Thor Industries, Inc. · NYSE:THO
Thor Industries — Q4 2021 Earnings Presentation
18 slides from Thor Industries's earnings presentation, Sep 28, 2021
Slide 1: Fiscal Year & Fourth Quarter 2021 Financial Results
FISCAL YEAR & FOURTH QUARTER 2021 FINANCIAL RESULTS Exhibit 99.2
Slide 2: Forward-Looking Statements
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 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 193
Slide 3: Record Results for Fiscal 2021
These outstanding results are a testament to our team’s ability to successfully accelerate production over the course of the fiscal year to meet surging market demand while continuing to maintain quality, navigate supply chain challenges, manage labor constraints and ensure the safety of our workfor
Slide 4: Fiscal Year 2021
European $3.20 bn 26.0% NA Motorized $2.67 bn 21.7% NA Towables $6.22 bn 50.5% Other $0.23 bn 1.8% Gross Margin 15.4% +170 bps Diluted EPS $11.85 +194.8% NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS AT HISTORIC LOW ALL-TIME RECORD RV BACKLOG OF $16.86 BILLION +193.6% Net Sales $12.32
Slide 5: Fourth Quarter of Fiscal Year 2021
FOURTH QUARTER OF FISCAL YEAR 2021 European $0.97 bn 27.0% NA Motorized $0.82 bn 22.9% NA Towables $1.73 bn 48.2% Other $0.07 bn 1.9% Gross Margin 16.6% +170 bps Diluted EPS $4.12 +93% Net Sales $3.59 billion +55% As of July 31, 2021, THOR has fully repaid the ABL borrowings incurred during the seco
Slide 6: North American Towable Segment, Fourth Quarter of Fiscal 2021
NET SALES ñ Increased 46.4%* driven primarily by an increase in unit shipments GROSS PROFIT MARGIN ñ Increased 130 basis points* driven by the impact of the increase in net towable RV sales, reduced sales discounts and selective price increases, partially offset by recently increasing material costs
Slide 7: North American Motorized Segment, Fourth Quarter of Fiscal 2021
NET SALES ñ Increased 124.6%* driven primarily by an increase in unit shipments and the addition of $146.8 million of net sales from the Tiffin Group GROSS PROFIT MARGIN ñ Increased 80 basis points* driven primarily by the increase in net sales and a reduction in sales discounts, partially offset by
Slide 8: European Segment, Fourth Quarter of Fiscal 2021
NET SALES ñ Increased 31.1%* driven primarily by an increase in unit shipments GROSS PROFIT MARGIN ñ Increased by 260 basis points* primarily due to the increase in net sales, lower discounting, selective price increases and better material pricing due to the significant increase in volume BACKLOG ñ
Slide 9: Capital Management
CAPITAL MANAGEMENT CASH PRIORITIES Invest in THOR's business Pay THOR's dividend Reduce the Company's debt obligations Support opportunistic strategic investments, to enhance long-term shareholder value Repurchase of shares on a strategic and opportunistic basis NET CASH FROM OPERATIONS AND CAPITAL
Slide 10: Subsequent Events
SUBSEQUENT EVENTS
Slide 11: THOR Industries Acquired Airxcel on September 1, 2021
ON SEPTEMBER 1, 2021 THOR INDUSTRIES ACQUIRED AIRXCEL, A LEADING SUPPLIER OF OEM AND AFTERMARKET RV PARTS AND ACCESSORIES In conjunction with the transaction, THOR increased its Asset-Based Credit Facility ("ABL") from $750 million to $1.0 billion Leading supplier of functionally critical RV parts a
Slide 12: Airxcel Acquisition Strategic Benefits
Strengthens THOR's and the RV industry's supply chain Allows THOR the ability to strengthen its supply chain in a challenging environment Enhances RV industry supply of functionally critical components Diversifies and grows THOR’s revenue streams With revenue from both OEM and aftermarket sales, Air
Slide 13: Appendix
APPENDIX
Slide 14: THOR At-a-Glance
THOR AT-A-GLANCE COUNTRIES 25 5 COUNTRIES + MANUFACTURING OPERATIONS IN DISTRIBUTION IN (1) As of July 31, 2021 GEOGRAPHIC NET SALES THOR Industries (NYSE: THO) was founded in 1980 and is headquartered in Elkhart, Indiana. THOR is the sole owner of operating subsidiaries that, combined, represent th
Slide 15: RV Industry Overview North America
RV INDUSTRY OVERVIEW North America (1) Source: Statistical Surveys, Inc., U.S. and Canada; CYTD through June 30, 2021 and 2020 (2) Source: Recreation Vehicle Industry Association, CYTD through July 2021 (3) Source: The Conference Board, Consumer Confidence Survey®, through June 2021 (4) Note: Tiffin
Slide 16: RV Wholesale Market Trends
TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) June 2021 June 2020 Unit Change % Change 300,267 176,067 124,200 +70.5% YTD Shipments (Units) June 2021 June 2020 Unit Change % Change 271,119 159,059 112,060 +70.5% YTD Shipments (Units) June 2021 June 2020 Unit Change % Change
Slide 17: European Caravan and Motorcaravan Registrations
(1) Source: European Caravan Federation; CYTD through June 30, 2021 and 2020; European retail registration data available at www.CIVD.de (2) Source: Statistical Surveys (www.statisticalsurveys.com) Country Caravans Motorcaravans Total CYTD June 30, % CYTD June 30, % CYTD June 30, % 2021 2020 Change
Slide 18: Investor Relations Contact
INVESTOR RELATIONS CONTACT Mark Trinske Vice President of Investor Relations mtrinske@thorindustries.com (574) 970-7912