Thor Industries, Inc. · NYSE:THO
Thor Industries — FY2022 Earnings Presentation
19 slides from Thor Industries's earnings presentation, Sep 28, 2022
Slide 1: Fiscal Year & Fourth Quarter Fiscal 2022 Financial Results
www.thorindustries.com FISCAL YEAR & FOURTH QUARTER FISCAL 2022 FINANCIAL RESULTS
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 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange
Slide 3: Fiscal Year 2022 Highlights
CONSOLIDATED NET SALES $16.31 BILLION Delivered record financial results, achieving highest net sales, gross margin, net income and net cash from operations in THOR’s history Exhibited resiliency of THOR’s business model and effectiveness of our management teams as we outperformed throughout fiscal
Slide 4: Fiscal Year 2022 Recap
FISCAL YEAR 2022 RECAP European $2.89 bn (9.8)% NA Motorized $3.98 bn +49.1% NA Towables $8.66 bn +39.2% Other $0.78 bn +246.7% Gross Margin 17.2% +180 bps (3) Diluted EPS $20.59 +73.8% (3) Net Sales $16.31 BILLION (1) (2) +32.4% (3) Net Cash from Operations $990.3 MILLION (1) Includes $501.1 millio
Slide 5: Fourth Quarter of Fiscal Year 2022
$767.0 $693.2 $2,763.7 $9,284.2 $2,571.0 $634.1 $458.8 $1,451.6 $4,014.7 $3,436.6 $852.7 $1,526.0 $3,559.1 $2,753.6 NA Towables NA Motorized European (4) Includes Tiffin backlog subsequent to the December 2020 acquisition of the Tiffin Group 07/31/18 07/31/19 07/31/20 European $0.81 bn 21.1% NA Moto
Slide 6: North American Towable Segment
($ billions) $1.73 $1.80 4QFY21 4QFY22 17.9% 15.2% 4QFY21 4QFY22 NET SALES Increased 3 . 8 % * driven by net selling price increases and a change in product mix, largely offset by a decrease in unit shipments GROSS PROFIT MARGIN Decreased ( 270 ) basis points* driven primarily by material cos
Slide 7: North American Motorized Segment
NET SALES Increased 24 . 5 % * driven primarily by net selling price increases and changes in product mix ($ millions) $823.1 $1,024.8 4QFY21 4QFY22 12.9% 18.0% 4QFY21 4QFY22 GROSS PROFIT MARGIN Increased 510 basis points* driven by net selling price increases, a reduction in sales discounts,
Slide 8: European Segment
EUROPEAN KEY DRIVERS • Strong order backlog of $2.75 billion • Production and unit shipments continue to be constrained by chassis supply • Dealer inventory levels remain at historically low levels NET SALES Decreased 16.8%* driven by a 14.0% decrease in unit shipments due supply shortages forei
Slide 9: Strong Financial Position
TOTAL LONG - TERM DEBT / TTM EBITDA (3) 1.0x TOTAL LONG - TERM DEBT / TTM ADJUSTED EBITDA (3) 0.9x STRONG FINANCIAL POSITION ($ millions) $351.4 $526.5 $352.7 $990.3 4QFY22 FY22 OPERATING CASH FLOW TOTAL LONG - TERM DEBT (1) ($ millions) (1) Total debt obligations as of July 31, 2022 inclusive of th
Slide 10: Capital Management
$119 $145 $149 $248 $341 $419 $467 $508 $541 $526 $990 $10 $24 $30 $42 $52 $115 $138 $130 $107 $129 $242 FY16 FY17 Net Cash from Operations FY18 FY19 Capital Expenditures FY12 FY13 FY14 FY15 FY20 FY21 FY22 CAPITAL MANAGEMENT CASH PRIORITIES Invest in THOR's business Pay THOR's dividend Reduce the Co
Slide 11: Fiscal Year 2023 Priorities
FISCAL YEAR 2023 PRIORITIES NAVIGATE NEAR - TERM VOLATILITY • Employ variable cost structure ◦ Adjust production rates ◦ Continuous cost control • Optimize dealer inventory levels ◦ Demand pull - through focus on towable production to maintain appropriate levels ◦ Mitigate motorized supply chain con
Slide 12: Appendix
APPENDIX 12
Slide 13: THOR Overview
THOR OVERVIEW The Global RV Industry Leader WHO WE ARE • Experienced growth - oriented team • Leading brands • Cash generation focus • Customer - centric innovation • 42 years of uninterrupted profitability FOUNDED IN 1980 ~32,000 EMPLOYEES (1) >400 WORLDWIDE FACILITIES (1) ~3,500 INDEPENDENT DEALER
Slide 14: THOR's Product Leadership
THOR’S PRODUCT LEADERSHIP ( 1 ) As of calendar YTD June 30 , 2022 . Data reported by Statistical Surveys, Inc is based on official state and provincial records . This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provi
Slide 15: Towable RV Wholesale Market Trends
120.8 121.1 156.5 176.5 201.3 194.3 192.2 199.5 229.1 249.7 239.1 298.3 207.6 250.6 258.9 323.0 334.5 298.1 208.6 217.1 227.6 152.4 257.6 282.8 312.8 326.9 442.0 376.0 426.1 359.4 389.6 544.0 445.1 368.9 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2
Slide 16: European Caravan and Motorcaravan Registrations
Country Caravans CYTD June 30, 2022 2021 % Change Motorcaravans CYTD June 30, 2022 2021 % Change Total CYTD June 30, 2022 2021 % Change Germany 14,217 14,111 0.8 % 40,985 48,728 (15.9) % 55,202 62,839 (12.2) % France 4,557 3,960 15.1 % 14,914 18,961 (21.3) % 19,471 22,921 (15.1) % U.K. 6,976 9,483 (
Slide 17: Consumer Trends Support Continued Long-Term RV Industry Growth
CONSUMER TRENDS SUPPORT CONTINUED LONG - TERM RV INDUSTRY GROWTH (2) Per data provided by KOA 17 Supported by Real Data from RVers 97 % of B van owners are happy with their units (1) 97 % of lightweight owners are happy with their purchase (1) 93 % of those owners intend to buy again (1) 95 % of new
Slide 18: Quarterly Adjusted EBITDA Reconciliation - FY 2022
18 QUARTERLY ADJUSTED EBITDA RECONCILIATION - FY 2022 ($ in thousands) Net Income 1QFY22 $ 244,803 2QFY22 $ 265,635 3QFY22 $ 346,018 4QFY22 $ 281,787 FY22 $ 1,138,243 Add Back: Interest Expense, Net 20,720 24,507 22,289 22,576 90,092 Income Taxes 68,039 80,618 116,389 56,575 321,621 Depreciation and
Slide 19: Investor Relations Contact
www.thorindustries.com INVESTOR RELATIONS CONTACT Michael Cieslak, CFA mcieslak@thorindustries.com (574) 294 - 7724