- Fourth quarter and full year net sales of $616.3 million and
$2,277.6 million, respectively
- Fourth quarter and full year net loss of $10.2 million and
$30.5 million, respectively
- Fourth quarter and full year Adjusted EBITDA1 of $28.0 million
and $67.5 million, respectively
- Fourth quarter and full year Adjusted Net Income of $11.8
million and $9.5 million, respectively
- Full year net cash provided by operating activities of $55.7
million and net debt reduction of $46.1 million
REV Group, Inc. (NYSE: REVG), a manufacturer of industry-leading
specialty vehicles, today reported results for the three months
ended October 31, 2020 (“fourth quarter 2020”). Consolidated net
sales in the fourth quarter 2020 were $616.3 million, representing
a decrease of 5.6 percent compared to $652.9 million for the three
months ended October 31, 2019 (“fourth quarter 2019”). The decrease
in net sales was primarily the result of the sale of the shuttle
bus businesses, and a decrease in Commercial segment net sales,
partially offset by the acquisition of Spartan Emergency Response
(“Spartan ER”) and an increase in net sales in the Recreation
segment. Consolidated net sales were $2.3 billion for the twelve
months ended October 31, 2020 (“full year 2020”), which was a
decrease of 5.2 percent over the twelve months ended October 31,
2019 (“full year 2019”).
The company’s fourth quarter 2020 net loss was $10.2 million, or
$0.16 per diluted share, which included $8.4 million of impairment
charges for the write-down of certain assets as well as $10.5
million of expenses related to restructuring activities. Adjusted
Net Income for the fourth quarter 2020 was $11.8 million, or $0.19
per diluted share, compared to Adjusted Net Income of $3.3 million,
or $0.05 per diluted share, in the fourth quarter 2019. Net loss
for the full year 2020 was $30.5 million, or $0.48 per diluted
share, compared to a net loss of $12.3 million, or $0.20 per
diluted share in full year 2019. Full year 2020 Adjusted Net Income
was $9.5 million, compared to $30.0 million for the full year 2019,
which represents a decline of 68 percent resulting from lower
earnings from operations in the Fire & Emergency (“F&E”)
and Commercial segments, partially offset by higher earnings in the
Recreation segment.
Adjusted EBITDA in the fourth quarter 2020 was $28.0 million,
compared to $19.3 million in the fourth quarter 2019. The increase
in Adjusted EBITDA during the quarter was driven by increased
contribution from the F&E and Recreation segments partially
offset by lower contribution from the Commercial segment. Full year
2020 Adjusted EBITDA was $67.5 million, compared to $102.1 million
in full year 2019.
During the quarter, the company made several leadership changes
aimed at further accelerating the pace of the company’s REV
Business System progress. Announced changes include the expansion
of Commercial segment President, Brian Perry’s, role to Senior VP
of Operations, responsible for manufacturing strategy, operational
excellence, and procurement. In addition, the company appointed Rob
Vislosky as Chief Supply Officer. Mr. Vislosky most recently served
as Vice President & Chief Procurement Officer at Honeywell
International, managing an $18 billion global spend portfolio.
“I continue to be impressed by how our employees are navigating
the challenges presented by these unprecedented times,” REV Group
Inc. President and CEO Rod Rushing said. “Our operational
initiatives have begun to have an impact and we have put in place
the foundation to continue sustained improvement. Looking ahead, we
will remain focused on what we can control and continue to build
disciplines aimed at further strengthening the company’s financial
position and driving shareholder value.”
REV Group Fourth Quarter Segment Highlights
Fire & Emergency Segment
F&E segment net sales were $329.6 million in the fourth
quarter 2020, an increase of $60.6 million, or 22.5 percent, from
$269.0 million in the fourth quarter 2019. The increase was driven
primarily by the acquisition of Spartan ER partially offset by
lower ambulance sales. F&E segment net sales for full year 2020
were $1,132.0 million, an increase of 17.0 percent from $967.9
million in full year 2019 due primarily to the acquisition of
Spartan ER. F&E segment backlog at the end of the fourth
quarter 2020 was $965.8 million, an increase of 16 percent,
compared to $832.7 million in the fourth quarter 2019, primarily
the result of backlog acquired in the Spartan ER transaction and
increased Ambulance orders partially offset by a decrease in legacy
Fire backlog.
F&E segment Adjusted EBITDA was $14.8 million in the fourth
quarter 2020, compared to $7.4 million in the fourth quarter 2019.
The increase in Adjusted EBITDA was primarily due to the
acquisition of Spartan ER and improved profitability at a large
Fire division plant and within the Ambulance division. Full year
2020 Adjusted EBITDA in the F&E segment was $39.9 million,
compared to $43.2 million in full year 2019.
Commercial Segment
Commercial segment net sales were $91.0 million in the fourth
quarter 2020, a decrease of $114.5 million, or 55.7 percent, from
$205.5 million in the fourth quarter 2019. The decrease in net
sales was primarily the result of the divestiture of two shuttle
bus businesses and lower sales across all product categories.
Commercial segment net sales for full year 2020 were $484.8
million, a 32.7 percent decrease from $720.0 million in full year
2019. Commercial segment backlog at the end of the fourth quarter
2020 was $273.8 million, a decrease of 14 percent, compared to
$317.3 million in the fourth quarter 2019, resulting primarily from
divested shuttle bus businesses backlog and lower order intake for
school buses partially offset by increased orders for terminal
trucks and street sweepers.
Commercial segment Adjusted EBITDA was $6.4 million in the
fourth quarter 2020, compared to $16.3 million in the fourth
quarter 2019. This decrease was primarily due to lower
profitability resulting from lower production volume across all
product categories. Full year 2020 Adjusted EBITDA in the
Commercial segment was $34.5 million, compared to $56.0 million in
full year 2019.
Recreation Segment
Recreation segment net sales were $194.2 million in the fourth
quarter 2020, an increase of $20.5 million, or 11.8 percent, from
$173.7 million in the fourth quarter 2019. The increase in net
sales was primarily due to increased sales of motorized and
non-motorized units. Recreation net sales for the full year 2020
were $657.8 million, an 8.2 percent decrease from $716.3 million in
full year 2019. Segment backlog at the end of the fourth quarter
2020 was $538.9 million, an increase of 223 percent from $167.0
million in the fourth quarter 2019, reflecting strong order intake
in all categories.
Recreation segment Adjusted EBITDA was $20.5 million in the
fourth quarter 2020, compared to Adjusted EBITDA of $7.5 million in
the fourth quarter 2019. The increase in Adjusted EBITDA was
primarily due to higher sales and profitability in motorized and
non-motorized categories. Full year 2020 Adjusted EBITDA in the
Recreation segment was $38.4 million, compared to $46.8 million in
full year 2019.
Working Capital, Liquidity, and Capital Allocation
Cash and cash equivalents totaled $11.4 million as of October
31, 2020. Net debt1 was $330.8 million, and the company had $283.4
million available under its ABL revolving credit facility as of
October 31, 2020. Full year fiscal 2020 net cash provided by
operating activities was $55.7 million, compared to net cash
provided of $52.5 million in fiscal 2019. Net working capital2 for
the company as of October 31, 2020 was $355.0 million, compared to
$373.4 million as of October 31, 2019. The decrease was primarily
due to accounts receivable and inventory management and the
divestiture of shuttle bus businesses partially offset by the
acquisition of Spartan ER. Capital expenditures in the fourth
quarter 2020 were $3.8 million compared to $6.7 million in the
fourth quarter 2019.
Conference Call
A conference call to discuss the company’s fiscal 2020 fourth
quarter financial results is scheduled for today, January 7, 2021,
at 10:00 a.m. ET. A supplemental slide deck is available on the REV
Group, Inc. investor relations website. The call will be webcast
simultaneously over the Internet. To access the webcast, listeners
can go to
http://investors.revgroup.com/investor-events-and-presentations/events
at least 15 minutes prior to the event and follow instructions for
listening to the webcast. An audio replay of the call and related
question and answer session will be available for 12 months at this
website.
About REV Group
REV Group (REVG) is a leading designer, manufacturer, and
distributor of specialty vehicles and related aftermarket parts and
services. We serve a diversified customer base, primarily in the
United States, through three segments: Fire & Emergency,
Commercial, and Recreation. We provide customized vehicle solutions
for applications, including essential needs for public services
(ambulances, fire apparatus, school buses, and transit buses),
commercial infrastructure (terminal trucks and industrial sweepers)
and consumer leisure (recreational vehicles). Our diverse portfolio
is made up of well-established principal vehicle brands, including
many of the most recognizable names within their industry. Several
of our brands pioneered their specialty vehicle product categories
and date back more than 50 years. REV Group trades on the NYSE
under the symbol REVG.
Note Regarding Non-GAAP Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (“GAAP”). However,
management believes that the evaluation of our ongoing operating
results may be enhanced by a presentation of Adjusted EBITDA and
Adjusted Net Income, which are non-GAAP financial measures.
Adjusted EBITDA represents net income before interest expense,
income taxes, depreciation and amortization as adjusted for certain
non-recurring, one-time and other adjustments which we believe are
not indicative of our underlying operating performance. Adjusted
Net Income represents net income as adjusted for certain after-tax,
non-recurring, one-time and other adjustments, which we believe are
not indicative of our underlying operating performance, as well as
non-cash intangible asset amortization and stock-based
compensation.
The company believes that the use of Adjusted EBITDA and
Adjusted Net Income provide additional meaningful methods of
evaluating certain aspects of its operating performance from period
to period on a basis that may not be otherwise apparent under GAAP
when used in addition to, and not in lieu of, GAAP measures. A
reconciliation of Adjusted EBITDA and Adjusted Net Income to the
most closely comparable financial measures calculated in accordance
with GAAP is included in the financial appendix of this news
release.
Cautionary Statement About Forward-Looking Statements
This news release contains statements that the company believes
to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. This news release
includes statements that express our opinions, expectations,
beliefs, plans, objectives, assumptions or projections regarding
future events or future results and therefore are, or may be deemed
to be, “forward-looking statements.” These forward-looking
statements can generally be identified by the use of
forward-looking terminology, including the terms “believes,”
“estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,”
“projects,” “intends,” “forecasts,” “plans,” “may,” “will” or
“should” or, in each case, their negative or other variations or
comparable terminology. They appear in a number of places
throughout this news release and include statements regarding our
intentions, beliefs, goals or current expectations concerning,
among other things, our results of operations, financial condition,
liquidity, prospects, growth, strategies and the industries in
which we operate.
Our forward-looking statements are subject to risks and
uncertainties, including those highlighted under “Risk Factors” and
“Cautionary Statement on Forward-Looking Statements” in the
company’s annual report on Form 10-K, and in the company’s
subsequent quarterly reports on Form 10-Q, together with the
company’s other filings with the SEC, which risks and uncertainties
may cause actual results to differ materially from those projected
or implied by the forward-looking statement. Forward-looking
statements are based on current expectations and assumptions and
currently available data and are neither predictions nor guarantees
of future events or performance. You should not place undue
reliance on forward-looking statements, which only speak as of the
date hereof. The company does not undertake to update or revise any
forward-looking statements after they are made, whether as a result
of new information, future events, or otherwise, expect as required
by applicable law.
Investors-REVG
______________________________
1REV Group, Inc. Adjusted Net Income and
Adjusted EBITDA are non-GAAP measures that are reconciled to their
nearest GAAP measure later in this release.
2Net Debt is defined as total debt less
cash and cash equivalents.
3Net Working Capital is defined as current
assets (excluding cash) less current liabilities (excluding current
portion of long-term debt).
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions, except per share
amounts)
October 31,
2020
October 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
11.4
$
3.3
Accounts receivable, net
229.3
253.5
Inventories, net
537.2
513.4
Other current assets
34.1
19.4
Assets held for sale
—
19.5
Total current assets
812.0
809.1
Property, plant and equipment, net
168.4
201.7
Goodwill
157.3
159.8
Intangible assets, net
136.1
159.9
Right of use assets
23.2
—
Other long-term assets
15.3
16.6
Total assets
$
1,312.3
$
1,347.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
1.7
$
3.6
Accounts payable
169.5
200.8
Customer advances
170.1
129.9
Accrued warranty
24.1
16.1
Short-term lease obligations
8.4
—
Liabilities held for sale
—
15.4
Other current liabilities
73.5
70.2
Total current liabilities
447.3
436.0
Long-term debt, less current
maturities
340.5
376.6
Deferred income taxes
2.9
15.4
Long-term lease obligations
16.9
—
Other long-term liabilities
32.4
13.9
Total liabilities
840.0
841.9
Commitments and contingencies
Shareholders' Equity:
Preferred stock ($.001 par value,
95,000,000 shares authorized; none issued or outstanding)
—
—
Common stock ($.001 par value, 605,000,000
shares authorized; 63,403,326
and 62,217,486 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
496.1
490.8
Retained (deficit) earnings
(21.1
)
15.8
Accumulated other comprehensive loss
(2.8
)
(1.7
)
Total REV's shareholders' equity
472.3
505.0
Non-controlling interest
—
0.2
Total shareholders' equity
472.3
505.2
Total liabilities and shareholders'
equity
$
1,312.3
$
1,347.1
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share and
per share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
October 31,
2020
October 31,
2019
October 31,
2020
October 31,
2019
Net sales
$
616.3
$
652.9
$
2,277.6
$
2,403.7
Cost of sales
554.6
591.2
2,049.5
2,151.9
Gross profit
61.7
61.7
228.1
251.8
Operating expenses:
Selling, general and administrative
47.2
54.0
204.9
199.3
Research and development costs
1.4
1.1
5.8
4.8
Amortization of intangible assets
2.9
4.0
13.3
17.2
Restructuring
3.9
1.5
9.9
5.7
Impairment charges
8.4
6.1
12.1
8.9
Total operating expenses
63.8
66.7
246.0
235.9
Operating (loss) income
(2.1
)
(5.0
)
(17.9
)
15.9
Interest expense, net
5.4
8.3
25.7
32.5
Loss on sale of business
1.8
—
11.1
—
Loss (gain) on acquisition of business
3.3
—
(8.6
)
—
Loss before benefit for income taxes
and non-controlling interest
(12.6
)
(13.3
)
(46.1
)
(16.6
)
Benefit for income taxes
(2.4
)
(3.5
)
(15.6
)
(3.5
)
Net loss before non-controlling
interest
(10.2
)
(9.8
)
(30.5
)
(13.1
)
Less: net loss attributable to
non-controlling interest
—
(0.8
)
—
(0.8
)
Net loss
$
(10.2
)
$
(9.0
)
$
(30.5
)
$
(12.3
)
Net loss per common share:
Basic
$
(0.16
)
$
(0.14
)
$
(0.48
)
$
(0.20
)
Diluted
$
(0.16
)
$
(0.14
)
$
(0.48
)
$
(0.20
)
Dividends declared per common
share
$
—
$
0.05
$
0.10
$
0.20
Adjusted income per common
share:
Basic
$
0.19
$
0.05
$
0.15
$
0.48
Diluted
$
0.19
$
0.05
$
0.15
$
0.48
Weighted Average Shares
Outstanding:
Basic
63,142,857
62,532,440
63,044,872
62,789,165
Diluted
63,142,857
62,532,440
63,044,872
62,789,165
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
Fiscal Year Ended
October 31,
2020
October 31,
2019
October 31,
2018
Cash flows from operating activities:
Net (loss) income before non-controlling
interest
$
(30.5
)
$
(13.1
)
$
13.0
Adjustments to reconcile net (loss) income
before non-controlling interest to net cash provided by (used in)
operating activities:
Depreciation and amortization
40.2
45.7
46.0
Amortization of debt issuance costs
2.5
2.0
1.9
Stock-based compensation expense
7.8
7.2
6.3
Deferred income taxes
(27.8
)
(5.0
)
(4.1
)
Gain on sale of assets
(1.2
)
(1.9
)
(3.0
)
Impairment charges
12.1
8.9
35.6
Loss on sale of business
11.1
—
—
Gain on acquisition of business
(8.6
)
—
—
Changes in operating assets and
liabilities, net
Receivables, net
44.1
13.4
(22.3
)
Inventories, net
27.1
(2.7
)
(74.5
)
Other current assets
(1.8
)
(9.8
)
(12.2
)
Accounts payable
(36.7
)
(17.2
)
6.1
Accrued warranty
2.9
(8.6
)
(11.3
)
Customer advances
4.9
12.1
21.9
Other liabilities
7.7
24.6
(23.6
)
Long-term assets
1.9
(3.1
)
1.0
Net cash provided by (used in) operating
activities
55.7
52.5
(19.2
)
Cash flows from investing activities:
Purchase of property, plant and
equipment
(13.5
)
(20.8
)
(40.6
)
Purchase of rental and used vehicles
(3.3
)
(3.0
)
(20.1
)
Proceeds from sale of assets
11.3
24.0
8.7
Proceeds from sale of businesses
54.5
—
—
Investment in China JV
—
—
(7.6
)
Acquisition of businesses, net of cash
acquired
(47.3
)
—
(60.0
)
Net cash provided by (used in) investing
activities
1.7
0.2
(119.6
)
Cash flows from financing activities:
Net (repayments) proceeds from borrowings
under April 2017 ABL Facility
(35.1
)
(90.0
)
141.5
Net proceeds from borrowings of Term
Loan
—
49.2
50.0
Repayment of long-term debt
(3.3
)
(1.5
)
—
Payment of dividends
(9.5
)
(12.5
)
(12.8
)
Repurchase and retirement of common
stock
—
(8.3
)
(53.3
)
Payment of debt issuance costs
(1.0
)
(0.2
)
(1.0
)
Proceeds from exercise of common stock
options, net of employer payroll taxes
0.8
0.6
9.5
Other financing activities
(1.2
)
1.4
(1.0
)
Net cash (used in) provided by financing
activities
(49.3
)
(61.3
)
132.9
Net increase (decrease) in cash and cash
equivalents
8.1
(8.6
)
(5.9
)
Cash and cash equivalents, beginning of
year
3.3
11.9
17.8
Cash and cash equivalents, end of year
$
11.4
$
3.3
$
11.9
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions)
(Unaudited) Three Months Ended
October 31,
Twelve Months Ended October
31,
2020
2019
2020
2019
Net
Sales:
Fire & Emergency
$
329.6
$
269.0
$
1,132.0
$
967.9
Commercial
91.0
205.5
484.8
720.0
Recreation
194.2
173.7
657.8
716.3
Corporate & Other
1.5
4.7
3.0
(0.5
)
Total
$
616.3
$
652.9
$
2,277.6
$
2,403.7
Adjusted
EBITDA:
Fire & Emergency
$
14.8
$
7.4
$
39.9
$
43.2
Commercial
6.4
16.3
34.5
56.0
Recreation
20.5
7.5
38.4
46.8
Corporate & Other
(13.7
)
(11.9
)
(45.3
)
(43.9
)
Total
$
28.0
$
19.3
$
67.5
$
102.1
Adjusted EBITDA
Margin:
Fire & Emergency
4.5
%
2.8
%
3.5
%
4.5
%
Commercial
7.0
%
7.9
%
7.1
%
7.8
%
Recreation
10.6
%
4.3
%
5.8
%
6.5
%
Corporate & Other
n/m
n/m
n/m
n/m
Total
4.5
%
3.0
%
3.0
%
4.2
%
Increase (Decrease)
Period-End
Backlog:
October 31,
2020
October 31,
2019
$
%
Fire & Emergency
$
965.8
$
832.7
$
133.1
16
%
Commercial
273.8
317.3
(43.5
)
-14
%
Recreation
538.9
167.0
371.9
223
%
Total Backlog
$
1,778.5
$
1,317.0
$
461.5
35
%
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended October 31,
2020
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
5.2
$
4.3
$
16.8
$
(36.5
)
$
(10.2
)
Depreciation & amortization
3.3
1.0
3.5
1.6
9.4
Interest expense, net
1.0
—
0.2
4.2
5.4
Benefit for income taxes
—
—
—
(2.4
)
(2.4
)
EBITDA
9.5
5.3
20.5
(33.1
)
2.2
Transaction expenses
—
0.1
—
0.6
0.7
Sponsor expense reimbursement
—
—
—
0.3
0.3
Restructuring costs
2.0
0.2
—
1.7
3.9
Restructuring related charges
—
0.1
—
6.5
6.6
Stock-based compensation expense
—
—
—
0.6
0.6
Legal matters
—
—
—
0.2
0.2
Loss on sale of business
—
0.7
—
1.1
1.8
Gain on acquisition of business
—
—
—
3.3
3.3
Impairment charges
3.3
—
—
5.1
8.4
Adjusted EBITDA
$
14.8
$
6.4
$
20.5
$
(13.7
)
$
28.0
Three Months Ended October 31,
2019
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
(1.7
)
$
10.5
$
1.9
$
(19.7
)
$
(9.0
)
Depreciation & amortization
3.5
1.9
3.7
1.6
10.7
Interest expense, net
1.1
0.4
—
6.7
8.2
Provision for income taxes
—
—
—
(3.5
)
(3.5
)
EBITDA
2.9
12.8
5.6
(14.9
)
6.4
Transaction expenses
(0.3
)
(0.3
)
—
0.9
0.3
Sponsor expense reimbursement
0.6
—
—
0.2
0.8
Restructuring costs
0.9
0.2
0.3
0.1
1.5
Stock-based compensation expense
—
—
—
(0.1
)
(0.1
)
Legal matters
—
—
1.0
1.3
2.3
Impairment charges
3.3
2.2
0.6
—
6.1
Losses attributable to assets held for
sale
—
1.4
—
—
1.4
Deferred purchase price payment
—
—
—
0.6
0.6
Adjusted EBITDA
$
7.4
$
16.3
$
7.5
$
(11.9
)
$
19.3
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Twelve Months Ended October
31, 2020
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
12.3
$
21.9
$
23.7
$
(88.4
)
$
(30.5
)
Depreciation & amortization
13.5
5.7
13.7
7.3
40.2
Interest expense, net
4.5
0.9
0.6
19.7
25.7
Benefit for income taxes
—
—
—
(15.6
)
(15.6
)
EBITDA
30.3
28.5
38.0
(77.0
)
19.8
Transaction expenses
0.2
0.1
—
3.0
3.3
Sponsor expense reimbursement
—
—
—
0.5
0.5
Restructuring costs
6.1
0.2
0.4
3.2
9.9
Restructuring related charges
—
0.1
—
10.4
10.5
Stock-based compensation expense
—
—
—
7.8
7.8
Legal matters
—
—
—
1.8
1.8
Loss on sale of business
—
6.2
—
4.9
11.1
Gain on acquisition of business
—
—
—
(8.6
)
(8.6
)
Impairment charges
3.3
—
—
8.8
12.1
Earnings attributable to assets held for
sale
—
(0.6
)
—
(0.2
)
(0.8
)
Deferred purchase price payment
—
—
—
0.1
0.1
Adjusted EBITDA
$
39.9
$
34.5
$
38.4
$
(45.3
)
$
67.5
Twelve Months Ended October
31, 2019
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
17.9
$
35.9
$
26.7
$
(92.8
)
$
(12.3
)
Depreciation & amortization
14.1
8.5
15.6
7.2
45.4
Interest expense, net
4.0
2.0
0.2
26.2
32.4
Benefit for income taxes
—
—
—
(3.5
)
(3.5
)
EBITDA
36.0
46.4
42.5
(62.9
)
62.0
Transaction expenses
0.1
(0.3
)
—
1.2
1.0
Sponsor expense reimbursement
0.7
—
—
0.7
1.4
Restructuring costs
1.3
0.2
2.0
2.2
5.7
Stock-based compensation expense
—
—
—
7.2
7.2
Legal matters
1.8
—
1.7
4.2
7.7
Impairment charges
3.3
5.0
0.6
—
8.9
Losses attributable to assets held for
sale
—
4.7
—
—
4.7
Deferred purchase price payment
—
—
—
3.5
3.5
Adjusted EBITDA
$
43.2
$
56.0
$
46.8
$
(43.9
)
$
102.1
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended
October 31,
Twelve Months Ended
October 31,
2020
2019
2020
2019
Net loss
$
(10.2
)
$
(9.0
)
$
(30.5
)
$
(12.3
)
Amortization of intangible assets
2.9
4.0
13.3
17.4
Transaction expenses
0.7
0.3
3.3
1.0
Sponsor expense reimbursement
0.3
0.8
0.5
1.4
Restructuring costs
3.9
1.5
9.9
5.7
Restructuring related charges
6.6
—
10.5
0.0
Stock-based compensation expense
0.6
(0.1
)
7.8
7.2
Legal matters
0.2
2.3
1.8
7.7
Loss on sale of business
1.8
—
11.1
—
Gain on acquisition of business
3.3
—
(8.6
)
—
Impairment charges
8.4
6.1
12.1
8.9
Losses (earnings) attributable to assets
held for sale
—
1.4
(0.8
)
4.7
Deferred purchase price payment
—
0.6
0.1
3.5
Impact of tax rate change
—
—
(3.5
)
—
Income tax effect of adjustments
(6.7
)
(4.6
)
(17.5
)
(15.2
)
Adjusted Net Income
$
11.8
$
3.3
$
9.5
$
30.0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210107005185/en/
Drew Konop VP, Investor Relations & Corporate Development
Email: investors@revgroup.com Phone: 1-888-738-4037
(1-888-REVG-037)
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