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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 January 31, 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-20210131_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, 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 February 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)

January 31, 2021July 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$183,634 $538,519 
Restricted cash
2,913 2,844 
Accounts receivable, trade, net724,026 588,069 
Factored accounts receivable128,672 143,278 
Accounts receivable, other, net91,268 82,880 
Inventories, net1,300,185 716,305 
Prepaid income taxes, expenses and other64,851 30,382 
Total current assets2,495,549 2,102,277 
 Property, plant and equipment, net1,132,722 1,107,649 
Other assets:
Goodwill1,581,990 1,476,541 
Amortizable intangible assets, net1,009,431 914,724 
Deferred income tax assets, net46,460 78,738 
Other103,394 91,531 
Total other assets2,741,275 2,561,534 
TOTAL ASSETS
$6,369,546 $5,771,460 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$803,496 $636,506 
Current portion of long-term debt12,802 13,817 
Short-term financial obligations36,672 35,939 
Accrued liabilities:
Compensation and related items
203,379 160,083 
Product warranties
251,009 252,869 
Income and other taxes
49,868 83,893 
Promotions and rebates
95,973 97,378 
Product, property and related liabilities18,939 15,440 
Liabilities related to factored receivables128,672 143,278 
Other
71,597 76,078 
Total current liabilities1,672,407 1,515,281 
Long-term debt1,821,522 1,652,831 
Deferred income tax liabilities, net123,486 123,802 
Unrecognized tax benefits18,748 12,765 
Other liabilities136,672 121,212 
Total long-term liabilities2,100,428 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 capital448,010 436,828 
Retained earnings2,402,211 2,201,330 
Accumulated other comprehensive income, net of tax73,676 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.2,570,236 2,319,782 
Non-controlling interests 26,475 25,787 
Total stockholders’ equity2,596,711 2,345,569 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$6,369,546 $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 January 31,Six Months Ended January 31,
2021202020212020
Net sales
$2,727,788 $2,003,133 $5,265,148 $4,161,918 
Cost of products sold2,312,911 1,746,727 4,471,419 3,596,701 
Gross profit414,877 256,406 793,729 565,217 
Selling, general and administrative expenses206,189 162,357 387,952 350,821 
Amortization of intangible assets
29,203 24,273 56,630 48,566 
Impairment charges 10,057  10,057 
Interest income202 974 520 1,949 
Interest expense24,164 27,234 48,440 55,259 
Other income, net8,436 1,404 9,051 1,034 
Income before income taxes163,959 34,863 310,278 103,497 
Income tax provision 32,769 7,837 63,449 24,626 
Net income 131,190 27,026 246,829 78,871 
Less: Net income (loss) attributable to non-controlling interests(1,334)(1,647)548 (867)
Net income attributable to THOR Industries, Inc.$132,524 $28,673 $246,281 $79,738 
Weighted-average common shares outstanding:
Basic55,366,241 55,198,756 55,302,203 55,146,915 
Diluted55,568,667 55,396,116 55,561,675 55,310,385 
Earnings per common share:
Basic$2.39 $0.52 $4.45 $1.45 
Diluted$2.38 $0.52 $4.43 $1.44 
Comprehensive income:
Net income $131,190 $27,026 $246,829 $78,871 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment60,133 (11,902)41,140 (10,909)
Unrealized gain (loss) on derivatives, net of tax2,351 (224)5,683 (3,946)
Total other comprehensive income (loss), net of tax62,484 (12,126)46,823 (14,855)
Total Comprehensive income 193,674 14,900 293,652 64,016 
Less: Comprehensive income (loss) attributable to non-controlling interests(1,307)(1,949)688 (1,311)
Comprehensive income attributable to THOR Industries, Inc.$194,981 $16,849 $292,964 $65,327 


















See Notes to the Condensed Consolidated Financial Statements.



3



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

Six Months Ended January 31,
20212020
Cash flows from operating activities:
Net income$246,829 $78,871 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation54,324 50,586 
Amortization of intangible assets56,630 48,566 
Amortization of debt issuance costs5,460 5,371 
Impairment charges 10,057 
Deferred income tax (benefit) provision (98)1,661 
(Gain) loss on disposition of property, plant and equipment(196)1,241 
Stock-based compensation expense13,058 10,075 
Changes in assets and liabilities:
Accounts receivable(99,282)(121,725)
Inventories, net(425,026)(109,999)
Prepaid income taxes, expenses and other(39,226)5,280 
Accounts payable112,131 67,036 
Accrued liabilities(25,114)(47,216)
Long-term liabilities and other11,944 5,494 
Net cash provided by (used in) operating activities(88,566)5,298 
Cash flows from investing activities:
Purchases of property, plant and equipment (48,097)(52,858)
Proceeds from dispositions of property, plant and equipment 1,084 20,350 
Business acquisitions, net of cash acquired(310,576) 
Other (4,527)
Net cash used in investing activities(357,589)(37,035)
Cash flows from financing activities:
Borrowings on revolving asset-based credit facilities213,632 75,007 
Payments on term-loan credit facilities(59,700)(155,388)
Payments on revolving asset-based credit facilities (47,609)
Payments on other debt(7,522)(7,058)
Regular cash dividends paid(45,400)(44,159)
Payments on finance lease obligations(244)(214)
Payments related to vesting of stock-based awards(8,317)(3,763)
Short-term financial obligations and other, net(5,488)9,896 
Net cash provided by (used in) financing activities86,961 (173,288)
Effect of exchange rate changes on cash and cash equivalents and restricted cash4,378 (566)
Net decrease in cash and cash equivalents and restricted cash(354,816)(205,591)
Cash and cash equivalents and restricted cash, beginning of period541,363 451,262 
Cash and cash equivalents and restricted cash, end of period186,547 245,671 
Less: restricted cash2,913 3,537 
Cash and cash equivalents, end of period$183,634 $242,134 
Supplemental cash flow information:
Income taxes paid$112,425 $46,653 
Interest paid$39,705 $53,546 
Non-cash investing and financing transactions:
Capital expenditures in accounts payable$3,422 $2,631 



See Notes to the Condensed Consolidated Financial Statements.



4




THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JANUARY 31, 2021 AND 2020 (UNAUDITED)
Three Months Ended January 31, 2021
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarningsIncomeSharesAmountto THORInterestsEquity
Balance at November 1, 202065,651,570 $6,565 $442,794 $2,292,387 $11,219 10,285,329 $(360,226)$2,392,739 $27,782 $2,420,521 
Net income (loss)— — — 132,524 — — — 132,524 (1,334)131,190 
Restricted stock unit activity— — (2,074)— — — — (2,074)— (2,074)
Dividends $0.41 per common share
— — — (22,700)— — — (22,700)— (22,700)
Stock-based compensation expense— — 7,290 — — — — 7,290 — 7,290 
Other comprehensive income— — — — 62,457 — — 62,457 27 62,484 
Balance at January 31, 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 
Six Months Ended January 31, 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 — — — 246,281 — — — 246,281 548 246,829 
Restricted stock unit activity255,039 25 (1,876)— — 87,554 (8,317)(10,168)— (10,168)
Dividends $0.82 per common share
— — — (45,400)— — — (45,400)— (45,400)
Stock-based compensation expense— — 13,058 — — — — 13,058 — 13,058 
Other comprehensive income— — — — 46,683 — — 46,683 140 46,823 
Balance at January 31, 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 






See Notes to the Condensed Consolidated Financial Statements.



5



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JANUARY 31, 2021 AND 2020 (UNAUDITED)
Three Months Ended January 31, 2020
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarnings(Loss)SharesAmountto THORInterestsEquity
Balance at November 1, 201965,396,531 $6,540 $422,831 $2,095,659 $(59,591)10,197,775 $(351,909)$2,113,530 $11,441 $2,124,971 
Net income (loss)— — — 28,673 — — — 28,673 (1,647)27,026 
Restricted stock unit activity— — (520)— — — — (520)— (520)
Dividends $0.40 per common share
— — — (22,079)— — — (22,079)— (22,079)
Stock-based compensation expense— — 5,062 — — — — 5,062 — 5,062 
Other comprehensive loss— — — — (11,824)— — (11,824)(302)(12,126)
Balance at January 31, 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 
Six Months Ended January 31, 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)— — — 79,738 — — — 79,738 (867)78,871 
Restricted stock unit activity206,624 21 916 — — 71,341 (3,763)(2,826)— (2,826)
Dividends $0.80 per common share
— — — (44,159)— — — (44,159)— (44,159)
Stock-based compensation expense— — 10,075 — — — — 10,075 — 10,075 
Other comprehensive loss— — — — (14,411)— — (14,411)(444)(14,855)
Balance at January 31, 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 







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 current COVID-19 pandemic, among other factors, annualizing the results of operations for the six months ended January 31, 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 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, will own the Tiffin Group. In accordance with the Tiffin Group SPA, the closing was deemed effective as of December 18, 2020. Tiffin Motorhomes, Inc. operates in various locations in Alabama while Vanleigh RV operates in 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 is expected to be finalized later in fiscal 2021. The Tiffin Group will operate 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. During this period, the Tiffin Group recorded net sales of $82,432 and the results of operations were not material.

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

Cash$12,985 
Inventory116,691 
Other assets53,860 
Property, plant and equipment48,511 
Amortizable intangible assets:
Dealer network92,100 
Trademarks32,100 
Non-compete agreements1,400 
Backlog4,800 
Goodwill62,336 
Current liabilities(81,859)
Deferred income tax liabilities(34,860)
Other liabilities(7,203)
Total fair value of net assets acquired300,861 
Less cash acquired(12,985)
Total cash consideration for acquisition, less cash acquired$287,876 

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 5 to 7 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 six-month periods ended January 31, 2020 were $2,652 and $4,747, 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 EndedSix Months Ended
January 31, 2021January 31, 2021
Net sales$2,829,652 $5,529,050 
Net income attributable to THOR Industries, Inc.$139,345 $254,461 
Basic earnings per common share$2.52 $4.60 
Diluted earnings per common share$2.51 $4.58 

Three Months EndedSix Months Ended
January 31, 2020January 31, 2020
Net sales$2,204,841 $4,577,026 
Net income attributable to THOR Industries, Inc.$32,043 $82,657 
Basic earnings per common share$0.58 $1.50 
Diluted earnings per common share$0.58 $1.49 




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 January 31,Six Months Ended January 31,
NET SALES:2021202020212020
Recreational vehicles
North American Towables$1,373,181$983,907$2,765,225$2,184,795
North American Motorized576,995343,6801,070,850759,569
Total North America1,950,1761,327,5873,836,0752,944,364
European733,463637,1151,335,9511,130,122
Total recreational vehicles2,683,6391,964,7025,172,0264,074,486
Other74,71457,745155,421131,311
Intercompany eliminations(30,565)(19,314)(62,299)(43,879)
Total$2,727,788$2,003,133$5,265,148$4,161,918

Three Months Ended January 31,Six Months Ended January 31,
INCOME (LOSS) BEFORE INCOME TAXES:2021202020212020
Recreational vehicles
North American Towables$147,880$53,426$289,059$157,748
North American Motorized43,42114,91684,98836,691
Total North America191,30168,342374,047194,439
European10,2164,6904,710(18,334)
Total recreational vehicles201,51773,032378,757176,105
Other, net9,6448,60921,13420,360
Corporate(47,202)(46,778)(89,613)(92,968)
Total$163,959$34,863$310,278$103,497

TOTAL ASSETS:January 31, 2021July 31, 2020
Recreational vehicles
North American Towables$1,721,615$1,529,913
North American Motorized1,066,507480,225
Total North America2,788,1222,010,138
European3,031,5293,102,071
Total recreational vehicles5,819,6515,112,209
Other, net245,299212,378
Corporate304,596446,873
Total$6,369,546$5,771,460




10



Three Months Ended January 31,Six Months Ended January 31,
DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE:2021202020212020
Recreational vehicles
North American Towables$16,318$16,431$32,125$32,702
North American Motorized5,3343,5149,1047,008
Total North America21,65219,94541,22939,710
European31,60826,02062,93153,503
Total recreational vehicles53,26045,965104,16093,213
Other
3,0392,5235,9505,034
Corporate
416457844905
Total