Thor Industries, Inc. · NYSE:THO
Thor Industries — Q1 2025 Earnings Presentation
22 slides from Thor Industries's earnings presentation, Dec 4, 2024
Slide 1: Financial Results First Quarter Fiscal 2025
FINANCIAL RESULTS FIRST QUARTER FISCAL 2025
Slide 2: Forward-Looking Statements
2 FORWARD - LOOKING STATEMENTS This presentation includes certain statements that are “forward - looking” statements within the meaning of the U . S . Private Securities Litigation Reform Act of 1995 , Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchan
Slide 3: First Quarter Fiscal 2025 Results
3 Founded in 1980 and headquartered in Elkhart, Indiana, THOR is a global family of companies that makes it easier and more enjoyable to connect people with nature and each other to create lasting outdoor memories. Net Sales $2.14 B Gross Profit Margin 13.1% (1) (2) (3) Unit Shipments 42,394 For the
Slide 4: A trusted family of brands loved by RV consumers
EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT NORTH AMERICAN TOWABLE SEGMENT 4 We consist of a trusted family of brands that are loved by RV consumers
Slide 5: THOR Consolidated Net Sales
5 Together, the THOR family of companies represents the world’s largest manufacturer of recreational vehicles. We offer a comprehensive range of RVs to inspire and empower everyone to Go Everywhere; Stay Anywhere. Other, net $133,895 6.3% North American Motorized $505,208 23.6% (1) (2) $ in thousand
Slide 6: First Quarter Fiscal 2025 Summary
6 ($ in thousands) Q1 2025 Q1 2024 Change Net Sales – Segments (4.9)% $ 945,454 $ 898,778 North American Towable (29.0)% 711,159 505,208 North American Motorized (14.6)% 708,201 604,903 European (1.5)% 135,945 133,895 Other, net (14.3)% $ 2,500,759 $ 2,142,784 Total (120) bps 14.3% 13.1% Gross Profi
Slide 7: North American Towable Segment
7 Fiscal 2025 First Quarter Key Drivers • Net sales decreased year - over - year on 6 . 8 % higher shipment volume due to a shift in product mix toward our lower - cost travel trailers • Gross profit margin percentage remained constant despite the 4 . 9 % decrease in net sales through the combined i
Slide 8: North American Motorized Segment
8 North American Motorized Segment Fiscal 2025 First Quarter Key Drivers • Net sales decreased 29 . 0 % compared to the first quarter of fiscal 2024 due to a softening of current independent dealer and consumer demand for motorized products • Gross profit margin percentage decreased 270 bps from the
Slide 9: European Segment
9 European Segment Fiscal 2025 First Quarter Key Drivers • Net sales decreased 14 . 6 % driven by a 27 . 4 % decrease in unit shipments offset in part by an increase in the overall net price per unit due to the total combined impact of the change in product mix and price, including a higher concentr
Slide 10: Outstanding Debt, Liquidity and Cash Flow
10 $ 1,305,297 $ 1,091,397 Outstanding Debt (1) ($ in thousands) As of October 31, 2024 As of October 31, 2023 $ 425,828 $ 445,222 Cash and Cash Equivalents 998,000 865,000 Availability under Revolving Credit Facility $ 1,423,828 $ 1,310,222 Total Liquidity Leverage Ratios (2) Q1 FY 2025 Q1 FY 2024
Slide 11: Capital Management Priorities and Fiscal 2025 Actions
11 Capital Management PRIORITIES AND FISCAL 2025 ACTIONS Invest in THOR’s business ▪ Capex investment of $ 25 . 3 million for Q 1 FY 25 , while we continue to manage non - critical spend in response to current market conditions Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.50 in O
Slide 12: Key takeaways from Q1 FY 2025
12 As forecasted, overall performance continued to be impacted by a soft retail and wholesale environment Held relatively strong margins despite a challenging market Remained focused on our strategic commitment to long - term investments to create a sustainable competitive advantage and enhanced mar
Slide 13: Full-Year Fiscal 2025 Guidance
13 Full - Year Fiscal 2025 Guidance ▪ We reconfirm our initial financial forecast and guidance for fiscal 2025 , which ends July 31 , 2025 , following the results of our first quarter ▪ We expect to have a challenging second quarter ahead, followed by stronger third and fourth quarters ▪ We will con
Slide 14: Appendix
14 Appendix
Slide 15: RV Market Share
15 (1) All retail information presented is for the CYTD period through September 30 , 2024 . North American retail data is reported by Statistical Surveys, Inc . and is based on official state and provincial records . This information is subject to adjustment, is continuously updated and is often im
Slide 16: Towable RV Wholesale Market Trends
16 298.3 323.0 334.5 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434.9 267.3 289.8 309.3 370.0 384.5 390.4 353.5 237.0 165.6 242.3 252.4 285.7 321.1 356.7 374.2 430.7 504.6 483.7 406.1 430.4 600.2 493.3 313.2 324.1 346.1 2004 2005 2006 2007 2008 2009 201
Slide 17: RV Industry Overview
17 RV Industry Overview THOR Forest River Winnebago Grand Design Gulfstream REV Group All Others 2024 Motorized 31,771 units 2023 Motorized 37,318 units 2023 Towable 281,045 units 47.5% 49.0% 40.9% 2015 2016 2017 RV Retail Registrations (1) 2018 2019 CCS Index (2) 2010 2011 2012 2013 2014 2020 2021
Slide 18: European Industry Unit Registrations by Country
18 Change Total Nine Months Ended September 30, 2024 2023 Motorcaravans & Campervans Nine Months Ended September 30, 2024 2023 Change Change Caravans Nine Months Ended September 30, 2024 2023 Country 6.9 % 76,128 81,385 9.9 % 57,376 63,046 (2.2)% 18,752 18,339 Germany 6.3 % 24,758 26,329 8.6 % 19,10
Slide 19: Opportunities for New RVers entering the market
19 Opportunities for New RVers entering the market Significant growth in RV ownership RV Owner future purchase intent is high RVing included in 2024 holiday travel plans 95 % of new RV owners plan to purchase another RV in the future (3) 21 million Americans plan to go RVing between Thanksgiving and
Slide 20: Additional Historical Metrics
20 Additional Historical Metrics $5,364,516 $3,939,828 $795,798 $933,051 $1,237,547 $963,141 $3,331,171 $2,043,636 NA Towables NA Motorized European 10/31/23 10/31/24 82,400 122,300 83,800 75,000 Inventory Units 10/31/21 10/31/22 10/31/23 10/31/24 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR
Slide 21: Quarterly EBITDA Reconciliation
Adjusted EBITDA is a non - GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one - time items . Adjusted EBITDA is defined as net income (loss) before net interest expense, income tax expe
Slide 22: Investor Relations Contact
www.thorindustries.com INVESTOR RELATIONS CONTACT Jeff Tryka, CFA Lambert Global jtryka@lambert.com (616) 295 - 2509