The Toro Company (NYSE:TTC) Q4 2022 Earnings Conference Call December 21, 2022 11:00 AM ET Company Participants Julie Kerekes - Investor Relations Richard Olson - Chairman, President and Chief Executive Officer Renee Peterson - Vice President and Chief Financial Officer Angela Drake - Vice President of Finance Conference Call Participants Thomas Hayes - Northcoast Research Partners LLC Samuel Darkatsh - Raymond James & Associates, Inc. Timothy Wojs - Robert W. Baird & Co. Eric Bosshard - Cleveland Research ...

The Toro Company (NYSE:TTC) Q3 2022 Earnings Conference Call September 1, 2022 11:00 AM ET Company Participants Julie Kerekes - Investor Relations Rick Olson - Chairman and Chief Executive Officer Renee Peterson - Vice President and Chief Financial Officer Conference Call Participants David MacGregor - Longbow Research Eric Bosshard - Cleveland Research Timothy Wojs - Baird Tom Hayes - Northcoast Research Operator Good day, ladies and gentlemen and welcome to the Toro Company’s Third Quarter Earnings Confer ...

Table of Contents 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 July 29, 2022 ☐ 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: 1-8649 THE TORO COMPANY (Exact name of registrant as specified in its charter) State or Other Jurisdiction of Incorporation or O ...

Table of Contents 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 29, 2022 ☐ 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: 1-8649 THE TORO COMPANY (Exact name of registrant as specified in its charter) State or Other Jurisdiction of Incorporation or ...

The Toro Company (NYSE:TTC) Q2 2022 Results Conference Call June 2, 2022 11:00 AM ET Company Participants Julie Kerekes - Treasurer and Sr. MD, Global Tax and IR Rick Olson - Chairman and CEO Renee Peterson - VP and CFO Conference Call Participants Tim Wojs - Baird Sam Darkatsh - Raymond James David MacGregor - Longbow Research Eric Bosshard - Cleveland Research Operator Ladies and gentlemen, thank you standing by and welcome to The Toro Company’s Fiscal Second Quarter 2022 Earnings Conference Call. At this ...

THE TORO COMPANY Richard M. Olson Chairman & Chief Executive Officer Raymond James 43rd Annual Institutional Investors Conference March 8, 2022 POPE RENCOR UNIQUE Irritrol SAFE HARBOR • This presentation contains forward-looking statements regarding our business and future financial and operating results made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. • These forward-looking statements are based on management's current assumptions and expectations of futu ...

Financial Data and Key Metrics Changes - The company achieved consolidated net sales of $932.7 million, an increase of 6.8% compared to the first quarter of last year [28] - Reported and adjusted EPS were both $0.66 per diluted share, down from $1.02 and $0.85 respectively in the first quarter a year ago [29] - Gross margin for the quarter was 32.2%, compared to 36.1% in the same period last year, primarily due to higher material and freight costs [33] - SG&A expense as a percent of net sales for the quarter was 22.4%, compared to 19.9% in the same period last year [34] - Operating earnings as a percent of net sales for the first quarter were 9.8%, compared to 16.2% in the same period last year [36] Business Line Data and Key Metrics Changes - Professional segment net sales for the quarter were up 3.5% to $672.9 million, driven by net price realization, partially offset by lower volume due to product availability constraints [29] - Residential segment net sales for the first quarter were $255.4 million, up 17.3% over last year, primarily driven by increased net price realization and higher shipments of zero-turn riding and walk power mowers [31] - Professional segment earnings for the first quarter were $93.3 million, down from 18% in the first quarter last year to 13.9% [30] - Residential segment earnings for the quarter were $31.8 million, down from 14.7% in the first quarter last year to 12.4% [32] Market Data and Key Metrics Changes - The company noted strong demand momentum across its diverse portfolio of businesses, with particular strength in the golf market, where golf rounds played were up 5.5% in 2021 [51][52] - The company is closely monitoring geopolitical developments and their potential impacts on operations and supply chains [11][12] Company Strategy and Development Direction - The company is focused on technology advancements to accelerate profitable growth, introducing new products in battery electric, smart connected, and autonomous solutions [14][23] - The acquisition of the Intimidator Group is expected to enhance customer reach and geographic strength in the zero-turn mower market [24][25] - The company aims to restore and improve margins over the long term while adjusting pricing to market conditions [34][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate supply chain challenges and maintain strong demand across its markets [9][41] - The company updated its full-year fiscal 2022 guidance, expecting net sales growth in the range of 12% to 14% [43] - Management acknowledged the impact of geopolitical events on operations but emphasized the company's strong position to capitalize on profitable growth [48][51] Other Important Information - Free cash flow in the quarter was a use of cash at $102 million, driven by additional working capital needs [38] - The company plans to deploy $150 million to $175 million in capital expenditures this year to enhance capacity and productivity [40] Q&A Session Summary Question: Supply chain progress - Management noted improvements in the supply chain, with strong demand remaining a challenge for production capacity [61][62] Question: Full-year guidance implications - Management confirmed that guidance reflects ongoing progress, with geopolitical uncertainty factored in [65][66] Question: Price and inflation expectations - Management indicated that they are committed to restoring margins and expect to see improvements over time [75][76] Question: Order deferrals or cancellations - Management reported that order pace remains strong, with no significant drop-off in demand [80][81] Question: Professional segment revenue shortfall - Management attributed the shortfall to supply chain constraints, particularly in heavier duty professional product categories [90][92] Question: Impact of competitors' actions - Management expressed confidence in the growth of their electric product offerings, despite competitors dropping gas-powered equipment [94][95] Question: Intimidator Group acquisition impact - Management acknowledged that Intimidator has lower initial gross margins but is confident in leveraging synergies for growth [102][104] Question: Professional margins breakdown - Management indicated that supply chain constraints are affecting professional margins, but demand remains strong [114][116] Question: Snow season contribution to growth - Management highlighted a strong snow season contributing to growth, particularly in professional demand [118][120] Question: Equipment and rental market outlook - Management reported strong demand across the rental market, complementing direct sales [130][132]

The Toro Company THE TORO COMPANY Investor Presentation March 2022 TORO. � POPE TRENCOR UNIQUE HAYTER LIGHTING SYSTEMS® Irritrol. SAFE HARBOR • This presentation contains forward-looking statements regarding our business and future financial and operating results made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. • These forward-looking statements are based on management's current assumptions and expectations of future events. Actual events and results may d ...

Financial Performance - Consolidated net sales for Q1 fiscal 2022 were $932.7 million, a 6.8% increase from $873.0 million in Q1 fiscal 2021[116] - Net earnings for Q1 fiscal 2022 were $69.5 million, or $0.66 per diluted share, down from $111.3 million, or $1.02 per diluted share in Q1 fiscal 2021[117] - Gross profit for Q1 fiscal 2022 was $300.5 million, a decrease of 4.6% compared to $315.0 million in Q1 fiscal 2021, with a gross margin of 32.2%[123] - Total net sales for Q1 FY2022 were $932.7 million, an increase of $59.7 million, or 6.8%, compared to $873.0 million in Q1 FY2021[131] - Non-GAAP operating earnings for the three months ended January 28, 2022, were $92.6 million, down from $124.4 million for the same period in 2021[156] - Non-GAAP net earnings for the three months ended January 28, 2022, were $69.7 million, compared to $93.2 million for the same period in 2021[156] Segment Performance - Professional segment net sales increased by 3.5% to $672.9 million, while Residential segment net sales rose by 17.3% to $255.4 million[116] - Professional segment net sales increased by 3.5% to $672.9 million in Q1 FY2022, driven by price increases and growth in irrigation businesses[132] - Residential segment net sales increased by 17.3% to $255.4 million in Q1 FY2022, primarily due to price increases and strong demand for mowers[134] Expenses and Costs - SG&A expenses increased by $35.3 million, or 20.3%, in Q1 FY2022 compared to Q1 FY2021, with a 250 basis point increase as a percentage of net sales[124] - Supply chain disruptions and inflationary pressures negatively impacted gross margins in Q1 fiscal 2022, leading to a decrease of 390 basis points in gross margin compared to the prior year[123] - The average cost of commodities, components, parts, and accessories purchased in the first three months of fiscal 2022 was significantly higher compared to the same period in fiscal 2021[168] - The company anticipates that the average cost of commodities, components, parts, and accessories for the remainder of fiscal 2022 will continue to be significantly higher than the comparable period of fiscal 2021[168] Cash Flow and Liquidity - Cash used in operating activities for Q1 FY2022 was $90.0 million, a decrease from cash provided of $95.0 million in Q1 FY2021[140] - Cash used in investing activities increased by $411.3 million in Q1 FY2022, primarily due to the acquisition of Intimidator[141] - Available liquidity as of January 28, 2022, was $387.4 million, consisting of cash and cash equivalents of $193.0 million and availability under the revolving credit facility of $194.4 million[144] Debt and Shareholder Returns - As of January 28, 2022, total long-term debt was $1,091.4 million, an increase from $701.3 million on January 29, 2021[145] - The company had $400.0 million of outstanding borrowings under the revolving credit facility, primarily for the acquisition of Intimidator, with $194.4 million of unutilized availability[146] - The company returned $106.5 million to shareholders through dividends and share repurchases in Q1 fiscal 2022[118] - A cash dividend of $0.30 per share was approved for Q1 fiscal 2022, representing a 14.3% increase from $0.2625 per share in Q1 fiscal 2021[148] - During the first three months of fiscal 2022, the company repurchased 738,632 shares of common stock, with 3,313,830 shares remaining available for repurchase[149] Inventory and Receivables - Field inventory levels were lower in Q1 fiscal 2022 due to strong retail demand exceeding production capabilities, particularly in the Professional segment[119] - Accounts receivable increased by $59.4 million, or 19.4%, as of the end of Q1 FY2022 compared to Q1 FY2021, mainly due to higher Residential segment sales[139] - Inventory levels rose by $156.8 million, or 23.2%, in Q1 FY2022 compared to Q1 FY2021, attributed to supply chain challenges and inflation[139] Foreign Currency and Risk Management - The company is exposed to foreign currency exchange rate risks primarily with the Euro, Australian dollar, Canadian dollar, British pound, Mexican peso, Japanese yen, Chinese Renminbi, and Romanian New Leu against the U.S. dollar[162] - The company does not hedge its net investment in foreign subsidiaries, which means changes in foreign currency exchange rates will affect accumulated other comprehensive loss[164] - The company employs various productivity initiatives to mitigate the impact of commodity cost changes, including collaborating with suppliers and reviewing alternative sourcing options[168]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended October 31, 2021 THE TORO COMPANY (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 41-0580470 (I.R.S. Employer Identification No.) 8111 Lyndale Avenue South Bloomington, Minnesota 55420-1196 Telephone Number: (952) 888-8801 (Address, inclu ...