What Thor Industries, Inc. told the SEC could break it.

The majority of Thor's U.S. operations are concentrated in northern Indiana (the hub of the North American RV industry), creating concentrated exposure to regional labor competition, natural disasters and other localized disruptions.

“The majority of our U.S. operations are located in northern Indiana, which is home to a large proportion of the North American RV industry. The concentration of our operations in northern Indiana creates certain risks, including those listed below which we have experienced in the past and may experience in the future:”

Thor's motorized products are subject to EPA and state emissions and zero-emission-vehicle rules (including CARB's Advanced Clean Truck and Advanced Clean Fleet regulations), which could force different or more limited product offerings, lower sales and significantly higher costs in affected jurisdictions.

“The impacts of changing emissions and other related climate regulations (including revised emission standards applying to heavy-duty trucks by the EPA as well as zero-emission vehicle regulations such as the California Air Resources Board's Advanced Clean Truck and Advanced Clean Fleet Regulations adopted in California and other U.S. jurisdictions) could result in different or more limited product offerings in those jurisdictions which may result in lower sales and significantly higher costs to the Company.”

Sales of Thor's motorized RVs (motorhomes, motorcaravans, campervans, urban vehicles) depend on a consistent supply of chassis from a limited number of chassis suppliers, who use industry-wide allocation systems when supply is restricted.

“While we are not dependent on any one supplier, we do depend on a consistent supply of chassis from a limited number of chassis suppliers. Sales of our motorized RV products, including motorhomes, motorcaravans, campervans and urban vehicles, rely on these chassis.”

Thor is exposed to fluctuating prices of purchased raw materials, including steel and aluminum, plus component parts containing various commodities integrated into its RVs; though typically multi-sourced, commodity price swings can affect results.

“COMMODITY PRICE RISK – The Company is subject to market risk from fluctuating market prices for certain purchased raw materials, including steel and aluminum, and we purchase component parts containing various commodities as well which are integrated into our manufactured products.”