8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 28, 2022

_______________________________

THOR Industries, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	1-9235	93-0768752
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

601 East Beardsley Avenue

Elkhart, Indiana 46514-3305

(Address of Principal Executive Offices) (Zip Code)

(574) 970-7460

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (Par value $.10 Per Share)	THO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On September 28, 2022, THOR Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the fourth quarter and full-year ended July 31, 2022. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The Company also posted an updated investor slide presentation and a list of investor questions and answers to the “Investors” section of its website. A copy of the Company’s slide presentation and investor questions and answers are attached hereto as Exhibit 99.2 and 99.3, respectively, and are incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

The slide presentation attached hereto as Exhibit 99.2, and incorporated by reference herein, also provides updated information on industry wholesale shipments and retail market share. The Company also posted an updated list of investor questions and answers to the “Investors” section of its website. A copy of the Company's investor questions and answers is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

In accordance with general instruction B.2 to Form 8-K, the information set forth in Items 2.02 and 7.01 of this Form 8-K (including Exhibits 99.1, 99.2 and 99.3) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing thereunder or under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Copy of press release, dated September 28, 2022, issued by the Company
99.2	Copy of investor slide presentation, posted on the Company’s website on September 28, 2022
99.3	Copy of investor questions and answers posted on the Company’s website on September 28, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THOR Industries, Inc.
Date: September 28, 2022	By:	/s/ Colleen Zuhl
		Colleen Zuhl
		Senior Vice President and Chief Financial Officer

EX-99.1

EXHIBIT 99.1

THOR Industries Delivers Record Fourth Quarter And Fiscal 2022 Results

FISCAL 2022 NET SALES TOP $16.3 BILLION WITH EARNINGS PER SHARE OF $20.59

Fiscal Fourth Quarter 2022 Highlights

• Net sales for the fourth quarter were $3.82 billion, an increase of 6.4% as compared to the fourth quarter of fiscal 2021.
• Consolidated gross profit margin for the fourth quarter was 17.5%, a 90 basis point improvement over the comparable prior-year period.
• Earnings per share for the fourth quarter were $5.15 per diluted share, an increase of 25.0% as compared to $4.12 per diluted share in the same period of the prior fiscal year.
• During the fourth quarter, the Board of Directors approved an additional authorization for share repurchases of approximately $450 million, raising the total authorization granted by the Board during fiscal 2022 to approximately $700 million.

Fiscal Year 2022 Highlights

• Net sales for fiscal year 2022 were $16.31 billion, an increase of 32.4% as compared to fiscal year 2021.
• Earnings per share for fiscal year 2022 were $20.59 per diluted share, an increase of 73.8% as compared to $11.85 per diluted share in the prior fiscal year.
• During the first fiscal quarter of fiscal 2022, THOR acquired Airxcel, a significant supplier to the North American RV industry.
• During fiscal year 2022, the Company made principal payments of $332.9 million on its Term Loan.
• During fiscal year 2022, the Company repurchased $165.1 million of common stock.
  

ELKHART, Ind., Sept. 28, 2022 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced record financial results for its fourth fiscal quarter and fiscal year ended July 31, 2022.

“Our fourth quarter results capped off a record-breaking fiscal year for THOR Industries. Our financial results were supported by outstanding performance across our portfolio of leading brands. For fiscal 2022, net sales eclipsed the $16 billion mark and net income attributable to THOR exceeded $1 billion for the first time in the Company’s history,” said Bob Martin, President and CEO of THOR Industries.

“Responding to record post-pandemic demand that accelerated a secular shift in our market since the middle of 2020, our teams did a remarkable job of navigating labor and supply chain constraints to deliver record unit shipments in fiscal 2022 in order to meet strong end demand and restock dealer inventory. At July 31, 2022, North American independent dealer inventory levels of most towable products were fully restocked while independent dealer inventories of motorized and European products remained below optimal levels.

“During the fiscal fourth quarter, and consistent with our previously announced expectations, we experienced a softening in towable order activity due to successful dealer restocking of towable units combined with lower consumer confidence and macroeconomic uncertainty, which adversely impacted end consumer demand. In response to these conditions, our teams proactively reduced production levels of towable products to keep dealer inventory levels balanced and we remain disciplined in aligning wholesale production with retail demand. Despite the near-term macroeconomic uncertainty, our variable cost structure and the experienced leadership across our enterprise enabled us to successfully manage through the changing market conditions, and our fourth quarter results demonstrate that success,” said Martin.

Fourth-Quarter Financial Results

Consolidated net sales were $3.82 billion in the fourth quarter of fiscal 2022, compared to $3.59 billion in the fourth quarter of fiscal 2021. The increase in consolidated net sales was largely impacted by the increase in the average sales price of our units, partially offset by a decrease in units sold. The addition of Airxcel, acquired in September 2021, accounted for $129.6 million of the increase in net sales for the fourth quarter of fiscal 2022, net of intercompany sales.

Consolidated gross profit margin increased 90 basis points to 17.5% for the fourth quarter of fiscal 2022, from 16.6% in the corresponding period a year ago driven by margin-focused operational improvements and management’s continued discipline to maintain a low discount environment.

Net income attributable to THOR Industries and diluted earnings per share for the fourth quarter of fiscal 2022 were $280.9 million and $5.15, respectively, compared to $230.3 million and $4.12, respectively, for the prior-year period.

Fiscal Year 2022 Financial Results

Net sales for fiscal year 2022 were $16.31 billion compared to $12.32 billion for fiscal year 2021, an increase of 32.4%. The increase in consolidated net sales is primarily due to the increase in product demand, selling price increases to offset known and anticipated material cost increases, and the impact of acquisitions. The addition of Airxcel, acquired in September 2021, accounted for $501.1 million of the $3.99 billion increase in net sales, or 4.1% of the 32.4% increase. In addition, the acquisition of the Tiffin Group, acquired on December 18, 2020, accounted for $505.5 million of the $3.99 billion increase, or 4.1% of the 32.4% increase, as fiscal 2022 includes twelve months of operations compared to six and one-half months in fiscal 2021.

Net income attributable to THOR in fiscal year 2022 was $1.14 billion, or $20.59 per diluted share, compared to net income attributable to THOR of $659.9 million, or $11.85 per diluted share, in fiscal year 2021.

The Company’s annual effective income tax rate for fiscal 2022 was 22.0% compared with 21.8% for fiscal 2021. The primary reason for the increase relates to the jurisdictional mix of foreign and domestic pretax income between the comparable periods.

Net cash provided by operating activities for fiscal 2022 was $990.3 million compared to $526.5 million in fiscal 2021. The increase in net cash provided by operating activities for fiscal 2022 was driven by an increase in net income, partially offset by higher working capital levels, which were impacted by an increase in inventory, including ongoing supply constraints causing work in process and other inventory categories to increase. The Company leveraged its strong net cash from operations to deploy capital in a disciplined and balanced approach, utilizing cash generated to reinvest in the business, pay its regular dividend, reduce its debt obligations, repurchase shares of its common stock and fund strategic acquisitions.

Segment Results

North American Towable RVs

($ in thousands)	Three Months Ended July 31,				%		Fiscal Years Ended July 31,				%
		2022		2021	Change			2022		2021	Change
Net Sales	$	1,795,886	$	1,730,601	3.8		$	8,661,945	$	6,221,928	39.2
Gross Profit	$	273,136	$	308,928	(11.6	)	$	1,512,298	$	1,020,908	48.1
Gross Profit Margin %		15.2		17.9				17.5		16.4
Income Before Income Taxes	$	181,662	$	202,212	(10.2	)	$	1,050,536	$	658,964	59.4

	As of July 31,				%
($ in thousands)		2022		2021	Change
Order Backlog	$	2,571,009	$	9,284,229	(72.3	)

North American Motorized RVs

($ in thousands)	Three Months Ended July 31,				%	Fiscal Years Ended July 31,				%
		2022		2021	Change		2022		2021	Change
Net Sales	$	1,024,768	$	823,148	24.5	$	3,979,647	$	2,669,391	49.1
Gross Profit	$	184,146	$	106,247	73.3	$	654,052	$	345,755	89.2
Gross Profit Margin %		18.0		12.9			16.4		13.0
Income Before Income Taxes	$	127,376	$	62,289	104.5	$	436,604	$	202,057	116.1

	As of July 31,				%
($ in thousands)		2022		2021	Change
Order Backlog	$	3,436,629	$	4,014,738	(14.4	)

European RVs

($ in thousands)	Three Months Ended July 31,				%		Fiscal Years Ended July 31,				%
		2022		2021	Change			2022		2021	Change
Net Sales	$	806,724	$	969,888	(16.8	)	$	2,887,453	$	3,200,079	(9.8	)
Gross Profit	$	152,569	$	153,678	(0.7	)	$	409,987	$	440,855	(7.0	)
Gross Profit Margin %		18.9		15.8				14.2		13.8
Income Before Income Taxes	$	74,868	$	67,873	10.3		$	87,116	$	116,576	(25.3	)

	As of July 31,				%
($ in thousands)		2022		2021	Change
Order Backlog	$	2,753,602	$	3,559,097	(22.6	)

Management Commentary

“During the fourth quarter of fiscal 2022, we delivered solid results despite reduced production volumes for North American towable products and ongoing chassis supply constraints which continued to constrain motorized production volumes. We achieved yet another quarter of year-over-year net sales and earnings growth in addition to delivering consolidated gross profit margin of 17.5%. These results demonstrate strong operational execution and the resiliency of our business model, which enables THOR to outperform across the economic cycle,” said Todd Woelfer, Senior Vice President and Chief Operating Officer.

“Within our North American Towables segment, we were proactive in dialing back towable production in the fourth quarter to align with softening demand through the reduction of daily production rates, the shortening of production schedules and the temporary consolidation of certain production facilities. We continued to maintain consistent controls on our cost structure and improve labor efficiencies to partially offset the current competitive pricing environment for towable products. Within our North American Motorized segment, a focus on product introductions allowed us to approach 50% market share for the first six months of calendar 2022. In fact, we have gained market share in both our North America Towables and North American Motorized segments in calendar 2022 and now hold market share leading positions in every North American RV product category in which we participate. Lastly, within our European segment, despite net sales being down due to continued chassis supply challenges by 16.8% on a reported basis and down 4.4% on a constant currency basis, we undertook strong pricing actions to help offset material cost pressures and drive gross margin improvement in the quarter. As an enterprise, our performance continues to match our strategic focus of core improvement and continues to outperform expectations,” continued Woelfer.

“Our record fiscal year operating results generated cash flow from operations of $990.3 million in fiscal 2022, which provided us funding to reinvest into the business, further strengthen our balance sheet through debt paydowns, and return capital to shareholders through dividends and share repurchases. During fiscal 2022, we continued to reduce our overall debt with principal payments of $332.9 million on our Term Loan and repurchased $165.1 million of our common stock. In June 2022, the Board of Directors approved an additional authorization for share repurchases and as a result, as of July 31, 2022, the remaining amount of the common stock that may be repurchased under the Company’s buyback program is $533.2 million,” said Colleen Zuhl, Senior Vice President and Chief Financial Officer.

“Our balance sheet remains in excellent condition, as we ended the year with total liquidity of $1.19 billion, including cash and cash equivalents of $311.6 million and $874.0 million available under our ABL. We believe our strong liquidity and strong cash generation profile will allow us to operate from a position of financial strength going forward as we navigate near-term market dynamics,” added Zuhl.

Outlook

“As we enter our fiscal 2023, there remains a level of uncertainty in respect to near-term economic growth and consumer demand. While we navigate this volatility, our experienced operating management teams and proven business model give us a distinct advantage in an ever-changing market. We remain confident in the resiliency of our business model based on our past performance over previous economic cycles, the strength and experience of our management teams, and our discipline to remain focused on what we can control. Within our North American Towables segment, we are focused on assisting our independent dealers in maintaining appropriate inventory levels of THOR products. In advance of Dealer Open House, our operating teams proactively adjusted production to ensure wholesale shipments were appropriately aligned with retail sales in order to position dealers' inventories favorably as they enter the new model year. Within our North American Motorized and European segments, dealer inventory levels remain near historically low levels, and the need to restock channel inventory will serve as a tailwind in fiscal 2023. We also remain committed to providing new and innovative products across the portfolio, and we are excited to hear the feedback from our dealer partners coming out of this year’s Dealer Open House,” continued Martin.

“While we successfully manage through the short-term economic uncertainties, we continue to manage the business for the long term. We continue to pursue and build out our automation, innovation and aftermarket strategies in order to remove industry friction points and enhance the RV lifestyle and experience for the end consumer. Our continued focus on making the RV lifestyle attractive to consumers provides a foundation for the long-term growth trajectory of the RV industry. Our long-term focus, combined with our size and scale as the global pure-play leader in the RV industry, positions THOR to outperform the industry in fiscal 2023 and beyond,” added Martin.

Fiscal 2023 Guidance

Going forward, THOR plans to begin providing annual guidance. Due to the concurrent timing of our annual Dealer Open House and year-end earnings release, the Company will provide its annual guidance for the full-year fiscal 2023 following the conclusion of the Dealer Open House and in conjunction with our first quarter fiscal 2023 earnings release.

Supplemental Earnings Release Materials

THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.

To view these materials, go to http://ir.thorindustries.com. 

About THOR Industries, Inc.

THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest manufacturer of recreational vehicles.

For more information on the Company and its products, please go to www.thorindustries.com.

Forward-Looking Statements

This release 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, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our independent dealers or on retail customers; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; the extent and impact from the continuation of the COVID-19 pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers; disruption of the delivery of units to independent dealers; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2022.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

THOR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JULY 31, 2022 AND 2021
($000’s except share and per share data) (Unaudited)
	Three Months Ended July 31,								Fiscal Years Ended July 31,
		2022	% Net Sales(1)			2021	% Net Sales(1)			2022	% Net Sales(1)			2021	% Net Sales(1)
Net sales	$	3,821,766			$	3,592,968			$	16,312,525			$	12,317,380
Gross profit	$	667,887	17.5	%	$	595,964	16.6	%	$	2,806,030	17.2	%	$	1,894,973	15.4	%
Selling, general and administrative expenses		271,453	7.1	%		250,130	7.0	%		1,116,462	6.8	%		869,916	7.1	%
Amortization of intangible assets		39,658	1.0	%		30,073	0.8	%		156,946	1.0	%		117,183	1.0	%
Interest expense, net		22,576	0.6	%		18,959	0.5	%		90,092	0.6	%		93,545	0.8	%
Other income, net		4,162	0.1	%		4,822	0.1	%		17,334	0.1	%		30,252	0.2	%
Income before income taxes		338,362	8.9	%		301,624	8.4	%		1,459,864	8.9	%		844,581	6.9	%
Income taxes		56,575	1.5	%		70,302	2.0	%		321,621	2.0	%		183,711	1.5	%
Net income		281,787	7.4	%		231,322	6.4	%		1,138,243	7.0	%		660,870	5.4	%
Less: net income attributable to non-controlling interests		844	—	%		1,042	—	%		439	—	%		998	—	%
Net income attributable to THOR Industries, Inc.	$	280,943	7.4	%	$	230,280	6.4	%	$	1,137,804	7.0	%	$	659,872	5.4	%
Earnings per common share
Basic	$	5.17			$	4.16			$	20.67			$	11.93
Diluted	$	5.15			$	4.12			$	20.59			$	11.85
Weighted-avg. common shares outstanding – basic		54,311,598				55,366,241				55,034,653				55,333,959
Weighted-avg. common shares outstanding – diluted		54,543,061				55,903,339				55,264,046				55,687,253
(1)Percentages may not add due to rounding differences

SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s) (Unaudited)
	July 31, 2022		July 31, 2021			July 31, 2022		July 31, 2021
Cash and equivalents	$	311,690	$	448,706	Current liabilities	$	1,755,916	$	1,794,785
Accounts receivable, net		944,181		949,932	Long-term debt		1,754,239		1,594,821
Inventories, net		1,754,773		1,369,384	Other long-term liabilities		297,323		316,376
Prepaid income taxes, expenses and other		51,835		35,501	Stockholders’ equity		3,600,654		2,948,106
Total current assets		3,062,479		2,803,523
Property, plant & equipment, net		1,258,159		1,185,131
Goodwill		1,804,151		1,563,255
Amortizable intangible assets, net		1,117,492		937,171
Deferred income taxes and other, net		165,851		165,008
Total	$	7,408,132	$	6,654,088		$	7,408,132	$	6,654,088

Contact:
Michael Cieslak, CFA
mcieslak@thorindustries.com 
(574) 294-7724 

EX-99.2

EXHIBIT 99.2

www.thorindustries.com FISCAL YEAR & FOURTH QUARTER FISCAL 2022 FINANCIAL RESULTS

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 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, and inherently involve uncertainties and risks . These forward - looking statements are not a guarantee of future performance . We cannot assure you that actual results will not differ materially from our expectations . Factors which could cause materially different results include, among others : the impact of inflation on the cost of our products as well as on general consumer demand ; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints ; the impact of war, military conflict, terrorism and/or cyber - attacks, including state - sponsored or ransom attacks ; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our independent dealers or on retail customers ; the dependence on a small group of suppliers for certain components used in production, including chassis ; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers ; the extent and impact from the continuation of the COVID - 19 pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business ; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share ; the level and magnitude of warranty and recall claims incurred ; the ability of our suppliers to financially support any defects in their products ; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers ; the costs of compliance with governmental regulation ; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations ; public perception of and the costs related to environmental, social and governance matters ; legal and compliance issues including those that may arise in conjunction with recently completed transactions ; lower consumer confidence and the level of discretionary consumer spending ; the impact of exchange rate fluctuations ; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers ; management changes ; the success of new and existing products and services ; the ability to maintain strong brands and develop innovative products that meet consumer demands ; the ability to efficiently utilize existing production facilities ; changes in consumer preferences ; the risks associated with acquisitions, including : the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies ; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand ; the loss or reduction of sales to key independent dealers ; disruption of the delivery of units to independent dealers ; increasing costs for freight and transportation ; the ability to protect our information technology systems from data breaches, cyber - attacks and/or network disruptions ; asset impairment charges ; competition ; the impact of losses under repurchase agreements ; the impact of the strength of the U . S . dollar on international demand for products priced in U . S . dollars ; general economic, market and political conditions in the various countries in which our products are produced and/or sold ; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold ; changes to our investment and capital allocation strategies or other facets of our strategic plan ; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt . These and other risks and uncertainties are discussed more fully in Item 1 A of our Annual Report on Form 10 - K for the year ended July 31 , 2022 . 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 hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law . 2

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 year 2022 in spite of significantly different market conditions from quarter to quarter Demonstrated solid operational execution as we managed through supply chain challenges and worked to replenish North American towable dealer inventory levels Became the market share leader in the North American Class B motorhome category, thus becoming the market share leader in every North American RV product category in which THOR participates Acquired Airxcel, a leading supplier of OEM and aftermarket RV parts and accessories Returned $260 million of capital to shareholders via dividends and share repurchases GROSS PROFIT MARGIN 17.2% DILUTED EPS $20.59 RECORD 2022 OPERATING AND FINANCIAL PERFORMANCE NET CASH FROM OPERATIONS $990.3 MILLION FISCAL YEAR 2022 HIGHLIGHTS 3

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 million of net sales from Airxcel (2) The addition of the Tiffin Group, acquired on December 18, 2020, accounted for $505.5 million or 4.1% of the 32.4% increase (3) As compared to fiscal year 2021 4 FISCAL 2022 CAPITAL DEPLOYMENT Balanced, flexible and opportunistic approach to drive long - term shareholder value ▪ Capex spending of $242.4 million ▪ Regular quarterly dividends of $94.9 million ▪ Strengthened balance sheet through term loan principal payments of $332.9 million ▪ Completed $745.3 million acquisition of Airxcel ▪ Repurchased 1.9 million shares for $165.1 million FISCAL 2022 RESULTS Delivered strongest net sales and profitability performance in THOR’s history ▪ Record wholesale shipments of 328,557 units to meet strong consumer demand and restock channel inventory levels ▪ Maximized profitability by successfully navigating through supply chain constraints and managing inventory levels ▪ Strengthened our market leading product portfolio with the introduction of additional Class B motorhome products ▪ Diversified and grew THOR’s revenue streams with acquisition of Airxcel

$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 Motorized $1.02 bn 26.8% NA Towables $1.80 bn 47.0% Other $0.19 bn 5.1% 103,400 63,900 58,300 7/31/18 7/31/19 7/31/20 7/31/22 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS 138,500 127,000 RV BACKLOG OF $8.76 BILLION (48.0)% Inventory Units (3) Includes units of Tiffin products subsequent to the December 2020 acquisition of the Tiffin Group 5 (1) Includes $129.6 million of net sales from Airxcel (2) As compared to the fourth quarter of fiscal year 2021 FOURTH QUARTER OF FISCAL YEAR 2022 Gross Margin 17.5% +90 bps (2) Diluted EPS $5.15 +25.0% (2) Net Sales $3.82 billion (1) +6.4% (2) (3) (3) 7/31/21 07/31/22 (4) 07/31/21 (4)

($ 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 cost pressures, partially offset by net price increases and improved labor costs NORTH AMERICAN TOWABLE KEY DRIVERS • Dealer inventory levels generally at normalized levels • Backlog of $2.6 billion remains above pre - pandemic levels with continued demand amid macroeconomic uncertainty • Increased market share 10 bps to 40.9% in 1H CY ‘22 (y/y) Fourth Quarter of Fiscal 2022 *in the fourth quarter of fiscal 2022 compared to the prior - year period NORTH AMERICAN TOWABLE SEGMENT 6

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, product mix changes and lower overhead costs as a percentage of sales *in the fourth quarter of fiscal 2022 compared to the prior - year period NORTH AMERICAN MOTORIZED KEY DRIVERS • Strong order backlog of $3.4 billion • Production and unit shipments continue to be constrained by chassis supply • Dealer inventory levels remain below optimal levels • Increased market share 220 bps to 49.4% in 1H CY ‘22 (y/y) Fourth Quarter of Fiscal 2022 7 NORTH AMERICAN MOTORIZED SEGMENT

EUROPEAN KEY DRIVERS • Strong order backlog of $2.75 billion • Production and unit shipments continue to be constrained by chassis supply • Dealer inventory levels remain at historically low levels NET SALES  Decreased 16.8%* driven by a 14.0% decrease in unit shipments due supply shortages foreign exchange primarily to chassis and a decrease in rates Net sales decreased 4.4% on a constant - currency basis GROSS PROFIT MARGIN  Increased by 310 basis points* due to net selling price increases, a reduction in sales discounts, operational efficiencies and improved warranty costs ($ millions) $969.9 $806.7 4QFY21 4QFY22 15.8% 18.9% 4QFY21 4QFY22 *in the fourth quarter of fiscal 2022 compared to the prior - year period EUROPEAN SEGMENT Fourth Quarter of Fiscal 2022 8

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 the current portion of long - term debt (2) As of July 31, 2022 (3) See the Appendix to this presentation for reconciliation of non - GAAP measures to most directly comparable GAAP financial measures. LIQUIDITY (2) ($ millions) SELECTED FINANCIAL RATIOS (2) TLB $1,124 Unsecured Notes $500 ABL $100 Other $76 Total Long - Term Debt $1,800 Cash on hand $311.6 Available credit under ABL $874.0 Total Liquidity $1,185.6 4QFY21 FY21 Capital Expenditures $47.7 $128.8 $71.7 $242.4 9

$119 $145 $149 $248 $341 $419 $467 $508 $541 $526 $990 $10 $24 $30 $42 $52 $115 $138 $130 $107 $129 $242 FY16 FY17 Net Cash from Operations FY18 FY19 Capital Expenditures FY12 FY13 FY14 FY15 FY20 FY21 FY22 CAPITAL MANAGEMENT CASH PRIORITIES Invest in THOR's business Pay THOR's dividend Reduce the Company's debt obligations Repurchase of shares on a strategic and opportunistic basis Support opportunistic strategic investments, to enhance long - term shareholder value NET CASH FROM OPERATIONS AND CAPITAL EXPENDITURES ($ millions) $0.37 $0.39 $0.40 $0.41 $0.43 FY18 FY19 FY20 FY21 FY22 QUARTERLY DIVIDENDS PER SHARE 10

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 constraints to rebuild channel inventory levels LEVERAGE SCALE TO EXTEND LEADERSHIP POSITION WITHIN RV INDUSTRY • Invest in innovative new technologies and automation • Foster sharing of best practices across operating companies • Grow recurring revenue streams in North American supply and aftermarkets business • Pursue strategic partnerships EXECUTE ON CAPITAL DEPLOYMENT TO MAXIMIZE SHAREHOLDER VALUE • Reinvestment into the business • Payment of regular quarterly dividends • Debt paydowns and opportunistic share repurchases • Strategic bolt - on acquisitions to drive long - term growth FAST & FLEXIBLE LONG - TERM FOCUS POWERFUL CASH FLOW GENERATION TO REDEPLOY 11

APPENDIX 12

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 DEALERSHIP LOCATIONS (1) NET SALES BY SEGMENT (1) NET SALES BY COUNTRY (1) $ 16.3 B FY22 NET SALES Other 4.8% (1) As of July 31, 2022 United States 75.0% Germany 10.6% Other Europe 7.1% Canada 6.9% Other 0.3% North American Towables 53.1% North American Motorized 24.4% European 17.7% 13

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 provinces . EHG data is sourced from industry retail registrations statistics that have been compiled from individual countries reporting of retail sales . CATEGORY N O R T H A M E R I C A N E U R O P E A N All RV Segments Travel Trailers Fifth Wheels Class A Class C Class B MARKET SHARE (1) 41.5% 43.5% 52.9% 53.7% 39.9% 20.7% MARKET POSITION (1) #1 #1 #1 #1 #1 #2 14

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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (e) (e) 173.1 163.1 203.4 227.8 259.5 247.2 247.5 254.6 292.7 321.2 300.1 256.8 311.0 320.9 370.0 384.5 390.4 353.5 237.0 165.6 242.3 252.4 285.7 321.1 430.7 356.7 374.2 504.6 483.7 406.1 430.4 600.2 498.8 419.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (e) (e) TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) June 2022 323,831 June 2021 300,267 Unit Change 23,564 % Change +7.8% YTD Shipments (Units) June 2022 June 2021 Unit Change % Change 293,288 271,119 22,169 +8.2% 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 13.2 25.2 24.8 28.2 38.3 44.0 47.3 54.7 62.6 57.6 46.6 40.8 56.2 53.7 50.1 55.8 55.4 28.4 2006 2007 2008 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (e) (e) YTD Shipments (Units) June 2022 June 2021 Unit Change % Change 30,543 29,148 1,395 +4.8% Historical Data: Recreation Vehicle Industry Association (RVIA) 5 - year CAGR (2016 - 2021): 6.9% 5 - year CAGR (2016 - 2021): 7.7% 5 - year CAGR (2016 - 2021): 0.5% RV INDUSTRY OVERVIEW North America RV WHOLESALE MARKET TRENDS (UNITS 000's) MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's) (e) Calendar year 2022 and 2023 represent the most recent RVIA "most likely" estimate from their August 2022, Fall 2022 issue of Roadsigns 15

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 (26.4) % 6,464 7,654 (15.5) % 13,440 17,137 (21.6) % Netherlands 4,877 5,417 (10.0) % 1,492 2,087 (28.5) % 6,369 7,504 (15.1) % Switzerland 1,081 1,068 1.2 % 3,998 5,061 (21.0) % 5,079 6,129 (17.1) % Sweden 2,055 2,648 (22.4) % 2,117 3,128 (32.3) % 4,172 5,776 (27.8) % Italy 429 314 36.6 % 3,905 4,737 (17.6) % 4,334 5,051 (14.2) % Belgium 876 882 (0.7) % 3,752 4,563 (17.8) % 4,628 5,445 (15.0) % Spain 965 1,125 (14.2) % 3,343 3,690 (9.4) % 4,308 4,815 (10.5) % All Others 5,026 6,630 (24.2) % 8,790 10,529 (16.5) % 13,816 17,159 (19.5) % Total 41,059 45,638 (10.0)% 89,760 109,138 (17.8)% 130,819 154,776 (15.5)% The Company monitors retail trends in the European RV market as reported by the European Caravan Federation, whose industry data is reported to the public quarterly Industry wholesale shipment data for the European RV market is not available 201 192 146 138 135 140 143 152 162 166 174 182 198 203 210 208 189 154 150 156 147 137 140 152 168 190 202 211 236 259 144 141 170 162 151 182 217 222 219 220 253 272 274 251 274 292 324 320 310 366 289 206 228 247 264 304 333 376 416 471 493 457 521 565 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Europe North America (1) Source : European Caravan Federation; CYTD through June 30, 2022 and 2021; European retail registration data available at www.CIVD.de FULL - YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) RV INDUSTRY OVERVIEW Europe EUROPEAN INDUSTRY UNIT REGISTRATIONS BY COUNTRY (1) (2) Source : Statistical Surveys (www.statisticalsurveys.com) 16

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 RVers are happy with their purchase (1) 98 % of those first time buyers say they will buy again (1) 68 % of current RV owners intend to repurchase a new RV in the next 5 years (2) 31 % of people who do not own an RV indicate that they are interested in buying an RV (2) (1) THOR - conducted studies

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 Amortization 64,953 75,895 71,646 71,959 284,453 EBITDA $ 398,515 $ 446,655 $ 556,342 $ 432,897 $ 1,834,409 Add Back: Stock - Based Compensation Expense 6,027 6,959 9,750 8,685 31,421 Acquisition Related Transaction Costs 1,290 315 — — 1,605 Change in LIFO Reserve 3,350 9,500 21,000 28,712 62,562 Inventory Step - Up Impact on Gross Profit 6,791 — — — 6,791 Net (Income) Expense Related to Certain Contingent Liabilities 22,000 13,000 (2,875) 5,850 37,975 Non - Cash Foreign Currency Loss (Gain) (1) (3,142) (6,036) (6,770) 6,173 (9,775) Other Loss (Gain), Including Sales of Property, Plant and Equipment — — — (9,392) (9,392) Adjusted EBITDA $ 434,831 $ 470,393 $ 577,447 $ 472,925 $ 1,955,596 Net Sales $ 3,958,224 $ 3,875,018 $ 4,657,517 $ 3,821,766 $ 16,312,525 Adjusted EBITDA Margin (%) 11.0 % 12.1 % 12.4 % 12.4 % 12.0 % Total Long - Term Debt as of July 31, 2022 (2) $ 1,799,911 Total Long - Term Debt / TTM EBITDA Total Long - Term Debt / TTM Adjusted EBITDA (1) Non - cash foreign currency gain related to certain Euro - denominated loans (2) Total debt obligations as of July 31, 2022 inclusive of the current portion of long - term debt Adjusted EBITDA is a non - GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. Adjusted EBITDA is defined as net income before net interest expense, income tax expense and depreciation and amortization adjusted for certain items and other one - time items. The Company considers this non - GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. 1.0 x 0.9 x

www.thorindustries.com INVESTOR RELATIONS CONTACT Michael Cieslak, CFA mcieslak@thorindustries.com (574) 294 - 7724

EX-99.3

Exhibit 99.3

FOURTH QUARTER AND FISCAL 2022

INVESTOR QUESTIONS & ANSWERS

September 28, 2022

Forward-Looking Statements

Reference is made to the forward-looking statements disclosure provided at the end of this document.

Executive Overview

Fiscal Fourth Quarter 2022 Highlights

• Net sales for the fourth quarter were $3.82 billion, an increase of 6.4% as compared to the fourth quarter of fiscal 2021.

• Consolidated gross profit margin for the fourth quarter was 17.5%, a 90 basis point improvement over the comparable prior-year period.

• Earnings per share for the fourth quarter were $5.15 per diluted share, an increase of 25.0% as compared to $4.12 per diluted share in the same period of the prior fiscal year.

• During the fourth quarter, the Board of Directors approved an additional authorization for share repurchases of approximately $450 million, raising the total authorization granted by the Board during fiscal 2022 to approximately $700 million.

Fiscal Year 2022 Highlights

• Net sales for fiscal year 2022 were $16.31 billion, an increase of 32.4% as compared to fiscal year 2021.

• Earnings per share for fiscal year 2022 were $20.59 per diluted share, an increase of 73.8% as compared to $11.85 per diluted share in the prior fiscal year.

• During the first quarter of fiscal 2022, THOR acquired Airxcel, a significant supplier to the North American RV industry.

• During fiscal year 2022, the Company made principal payments of $332.9 million on its Term Loan.

• During fiscal year 2022, the Company repurchased $165.1 million of common stock.

Quick Reference to Contents

Current Market Conditions and Outlook Assumptions		2
Q&A
	Operations Update	3
	Market Update	5
	Financial Operating Results	6
Segment Data
	Summary of Key Quarterly Segment Data – North American Towable RVs	7
	Summary of Key Quarterly Segment Data – North American Motorized RVs	8
	Summary of Key Quarterly Segment Data – European RVs	9
Forward-Looking Statements		10

Current Market Conditions and Outlook Assumptions

• Market demand conditions in North America.

The RV industry’s calendar 2022 retail selling season has been impacted by the current macroeconomic conditions faced by consumers, and while North American industry retail towable demand is anticipated to be lower than the historically high levels of recent quarters, we anticipate that consumer demand will remain strong for the foreseeable future as interest in the RV lifestyle continues to grow. Motorized retail demand continues to outpace the industry’s ability to produce, mainly due to the current limitations on chassis supply. We believe the dealer restocking cycle for towables has been completed while the restocking cycle for motorized products likely extends well into calendar year 2023.

The Recreational Vehicle Industry Association (“RVIA”) recently issued its updated wholesale unit shipments forecast for calendar years 2022 and 2023. The RVIA forecast now estimates total North American wholesale shipments in calendar year 2022 to be approximately 498,800 units, with towable RV shipments anticipated to be 445,100 units, while motorized shipments are projected to reach 53,700 units. This forecast is down from the record unit shipments in calendar year 2021 of 600,240, but very strong from a historical shipment perspective. For calendar year 2023, the RVIA projects that towable and motorized wholesale unit shipments will reach a combined total of 419,000 units against a softening economic backdrop.

• Market demand conditions in Europe.

Similar to North America, there remains a high level of interest for the RV lifestyle in Europe despite the persistent chassis supply constraints that currently limit our ability to align production with market demand for motorized product. According to the European Caravan Foundation (“ECF”), total retail registrations in Europe for the first half of calendar year 2022 decreased 15.5% compared to same time period in 2021 as Motorcaravan retail registrations in Europe for the first half of calendar 2022 decreased by 17.8%. Caravan retail registrations in Europe for the first half of calendar 2022 decreased 10.0% compared to same time period in 2021. Independent RV dealer inventory levels of our European RV products are generally below pre-pandemic levels in the various countries in which we serve. Within Germany, which accounts for approximately 60% of our European product sales, independent dealer inventories are significantly below historical stocking levels.

• Order backlogs.

Consolidated backlog was $8.76 billion as of July 31, 2022. North American RV backlog was $6.01 billion as of July 31, 2022, a decrease of 54.8% compared to $13.30 billion as of July 31, 2021. European RV backlog was $2.75 billion as of July 31, 2022, a decrease of 22.6% compared to $3.56 billion as of July 31, 2021.

• Supply chain in North America and Europe.

Over the course of fiscal 2022, we saw positive signs in the moderation of supply chain issues, particularly for North America towable products. As a result, we have been able to produce towable units and restock dealer inventories to historically normal levels. On the motorized side (approximately 10% of our unit volumes in North America and typically >75% of our unit volumes in Europe), chassis supply continues to be a major constraint due to the ongoing chip shortage along with other factors. Based on communications from our chassis suppliers, we anticipate the supply constraints of chassis to continue through fiscal 2023.

• Macroeconomic factors.

The extent of the impact of current macroeconomic factors on our business - including inflation, rising interest rates, and geopolitical events - remains uncertain and unpredictable. In calendar 2022, we have seen a softening of retail demand from the record calendar 2021 levels as consumer sentiment has been adversely impacted by these factors. While near-term demand will continue to be influenced by these factors, we remain optimistic about the long-term future growth of the RV industry and continue to believe that future retail demand will exceed historical, pre-pandemic levels.

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• Positive long-term RV industry outlook in both North America and Europe.

Our confident long-term outlook is supported by favorable demographics, strong RV retail sales, adequate current availability of RV dealer and consumer credit and favorable perception of RVing as promoting a safe and healthy lifestyle. Numerous studies conducted by THOR, RVIA and others show that people of all generations love the freedom of the outdoors and that RVers are extremely satisfied with their RV experience. The recent growth in industry-wide RV sales has also resulted in exposing a much wider range of consumers to the lifestyle. We believe many of those who have been recently exposed to the industry for the first time will become future owners, and that those who became first-time owners since the pandemic will become long-term RVers - resulting in future trade-in sales opportunities. In addition, we view the significant investments by independent dealers, campground owners, states and the federal government into camping and RV facilities to be positive long-term factors, which should only further enhance the experience of current RVers and encourage new buyers to enter the lifestyle.

Q&A

OPERATIONS UPDATE

1. The RVIA recently lowered its wholesale unit shipment forecast for calendar year 2022 with a most-likely year-end total of 498,800 units in addition to projecting calendar year 2023 shipments to range between 409,000 to 429,000 units. Do you agree with the RVIA’s forecast?

a. We believe the recent RVIA most-likely estimate of approximately 498,800 unit wholesale shipments in calendar 2022 is reasonable. On the whole, we believe the RVIA’s calendar year 2022 and 2023 forecast reflects the industry’s desire to avoid overproducing similar to 2018. As the industry leader, THOR is committed to doing its part to the benefit of our dealers, our retail customers, our shareholders, our employees and the overall RV industry.

2. During the quarter, North American independent dealer inventory levels of THOR products decreased from 135,500 units at April 30, 2022 to 127,000 units at July 31, 2022. Can you comment on current dealer inventory levels?

a. Current North American RV independent dealer inventory levels remain at healthy, appropriate levels even in the face of a recent softening in order activity. Additionally, the product in the channel remains relatively fresh coming off of historically low inventory levels in the fall of calendar 2021.

Within our North American Towables segment, with our proactive assistance, our independent dealers successfully rebuilt their inventory of our products for most towable products to normalized levels through the third quarter of fiscal 2022. As a consequence of our disciplined production, dealer inventory of THOR towable products decreased during our fourth fiscal quarter and have decreased even further ahead of Dealer Open House, positioning THOR well. We are, and will remain, keenly focused on dealer inventory levels and will continue to monitor our channel to minimize the risk of overbuilding.

Within our North American Motorized and European segments, independent dealer inventory continues to be well below optimal levels. We expect the replenishment timeline for motorized products to extend into calendar 2023 as a result of the ongoing supply constraints, specifically chassis, that continue to impact our production ability.

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3. Can you comment on reports that North American RV manufacturers are "loaded with spec/open units”?

a. THOR companies continue to manage the business in a disciplined and prudent manner to avoid overproduction. From time to time, our teams will build “open” units. This approach allows us to maximize labor efficiencies while also being sensitive to current dealer inventory levels. The narrative of “loaded” is not appropriate. Our current levels of “open” units are well below historical levels.

4. Can you comment on THOR’s approach to North American retail market share?

a. THOR is focused on a balanced approach between growth of overall profitability and retail market share. In the current post-pandemic operating environment, we rejected the strategy of simply chasing market share and remained true to a more prudent approach that enabled us to ramp up production in a controlled manner, drive improvements in quality and, more broadly, margins. As a consequence of the strategy, we’ve realized a decrease in our warranty expense as a percent of net sales in recent years and have achieved sustainable growth in our margins.

In the North American Towables segment, this strategy resulted in a slight towable RV market share drop in calendar year 2021, but we have recently seen our overall towable market share grow in calendar year 2022. According to June 2022 Statistical Surveys, Inc. (“SSI”) registration data, we experienced a 0.1% gain in overall towable market share in the first half of calendar 2022 compared to calendar year 2021. In the motorized segment, based on June 2022 SSI data, we experienced a 2.2% gain in overall motorized market share in the first half of calendar 2022. Furthermore, as of June 2022, THOR has industry leading market share positions across all North American product categories in which we participate.

Looking ahead, we expect it will be prudent to remain focused on sustainable growth of our margins and unit volumes. At the same time, we are optimistic that our portfolio of market-leading brands can outperform the market as dealers seek to focus on carrying a simplified, core product offering as we enter a period of near-term macroeconomic uncertainty. In this type of environment, we are hopeful that we can also grow our market share while protecting our profit margins.

5. Can you comment on the outlook for THOR Industries’ European segment?

a. Absent a material, negative macroeconomic development, we continue to hold strong optimism for our long-term performance in Europe. Given that our European segment is approximately 75% motorized, the severe motorized chassis supply shortage has significantly impeded our European segment’s top and bottom lines. Order backlog remains strong given the historically low dealer inventory levels and continued strong interest in the RV lifestyle. In Germany, our largest European market, a total of 64,700 motor caravans and caravans were registered calendar year-to-date through July 2022, according to statistics published by the Caravaning Industry Association e.V. While current year-to-date registrations are below calendar 2020 and 2021 levels, they still exceed pre-COVID levels.

As we look ahead to fiscal 2023, we continue to expect that chassis availability will limit our European production volumes. However, we do expect gradual improvement over the course of fiscal 2023 with increasing availability of chassis in the second half of fiscal 2023. With a European segment backlog value of approximately $2.8 billion as of July 31, 2022 and independent dealer inventory levels at historically low levels, we expect the restocking timeline to extend into calendar 2023. As the chassis supply challenges dissipate over the course of the next fiscal year, our European operations are well positioned to perform well even in the face of macroeconomic headwinds.

As a reminder, the month of August is when most Europeans take their annual vacation, and consistent with prior years, our European segment’s first quarter will be negatively impacted by the resulting reduced fixed cost absorption from seasonally lower first quarter production and net sales levels. As a result, and consistent with prior fiscal first quarters and our expectations for the first quarter of fiscal 2023, we expect to realize a net loss before income taxes in our European segment.

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6. How are you preparing for a potential restriction or shortage of natural gas supply to your European operations?

a. We have been proactive in implementing measures to ensure we have alternative energy sources available to mitigate the risk of any restriction or shortage of natural gas supply. Our teams are prepared to convert to these alternative energy sources in addition to procuring storage tanks and renting mobile heating systems.

The consequences of any further supply restriction is hard to predict throughout the European supply chain, but the majority, if not all suppliers, are working on utilizing alternative energy sources similar to our European teams. Given our aggressive response to this pending challenge, we currently do not anticipate a natural gas supply shortage to materially impair our operations.

MARKET UPDATE

1. There is currently a lot of macroeconomic uncertainty facing the consumer today, with several factors increasing the total cost of ownership for the RV lifestyle. Are you concerned about current affordability and total cost of ownership (TCOO) for the RV lifestyle?

a. We are mindful of the macroeconomic factors that are impacting consumers in the current environment. As we have indicated, there has been a recent softening of retail demand from record calendar 2021 levels, particularly in North America, as the consumer adapts to inflationary pressures, rising interest rates, higher gas prices and geopolitical concerns. However, dealer feedback suggests that interest in the RV lifestyle remains strong based on dealer foot traffic, digital lead generation levels and sales conversions at dealerships over the last sixty days. Additionally, buying activity was robust across our North American brands at this year’s Hershey, Pennsylvania show which was held in September 2022.

In the near-term, we continue to expect demand to be muted by various factors currently impacting end consumers, but believe it to be temporary as RV utilization and intent to purchase remains high while the easing of inflation and pricing should offer some relief in fiscal 2023. Additionally, the RV lifestyle continues to offer its consumers an attractive proposition - affordability, a vacation in a controlled environment, freedom, and outdoor fun - compared to other forms of leisure travel.

2. Can you comment on the decrease of THOR’s RV backlog?

a. Our consolidated RV backlog as of July 31, 2022 of $8.76 billion decreased 48.0% compared to the RV backlog as of the fourth fiscal quarter of 2021 and has declined 36.9% from the April 30, 2022 RV backlog value of $13.88 billion. We remain committed to managing our backlog as we continue to have regular dialogue with our dealers to make sure the backlog is aligned with both our dealers’ inventory needs and retail demand. Overall, backlog levels remain somewhat elevated compared to pre-pandemic levels as demand for RV products and enthusiasm for the RV lifestyle remains strong in addition to the need to further replenish dealer inventory levels of motorized product.

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FINANCIAL OPERATING RESULTS

1. THOR achieved strong consolidated gross profit margin of 17.2% in fiscal 2022, which was 180 basis points higher on a year-over-year basis. What drove the strong fiscal 2022 margin performance? Is this gross margin sustainable for fiscal 2023 and beyond?

a. THOR’s consolidated gross profit margin improved 180 basis points to 17.2% in fiscal 2022, compared to gross profit margin of 15.4% in fiscal 2021. This year-over-year improvement was primarily driven by increased net sales, a reduction in sales discounts, product mix, increases in selling prices to offset material costs and operational improvements. Our strong fiscal 2022 gross profit margin demonstrates our ability to successfully deliver record wholesale unit shipments to meet strong market demand and restock independent dealer inventory with a focus on quality while proactively managing supply chain and labor constraints throughout the year.

Looking ahead to fiscal 2023, we will be normalizing production to pace retail demand through the reduction of daily production rates and the shortening of production schedules in our North American Towables segment. In addition, across each of our segments, we expect to see a continuation of some cost pressures and ongoing supply chain constraints. In the face of these expected challenges, reduced volumes and a return of some promotional activity as product availability normalizes, we do expect to see near-term compression of our fiscal year 2022 consolidated gross margin percentage. Despite these near-term pressures, we expect to maintain gross margins that exceed previous down-cycle years as well as the 14.0% gross margin downside scenario presented at our June Investor Day. We remain keenly focused on ensuring near-term production discipline while driving long-term operational improvements throughout our operating companies.

2. Can you comment on your capital allocation priorities in fiscal 2023?

a. Despite the constantly changing business environment, our capital allocation strategy remains consistent. We will continue to focus on reinvesting in our businesses, paying and increasing our dividend as we have annually for 12 consecutive years, reducing our debt obligations and repurchasing THOR stock on an opportunistic basis while making selective tuck-in acquisitions or strategic investments in innovation that we expect to enhance long-term shareholder value. Currently, we have no planned major acquisitions over the next three fiscal years.

Capital expenditures. Our current estimate of committed and internally approved capital spend for fiscal 2023 is $275 million, primarily for maintenance capital projects throughout our facilities in addition to certain building projects and initiatives focused on enhancing our automation, quality and operational excellence efforts.

Debt repayments. During fiscal 2022, we continued to reduce our debt obligations by making principal payments of $332.9 million on our Term Loan. Looking ahead to fiscal 2023, we will continue to reduce our indebtedness as part of our long-term goal of maintaining a net leverage ratio of < 1.0x across the business cycle.

Share repurchases. We continue to believe our shares are trading at a material discount to intrinsic value. During fiscal 2022, the Company purchased 1,944,243 shares of its common stock, at various times in the open market, at a weighted-average price of $84.92 and held them as treasury shares at an aggregate purchase price of $165.1 million. As of July 31, 2022, the remaining amount of the Company's common stock that may be repurchased under this program is $533.2 million. We continue to believe that share repurchases present an excellent investment opportunity to create value for our shareholders, making the repurchase program a compelling use of capital in fiscal 2023.

Consistent with our historical approach, we expect to be disciplined, flexible and balanced in how we deploy capital to generate the greatest return for our shareholders.

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Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

NET SALES:	Three Months Ended July 31, 2022			Three Months Ended July 31, 2021			% Change
North American Towables
Travel Trailers	$	1,114,477		$	1,061,918			4.9	%
Fifth Wheels		681,409			668,683			1.9	%
Total North American Towables	$	1,795,886		$	1,730,601			3.8	%
# OF UNITS:		Three Months Ended July 31, 2022			Three Months Ended July 31, 2021			% Change
North American Towables
Travel Trailers		34,899			43,743			(20.2	)%
Fifth Wheels		9,504			11,966			(20.6	)%
Total North American Towables		44,403			55,709			(20.3	)%
ORDER BACKLOG		As of July 31, 2022			As of July 31, 2021			% Change
North American Towables	$	2,571,009		$	9,284,229			(72.3	)%
TOWABLE RV MARKET SHARE SUMMARY (1)		Calendar Year to Date June 30,
		2022			2021
U.S. Market		41.0	%		40.3	%
Canadian Market		40.3	%		45.4	%
Combined North American Market		40.9	%		40.8	%

(1) Source: Statistical Surveys, Inc. CYTD June 30, 2022 and 2021.

Note: Data reported by Stat Surveys 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 provinces.

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Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands

NET SALES:	Three Months Ended July 31, 2022			Three Months Ended July 31, 2021			% Change
North American Motorized
Class A	$	465,228		$	348,752			33.4	%
Class C		351,455			354,500			(0.9	)%
Class B		208,085			119,896			73.6	%
Total North American Motorized	$	1,024,768		$	823,148			24.5	%
# OF UNITS:		Three Months Ended July 31, 2022			Three Months Ended July 31, 2021			% Change
North American Motorized
Class A		2,337			1,990			17.4	%
Class C		2,992			3,900			(23.3	)%
Class B		1,813			1,202			50.8	%
Total North American Motorized		7,142			7,092			0.7	%
ORDER BACKLOG		As of July 31, 2022			As of July 31, 2021			% Change
North American Motorized	$	3,436,629		$	4,014,738			(14.4	)%
MOTORIZED RV MARKET SHARE SUMMARY (1)		Calendar Year to Date June 30,
		2022			2021
U.S. Market		48.4	%		47.3	%
Canadian Market		60.7	%		46.2	%
Combined North American Market		49.4	%		47.2	%

(1) Source: Statistical Surveys, Inc. CYTD June 30, 2022 and 2021.

Note: Data reported by Stat Surveys 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 provinces.

8

Summary of Key Quarterly Segment Data – European RVs

Dollars are in thousands

NET SALES: (1)	Three Months Ended July 31, 2022			Three Months Ended July 31, 2021			% Change
European
Motorcaravan	$	400,187		$	552,724			(27.6	)%
Campervan		229,532			250,255			(8.3	)%
Caravan		99,297			81,785			21.4	%
Other		77,708			85,124			(8.7	)%
Total European	$	806,724		$	969,888			(16.8	)%
# OF UNITS:		Three Months Ended July 31, 2022			Three Months Ended July 31, 2021			% Change
European
Motorcaravan		6,258			9,313			(32.8	)%
Campervan		6,020			6,667			(9.7	)%
Caravan		4,725			3,800			24.3	%
Total European		17,003			19,780			(14.0	)%
ORDER BACKLOG		As of July 31, 2022			As of July 31, 2021			% Change
European	$	2,753,602		$	3,559,097			(22.6	)%
EUROPEAN RV MARKET SHARE SUMMARY (2)		Calendar Year to Date June 30,
		2022			2021
Motorcaravan and Campervan (3)		21.8	%		24.3	%
Caravan		18.0	%		17.5	%

(1) The overall net sales decrease of $163.2 million includes a decrease of $120.6 million, or 12.4% of the 16.8% decrease, due to the impact of the reduction in the foreign exchange rates since the prior year period.

(2) Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), Calendar year to date June 30, 2022 and 2021. Data from the ECF is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

(3) The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

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Forward-Looking Statements

This release 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, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; the extent and impact from the continuation of the COVID-19 pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers; disruption of the delivery of units to independent dealers; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2022.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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XML

Cover	Sep. 28, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 28, 2022
Entity File Number	1-9235
Entity Registrant Name	THOR Industries, Inc.
Entity Central Index Key	0000730263
Entity Tax Identification Number	93-0768752
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	601 East Beardsley Avenue
Entity Address, City or Town	Elkhart
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46514-3305
City Area Code	574
Local Phone Number	970-7460
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock (Par value $.10 Per Share)
Trading Symbol	THO
Security Exchange Name	NYSE
Entity Emerging Growth Company	false