(140,583)	(168,012)
Inventories, net					38,774	62,977
Prepaid expenses and other assets					(43,906)	(4,899)
Accounts payable, trade					8,698	33,012
Accrued expenses and other liabilities					103,841	39,405
Net cash flows provided by operating activities					170,218	154,937
Cash flows from investing activities:
Capital expenditures					(28,432)	(21,774)
Acquisition of businesses					0	(98,187)
Proceeds from sale of real estate					2,156	0
Other investing activities					3,159	(3,389)
Net cash flows used in investing activities					(23,117)	(123,350)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes					(6,695)	(4,858)
Repayments under revolving credit facility					0	(19,261)
Proceeds from term loan borrowings					0	391,000
Repayments under term loan and other borrowings					(2,222)	(281,525)
Proceeds from issuance of convertible notes					0	448,500
Repurchase of convertible notes					(92,000)	(368,920)
Purchases of convertible note hedge contracts					0	(67,574)
Proceeds from issuance of warrants concurrent with note hedge contracts					0	27,600
Partial unwind of convertible note hedge and warrants				1,378	0	1,378
Payment of debt issuance costs					0	(4,821)
Payment of dividends					(55,879)	(58,388)
Repurchases of common stock					0	(66,338)
Other financing activities					0	(895)
Net cash flows used in financing activities					(156,796)	(4,102)
Effect of exchange rate changes on cash and cash equivalents					3,592	(1,310)
Net (decrease) increase in cash and cash equivalents					(6,103)	26,175
Cash and cash equivalents at end of period	$ 216,512		$ 191,931		216,512	191,931	$ 222,615
Cash and cash equivalents at beginning of period		$ 222,615		$ 165,756	222,615	165,756	$ 165,756
Supplemental disclosure of cash flow information:
Interest					19,945	15,342
Income taxes					44,930	24,676
Purchase of property and equipment in accrued expenses					$ 510	$ 168

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 216,512	$ 222,615
Accounts receivable, net of allowances of $11,625 and $6,828 at June 30, 2026 and December 31, 2025, respectively	383,004	243,425
Inventories, net	768,976	809,094
Prepaid expenses and other current assets	116,232	74,552
Total current assets	1,484,724	1,349,686
Fixed assets, net	414,775	428,031
Goodwill	619,125	622,183
Other intangible assets, net	372,869	402,568
Operating lease right-of-use assets	275,225	272,995
Other long-term assets	101,184	100,524
Total assets	3,267,902	3,175,987
Current liabilities
Current maturities of long-term indebtedness	3,658	3,683
Accounts payable, trade	208,855	202,257
Current portion of operating lease obligations	45,233	44,174
Accrued expenses and other current liabilities	339,504	223,253
Total current liabilities	597,250	473,367
Long-term indebtedness	848,932	941,502
Operating lease obligations	248,358	246,047
Deferred taxes	27,820	27,495
Other long-term liabilities	113,790	126,743
Total liabilities	1,836,150	1,815,154
Stockholders’ equity
Common stock, par value $.01 per share	290	289
Paid-in capital	261,845	255,118
Retained earnings	1,352,746	1,279,657
Accumulated other comprehensive income	28,784	37,682
Stockholders' equity before treasury stock	1,643,665	1,572,746
Treasury stock, at cost	(211,913)	(211,913)
Total stockholders' equity	1,431,752	1,360,833
Total liabilities and stockholders' equity	$ 3,267,902	$ 3,175,987