Thor Industries, Inc. · NYSE:THO
Thor Industries — Q3 FY2024 Earnings Presentation
19 slides from Thor Industries's earnings presentation, Jun 5, 2024
Slide 1: Third Quarter of Fiscal 2024 Financial Results
www.thorindustries.com THIRD QUARTER OF FISCAL 2024 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: Third Quarter Fiscal 2024 Summary
THIRD QUARTER FISCAL 2024 SUMMARY THIRD QUARTER FISCAL 2024 HIGHLIGHTS ▪ Financial performance in line with expectations and reflects efforts to manage the near - term environment while continuing to support independent dealers in managing inventory levels ▪ European segment delivered another strong
Slide 4: Third Quarter Fiscal 2024 Recap
$2,209.3 $14,324.0 $13,877.8 $5,494.5 $3,602.3 $857.9 $7,429.7 $6,899.7 $757.1 $741.3 $548.0 $3,550.3 $4,100.0 $1,263.1 $925.8 $803.5 $3,344.0 $2,878.1 $3,474.3 $1,935.1 4/30/20 4/30/21 4/30/22 4/30/23 4/30/24 European $931.1 33.2% NA Motorized $646.9 23.1% NA Towable $1,071.4 38.2% Other $151.7 5.5
Slide 5: North American Towable Segment
($ in Millions) Third Quarter Fiscal 2024 Net Sales YOY Change Gross Profit YOY Change Gross Profit Margin YOY Change $1.07 billion (4.7)% $138.1 million (4.1)% 12.9% +10 bps NORTH AMERICAN TOWABLE SEGMENT 5 Key Drivers ▪ Unit shipments increased 15 . 1 % primarily due to heightened demand for lower
Slide 6: North American Motorized Segment
($ in Millions) Third Quarter Fiscal 2024 Net Sales YOY Change Gross Profit YOY Change Gross Profit Margin YOY Change $646.9 million (18.7)% $71.8 million (23.1)% 11.1% (60) bps NORTH AMERICAN MOTORIZED SEGMENT 6 Key Drivers ▪ Unit shipments decreased 20 . 0 % due to subdued current dealer and consu
Slide 7: European Segment
EUROPEAN SEGMENT Key Drivers ▪ Net sales increase driven by a 1 . 5 % decrease in unit shipments and an 8 . 9 % increase in the overall net price per unit due to the total combined impact of changes in product mix and price ▪ 3 Q 24 product mix included higher concentration of sales of Motorcaravans
Slide 8: Strong Financial Position
$1,369.8 NET DEBT / TTM EBITDA 1.2x NET DEBT / TTM ADJUSTED EBITDA 1.2x $1,263.8 STRONG FINANCIAL POSITION ($ millions) $288.8 $474.1 $251.7 $207.5 FY24 YTD OPERATING CASH FLOW TOTAL LONG - TERM DEBT (1) ($ millions) LIQUIDITY (2) ($ millions) SELECTED FINANCIAL RATIOS (2) (3) TLB $703.7 Senior Unse
Slide 9: Capital Management Priorities and Fiscal 2024 Actions
9 CAPITAL MANAGEMENT PRIORITIES AND FISCAL 2024 ACTIONS Invest in THOR’s business ▪ Capex spending of $106.1 million FYTD Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.48 in October 2023 ▪ Represents 14 th consecutive year of dividend increases Reduce the Company's debt obligation
Slide 10: Full-Year Fiscal 2024 Guidance
FULL - YEAR FISCAL 2024 GUIDANCE OUTLOOK ASSUMPTIONS ▪ Full - year fiscal 2024 outlook has been revised to reflect the persistence of challenging market conditions affecting North American independent dealers and consumers into the fourth quarter of fiscal 2024 , resulting in reduced consolidated ne
Slide 11: Key Takeaways
KEY TAKEAWAYS Continue to align production and wholesale shipments to reflect current cautious dealer outlook to position THOR and its North American dealers with appropriate inventories as Spring selling season concludes and we approach the 2025 model year changeover Strong financial performance in
Slide 12: Appendix
APPENDIX 12
Slide 13: The Global RV Industry Leader: THOR Snapshot
The Global RV Industry Leader THOR SNAPSHOT (1) (1) As of July 31, 2023 Founded 1980 Headquarters Elkhart, Indiana Countries with Distribution 25+ Team Members 24,900 Countries with Manufacturing 6 Facilities Worldwide >400 Independent Dealership Locations 3,500 NET SALES BY SEGMENT (1) NET SALES BY
Slide 14: THOR's Product Leadership
THOR’S PRODUCT LEADERSHIP ( 1 ) All retail information presented is for the CYTD period through March 31 , 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 continuou
Slide 15: Towable RV Wholesale Market Trends
120.8 121.1 156.5 176.5 201.3 194.3 192.2 199.5 229.1 249.7 239.1 207.6 250.6 258.9 298.3 323.0 334.5 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 442.0 426.1 376.0 359.4 389.6 544.0 434.9 267.3 301.5 343.5 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Slide 16: Europe Retail Registrations
Europe (1) Source : European Caravan Federation; CYTD March 31, 2024 and 2023; European retail registration data available at www.CIVD.de % Change Total Three Months Ended March 31, 2024 2023 % Change Motorcaravans Three Months Ended March 31, 2024 2023 % Change Caravans Three Months Ended March 31,
Slide 17: Consumer Trends Support Long-Term RV Industry Growth
RVs are a preference for those who camp Strong interest in the RV lifestyle by consumers RV Owner future purchase intent is high Significant growth in RV usage 96 % increase in RV usage since 2014 (+6.4 million households) (2) CONSUMER TRENDS SUPPORT LONG - TERM RV INDUSTRY GROWTH Supported by Real
Slide 18: Quarterly EBITDA Reconciliation
18 QUARTERLY EBITDA RECONCILIATION ($ in thousands) TTM Fiscal Quarters TTM 3QFY24 2QFY24 1QFY24 4QFY23 3QFY23 $ 265,218 $ 113,577 $ 5,326 $ 55,033 $ 91,282 $ 119,729 Net Income Add Back: 92,901 21,830 28,229 20,197 22,645 26,362 Interest Expense, Net (1) 88,521 28,773 1,568 17,549 40,631 35,722 Inc
Slide 19: Investor Relations Contact
www.thorindustries.com INVESTOR RELATIONS CONTACT Jeff Tryka, CFA Lambert Global jtryka@lambert.com (616) 295 - 2509