10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

Commission File Number: 001-13646

LCI INDUSTRIES

(Exact name of registrant as specified in its charter)

Delaware		13-3250533
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)
3501 County Road 6 East		46514
Elkhart,	Indiana	(Zip Code)
(Address of principal executive offices)

(574) 535-1125

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report) N/A

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	LCII	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

1

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒                           Accelerated filer ☐

Non-accelerated filer ☐                        Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares outstanding of the registrant’s common stock, as of the latest practicable date (April 30, 2024) was 25,449,794 shares of common stock.

2

LCI INDUSTRIES

TABLE OF CONTENTS

		Page
PART I –	FINANCIAL INFORMATION
	ITEM 1 – FINANCIAL STATEMENTS
	CONDENSED CONSOLIDATED STATEMENTS OF INCOME	4
	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5
	CONDENSED CONSOLIDATED BALANCE SHEETS	6
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	7
	CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	8
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9
	ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	20
	ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	29
	ITEM 4 – CONTROLS AND PROCEDURES	29
PART II –	OTHER INFORMATION
	ITEM 1 – LEGAL PROCEEDINGS	30
	ITEM 1A – RISK FACTORS	30
	ITEM 5 – OTHER INFORMATION	30
	ITEM 6 – EXHIBITS	30
SIGNATURES		31
EXHIBIT 31.1 - SECTION 302 CEO CERTIFICATION
EXHIBIT 31.2 - SECTION 302 CFO CERTIFICATION
EXHIBIT 32.1 - SECTION 906 CEO CERTIFICATION
EXHIBIT 32.2 - SECTION 906 CFO CERTIFICATION

3

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended  March 31,
	2024		2023
(In thousands, except per share amounts)
Net sales	$	968,029	$	973,310
Cost of sales	744,123		787,239
Gross profit	223,906		186,071
Selling, general and administrative expenses	166,295		166,028
Operating profit	57,611		20,043
Interest expense, net	9,321		10,394
Income before income taxes	48,290		9,649
Provision for income taxes	11,745		2,390
Net income	$	36,545	$	7,259
Net income per common share:
Basic	$	1.44	$	0.29
Diluted	$	1.44	$	0.29
Weighted average common shares outstanding:
Basic	25,374		25,228
Diluted	25,389		25,293

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended  March 31,
	2024		2023
(In thousands)
Net income	$	36,545	$	7,259
Other comprehensive (loss) income:
Net foreign currency translation adjustment	(3,263)		2,000
Total comprehensive income	$	33,282	$	9,259

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

LCI INDUSTRIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31,		December 31,
	2024		2023
(In thousands, except per share amount)
ASSETS
Current assets
Cash and cash equivalents	$	22,625	$	66,157
Accounts receivable, net of allowances of $7,181 and $5,701 at March 31, 2024 and December 31, 2023, respectively	344,406		214,707
Inventories, net	734,360		768,407
Prepaid expenses and other current assets	68,068		67,599
Total current assets	1,169,459		1,116,870
Fixed assets, net	454,071		465,781
Goodwill	587,791		589,550
Other intangible assets, net	432,728		448,759
Operating lease right-of-use assets	242,442		245,388
Other long-term assets	94,845		92,971
Total assets	$	2,981,336	$	2,959,319
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term indebtedness	$	568	$	589
Accounts payable, trade	193,933		183,697
Current portion of operating lease obligations	37,322		36,269
Accrued expenses and other current liabilities	177,217		174,437
Total current liabilities	409,040		394,992
Long-term indebtedness	854,774		846,834
Operating lease obligations	218,236		222,680
Deferred taxes	31,211		32,345
Other long-term liabilities	111,191		107,432
Total liabilities	1,624,452		1,604,283
Stockholders' equity
Common stock, par value $.01 per share	288		287
Paid-in capital	241,514		245,659
Retained earnings	1,186,289		1,177,034
Accumulated other comprehensive income	11,009		14,272
Stockholders' equity before treasury stock	1,439,100		1,437,252
Treasury stock, at cost	(82,216)		(82,216)
Total stockholders' equity	1,356,884		1,355,036
Total liabilities and stockholders' equity	$	2,981,336	$	2,959,319

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended  March 31,
(In thousands)	2024		2023
Cash flows from operating activities:
Net income	$	36,545	$	7,259
Adjustments to reconcile net income to cash flows (used in) provided by operating activities:
Depreciation and amortization	32,689		32,499
Stock-based compensation expense	4,327		4,695
Other non-cash items	1,107		877
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	(131,059)		(123,072)
Inventories, net	32,892		131,708
Prepaid expenses and other assets	(2,392)		5,577
Accounts payable, trade	12,038		25,822
Accrued expenses and other liabilities	6,199		(10,689)
Net cash flows (used in) provided by operating activities	(7,654)		74,676
Cash flows from investing activities:
Capital expenditures	(8,608)		(17,159)
Acquisitions of businesses	—		(6,250)
Other investing activities	173		1,960
Net cash flows used in investing activities	(8,435)		(21,449)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes	(9,040)		(8,888)
Proceeds from revolving credit facility	86,248		165,300
Repayments under revolving credit facility	(76,927)		(201,385)
Repayments under term loan and other borrowings	(5)		(5,276)
Payment of dividends	(26,721)		(26,563)
Other financing activities	(2)		(12)
Net cash flows used in financing activities	(26,447)		(76,824)
Effect of exchange rate changes on cash and cash equivalents	(996)		(437)
Net decrease in cash and cash equivalents	(43,532)		(24,034)
Cash and cash equivalents at beginning of period	66,157		47,499
Cash and cash equivalents at end of period	$	22,625	$	23,465
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	7,391	$	9,052
Income taxes, net of refunds	359		390
Non-cash investing and financing activities:
Purchase of property and equipment in accrued expenses	407		2,304

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

LCI INDUSTRIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except shares and per share amounts)	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Stockholders’ Equity
Balance - December 31, 2022	$	285	$	234,956	$	1,221,279	$	6,704	$	(82,216)	$	1,381,008
Net income	—		—		7,259		—		—		7,259
Issuance of 119,091 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	1		(8,889)		—		—		—		(8,888)
Stock-based compensation expense	—		4,695		—		—		—		4,695
Other comprehensive income	—		—		—		2,000		—		2,000
Cash dividends ($1.05 per share)	—		—		(26,563)		—		—		(26,563)
Dividend equivalents on stock-based awards	—		532		(532)		—		—		—
Balance - March 31, 2023	$	286	$	231,294	$	1,201,443	$	8,704	$	(82,216)	$	1,359,511

Balance - December 31, 2023	$	287	$	245,659	$	1,177,034	$	14,272	$	(82,216)	$	1,355,036
Net income	—		—		36,545		—		—		36,545
Issuance of 122,023 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	1		(9,041)		—		—		—		(9,040)
Stock-based compensation expense	—		4,327		—		—		—		4,327
Other comprehensive loss	—		—		—		(3,263)		—		(3,263)
Cash dividends ($1.05 per share)	—		—		(26,721)		—		—		(26,721)
Dividend equivalents on stock-based awards	—		569		(569)		—		—		—
Balance - March 31, 2024	$	288	$	241,514	$	1,186,289	$	11,009	$	(82,216)	$	1,356,884

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

8

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.    BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation markets, consisting primarily of recreational vehicles ("RVs") and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. At March 31, 2024, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

Most industries where the Company sells products or where its products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, the Company's sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events, except as disclosed in the Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the current year presentation.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty,

9

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2023 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures, which requires entities to report incremental information about significant segment expenses included in a segment's profit or loss measure as well as the name and title of the chief operating decision maker. The new standard also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is evaluating the effect of adopting this new accounting guidance.

3.    EARNINGS PER SHARE

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

	Three Months Ended  March 31,
(In thousands)	2024	2023
Weighted average shares outstanding for basic earnings per share	25,374	25,228
Common stock equivalents pertaining to stock-based awards	15	65
Weighted average shares outstanding for diluted earnings per share	25,389	25,293
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive	291	160

For the Company's 1.125 percent convertible senior notes due 2026 (the "Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "Indenture"), to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the Convertible Notes are converted. Because the average closing price of the Company's common stock for the three months ended March 31, 2024, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.

In conjunction with the issuance of the Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock

10

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(the "Warrants"). The Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the Warrants, the Company uses the treasury stock method. With this method, the Company assumes exercise of the Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the Warrants less the number of shares repurchased, are included in diluted shares. For the three months ended March 31, 2024, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.

In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "Convertible Note Hedge Transactions") with the Counterparties. The Company paid an aggregate amount of $100.1 million to the Counterparties pursuant to the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. Exercise of the Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.

4.    ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Camping World Furniture

In May 2024, the Company acquired the business and certain assets of the furniture operations of CWDS, LLC, a subsidiary of Camping World Holdings, Inc., in exchange for cash consideration of $20 million. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio and will serve customers in both the OEM and Aftermarket segments.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2023	$	421,701	$	167,849	$	589,550
Foreign currency translation	(1,575)		(184)		(1,759)
Net balance – March 31, 2024	$	420,126	$	167,665	$	587,791

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

11

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,140	$	199,501	$	308,639	6	to	20
Patents	114,459		69,815		44,644		3	to	20
Trade names (finite life)	99,136		28,587		70,549		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	10,104		8,948		1,156		3	to	6
Other	609		301		308		2	to	12
Other intangible assets	$	739,880	$	307,152	$	432,728

Other intangible assets consisted of the following at December 31, 2023:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	509,505	$	189,967	$	319,538	6	to	20
Patents	114,864		67,602		47,262		3	to	20
Trade names (finite life)	99,366		26,978		72,388		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	10,104		8,453		1,651		3	to	6
Other	609		289		320		2	to	12
Other intangible assets	$	742,048	$	293,289	$	448,759

5.    INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Raw materials	$	427,320	$	457,877
Work in process	43,688		45,112
Finished goods	263,352		265,418
Inventories, net	$	734,360	$	768,407

At March 31, 2024 and December 31, 2023, the Company had recorded inventory obsolescence reserves of $76.1 million and $71.3 million, respectively.

12

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

6.    FIXED ASSETS

Fixed assets consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Fixed assets, at cost	$	986,971	$	983,548
Less accumulated depreciation and amortization	532,900		517,767
Fixed assets, net	$	454,071	$	465,781

7.    ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Employee compensation and benefits	$	58,183	$	58,999
Current portion of accrued warranty	46,725		48,468
Customer rebates	20,697		19,403
Other	51,612		47,567
Accrued expenses and other current liabilities	$	177,217	$	174,437

Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the three months ended March 31:

(In thousands)	2024		2023
Balance at beginning of period	$	71,578	$	54,528
Provision for warranty expense	13,123		20,827
Warranty costs paid	(14,586)		(15,227)
Balance at end of period	70,115		60,128
Less long-term portion	(23,390)		(19,770)
Current portion of accrued warranty at end of period	$	46,725	$	40,358

8.    LONG-TERM INDEBTEDNESS

Long-term debt consisted of the following:

	March 31,		December 31,
(In thousands)	2024		2023
Convertible Notes	$	460,000	$	460,000
Term Loan	315,000		315,000
Revolving Credit Loan	83,122		75,909
Other	3,088		3,138
Unamortized deferred financing fees	(5,868)		(6,624)
	855,342		847,423
Less current portion	(568)		(589)
Long-term indebtedness	$	854,774	$	846,834

13

LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated December 14, 2018 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loan") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Credit Agreement is December 7, 2026. The Term Loan is required to be repaid in an amount equal to 1.25 percent of the original principal amount of the Term Loan for the first eight quarterly periods commencing with the quarter ended December 31, 2021, 1.875 percent of the original principal amount of the Term Loan for the next eight quarterly periods, and then 2.50 percent of the original principal amount of the Term Loan of each additional payment until the maturity date. The Company prepaid $37.5 million of principal on the Term Loan during 2023, which was applied to pay in full the scheduled principal amortization payments due through March 31, 2025. The Credit Agreement also permits the Company to request an increase to the revolving and/or term loan facility by up to an additional $400.0 million in the aggregate upon the approval of the lenders providing any such increase and the satisfaction of certain other conditions.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company as (i) base rate loans which bear interest at a base rate plus additional interest ranging from 0.0 percent to 0.875 percent (0.625 percent was applicable at March 31, 2024) depending on the Company’s total net leverage ratio or (ii) term benchmark loans which bear interest at term Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.1 percent for an interest period selected by the Company plus additional interest ranging from 0.875 percent to 1.875 percent (1.625 percent was applicable at March 31, 2024) depending on the Company’s total net leverage ratio. Foreign currency borrowings have the same additional interest margins applicable to term benchmark loans based on the Company's total net leverage ratio. At March 31, 2024, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.150 percent to 0.275 percent (0.225 percent was applicable at March 31, 2024) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At March 31, 2024, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility, giving effect to this limitation, was $153.8 million at March 31, 2024. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At March 31, 2024, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

Convertible Notes

On May 13, 2021, the Company issued $460.0 million in aggregate principal amount of 1.125 percent Convertible Notes due 2026 in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.8 million after deducting the initial purchasers' discounts and offering expenses payable by the Company. The Convertible Notes bear interest at a coupon rate of 1.125 percent per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The Convertible Notes will mature on May 15, 2026, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of March 31, 2024, the conversion rate of the Convertible Notes was 6.1946 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes. The conversion rate of the Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding January 15, 2026, the Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the Indenture. On or after January 15,

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LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

The Company may not redeem the Convertible Notes prior to May 20, 2024. On or after May 20, 2024, the Company may redeem for cash all or any portion of the Convertible Notes, at the Company's option, if the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders of the Convertible Notes may require the Company to repurchase for cash all or any portion of their Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest on such Convertible Notes to, but not including, the fundamental change repurchase date (as defined in the Indenture).

The Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding Convertible Notes to be due and payable.

The Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the Convertible Notes of $454.5 million at March 31, 2024 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

9.    LEASES

The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:

	Three Months Ended March 31,
(In thousands)	2024		2023
Operating lease expense	$	15,688	$	15,244
Short-term lease expense	987		1,480
Variable lease expense	886		1,000
Total lease expense	$	17,561	$	17,724

10.    COMMITMENTS AND CONTINGENCIES

Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are fixed payments and are accrued at their discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent

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LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at March 31, 2024.

Product Recalls

From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at March 31, 2024.

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at March 31, 2024.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of March 31, 2024, would not be material to the Company's financial position or results of operations.

11.    STOCKHOLDERS' EQUITY

The following table summarizes information about shares of the Company's common stock at:

	March 31,	December 31,
(In thousands)	2024	2023
Common stock authorized	75,000	75,000
Common stock issued	28,789	28,667
Treasury stock	3,341	3,341
Common stock outstanding	25,448	25,326

The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2024 and December 31, 2023:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2023	$	1.05	03/10/23	03/24/23	$	26,563
Second Quarter 2023	1.05		06/02/23	06/16/23	26,591
Third Quarter 2023	1.05		09/01/23	09/15/23	26,590
Fourth Quarter 2023	1.05		12/01/23	12/15/23	26,592
Total 2023	$	4.20			$	106,336
First Quarter 2024	$	1.05	03/08/24	03/22/24	$	26,721

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2023	296,305	$	118.60
Issued	527	123.06
Granted	130,957	126.56
Dividend equivalents	2,748	116.35
Forfeited	(7,563)	121.95
Vested	(114,728)	115.68
Outstanding at March 31, 2024	308,246	$	120.05

Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2023	207,279	$	122.57
Granted	108,096	132.77
Dividend equivalents	2,136	116.35
Vested	(78,695)	143.54
Outstanding at March 31, 2024	238,816	$	120.26

Stock Repurchase Program

On May 19, 2022, the Company's Board of Directors authorized a stock repurchase program granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, ending on May 19, 2025. The timing of stock repurchases, and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors. In 2022, the Company purchased 253,490 shares at a weighted average price of $94.89 per share, totaling $24.1 million. No purchases were made during the three months ended March 31, 2024.

12.    SEGMENT REPORTING

The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 78 percent of consolidated net sales for each of the three months ended March 31, 2024 and 2023, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing.

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LCI INDUSTRIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Approximately 52 percent of the Company's OEM Segment net sales for the three months ended March 31, 2024 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 22 percent of consolidated net sales for each of the three months ended March 31, 2024 and 2023, supplies engineered components to the related aftermarket channels of the recreation and transportation products, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

Decisions concerning the allocation of the Company's resources are made by the Company's chief operating decision maker ("CODM"), with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:

	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	380,162	$	10,601	$	390,763	$	314,982	$	15,571	$	330,553
Motorhomes	40,004		28,834		68,838		44,004		25,547		69,551
Adjacent Industries OEMs	248,512		50,198		298,710		309,466		48,603		358,069
Total OEM Segment net sales	668,678		89,633		758,311		668,452		89,721		758,173
Aftermarket Segment:
Total Aftermarket Segment net sales	189,648		20,070		209,718		200,486		14,651		215,137
Total net sales	$	858,326	$	109,703	$	968,029	$	868,938	$	104,372	$	973,310

(a) Net sales to customers in the United States of America

(b) Net sales to customers domiciled in countries outside of the United States of America

The following table presents the Company's operating profit (loss) by segment:

	Three Months Ended  March 31,
(In thousands)	2024		2023
Operating profit (loss):
OEM Segment	$	32,836	$	(721)
Aftermarket Segment	24,775		20,764
Total operating profit	$	57,611	$	20,043

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the Company's revenue disaggregated by product:

	Three Months Ended  March 31,
(In thousands)	2024		2023
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms	$	212,139	$	198,056
Windows and doors	217,622		218,611
Furniture and mattresses	105,449		140,563
Axles, ABS, and suspension solutions	85,292		75,749
Other	137,809		125,194
Total OEM Segment net sales	758,311		758,173
Total Aftermarket Segment net sales	209,718		215,137
Total net sales	$	968,029	$	973,310

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LCI INDUSTRIES

ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and Notes thereto included in Item 1 of Part I of this report, as well as the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

LCI Industries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"), through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation markets, consisting primarily of recreational vehicles ("RVs") and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. We also supply engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet.

We have two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant. At March 31, 2024, we operated over 110 manufacturing and distribution facilities located throughout North America and Europe. See Note 12 of the Notes to Condensed Consolidated Financial Statements for further information regarding our segments.

Our OEM Segment manufactures and distributes a broad array of highly engineered components for the leading OEMs of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 49 percent of our OEM Segment net sales for the twelve months ended March 31, 2024 were of components for travel trailer and fifth-wheel RVs, including:

● Steel chassis and related components	● Electric and manual entry steps
● Axles, ABS, and suspension solutions	● Awnings and awning accessories
● Slide-out mechanisms and solutions	● Electronic components
● Thermoformed bath, kitchen, and other products	● Appliances
● Vinyl, aluminum, and frameless windows	● Air conditioners
● Manual, electric, and hydraulic stabilizer and     leveling systems	● Televisions and sound systems
● Entry, luggage, patio, and ramp doors	● Tankless water heaters
● Furniture and mattresses	● Other accessories

The Aftermarket Segment supplies many of these engineered components to the related aftermarket channels of the recreation and transportation products, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

We are executing a strategic initiative to diversify the markets we serve outside of the historical concentration within the North American RV OEM industry. Approximately 57 percent of net sales for the three months ended March 31, 2024 were generated outside of the North American RV OEM market. We believe our diversification strategy has helped offset downswings in the North American RV OEM industry, while maintaining our strong position and ability to ramp up quickly to take advantage of upswings.

Most industries where we sell products or where our products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, our sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty,

20

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters, or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

INDUSTRY BACKGROUND

OEM Segment

North American Recreational Vehicle Industry

An RV is a vehicle designed as temporary living quarters for recreational, camping, travel, or seasonal use. RVs may be motorized (motorhomes) or towable (travel trailers, fifth-wheel travel trailers, folding camping trailers, and truck campers).

The annual sales cycle for the RV industry generally starts in October after the "Open House" in Elkhart, Indiana where many of the largest RV OEMs display product to RV retail dealers and ends after the conclusion of the summer selling season in September in the following calendar year. Between October and March, industry-wide wholesale shipments of travel trailer and fifth-wheel RVs have historically exceeded retail sales as dealers build inventories to support anticipated sales. Between April and September, the spring and summer selling seasons, retail sales of travel trailer and fifth-wheel RVs have historically exceeded industry-wide wholesale shipments.

According to the Recreation Vehicle Industry Association ("RVIA"), industry-wide wholesale shipments from the United States of travel trailer and fifth-wheel RVs, our primary RV market, increased 17 percent to 73,500 units in the first three months of 2024, compared to the first three months of 2023, as retail dealers restocked inventories in the first quarter of 2024 compared to destocking efforts in the same period of 2023. Retail demand for travel trailer and fifth-wheel RVs decreased 8 percent in the first three months of 2024 compared to the same period in 2023. Retail demand has declined from elevated post-pandemic levels, primarily driven by inflation and higher interest rates impacting retail consumers' discretionary spending. Retail demand is typically revised upward in subsequent months, primarily due to delayed RV registrations.

While we measure our OEM Segment RV sales against industry-wide wholesale shipment statistics, the underlying health of the RV industry is determined by retail demand. A comparison of the number of units and the year-over-year percentage change in industry-wide wholesale shipments and retail sales of travel trailers and fifth-wheel RVs, as reported by Statistical Surveys, Inc., as well as the resulting estimated change in dealer inventories, for both the United States and Canada, is as follows:

					Estimated
	Wholesale		Retail		Unit Impact on
	Units	Change	Units	Change	Dealer Inventories
Quarter ended March 31, 2024	73,500	17%	66,400	(8)%	7,100
Quarter ended December 31, 2023	63,400	2%	53,700	(9)%	9,700
Quarter ended September 30, 2023	61,500	(16)%	92,000	(13)%	(30,500)
Quarter ended June 30, 2023	71,600	(47)%	109,000	(16)%	(37,400)
Twelve months ended March 31, 2024	270,000	(19)%	321,100	(12)%	(51,100)
Quarter ended March 31, 2023	62,700	(58)%	71,800	(24)%	(9,100)
Quarter ended December 31, 2022	62,000	(52)%	59,100	(23)%	2,900
Quarter ended September 30, 2022	73,300	(46)%	106,000	(19)%	(32,700)
Quarter ended June 30, 2022	133,900	0%	129,600	(28)%	4,300
Twelve months ended March 31, 2023	331,900	(40)%	366,500	(24)%	(34,600)

According to the RVIA, industry-wide wholesale shipments of motorhome RVs in the first three months of 2024 decreased 22 percent to 10,400 units compared to the first three months of 2023. Retail demand for motorhome RVs decreased ten percent year-over-year in the first three months of 2024, compared to a 15 percent year-over-year decrease in retail demand

21

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

in the same period of 2023. Retail demand has declined from post-pandemic elevated levels, partially driven by inflation and higher interest rates impacting retail consumers' discretionary spending.

Adjacent Industries

Our portfolio of products used in RVs can also be used in other applications, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing (collectively, "Adjacent Industries"). In many cases, OEM customers of the Adjacent Industries are affiliated with RV OEMs through related subsidiaries. We believe there are significant opportunities in these Adjacent Industries.

Aftermarket Segment

Many of our OEM Segment products are also sold through various aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. This includes discretionary accessories and replacement service parts. We have teams dedicated to product, technical, and installation training as well as marketing support for our Aftermarket Segment customers. We also support multiple call centers to provide responses to customers for product, delivery, and technical support. This support is designed for a rapid response to critical repairs, so customer downtime is minimal. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims. Many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

According to Go RVing, estimated RV ownership in the United States as of 2021 increased to a record-high 11.2 million households. This vibrant market is a key driver for aftermarket sales, as we anticipate owners will likely upgrade their units as well as replace parts and accessories which have been subjected to normal wear and tear.

RESULTS OF OPERATIONS

Consolidated Highlights

•Consolidated net sales in the first quarter of 2024 were $968.0 million, down slightly from $973.3 million for the same period of 2023.

•Net income for the first quarter of 2024 was $36.5 million, or $1.44 per diluted share, compared to net income of $7.3 million, or $0.29 per diluted share, for the same period of 2023.

•Consolidated operating profit during the first quarter of 2024 was $57.6 million, compared to $20.0 million in the same period of 2023. Operating profit margin was 6.0 percent in the first quarter of 2024 compared to 2.1 percent in the same period of 2023. The increase was primarily due to decreases in material commodity and freight costs.

•The cost of steel and aluminum consumed in certain of our manufactured components decreased in the first quarter of 2024 compared to the same period of 2023. Raw material costs are subject to continued fluctuation and impact certain contractual selling prices which are indexed to select commodities.

•In March 2024, we paid a quarterly dividend of $1.05 per share, aggregating to $26.7 million.

22

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

OEM Segment - First Quarter

Net sales of the OEM Segment in the first quarter of 2024 increased by $0.1 million, compared to the same period of 2023. Net sales of components to OEMs were to the following markets for the three months ended March 31:

(In thousands)	2024		2023		Change
RV OEMs:
Travel trailers and fifth-wheels	$	390,763	$	330,553	18	%
Motorhomes	68,838		69,551		(1)	%
Adjacent Industries OEMs	298,710		358,069		(17)	%
Total OEM Segment net sales	$	758,311	$	758,173	—	%

According to the RVIA, industry-wide wholesale unit shipments for the three months ended March 31 were:

	2024	2023	Change
Travel trailer and fifth-wheels	73,500	62,700	17	%
Motorhomes	10,400	13,400	(22)	%

The trend in our average product content per RV produced is an indicator of our overall market share of components for new RVs. Our average product content per type of RV, calculated based upon our net sales of components to domestic RV OEMs for the different types of RVs produced for the twelve months ended March 31, divided by the industry-wide wholesale shipments of the different product mix of RVs for the same period, was:

Content per:	2024		2023		Change
Travel trailer and fifth-wheel	$	5,097	$	5,861	(13)	%
Motorhome	$	3,656	$	3,993	(8)	%

Our average product content per type of RV excludes international sales and sales to the Aftermarket Segment and Adjacent Industries. Content per RV is impacted by changes in selling prices for our products, market share gains, and acquisitions. For the twelve months ended March 31, 2024, travel trailer and fifth-wheel RV content declined year-over-year primarily due to pricing decreases indexed to commodity and freight indices and unit mix, partially offset by market share gains.

Our increase in net sales to RV OEMs during the first quarter of 2024 was driven by a nine percent increase in North American RV wholesale shipments during the first quarter of 2024, primarily due to current dealer inventory restocking, partially offset by decreased selling prices which are indexed to select commodities.

Our decrease in net sales to OEMs in Adjacent Industries during the first quarter of 2024 was primarily due to lower sales to North American marine OEMs, driven by inflation and rising interest rates impacting retail consumers.

Operating profit of the OEM Segment was $32.8 million in the first quarter of 2024, an increase of $33.6 million compared to an operating loss of the OEM Segment of $0.7 million in the same period of 2023. The operating profit margin of the OEM Segment in the first quarter of 2024 increased to 4.3 percent compared to the operating loss margin of 0.1 percent for the same period of 2023 and was positively impacted by:

•Decreases in material commodity and freight costs, which positively impacted operating profit by $28.0 million, primarily related to decreased steel and aluminum costs.

•A decrease in warranty costs primarily due to reduced warranty claim payments, resulting in an increase in operating profit of $7.2 million compared to the same period of 2023.

•A decrease in production labor to align with current demand levels, resulting in an increase in operating profit of $6.2 million compared to the same period of 2023.

•Price increases to targeted products, resulting in an increase in operating profit of $2.8 million compared to the same period of 2023.

23

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

•A reduction in general and administrative costs resulting in an increase in operating profit of $2.4 million compared to the same period of 2023.

Partially offset by:

•Sales mix increase of lower margin products, which negatively impacted operating profit by $12.0 million.

•Selling prices contractually tied to indices of select commodities decreased, resulting in a decrease in operating profit of $3.6 million compared to the same period of 2023.

Amortization expense on intangible assets for the OEM Segment was $10.3 million in the first quarter of 2024, compared to $10.5 million in the same period in 2023. Depreciation expense on fixed assets for the OEM Segment was $14.0 million in the first quarter of 2024, compared to $14.4 million in the same period of 2023.

Aftermarket Segment - First Quarter

Net sales of the Aftermarket Segment in the first quarter of 2024 decreased by $5.4 million, compared to the same period of 2023. Net sales of components in the Aftermarket Segment were as follows for the three months ended March 31:

(In thousands)	2024		2023		Change
Total Aftermarket Segment net sales	$	209,718	$	215,137	(3)	%

Net sales of the Aftermarket Segment for the first quarter of 2024 were slightly lower than for the same period in 2023, primarily driven by lower volumes within marine markets and the impacts of inflation and elevated interest rates on consumers' discretionary spending, partially offset by growth in the automotive aftermarket driven by market share gains.

Operating profit of the Aftermarket Segment was $24.8 million in the first quarter of 2024, an increase of $4.0 million compared to the same period of 2023. The operating profit margin of the Aftermarket Segment was 11.8 percent in the first quarter of 2024, compared to 9.7 percent in the same period in 2023, and was positively impacted by:

•Decreases in material commodity and freight costs, which positively impacted operating profit by $4.6 million, primarily related to decreased steel and aluminum costs.

•Pricing changes to targeted products, resulting in an increase in operating profit of $1.9 million compared to the same period of 2023.

Partially offset by:

•The impact of fixed costs due to reduced volumes, which decreased operating profit by $1.2 million related to fixed selling, general, and administrative costs and $0.6 million related to fixed overhead costs.

Amortization expense on intangible assets for the Aftermarket Segment was $3.8 million in the first quarter of 2024, consistent with the same period of 2023. Depreciation expense on fixed assets for the Aftermarket Segment was $4.6 million in the first quarter of 2024, compared to $3.9 million in the same period of 2023.

Interest Expense

Interest expense, net was $9.3 million for the three months ended March 31, 2024, compared to $10.4 million in the same period of 2023. The decrease in interest expense was primarily due to net repayments of $215.9 million on the revolving credit facility during 2023 and principal prepayments of $37.5 million on our Term Loan (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements) in the third and fourth quarters of 2023, partially offset by higher global interest rates on our adjustable rate debt including the Term Loan and revolving credit facility, and net borrowings on the revolving credit facility in the first three months of 2024. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.

Income Taxes

The effective tax rates for the three months ended March 31, 2024 and 2023 were 24.3 percent and 24.8 percent, respectively. The effective tax rate for the three months ended March 31, 2024 differed from the Federal statutory rate primarily due to state taxes, foreign taxes, and non-deductible expenses, partially offset by the recognition of excess tax benefits on stock-based compensation as a component of the provision for income taxes, and Federal and Indiana research and development

24

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

credits. The decrease in the effective tax rate for the three months ended March 31, 2024 as compared to the same period in 2023 was primarily due to decreases in non-deductible executive compensation costs and effective state tax rates.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

We maintain a level of liquidity sufficient to allow us to meet our cash needs in the short term. Over the long term, we manage our cash and capital structure to maximize shareholder return, maintain our financial condition, and maintain flexibility for our future strategic investments. We continuously assess our capital requirements, working capital needs, debt and leverage levels, debt and lease maturity schedules, capital expenditure requirements, dividends, future investments or acquisitions, and potential share repurchases. We believe our operating cash flows, credit facilities, as well as any potential future borrowings, will be sufficient to fund our future payments and long-term initiatives.

As of March 31, 2024, we had $22.6 million in cash and cash equivalents, and $153.8 million of availability under our revolving credit facility under the Credit Agreement (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements). We also have the ability to request an increase to the revolving and/or incremental term loan facilities by up to an additional $400.0 million in the aggregate upon approval of the lenders providing any such increase and the satisfaction of certain other conditions. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.

We believe the availability under the revolving credit facility under the Credit Agreement, along with our cash flows from operations, are adequate to finance our anticipated cash requirements for the next twelve months.

The Condensed Consolidated Statements of Cash Flows reflect the following for the three months ended March 31:

(In thousands)	2024		2023
Net cash flows (used in) provided by operating activities	$	(7,654)	$	74,676
Net cash flows used in investing activities	(8,435)		(21,449)
Net cash flows used in financing activities	(26,447)		(76,824)
Effect of exchange rate changes on cash and cash equivalents	(996)		(437)
Net decrease in cash and cash equivalents	$	(43,532)	$	(24,034)

Cash Flows from Operations

Net cash flows used in operating activities were $7.7 million in the first three months of 2024, compared to cash provided by operating activities of $74.7 million in the first three months of 2023. The change in net cash flows used in operating activities was primarily due to the net change in assets and liabilities, net of acquired businesses, as it used $111.7 million more cash in the first three months of 2024 compared to the same period in 2023. The net change in assets and liabilities was partially offset by an increase in net income of $29.3 million. The primary use of cash in net assets was the increase of $131.1 million in accounts receivable due to seasonally higher sales in the first three months of 2024. While we continued to reduce inventory in the first three months of 2024, the larger decrease in inventory in the first three months of 2023 was due to decreasing commodity and freight costs and initiatives to reduce inventory as RV production demand slowed from record levels seen during the first half of 2022.

Depreciation and amortization was $32.7 million in the first three months of 2024, and is expected to be approximately $130 to $140 million for the full year 2024. Non-cash stock-based compensation expense in the first three months of 2024 was $4.3 million. Non-cash stock-based compensation expense is expected to be approximately $18 to $23 million for the full year 2024.

Cash Flows from Investing Activities

Cash flows used in investing activities of $8.4 million in the first three months of 2024 were primarily comprised of $8.6 million for capital expenditures. Cash flows used in investing activities of $21.4 million in the first three months of 2023 were primarily comprised of $17.2 million for capital expenditures and $6.3 million for the acquisitions of businesses.

25

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

Our capital expenditures are primarily for replacement and growth. Over the long term, based on our historical capital expenditures, the replacement portion has averaged approximately one to two percent of net sales, while the growth portion has averaged approximately two to three percent of net sales. However, there are many factors that can impact the actual spending compared to these historical averages. We estimate full year 2024 capital expenditures of $55 to $75 million, including investments in automation and lean projects.

Capital expenditures in the first three months of 2024 were funded by cash on hand and borrowings under our Credit Agreement. Capital expenditures and any acquisitions in the remainder of fiscal year 2024 are expected to be funded primarily from cash generated from operations, as well as periodic borrowings under our revolving credit facility.

Cash Flows from Financing Activities

Cash flows used in financing activities of $26.4 million in the first three months of 2024 were primarily comprised of payments of quarterly dividends of $26.7 million and cash outflows of $9.0 million related to vesting of stock-based awards, net of shares tendered for payment of taxes, partially offset by $9.3 million in net borrowings under our revolving credit facility.

Cash flows used in financing activities of $76.8 million in the first three months of 2023 were primarily comprised of $36.1 million in net repayments under our revolving credit facility, payments of quarterly dividends of $26.6 million, cash outflows of $8.9 million related to vesting of stock-based awards, net of shares tendered for payment of taxes, and $5.3 million in repayments under our Term Loan and other borrowings.

The Credit Agreement includes both financial and non-financial covenants. The covenants dictate we shall not permit our net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At March 31, 2024, we were in compliance with all financial covenants.

We have paid regular quarterly dividends since 2016. Future dividend policy with respect to our common stock will be determined by our Board of Directors considering our prevailing financial needs, earnings, and other relevant factors, including any limitations in our debt agreements, such as maintenance of certain financial ratios.

In May 2022, our Board of Directors authorized a stock repurchase program for the purchase of up to $200.0 million of our common stock over a three-year period ending on May 19, 2025. No shares were repurchased during the three months ended March 31, 2024 and 2023. As of March 31, 2024, there was $175.9 million remaining under the stock repurchase program.

CORPORATE GOVERNANCE

We are in compliance with the corporate governance requirements of the Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange. Our governance documents and committee charters and key practices have been posted to the “Investors” section of our website (www.lci1.com) and are updated periodically. The website also contains, or provides direct links to, all SEC filings, press releases and investor presentations. We have also established a Whistleblower Policy, which includes a toll-free hotline (800-461-9330) to report complaints about our accounting, internal controls, auditing matters or other concerns. The Whistleblower Policy and procedure for complaints can be found on our website (www.lci1.com).

CONTINGENCIES

Information required by this item is included in Note 10 of the Notes to Condensed Consolidated Financial Statements and is incorporated herein by reference.

RAW MATERIALS INFLATION

The prices of key raw materials, consisting primarily of steel and aluminum, and components used by us which are made from these raw materials, are influenced by demand and other factors specific to these commodities, as well as by inflationary pressures. We experienced reduced prices of these commodities in the first three months of 2024, but prices of these commodities have historically been volatile. As a result, while we currently expect commodity prices for the remainder of the year to remain generally consistent with the first quarter of 2024, there can be no assurance that raw material costs will not

26

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

increase. Please see "Results of Operations" above for additional information regarding the impact of raw material costs on our results of operations for the first three months of 2024.

NEW ACCOUNTING PRONOUNCEMENTS

Information required by this item is included in Note 2 of the Notes to Condensed Consolidated Financial Statements.

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. We base our estimates on historical experience, other available information and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

For a discussion of our critical accounting estimates, refer to Management's Discussion and Analysis of Results of Operations and Financial Condition in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our critical accounting estimates as described in that Annual Report.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this Form 10-Q that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to the Company's production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this Form 10-Q, are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this Form 10-Q, the impacts of future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of, and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form

27

LCI INDUSTRIES

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Continued)

10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the SEC, including the Company's Quarterly Reports on Form 10-Q. Readers of this report are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

28

LCI INDUSTRIES

ITEM 3 – QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk related to changes in short-term interest rates on our variable rate debt. Depending on the interest rate option selected as further described in Note 8 of the Notes to Condensed Consolidated Financial Statements, interest is charged based on an indexed rate plus an applicable margin. Assuming a hypothetical increase of 0.25 percent in the indexed interest rate (which approximates a six percent increase of the weighted-average interest rate on our borrowings as of March 31, 2024), our results of operations would not be materially affected.

We are also exposed to changes in the prices of raw materials, specifically steel and aluminum. We have, from time to time, entered into derivative instruments for the purpose of managing a portion of the exposures associated with fluctuations in steel and aluminum prices. While these derivative instruments are subject to fluctuations in value, these fluctuations are generally offset by the changes in fair value of the underlying exposures. We had no outstanding derivative instruments on commodities at March 31, 2024 and December 31, 2023.

We have historically been able to obtain sales price increases to partially offset the majority of raw material cost increases. However, there can be no assurance future cost increases, if any, can be partially or fully passed on to customers, or that the timing of such sales price increases will match raw material cost increases.

Additional information required by this item is included under the caption "Raw Materials Inflation" in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this report.

ITEM 4 – CONTROLS AND PROCEDURES

a.Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure, in accordance with the definition of "disclosure controls and procedures" in Rule 13a-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance of achieving the desired control objectives. Management included in its evaluation the cost-benefit relationship of possible controls and procedures. We continually evaluate our disclosure controls and procedures to determine if changes are appropriate based upon changes in our operations or the business environment in which we operate.

As of the end of the period covered by this Form 10-Q, we performed an evaluation, under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of March 31, 2024.

b.Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2024, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

29

LCI INDUSTRIES

PART II – OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

In the normal course of business, we are subject to proceedings, lawsuits, regulatory agency inquiries and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of March 31, 2024, would not be material to our financial position or results of operations.

ITEM 1A – RISK FACTORS

There have been no material changes to the matters discussed in Part I, Item 1A – Risk Factors in our Annual Report on Form 10-K as filed with the SEC on February 23, 2024.

ITEM 5 - OTHER INFORMATION

On March 1, 2024, Jason Lippert, our Chief Executive Officer and a member of our board of directors, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. The trading arrangement will terminate on the earlier of December 31, 2024 or the date all shares are sold thereunder, and may be terminated earlier in the limited circumstances defined in the trading arrangement. An aggregate of up to 35,000 shares may be sold pursuant to the trading arrangement.

ITEM 6 – EXHIBITS

a)    Exhibits as required by item 601 of Regulation S-K:

1	3.1	LCI Industries Restated Certificate of Incorporation, as amended effective December 30, 2016 (incorporated by reference to Exhibit 3.1 included in the Registrant’s Form 10-K for the year ended December 31, 2016).
2	3.2	Amended and Restated Bylaws of LCI Industries, effective March 9, 2023 (incorporated by reference to Exhibit 3.2 included in the Registrant's Form 10-Q filed on May 9, 2023).
3	10.1	Form of Performance Stock Unit Award Agreement under the LCI Industries 2018 Omnibus Incentive Plan.
4	31.1	Certification of Chief Executive Officer required by Rule 13a-14(a).
5	31.2	Certification of Chief Financial Officer required by Rule 13a-14(a).
6	32.1	Certification of Chief Executive Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
7	32.2	Certification of Chief Financial Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
8	101	The following information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Income; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Stockholders’ Equity; (vi) Notes to Condensed Consolidated Financial Statements; and (vii) information in Part II, Item 5.
9	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

30

LCI INDUSTRIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

LCI INDUSTRIES
Registrant
By	/s/ Lillian D. Etzkorn
Lillian D. Etzkorn
Chief Financial Officer
May 8, 2024

31

EX-10.1

EXHIBIT 10.1

LCI INDUSTRIES

2018 OMNIBUS INCENTIVE PLAN

Performance Stock Unit Award Agreement

LCI Industries (the “Company”), pursuant to its 2018 Omnibus Incentive Plan (the “Plan”), hereby grants an award of Performance Stock Units to you, the Participant named below. The terms and conditions of this Award are set forth in this Performance Stock Unit Award Agreement (the “Agreement”), consisting of this cover page, the Terms and Conditions on the following pages and the attached Annex A, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.

Name of Participant:	/$ParticipantName$/
Target Number of Performance Stock Units:	/$AwardsGranted$/
Grant Date:	/$GrantDate$/
Measurement Period:	/$BeginningDate$/ – /$EndDate$/
Scheduled Vesting Date:	The number of Units determined in accordance with Annex A to have been achieved as of the end of the Measurement Period will vest* on [______ __], 20[__], subject to earlier vesting or termination as provided in the attached Terms and Condition
Performance Goals:	See Annex A
* Except as set forth in this Agreement, assuming that your Service has been continuous from the Grant Date to the vesting date.

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents. With respect to this Award, if there is any conflict between the provisions of this Agreement and any other agreement between you and the Company (including any employment agreement), the provisions of this Agreement will govern.

PARTICIPANT:                    LCI INDUSTRIES:

        By: ________________________________

/$CurrentDate$/    Title: _______________________________

LCI INDUSTRIES

2018 Omnibus Incentive Plan

Performance Stock Unit Award Agreement

Terms and Conditions

1.Award of Performance Stock Units. The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms and conditions of this Agreement and the Plan, of an award of Performance Stock Units (the “Units”) in an amount initially equal to the Target Number of Performance Stock Units specified on the cover page of this Agreement. The number of Units that may actually be achieved and become eligible to vest pursuant to this Award can be between 0% and [___]% of the Target Number of Units (excluding any dividend equivalent Units credited to you pursuant to Section 6 below). Each Unit that is determined to be achieved as a result of the performance goals specified in Annex A to this Agreement having been satisfied and which thereafter vests represents the right to receive one Share of the Company’s common stock. Prior to their settlement or forfeiture in accordance with the terms of this Agreement, the Units granted to you will be credited to a performance stock unit account in your name maintained by the Company. This account will be unfunded and maintained for book-keeping purposes only, with the Units simply representing an unfunded and unsecured contingent obligation of the Company.

2.    Restrictions Applicable to Units. Neither this Award nor the Units subject to this Award may be sold, assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan. Following any such transfer, this Award shall continue to be subject to the same terms and conditions that were applicable to this Award immediately prior to its transfer. Any attempted transfer in violation of this Section 2 shall be void and without effect. The Units and your right to receive Shares in settlement of any Units under this Agreement shall be subject to forfeiture except to extent the Units have been achieved and thereafter vest as provided in Section 4.

3.    No Shareholder Rights. The Units subject to this Award do not entitle you to any rights of a holder of the Company’s common stock. You will not have any of the rights of a shareholder of the Company in connection with any Units granted or achieved pursuant to this Agreement unless and until Shares are issued to you in settlement of achieved and vested Units as provided in Section 5.

4.    Vesting and Forfeiture of Units. Subject in all cases to Section 8 of this Agreement, the Units shall vest at the earliest of the following times and to the degree specified.

(a)    Determination of Units Achieved; Scheduled Vesting. The Committee will determine (i) the degree to which the applicable performance goals for the Measurement Period have been satisfied, and (ii) the number of Units that have been achieved during the Measurement Period, each as determined in accordance with Annex A, typically following the Measurement Period (and in any event no later than [______ __], 20[__]). The achieved Units, if any, will vest on the earlier of (i) the Scheduled Vesting Date set forth on the cover page of this Agreement, so long as you have provided continuous Service from the Grant Date to the Scheduled Vesting Date, or (ii) the occurrence of an event described in Section 4(b)-(f).

(b)    Disability. If your Service terminates by reason of your Disability prior to the Scheduled Vesting Date, then the number of Units deemed achieved and vested shall be determined as follows:

(i)    if your termination of Service due to Disability occurs before the last day of the Measurement Period, the Target Number of Units, prorated to reflect the portion of the

2

Measurement Period (the “Proration Period”) that had passed prior to the date of the termination of your Service; and

(ii)    if your termination of Service due to Disability occurs on or after the last day of the Measurement Period, the number of Units will be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A.

The Units achieved and calculated as set forth above shall be fully vested as of the date of your termination of Service due to Disability.

(c)    Death. If you die prior to the Scheduled Vesting Date, then the number of Units deemed achieved and vested shall be determined as follows:

(i)    if your death occurs before the last day of the Measurement Period, the Target Number of Units, prorated to reflect the portion of the Proration Period that had passed prior to the date of your death; and

(ii)    if your death occurs on or after the last day of the Measurement Period, the number of Units will be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A.

The Units achieved and calculated as set forth above shall be fully vested as of the date of your death.

(d)    Retirement. If your Service terminates by reason of your Approved Retirement (as defined in Section 9):

(i)    before the last day of the Measurement Period, then the number of Units deemed achieved shall be the number of Units determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, prorated to reflect the portion of the Measurement Period from the first day of the Measurement Period through the date of your Approved Retirement, as compared to the length of the Measurement Period, and the Units so achieved shall vest on the Scheduled Vesting Date; or

(ii)    prior to the Scheduled Vesting Date but on or after the last day of the Measurement Period, then the number of Units deemed achieved and vested shall be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, and the Units so achieved shall vest on the Scheduled Vesting Date.

(e)    Qualifying Termination. If your Service is terminated by the Company without Cause, or is terminated by you for Good Reason (as defined in Section 9 below) (and such termination does not occur within twenty-four (24) months after a Change in Control, which termination is governed by Section 4(f) hereof) (a “Qualifying Termination”) prior to the Scheduled Vesting Date, then the number of Units deemed achieved and vested shall be determined as follows:

(i)    if your termination of Service as a result of a Qualifying Termination occurs before the last day of the Measurement Period, then the number of Units deemed achieved and vested shall be the number of Units determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, prorated to reflect the portion of the Measurement Period from the first day of the Measurement Period through the date of the Qualifying Termination, as compared to the length of the

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Measurement Period, and the Units so achieved shall be fully vested on the Scheduled Vesting Date; and

(ii)    if termination of Service as a result of a Qualifying Termination occurs on or after the last day of the Measurement Period, then the number of Units deemed achieved and vested shall be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, and the Units so achieved shall vest on the Scheduled Vesting Date.

(f)    Change in Control. If a Change in Control occurs while you continue to be a Service Provider and prior to the Scheduled Vesting Date, the following provisions shall apply:

(i)    If, within twenty-four (24) months after a Change in Control (A) described in paragraphs (1) or (2) of Section 2(g) of the Plan or (B) that constitutes a Corporate Transaction as defined in paragraph (3) of Section 2(g) of the Plan and in connection with which the surviving or successor entity (or its Parent) has continued, assumed or replaced this Award, you experience an involuntary termination of Service for reasons other than Cause or you terminate your Service for Good Reason, then the Units shall be deemed to have been achieved and vested as of such termination date to the degree and in the manner provided in Section 4(f)(iii).

(ii)    If this Award is not continued, assumed, or replaced in connection with a Change in Control that constitutes a Corporate Transaction, then the Units shall be deemed to have been achieved and vested immediately prior to the effective time of the Corporate Transaction to the degree and in the manner provided in Section 4(f)(iii).

(iii)    The number of Units that would be deemed achieved and vested pursuant to Section 4(f)(i) and Section 4(f)(ii) will be equal to (A) if the accelerated vesting event occurs before the last day of the Measurement Period, the Target Number of Units, prorated to reflect the portion of the Proration Period that had passed prior to the date of the Change in Control or the termination of Service, as applicable, or (B) if the accelerated vesting event occurs on or after the last day of the Measurement Period, the number of Units will be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A.

(g)    Forfeiture of Unvested Units. Any Units that do not vest on the applicable vesting date as provided in Sections 4(a) through (f) shall immediately be forfeited. If your Service terminates prior to the Scheduled Vesting Date under circumstances other than as set forth in Sections 4(b) through (f), all unvested Units shall immediately be forfeited.

5.    Settlement of Units. Subject to Section 8 below, as soon as practicable after any date on which Units vest (but no later than the 15th day of the third calendar month following the applicable vesting date), the Company shall cause to be issued and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable) one Share in payment and settlement of each vested Unit. Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account, and shall be subject to the tax withholding provisions of Section 7 and compliance with all applicable legal requirements as provided in Section 17(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units. The Company will pay any original issue or transfer taxes with respect to the issue and transfer of Shares to you pursuant to this Agreement, and all fees and expenses incurred by it in connection therewith. If the Units that vest include a fractional Unit, the

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Company shall round the number of vested Units to the nearest whole Unit prior to issuance of Shares as provided herein.

6.    Dividend Equivalents. The following provisions shall apply if the Company pays cash dividends on its Shares while any Units subject to this Agreement are outstanding.

(a)    Prior to Scheduled Vesting Date. Prior to the Scheduled Vesting Date, on each dividend payment date, a dividend equivalent dollar amount equal to the Target Number of Units pursuant to this Agreement as of the dividend record date times the dollar amount of the cash dividend per Share shall be deemed reinvested in additional Units as of the dividend payment date and such additional Units shall be credited to your performance stock unit account. The number of additional Units so credited shall be determined based on the Fair Market Value of a Share on the applicable dividend payment date. Any additional Units so credited will be subject to the same terms and conditions, including the timing of vesting and settlement, applicable to the underlying Units to which the dividend equivalents relate.

(b)    As of Scheduled Vesting Date. As of the Scheduled Vesting Date, you will be credited with an additional number of Units if and to the extent that your performance stock unit account would have been credited with additional Units under Section 6(a) had the determination of additional Units in Section 6(a) been based on the actual number of Units achieved under this Agreement, as determined by the Committee in accordance with Annex A. The calculation of such additional number of Units pursuant to this Section 6(b) will be determined according to the same formula as set forth in Section 6(a). The additional number of Units credited pursuant to this Section 6(b) will be fully vested and subject to settlement at the same time as the underlying Units as provided in Section 5 above.

7.    Tax Consequences and Withholding. No Shares will be delivered to you in settlement of vested Units unless you have made arrangements acceptable to the Company for payment of any federal, state, local, or foreign withholding taxes that may be due as a result of the delivery of the Shares. You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan. You may elect to satisfy such withholding tax obligations by having the Company withhold a number of Shares that would otherwise be issued to you in settlement of the Units and that have a Fair Market Value equal to the amount of such withholding tax obligations by notifying the Company of such election.

8.    Forfeiture of Award and Compensation Recovery.

(a)    Financial Restatements. In the event of a restatement of the Company’s financial statements, the Committee shall have the right to review this Award, the amount, payment, or vesting of which was based on an entry in the financial statements that is the subject of the restatement. If the Committee determines, based on the results of the restatement, that a lesser amount or portion of this Award should have been paid or vested, it may (i) cancel all or any portion of this Award and (ii) require you or any other person to whom any payment has been made or shares or other property have been transferred in connection with this Award to forfeit and pay over to the Company, on demand, all or any portion of the value realized (whether or not taxable) on the vesting or payment of this Award.

(b)    Forfeiture Conditions. Notwithstanding anything to the contrary in this Agreement, (i) if your Service is terminated for Cause, (ii) if the Committee determines that the payment of the Award was based on an incorrect determination that financial or other criteria were met, (iii) if you breach any of the covenants or provisions described in Section 8(c) below unless compliance with the applicable portion of such covenants has been waived in writing by the Committee in its discretion, or (iv) if you breach any other agreement between you and the Company, including, without limitation, any employment agreement, then, in the discretion of the Committee: (A) any unsettled portion of this Award may be

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reduced, cancelled, or forfeited, and (B) any settled portion of this Award may be rescinded and recovered within one (1) year after the Company becomes aware of such activity, conduct or event. The Company shall notify you in writing of any such reduction, cancellation, forfeiture, rescission, or recovery. Immediately after receiving such notice, you shall forfeit this Award as well as the right to receive Shares that have not yet been issued pursuant to Section 5 to the extent indicated therein. If the written notice mandates the rescission or recovery of any settled portion of this Award, then within ten (10) days of the date of such notice, you are required to (y) return to the Company the number of Shares that you received upon settlement of this Award which have not been sold and (z) pay to the Company in cash an amount equal to the Fair Market Value of such Shares as of the respective settlement dates of the underlying Units (with respect to Shares received hereunder that you previously sold). The Company also shall be entitled to set-off against the amount of any such gain any amount owed to you by the Company.

(c)    Restrictive Covenants.

(1)    Non-Disclosure and Return of Confidential Information. You have or will be given access to and provided trade secrets, confidential and proprietary information, and other non-public information and data of or about the Company (and its Affiliates) and its business (“Confidential Information”) in the course of your Service which is of unique value to the Company. Examples of Confidential Information include, without limitation, hard copy or electronically stored information, documents or records including any sensitive, confidential, proprietary, or trade secret information related to: confidential business or manufacturing processes; research and development information; inventions, improvements, and designs; new product or marketing plans; business strategies and plans; merger and acquisition targets; financial and pricing information; computer programs, source codes, models, and databases; analytical models; human resources strategies; the skills and compensation of the Company’s (and its Affiliates’) employees, contractors, and any other service providers of the Company (or its Affiliates); customer lists and information; information received from or about third parties that the Company is obligated to keep confidential; supplier and vendor lists; the existence or content of any business discussions, negotiations, or agreements between the Company (or any of its Affiliates) and any Customer or Restricted Prospective Customer, or any other third party; and other information which is not generally available to the public. You agree not to disclose, publish, or useConfidential Information, either during or after your Service is terminated,except (1) as necessary to perform your duties during your term of Service, (2) as the Company may consent in writing, (3) as required by law or judicial process, provided you (unless prohibited by applicable law) promptly notify the Company in writing of any subpoena or other judicial request for disclosure involving Confidential Information or trade secrets, and reasonably cooperate with any effort by the Company to obtain a protective order preserving the confidentiality of the Confidential Information or trade secrets, or (4) in connection with reporting possible violations of law or regulations to any governmental agency or from making other disclosures protected under any applicable whistleblower laws. The confidentiality obligations set forth herein shall continue indefinitely, for so long as the Confidential Information remains confidential (and you understand that you will not be relieved of your obligations if the Confidential Information loses its confidential nature because of a breach of any of your obligations to the Company or its Affiliates). If this Agreement is enforced by a court applying the law of a jurisdiction where a time frame is required for a non-disclosure provision to be enforceable with respect to information that does not rise to the level of a trade secret, then your obligations with respect to such information will be in effect during your term of Service and for three (3) years thereafter. You further agree to return any and all Confidential Information, whether in hard or electronic format, regardless of the location on which such information may reside, no later than three (3) business days following the termination of your Service or at any other time at the Company’s request. You understand that access or use of the Company’s electronic databases, computer network and electronically stored information is for the Company’s benefit only and that any use

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of the Company’s electronic databases, computer network, or electronically stored information or removal or use of information from the Company’s electronic databases, computer network, or other electronically stored information for any other purpose is unauthorized or prohibited. Notwithstanding anything to the contrary herein or in any policy of the Company, you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and you do not disclose the trade secret except pursuant to a court order. In the event a disclosure is made, and you file a lawsuit against the Company alleging that the Company retaliated against you because of your disclosure, you may disclose the relevant trade secret or confidential information to your attorney and may use the same in the court proceeding only if (x) you ensure that any court filing that includes the trade secret or confidential information at issue is made under seal; and (y) you do not otherwise disclose the trade secret or confidential information except as required by court order.

(2)    No Solicitation of or Competitive Business with Customers. During the Restricted Period, you shall not, directly or indirectly, (i) provide, sell, market, attempt to provide, sell, or market, or assist any person or entity in the provision, sale, or marketing of any Competitive Product to any Customer with respect to whom, at any time during the twenty-four (24) months immediately preceding the termination of your Service, you sold, provided, or assisted in or supervised the sale or provision of, any products or services on behalf of the Company (or an Affiliate), you designed, developed, or manufactured, or assisted in or supervised the design, development, or manufacture of any product on behalf of the Company (or an Affiliate), you had any business contact on behalf of the Company (or an Affiliate), you had any relationship, business development, sales, service, or account responsibility (including, without limitation, any supervisory or managerial responsibility) on behalf of the Company (or an Affiliate), or you had access to, or gained knowledge of, any Confidential Information concerning the Company’s (or an Affiliate’s) business with such Customer, or (ii) otherwise solicit or communicate with any such Customer as described in (i) above for the purpose of selling or providing any Competitive Product. For avoidance of doubt, the foregoing covenant prohibits, among other things, you from being employed or engaged by or providing Competitive Services to any Customer in any manner in which you will be developing, producing, providing, or managing the development, production or provision of, any Competitive Product to or for the benefit of such Customer if such Competitive Product displaces, diminishes the need for, or serves as a substitute for, any products that the Company or any of its Affiliates provided, or could provide, to such Customer.

(3)    No Solicitation of or Competitive Business with Restricted Prospective Customers. During the Restricted Period, you shall not, directly or indirectly, (i) provide, sell, market, attempt to provide, sell, or market, or assist any person or entity in the provision, sale, or marketing of any Competitive Product to any Restricted Prospective Customer or (ii) otherwise solicit or communicate with any Restricted Prospective Customer for the purpose of selling or providing any Competitive Product. For avoidance of doubt, the foregoing covenant prohibits, among other things, you from being employed or engaged by or providing Competitive Services to any Restricted Prospective Customer in any manner in which you will be developing, producing, providing, or managing the development, production, or provision of, any Competitive Product to or for the benefit of the Restricted Prospective Customer if such Competitive Product displaces, diminishes the need for, or serves as a substitute for, any product that the Company or any of its Affiliates provided, or could provide, to such Restricted Prospective Customer.

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(4)    No Hire. During the Restricted Period, you shall not, directly or indirectly: (i) solicit, recruit, hire, employ, engage the services of, or attempt to hire, employ, or engage the services of any individual who is an employee or contractor of the Company or an Affiliate (or who was, within the six (6) months prior to the termination of your Service, an employee or contractor of the Company or an Affiliate); (ii) assist any person or entity in the recruitment, hiring, or engagement of any individual who is an employee or contractor of the Company or an Affiliate (or who was, within the six (6) months prior to the termination of your Service, an employee or contractor of the Company or an Affiliate); (iii) urge, induce, or seek to induce any individual to terminate his/her employment or engagement with the Company or an Affiliate; or (iv) advise, suggest to, or recommend to any Competitor or other entity with which you are employed or otherwise associated that it employ, engage the services of, or seek to employ or engage the services of any individual who is an employee or contractor of the Company or an Affiliate (or who was, within the six (6) months prior to the termination of your Service, an employee or contractor of the Company or an Affiliate).

(5)    No Competition. During the Restricted Period, you shall not, directly or indirectly, on your own behalf or on behalf of any person or entity other than the Company or an Affiliate, including as a proprietor, principal, agent, partner, officer, director, shareholder, employee, member of any association, consultant, or otherwise, perform Competitive Services in the Restricted Area for or on behalf of any Competitor, with respect to Competitive Products.

(6)    Non-Disparagement. During your term of Service and afterward, you shall not, directly or indirectly, criticize, make any negative comments about or otherwise disparage the Company, its Affiliates or any persons or entities associated with any of them, whether orally, in writing, electronically or otherwise, directly or by implication, to any person or entity, including Company customers or agents; provided, however, that nothing in this Section 8(c)(6) is intended to prohibit you from (A) making any disclosures or statements in good faith in the normal course of performing your duties or responsibilities for the Company during your Service; (B) making any disclosures as may be required or compelled by law or legal process; or (C) making any disclosures or providing any information to a governmental agency or entity, including without limitation in connection with a complaint by you against the Company or the investigation of any complaint against the Company.

(7)    No Injurious, Detrimental or Prejudicial Conduct. Except as otherwise permitted in Section 8(c)(6), during your term of Service or afterward, you shall not, directly or indirectly, engage in any conduct or inaction, or omit to take any action, which conduct, action or inaction is reasonably determined by the Committee to be injurious, detrimental, or prejudicial to the business or reputation of the Company or its Affiliates or any interest of the Company and its Affiliates, including, but not limited to, a violation of any material Company or Affiliate policy or a violation of any federal or state securities laws, rules, or regulations or of any rule or other requirement of any securities exchanges on which the Company’s Shares may, at the time, be listed.

(d)    Compensation Recovery Policy. In addition to those provisions in Sections 8(a), 8(b), and 8(c), to the extent that this Award and any compensation associated therewith is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, this Award and any compensation associated therewith shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or the Committee in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder, or as otherwise required by law. This Agreement may be unilaterally amended by the Committee to comply with any such compensation recovery policy.

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(e)    Remedies. The parties expressly agree that the forfeiture and repayment obligations contained in this Section 8 are in addition to, and not in lieu of, any and all other legal and/or equitable remedies, including without limitation, injunctive relief, that may be available to the Company in connection with your breach of Section 8(c), and the Company reserves it rights to pursue all such remedies. You acknowledge and agree that your breach of Section 8(c) will cause irreparable injury to the Company and that money damages will not be adequate relief for such injury and, accordingly, you agree that the Company shall be entitled to obtain equitable relief, including, but not limited to, temporary restraining orders, preliminary injunctions, and/or permanent injunctions, without having to post any bond or other security, to restrain or enjoin such breach, in addition to all other remedies which may be available to the Company.

9.    Definitions.

(a)    Affiliate. “Affiliate” means any entity that directly, or indirectly through one or more intermediaries, is owned or controlled by, owns or controls, or is under common ownership or control with, the Company; for this purpose, “control” of an entity means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the entity, whether through the ownership of voting securities, by contract or otherwise.

(b)    Approved Retirement. “Approved Retirement” means any voluntary termination of employment on or after the date on which the sum of your age and years of employment with the Company or its Affiliates equals at least sixty-five (65) with the approval of the Committee, or any other termination of employment that the Committee determines to qualify as an Approved Retirement.

(c)    Competitive Products. “Competitive Products” are products and/or services that are the same as or substantially similar to (in terms of type, brand, or purpose) the products and/or services offered by the Company or its Affiliates in its business, including but not limited to products: (i) regarding which you performed any services for the Company or its Affiliates at any time during the twenty-four (24) month period immediately preceding the termination of your Service; and/or (ii) about which you had access to any Confidential Information at any time during the twenty-four (24) month period immediately preceding the termination of your Service.

(d)    Competitive Services. “Competitive Services” means services that are the same as or substantially similar to (in terms of type or purpose) the services you performed for or on behalf of the Company or its Affiliates at any time during the twenty-four (24) month period immediately preceding the termination of your Service.

(e)    Competitor. “Competitor” means any individual or entity (including a Customer) that engages in the business (in whole or in any part) of the Company or its Affiliates, and which manufactures, markets, sells, or distributes products and/or services that are the same as or substantially similar to (in terms of type, brand, or purpose) the products and/or services manufactured, marketed, sold, or distributed by the Company or its Affiliates, as of the date on which your Service terminates.

(f)    Customer. “Customer” means any individual or entity as to which, with or to whom, within the twenty-four (24) month period immediately preceding the termination of your Service: (i) any products or services were provided by the Company, or (ii) any contract was entered into with the Company for the provision of any products or services.

(g)    Good Reason. “Good Reason” means the existence of one or more of the following conditions without your written consent, so long as you provided written notice to the Company of the existence of the condition not later than 90 days after the initial existence of the condition, the condition has not been remedied by the Company within 30 days after its receipt of such notice and you terminate

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your Service no later than 130 days after the condition’s initial occurrence: (i) a material reduction in your base salary other than in connection with a general reduction affecting a group of employees; (ii) a relocation of your primary work location by more than 100 miles; or (iii) any material reduction in your authority, duties, or responsibilities.

(h)    Restricted Area. Because of the nature of the Company’s business and the nature of your duties and responsibilities for the Company, your obligations under Section 8(c)(5) shall apply in each of the following geographic areas, which shall collectively be defined as the “Restricted Area”: (i) the State of Indiana; (ii) Elkhart County, Indiana, and the contiguous counties thereto (including the contiguous counties in the State of Michigan); and (iii) the area(s) within a 100 mile radius of any office, facility, and/or manufacturing operation of the Company (or of any Affiliate) to which you were assigned to work or report, at which you worked or performed services or for which you were responsible, in whole or in part, for managing for or on behalf of the Company (or any Affiliate) as of the termination of your Service or at any time during the twenty-four (24) months immediately preceding the termination of your Service.

(i)    Restricted Period. “Restricted Period” means during the term of your Service and for the twenty-four (24) month period immediately after the termination of your Service, regardless whether such termination was voluntary or involuntary.

(j)    Restricted Prospective Customer. “Restricted Prospective Customer” means: (i) any person or entity whom you, on behalf of the Company (or any Affiliate), solicited, assisted in the solicitation of, or engaged in marketing, sales, or business development efforts towards, at any time during the twelve (12) months immediately preceding the termination of your Service; and/or (ii) any person or entity to whom the Company (or any Affiliate) submitted a quotation, bid, or sales proposal at any time during the twelve (12) months immediately preceding the termination of your Service if you were involved in or aware of such quotation, bid, or sales proposal during your Service.

10.    Notices. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered (including electronically) to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided. Unless and until some other address is so designated, all notices or communications by you to the Company shall be mailed or delivered to the Company, to the attention of its Executive Vice President – Chief Legal Officer at the Company’s offices located at 52567 Independence Court, Elkhart, IN 46514, legal@lci1.com. All notices or communications by the Company to you may be given to you personally or may be mailed or, if you are still a Service Provider, emailed to you at the address indicated in the Company’s records as your most recent mailing or email address.

11.    Additional Provisions.

(a)Standing. The Company’s Affiliates are intended third-party beneficiaries of this Agreement and this Agreement may be enforced by the Company and/or its Affiliates, either singularly or jointly.

(b)    No Right to Continued Service. This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have upon you under this Agreement.

(c)    Governing Plan Document. This Agreement and the Award are subject to all the provisions of the Plan, and to all interpretations, rules, and regulations which may, from time to time, be

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adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

(d)    Governing Law; Venue; Waiver of Jury Trial. To the extent not pre-empted by federal law, this Agreement, the parties’ performance hereunder, and the relationship between them shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof. Each party hereto agrees that any legal action arising out of or relating to this Agreement shall be commenced and maintained exclusively before any state or federal court having appropriate subject matter jurisdiction located in St. Joseph County, Indiana. Further, each party hereto irrevocably consents and submits to the personal jurisdiction and venue of such courts located in St. Joseph County, Indiana, and waives any right to challenge or otherwise object to personal jurisdiction or venue (including, without limitation, any objection based on inconvenient forum grounds) in any action commenced or maintained in such courts located in St. Joseph County, Indiana; provided, however, the foregoing shall not affect any applicable right a party may have to remove a legal action to federal court. EACH PARTY HERETO VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT.

(e)    Severability. The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties. You also agree that any trier of fact may modify any invalid, overbroad or unenforceable provision of this Agreement so that such provision, as modified, is valid and enforceable under applicable law.

(f)    Independent Covenants. To the extent you are or become subject to any other agreements with the Company or any Affiliate that contain restrictive covenants, including, but not limited to, any employment agreement, non-competition agreement, non-disclosure agreement, or non-solicitation agreement, the restrictive covenants set forth in Section 8 of this Agreement are independent of, supplement, and do not supersede such other agreements.

(g)    Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors, and assigns, and on the successors and assigns of the Company.

(h)    Section 409A of the Code. The award of Units as provided in this Agreement and any issuance of Shares or payment pursuant to this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. If at the time of your separation from service (as defined in Code Section 409A), you are a “specified employee”, then the Company will defer the payment or commencement of any nonqualified deferred compensation subject to Code Section 409A payable upon separation from service (without any reduction in such payments or benefits ultimately paid or provided to you) until the date that is six (6) months following your separation from service or, if earlier, the earliest other date as is permitted under Code Section 409A (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of the six (6) month period or such shorter period, if applicable). The term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i). The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. You understand and agree that you shall be solely responsible for the payment of any taxes, penalties, interest, or other expenses incurred by you on account of non-compliance with Section 409A.

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(i)    Electronic Delivery and Acceptance. The Company may deliver any documents related to this Award by electronic means and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

By signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document.

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EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 13a-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Jason D. Lippert, Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of LCI Industries;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024

By /s/ Jason D. Lippert

Jason D. Lippert, Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 13a-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Lillian D. Etzkorn, Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of LCI Industries;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024

By /s/ Lillian D. Etzkorn

Lillian D. Etzkorn, Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.

SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of LCI Industries (the “Company”) for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Jason D. Lippert, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

By /s/ Jason D. Lippert

Chief Executive Officer

Principal Executive Officer

May 8, 2024

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C.

SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of LCI Industries (the “Company”) for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Lillian D. Etzkorn, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

By /s/ Lillian D. Etzkorn

Chief Financial Officer

Principal Financial Officer

May 8, 2024

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-13646
Entity Registrant Name	LCI INDUSTRIES
Entity Central Index Key	0000763744
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3250533
Entity Address, Address Line One	3501 County Road 6 East
Entity Address, City or Town	Elkhart,
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46514
City Area Code	574
Local Phone Number	535-1125
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	LCII
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,449,794

XML

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 968,029	$ 973,310
Cost of sales	744,123	787,239
Gross profit	223,906	186,071
Selling, general and administrative expenses	166,295	166,028
Operating profit	57,611	20,043
Interest expense, net	9,321	10,394
Income before income taxes	48,290	9,649
Provision for income taxes	11,745	2,390
Net income	$ 36,545	$ 7,259
Net income per common share:
Basic (in usd per share)	$ 1.44	$ 0.29
Diluted (in usd per share)	$ 1.44	$ 0.29
Weighted average common shares outstanding:
Basic (in shares)	25,374	25,228
Diluted (in shares)	25,389	25,293

XML

Condensed Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 36,545	$ 7,259
Other comprehensive (loss) income:
Net foreign currency translation adjustment	(3,263)	2,000
Total comprehensive income	$ 33,282	$ 9,259

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 22,625	$ 66,157
Accounts receivable, net of allowances of $7,181 and $5,701 at March 31, 2024 and December 31, 2023, respectively	344,406	214,707
Inventories, net	734,360	768,407
Prepaid expenses and other current assets	68,068	67,599
Total current assets	1,169,459	1,116,870
Fixed assets, net	454,071	465,781
Goodwill	587,791	589,550
Other intangible assets, net	432,728	448,759
Operating lease right-of-use assets	242,442	245,388
Other long-term assets	94,845	92,971
Total assets	2,981,336	2,959,319
Current liabilities
Current maturities of long-term indebtedness	568	589
Accounts payable, trade	193,933	183,697
Current portion of operating lease obligations	37,322	36,269
Accrued expenses and other current liabilities	177,217	174,437
Total current liabilities	409,040	394,992
Long-term indebtedness	854,774	846,834
Operating lease obligations	218,236	222,680
Deferred taxes	31,211	32,345
Other long-term liabilities	111,191	107,432
Total liabilities	1,624,452	1,604,283
Stockholders’ equity
Common stock, par value $.01 per share	288	287
Paid-in capital	241,514	245,659
Retained earnings	1,186,289	1,177,034
Accumulated other comprehensive income	11,009	14,272
Stockholders' equity before treasury stock	1,439,100	1,437,252
Treasury stock, at cost	(82,216)	(82,216)
Total stockholders' equity	1,356,884	1,355,036
Total liabilities and stockholders' equity	$ 2,981,336	$ 2,959,319

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 7,181	$ 5,701
Common stock, par value (in usd per share)	$ 0.01	$ 0.01

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 36,545	$ 7,259
Adjustments to reconcile net income to cash flows (used in) provided by operating activities:
Depreciation and amortization	32,689	32,499
Stock-based compensation expense	4,327	4,695
Other non-cash items	1,107	877
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	(131,059)	(123,072)
Inventories, net	32,892	131,708
Prepaid expenses and other assets	(2,392)	5,577
Accounts payable, trade	12,038	25,822
Accrued expenses and other liabilities	6,199	(10,689)
Net cash flows (used in) provided by operating activities	(7,654)	74,676
Cash flows from investing activities:
Capital expenditures	(8,608)	(17,159)
Acquisitions of businesses	0	(6,250)
Other investing activities	173	1,960
Net cash flows used in investing activities	(8,435)	(21,449)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes	(9,040)	(8,888)
Proceeds from revolving credit facility	86,248	165,300
Repayments under revolving credit facility	(76,927)	(201,385)
Repayments under term loan and other borrowings	(5)	(5,276)
Payment of dividends	(26,721)	(26,563)
Other financing activities	(2)	(12)
Net cash flows used in financing activities	(26,447)	(76,824)
Effect of exchange rate changes on cash and cash equivalents	(996)	(437)
Net decrease in cash and cash equivalents	(43,532)	(24,034)
Cash and cash equivalents at beginning of period	66,157	47,499	$ 47,499
Cash and cash equivalents at end of period	22,625	23,465	$ 66,157
Supplemental disclosure of cash flow information:
Interest	7,391	9,052
Income taxes, net of refunds	359	390
Purchase of property and equipment in accrued expenses	$ 407	$ 2,304

XML

Condensed Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2022	$ 1,381,008	$ 285	$ 234,956	$ 1,221,279	$ 6,704	$ (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,259			7,259
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	(8,888)	1	(8,889)
Stock-based compensation expense	4,695		4,695
Other comprehensive income (loss)	2,000				2,000
Cash dividends	(26,563)			(26,563)
Dividend equivalents on stock-based awards	0		532	(532)
Ending balance at Mar. 31, 2023	1,359,511	286	231,294	1,201,443	8,704	(82,216)
Beginning balance at Dec. 31, 2023	1,355,036	287	245,659	1,177,034	14,272	(82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,545			36,545
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes	(9,040)	1	(9,041)
Stock-based compensation expense	4,327		4,327
Other comprehensive income (loss)	(3,263)				(3,263)
Cash dividends	(26,721)			(26,721)
Dividend equivalents on stock-based awards	0		569	(569)
Ending balance at Mar. 31, 2024	$ 1,356,884	$ 288	$ 241,514	$ 1,186,289	$ 11,009	$ (82,216)

XML

Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock (in shares)	122,023	119,091
Cash dividend (in usd per share)	$ 1.05	$ 1.05

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Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation

BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation markets, consisting primarily of recreational vehicles ("RVs") and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. At March 31, 2024, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

Most industries where the Company sells products or where its products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, the Company's sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events, except as disclosed in the Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the current year presentation.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty,

including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2023 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures, which requires entities to report incremental information about significant segment expenses included in a segment's profit or loss measure as well as the name and title of the chief operating decision maker. The new standard also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is evaluating the effect of adopting this new accounting guidance.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

	Three Months Ended  March 31,
(In thousands)	2024	2023
Weighted average shares outstanding for basic earnings per share	25,374	25,228
Common stock equivalents pertaining to stock-based awards	15	65
Weighted average shares outstanding for diluted earnings per share	25,389	25,293
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive	291	160

For the Company's 1.125 percent convertible senior notes due 2026 (the "Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "Indenture"), to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the Convertible Notes are converted. Because the average closing price of the Company's common stock for the three months ended March 31, 2024, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.

In conjunction with the issuance of the Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock

(the "Warrants"). The Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the Warrants, the Company uses the treasury stock method. With this method, the Company assumes exercise of the Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the Warrants less the number of shares repurchased, are included in diluted shares. For the three months ended March 31, 2024, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.

In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "Convertible Note Hedge Transactions") with the Counterparties. The Company paid an aggregate amount of $100.1 million to the Counterparties pursuant to the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. Exercise of the Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.

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Acquisitions, Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Camping World Furniture

In May 2024, the Company acquired the business and certain assets of the furniture operations of CWDS, LLC, a subsidiary of Camping World Holdings, Inc., in exchange for cash consideration of $20 million. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio and will serve customers in both the OEM and Aftermarket segments.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2023	$	421,701	$	167,849	$	589,550
Foreign currency translation	(1,575)		(184)		(1,759)
Net balance – March 31, 2024	$	420,126	$	167,665	$	587,791

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,140	$	199,501	$	308,639	6	to	20
Patents	114,459		69,815		44,644		3	to	20
Trade names (finite life)	99,136		28,587		70,549		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	10,104		8,948		1,156		3	to	6
Other	609		301		308		2	to	12
Other intangible assets	$	739,880	$	307,152	$	432,728

Other intangible assets consisted of the following at December 31, 2023:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	509,505	$	189,967	$	319,538	6	to	20
Patents	114,864		67,602		47,262		3	to	20
Trade names (finite life)	99,366		26,978		72,388		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	10,104		8,453		1,651		3	to	6
Other	609		289		320		2	to	12
Other intangible assets	$	742,048	$	293,289	$	448,759

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Camping World Furniture

In May 2024, the Company acquired the business and certain assets of the furniture operations of CWDS, LLC, a subsidiary of Camping World Holdings, Inc., in exchange for cash consideration of $20 million. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio and will serve customers in both the OEM and Aftermarket segments.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2023	$	421,701	$	167,849	$	589,550
Foreign currency translation	(1,575)		(184)		(1,759)
Net balance – March 31, 2024	$	420,126	$	167,665	$	587,791

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,140	$	199,501	$	308,639	6	to	20
Patents	114,459		69,815		44,644		3	to	20
Trade names (finite life)	99,136		28,587		70,549		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	10,104		8,948		1,156		3	to	6
Other	609		301		308		2	to	12
Other intangible assets	$	739,880	$	307,152	$	432,728

Other intangible assets consisted of the following at December 31, 2023:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	509,505	$	189,967	$	319,538	6	to	20
Patents	114,864		67,602		47,262		3	to	20
Trade names (finite life)	99,366		26,978		72,388		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	10,104		8,453		1,651		3	to	6
Other	609		289		320		2	to	12
Other intangible assets	$	742,048	$	293,289	$	448,759

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Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Raw materials	$	427,320	$	457,877
Work in process	43,688		45,112
Finished goods	263,352		265,418
Inventories, net	$	734,360	$	768,407

At March 31, 2024 and December 31, 2023, the Company had recorded inventory obsolescence reserves of $76.1 million and $71.3 million, respectively.

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Fixed Assets

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

FIXED ASSETS

Fixed assets consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Fixed assets, at cost	$	986,971	$	983,548
Less accumulated depreciation and amortization	532,900		517,767
Fixed assets, net	$	454,071	$	465,781

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Accrued Expenses And Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses And Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Employee compensation and benefits	$	58,183	$	58,999
Current portion of accrued warranty	46,725		48,468
Customer rebates	20,697		19,403
Other	51,612		47,567
Accrued expenses and other current liabilities	$	177,217	$	174,437

Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the three months ended March 31:

(In thousands)	2024		2023
Balance at beginning of period	$	71,578	$	54,528
Provision for warranty expense	13,123		20,827
Warranty costs paid	(14,586)		(15,227)
Balance at end of period	70,115		60,128
Less long-term portion	(23,390)		(19,770)
Current portion of accrued warranty at end of period	$	46,725	$	40,358

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Long-Term Indebtedness

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Indebtedness

LONG-TERM INDEBTEDNESS

Long-term debt consisted of the following:

	March 31,		December 31,
(In thousands)	2024		2023
Convertible Notes	$	460,000	$	460,000
Term Loan	315,000		315,000
Revolving Credit Loan	83,122		75,909
Other	3,088		3,138
Unamortized deferred financing fees	(5,868)		(6,624)
	855,342		847,423
Less current portion	(568)		(589)
Long-term indebtedness	$	854,774	$	846,834

Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated December 14, 2018 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loan") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Credit Agreement is December 7, 2026. The Term Loan is required to be repaid in an amount equal to 1.25 percent of the original principal amount of the Term Loan for the first eight quarterly periods commencing with the quarter ended December 31, 2021, 1.875 percent of the original principal amount of the Term Loan for the next eight quarterly periods, and then 2.50 percent of the original principal amount of the Term Loan of each additional payment until the maturity date. The Company prepaid $37.5 million of principal on the Term Loan during 2023, which was applied to pay in full the scheduled principal amortization payments due through March 31, 2025. The Credit Agreement also permits the Company to request an increase to the revolving and/or term loan facility by up to an additional $400.0 million in the aggregate upon the approval of the lenders providing any such increase and the satisfaction of certain other conditions.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company as (i) base rate loans which bear interest at a base rate plus additional interest ranging from 0.0 percent to 0.875 percent (0.625 percent was applicable at March 31, 2024) depending on the Company’s total net leverage ratio or (ii) term benchmark loans which bear interest at term Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.1 percent for an interest period selected by the Company plus additional interest ranging from 0.875 percent to 1.875 percent (1.625 percent was applicable at March 31, 2024) depending on the Company’s total net leverage ratio. Foreign currency borrowings have the same additional interest margins applicable to term benchmark loans based on the Company's total net leverage ratio. At March 31, 2024, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.150 percent to 0.275 percent (0.225 percent was applicable at March 31, 2024) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At March 31, 2024, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility, giving effect to this limitation, was $153.8 million at March 31, 2024. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At March 31, 2024, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

Convertible Notes

On May 13, 2021, the Company issued $460.0 million in aggregate principal amount of 1.125 percent Convertible Notes due 2026 in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.8 million after deducting the initial purchasers' discounts and offering expenses payable by the Company. The Convertible Notes bear interest at a coupon rate of 1.125 percent per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The Convertible Notes will mature on May 15, 2026, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of March 31, 2024, the conversion rate of the Convertible Notes was 6.1946 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes. The conversion rate of the Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding January 15, 2026, the Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the Indenture. On or after January 15,

2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

The Company may not redeem the Convertible Notes prior to May 20, 2024. On or after May 20, 2024, the Company may redeem for cash all or any portion of the Convertible Notes, at the Company's option, if the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders of the Convertible Notes may require the Company to repurchase for cash all or any portion of their Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest on such Convertible Notes to, but not including, the fundamental change repurchase date (as defined in the Indenture).

The Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding Convertible Notes to be due and payable.

The Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the Convertible Notes of $454.5 million at March 31, 2024 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

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Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:

	Three Months Ended March 31,
(In thousands)	2024		2023
Operating lease expense	$	15,688	$	15,244
Short-term lease expense	987		1,480
Variable lease expense	886		1,000
Total lease expense	$	17,561	$	17,724

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are fixed payments and are accrued at their discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent

consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at March 31, 2024.

Product Recalls

From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at March 31, 2024.

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at March 31, 2024.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of March 31, 2024, would not be material to the Company's financial position or results of operations.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

The following table summarizes information about shares of the Company's common stock at:

	March 31,	December 31,
(In thousands)	2024	2023
Common stock authorized	75,000	75,000
Common stock issued	28,789	28,667
Treasury stock	3,341	3,341
Common stock outstanding	25,448	25,326

The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2024 and December 31, 2023:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2023	$	1.05	03/10/23	03/24/23	$	26,563
Second Quarter 2023	1.05		06/02/23	06/16/23	26,591
Third Quarter 2023	1.05		09/01/23	09/15/23	26,590
Fourth Quarter 2023	1.05		12/01/23	12/15/23	26,592
Total 2023	$	4.20			$	106,336
First Quarter 2024	$	1.05	03/08/24	03/22/24	$	26,721

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2023	296,305	$	118.60
Issued	527	123.06
Granted	130,957	126.56
Dividend equivalents	2,748	116.35
Forfeited	(7,563)	121.95
Vested	(114,728)	115.68
Outstanding at March 31, 2024	308,246	$	120.05

Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2023	207,279	$	122.57
Granted	108,096	132.77
Dividend equivalents	2,136	116.35
Vested	(78,695)	143.54
Outstanding at March 31, 2024	238,816	$	120.26

Stock Repurchase Program

On May 19, 2022, the Company's Board of Directors authorized a stock repurchase program granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, ending on May 19, 2025. The timing of stock repurchases, and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors. In 2022, the Company purchased 253,490 shares at a weighted average price of $94.89 per share, totaling $24.1 million. No purchases were made during the three months ended March 31, 2024.

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Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 78 percent of consolidated net sales for each of the three months ended March 31, 2024 and 2023, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing.

Approximately 52 percent of the Company's OEM Segment net sales for the three months ended March 31, 2024 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 22 percent of consolidated net sales for each of the three months ended March 31, 2024 and 2023, supplies engineered components to the related aftermarket channels of the recreation and transportation products, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

Decisions concerning the allocation of the Company's resources are made by the Company's chief operating decision maker ("CODM"), with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:

	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	380,162	$	10,601	$	390,763	$	314,982	$	15,571	$	330,553
Motorhomes	40,004		28,834		68,838		44,004		25,547		69,551
Adjacent Industries OEMs	248,512		50,198		298,710		309,466		48,603		358,069
Total OEM Segment net sales	668,678		89,633		758,311		668,452		89,721		758,173
Aftermarket Segment:
Total Aftermarket Segment net sales	189,648		20,070		209,718		200,486		14,651		215,137
Total net sales	$	858,326	$	109,703	$	968,029	$	868,938	$	104,372	$	973,310

(a) Net sales to customers in the United States of America

(b) Net sales to customers domiciled in countries outside of the United States of America

The following table presents the Company's operating profit (loss) by segment:

	Three Months Ended  March 31,
(In thousands)	2024		2023
Operating profit (loss):
OEM Segment	$	32,836	$	(721)
Aftermarket Segment	24,775		20,764
Total operating profit	$	57,611	$	20,043

The following table presents the Company's revenue disaggregated by product:

	Three Months Ended  March 31,
(In thousands)	2024		2023
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms	$	212,139	$	198,056
Windows and doors	217,622		218,611
Furniture and mattresses	105,449		140,563
Axles, ABS, and suspension solutions	85,292		75,749
Other	137,809		125,194
Total OEM Segment net sales	758,311		758,173
Total Aftermarket Segment net sales	209,718		215,137
Total net sales	$	968,029	$	973,310

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 36,545	$ 7,259

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Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

shares

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jason Lippert [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

On March 1, 2024, Jason Lippert, our Chief Executive Officer and a member of our board of directors, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. The trading arrangement will terminate on the earlier of December 31, 2024 or the date all shares are sold thereunder, and may be terminated earlier in the limited circumstances defined in the trading arrangement. An aggregate of up to 35,000 shares may be sold pursuant to the trading arrangement.

Name

Jason Lippert

Title

Chief Executive Officer and a member of our board of directors

Adoption Date

March 1, 2024

Arrangement Duration

305 days

Aggregate Available

35,000

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Recently adopted accounting pronouncement

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Earnings per Share

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

	Three Months Ended  March 31,
(In thousands)	2024	2023
Weighted average shares outstanding for basic earnings per share	25,374	25,228
Common stock equivalents pertaining to stock-based awards	15	65
Weighted average shares outstanding for diluted earnings per share	25,389	25,293
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive	291	160

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Acquisitions, Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2023	$	421,701	$	167,849	$	589,550
Foreign currency translation	(1,575)		(184)		(1,759)
Net balance – March 31, 2024	$	420,126	$	167,665	$	587,791

Schedule of Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2024:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	508,140	$	199,501	$	308,639	6	to	20
Patents	114,459		69,815		44,644		3	to	20
Trade names (finite life)	99,136		28,587		70,549		3	to	20
Trade names (indefinite life)	7,432		—		7,432		Indefinite
Non-compete agreements	10,104		8,948		1,156		3	to	6
Other	609		301		308		2	to	12
Other intangible assets	$	739,880	$	307,152	$	432,728

Other intangible assets consisted of the following at December 31, 2023:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	509,505	$	189,967	$	319,538	6	to	20
Patents	114,864		67,602		47,262		3	to	20
Trade names (finite life)	99,366		26,978		72,388		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	10,104		8,453		1,651		3	to	6
Other	609		289		320		2	to	12
Other intangible assets	$	742,048	$	293,289	$	448,759

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Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule Of Inventories

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Raw materials	$	427,320	$	457,877
Work in process	43,688		45,112
Finished goods	263,352		265,418
Inventories, net	$	734,360	$	768,407

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Fixed Assets (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule Of Fixed Assets

Fixed assets consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Fixed assets, at cost	$	986,971	$	983,548
Less accumulated depreciation and amortization	532,900		517,767
Fixed assets, net	$	454,071	$	465,781

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Accrued Expenses And Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule Of Accrued Expenses And Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at:

	March 31,		December 31,
(In thousands)	2024		2023
Employee compensation and benefits	$	58,183	$	58,999
Current portion of accrued warranty	46,725		48,468
Customer rebates	20,697		19,403
Other	51,612		47,567
Accrued expenses and other current liabilities	$	177,217	$	174,437

Schedule Of Reconciliation Of The Activity Related To Accrued Warranty

The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the three months ended March 31:

(In thousands)	2024		2023
Balance at beginning of period	$	71,578	$	54,528
Provision for warranty expense	13,123		20,827
Warranty costs paid	(14,586)		(15,227)
Balance at end of period	70,115		60,128
Less long-term portion	(23,390)		(19,770)
Current portion of accrued warranty at end of period	$	46,725	$	40,358

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Long-Term Indebtedness (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	March 31,		December 31,
(In thousands)	2024		2023
Convertible Notes	$	460,000	$	460,000
Term Loan	315,000		315,000
Revolving Credit Loan	83,122		75,909
Other	3,088		3,138
Unamortized deferred financing fees	(5,868)		(6,624)
	855,342		847,423
Less current portion	(568)		(589)
Long-term indebtedness	$	854,774	$	846,834

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Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Lease Cost

The components of lease expense were as follows:

	Three Months Ended March 31,
(In thousands)	2024		2023
Operating lease expense	$	15,688	$	15,244
Short-term lease expense	987		1,480
Variable lease expense	886		1,000
Total lease expense	$	17,561	$	17,724

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Common Stock Information

The following table summarizes information about shares of the Company's common stock at:

	March 31,	December 31,
(In thousands)	2024	2023
Common stock authorized	75,000	75,000
Common stock issued	28,789	28,667
Treasury stock	3,341	3,341
Common stock outstanding	25,448	25,326

Schedule of Dividends Declared

The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2024 and December 31, 2023:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2023	$	1.05	03/10/23	03/24/23	$	26,563
Second Quarter 2023	1.05		06/02/23	06/16/23	26,591
Third Quarter 2023	1.05		09/01/23	09/15/23	26,590
Fourth Quarter 2023	1.05		12/01/23	12/15/23	26,592
Total 2023	$	4.20			$	106,336
First Quarter 2024	$	1.05	03/08/24	03/22/24	$	26,721

Deferred And Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Awards and Units Activity

Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2023	296,305	$	118.60
Issued	527	123.06
Granted	130,957	126.56
Dividend equivalents	2,748	116.35
Forfeited	(7,563)	121.95
Vested	(114,728)	115.68
Outstanding at March 31, 2024	308,246	$	120.05

Stock Awards and Performance Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Awards and Units Activity

Transactions in PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2023	207,279	$	122.57
Granted	108,096	132.77
Dividend equivalents	2,136	116.35
Vested	(78,695)	143.54
Outstanding at March 31, 2024	238,816	$	120.26

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Disaggregation of Revenue

The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:

	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
(In thousands)	U.S. (a)		Int’l (b)		Total		U.S. (a)		Int’l (b)		Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels	$	380,162	$	10,601	$	390,763	$	314,982	$	15,571	$	330,553
Motorhomes	40,004		28,834		68,838		44,004		25,547		69,551
Adjacent Industries OEMs	248,512		50,198		298,710		309,466		48,603		358,069
Total OEM Segment net sales	668,678		89,633		758,311		668,452		89,721		758,173
Aftermarket Segment:
Total Aftermarket Segment net sales	189,648		20,070		209,718		200,486		14,651		215,137
Total net sales	$	858,326	$	109,703	$	968,029	$	868,938	$	104,372	$	973,310

(a) Net sales to customers in the United States of America

(b) Net sales to customers domiciled in countries outside of the United States of America

Schedule Of Information Relating To Segments

The following table presents the Company's operating profit (loss) by segment:

	Three Months Ended  March 31,
(In thousands)	2024		2023
Operating profit (loss):
OEM Segment	$	32,836	$	(721)
Aftermarket Segment	24,775		20,764
Total operating profit	$	57,611	$	20,043

Revenue Disaggregated by Product

The following table presents the Company's revenue disaggregated by product:

	Three Months Ended  March 31,
(In thousands)	2024		2023
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms	$	212,139	$	198,056
Windows and doors	217,622		218,611
Furniture and mattresses	105,449		140,563
Axles, ABS, and suspension solutions	85,292		75,749
Other	137,809		125,194
Total OEM Segment net sales	758,311		758,173
Total Aftermarket Segment net sales	209,718		215,137
Total net sales	$	968,029	$	973,310

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Basis of Presentation (Details)	Mar. 31, 2024
Manufacturing Facility
Property, Plant and Equipment
Manufacturing Facilities	110

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Earnings Per Share - Schedule of Computation of Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted average shares outstanding for basic earnings per share	25,374	25,228
Common stock equivalents pertaining to stock options and deferred stock units (in shares)	15	65
Weighted average shares outstanding for diluted earnings per share	25,389	25,293
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)	291	160

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Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Mar. 31, 2024	Mar. 31, 2023	May 13, 2021
Debt Instrument [Line Items]
Number of shares called by warrant				2,800
Warrant, strike price (in dollars per share)				$ 259.84
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)		291	160
Purchases of convertible note hedge contracts	$ 100.1
Warrants
Debt Instrument [Line Items]
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)		2,800
Convertible Debt Securities
Debt Instrument [Line Items]
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)		2,800
Convertible Notes
Debt Instrument [Line Items]
Stated interest rate				1.125%
Conversion price		$ 165.65

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Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) $ in Millions	May 03, 2024 USD ($)
Subsequent Event
Business Acquisition [Line Items]
Purchase price	$ 20

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Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Segment Reporting Information
Net balance – beginning of period	$ 589,550
Foreign currency translation	(1,759)
Net balance – end of period	587,791
OEM Segment
Segment Reporting Information
Net balance – beginning of period	421,701
Foreign currency translation	(1,575)
Net balance – end of period	420,126
Aftermarket Segment
Segment Reporting Information
Net balance – beginning of period	167,849
Foreign currency translation	(184)
Net balance – end of period	$ 167,665

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Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Intangible Assets
Accumulated Amortization	$ 307,152	$ 293,289
Intangible Assets, Gross (Excluding Goodwill)	739,880	742,048
Intangible Assets, Net (Excluding Goodwill)	432,728	448,759
Tradenames
Acquired Intangible Assets
Indefinite-Lived Intangible Assets	7,432	7,600
Customer Relationships
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	508,140	509,505
Accumulated Amortization	199,501	189,967
Net Balance	$ 308,639	$ 319,538
Customer Relationships | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	6 years	6 years
Customer Relationships | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	20 years	20 years
Patents
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 114,459	$ 114,864
Accumulated Amortization	69,815	67,602
Net Balance	$ 44,644	$ 47,262
Patents | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	3 years	3 years
Patents | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	20 years	20 years
Tradenames
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 99,136	$ 99,366
Accumulated Amortization	28,587	26,978
Net Balance	$ 70,549	$ 72,388
Tradenames | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	3 years	3 years
Tradenames | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	20 years	20 years
Non-compete Agreements
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 10,104	$ 10,104
Accumulated Amortization	8,948	8,453
Net Balance	$ 1,156	$ 1,651
Non-compete Agreements | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	3 years	3 years
Non-compete Agreements | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	6 years	6 years
Other
Acquired Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 609	$ 609
Accumulated Amortization	301	289
Net Balance	$ 308	$ 320
Other | Minimum
Acquired Intangible Assets
Estimated Useful Life in Years	2 years	2 years
Other | Maximum
Acquired Intangible Assets
Estimated Useful Life in Years	12 years	12 years

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Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 427,320	$ 457,877
Work in process	43,688	45,112
Finished goods	263,352	265,418
Inventories, net	734,360	768,407
Inventory obsolescence reserves	$ 76,100	$ 71,300

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Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Fixed assets, at cost	$ 986,971	$ 983,548
Less accumulated depreciation and amortization	532,900	517,767
Fixed assets, net	$ 454,071	$ 465,781

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Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 58,183	$ 58,999
Current portion of accrued warranty	46,725	48,468	$ 40,358
Customer rebates	20,697	19,403
Other	51,612	47,567
Accrued expenses and other current liabilities	$ 177,217	$ 174,437

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Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 71,578	$ 54,528
Provision for warranty expense	13,123	20,827
Warranty costs paid	14,586	15,227
Balance at end of period	70,115	60,128
Less long-term portion	(23,390)	(19,770)
Current portion of accrued warranty	$ 46,725	$ 40,358	$ 48,468

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Long-Term Indebtedness (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized deferred financing fees	$ (5,868)	$ (6,624)
Long-term debt	855,342	847,423
Less current portion	(568)	(589)
Long-term debt, excluding current maturities	854,774	846,834
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	460,000	460,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	83,122	75,909
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	315,000	315,000
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,088	$ 3,138

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Long-Term Indebtedness (Narrative) (Details)							3 Months Ended
	Sep. 30, 2023	Dec. 07, 2021 USD ($)	May 13, 2021 USD ($) tradingDay	Dec. 19, 2019	Dec. 14, 2018 USD ($)	Apr. 27, 2016 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility
Long-term indebtedness							$ 854,774,000	$ 846,834,000
Level 1
Line of Credit Facility
Convertible debt, fair value							454,500,000
Term Loan
Line of Credit Facility
Debt, face amount		$ 400,000,000
Term Loan | Period one
Line of Credit Facility
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		1.25%
Debt term				2 years
Term Loan | Period two
Line of Credit Facility
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		1.875%
Term Loan | Period three
Line of Credit Facility
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		2.50%
Debt Instrument, Prepaid, Principal							37,500,000
Convertible Notes
Line of Credit Facility
Debt, face amount			$ 460,000,000
Stated interest rate			1.125%
Proceeds from issuance of convertible notes			$ 447,800,000
Debt, conversion ratio	0.0061615
Redemption price, percentage			100.00%
Amount of principal held			25.00%
Convertible Notes | Period one
Line of Credit Facility
Threshold trading days | tradingDay			20
Threshold consecutive trading days | tradingDay			30
Threshold percentage of stock price trigger			130.00%
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit
Line of Credit Facility
Letter of credit							$ 4,800,000
Commitment fee percentage							0.225%
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Minimum
Line of Credit Facility
Commitment fee percentage							0.15%
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Maximum
Line of Credit Facility
Commitment fee percentage							0.275%
JPMorgan Chase Bank And Wells Fargo Bank | Letter of Credit
Line of Credit Facility
Maximum borrowings under line of credit						$ 50,000,000
Prudential Investment Management Inc | Line of Credit
Line of Credit Facility
Long-term indebtedness					$ 400,000,000
Prudential Investment Management Inc | Line of Credit | New Term Loan, Amendment No. 4
Line of Credit Facility
Long-term indebtedness		$ 400,000,000
JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit
Line of Credit Facility
Maximum borrowings under line of credit					$ 600,000,000
Remaining availability under the facilities							$ 153,800,000
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility
Debt instrument, additional margin interest rate							0.625%
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility
Debt instrument, additional margin interest rate						0.00%
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility
Debt instrument, additional margin interest rate					0.875%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility
Basis spread on variable rate							1.625%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility
Basis spread on variable rate							0.875%
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility
Debt instrument, additional margin interest rate					1.875%

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Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 15,688	$ 15,244
Short-term lease expense	987	1,480
Variable lease expense	886	1,000
Total lease expense	$ 17,561	$ 17,724

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Stockholders' Equity (Summary Of Common Stock Information) (Details) - shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Common stock authorized (in shares)	75,000	75,000
Common stock issued (in shares)	28,789	28,667
Treasury stock, common, shares (in shares)	3,341	3,341
Common stock outstanding (in shares)	25,448	25,326

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Stockholders' Equity (Summary of Regular Quarterly Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividend (in usd per share)	$ 1.05	$ 1.05	$ 1.05	$ 1.05	$ 1.05	$ 4.20
Payment of dividends	$ 26,721				$ 26,563
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment of dividends	$ 26,721	$ 26,592	$ 26,590	$ 26,591	$ 26,563	$ 106,336

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Stockholders' Equity (Stock Awards and Units Activity) (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Deferred And Restricted Stock Units
Number of Shares
Outstanding at beginning of period (in shares) | shares	296,305
Issued (in shares) | shares	527
Granted (in shares) | shares	130,957
Dividend equivalents (in shares) | shares	2,748
Forfeited (in shares) | shares	(7,563)
Vested (in shares) | shares	(114,728)
Outstanding at end of period (in shares) | shares	308,246
Weighted Average Price
Outstanding at beginning of period (in usd per share) | $ / shares	$ 118.60
Issued (in usd per share) | $ / shares	123.06
Granted (in usd per share) | $ / shares	126.56
Dividend equivalents (in usd per share) | $ / shares	116.35
Forfeited (in usd per share) | $ / shares	121.95
Vested (in usd per share) | $ / shares	115.68
Outstanding at end of period (in usd per share) | $ / shares	$ 120.05
Stock Awards and Performance Stock Units
Number of Shares
Outstanding at beginning of period (in shares) | shares	207,279
Granted (in shares) | shares	108,096
Dividend equivalents (in shares) | shares	2,136
Vested (in shares) | shares	(78,695)
Outstanding at end of period (in shares) | shares	238,816
Weighted Average Price
Outstanding at beginning of period (in usd per share) | $ / shares	$ 122.57
Granted (in usd per share) | $ / shares	132.77
Dividend equivalents (in usd per share) | $ / shares	116.35
Vested (in usd per share) | $ / shares	143.54
Outstanding at end of period (in usd per share) | $ / shares	$ 120.26

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Stockholders' Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	May 19, 2022	Mar. 31, 2024	Dec. 31, 2022
Equity [Abstract]
Number of shares authorized to be repurchased	200,000,000
Stock repurchase program, period in force	3 years
Stock repurchased during period (in shares)		0	253,490
Stock repurchased (in usd per share)			$ 94.89
Stock repurchase price			$ 24.1

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Segment Reporting (Narrative) (Details) - segment	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Number of reportable segments	2
Product Concentration Risk | Net sales | OEM Segment
Segment Reporting Information
Concentration risk, percentage	78.00%	78.00%
Product Concentration Risk | Net sales | Travel trailers and fifth-wheels
Segment Reporting Information
Concentration risk, percentage	52.00%
Product Concentration Risk | Net sales | Aftermarket Segment
Segment Reporting Information
Concentration risk, percentage	22.00%	22.00%

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Segment Reporting (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 968,029	$ 973,310
OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	758,311	758,173
Travel trailers and fifth-wheels
Disaggregation of Revenue [Line Items]
Net sales	390,763	330,553
Motorhomes
Disaggregation of Revenue [Line Items]
Net sales	68,838	69,551
Adjacent industries OEMs
Disaggregation of Revenue [Line Items]
Net sales	298,710	358,069
Aftermarket Segment
Disaggregation of Revenue [Line Items]
Net sales	209,718	215,137
Chassis, chassis parts and slide-out mechanisms | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	212,139	198,056
Windows and doors | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	217,622	218,611
Furniture and mattresses | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	105,449	140,563
Axles and suspension solutions | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	85,292	75,749
Other | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	137,809	125,194
U.S.
Disaggregation of Revenue [Line Items]
Net sales	858,326	868,938
U.S. | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	668,678	668,452
U.S. | Travel trailers and fifth-wheels
Disaggregation of Revenue [Line Items]
Net sales	380,162	314,982
U.S. | Motorhomes
Disaggregation of Revenue [Line Items]
Net sales	40,004	44,004
U.S. | Adjacent industries OEMs
Disaggregation of Revenue [Line Items]
Net sales	248,512	309,466
U.S. | Aftermarket Segment
Disaggregation of Revenue [Line Items]
Net sales	189,648	200,486
International
Disaggregation of Revenue [Line Items]
Net sales	109,703	104,372
International | OEM Segment
Disaggregation of Revenue [Line Items]
Net sales	89,633	89,721
International | Travel trailers and fifth-wheels
Disaggregation of Revenue [Line Items]
Net sales	10,601	15,571
International | Motorhomes
Disaggregation of Revenue [Line Items]
Net sales	28,834	25,547
International | Adjacent industries OEMs
Disaggregation of Revenue [Line Items]
Net sales	50,198	48,603
International | Aftermarket Segment
Disaggregation of Revenue [Line Items]
Net sales	$ 20,070	$ 14,651

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Segment Reporting (Schedule of Operating Profit by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Operating profit	$ 57,611	$ 20,043
Operating Segments | OEM Segment
Segment Reporting Information
Operating profit	32,836	(721)
Operating Segments | Aftermarket Segment
Segment Reporting Information
Operating profit	$ 24,775	$ 20,764