Thor Industries, Inc. · NYSE:THO
Thor Industries — Q4 2024 Earnings Presentation
22 slides from Thor Industries's earnings presentation, Sep 24, 2024
Slide 1: Financial Results Fourth Quarter Fiscal 2024
FINANCIAL RESULTS FOURTH QUARTER FISCAL 2024
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: Fiscal 2024 Results
Cash from Operations $545.5 M 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. Unit Shipments 186,908 Approximately 22K Team Members Dis
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: World's largest manufacturer of recreational vehicles: net sales by segment
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. NET SALES BY SEGMENT (1) Other, net $552,907 5.5% United States $6,190,597 61.6% Germa
Slide 6: Fiscal Year 2024 Highlights
6 Change FY 2023 FY 2024 Change Q4 2023 Q4 2024 ($ in thousands) Net Sales – Segments (12.4)% $ 4,202,628 $ 3,679,671 0.1 % $ 930,661 $ 931,856 North American Towable (26.2)% 3,314,170 2,445,850 (21.2)% 656,128 517,319 North American Motorized 10.8 % 3,037,147 3,364,980 (7.4)% 1,019,156 943,424 Euro
Slide 7: North American Towable Segment
7 Fourth Quarter Fiscal 2024 Key Drivers • Net sales were flat year - over - year on approximately 16 % higher shipment volume as product mix shifted toward our lower - cost travel trailers, along with sales price reductions compared to the prior - year period • Gross profit margin percentage increa
Slide 8: North American Motorized Segment
North American Motorized Segment Fourth Quarter Fiscal 2024 Key Drivers • Softening independent dealer and consumer demand led to decreased net sales and higher sales discounts compared to the prior - year period • Increased gross profit margin percentage primarily driven by decreased material, labo
Slide 9: European Segment
9 European Segment Fourth Quarter Fiscal 2024 Key Drivers • Net sales decreased 7 . 4 % , driven by a 14 . 6 % 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 conce
Slide 10: Outstanding Debt, Liquidity and Leverage
10 $ 1,327,405 $ 1,151,279 Outstanding Debt (1) ($ in thousands) As of July 31, 2024 As of July 31, 2023 $ 441,232 $ 501,316 Cash and Cash Equivalents 940,000 814,000 Availability under Revolving Credit Facility $ 1,381,232 $ 1,315,316 Total Liquidity Leverage Ratios (2) FY 2024 FY 2023 1.0 x 0.9 x
Slide 11: Capital Management Priorities and Fiscal 2024 Actions
11 Capital Management PRIORITIES AND FISCAL 2024 ACTIONS Invest in THOR’s business ▪ Capex spending of $139.6 million for Fiscal 2024, well under our original Capex plan as we adjusted non - critical spend due to market conditions Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.48 i
Slide 12: Key takeaways from FY 2024
12 Interest in the RV lifestyle remains high despite macroeconomic uncertainties facing our independent dealers and consumers, particularly in North America North American operating companies produced strong margins relative to current market conditions due to production optimization and strategic i
Slide 13: Full-Year Fiscal 2025 Guidance
13 Full - Year Fiscal 2025 Guidance ▪ We expect the global RV market will continue to be challenging throughout our upcoming fiscal year which ends July 31 , 2025 ▪ We foresee market headwinds that will impact full - year performance in both our North American Motorized and European segments ▪ We wi
Slide 14: Appendix
14 Appendix
Slide 15: RV retail market share by category
( 1 ) All retail information presented is for the CYTD period through June 30 , 2024 . ( 2 ) 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 and motorized 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 and retail market share
17 RV Industry Overview THOR Forest River Winnebago Grand Design Gulfstream REV Group All Others 2024 Motorized 21,382 units 2023 Motorized 25,584 units 2023 Towable 186,292 units 47.2% 49.1% 41.5% 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 Six Months Ended June 30, 2024 2023 Motorcaravans & Campervans Six Months Ended June 30, 2024 2023 Change Change Caravans Six Months Ended June 30, 2024 2023 Country 6.6 % 54,299 57,893 9.3 % 41,500 45,344 (2.0)% 12,799 12,549 Germany 6.0 % 17,980 19,058 9.2 % 13,733 15,002 (4.5)% 4,
Slide 19: Real data from RVers underpins long-term RV industry growth
19 RV rentals lead to potential ownership Significant growth in RV ownership RV Owner future purchase intent is high RVers plan to travel this fall 95 % of new RV owners plan to purchase another RV in the future ( 3 ) 79% of American RVers, or 27 million people, intend to go RVing this fall (2) 97 %
Slide 20: Additional Historical Metrics
20 Additional Historical Metrics $5,548,643 $3,280,075 $756,047 $552,379 $1,242,936 $776,903 $3,549,660 $1,950,793 NA Towables NA Motorized European 7/31/23 7/31/24 58,300 127,000 87,500 75,000 Inventory Units 7/31/21 7/31/22 7/31/23 7/31/24 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUC
Slide 21: Adjusted EBITDA reconciliation
( 1 ) Includes $ 7 , 566 of costs associated with the debt amendment for 2 QFY 24 as discussed in Note 13 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10 - K for the period ended July 31 , 2024 ( 2 ) Total debt obligations as of July 31 , 2024 inclusive of the curr
Slide 22: Investor Relations Contact
www.thorindustries.com INVESTOR RELATIONS CONTACT Jeff Tryka, CFA Lambert Global jtryka@lambert.com (616) 295 - 2509