THOR Industries : Q1/FY 2025 INVESTOR PRESENTATION

Published: 2024-12-04 06:56:14 ET THO

FINANCIAL RESULTS

FIRST QUARTER

FISCAL 2025

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.

First Quarter Fiscal 2025 Results (1)

Net Sales

Gross Profit

Margin

$2.14 B

13.1%

Net Income

Diluted

(Loss)(2)

EPS (2)

$(1.8) M

$(0.03)

Adjusted

EBITDA (3)

EBITDA (3)

$81.7 M

$107.8 M

Unit

Shipments

42,394

(1)

For the fiscal quarter ended October 31, 2024

(2)

Attributable to THOR Industries, Inc.

(3)

See Appendix to this presentation for reconciliation of non-GAAP measures

3

to most directly comparable GAAP financial measures

We consist of a trusted family of brands that are loved by RV consumers

NORTH AMERICAN TOWABLE SEGMENT

EUROPEAN SEGMENT

NORTH AMERICAN MOTORIZED SEGMENT

4

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.

THOR CONSOLIDATED NET SALES (1)

FIRST QUARTER FISCAL 2025

$2.14 billion

(14.3)%(2)

European

North American

$604,903

28.2%

Towable

$898,778

41.9%

North American

Other, net

Motorized

$505,208

$133,895

23.6%

6.3%

FIRST QUARTER FISCAL 2024

$2.50 billion

European

North American

$708,201

28.3%

Towable

$945,454

37.8%

North American

Other, net

Motorized

$711,159

$135,945

28.4%

5.5%

(1)

$ in thousands

5

Quarter Fiscal 2025

Summary

First

THOR remains committed to our strategic approach resulting in strong performance relative to current market conditions

Q1

Q1

($ in thousands)

2025

2024

Change

Net Sales - Segments

North American Towable

$

898,778

$

945,454

(4.9)%

North American Motorized

505,208

711,159

(29.0)%

European

604,903

708,201

(14.6)%

Other, net

133,895

135,945

(1.5)%

Total

$

2,142,784

$

2,500,759

(14.3)%

Gross Profit Margin %

13.1%

14.3%

(120) bps

Net Income (Loss) (1)

$

(1,832)

$

53,565

(103.4)%

Diluted Earnings (Loss) per Share (1)

$

(0.03)

$

0.99

(103.0)%

EBITDA (2)

$

81,733

$

160,057

(48.9)%

Adjusted EBITDA (2)

$

107,782

$

166,918

(35.4)%

First Quarter Fiscal 2025 Highlights

(1)

Attributable to THOR Industries, Inc.

6

(2)

See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial

measures

North American Towable

Segment

Q1

Q1

Change

2025

2024

Net Sales (1)

$

898,778

$

945,454

(4.9)%

Gross Profit Margin %

12.5%

12.5%

0 bps

Wholesale Unit Shipments

30,018

28,107

6.8 %

Average Sales Price

$

29,941

$

33,638

(11.0)%

October 31,

October 31,

Change

2024

2023

Backlog (1)

$

933,051

$

795,798

17.2 %

Dealer Inventory (2)

65,109

71,624

(9.1)%

Fiscal 2025 First Quarter Key Drivers

7

North American Motorized

Segment

Q1

Q1

Change

2025

2024

Net Sales (1)

$

505,208

$

711,159

(29.0)%

Gross Profit Margin %

8.5%

11.2%

(270) bps

Wholesale Unit Shipments

3,741

5,582

(33.0)%

Average Sales Price

$

135,046

$

127,402

6.0 %

October 31,

October 31,

Change

2024

2023

Backlog (1)

$

963,141

$

1,237,547

(22.2)%

Dealer Inventory (2)

9,909

12,127

(18.3)%

Fiscal 2025 First Quarter Key Drivers

8

European Segment

Q1

Q1

Change

2025

2024

Net Sales (1)

$

604,903

$

708,201

(14.6)%

Gross Profit Margin %

15.3%

17.3%

(200) bps

Wholesale Unit Shipments

8,635

11,892

(27.4)%

Average Sales Price

$

70,052

$

59,553

17.6 %

October 31,

October 31,

Change

2024

2023

Backlog (1)

$

2,043,636

$

3,331,171

(38.7)%

Dealer Inventory (2)

25,363

21,909

15.8 %

Fiscal 2025 First Quarter Key Drivers

9

Liquidity, low leverage ratio and strong cash flow generation are unrivaled strengths of THOR's within the RV industry

As of October 31,

As of October 31,

($ in thousands)

2024

2023

Cash and Cash Equivalents

$

445,222

$

425,828

Availability under Revolving Credit Facility

865,000

998,000

Total Liquidity

$

1,310,222

$

1,423,828

Outstanding Debt (1)

$

1,091,397

$

1,305,297

Leverage Ratios (2)

Q1 FY

Q1 FY

2025

2024

Net Debt / TTM EBITDA

1.0 x

1.2 x

Net Debt / TTM Adjusted EBITDA

1.0 x

1.1 x

Cash Flow Generation

Q1 FY

Q1 FY

2025

2024

Cash from Operating Activities

$

30,740

$

59,668

10

Disclaimer

Thor Industries Inc. published this content on December 04, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 04, 2024 at 11:55:05.289.