$THO
THOR INDUSTRIES INC

2018 Q3 Form 10-K Financial Statement

#000119312518278055 Filed on September 20, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 2017 Q3
Revenue $1.874B $8.329B $1.935B
YoY Change -3.13% 14.93% 49.68%
Cost Of Revenue $1.630B $7.164B $1.633B
YoY Change -0.23% 15.49% 52.75%
Gross Profit $244.4M $1.165B $301.3M
YoY Change -18.88% 11.6% 34.87%
Gross Profit Margin 13.04% 13.98% 15.57%
Selling, General & Admin $106.6M $477.4M $109.4M
YoY Change -2.56% 13.72% 22.1%
% of Gross Profit 43.62% 40.99% 36.31%
Research & Development $2.009M
YoY Change -22.04%
% of Gross Profit 0.17%
Depreciation & Amortization $23.70M $93.22M $23.90M
YoY Change -0.84% -5.12% 37.36%
% of Gross Profit 9.7% 8.0% 7.93%
Operating Expenses $120.0M $479.5M $123.6M
YoY Change -2.91% 13.5% 24.72%
Operating Profit $124.4M $685.2M $177.7M
YoY Change -29.99% 10.31% 42.96%
Interest Expense -$100.0K $5.187M -$1.700M
YoY Change -94.12% -46.69% 112.5%
% of Operating Profit -0.08% 0.76% -0.96%
Other Income/Expense, Net $3.964M
YoY Change -26.35%
Pretax Income $124.3M $633.0M $176.0M
YoY Change -29.38% 13.78% 42.51%
Income Tax $31.50M $202.9M $56.50M
% Of Pretax Income 25.34% 32.05% 32.1%
Net Earnings $88.20M $430.2M $119.5M
YoY Change -26.19% 14.94% 44.32%
Net Earnings / Revenue 4.71% 5.16% 6.18%
Basic Earnings Per Share $8.17
Diluted Earnings Per Share $1.667M $8.14 $2.263M
COMMON SHARES
Basic Shares Outstanding 52.70M shares 52.67M shares 52.59M shares
Diluted Shares Outstanding 52.85M shares

Balance Sheet

Concept 2018 Q3 2018 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.2M $275.2M $223.3M
YoY Change 23.24% 23.24% 6.38%
Cash & Equivalents $275.2M $275.2M $223.3M
Short-Term Investments
Other Short-Term Assets $11.30M $11.30M $11.60M
YoY Change -2.59% -2.59% 10.48%
Inventory $537.9M $537.9M $460.5M
Prepaid Expenses
Receivables $467.5M $467.5M $453.8M
Other Receivables $19.70M $19.70M $31.00M
Total Short-Term Assets $1.312B $1.312B $1.180B
YoY Change 11.14% 11.14% 16.06%
LONG-TERM ASSETS
Property, Plant & Equipment $522.1M $522.1M $425.2M
YoY Change 22.77% 22.79% 23.52%
Goodwill $377.7M $377.7M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $48.46M $48.50M
YoY Change
Other Assets $944.9M $130.4M $952.5M
YoY Change -0.8% -0.76% -1.22%
Total Long-Term Assets $1.467B $1.467B $1.378B
YoY Change 6.48% 6.48% 5.28%
TOTAL ASSETS
Total Short-Term Assets $1.312B $1.312B $1.180B
Total Long-Term Assets $1.467B $1.467B $1.378B
Total Assets $2.779B $2.779B $2.558B
YoY Change 8.63% 8.63% 10.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $287.0M $287.0M $328.6M
YoY Change -12.67% -12.66% 24.58%
Accrued Expenses $174.1M $174.1M $163.1M
YoY Change 6.74% 6.74% 18.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $769.3M $769.3M $781.0M
YoY Change -1.5% -1.5% 19.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $145.0M
YoY Change -100.0% -59.72%
Other Long-Term Liabilities $59.15M $71.60M $45.08M
YoY Change 31.2% 29.48% 16.75%
Total Long-Term Liabilities $71.59M $71.60M $200.3M
YoY Change -64.26% -64.25% -50.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $769.3M $769.3M $781.0M
Total Long-Term Liabilities $71.59M $71.60M $200.3M
Total Liabilities $840.9M $840.9M $981.4M
YoY Change -14.31% -14.32% -7.44%
SHAREHOLDERS EQUITY
Retained Earnings $2.023B $1.671B
YoY Change 21.08% 22.32%
Common Stock $258.5M $241.8M
YoY Change 6.91% 4.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $343.7M $336.1M
YoY Change 2.28% 1.38%
Treasury Stock Shares $10.07M 10.01M shares
Shareholders Equity $1.938B $1.938B $1.577B
YoY Change
Total Liabilities & Shareholders Equity $2.779B $2.779B $2.558B
YoY Change 8.63% 8.63% 10.0%

Cashflow Statement

Concept 2018 Q3 2018 2017 Q3
OPERATING ACTIVITIES
Net Income $88.20M $430.2M $119.5M
YoY Change -26.19% 14.94% 44.32%
Depreciation, Depletion And Amortization $23.70M $93.22M $23.90M
YoY Change -0.84% -5.12% 37.36%
Cash From Operating Activities $269.3M $466.5M $236.5M
YoY Change 13.87% 11.25% 20.48%
INVESTING ACTIVITIES
Capital Expenditures -$38.20M $138.2M -$35.50M
YoY Change 7.61% 20.14% 181.75%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$3.300M -$1.271M $400.0K
YoY Change -925.0% -200.0% -100.07%
Cash From Investing Activities -$41.50M -$183.5M -$35.30M
YoY Change 17.56% 57.3% -93.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.60M -$231.0M -167.4M
YoY Change -40.5% -20.15% -149.76%
NET CHANGE
Cash From Operating Activities 269.3M $466.5M 236.5M
Cash From Investing Activities -41.50M -$183.5M -35.30M
Cash From Financing Activities -99.60M -$231.0M -167.4M
Net Change In Cash 128.2M $51.99M 33.80M
YoY Change 279.29% 289.27% -190.37%
FREE CASH FLOW
Cash From Operating Activities $269.3M $466.5M $236.5M
Capital Expenditures -$38.20M $138.2M -$35.50M
Free Cash Flow $307.5M $328.3M $272.0M
YoY Change 13.05% 7.89% 30.21%

Facts In Submission

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THOR INDUSTRIES INC
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px" align="justify"> <font style="FONT-FAMILY: Arial Narrow" size="2"><b><i>Estimates</i></b> &#x2013; The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Key estimates include reserves for inventory, incurred but not reported medical claims, warranty claims, recalls, workers&#x2019; compensation claims, vehicle repurchases, uncertain tax positions, product and <font style="WHITE-SPACE: nowrap">non-product</font> litigation and assumptions made in asset impairment assessments. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. The Company believes that such estimates are made using consistent and appropriate methods. Actual results could differ from these estimates.</font></p> </div>
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NetIncomeLoss
256519000
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1181000
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
557651000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
51976000
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3757000
CY2016 us-gaap Proceeds From Sale And Collection Of Notes Receivable
ProceedsFromSaleAndCollectionOfNotesReceivable
8367000
CY2016 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
560000
CY2016 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
53974000
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
347000
CY2016 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
328000
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
306269000
CY2016 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4582112000
CY2016 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
110092000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
3123000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
9387000
CY2016 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
114119000
CY2016 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
89607000
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
956000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1546000
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2680000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52590516 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52458789 shares
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
920000
CY2016 tho Unrecognized Tax Benefits Income Tax Penalties And Interest Income Expenses
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestIncomeExpenses
231000
CY2016Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
9113000

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