Thor Industries, Inc. · NYSE:THO
Thor Industries — Q4 FY2019 Earnings Presentation
14 slides from Thor Industries's earnings presentation, Sep 30, 2019
Slide 1: Fourth Quarter and Full-Year 2019 Results
www.thorindustries.com FOURTH QUARTER AND FULL - YEAR 2019 RESULTS
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 Exchange A
Slide 3: Financial Highlights Fiscal Year 2019
3 $7.86 bn net sales $ 1.65 bn $ 4.56 bn $ 0.16 bn $ 1.49 bn > $480 mm reduction of acquisition - related debt to date (1) Includes FY 19 impact of $ 61 . 4 mm step - up in assigned value of acquired inventory, that was subsequently sold during the fiscal third quarter, to fair value less cost to se
Slide 4: Improved Margins Highlight Fourth Quarter of FY19
4 Improved Margins Highlight Fourth Quarter of FY19 Improved margins are primarily reflecting favorable product mix and improvements in material, labor and warranty cost percentages in the North American towable segment, our largest segment 23.3% Increase in Net Sales Net sales increased 23 . 3 % to
Slide 5: FY19 – Strong Operating Cash Generated
5 FY19 – Strong Operating Cash Generated Strong Operating Cash in FY19 Used to Pay Over $480 Million on Acquisition - Related Debt ABL Availability Availability under the ABL is approximately $ 589 million as of September 30 , 2019 Acquisition - Related Debt Term Loan Progress Based on our prepaymen
Slide 6: Inventory Rationalization Continues
6 Inventory Rationalization Continues Expected to be Completed by the End of Calendar 2019 During FY19, Thor was able to strategically manage down its inventory levels to improve its working capital North American Independent Dealer Inventory of Thor Products 103,400 138,500 109,700 94,500 • As of J
Slide 7: Fourth Quarter 2019 North American Towable Segment
7 Fourth Quarter 2019 North American Towable Segment $1.16 bn in Net Sales Net sales of travel trailers and fifth wheels decreased by 19 . 6 % and 14 . 6 % , respectively, as a result of the ongoing independent dealer inventory rationalization 16.0% Gross Margin Gross margin increased 260 basis poin
Slide 8: Fourth Quarter 2019 North American Motorized Segment
8 $387.4 mm in Net Sales Net sales of Class C increased by 18 . 9 % , while net sales of Class A decreased by 27 . 4 % , as a result of the ongoing independent dealer inventory rationalization Fourth Quarter 2019 North American Motorized Segment 9.6% in Gross Margin Gross margin was down 50 basis po
Slide 9: Fourth Quarter 2019 European Segment
9 $719.5 mm in Net Sales European RV segment represents the results of the recently - acquired Erwin Hymer Group (EHG) Fourth Quarter 2019 European Segment $96.1 mm in Gross Profit Gross profit of $ 96 . 1 million, or 13 . 4 % of net sales $852.7 mm in Backlog EHG's backlog is reflective of current
Slide 10: North American Towable, North American Motorized, European, Other
10 NORTH AMERICAN TOWABLE NORTH AMERICAN MOTORIZED EUROPEAN OTHER :
Slide 11: RV Industry Overview — North America
11 Calendar Year YTD June 2017 2018 2018 2019 Industry Retail Registrations (1) 471,100 units 487,893 units 269,576 units 244,809 units +13.2% +3.6% +7.8% (9.2)% Industry Wholesale Shipments (2) 504,599 units 483,672 units 271,588 units 216,581 units +17.2% (4.1)% +5.9% (20.3)% RV Industry Overview
Slide 12: RV Industry Overview — North America Wholesale Market Trends
12 RV Industry Overview — North America RV Wholesale Market Trends (Units 000's) Towable RV Wholesale Market Trends (Units 000's) YTD Shipments (Units) June 2019 June 2018 Unit Change % Change 216,581 271,588 (55,007) (20.3)% YTD Shipments (Units) June 2019 June 2018 Unit Change % Change 191,094 238
Slide 13: RV Industry Overview — Europe
13 RV Industry Overview — Europe (1) Source: European Caravan Federation (ECF), 2019 calendar YTD through June; European retail registration data available at www .CI VD.de (2) Source: Statistical Surveys (www.statisticalsurveys.com) Country Caravans Motorcaravans Total YTD June 30, % YTD June 30, %
Slide 14: Contact: Investor Relations
www.thorindustries.com CONTACT: Investor Relations Mark Trinske Vice President of Investor Relations mtrinske@thorindustries.com (574) 970 - 7912