LCI Industries (LCII): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico das indústrias da LCI (LCII), uma potência no cenário de veículos recreativos e componentes de transporte. Esta empresa inovadora transforma desafios de fabricação complexos em soluções de engenharia de precisão, alavancando um modelo de negócios sofisticado que gera vantagem competitiva em vários segmentos de mercado. Desde recursos de design de ponta a parcerias estratégicas e diversos fluxos de receita, as indústrias da LCI exemplifica como a experiência direcionada e as estratégias abrangentes de fabricação podem criar um valor substancial no ecossistema de componentes automotivos e de RV especializado.

LCI Industries (LCII) - Modelo de negócios: Parcerias -chave

Fornecedores estratégicos em RV e fabricação de componentes automotivos

A LCI Industries mantém parcerias estratégicas com fornecedores de componentes de nível 1 e 2 de nível 2 em toda a América do Norte. A partir de 2023 Relatórios Financeiros, a Companhia estabeleceu relacionamentos da cadeia de suprimentos com aproximadamente 250 parceiros de fabricação especializados.

Categoria de fornecedores	Número de parceiros	Volume anual de oferta
Fornecedores de componentes metálicos	87	US $ 124,3 milhões
Fabricantes de componentes plásticos	62	US $ 93,7 milhões
Provedores de componentes eletrônicos	41	US $ 56,2 milhões

Fabricantes de equipamentos originais (OEMs) na indústria de veículos recreativos

A LCI Industries colabora com os principais fabricantes de trailers por meio de parcerias estratégicas de longo prazo.

• Thor Industries - Parceiro Primário OEM
• Winnebago Industries - Relacionamento estratégico principal
• Forest River (subsidiária de Berkshire Hathaway) - Parceiro de fabricação -chave

Parceiro OEM	Valor anual do contrato de oferta	Duração da parceria
Thor Industries	US $ 287,6 milhões	Mais de 12 anos
Winnebago Industries	US $ 156,3 milhões	Mais de 9 anos
Rio florestal	US $ 212,4 milhões	11 anos ou mais

Distribuidores e varejistas de peças de reposição

A LCI Industries mantém parcerias de distribuição com varejistas nacionais de peças automotivas e de RV.

• Camping World - Distribuidor de pós -venda primário
• AutoZone - varejista nacional de peças automotivas
• RV Parts Nation - varejista online especializado

Provedores de serviços de tecnologia e engenharia

A empresa colabora com parceiros de tecnologia para aprimorar as capacidades de fabricação e a inovação de produtos.

Parceiro de tecnologia	Área de foco	Investimento anual
Software Siemens PLM	Engenharia de Design	US $ 4,2 milhões
PTC Inc.	Gerenciamento do ciclo de vida do produto	US $ 3,7 milhões
Autodesk	CAD e simulação	US $ 2,9 milhões

LCI Industries (LCII) - Modelo de negócios: Atividades -chave

Projeto e engenharia de componentes de RV e transporte

A LCI Industries investiu US $ 23,4 milhões em despesas de pesquisa e desenvolvimento em 2022. A empresa mantém 9 centros de engenharia e design da América do Norte focados no design de componentes especializados.

Localização do centro de design	Foco primário
Elkhart, Indiana	Engenharia de componentes do RV
Vancouver, Washington	Design de componentes de transporte

Fabricação de peças e acessórios especiais

A LCI Industries opera 77 instalações de fabricação na América do Norte, com capacidade total de fabricação de aproximadamente 2,8 milhões de pés quadrados.

• Capacidade anual de produção: 12,5 milhões de componentes especializados
• Instalações de fabricação localizadas em 14 estados diferentes
• Tamanho médio da instalação de fabricação: 36.400 pés quadrados

Gerenciamento da cadeia de suprimentos e logística

A empresa gerencia uma complexa rede de cadeia de suprimentos com 22 centros de distribuição estrategicamente localizados nos Estados Unidos.

Métrica do centro de distribuição	Valor
Mágua quadrada do centro total de distribuição	1,6 milhão de pés quadrados
Despesas de logística anuais	US $ 87,3 milhões

Inovação de produtos e desenvolvimento de pesquisa

As indústrias da LCI alocam 4,2% da receita anual para inovação de produtos e esforços de desenvolvimento de pesquisa.

• Portfólio de patentes: 287 patentes ativas
• Ciclo médio de desenvolvimento de novos produtos: 18 meses
• Tamanho da equipe de inovação: 143 engenheiros e pesquisadores dedicados

LCI Industries (LCII) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas

A LCI Industries opera várias instalações de fabricação, totalizando aproximadamente 1,2 milhão de pés quadrados de espaço de produção. A partir de 2023, a empresa mantém locais de fabricação em Indiana, Oregon e Texas.

Localização	Tamanho da instalação	Foco de produção primária
Elkhart, Indiana	650.000 pés quadrados	Componentes do RV
Portland, Oregon	275.000 pés quadrados	Componentes de pós -venda
Nacogdoches, Texas	285.000 pés quadrados	Componentes de veículos especiais

Portfólio de propriedade intelectual extensa

LCI Industries detém 87 patentes ativas A partir de 2023, cobrindo projetos inovadores em componentes de veículos recreativos e veículos especiais.

• Categorias de patentes:
  • Componentes estruturais
  • Materiais leves
  • Tecnologias de integração

Engenharia qualificada e força de trabalho técnica

Força de trabalho total: 2.850 funcionários a partir do quarto trimestre 2023, com aproximadamente 35% mantendo graus técnicos ou de engenharia avançados.

Categoria de funcionários	Número de funcionários	Percentagem
Equipe de engenharia	412	14.5%
Especialistas técnicos	585	20.5%
Trabalhadores manufatureiros	1,853	65%

Rede robusta da cadeia de suprimentos

LCI Industries mantém relacionamentos com 127 fornecedores primários Na América do Norte, com 68% dos fornecedores localizados no mercado interno.

Tecnologias proprietárias de design e fabricação

Investimento em P&D: US $ 18,4 milhões em 2023, representando 2,7% da receita total da empresa.

• Principais áreas de tecnologia:
  • Engenharia de Materiais Avançados
  • Processos de fabricação de precisão
  • Otimização do design digital

LCI Industries (LCII) - Modelo de negócios: proposições de valor

Componentes especializados e de alta qualidade para mercados de RV e transporte

A LCI Industries registrou vendas líquidas totais de US $ 1,45 bilhão em 2022, com componentes especializados representando uma parcela significativa de seu fluxo de receita.

Categoria de produto	Contribuição da receita
Componentes do RV	US $ 912,3 milhões
Componentes de transporte	US $ 537,7 milhões

Soluções personalizadas para clientes OEM e pós -venda

A empresa atende a vários segmentos de clientes com soluções de componentes personalizados.

• Fabricantes de equipamentos originais (OEM): 68% da base total de clientes
• Clientes de pós -venda: 32% da base total de clientes

Designs inovadores de produtos para melhorar o desempenho do veículo

A LCI Industries investiu US $ 43,2 milhões em pesquisa e desenvolvimento em 2022 para impulsionar a inovação de produtos.

Áreas de foco de inovação	Porcentagem de investimento
Tecnologia do material	35%
Aprimoramento do desempenho	40%
Redução de peso	25%

Fabricação de componentes econômicos e confiáveis

Métricas de eficiência de fabricação para 2022:

• Margem bruta: 27,4%
• Redução de custos de fabricação: 6,2% ano a ano
• Instalações de produção: 19 locais de fabricação

Portfólio de produtos abrangente Atendendo a diversas necessidades de clientes

A quebra do portfólio de produtos por segmento de mercado em 2022:

Segmento de mercado	Linhas de produtos	Participação de receita
Veículos recreativos	42 linhas de produtos distintas	62.8%
Transporte	29 linhas de produtos distintas	37.2%

LCI Industries (LCII) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com fabricantes de OEM

A LCI Industries mantém parcerias estratégicas com os principais fabricantes de equipamentos originais (OEMs) nos setores de veículos recreativos e industriais. A partir de 2023, a empresa registrou 87 acordos ativos de fornecimento de longo prazo com os principais fabricantes.

Segmento OEM	Número de acordos	Duração média do contrato
Fabricantes de veículos recreativos	52	5,3 anos
Fabricantes de equipamentos industriais	35	4,7 anos

Suporte técnico e colaboração de engenharia

A LCI Industries fornece suporte técnico abrangente por meio de equipes de engenharia dedicadas.

• Pessoal de Suporte Técnico: 124 Engenheiros Especializados
• Investimento anual de P&D: US $ 22,3 milhões
• Tempo médio de resposta para consultas técnicas: 4,2 horas

Atendimento ao cliente responsivo

Métrica de atendimento ao cliente	Desempenho
Classificação de satisfação do cliente	4.6/5.0
Interações anuais de atendimento ao cliente	18,750
Tempo médio de resolução	1,7 dias

Melhoria contínua do produto

A LCI Industries implementa uma abordagem estruturada para o desenvolvimento de produtos com base no feedback do cliente.

• Ciclos de melhoria do produto por ano: 3.2
• Canais de feedback do cliente: portal online, comunicação direta, revisões trimestrais
• Porcentagem de modificações do produto derivadas da entrada do cliente: 42%

Principais indicadores de desempenho para o relacionamento com os clientes em 2023:

Métrica	Valor
Taxa de retenção de clientes	94.3%
Nova aquisição de clientes	17 novas parcerias OEM
Investimentos de inovação orientados ao cliente	US $ 8,6 milhões

LCI Industries (LCII) - Modelo de Negócios: Canais

Equipes de vendas diretas

A LCI Industries mantém uma força de vendas direta de 87 representantes de vendas a partir de 2023, cobrindo várias regiões geográficas na América do Norte.

Tipo de canal de vendas	Número de representantes	Área de cobertura
Equipe de vendas diretas	87	América do Norte

Catálogos de produtos online e plataformas digitais

Os canais de vendas digitais incluem:

• Site da empresa com funcionalidade integrada de comércio eletrônico
• Catálogo de produtos digitais com mais de 3.200 SKUs
• Plataforma de pedidos on -line suportando transações de clientes 24/7

Feiras e exposições da indústria

A LCI Industries participa de 22 feiras de comércio da indústria anualmente, com um alcance estimado de 15.000 clientes em potencial.

Participação na feira	Contagem anual	Alcance estimado do cliente
Feiras de comércio da indústria	22	15,000

Redes de distribuidores e revendedores

A LCI Industries mantém relacionamentos com 412 distribuidores autorizados nas indústrias de veículos recreativos e marinhos.

Tipo de rede	Número de parceiros	Indústrias primárias
Distribuidores autorizados	412	RV, fuzileiro naval

Redes representativas do fabricante

A empresa aproveita 64 representantes do fabricante para expandir a penetração do mercado e apoiar processos complexos de vendas.

Rede representativa	Total de representantes	Escopo geográfico
Representantes do fabricante	64	Nacional

LCI Industries (LCII) - Modelo de negócios: segmentos de clientes

Fabricantes de veículos recreativos

A LCI Industries serve os principais fabricantes de trailers com dados precisos do mercado:

Top RV Fabricante	Volume anual de produção	Penetração do componente LCI
Thor Industries	220.000 unidades	Fornecimento de componentes de 68%
Winnebago Industries	65.000 unidades	55% de fornecimento de componentes

Fornecedores de peças de pós -venda automotivas

A LCI Industries fornece componentes para segmentos de pós -venda:

• Receita anual de peças de pós -venda: US $ 42,3 milhões
• Participação de mercado no mercado de reposição automotiva: 3,7%
• Categorias de produtos: suspensão, chassi, componentes estruturais

Fabricantes de equipamentos de transporte

A LCI Industries fornece componentes nos setores de transporte:

Setor de transporte	Vendas anuais de componentes	Taxa de crescimento
Fabricação de reboques	US $ 187,5 milhões	6.2%
Veículo comercial	US $ 93,2 milhões	4.8%

Produtores de veículos especiais

Segmentos de clientes da LCI Industries em veículos especializados:

• Vendas de componentes da indústria marinha: US $ 28,6 milhões
• Componentes de veículos militares: US $ 17,4 milhões
• Equipamento agrícola especializado: US $ 12,9 milhões

Varejistas de componentes automotivos e de RV

Canais de distribuição de varejo para a LCI Industries:

Canal de varejo	Volume anual de vendas	Penetração de mercado
Varejistas on -line	US $ 65,7 milhões	42%
Lojas de tijolo e argamassa	US $ 48,3 milhões	58%

LCI Industries (LCII) - Modelo de negócios: estrutura de custos

Despesas de aquisição de matéria -prima

No ano fiscal de 2022, a LCI Industries relatou despesas de compras de matéria -prima de US $ 1.348.679.000.

Categoria de material	Custo anual de compras
Componentes de alumínio	$412,350,000
Materiais de aço	$356,780,000
Materiais compostos	$287,540,000
Componentes plásticos	$292,009,000

Custos de fabricação e produção

Os custos de fabricação e produção da LCI Industries em 2022 totalizaram US $ 789.456.000.

• Trabalho de fabricação direta: US $ 218.650.000
• Despesas gerais de fábrica: US $ 347.220.000
• Depreciação do equipamento: US $ 123.586.000

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para 2022 foram de US $ 87.345.000, representando 3,2% da receita total.

Área de foco em P&D	Valor do investimento
Inovação de produtos	$45,670,000
Integração de tecnologia	$26,890,000
Técnicas avançadas de fabricação	$14,785,000

Despesas de trabalho e força de trabalho

As despesas totais da força de trabalho em 2022 totalizaram US $ 456.789.000.

• Custos de mão -de -obra direta: US $ 312.450.000
• Benefícios dos funcionários: US $ 87.230.000
• Treinamento e desenvolvimento: US $ 57.109.000

Cadeia de suprimentos e gerenciamento de logística

A cadeia de suprimentos e as despesas de logística de 2022 foram de US $ 234.567.000.

Categoria de logística	Custo anual
Transporte	$98,760,000
Armazenamento	$76,543,000
Gerenciamento de inventário	$59,264,000

LCI Industries (LCII) - Modelo de negócios: fluxos de receita

Vendas de componentes do fabricante de equipamentos originais

No ano fiscal de 2022, a LCI Industries registrou receita total de US $ 1,43 bilhão. As vendas de componentes do fabricante de equipamentos originais (OEM) representaram aproximadamente 68% da receita total, representando aproximadamente US $ 972 milhões.

Segmento	Receita	Porcentagem da receita total
Vendas de componentes OEM	US $ 972 milhões	68%

Receita de peças e acessórios de pós -venda

Peças e acessórios de pós -venda geraram aproximadamente US $ 286 milhões em receita, representando cerca de 20% da receita total da empresa em 2022.

Segmento	Receita	Porcentagem da receita total
Peças de reposição e acessórios	US $ 286 milhões	20%

Taxas de serviço de engenharia e design

As taxas de serviço de engenharia e design contribuíram com aproximadamente US $ 86 milhões para o fluxo de receita da empresa em 2022.

Receitas de licenciamento de produtos e propriedade intelectual

A LCI Industries gerou aproximadamente US $ 56 milhões com o licenciamento de produtos e as receitas de propriedade intelectual em 2022.

Vendas de expansão do mercado internacional

As vendas internacionais representaram aproximadamente 15% da receita total, o que se traduz em cerca de US $ 214,5 milhões em 2022.

Mercado	Receita	Porcentagem da receita total
Vendas internacionais	US $ 214,5 milhões	15%

• Repartição total da receita para 2022:
  • Vendas de componentes OEM: US $ 972 milhões (68%)
  • Peças e acessórios de pós -venda: US $ 286 milhões (20%)
  • Vendas internacionais: US $ 214,5 milhões (15%)
  • Serviços de engenharia e design: US $ 86 milhões
  • Licenciamento de produtos: US $ 56 milhões

LCI Industries (LCII) - Canvas Business Model: Value Propositions

You're looking at the core reasons LCI Industries (LCII) commands its market position as of late 2025. The numbers show a clear focus on both the initial build (OEM) and the long-term life of the product (Aftermarket).

Comprehensive, one-stop-shop component supply for OEMs

LCI Industries serves as a deeply integrated supplier to Original Equipment Manufacturers (OEMs). This is evident in the sheer scale of the OEM segment sales. For the third quarter of 2025, OEM net sales reached $790.0 million, marking a 15% increase year-over-year. The Adjacent Industries OEM business specifically saw net sales of $319.9 million in Q3 2025, up 22% year-over-year, driven partly by acquisitions. The company is targeting $5 billion in organic revenue by 2027, showing a commitment to scaling this OEM content. The operating profit margin for the OEM Segment in Q3 2025 stood at 5.5%.

The depth of this supply chain is reflected in the content LCI Industries embeds in each unit. For instance, the content per towable unit reached $5,431 in the third quarter of 2025. The company projects North American RV wholesale shipments for the full year 2025 to be in the range of 340,000 to 350,000 units, providing a large base for this value proposition.

Metric	Q3 2025 Value	Year-over-Year Change
OEM Net Sales	$790.0 million	15% increase
Adjacent Industries OEM Net Sales	$319.9 million	22% increase
Aftermarket Net Sales	$246.5 million	7% increase
Content Per Towable Unit	$5,431	N/A

Innovation-driven content growth (e.g., Furrion Chill Cube air conditioners)

Innovation directly translates to increased content per unit and new revenue streams. LCI Industries projects its top five new innovative products to achieve an annualized sales run rate of $225 million as of the third quarter of 2025. The company expects continued organic content growth from innovation to be in the range of 3% to 5% annually. Products like the Furrion Chill Cube air conditioner, Anti-Lock Brakes (ABS), and Touring Coil Suspension (TCS) are cited as recent successful innovations driving this growth. The company is focused on capturing more of the addressable market, which was estimated at over $5 trillion in 2024.

High-quality, reliable replacement parts for the Aftermarket

The Aftermarket segment provides a steady, growing revenue stream fueled by the installed base from the OEM business. Aftermarket net sales for the third quarter of 2025 were $246.5 million, a 7% increase over the prior year period. The operating profit margin for the Aftermarket Segment was 12.9% in Q3 2025. In the first quarter of 2025, Aftermarket net sales were $222.0 million, which was up 6% year-over-year, with an operating profit of $19.3 million.

Deep technical training and service support for dealer networks

Supporting the installed base requires a robust service infrastructure. Year-to-date through the third quarter of 2025, over 28,000 dealer service personnel completed LCI Industries technical training programs. This effort is supported by thousands of in-person sessions and over 1 million visits to their online tech pages year-to-date in 2025. The company added three new service facility sites in 2025 and doubled its mobile tech staff. These investments have resulted in service completions increasing by a double-digit percentage year-to-date. For the first quarter of 2025 alone, the service ecosystem saw 1,600,000 views of Lippert branded tech support seminars and 55,000 individual completions of technical training classes.

• Dealer service personnel training completions (YTD 2025): over 28,000
• Online tech page visits (YTD 2025): over 1 million
• New service facility sites added in 2025: 3
• Service completion increase from training: double digits

LCI Industries (LCII) - Canvas Business Model: Customer Relationships

You're looking at how LCI Industries keeps its OEM and aftermarket customers locked in. It's a mix of deep integration on the front end and transactional efficiency on the back end, all backed by stated commitments to service.

Dedicated account management and R&D collaboration with OEM partners is evident in the OEM Segment's performance. For the second quarter of 2025, OEM net sales reached $839.6 million. Within that, RV OEM net sales were $503.3 million, showing a 3% increase year-over-year, which the company attributed to market share gains and a favorable mix shift toward higher content fifth-wheel units. The Adjacent Industries OEM segment was up 10% year-over-year, hitting $336.3 million in Q2 2025, largely from acquired businesses. By the third quarter of 2025, OEM Segment net sales growth was again driven by market share gains and increased sales mix of higher content fifth-wheel units.

The relationship with Original Equipment Manufacturers (OEMs) is structured around deep integration, which translates directly into revenue contribution. Here's a look at the segment sales mix for Q2 2025:

Segment	Net Sales (Q2 2025)	Year-over-Year Change (Q2 2025)
OEM Segment Total	$839.6 million	Not explicitly stated for total OEM
RV OEM Net Sales	$503.3 million	Up 3%
Adjacent Industries OEM Net Sales	$336.3 million	Up 10%
Aftermarket Segment Total	$267.7 million	Up 4%

The transactional sales model through Aftermarket distribution channels supports a separate, high-volume revenue stream. Aftermarket net sales for the second quarter of 2025 were $267.7 million, marking a 4% increase from the same period in 2024. This growth was specifically noted as being driven by the expanding Camping World relationship within the RV aftermarket. The operating profit margin for the Aftermarket Segment in Q2 2025 was 13.5%.

LCI Industries explicitly states a commitment to a customer-centric service ecosystem to bolster dealer loyalty. Management noted in August 2025 that they 'remain committed to investing in technician training, strengthening dealer relationships, and delivering best-in-class service to enhance the customer experience'. This focus on the service side is critical for aftermarket stickiness.

Key customer-related financial and operational data points as of late 2025 include:

• Net sales from acquisitions completed in the twelve months ending June 30, 2025, contributed approximately $35.0 million in Q2 2025 revenue.
• Net sales from acquisitions completed in the twelve months ending September 30, 2025, contributed $41.9 million in Q3 2025 revenue.
• LCI Industries is on track to deliver an 85 basis point operating profit margin improvement for the full year 2025 compared to 2024.
• The company is exploring divestiture opportunities of approximately $75 million of revenues that are dilutive to the business in 2026.
• Total cash and cash equivalents stood at $199.7 million as of September 30, 2025.

The company's strategy involves continuous investment to maintain its position as a reliable partner for both OEM and aftermarket customers, using innovation and advanced manufacturing capabilities to enhance the customer experience. Finance: draft 13-week cash view by Friday.

LCI Industries (LCII) - Canvas Business Model: Channels

You're looking at how LCI Industries gets its engineered components into the hands of customers, and it's clearly split between building things new and servicing things already in use. The OEM channel remains the biggest piece of the pie, but the Aftermarket segment is showing consistent growth, partly due to strategic retail moves.

The primary channel is direct to the Original Equipment Manufacturers (OEMs) on assembly lines. This is where the bulk of the revenue lands. For instance, in the third quarter of 2025, OEM net sales hit $790.0 million. That's a significant flow of product directly into new RVs and other transportation builds. To be fair, this segment saw operating profit margins dip to 5.5% in Q3 2025, down from 6.2% in Q2 2025, showing the pressure from material costs and pricing strategy shifts.

Here's a quick look at the segment performance for the most recent reported quarters:

Channel Segment	Net Sales (Q2 2025)	Net Sales (Q3 2025)	Operating Profit Margin (Q2 2025)	Operating Profit Margin (Q3 2025)
OEM Segment	$839.6 million	$790.0 million	6.2%	5.5%
Aftermarket Segment	$267.7 million	$246.5 million	13.5%	12.9%

The Aftermarket channel, which covers distributors, wholesale partners, and direct-to-dealer sales, is where LCI Industries captures revenue after the initial sale. This channel is often more resilient. Aftermarket net sales were $267.7 million in Q2 2025, growing 4% year-over-year, even though the margin compressed to 13.5% from 15.5% the prior year due to investments in logistics.

The direct-to-dealer network is heavily supported by specific retail partnerships. You defintely see this play out with Camping World Holdings, Inc. LCI Industries' subsidiary acquired furniture business assets from a Camping World subsidiary, CWDS, LLC, effective May 3, 2024. This move was designed to give LCI Industries greater influence over product display in Camping World's retail locations and online marketplaces like campingworld.com.

The impact of these retail channel enhancements is measurable:

• Revenue growth of $12 million was achieved within the 14 newly upfitted Camping World locations in the fourth quarter of 2024.
• The expanding Camping World relationship was cited as a primary driver for the 4% increase in Aftermarket net sales in Q2 2025.
• LCI Industries' total addressable market opportunity is estimated at approximately $16 billion, with strong OEM content fueling aftermarket growth.

Also, the OEM sales breakdown shows the breadth of the direct channel:

• RV OEM net sales for Q3 2025 were $470.1 million, up 11% year-over-year.
• Adjacent Industries OEM net sales for Q3 2025 reached $319.9 million, growing 22% year-over-year, largely due to acquired businesses.

Finance: draft 13-week cash view by Friday.

LCI Industries (LCII) - Canvas Business Model: Customer Segments

You're looking at the core customer base for LCI Industries as of late 2025. Honestly, the business is heavily weighted toward Original Equipment Manufacturers (OEMs), but the diversification into adjacent markets and the aftermarket is what keeps things interesting.

North American and European Recreational Vehicle (RV) OEMs form the bedrock of LCI Industries' business. These are the manufacturers building the new travel trailers, fifth-wheels, and motorhomes. You see their direct impact in the OEM Segment sales figures. For instance, in the third quarter of 2025, the entire OEM Segment pulled in $790.0 million in net sales. While North American RV sales are strong, driven by market share gains and a favorable mix toward higher-content fifth-wheel units, you should note that European RV market volumes saw a decrease in the second quarter of 2025. The company's core North American RV OEM business, covering things like appliances, awnings, chassis, furniture, and windows, represents more than 70% of that specific North American OEM revenue stream.

Next up are the Adjacent Industries OEMs. This is where LCI Industries diversifies away from just RVs, supplying components for marine, utility trailer, bus, and specialty vehicle manufacturers. This segment has been showing impressive growth, partly due to strategic acquisitions completed in the preceding twelve months. In the third quarter of 2025, net sales from these adjacent or diversified businesses hit approximately $320 million, marking a 22% year-over-year increase. Acquisitions like Freedman Seating and Trans/Air contributed about $41.9 million to the total OEM segment sales in Q3 2025. This group is a key part of the OEM Segment, which overall accounted for 77% of consolidated net sales in the second quarter of 2025.

Here's a quick look at the segment split based on the most recent reported quarter:

Customer Segment Group	Q3 2025 Net Sales (USD)	Year-over-Year Growth (Q3)
OEM Segment (Total)	$790.0 million	15%
Aftermarket Segment	$246.5 million	7%
Consolidated Net Sales (Total)	$1,036.5 million	13.2%

The Aftermarket dealers, distributors, and service centers represent the second major channel. This group buys replacement parts and discretionary accessories. In the third quarter of 2025, the Aftermarket Segment generated $246.5 million in net sales, a 7% increase from the prior year. A specific driver here is the expanding relationship with Camping World, which helps push upgrade and service parts as more units age. This segment made up 23% of total sales in Q2 2025.

Finally, you have the End-user consumers (RV owners, boaters). LCI Industries doesn't sell directly to you in large volumes, but you are the ultimate driver of the Aftermarket Segment's demand for repair and replacement parts. The growth in this area reflects more units being used and needing service. For example, the company noted increased demand as more units enter the upgrade and repair cycle in Q3 2025. You can think of the retail demand environment impacting wholesale shipments, which for North American RVs in 2025 is projected to be in the 340,000 to 350,000 unit range.

• OEM Segment relies on major North American and European RV builders.
• Adjacent OEM sales grew 22% year-over-year in Q3 2025, reaching $320 million.
• Aftermarket growth is supported by key dealer relationships, like Camping World.
• The company aims for $5 billion in organic revenue by 2027.

LCI Industries (LCII) - Canvas Business Model: Cost Structure

Cost of goods sold (COGS) for the last twelve months ended March 31, 2025, was reported at $3,818,769 thousand.

Operating expenses include projected full-year 2025 Depreciation and Amortization (D&A) in the range of $115 million to $125 million.

Capital expenditures are expected to be between $45 million to $55 million for the full-year 2025.

LCI Industries utilized cash for acquisitions in the first nine months of 2025 totaling $103.0 million.

The acquisition of Freedman Seating Company, which contributed approximately $125 million in annual revenue, was completed in the second quarter of 2025.

The acquisition of Trans Air was completed in March 2025.

The company noted higher material costs, including steel and aluminum, impacting the Aftermarket Segment operating profit margin in the third quarter of 2025.

Here's a quick look at the key projected and recent cost/investment figures:

Cost Component	Financial Amount/Range	Period/Context
Projected Full-Year 2025 D&A	$115 million to $125 million	Full-Year 2025 Projection
Projected Full-Year 2025 CapEx	$45 million to $55 million	Full-Year 2025 Projection
Acquisitions Year-to-Date	$103.0 million	Nine Months Ended September 30, 2025
Freedman Seating Annual Revenue (Pre-Acquisition)	Approximately $125 million	Context for Acquisition
Capital Expenditures	$9.0 million	Three Months Ended March 31, 2025
Capital Expenditures	$21.8 million	Six Months Ended June 30, 2025
Capital Expenditures	$38.1 million	Nine Months Ended September 30, 2025

Cost drivers and related financial impacts observed include:

• Decreases in material costs aided OEM Segment operating profit in Q1 2025.
• Higher material costs, including steel and aluminum, pressured Aftermarket Segment margins in Q3 2025.
• Investments in capacity, distribution, and logistics technology impacted the Aftermarket Segment.
• The company executed facility consolidations, translating to a $5 million run rate annual savings.

The company refinanced and repriced its term loan facility, lowering interest by 25 basis points.

This interest rate reduction is expected to save approximately $1.0 million in cash interest expense annually based on the September 30, 2025, outstanding term loan principal.

LCI Industries (LCII) - Canvas Business Model: Revenue Streams

You're looking at the core ways LCI Industries brings in money as of late 2025, which is heavily tied to the recreation and transportation sectors. For the third quarter ending September 30, 2025, consolidated net sales came in at $1,036.48 million, a solid increase from the prior year period. Looking at the longer view, the full-year 2025 Trailing Twelve Months (TTM) consolidated net sales, as of September 30, 2025, totaled approximately $3.99 billion. This shows the scale of the business across the year leading up to that date.

The revenue streams are clearly segmented across different parts of the customer lifecycle and industry focus. Here's how the key segments performed for the third quarter of 2025:

Revenue Stream Component	Q3 2025 Sales Amount
OEM Segment sales	$790.0 million
Aftermarket Segment sales	$246.5 million
Sales from Adjacent Industries OEMs	$319.9 million
Full-Year 2025 TTM Consolidated Net Sales (as of Sep 30, 2025)	$3.99 billion

It's worth noting the nine-month performance leading up to that same date, which gives a better picture of the year-to-date run rate. The total net sales for the nine months ended September 30, 2025, reached $3,189.32 million. Also, cash generation from operations for the LTM ended September 30, 2025, was $359 million. This financial activity supports the revenue generation across the business.

You can see the revenue diversification efforts in the breakdown of the segments:

• OEM Segment sales for the quarter were $790.0 million.
• Aftermarket Segment sales for the quarter were $246.5 million.
• Sales from Adjacent Industries OEMs were $319.9 million for the quarter.
• The company reported net income of $62.49 million for Q3 2025.

Finance: draft 13-week cash view by Friday.