Winnebago Industries is built on our strong momentum and delivered robust results in the second quarter of fiscal 2022, capitalizing on sustained and elevated demand for our portfolio of premium products.
We grew revenues by 39% year over year to $1.2 billion, matching the previous sales record set last quarter.
A recent RV industry association study confirmed that 51% of new RVers in the 2020 and 2021 time periods suggested that that reasons surrounding COVID were certainly the impetus for purchasing in RV.
Our friends at the campgrounds of America cited a 16% projected increase in households camping through November of 2021 versus the same period in 2020.
With 50% already seeking an upgrade via new parts or a different RV altogether.
Six in 10 new millennial RVs, those who bought an RV for the first time in 2020 and 2021, already say they are likely to purchase another RV in the future.
As it relates to the growing popularity of flexible work, among new RVers 25% of millennials and 27% of Gen Xers stated that they used an RV for a place to stay while working as a reason for purchasing the RV.
On a trailing three-month basis through January, our RV market share was 14.3%, up a full 100 basis points from 13.3% for the same period in 2021.
And in our marine segment, Barletta has now grown to be the fifth-largest pontoon boat company by market share at 4.6% on a trailing three-month basis through December, and recent retail results show them approaching and breaking the 5% barrier.
With our strong execution and pricing actions, Winnebago Industries delivered gross margin of 18.6% during the second quarter, equal to the great results last year.
As Mike mentioned, second-quarter revenues, including results for Barletta were $1.2 billion, reflecting an increase of 39%, compared to $839.9 million for the fiscal 2021 period.
Excluding Barletta, our organic growth for second quarter was 29%.
Gross profit was $216.6 million, representing an increase of 38%, compared to $156.6 million for the fiscal 2021 period.
Gross profit margin of 18.6% was equal to last year, driven by operating leverage and pricing offset by higher material and component costs as well as some operating inefficiencies caused by supply chain constraints and the associated inconsistencies in the deliveries of parts and subcomponents.
Operating income was $136.8 million for the quarter, an increase of 37% compared to $100 million for the second quarter of last year.
Our second-quarter operating income includes $0.5 million in acquisition-related costs and $4.6 million of incremental amortization of intangible assets related to the Barletta acquisition.
Fiscal 2022 second-quarter net income was $91.2 million, an increase of 32%, compared to $69.1 million in the prior-year quarter.
Note that fiscal 2022 net income includes $6.5 million of contingent consideration fair value adjustment, which is included in non-operating income related to the earn-out included in the deal structure associated with the Barletta acquisition.
We are pleased to note that Barletta performance through the end of calendar 2021 as specified by the July 2021 purchase agreement will result in the full dispensation of $15 million which is the maximum payout for the first earn-out period tied to calendar year 2021 performance.
Reported earnings per diluted share was $2.69, compared to reported earnings per diluted share of $2.04 in the same period last year.
Adjusted earnings per diluted share was $3.14, which represents an increase of 42%, compared to adjusted earnings per diluted share of $2.21 in the same period last year.
towable segment revenues were $646.6 million for the second quarter, up 47% over the prior year, primarily driven by pricing increases across the segment and unit growth of 13%.
Unit growth of 13% is especially strong given last year's 55% growth versus fiscal year 2020 for the same time period.
Segment adjusted EBITDA was $100.6 million, up 61% over the prior-year period.
Adjusted EBITDA margin of 15.6% increased 140 basis points over the prior year, driven by operating leverage and pricing, partially offset by cost input inflation.
In the second quarter, revenues for the motorhome segment were $417.6 million, up 9% from the prior year driven by pricing increases across the segment.
Segment adjusted EBITDA was $46.1 million, representing a decrease of 10% from the prior year.
Adjusted EBITDA margin was a strong 11%, while a decrease of 230 basis points from the prior year.
In the second quarter, revenues for the marine segment were $97.3 million.
marine segment adjusted EBITDA of $13.0 million was $11.9 million higher than the same period last year, and adjusted EBITDA margin was 13.3%, 620 basis points higher than last year, reflecting the addition of the Barletta business.
We continue to maintain a healthy liquidity position with approximately $327 million available, including an untapped ABL of $192.5 million.
Our leverage ratio is currently at 0.8 times.
On a fiscal year-to-date basis, capex spending is $43.4 million, which is three times higher than last year's year-to-date capex.
During the quarter, share buybacks totaled $40 million, and on a year-to-date basis, we have bought back $59.6 million worth of shares.
As discussed previously, our dividend this year is running at a 50% higher than it was last year.
Combining share buybacks with dividends, we have returned a robust $115 million to shareholders on a trailing 12-month basis through the second quarter of fiscal 2022.
Looking at the RV industry at a macro level, we believe wholesale shipments for the calendar year could be down low to mid-single digits percentage-wise, as compared to the record 600,000 units shipped in calendar 2021.
Our trailing 12-month sales of $4.3 billion, compares to $976 million at the end of fiscal 2015.
Our fiscal year-to-date 19.2% gross margin, compares to 10.7% in fiscal 2015.
Our current three-month trailing RV share of 14.3%, compares to 2.9% at the end of 2015.
Our approximate working capital of 11% in this fiscal year, compares favorably to 20% in 2015.
Our leverage ratio is under one times for each of the last four fiscal quarters, and in the last 12 months, we have returned more than $100 million of cash to shareholders.

Summary:
Winnebago Industries is built on our strong momentum and delivered robust results in the second quarter of fiscal 2022, capitalizing on sustained and elevated demand for our portfolio of premium products.
We grew revenues by 39% year over year to $1.2 billion, matching the previous sales record set last quarter.
As Mike mentioned, second-quarter revenues, including results for Barletta were $1.2 billion, reflecting an increase of 39%, compared to $839.9 million for the fiscal 2021 period.
Reported earnings per diluted share was $2.69, compared to reported earnings per diluted share of $2.04 in the same period last year.
Adjusted earnings per diluted share was $3.14, which represents an increase of 42%, compared to adjusted earnings per diluted share of $2.21 in the same period last year.