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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended April 30, 2021.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____.
COMMISSION FILE NUMBER 001-09235
tho-20210430_g1.jpg
THOR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware93-0768752
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
601 E. Beardsley Ave., Elkhart, IN
46514-3305
(Address of principal executive offices)(Zip Code)
(574) 970-7460
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each classTrading Symbol(s)on which registered
Common stock (Par value $.10 Per Share)THONew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes        No    

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes        No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer                Accelerated filer            
Non-accelerated filer                      Smaller reporting company    
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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes        No    
As of May 28, 2021, 55,366,241 shares of the registrant’s common stock, par value $0.10 per share, were outstanding.




PART I – FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)
ITEM 1. FINANCIAL STATEMENTS
THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

April 30, 2021July 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$294,562 $538,519 
Restricted cash
2,900 2,844 
Accounts receivable, trade, net769,826 588,069 
Factored accounts receivable122,671 143,278 
Accounts receivable, other, net121,651 82,880 
Inventories, net1,484,054 716,305 
Prepaid income taxes, expenses and other50,124 30,382 
Total current assets2,845,788 2,102,277 
 Property, plant and equipment, net1,158,380 1,107,649 
Other assets:
Goodwill1,577,828 1,476,541 
Amortizable intangible assets, net976,261 914,724 
Deferred income tax assets, net49,754 78,738 
Other105,956 91,531 
Total other assets2,709,799 2,561,534 
TOTAL ASSETS
$6,713,967 $5,771,460 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,033,026 $636,506 
Current portion of long-term debt12,559 13,817 
Short-term financial obligations34,654 35,939 
Accrued liabilities:
Compensation and related items
246,680 160,083 
Product warranties
261,965 252,869 
Income and other taxes
44,254 83,893 
Promotions and rebates
108,893 97,378 
Product, property and related liabilities21,292 15,440 
Liabilities related to factored receivables122,671 143,278 
Other
65,927 76,078 
Total current liabilities1,951,921 1,515,281 
Long-term debt1,718,127 1,652,831 
Deferred income tax liabilities, net123,530 123,802 
Unrecognized tax benefits19,864 12,765 
Other liabilities142,603 121,212 
Total long-term liabilities2,004,124 1,910,610 
Contingent liabilities and commitments
  
Stockholders’ equity:
Preferred stock – authorized 1,000,000 shares; none outstanding
  
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 65,651,570 and 65,396,531 shares, respectively
6,565 6,540 
Additional paid-in capital454,327 436,828 
Retained earnings2,562,822 2,201,330 
Accumulated other comprehensive income, net of tax69,211 26,993 
Less treasury shares of 10,285,329 and 10,197,775, respectively, at cost
(360,226)(351,909)
Stockholders' equity attributable to THOR Industries, Inc.2,732,699 2,319,782 
Non-controlling interests 25,223 25,787 
Total stockholders’ equity2,757,922 2,345,569 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$6,713,967 $5,771,460 

See Notes to the Condensed Consolidated Financial Statements.



2



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended April 30,Nine Months Ended April 30,
2021202020212020
Net sales
$3,459,264 $1,681,735 $8,724,412 $5,843,653 
Cost of products sold2,953,984 1,476,102 7,425,403 5,072,803 
Gross profit505,280 205,633 1,299,009 770,850 
Selling, general and administrative expenses231,834 128,147 619,786 478,968 
Amortization of intangible assets
30,480 24,079 87,110 72,645 
Impairment charges   10,057 
Interest income142 847 662 2,796 
Interest expense26,808 26,868 75,248 82,127 
Other income (expense), net16,379 (6,157)25,430 (5,123)
Income before income taxes232,679 21,229 542,957 124,726 
Income tax provision (benefit)49,960 (1,555)113,409 23,071 
Net income 182,719 22,784 429,548 101,655 
Less: Net (loss) attributable to non-controlling interests(592)(1,284)(44)(2,151)
Net income attributable to THOR Industries, Inc.$183,311 $24,068 $429,592 $103,806 
Weighted-average common shares outstanding:
Basic55,366,241 55,198,756 55,323,080 55,163,943 
Diluted55,723,378 55,392,982 55,615,107 55,337,665 
Earnings per common share:
Basic$3.31 $0.44 $7.77 $1.88 
Diluted$3.29 $0.43 $7.72 $1.88 
Comprehensive income (loss):
Net income $182,719 $22,784 $429,548 $101,655 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment(7,449)(25,245)33,691 (36,154)
Unrealized gain (loss) on derivatives, net of tax2,929 (7,763)8,612 (11,709)
Total other comprehensive income (loss), net of tax(4,520)(33,008)42,303 (47,863)
Total Comprehensive income (loss)178,199 (10,224)471,851 53,792 
Less: Comprehensive income (loss) attributable to non-controlling interests(647)(1,483)41 (2,794)
Comprehensive income (loss) attributable to THOR Industries, Inc.$178,846 $(8,741)$471,810 $56,586 


















See Notes to the Condensed Consolidated Financial Statements.



3



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended April 30,
20212020
Cash flows from operating activities:
Net income$429,548 $101,655 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation82,533 71,966 
Amortization of intangible assets87,110 72,645 
Amortization of debt issuance costs12,825 8,050 
Impairment charges 10,057 
Deferred income tax (benefit) provision (4,499)19,312 
(Gain) loss on disposition of property, plant and equipment(296)1,524 
Stock-based compensation expense21,424 14,425 
Changes in assets and liabilities:
Accounts receivable(175,635)219,750 
Inventories, net(632,506)(62,475)
Prepaid income taxes, expenses and other(28,280)(8,963)
Accounts payable341,535 (137,668)
Accrued liabilities32,581 (73,621)
Long-term liabilities and other8,733 612 
Net cash provided by operating activities175,073 237,269 
Cash flows from investing activities:
Purchases of property, plant and equipment (81,162)(77,302)
Proceeds from dispositions of property, plant and equipment 1,742 26,854 
Business acquisitions, net of cash acquired(310,938) 
Other9,330 (5,239)
Net cash used in investing activities(381,028)(55,687)
Cash flows from financing activities:
Borrowings on revolving asset-based credit facilities225,676 379,222 
Payments on revolving asset-based credit facilities(114,836)(74,776)
Payments on term-loan credit facilities(59,700)(199,301)
Payments on other debt(9,711)(10,358)
Regular cash dividends paid(68,100)(66,239)
Payments on finance lease obligations(492)(324)
Payments related to vesting of stock-based awards(8,317)(3,763)
Short-term financial obligations and other, net(7,323)532 
Net cash provided by (used in) financing activities(42,803)24,993 
Effect of exchange rate changes on cash and cash equivalents and restricted cash4,857 (2,872)
Net increase (decrease) in cash and cash equivalents and restricted cash(243,901)203,703 
Cash and cash equivalents and restricted cash, beginning of period541,363 451,262 
Cash and cash equivalents and restricted cash, end of period297,462 654,965 
Less: restricted cash2,900 3,480 
Cash and cash equivalents, end of period$294,562 $651,485 
Supplemental cash flow information:
Income taxes paid$172,397 $51,281 
Interest paid$62,048 $75,709 
Non-cash investing and financing transactions:
Capital expenditures in accounts payable$3,497 $2,057 



See Notes to the Condensed Consolidated Financial Statements.



4




THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Three Months Ended April 30, 2021
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarningsIncome (Loss)SharesAmountto THORInterestsEquity
Balance at February 1, 202165,651,570 $6,565 $448,010 $2,402,211 $73,676 10,285,329 $(360,226)$2,570,236 $26,475 $2,596,711 
Net income (loss)— — — 183,311 — — — 183,311 (592)182,719 
Restricted stock unit activity— — (2,049)— — — — (2,049)— (2,049)
Dividends $0.41 per common share
— — — (22,700)— — — (22,700)— (22,700)
Stock-based compensation expense— — 8,366 — — — — 8,366 — 8,366 
Other comprehensive income (loss)— — — — (4,465)— — (4,465)(55)(4,520)
Dividend paid to non-controlling interest— — — — — — — — (605)(605)
Balance at April 30, 202165,651,570 $6,565 $454,327 $2,562,822 $69,211 10,285,329 $(360,226)$2,732,699 $25,223 $2,757,922 
Nine Months Ended April 30, 2021
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarnings Income SharesAmountto THORInterestsEquity
Balance at August 1, 202065,396,531 $6,540 $436,828 $2,201,330 $26,993 10,197,775 $(351,909)$2,319,782 $25,787 $2,345,569 
Net income (loss)— — — 429,592 — — — 429,592 (44)429,548 
Restricted stock unit activity255,039 25 (3,925)— — 87,554 (8,317)(12,217)— (12,217)
Dividends $1.23 per common share
— — — (68,100)— — — (68,100)— (68,100)
Stock-based compensation expense— — 21,424 — — — — 21,424 — 21,424 
Other comprehensive income— — — — 42,218 — — 42,218 85 42,303 
Dividend paid to non-controlling interest— — — — — — — — (605)(605)
Balance at April 30, 202165,651,570 $6,565 $454,327 $2,562,822 $69,211 10,285,329 $(360,226)$2,732,699 $25,223 $2,757,922 




See Notes to the Condensed Consolidated Financial Statements.



5



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Three Months Ended April 30, 2020
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarnings(Loss)SharesAmountto THORInterestsEquity
Balance at February 1, 202065,396,531 $6,540 $427,373 $2,102,253 $(71,415)10,197,775 $(351,909)$2,112,842 $9,492 $2,122,334 
Net income (loss)— — — 24,068 — — — 24,068 (1,284)22,784 
Restricted stock unit activity— — 297 — — — — 297 — 297 
Dividends $0.40 per common share
— — — (22,080)— — — (22,080)— (22,080)
Stock-based compensation expense— — 4,350 — — — — 4,350 — 4,350 
Other comprehensive loss— — — — (32,809)— — (32,809)(199)(33,008)
Acquisitions— — — — — — — — 16,835 16,835 
Balance at April 30, 202065,396,531 $6,540 $432,020 $2,104,241 $(104,224)10,197,775 $(351,909)$2,086,668 $24,844 $2,111,512 
Nine Months Ended April 30, 2020
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarnings(Loss)SharesAmountto THORInterestsEquity
Balance at August 1, 201965,189,907 $6,519 $416,382 $2,066,674 $(57,004)10,126,434 $(348,146)$2,084,425 $10,803 $2,095,228 
Net income (loss)— — — 103,806 — — — 103,806 (2,151)101,655 
Restricted stock unit activity206,624 21 1,213 — — 71,341 (3,763)(2,529)— (2,529)
Dividends $1.20 per common share
— — — (66,239)— — — (66,239)— (66,239)
Stock-based compensation expense— — 14,425 — — — — 14,425 — 14,425 
Other comprehensive loss— — — — (47,220)— — (47,220)(643)(47,863)
Acquisitions— — — — — — — — 16,835 16,835 
Balance at April 30, 202065,396,531 $6,540 $432,020 $2,104,241 $(104,224)10,197,775 $(351,909)$2,086,668 $24,844 $2,111,512 






See Notes to the Condensed Consolidated Financial Statements.



6



NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(All U.S. Dollar, Euro and British Pound Sterling amounts presented in thousands except share and per share data or except as otherwise specified)

1. Nature of Operations and Accounting Policies

Nature of Operations

THOR Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the “Company” or "THOR"), that, combined, represent the world's largest manufacturer of recreational vehicles (“RVs”). The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries.

The July 31, 2020 amounts are derived from the annual audited financial statements of THOR. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Due to seasonality within the recreational vehicle industry, and the impact of the ongoing COVID-19 pandemic on our industry, among other factors, annualizing the results of operations for the nine months ended April 30, 2021 would not necessarily be indicative of the results expected for the full fiscal year.

Recently Adopted Accounting Standards

In January 2017, the FASB issued Accounting Standards Update ("ASU") No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (referred to as Step 2 in the goodwill impairment test). Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment charge equal to that excess shall be recognized, not to exceed the amount of goodwill allocated to the reporting unit. This ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company adopted ASU 2017-04, effective August 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

2. Acquisitions

Tiffin Group

On December 18, 2020, the Company closed on a Stock Purchase Agreement (“Tiffin Group SPA”) for the acquisition of all of the issued and outstanding capital stock of luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including fifth wheel towable recreational vehicle manufacturer Vanleigh RV, and certain other associated operating and supply companies, which primarily supply component parts and services to Tiffin Motorhomes, Inc. and Vanleigh RV (collectively, the “Tiffin Group”). Tiffin Group, LLC, a wholly-owned subsidiary of the Company, owns the Tiffin Group. Tiffin Motorhomes, Inc. operates out of various locations in Alabama while Vanleigh RV operates out of Mississippi.

The initial cash consideration for the acquisition of the Tiffin Group was approximately $300,000, subject to adjustment, and was funded through existing cash-on-hand as well as $165,000 in borrowings from the Company’s existing asset-based credit facility. The total cash consideration to be paid is subject to the final determination of the actual acquired net working capital, as defined in the Tiffin Group SPA, as of the close of business on December 18, 2020, which determination was finalized in the fourth quarter of fiscal 2021 and the true-up was not material. The Tiffin Group operates as an independent operation in the same manner as the Company’s other recreational vehicle subsidiaries, and its motorized operations are aggregated within the Company’s motorized recreational vehicle reportable segment and its towable operations are aggregated within the Company’s towable recreational vehicle reportable segment. The Company purchased the Tiffin Group to complement its existing motorized and towable RV product offerings and North American independent dealer base.


7



The results of the Tiffin Group are included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income since the December 18, 2020 acquisition date. The Tiffin Group recorded net sales of $253,636 and net income before income taxes of $8,847 for the period from the date of acquisition through April 30, 2021. Net income before income taxes included a charge of $4,272 related to the step-up in assigned value of acquired Tiffin Group inventory that was included in cost of products sold in the current period, and also includes a charge of $4,248 for the amortization expense related to the acquired backlog and the other acquired amortizable intangible assets.

The following table summarizes the estimated fair values of the Tiffin Group net assets acquired on the acquisition date. The Company is in the process of finalizing a fair value analysis, but this analysis has not been fully completed. The provisional amounts related to deferred income tax liabilities and certain accrued expenses remain subject to potential adjustment. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date.

Cash$13,074 
Inventory116,441 
Other assets53,860 
Property, plant and equipment48,262 
Amortizable intangible assets:
Dealer network92,200 
Trademarks32,100 
Non-compete agreements1,400 
Backlog4,800 
Goodwill62,905 
Current liabilities(81,423)
Deferred income tax liabilities(35,104)
Other liabilities(7,203)
Total fair value of net assets acquired301,312 
Less cash acquired(13,074)
Total cash consideration for acquisition, less cash acquired$288,238 

On the acquisition date, amortizable intangible assets had a weighted-average useful life of 18.8 years. The dealer network was valued based on the Discounted Cash Flow Method and will be amortized on an accelerated basis over 18 to 20 years. The trademarks were valued on the Relief from Royalty Method and will be amortized on a straight-line basis over 20 years. Backlog was valued based on the Discounted Cash Flow Method and will be amortized on a straight-line basis over five to seven months. Generally, the goodwill recognized as a result of this transaction will be not deductible for tax purposes.

Togo Group

In February 2018, the Company formed a 50/50 joint venture, originally called TH2connect, LLC, with Tourism Holdings Limited ("thl"). In July 2019, this joint venture was rebranded as "Togo Group." Togo Group was formed to own, improve and sell innovative and comprehensive digital applications through a platform designed for the global RV industry.

Effective March 23, 2020, the Company and thl reached an agreement (the “2020 Agreement”) whereby the Company obtained additional ownership interest in Togo Group. THOR obtained a 73.5% controlling interest in Togo Group and the power to direct the activities of Togo Group. Since the effective date of the 2020 Agreement, the operating results, balance sheet accounts and cash flow activity of Togo Group have been consolidated within the Company's Condensed Consolidated Financial Statements.

The operations of Togo Group are focused on digital solutions primarily for the North American market related to travel and RV use, with expansion into other regions anticipated in future periods. The Togo Group is managed as a stand-alone operating entity and represents a non-reportable segment and a separate reporting unit for goodwill assessment purposes.





8



The table below summarizes the final estimated fair value of the Togo Group assets acquired and liabilities assumed as of the 2020 Agreement effective date.

Cash$326 
Accounts receivable466 
Other assets749 
Property, plant and equipment362 
Amortizable intangible assets
Trade names and trademarks1,130 
Developed technology5,700 
Other1,350 
Goodwill61,955 
Liabilities(2,595)
Non-controlling interest(16,835)
Total fair value of net assets acquired$52,608 

Amortizable intangible assets have a weighted-average useful life of approximately eight years and are amortized on a straight-line basis. The developed technology was valued using the Multi-Period Excess Earnings method, which is a form of the income approach. Trade names and trademarks were valued using the Relief from Royalty method. The majority of the goodwill is expected to be deductible for tax purposes.

Prior to the March 23, 2020 effective date of the 2020 Agreement, the Company accounted for the investment in Togo Group under the equity method of accounting, and the Company's share of the losses of this investment were included in Other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company's share of the losses from this investment recognized in the three and nine-month periods ended April 30, 2020 were $2,137 and $6,884, respectively.

The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020 and the fiscal 2020 acquisition of the Togo Group had occurred at the beginning of fiscal 2019. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company.

Three Months EndedNine Months Ended
April 30, 2021April 30, 2021
Net sales$3,459,264 $8,988,314 
Net income attributable to THOR Industries, Inc.$183,104 $436,817 
Basic earnings per common share$3.31 $7.90 
Diluted earnings per common share$3.29 $7.85 

Three Months EndedNine Months Ended
April 30, 2020April 30, 2020
Net sales$1,826,765 $6,403,792 
Net income attributable to THOR Industries, Inc.$20,966 $103,623 
Basic earnings per common share$0.38 $1.88 
Diluted earnings per common share$0.38 $1.87 




9



3. Business Segments

The Company has three reportable segments, all related to recreational vehicles: (1) North American Towables, (2) North American Motorized and (3) European. The operations of the Company's Postle and Togo Group subsidiaries are included in Other, which is a non-reportable segment.

The following tables reflect certain financial information by reportable segment:

Three Months Ended April 30,Nine Months Ended April 30,
NET SALES:2021202020212020
Recreational vehicles
North American Towables$1,726,102$773,391$4,491,327$2,958,186
North American Motorized775,393264,0371,846,2431,023,606
Total North America2,501,4951,037,4286,337,5703,981,792
European894,240615,3432,230,1911,745,465
Total recreational vehicles3,395,7351,652,7718,567,7615,727,257
Other106,96045,632262,381176,943
Intercompany eliminations(43,431)(16,668)(105,730)(60,547)
Total$3,459,264$1,681,735$8,724,412$5,843,653

Three Months Ended April 30,Nine Months Ended April 30,
INCOME (LOSS) BEFORE INCOME TAXES:2021202020212020
Recreational vehicles
North American Towables$167,693$49,261$456,752$207,009
North American Motorized54,78010,915139,76847,606
Total North America222,47360,176596,520254,615
European43,993(242)48,703(18,576)
Total recreational vehicles266,46659,934645,223236,039
Other, net16,6673,99637,80124,356
Corporate(50,454)(42,701)(140,067)(135,669)
Total$232,679$21,229$542,957$124,726

TOTAL ASSETS:April 30, 2021July 31, 2020
Recreational vehicles
North American Towables$1,802,162$1,529,913
North American Motorized1,149,043480,225
Total North America2,951,2052,010,138
European3,206,2213,102,071
Total recreational vehicles6,157,4265,112,209
Other, net258,531212,378
Corporate298,010446,873
Total$6,713,967$5,771,460




10



DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE:Three Months Ended April 30,Nine Months Ended April 30,
2021202020212020
Recreational vehicles
North American Towables$16,904$16,696$49,029$49,398
North American Motorized7,008