www.thorindustries.com
Forward Looking Statements


2

This presentation includes certain statements that are “forward looking” statements withi...
Who is THOR


The sole owner of operating subsidiaries that represent one of the world’s largest
manufacturers of recreat...
THOR’s Product Range
Travel Trailers

FY2013 Sales*
Fifth Wheels
Motorized
RV's
$591,542
18%

Specialty Trailers

Motor Ho...
THOR Subsidiaries: RV

5
Why Invest in THOR




Sustainable Business Model
• Successfully weathered a severe downturn
• Increased capital investm...
What Makes THOR Different


Proven business model:
• Entrepreneurial and decentralized
• No ivory tower: approximately 8,...
THOR’s Competitive Advantages




Strong market share in all RV reportable segments
• Provides scale and purchasing powe...
RV Industry Conditions


Currently a competitive environment, though improved from year ago
• Top three RV competitors ac...
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RV: State of Balance


Dealers
•
•
•
•
•



Continued optimism
Right-sized towable inventory
Lean motorized inventory
Ac...
THOR RV Dealer Inventory


Total Dealer inventory remains appropriate for current conditions,
towable inventory is stable...
The RV Market Ahead


Dealer inventories remain appropriate for consumer demand on towables, motorized
inventory is relat...
Acquisition of Bison Coach




On October 31, 2013 Thor acquired the net assets of specialty trailer manufacturer
Bison ...
Acquisition of Livin’ Lite








17

On August 30, 2013 Thor acquired the assets of innovative RV manufacturer Livin...
RV Open House




Traffic was very strong with initial dealer attendance up more than 30% from 2012



18

On September...
Three-Year Strategic Plan








Thor’s management team recently developed a three-year strategic plan focused on
gro...
Sale of the Bus Business




On July 31, 2013 Thor announced an agreement to sell its bus business to Allied
Specialty V...
Comments on 1st Quarter 2014 Preliminary Sales




Towable RV revenue softened in the quarter to $625.7 million, down 2....
Comments on 4th Quarter 2013 Results




Net income from continuing operations for the fourth quarter was $55.2 million,...
THOR - Key Takeaways


Profitable every year since inception



Successfully weathered a severe downturn



Increased c...
Appendix: Financial & Market Data
Corporate Integrity




No golden parachutes
No ‘pro forma’ earnings. We report net income, not adjusted earnings to cov...
THOR’s RV Competitive Advantage
U.S. Retail Registrations (units)

THOR*
Forest River**
Jayco
Winnebago
K-Z Inc.
Fleetwood...
Sales, continuing operations ($ millions)
Fiscal years ended July 31, Year-to-Date through October 31

$3,242
$2,640
$2,34...
Net Income ($ millions)
Fiscal years ended July 31, continuing operations
$151.7

$111.4
$91.2

$91.6

2010

2011

$2.5
20...
Diluted EPS
Fiscal years ended July 31, continuing operations

$2.86

$2.07
$1.72

$1.66

2010

2011

$0.04
2009

29

2012...
4th Quarter Financial Summary
Net Sales
Gross Profit
% of Sales
SG&A
% of Sales
Impairment charges
% of Sales
All Other
In...
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2...
Thor RV Retail Market Share: Units
Towable Retail Share*

Class A/C Retail Share*
36.9%

Class B Retail Share*

36.6%

36....
www.thorindustries.com
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First quarter 2014 investor presentation

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First quarter 2014 investor presentation

  1. 1. www.thorindustries.com
  2. 2. Forward Looking Statements  2 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 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon Thor Industries, Inc., and inherently involve uncertainties and risks. These forward looking statements are not a guarantee of future performance. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, interest rate fluctuations, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, the impact of the divestiture of the Company's bus businesses, asset impairment charges, cost structure improvements, competition and general economic, market and political conditions and the other risks and uncertainties discussed more fully in ITEM 1A. of our Annual Report on Form 10-K for the year ended July 31, 2013. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this presentation or to reflect any change in our expectations after the date of this presentation or any change in events, conditions or circumstances on which any statement is based, except as required by law.
  3. 3. Who is THOR  The sole owner of operating subsidiaries that represent one of the world’s largest manufacturers of recreation vehicles • Founded in 1980 by Wade Thompson & Peter Orthwein with the acquisition of Airstream, Inc. • #1 in overall RV 34.5% of market* • #2 in Travel Trailers 33.0% of market* • #1 in Fifth Wheels 50.6% of market* • #2 in Motorhomes 23.9% of market**   Approximately 8,300 employees***  107 facilities in 4 US states***  3 On July 31, 2013, Thor announced the sale of its bus business to Allied Specialty Vehicles for $100 million in cash subject to customary closing conditions. This sale closed on October 21, 2013 6.5 million square feet under roof*** Source: *Statistical Surveys, Inc., YTD U.S. and Canada units YTD August 2013 **Motorhomes includes Class A, B and C *** as of July 31, 2013 (continuing operations)
  4. 4. THOR’s Product Range Travel Trailers FY2013 Sales* Fifth Wheels Motorized RV's $591,542 18% Specialty Trailers Motor Homes Towable RV's $2,650,253 82% *Fiscal year ended July 31, 2013, continuing operations ($ in thousands) 4
  5. 5. THOR Subsidiaries: RV 5
  6. 6. Why Invest in THOR   Sustainable Business Model • Successfully weathered a severe downturn • Increased capital investments position Thor for growth and margin improvement over the long term  6 Disciplined, Profitable Growth • Profitable every year since 1980 • All time record $3.2 billion sales FY2013, up 23% from FY2012 • $2.6 billion sales in FY2012, up 13% from $2.3 billion sales in FY2011 • FY2013 net income from continuing operations of $151.7 million, up 36% from FY2012 • FY2013 EPS from continuing operations of $2.86, up 38% from $2.07 in FY2012, FY2013 EPS of $2.88, up 27% from $2.26 in FY2012 Solid Balance Sheet • Cash and cash equivalents of $236.6 million on July 31, 2013 • Operations historically generate significant cash • Solid history of dividends, increased from $0.18 to $0.23 at the beginning of FY14
  7. 7. What Makes THOR Different  Proven business model: • Entrepreneurial and decentralized • No ivory tower: approximately 8,300 employees, only 40 in corporate staff* • Decision-making driven by the customer • Big, but nimble • Best management team in the business, as proven by sustained performance  An innovator in each of its business segments  Significant RV market leadership: • Best positioned in towable RVs, historically fastest growing area • #2 in Motorhomes, poised for continued growth • Well positioned as a leading innovator in the RV market to meet the demands of dealers and consumers  Strong balance sheet to support growth and shareholder returns * as of July 31, 2013 (continuing operations) 7
  8. 8. THOR’s Competitive Advantages   Strong market share in all RV reportable segments • Provides scale and purchasing power • Low cost producer  Balance sheet supports acquisitions and organic growth  Meaningful, strategic capacity  Diversified lineup of innovative product offerings  Preferred partnership in retail/wholesale financing  8 Focus on assembly - not heavy manufacturing • Limited vertical integration – only where it makes sense • Flexibility – performance in any market condition • Low overhead costs • High return on assets employed Strength to pay warranty and honor repurchase agreements, important to dealers and consumers
  9. 9. RV Industry Conditions  Currently a competitive environment, though improved from year ago • Top three RV competitors account for 79.9% of industry units* • “Flight to quality” – consumers, dealers, lenders all seek to do business with strong companies like Thor  Industry better balanced today  Pricing & promotional environment remains competitive, but improved over prior year  Consumer confidence better than last year, but fell to 73.2 in October 2013 from 77.5 in September and 82.6 a year ago as the government shut down and continued soft economic conditions weighed on consumers**  Wholesale and Retail lenders are prudent - applying “healthy discipline”  RV buyers seek the “power of choice” – want variety in brands and models *Source: Statistical Surveys, Inc., U.S. and Canada YTD August 2013 ** Source: University of Michigan Preliminary Consumer Sentiment Index for October 2013 9
  10. 10. 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (e) 2014 (e) 10 196.6 215.7 186.9 189.9 211.7 215.8 187.9 173.1 163.1 203.4 227.8 259.2 247.0 247.5 254.5 292.7 321.2 300.1 256.8 311.0 320.8 370.1 384.4 390.5 353.4 237.0 165.7 242.3 252.3 285.8 319.3 334.3 107.2 133.6 140.6 199.2 441.1 413.9 389.9 295.8 339.6 RV Market Wholesale Trends: Units (000’s) Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013
  11. 11. 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (e) 2014 (e) 11 96.6 Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013 13.2 25.2 24.8 28.2 37.1 38.7 69.5 82.0 68.7 67.7 73.7 72.8 61.1 52.3 41.9 46.9 51.3 58.2 52.8 55.3 55.1 63.5 71.5 61.0 49.2 60.4 62.0 71.7 61.4 55.8 55.4 28.4 28.5 35.4 41.2 64.1 68.9 156.1 160.2 157.2 RV Market Motorized Wholesale Trends: Units (000’s)
  12. 12. 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (e) 2014 (e) 12 Historical Data: Recreation Vehicle Industry Association, excluding camping trailers and truck campers, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013 138.3 254.6 281.3 292.4 261.7 199.2 212.9 242.9 267.7 281.1 185.1 49.1 58.1 59.5 82.8 85.3 75.4 78.2 86.2 89.6 82.9 80.4 77.6 102.6 113.6 128.3 121.2 123.9 131.6 155.0 178.0 176.8 156.9 195.8 214.4 90.2 189.7 167.9 159.8 126.3 150.6 RV Market Towable Wholesale Trends: Units (000’s)
  13. 13. RV: State of Balance  Dealers • • • • •  Continued optimism Right-sized towable inventory Lean motorized inventory Access to wholesale credit Financial health Consumers • • • • • Better access to retail credit Confidence better than prior year Low interest rates Great demographic trends Will shorten trips to reduce fuel usage Backlog: October 31 ($ millions) RV 2012 % change Towables $420 $370 +14% Motorized $313 $147 +113% TOTAL 13 2013 $733 $517 +42%
  14. 14. THOR RV Dealer Inventory  Total Dealer inventory remains appropriate for current conditions, towable inventory is stable, motorized inventory is somewhat light  Dealer inventory at July 31, 2013 up 16.9% compared with July 31, 2012, in line with 18.7% RV sales growth in the fiscal fourth quarter  Lenders still comfortable with current dealer inventory turns and current credit line utilization, recently turns have increased resulting in reduction in average age of Thor units on dealers’ lots Dealer Inventory: July 31 (units) 2013 RV 14 2012 % change 57,473 49,166 +16.9%
  15. 15. The RV Market Ahead  Dealer inventories remain appropriate for consumer demand on towables, motorized inventory is relatively low  Retail demand has driven rebound in towables, rebound in motorized still in early stage  Wholesale & Retail units should be fairly balanced going forward Calendar Year 2010 2011 2012 2013 YTD Industry Retail Registrations* 226,776 units (+10.6%) 246,180 units (+8.6%) 262,803 units (+6.8%) 229,138 units (+12.9%) Industry Wholesale Shipments** 242,300 units (+46.2%) 252,407 units (+4.1%) 285,749 units (+13.2%) 226,125 units (+11.8%) * Statistical Surveys, inc., includes US and Canada. 2010, 2011 & 2012 Full Year Actual, 2013 YTD through August ** RVIA wholesale shipments for full years 2010, 2011 and 2012, 2013 YTD through August 15
  16. 16. Acquisition of Bison Coach   On October 31, 2013 Thor acquired the net assets of specialty trailer manufacturer Bison Coach based in Milford, Indiana for approximately $16.7 million in cash, subject to post-closing adjustments Bison’s products include an innovative line of equine trailers with Living Quarters (LQ), constructed of light-weight aluminum and aluminum over steel construction   16 Bison is a leader in equine LQ trailers, and they are one of only two competitors that construct their own living quarters, an area where Thor can leverage its RV expertise The equine trailer market is about 21,000 units for annual sales of approximately $375 million, a market where Thor currently has no penetration
  17. 17. Acquisition of Livin’ Lite     17 On August 30, 2013 Thor acquired the assets of innovative RV manufacturer Livin’ Lite based in Wakarusa, Indiana for approximately $18 million in cash, subject to working capital adjustments Livin’ Lite’s products are complementary to existing product lines, with light-weight aluminum construction targeting a niche market within the overall RV market Livin’ Lite also provides an entry into two markets that Thor subsidiaries have not participated in – folding camping trailers and truck campers Lightweight products are typically sold at a modest premium compared to traditional products, with opportunities for growth through licensing agreements with Jeep and others
  18. 18. RV Open House   Traffic was very strong with initial dealer attendance up more than 30% from 2012  18 On September 17-19, 2013, Thor held its annual dealer open house in Elkhart, Indiana Broad variety of new products introduced for the 2014 model year, including the new Vegas and Axis Class A motorhomes – built on a Ford E-series chassis that is available and ideal for a smaller motorhome (under 27 feet) at a lower total cost (approx. $70,000)
  19. 19. Three-Year Strategic Plan     Thor’s management team recently developed a three-year strategic plan focused on growth and margin improvement The Strategic Plan was developed using a bottoms-up approach involving each of the Company’s operating subsidiaries and management teams Key elements of growth include product innovation and capacity expansion – targeting mid- to high-single-digit growth Key elements of margin expansion include improved product quality, value added content and features, and volume leverage – targeting 200 basis points of gross margin improvement over the planning horizon RV Expansion  On June 3, 2013, Thor acquired the RV production facilities in Wakarusa, Indiana formerly operated by Navistar to expand motorized production to meet current demand and to vertically integrate RV paint operations   19 Nearly one million square feet of production space and 35 paint booths on 150 acres Initial production line for Class A diesel and high-end gas began operations in midOctober with a second line planned for the second quarter of fiscal 2014
  20. 20. Sale of the Bus Business   On July 31, 2013 Thor announced an agreement to sell its bus business to Allied Specialty Vehicles for $100 million in cash, subject to closing adjustments. The sale closed on October 21, 2013 Thor’s bus business includes Champion Bus, Inc., General Coach America, Inc., Goshen Coach, Inc., El Dorado National California, Inc., and El Dorado National Kansas, Inc. which generated sales of $448 million for the fiscal year ended July 31, 2013  The Company does not anticipate any impairment to goodwill or intangible assets of the bus business as a result of the sale  Divesting the bus business will allow Thor to focus on maintaining and growing the Company’s leadership position in the core RV business  20 Results of the Bus segment are presented as discontinued operations in Thor’s annual report filed on Form 10-K for the year ended July 31, 2013, and have been excluded from this presentation
  21. 21. Comments on 1st Quarter 2014 Preliminary Sales   Towable RV revenue softened in the quarter to $625.7 million, down 2.1% from last year as we took a disciplined approach to better balance production with demand  Ongoing strength in motorized RVs, as the market recovery continued to gain momentum, motorized sales increased 44.8% to $176.9 million for the first quarter of 2014  Dealers remain optimistic, dealers and lenders comfortable with current inventory levels overall, as towable inventory is appropriate for current demand, while motorized inventory is somewhat less than ideal  21 Strong sales growth in motorized offset by somewhat softer towable sales resulting in a 5.4% increase in sales from continuing operations of $802.6 million Increasing RV backlog, total backlog up 41.9% to $733.2 million. Towable backlog increased 13.5% to $419.8 million while motorized backlog more than doubled to $313.4 million. Motorized backlog was impacted by continued gas Class A chassis supply issues
  22. 22. Comments on 4th Quarter 2013 Results   Net income from continuing operations for the fourth quarter was $55.2 million, up 35% from $40.9 million in the prior-year fourth quarter. Diluted earnings per share (EPS) from continuing operations for the fourth quarter was $1.04, up 35% from $0.77 in the fourth quarter last year.  Including discontinued operations from the Bus business, net income was $58.2 million, up 31% from $44.4 million in the fourth quarter of fiscal 2012. Diluted EPS including discontinued operations was $1.09, up 30% from $0.84 in the fourth quarter last year.  Towable RV sales were $745.8 million, up 13% from $662.1 million in the prior-year period. Income before tax was $76.4 million, up 41% from $54.2 million in the fourth quarter last year. Towable RV income before tax increased to 10.2% of revenues from 8.2% a year ago, as a result of increased volumes and specific actions taken to improve operating efficiencies.  22 Consolidated sales for the fourth quarter of fiscal 2013 were $914.0 million, up 19% from $769.9 million in the fourth quarter last year, based on strong growth in motorized recreational vehicle (RV) sales and more modest growth in towable RV sales. Motorized RV sales were $168.2 million, up 56% from $107.8 million in the prior-year fourth quarter. Income before tax was $13.5 million, up 85% from $7.3 million last year. As a percent of revenues, motorized RV income before tax rose to 8.0% of revenues from 6.8% a year ago, driven by improved product mix, volumes and enhanced operating efficiencies.
  23. 23. THOR - Key Takeaways  Profitable every year since inception  Successfully weathered a severe downturn  Increased capital investments position Thor for growth and margin improvement over the long term  #1 overall RV market share in North America*  Rock-solid balance sheet. Significant cash on hand and historic cash generation  Diversified and innovative products  Strong consumer, dealer and lender relationships  Experienced Team * Statistical Surveys, Inc., YTD U.S. and Canada units YTD August 2013 23
  24. 24. Appendix: Financial & Market Data
  25. 25. Corporate Integrity   No golden parachutes No ‘pro forma’ earnings. We report net income, not adjusted earnings to cover up performance   25 Consistent focus on shareholder value Simple compensation philosophy: • Mainly cash compensation, without a cap, based on pre-tax income – a true pay for performance philosophy • Shift focus from stock options to restricted stock units
  26. 26. THOR’s RV Competitive Advantage U.S. Retail Registrations (units) THOR* Forest River** Jayco Winnebago K-Z Inc. Fleetwood*** Subtotal All Others Grand Total YTD 8/31/13 Total Share % 78,975 34.5% 76,980 33.6% 27,007 11.8% 6,037 2.6% 6,093 2.7% 4,582 2.0% 199,674 87.1% 29,464 12.9% 229,138 100.0% Y/E 12/31/12 Total Share % 91,960 35.0% 81,871 31.2% 30,913 11.8% 7,053 2.7% 7,210 2.7% 5,839 2.2% 224,846 85.6% 37,957 14.4% 262,803 100.0% Source: Statistical Surveys, Inc., U.S. and Canada YTD August 2013 * Thor includes Livin’ Lite and Bison Coach ** Forest River includes Palomino, Coachmen, Prime Time, Shasta and Dynamax *** Fleetwood includes Monaco and Navistar RV 26 Y/E 12/31/11 Total Share % 85,636 34.8% 74,035 30.1% 29,333 11.9% 5,549 2.3% 6,778 2.8% 6,168 2.5% 207,499 84.3% 38,681 15.7% 246,180 100.0% Y/E 12/31/10 Total Share % 78,903 34.8% 64,005 28.2% 25,785 11.4% 5,808 2.6% 6,368 2.8% 6,913 3.0% 187,782 82.8% 38,994 17.2% 226,776 100.0%
  27. 27. Sales, continuing operations ($ millions) Fiscal years ended July 31, Year-to-Date through October 31 $3,242 $2,640 $2,340 $1,849 $1,115 761.4 2009 27 2010 2011 2012 2013 802.6 2013 YTD 2014 YTD
  28. 28. Net Income ($ millions) Fiscal years ended July 31, continuing operations $151.7 $111.4 $91.2 $91.6 2010 2011 $2.5 2009 28 2012 2013
  29. 29. Diluted EPS Fiscal years ended July 31, continuing operations $2.86 $2.07 $1.72 $1.66 2010 2011 $0.04 2009 29 2012 2013
  30. 30. 4th Quarter Financial Summary Net Sales Gross Profit % of Sales SG&A % of Sales Impairment charges % of Sales All Other Income Before Tax % of Sales Income Taxes Net Income (cont. ops.) Diluted EPS (cont. ops.) 2013 2012 % Change 914.0 769.9 18.7% 140.2 102.3 37.0% 15.3% 13.3% 53.7 42.4 26.9% 5.9% 5.5% 2.0 0.0 n/a 0.2% 0.0% 1.7 1.7 82.8 58.2 42.3% 9.1% 7.6% 27.6 17.3 55.2 40.9 35.0% $ 1.04 $ 0.77 35.1% Order Backlog Towables 228.4 224.6 Motorized 213.1 110.8 Total 441.5 335.4 *Amounts in thousands except per share data 30 1.7% 92.4% 31.7% Net Sales by segment: • Towables +12.6%, motorized +56.0% Income before tax by segment: • Towables 10.2%, up from 8.2% • Towable results include $2 million asset impairment charge • Volume leverage and actions to improve operating efficiency • Motorized 8.0%, up from 6.8% • Volume leverage • EPS from continuing operations of $1.04 up from $0.77 in fourth quarter of 2012
  31. 31. 1Q2006 2Q2006 3Q2006 4Q2006 1Q2007 2Q2007 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 Quarterly Thor RV Unit Shipments 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 31
  32. 32. Thor RV Retail Market Share: Units Towable Retail Share* Class A/C Retail Share* 36.9% Class B Retail Share* 36.6% 36.5% 35.7% 32.9% 26.9% 24.0% 14.8% 16.1% 17.8% 19.5% 20.1% 21.6% 15.8% 14.4% 12.4% 6.7% 2.6% 2008 • 32 2009 2010 2011 Source: Statistical Surveys, U.S. and Canada measured at calendar year end, 2013 YTD as of August 31, 2013 2012 2013 YTD
  33. 33. www.thorindustries.com
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