- Fourth quarter and full year net sales of $589.9 million and
$2,380.8 million, respectively
- Fourth quarter and full year net income of $0.0 million and
$44.4 million, respectively
- Fourth quarter and full year Adjusted EBITDA1 of $31.1 million
and $141.5 million, respectively
- Fourth quarter and full year Adjusted Net Income of $17.9
million and $76.9 million, respectively
- Record full year cash provided by operating activities of
$158.3 million and Net Debt2 reduction of $129.1 million
- End of fourth quarter $3.1 billion record backlog on strong
order intake across all segments
REV Group, Inc. (NYSE: REVG) today reported results for the
three months ended October 31, 2021 (“fourth quarter 2021”).
Consolidated net sales in the fourth quarter 2021 were $589.9
million, representing a decrease of 4.3 percent compared to $616.3
million for the three months ended October 31, 2020 (“fourth
quarter 2020”). The decrease in consolidated net sales was
primarily due to a decrease in net sales in the Fire and Emergency
(“F&E”) segment partially offset by an increase in net sales in
the Commercial and Recreation segments. Consolidated net sales were
$2.4 billion for the twelve months ended October 31, 2021 (“full
year 2021”), which was an increase of 4.5 percent over the twelve
months ended October 31, 2020 (“full year 2020”).
The company’s fourth quarter 2021 net income was $0.0 million,
or $0.00 per diluted share, which included a $6.2 million loss
related to the expected exit of its interest in a China JV
investment as well as $3.6 million related to restructuring and
related activities and impairment of real property at certain
facilities within the F&E segment. Adjusted Net Income for the
fourth quarter 2021 was $17.9 million, or $0.27 per diluted share,
compared to Adjusted Net Income of $11.8 million, or $0.19 per
diluted share, in the fourth quarter 2020. Net income for the full
year 2021 was $44.4 million, or $0.69 per diluted share, compared
to a net loss of $30.5 million, or $0.48 per diluted share in full
year 2020.
Adjusted EBITDA in the fourth quarter 2021 was $31.1 million,
compared to $28.0 million in the fourth quarter 2020. The increase
in Adjusted EBITDA during the quarter was driven by increased
contribution from the Recreation segment and lower corporate
expense partially offset by a decrease in the F&E and
Commercial segments. Full year 2021 Adjusted EBITDA was $141.5
million, compared to $67.5 million in full year 2020.
During the quarter, the company appointed Eric Sandstrom as
Senior Vice President, Engineering & Technology, a newly
created executive leadership position. The new role will play a
critical part in evolving the portfolio, optimizing engineering
excellence, and leading product and powertrain design, innovation,
and technological advancement. Prior to joining REV Group, Eric was
Global Chief Engineer – Electric Propulsion Systems at General
Motors.
“We exited the year with another quarter of year-over-year
Adjusted EBITDA improvement, generated record full-year Free Cash
Flow, and substantially improved the balance sheet. Our record $3.1
billion backlog combined with the significant progress we have made
building our operational capabilities have positioned us well to
continue to improve our performance and create shareholder value.”
REV Group Inc. President and CEO Rod Rushing said. “I am proud of
the dedication of our employees as they delivered strong
performance in fiscal 2021, while navigating through supply chain
challenges, difficult labor markets and inflationary
headwinds.”
REV Group Fourth Quarter Segment Highlights
Fire & Emergency Segment
F&E segment net sales were $277.3 million in the fourth
quarter 2021, a decrease of $52.3 million, or 15.9%, from $329.6
million in the fourth quarter 2020. The decrease in net sales
compared to the prior year quarter was primarily due to decreased
shipments of fire apparatus and ambulance units compared to the
prior year quarter related to supply chain constraints and lower
shipments at one fire manufacturing plant related to the impacts of
Hurricane Ida. F&E segment backlog at the end of the fourth
quarter 2021 was $1,498.6 million, an increase of $532.8 million
compared to $965.8 million at the end of the fourth quarter 2020.
The increase was primarily the result of continued strong demand
and order intake for fire apparatus and ambulance units.
F&E segment Adjusted EBITDA was $10.1 million in the fourth
quarter 2021, a decrease of $4.7 million, or 31.8%, from $14.8
million in the fourth quarter 2020. The decrease in profitability
was primarily related to lower sales volume and labor
inefficiencies resulting from supply chain constraints,
inefficiencies related to Hurricane Ida, and the return of certain
travel and trade show related costs that were not incurred in the
prior year quarter due to COVID-19.
Commercial Segment
Commercial segment net sales were $94.5 million in the fourth
quarter 2021, an increase of $3.5 million, or 3.8%, from $91.0
million in the fourth quarter 2020. The increase in net sales
compared to the prior year quarter was primarily due to increased
shipments of municipal transit buses, terminal trucks and street
sweepers partially offset by decreased shipments of school buses.
Commercial segment backlog at the end of the fourth quarter 2021
was $394.7 million, an increase of $120.9 million compared to
$273.8 million at the end of the fourth quarter 2020. The increase
was primarily the result of increased orders for school busses,
terminal trucks and street sweepers, partially offset by a decline
in orders for municipal transit buses.
Commercial segment Adjusted EBITDA was $5.7 million in the
fourth quarter 2021, a decrease of $0.7 million, or 10.9%, from
$6.4 million in the fourth quarter 2020. Lower profitability in the
quarter was primarily the result of a temporary suspension of
school bus production related to supply chain disruptions,
partially offset by increased sales volume of municipal transit
buses, terminal trucks and street sweepers as well as productivity
improvements within the terminal truck and street sweeper
businesses.
Recreation Segment
Recreation segment net sales were $217.9 million in the fourth
quarter 2021, an increase of $23.7 million, or 12.2%, from $194.2
million in the fourth quarter 2020. The increase in net sales
compared to the prior year quarter was primarily due to increased
unit shipments and lower discounting and sales allowances. Backlog
at the end of the fourth quarter 2021 was $1,234.5 million, an
increase of $695.6 million compared to $538.9 million at the end of
the fourth quarter 2020. The increase was primarily the result of
strong demand and order intake across all product categories.
Recreation segment Adjusted EBITDA was $21.7 million in the
fourth quarter 2021, an increase of $1.2 million, or 5.9%, from
$20.5 million in the fourth quarter 2020. Profitability within the
segment benefited primarily from increased production volumes,
strong price realization, lower discounting and sales allowances,
and benefits from strategic initiatives designed to improve
profitability, partially offset by inefficiencies resulting from
supply chain disruptions and labor constraints.
Working Capital, Liquidity, and Capital Allocation
Cash and cash equivalents totaled $13.3 million as of October
31, 2021. Net Debt was $201.7 million, and the company had $290.0
million available under its ABL revolving credit facility as of
October 31, 2021, an increase of $13.2 million as compared to the
July 31, 2021 availability of $276.8 million. Trade Working
Capital3 for the company as of October 31, 2021 was $368.2 million,
compared to $426.9 million as of October 31, 2020. The decrease was
primarily due to decreased accounts receivable, decreased inventory
and increased customer advances partially offset by decreased
payables. Capital expenditures in the fourth quarter 2021 were
$10.8 million compared to $3.8 million in the fourth quarter 2020.
During the fourth quarter 2021, the company repurchased a total of
250,000 of its common shares for $3.9 million at an average
purchase price of $15.45.
Fiscal Year 2022 Outlook
The company provided its outlook for its fiscal year ending
October 31st, 2022, which includes the following performance
expectations:
- Net sales of $2.3 to $2.55 billion
- Net income of $45 to $73 million
- Adjusted EBITDA of $125 to $155 million
- Adjusted Net Income of $64 to $89 million
- Free Cash Flow4 of $58 to $80 million
Quarterly Dividend
The company’s board of directors declared a quarterly cash
dividend in the amount of $0.05 per share of common stock, which
equates to a rate of $0.20 per share of common stock on an
annualized basis, payable on January 14, 2022, to shareholders of
record on December 31, 2021.
Conference Call
A conference call to discuss the company’s fiscal year 2021
fourth quarter financial results is scheduled for December 15,
2021, at 10:00 a.m. ET. A supplemental slide deck will be 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, Inc.
REV Group (REVG) companies are leading designers and
manufacturers 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. Investors-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 and loss on early
extinguishment of debt, 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. Free Cash Flow represents net cash from operating
activities minus capital expenditures. Net debt represents total
debt less cash. Trade Working Capital represents accounts
receivable plus inventories less accounts payable and customer
advances.
The company believes that the use of Adjusted EBITDA, Adjusted
Net Income, Trade Working Capital, Free Cash Flow, and Net Debt
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, including REV Group’s outlook for the full fiscal
year 2022.
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.
______________________________
1 REV Group, Inc. Adjusted Net Income and
Adjusted EBITDA are non-GAAP measures that are reconciled to their
nearest GAAP measure later in this release.
2 Net Debt is defined as total debt less
cash and cash equivalents.
3 Trade Working Capital is defined as
accounts receivable plus inventories less accounts payable and
customer advances.
4 Free cash flow is defined as cash from
operations less capital expenditures.
REV GROUP, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions, except per share
amounts)
October 31, 2021
October 31, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
13.3
$
11.4
Accounts receivable, net
213.3
229.3
Inventories, net
481.7
537.2
Other current assets
52.7
34.1
Total current assets
761.0
812.0
Property, plant and equipment, net
157.6
168.4
Goodwill
157.3
157.3
Intangible assets, net
126.3
136.1
Right of use assets
19.1
23.2
Other long-term assets
17.0
15.3
Total assets
$
1,238.3
$
1,312.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
—
$
1.7
Accounts payable
116.2
169.5
Customer advances
210.6
170.1
Accrued warranty
22.3
24.1
Short-term lease obligations
7.1
8.4
Other current liabilities
80.8
73.5
Total current liabilities
437.0
447.3
Long-term debt, less current
maturities
215.0
340.5
Deferred income taxes
21.4
2.9
Long-term lease obligations
12.8
16.9
Other long-term liabilities
33.3
32.4
Total liabilities
719.5
840.0
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; 64,584,291 and 63,403,326 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
502.1
496.1
Retained earnings (deficit)
16.7
(21.1
)
Accumulated other comprehensive loss
(0.1
)
(2.8
)
Total shareholders' equity
518.8
472.3
Total liabilities and shareholders'
equity
$
1,238.3
$
1,312.3
REV GROUP, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except share and
per share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
October 31, 2021
October 31, 2020
October 31, 2021
October 31, 2020
Net sales
$
589.9
$
616.3
$
2,380.8
$
2,277.6
Cost of sales
524.6
554.6
2,089.8
2,049.5
Gross profit
65.3
61.7
291.0
228.1
Operating expenses:
Selling, general and administrative
47.9
47.2
189.0
204.9
Research and development costs
1.0
1.4
4.4
5.8
Amortization of intangible assets
2.4
2.9
9.8
13.3
Restructuring
1.6
3.9
2.5
9.9
Impairment charges
1.5
8.4
1.5
12.1
Total operating expenses
54.4
63.8
207.2
246.0
Operating income (loss)
10.9
(2.1
)
83.8
(17.9
)
Interest expense, net
3.0
5.4
17.3
25.7
Loss on early extinguishment of debt
—
—
1.4
—
Loss on sale of business
—
1.8
2.8
11.1
Loss on investment in China JV
6.2
—
6.2
—
Loss (gain) on acquisition of business
—
3.3
0.4
(8.6
)
Income (loss) before provision (benefit)
for income taxes
1.7
(12.6
)
55.7
(46.1
)
Provision (benefit) for income taxes
1.7
(2.4
)
11.3
(15.6
)
Net income (loss)
—
(10.2
)
44.4
(30.5
)
Net Income (loss) per common
share:
Basic
$
—
$
(0.16
)
$
0.70
$
(0.48
)
Diluted
$
—
$
(0.16
)
$
0.69
$
(0.48
)
Dividends declared per common
share
$
0.05
$
—
$
0.10
$
0.10
Adjusted income per common
share:
Basic
$
0.28
$
0.19
$
1.21
$
0.15
Diluted
$
0.27
$
0.19
$
1.19
$
0.15
Weighted Average Shares
Outstanding:
Basic
63,791,337
63,142,857
63,388,575
63,044,872
Diluted
65,204,303
63,142,857
64,652,625
63,044,872
REV GROUP, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
Fiscal Year Ended
October 31, 2021
October 31, 2020
October 31, 2019
Cash flows from operating activities:
Net income (loss) before non-controlling
interest
$
44.4
$
(30.5
)
$
(13.1
)
Adjustments to reconcile net income (loss)
before non-controlling interest to net cash provided by operating
activities:
Depreciation and amortization
32.0
40.2
45.7
Amortization of debt issuance costs
2.0
2.5
2.0
Stock-based compensation expense
7.8
7.8
7.2
Deferred income taxes
1.1
(27.8
)
(5.0
)
Loss on early extinguishment of debt
1.4
—
—
Gain on sale of assets
(1.5
)
(1.2
)
(1.9
)
Impairment charges
1.5
12.1
8.9
Loss on sale of business
2.8
11.1
—
Loss on investment in China JV
6.2
—
—
Loss (gain) on acquisition of business
0.4
(8.6
)
—
Changes in operating assets and
liabilities, net
Receivables, net
12.0
44.1
13.4
Inventories, net
52.8
27.1
(2.7
)
Other current assets
(1.5
)
(1.8
)
(9.8
)
Accounts payable
(49.7
)
(36.7
)
(17.2
)
Accrued warranty
(0.6
)
2.9
(8.6
)
Customer advances
40.5
4.9
12.1
Other liabilities
9.7
7.7
24.6
Long-term assets
(3.0
)
1.9
(3.1
)
Net cash provided by operating
activities
158.3
55.7
52.5
Cash flows from investing activities:
Purchase of property, plant and
equipment
(24.7
)
(13.5
)
(20.8
)
Purchase of rental and used vehicles
—
(3.3
)
(3.0
)
Proceeds from sale of assets
12.5
11.3
19.5
Proceeds from sale of businesses
2.0
54.5
4.5
Acquisition of businesses, net of cash
acquired
—
(47.3
)
—
Net cash (used in) provided by investing
activities
(10.2
)
1.7
0.2
Cash flows from financing activities:
Net proceeds (repayments) from borrowings
on revolving credit
175.0
(35.1
)
(90.0
)
Net proceeds from borrowings of Term
Loan
—
—
49.2
Repayment of long-term debt
(303.4
)
(3.3
)
(1.5
)
Payment of dividends
(6.6
)
(9.5
)
(12.5
)
Repurchase and retirement of common
stock
(3.9
)
—
(8.3
)
Payment of debt issuance costs
(7.0
)
(1.0
)
(0.2
)
Proceeds from exercise of common stock
options
2.0
0.8
0.6
Other financing activities
(2.3
)
(1.2
)
1.4
Net cash used in financing activities
(146.2
)
(49.3
)
(61.3
)
Net increase (decrease) in cash and cash
equivalents
1.9
8.1
(8.6
)
Cash and cash equivalents, beginning of
year
11.4
3.3
11.9
Cash and cash equivalents, end of year
$
13.3
$
11.4
$
3.3
Supplemental disclosures of cash flow
information:
Cash paid for:
Interest
$
14.8
$
23.2
$
30.3
Income taxes, net of refunds
$
3.8
$
5.5
$
(9.1
)
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions;
unaudited)
(Unaudited)
Three Months Ended October
31,
Twelve Months Ended October
31,
2021
2020
2021
2020
Net
Sales:
Fire & Emergency
$
277.3
$
329.6
$
1,135.1
$
1,132.0
Commercial
94.5
91.0
387.3
484.8
Recreation
217.9
194.2
858.5
657.8
Corporate & Other
0.1
1.5
(0.1
)
3.0
Total
$
589.8
$
616.3
$
2,380.8
$
2,277.6
Adjusted
EBITDA:
Fire & Emergency
$
10.1
$
14.8
$
57.7
$
39.9
Commercial
5.7
6.4
31.0
34.5
Recreation
21.7
20.5
86.0
38.4
Corporate & Other
(6.4
)
(13.7
)
(33.2
)
(45.3
)
Total
$
31.1
$
28.0
$
141.5
$
67.5
Adjusted EBITDA
Margin:
Fire & Emergency
3.6
%
4.5
%
5.1
%
3.5
%
Commercial
6.0
%
7.0
%
8.0
%
7.1
%
Recreation
10.0
%
10.6
%
10.0
%
5.8
%
Corporate & Other
n/m
n/m
n/m
n/m
Total
5.3
%
4.5
%
5.9
%
3.0
%
Increase (Decrease)
Period-End
Backlog:
October 31, 2021
October 31, 2020
$
%
Fire & Emergency
$
1,498.6
$
965.8
$
532.8
55
%
Commercial
394.7
273.8
120.9
44
%
Recreation
1,234.5
538.9
695.6
129
%
Total Backlog
$
3,127.8
$
1,778.5
$
1,349.3
76
%
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended October 31,
2021
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
(1.4
)
$
4.6
$
16.7
$
(19.9
)
$
—
Depreciation & amortization
3.0
0.7
3.6
0.5
7.8
Interest expense, net
1.2
—
—
1.7
2.9
Loss on early extinguishment of debt
—
—
—
—
—
Benefit for income taxes
—
—
—
1.7
1.7
EBITDA
2.8
5.3
20.3
(16.0
)
12.4
Sponsor expense reimbursement
—
—
—
0.2
0.2
Restructuring
1.6
—
—
—
1.6
Impairment charges
1.5
—
—
—
1.5
Stock-based compensation expense
—
—
—
2.3
2.3
Legal matters
—
—
—
0.8
0.8
Net loss on sale of business and
assets
—
—
—
6.2
6.2
Other items
4.2
0.4
1.4
0.1
6.1
Adjusted EBITDA
$
10.1
$
5.7
$
21.7
$
(6.4
)
$
31.1
Three Months Ended October 31,
2020
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
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
Provision 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
2.0
0.2
—
1.7
3.9
Restructuring related charges
—
0.1
—
6.5
6.6
Impairment charges
3.3
—
—
5.1
8.4
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
Adjusted EBITDA
$
14.8
$
6.4
$
20.5
$
(13.7
)
$
28.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Twelve Months Ended October
31, 2021
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
28.3
$
27.0
$
70.3
$
(81.2
)
$
44.4
Depreciation & amortization
12.0
2.9
14.2
2.9
32.0
Interest expense, net
5.5
0.7
0.1
11.0
17.3
Loss on early extinguishment of debt
—
—
—
1.4
1.4
Provision for income taxes
—
—
—
11.3
11.3
EBITDA
45.8
30.6
84.6
(54.6
)
106.4
Transaction expenses
—
—
—
3.2
3.2
Sponsor expense reimbursement
—
—
—
0.4
0.4
Restructuring
1.6
—
—
0.9
2.5
Restructuring related charges
0.3
—
—
—
0.3
Impairment charges
1.5
—
—
—
1.5
Stock-based compensation expense
—
—
—
7.8
7.8
Legal matters
1.7
—
—
2.3
4.0
Net loss on sale of business and
assets
1.6
—
—
6.3
7.9
Gain on acquisition of business
—
—
—
0.4
0.4
Other items
4.2
0.4
1.4
0.1
6.1
Earnings attributable to assets held for
sale
1.0
—
—
—
1.0
Adjusted EBITDA
$
57.7
$
31.0
$
86.0
$
(33.2
)
$
141.5
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
6.1
0.2
0.4
3.2
9.9
Restructuring related charges
—
0.1
—
10.4
10.5
Impairment charges
3.3
—
—
8.8
12.1
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
)
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
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended October
31,
Twelve Months Ended October
31,
2021
2020
2021
2020
Net income (loss)
$
—
$
(10.2
)
$
44.4
$
(30.5
)
Amortization of intangible assets
2.4
2.9
9.8
13.3
Transaction expenses
—
0.7
3.2
3.3
Sponsor expense reimbursement
0.2
0.3
0.4
0.5
Restructuring
1.6
3.9
2.5
9.9
Restructuring related charges
—
6.6
0.3
10.5
Impairment charges
1.5
8.4
1.5
12.1
Stock-based compensation expense
2.3
0.6
7.8
7.8
Legal matters
0.8
0.2
4.0
1.8
Net loss on sale of business and
assets
6.2
1.8
7.9
11.1
Gain (loss) on acquisition of business
—
3.3
0.4
(8.6
)
Other items
6.1
—
6.1
—
Losses (earnings) attributable to assets
held for sale
—
—
1.0
(0.8
)
Deferred purchase price payment
—
—
—
0.1
Loss on early extinguishment of debt
—
—
1.4
—
Impact of tax rate change
—
—
(4.2
)
(3.5
)
Income tax effect of adjustments
(3.2
)
(6.7
)
(9.6
)
(17.5
)
Adjusted Net Income
$
17.9
$
11.8
$
76.9
$
9.5
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2022
Low
High
Net income (1)
$
45.0
$
72.7
Depreciation and amortization
31.0
29.0
Interest expense, net
13.0
11.0
Provision for income taxes
16.6
26.9
EBITDA
105.6
139.6
Sponsor expense reimbursement
0.4
0.4
Restructuring
10.0
7.0
Stock-based compensation expense
9.0
8.0
Adjusted EBITDA
$
125.0
$
155.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2022
Low
High
Net income (1)
$
45.0
$
72.7
Amortization of intangible assets
7.1
7.1
Sponsor expense reimbursement
0.4
0.4
Restructuring
10.0
7.0
Stock-based compensation expense
9.0
8.0
Income tax effect of adjustments
(7.2
)
(6.1
)
Adjusted Net Income
$
64.3
$
89.1
(1)
Does not include any non-recurring charges
that may occur during the period shown other than those presented
in this reconciliation. See “Cautionary Statement About
Forward-Looking Statements” above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211215005153/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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