10-K annual report · filed Sep 26, 2016

Thor Industries Inc (THO) FY2016 10-K Annual Report

Short answer

Thor Industries Inc (THO) filed its fiscal 2016 10-K annual report with the SEC on Sep 26, 2016.

  • Top risk flagged: NHTSA enforcement under the National Traffic and Motor Vehicle Safety Act: vehicle recalls could materially harm results

Thor Industries Inc FY2016 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • RV manufacturer selling primarily through independent U.S. and Canadian dealers, with towable and motorized segments
  • Jayco acquired for $576,060, adding towable, motorized and luxury RV offerings plus an exclusive dealer base
  • Fiscal 2016 backlog surged to $735,085 towable and $461,762 motorized, up 141.8% and 71.0%
  • Jayco expanded workforce by approximately 3,400, bringing total employees to approximately 14,900
  • Combined market share reached 35.7% in towables and 25.3% in motorhomes, excluding Jayco; Jayco added 14.7% and 9.2% respectively

Management Discussion & Analysis

  • Revenue $4,582,112, up $575,293 or 14.4% YoY, with motorized sales up 25.7% to $1,094,250
  • Gross margin 15.9% vs 13.9%, pretax margin 8.4% vs 7.3%, driven by favorable product mix and cost management
  • Best segment motorized: sales $1,094,250, pretax margin 8.1% vs 7.7%; worst towables margin 9.6% vs 8.4%
  • Operating cash flow $341,209, Jayco acquisition $557,651, capex $51,976, dividends $62,970
  • Outlook: fiscal 2017 capex approximately $95,000; risks include commodity costs, chassis shortages, interest rates and consumer demand

Risk Factors

  • NHTSA enforcement under the National Traffic and Motor Vehicle Safety Act: vehicle recalls could materially harm results
  • Canadian exposure: stronger U.S. dollar already adversely impacted sales to Canadian dealers
  • Drew concentration: major supplier of windows, doors, chassis, axles and slide-out mechanisms
  • FreedomRoads concentration: 20% of fiscal 2016 consolidated net sales
  • Credit facility covenants: noncompliance could restrict dividends, transactions or lender access to cash accounts

Generated from the filing text; verify against the original. How to read a 10-K

Other Thor Industries Inc annual reports

Ask about this 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.