Exhibit 99.3

THIRD QUARTER OF FISCAL 2022

INVESTOR QUESTIONS & ANSWERS

June 8, 2022

Forward-Looking Statements

Reference is made to the forward-looking statements disclosure provided at the end of this document.

Executive Overview

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Current Market Conditions and Outlook Assumptions

The RV industry’s calendar 2022 retail selling season has been impacted by the current macroeconomic conditions faced by consumers, and while North American industry retail towable demand is anticipated to be lower than the historically high levels of recent quarters, we anticipate that consumer demand will remain strong for the foreseeable future as interest in the RV lifestyle continues to grow. Motorized retail demand continues to outpace the industry’s ability to produce, mainly due to the current limitations on chassis supply. We believe the dealer restocking cycle for towables is near completion while the restocking cycle for motorized products will likely extend into calendar year 2023.

The Recreational Vehicle Industry Association (“RVIA”) recently issued its updated forecast for calendar year 2022 wholesale unit shipments. The RVIA forecast now projects that total North American wholesale shipments in calendar year 2022 will range between 537,800 and 561,900 units with a most likely year-end total of approximately 549,900 units. This forecast is down from the record unit shipments in calendar year 2021 of 600,240 but very strong from a historical shipment perspective. We agree with the revised lower end of the RVIA’s forecast as we work to manage wholesale production to align with retail demand.

Demand in the European RV retail market also remains strong despite the persistent chassis supply constraints that currently limit our ability to align production with market demand for motorized product. According to the European Caravan Foundation (“ECF”), total retail registrations in Europe for the first calendar quarter of 2022 decreased 2.5% compared to same time period in 2021 as Motorcaravan retail registrations in Europe for the first calendar quarter of 2022 decreased by 6.8%. Caravan retail registrations in Europe for the first calendar quarter of 2022 increased 8.8% compared to calendar year 2021. Independent RV dealer inventory levels of our European RV products are generally below pre-pandemic levels in the various countries in which we serve. Within Germany, which accounts for approximately 60% of our European product sales, independent dealer inventories are significantly below historical stocking levels.

Consolidated backlog was $13.88 billion as of April 30, 2022, a decrease of 3.1% from April 30, 2021. North American RV backlog was $11.00 billion as of April 30, 2022, an increase of 0.2% compared to $10.98 billion as of April 30, 2021. European RV backlog was $2.88 billion as of April 30, 2022, a decrease of 13.9% compared to $3.34 billion as of April 30, 2021.

We are seeing positive signs in the moderation of supply chain issues, particularly for North America towable products. We now have improved access to “parts and pieces” needed for production (especially North America towable production) and as a result have been able to produce towable units and restock dealer inventories to historically normal levels. We expect that the easing of the supply chain challenges should help drive down our cost of goods sold as we look ahead.

On the motorized side (approximately 10% of our volumes in North America and 80% of our volumes in Europe), chassis supply continues to be a constraint due to the ongoing chip shortage. As a result, we continue to experience reduced and inconsistent chassis deliveries.

The extent to which macroeconomic factors and other uncertainties may impact our business in future periods remains to be seen. The Russian invasion of Ukraine has created not only great devastation to the country of Ukraine but has also created worldwide financial instability that could impact economies across the globe. While direct impacts to our business are limited, the indirect impacts to our retail customers of inflationary price increases could affect demand for our products. We remain in a relatively low interest rate environment, even after recent increases in short-term interest rates by the Federal Reserve. In the event of continued gradual increases in interest rates, we expect minimal adverse impact on demand for RVs, as dealers can usually customize a loan to fit the buyer’s targeted monthly payment even if rates rise modestly. While interest rates may gradually increase, we do not expect a significant change in the lending environment in calendar year 2022.

Our confident long-term outlook is supported by favorable demographics, strong RV retail sales, adequate current availability of RV dealer and consumer credit, which remains at historically low interest rates in both North America and Europe, and favorable perception of RVing as promoting a safe and healthy lifestyle. In addition, many independent dealers, particularly the larger dealers in North America, continue to invest heavily in their businesses through acquisitions, new or expanded locations, added service facilities and other amenities to serve RV consumers, while local, state and federal governments are actively investing in improving and expanding outdoor recreation spaces. We believe these actions will enhance the experience of current RVers and encourage new buyers to enter the lifestyle.

Q&A

MARKET UPDATE

Nevertheless, the industry has seen a relative lowering of retail demand from record calendar 2021 levels as the consumer adapts to inflationary pressures, rising interest rates and geopolitical concerns – all of which impact consumer confidence. Looking ahead, these uncertainties may further impact retail demand for RVs.

Near term, based on current retail trends, dealer feedback and macroeconomic conditions, we expect calendar year 2022 North American retail sales of between 460,000 and 480,000, which would represent one of the best years of North American RV retail sales on record and is in line with retail unit sales in pre-pandemic calendar years 2017-2019.

Notwithstanding the current macroeconomic events, there are a number of favorable trends that support the continued near- and long-term growth of the RV industry, including a continued growing interest in camping and experiencing the outdoors, the rise of alternative RVing and camping resources, investments in campgrounds, continued remote work where employees can “work from anywhere”, increased U.S. federal funding of national park improvements and favorable demographics including younger buyers.

In its 2022 North American Camping report, the Kampgrounds of America (“KOA”) projects 61.3 million households will camp in 2022, a 7.6% increase over a record number of camping households in 2021. Furthermore, the report indicated 56% of campers are interested in some type of RVing experience in 2022. In fact, there have been 6.2 million new RVing households during the past two years. As the outdoor industry has observed a historical correlation between campers and eventual RV owners, these data points reaffirm our belief that strong demand for THOR products is sustainable over the coming years.

Within the fiscal third quarter, we successfully rebuilt our North America independent dealer inventory to normalized levels for towable products and we feel comfortable with current dealer inventories across our towable brands. To return to a normal ordering cycle where dealers order to replenish sold stock, we pulled back on towable production as we exited the fiscal third quarter and we will continue to proactively match production to our dealer needs moving forward. Looking to the remainder of calendar 2022, we expect our towable inventory levels to ultimately align to the normalized, pre-pandemic levels as we exit the calendar year.

Within our North American Motorized and European segments, independent dealer inventory continues to be well below optimal levels. We expect the replenishment timeline for motorized products to extend into calendar 2023 as a result of the ongoing supply constraints, specifically chassis, that continue to impact our production ability.

On a consistent basis, THOR prudently and proactively manages its production rates, on a category by category basis as needed, based on market conditions and is doing so again today.

We are not building any “open orders” and are focused on producing units to fill specific dealer orders. Any THOR finished goods awaiting transport to dealers across North America were built under a dealer order.

Inflation

While inflation has caused our input costs and, therefore, wholesale prices to move higher, there has been no discernible impact on new RV retail unit sales to date. Retail sales have remained strong as an increased pipeline of new buyers and trade-up activity continues to drive demand for RV products. The breadth of THOR’s product offering allows consumers to choose from models and floorplans across all price points.

Interest rates

Even after recent and anticipated increases in short-term rates by the Federal Reserve, we remain in a historically low interest rate environment,. In the event of additional rate increases, we expect minimal adverse impact on demand for RVs, as dealers can usually customize a loan to fit the buyer’s targeted monthly payment even if rates rise modestly. While rates may gradually increase, we do not expect a significant change in the lending environment in calendar year 2022, so we do not anticipate any material impact from rate increases in the foreseeable future.

Fuel prices

Similar to interest rates, unless we see a sustained material increase in the price of gasoline, we would expect little adverse impact on the demand for RVs. This is confirmed by THOR’s 2022 U.S. Camper Perception Study, which explored consumer RV purchase and usage behavior in the environment of rising fuel prices. According to the study, rising fuel costs will have minimal impact on consumers’ likelihood to purchase an RV in the next five years and rising fuel costs have a nominal impact on intended RV usage in the coming year. As with all consumer discretionary purchases, a much broader perspective is necessary to assess the direction of any impact on demand. As a single data point, rising fuel prices have not historically suppressed demand, even when prices become materially elevated. RV owners may reduce the distance they travel, but historically they continue to utilize their RV and enjoy the personal and health benefits the RV lifestyle can provide.

Geopolitical uncertainty

Our European companies do not have any direct sales exposure to Russia or Ukraine. Moreover, the majority of our European unit shipments are delivered into Western Europe. Despite limited sales exposure, European consumers may be subject to additional inflationary pressures as a result of volatility in various commodity markets and rising labor cost in a scarcer labor market. However, we expect to see little adverse impact on demand of our products.

OPERATIONS UPDATE

Within our North American Motorized segment, production levels in the near term will continue to be constrained by chassis availability, which will limit our ability to increase production volumes. We expect these ongoing challenges to persist and, in particular, anticipate continued shortages and delays in receipt of chassis continuing into calendar 2023.

In the towables segment, this strategy resulted in a slight towable RV market share drop in calendar year 2021, but we have recently seen our overall towable market share stabilize. According to March 2022 Statistical Surveys, Inc. registration data, we experienced a 0.2% gain in overall towable market share in the first quarter of calendar 2022 over calendar year 2021.

In the motorized segment, based on March 2022 SSI data, we have become the market share leader within the Class B motorhome category, the hottest segment currently in the RV industry. Furthermore, as of March 2022, for the first time in the Company’s history, THOR has industry leading market share positions across all North American product categories in which we participate.

Looking ahead, our choice to remain focused on sustainable growth of our margins and unit volumes will continue to be the right one. Our outstanding operating results support this choice rather definitively. As supply chain constraints resolve, we will be in a position to prudently expand our capacity, grow our market share and protect our profit margins.

FINANCIAL OPERATING RESULTS

Looking ahead to future quarters, we will be normalizing production to pace retail demand through the reduction of daily production rates and the shortening of production schedules in our North American Towables segment. In addition, across each of our segments, we expect to see a continuation of some cost pressures as a result of higher commodity prices and transportation costs, labor shortages and other ongoing supply chain constraints. In the face of these expected challenges and reduced volumes, we remain focused on operational excellence and driving improvements designed to maintain or improve margins. While it is likely that discounting and promotions will return as product availability normalizes, we continue to believe our long-term consolidated margin performance target of 16%+ sustainable gross margins is very achievable.

First quarter calendar year 2022 retail sales levels, while below first quarter calendar year 2021 levels, have exceeded the first quarters of both calendar 2020 and calendar 2019. As we look forward, demand for our European products is expected to remain strong as evidenced by our European segment backlog value of approximately $2.9 billion as of April 30, 2022. Currently, European independent dealer inventory levels remain at historically low levels, and we expect the restocking timeline to extend into calendar 2023.

Absent a material impact from the invasion in Ukraine and resultant war, we continue to hold strong optimism for our future performance in Europe given the continued strong market and our demonstrated ability to manage through the supply chain challenges. Importantly, both our European and North American operations have benefited from THOR’s global footprint as we navigate supply chain pressures on both continents.

Continued debt repayments. During the third quarter of fiscal 2022, in addition to organic reinvestment into our operations, we continued to reduce our debt obligations. Specifically, we made principal payments of approximately $124.6 million on our Term Loan during the quarter. Subsequent to the end of the third fiscal quarter, we made additional principal payments of approximately $140.5 million on the Term Loan which results in a remaining principal balance on the Term Loan of $1.22 billion as of June 3, 2022.

Share repurchases. We continue to believe our shares are trading at a material discount to intrinsic value. During the three months ended April 30, 2022, THOR purchased 499,106 shares of its common stock at various times in the open market at a weighted-average price of $80.12 for an aggregate purchase price of approximately $40.0 million.

Since announcing its $250.0 million share buyback authorization on December 21, 2021, THOR has purchased 1,090,067 shares of its common stock at a weighted average price of $90.20 for a total aggregate purchase price of approximately $98.3 million. As of April 30, 2022, the remaining amount of the Company's common stock that may be repurchased under its buyback authorization is $151.7 million.

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

(1) Source: Statistical Surveys, Inc. CYTD March 31, 2022 and 2021.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated, and is often impacted by delays in reporting by various states or provinces.

Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands

(1) Source: Statistical Surveys, Inc. CYTD March 31, 2022 and 2021.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces.

Summary of Key Quarterly Segment Data – European RVs

Dollars are in thousands

(1) Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), Calendar year to date March 31, 2022 and 2021. Data from the ECF is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

(2) The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

Forward-Looking Statements

This release includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; the extent and impact from the continuation of the COVID-19 pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs to attract production personnel in times of high demand; the loss or reduction of sales to key independent dealers; disruption of the delivery of units to independent dealers; increasing costs for freight and transportation; asset impairment charges; competition; the impact of potential losses under repurchase agreements; the potential impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2022 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2021.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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