Provides Fiscal 2025 Full Year Guidance and
Intermediate Financial Targets
Board Approves a New $250 Million Share
Repurchase Authorization
Quarterly Cash Dividend Increased by
20%
Fiscal 2024 Fourth Quarter and Full Year Results
- Fourth quarter and full year net sales of $597.9 million and
$2,380.2 million, respectively
- Fourth quarter and full year net income of $41.7 million and
$257.6 million, respectively
- Fourth quarter and full year Adjusted EBITDA1 of $49.6 million
and $162.8 million, respectively
- Fourth quarter and full year Adjusted Net Income1 of $26.9
million and $87.1 million, respectively
Fiscal 2025 Financial Outlook
- Net sales in the range of $2.3 to $2.4 billion, net income in
the range of $98.0 to $125.0 million, Adjusted EBITDA in the range
of $190.0 to $220.0 million, Adjusted Net Income in the range of
$116.0 to $140.0 million and Free Cash Flow2 in the range of $90.0
to $110.0
Intermediate Financial Targets
- REV Group is hosting an investor day on December 11, 2024, in
connection with the quarterly earnings call, where we will discuss
our business, strategic priorities, capital allocation framework
and intermediate consolidated and segment financial targets. Refer
to our website for further details and a copy of the
presentation.
REV Group, Inc. (NYSE: REVG) today reported results for the
three months ended October 31, 2024 (“fourth quarter 2024”).
Consolidated net sales in the fourth quarter 2024 were $597.9
million, compared to $693.3 million for the three months ended
October 31, 2023 (“fourth quarter 2023”). Net sales for the fourth
quarter 2023 included $54.2 million attributable to Collins Bus
Corporation (“Collins”) which was divested on January 26, 2024.
Excluding the impact of the Collins divestiture, net sales
decreased $41.2 million, or 6.4% compared to the prior year
quarter. The decrease, excluding the impact of Collins, was
primarily due to lower net sales in the Recreational Vehicles
segment, partially offset by higher net sales in the Specialty
Vehicles segment.
Consolidated net sales were $2,380.2 million for the twelve
months ended October 31, 2024 (“full year 2024”), compared to
$2,638.0 million for the twelve months ended October 31, 2023
(“full year 2023”). Excluding the impact of Collins, net sales
decreased $110.8 million, or 4.4% compared to the prior year. The
decrease, excluding the impact of Collins, is primarily due to
lower net sales in the Recreational Vehicles segment, partially
offset by higher net sales in the Specialty Vehicles segment.
The company’s fourth quarter 2024 net income was $41.7 million,
or $0.80 per diluted share, compared to net income of $29.7
million, or $0.50 per diluted share, in the fourth quarter 2023.
Adjusted Net Income for the fourth quarter 2024 was $26.9 million,
or $0.51 per diluted share, compared to Adjusted Net Income of
$31.7 million, or $0.53 per diluted share, in the fourth quarter
2023. Net income for the full year 2024 was $257.6 million, or
$4.72 per diluted share, compared to net income of $45.3 million,
or $0.77 per diluted share in full year 2023.
__________________________
1 Adjusted Net Income and Adjusted EBITDA
are non-GAAP measures that are reconciled to their nearest GAAP
measure later in this release.
2 Free Cash Flow is defined as net cash
from operating activities minus capital expenditures.
Adjusted EBITDA in the fourth quarter 2024 was $49.6 million,
compared to $54.0 million in the fourth quarter 2023. Adjusted
EBITDA for the fourth quarter 2023 included $13.4 million
attributable to Collins. Excluding the impact of the Collins
divestiture, Adjusted EBITDA increased $9.0 million, or 22.2%
compared to the prior year quarter. The increase was primarily due
to the higher contribution from the Specialty Vehicles segment,
partially offset by lower results in the Recreational Vehicles
segment. Full year 2024 Adjusted EBITDA was $162.8 million,
compared to $156.6 million in full year 2023. Excluding the impact
of the Collins divestiture, Adjusted EBITDA increased $39.0
million, or 31.5% compared to the prior year.
“We are proud to report strong full-year earnings, driven by the
exceptional efforts of our team and the strength of our diversified
portfolio,” President and CEO, Mark Skonieczny, said. “Significant
margin improvement in the Specialty Vehicles segment, as well as
excellent cost discipline, more than offset the end market demand
challenges in our cyclical businesses, demonstrating our ability to
navigate a dynamic market environment while delivering value for
our shareholders. In addition, within fiscal 2024, we divested
non-core assets, simplified our reporting structure and returned
significant cash to shareholders. We are entering the new fiscal
year with robust earnings momentum, and our commitment to
operational excellence and sustainable growth is underscored by the
intermediate financial targets outlined in our investor day
materials, positioning us for expected continued success and
long-term value creation.”
REV Group Fourth Quarter Segment Highlights
Specialty Vehicles Segment Highlights
Specialty Vehicles segment net sales were $439.9 million in the
fourth quarter 2024, a decrease of $38.9 million, or 8.1%, from
$478.8 million in the fourth quarter 2023. Net sales for the fourth
quarter 2023 included $54.2 million attributable to Collins.
Excluding the impact of the Collins divestiture, net sales
increased $15.3 million, or 3.6% compared to the prior year
quarter. This increase in net sales was primarily due to price
realization and increased shipments of fire apparatus and ambulance
units, partially offset by lower shipments of terminal trucks.
Specialty Vehicles segment backlog at the end of the fourth quarter
2024 was $4,179.8 million compared to $4,076.7 million at the end
of the fourth quarter 2023. The backlog at the end of the fourth
quarter 2023 included $220.3 million related to Collins, and $167.5
million related to ElDorado National (California) (“ENC”), which
was divested in the fourth quarter of fiscal year 2024. Excluding
the impact of Collins and ENC, the backlog increased $490.9 million
compared to the prior year quarter. The increase was primarily the
result of continued demand and order intake for fire apparatus and
ambulance units, along with pricing actions, partially offset by
increased unit shipments and lower order intake for terminal truck
units.
Specialty Vehicles segment Adjusted EBITDA was $50.2 million in
the fourth quarter 2024, an increase of $6.9 million, or 15.9%,
from Adjusted EBITDA of $43.3 million in the fourth quarter 2023.
Adjusted EBITDA for the fourth quarter 2023 included $13.4 million
attributable to Collins. Excluding the impact of the Collins
divestiture, Adjusted EBITDA increased $20.3 million, or 67.9%,
compared to the prior year quarter. Profitability within the
segment benefited from price realization, a favorable mix of fire
apparatus and increased shipments of fire apparatus and ambulance
units, partially offset by inflationary pressures and lower sales
volume of terminal trucks.
Recreational Vehicles Segment Highlights
Recreational Vehicles segment net sales were $158.1 million in
the fourth quarter 2024, a decrease of $57.1 million, or 26.5%,
from $215.2 million in the fourth quarter 2023. The decrease in net
sales compared to the prior year quarter was primarily due to
decreased unit shipments and increased discounting. The
Recreational Vehicles segment backlog at the end of the fourth
quarter 2024 was $291.5 million, a decrease of $93.7 million
compared to $385.2 million at the end of the fourth quarter 2023.
The decrease was primarily the result of lower order intake in
certain categories, unit shipments against backlog and order
cancellations.
Recreational Vehicles segment Adjusted EBITDA was $8.1 million
in the fourth quarter 2024, a decrease of $11.0 million, or 57.6%,
from $19.1 million in the fourth quarter 2023. The decrease was
primarily due to lower unit shipments, increased discounting and
inflationary pressures, partially offset by cost reduction
actions.
Working Capital, Liquidity and Capital Allocation
Cash and cash equivalents totaled $24.6 million as of October
31, 2024. Net debt3 was $60.4 million, and the company had $349.6
million available under its ABL revolving credit facility as of
October 31, 2024. Adjusted Free Cash Flow4 for the full year 2024
was $102.2 million. Trade working capital5 for the company as of
October 31, 2024 was $248.2 million, compared to $318.5 million as
of October 31, 2023. The decrease was primarily due to the exit of
bus manufacturing and a decrease in accounts receivable and
inventory, partially offset by a decrease in accounts payable and
customer advances. Capital expenditures in the fourth quarter 2024
were $5.3 million compared to $13.1 million in the fourth quarter
2023.
__________________________
3 Net Debt is defined as total debt less
cash and cash equivalents.
4 Adjusted Free Cash Flow is calculated as
net cash from operating activities of $53.4 million, excluding
transaction expenses and income taxes associated with divestiture
activities of $5.4 million and $71.0 million, respectively, minus
capital expenditures of $27.6 million.
5 Trade Working Capital is defined as
accounts receivable plus inventories less accounts payable and
customer advances.
Share Repurchase Program
On December 5, 2024, the company’s board of directors authorized
the Company to repurchase up to $250.0 million of the company’s
outstanding common stock. This new authorization replaces the
previous $175.0 million repurchase program (which was terminated by
the board of directors in connection with the new authorization)
under which approximately $126.1 million of the company’s common
stock had been repurchased since its authorization in June 2023.
The new share repurchase authorization expires in 24 months and
gives management flexibility to determine the conditions under
which shares may be purchased from time to time through a variety
of methods, including in privately negotiated or open market
transactions, such as pursuant to a trading plan in accordance with
Rule 10b5-1 and Rule 10b-18 of the Exchange Act or a combination of
methods.
Fiscal Year 2025 Outlook
Fiscal Year 2025
Guidance
($ in millions)
Low
High
Net Sales
$
2,300
$
2,400
Net Income
$
98
$
125
Adjusted EBITDA
$
190
$
220
Adjusted Net Income
$
116
$
140
Free Cash Flow
$
90
$
110
“REV Group’s ability to deliver solid revenue growth, sustained
earnings momentum and significant free cash flow positions us well
to advance our strategic initiatives while enhancing shareholder
value through an increased dividend and a new share repurchase
authorization. We look forward to the opportunities ahead and
remain committed to driving sustainable growth and returning
capital to our shareholders,” said CFO Amy Campbell.
Quarterly Dividend
The company’s board of directors declared a quarterly cash
dividend in the amount of $0.06 per share of common stock, payable
on January 10, 2025, to shareholders of record on December 26,
2024, which equates to a rate of $0.24 per share of common stock on
an annualized basis, and represents a 20% increase from fiscal year
2024.
Conference Call
A conference call to discuss the company’s fiscal year 2024 and
fourth quarter business and financial results, our fiscal year 2025
outlook, as well as a discussion of our business, strategic
priorities, capital allocation framework and intermediate financial
targets, is scheduled for December 11, 2024, at 10:00 a.m. ET.
Supplemental slide decks 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
REV Group (REVG) companies are leading designers and
manufacturers of specialty vehicles and related aftermarket parts
and services, which serve a diversified customer base, primarily in
the United States, through two segments: Specialty Vehicles and
Recreational Vehicles. The Specialty Vehicles Segment provides
customized vehicle solutions for applications, including essential
needs for public services (ambulances and fire apparatus) and
commercial infrastructure (terminal trucks and industrial
sweepers). REV Group’s Recreational Vehicle Segment manufactures a
variety of RVs, from Class B vans to Class A motorhomes. REV
Group's portfolio is made up of well-established principal vehicle
brands, including many of the most recognizable names within their
industry. 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,
Adjusted Net Income, Free Cash Flow, and Adjusted Free Cash Flow,
which are non-GAAP financial measures. Adjusted EBITDA is defined
as Net Income for the relevant period before depreciation and
amortization, interest expense and income taxes, as adjusted for
certain items described below that we believe are not indicative of
our ongoing operating performance. Adjusted Net Income is defined
as Net Income, as adjusted for certain items described below that
we believe are not indicative of our ongoing operating performance.
Free Cash Flow is calculated as net cash from operating activities
minus capital expenditures. Adjusted Free Cash Flow is Free Cash
Flow excluding transaction expenses and income taxes associated
with divestiture activities.
The company believes that the use of Adjusted EBITDA, Adjusted
Net Income, Free Cash Flow, and Adjusted Free Cash Flow 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 back
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 “anticipate,”
“believe,” “estimate,” “expect,” “guidance,” “intend,” “may,”
“outlook,” “plan,” “predict,” “project,” “target,” “potential,”
“will,” “would,” “could,” “should,” “continue,” “contemplate,”
“aim,” “strive,” “goal,” “seek,” “forecast” 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 fiscal year 2025.
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.
REV GROUP, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions, except share
amounts)
October 31, 2024
October 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
24.6
$
21.3
Accounts receivable, net
152.3
226.5
Inventories, net
602.8
657.7
Prepaid expenses and other current
assets
26.8
27.7
Total current assets
806.5
933.2
Property, plant and equipment, net
130.2
159.5
Goodwill
137.7
157.3
Intangible assets, net
95.4
115.7
Right of use assets
32.1
37.0
Deferred income taxes
5.4
—
Other long-term assets
5.7
7.7
Total assets
$
1,213.0
$
1,410.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
188.8
$
208.3
Short-term customer advances
158.0
214.5
Accrued compensation
33.7
47.3
Short-term accrued warranty
20.0
23.4
Short-term lease obligations
7.3
7.4
Other current liabilities
61.5
56.3
Total current liabilities
469.3
557.2
Long-term debt
85.0
150.0
Long-term customer advances
160.1
142.9
Deferred income taxes
—
8.2
Long-term lease obligations
25.7
30.0
Other long-term liabilities
37.8
24.1
Total liabilities
777.9
912.4
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; 52,131,600 and 59,505,829 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
316.5
445.0
Retained earnings
118.3
52.7
Accumulated other comprehensive income
0.2
0.2
Total shareholders' equity
435.1
498.0
Total liabilities and shareholders'
equity
$
1,213.0
$
1,410.4
REV GROUP, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(In millions, except share and
per share amounts)
(Unaudited) Three Months
Ended
Twelve Months Ended
October 31, 2024
October 31, 2023
October 31, 2024
October 31, 2023
Net sales
$
597.9
$
693.3
$
2,380.2
$
2,638.0
Cost of sales
519.1
597.8
2,082.9
2,321.9
Gross profit
78.8
95.5
297.3
316.1
Operating expenses:
Selling, general and administrative
40.6
49.8
188.7
224.0
Amortization of intangible assets
0.5
0.6
2.2
3.5
Restructuring
3.1
—
12.3
—
Impairment charges
—
—
14.5
—
Total operating expenses
44.2
50.4
217.7
227.5
Operating income
34.6
45.1
79.6
88.6
Other expense, net:
Interest expense, net
7.5
6.7
28.5
28.6
(Gain) Loss on sale of business
(28.9
)
—
(289.3
)
1.1
Other expense
—
—
—
0.7
Income before provision for income
taxes
56.0
38.4
340.4
58.2
Provision for income taxes
14.3
8.7
82.8
12.9
Net income
$
41.7
$
29.7
$
257.6
$
45.3
Net income per common share:
Basic
$
0.81
$
0.51
$
4.79
$
0.77
Diluted
0.80
0.50
4.72
0.77
Dividends declared per common
share
0.05
0.05
3.20
0.20
Adjusted Net Income per common
share:
Basic
$
0.52
$
0.54
$
1.62
$
1.37
Diluted
0.51
0.53
1.59
1.36
Weighted Average Shares
Outstanding:
Basic
51,630,191
58,799,338
53,831,965
58,641,801
Diluted
52,407,926
59,512,627
54,625,379
59,175,230
REV GROUP, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
Fiscal Year Ended
October 31, 2024
October 31, 2023
October 31, 2022
Cash flows from operating activities:
Net income
$
257.6
$
45.3
$
15.2
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
25.4
26.2
32.3
Stock-based compensation expense
12.7
14.4
8.7
Deferred income taxes
(15.3
)
(12.8
)
(0.5
)
Impairment charges
14.5
—
—
(Gain) Loss on sale of business
(289.3
)
1.1
0.1
Other non-cash adjustments
0.3
0.8
1.7
Changes in operating assets and
liabilities, net
Receivables, net
64.2
(12.4
)
(1.8
)
Inventories, net
26.3
(30.7
)
(149.5
)
Other current assets
0.6
(3.6
)
17.1
Accounts payable
(11.7
)
44.4
47.8
Accrued warranty
3.8
7.2
(5.7
)
Customer advances
(39.3
)
24.6
122.3
Other liabilities
3.7
21.3
5.2
Long-term assets
(0.1
)
0.7
(1.3
)
Net cash provided by operating
activities
53.4
126.5
91.6
Cash flows from investing activities:
Purchase of property, plant and
equipment
(27.6
)
(32.8
)
(24.8
)
Proceeds from sale of assets
4.5
1.7
8.2
Proceeds from sale of businesses
371.6
0.6
—
Other investing activities
—
0.6
1.8
Net cash provided by (used in) investing
activities
348.5
(29.9
)
(14.8
)
Cash flows from financing activities:
Net (payments) proceeds from borrowings on
revolving credit
(65.0
)
(80.0
)
15.0
Payment of dividends
(192.0
)
(12.1
)
(12.4
)
Repurchase and retirement of common
stock
(126.1
)
—
(70.0
)
Payments of withholding taxes for vesting
of stock awards
(11.5
)
(5.9
)
(4.7
)
Other financing activities
(4.0
)
2.3
2.4
Net cash used in financing activities
(398.6
)
(95.7
)
(69.7
)
Net increase in cash and cash
equivalents
3.3
0.9
7.1
Cash and cash equivalents, beginning of
year
21.3
20.4
13.3
Cash and cash equivalents, end of year
$
24.6
$
21.3
$
20.4
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
23.8
$
24.2
$
12.0
Cash paid (refunded) for income taxes,
net
108.3
8.8
(12.8
)
Cash paid for operating lease
liabilities
10.3
11.0
10.4
Operating right-of-use assets obtained
3.9
23.0
9.1
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions;
unaudited)
Three Months Ended October
31,
Twelve Months Ended October
31,
2024
2023
2024
2023
Net Sales:
Specialty Vehicles
$
439.9
$
478.8
$
1,726.4
$
1,728.0
Recreational Vehicles
158.1
215.2
654.6
912.3
Corporate & Other
(0.1
)
(0.7
)
(0.8
)
(2.3
)
Total
$
597.9
$
693.3
$
2,380.2
$
2,638.0
Adjusted EBITDA:
Specialty Vehicles
$
50.2
$
43.3
$
154.5
$
98.6
Recreational Vehicles
8.1
19.1
41.2
91.0
Corporate & Other
(8.7
)
(8.4
)
(32.9
)
(33.0
)
Total
$
49.6
$
54.0
$
162.8
$
156.6
Adjusted EBITDA Margin:
Specialty Vehicles
11.4
%
9.0
%
8.9
%
5.7
%
Recreational Vehicles
5.1
%
8.9
%
6.3
%
10.0
%
Total
8.3
%
7.8
%
6.8
%
5.9
%
Increase (Decrease)
Period-End Backlog:
October 31, 2024
October 31, 2023
$
%
Specialty Vehicles
$
4,179.8
$
4,076.7
$
103.1
2.5
%
Recreational Vehicles
291.5
385.2
(93.7
)
-24.3
%
Total Backlog
$
4,471.3
$
4,461.9
$
9.4
0.2
%
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended October 31,
2024
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
69.3
$
6.4
$
(34.0
)
$
41.7
Depreciation & amortization
3.9
1.6
0.5
6.0
Interest expense, net
3.2
0.1
4.2
7.5
Provision for income taxes
—
—
14.3
14.3
EBITDA
76.4
8.1
(15.0
)
69.5
Transaction expenses
—
—
1.0
1.0
Restructuring costs
2.7
—
0.4
3.1
Stock-based compensation expense
—
—
4.9
4.9
Gain on sale of business
(28.9
)
—
—
(28.9
)
Adjusted EBITDA
$
50.2
$
8.1
$
(8.7
)
$
49.6
Three Months Ended October 31,
2023
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
37.9
$
17.3
$
(25.5
)
$
29.7
Depreciation & amortization
4.2
1.7
0.6
6.5
Interest expense, net
2.3
0.1
4.3
6.7
Provision for income taxes
—
—
8.7
8.7
EBITDA
44.4
19.1
(11.9
)
51.6
Sponsor expense reimbursement
—
—
0.1
0.1
Stock-based compensation expense
—
—
3.4
3.4
Gain on sale of assets
(1.1
)
—
—
(1.1
)
Adjusted EBITDA
$
43.3
$
19.1
$
(8.4
)
$
54.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Twelve Months Ended October
31, 2024
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
382.0
$
32.3
$
(156.7
)
$
257.6
Depreciation & amortization
16.7
6.6
2.1
25.4
Interest expense, net
10.5
0.4
17.6
28.5
Provision for income taxes
—
—
82.8
82.8
EBITDA
409.2
39.3
(54.2
)
394.3
Transaction expenses
—
—
7.4
7.4
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring costs
11.9
—
0.4
12.3
Restructuring related charges
7.8
—
—
7.8
Impairment charges
12.6
1.9
—
14.5
Stock-based compensation expense
—
—
12.7
12.7
Legal matters
2.3
—
0.6
2.9
Gain on sale of business
(289.3
)
—
—
(289.3
)
Adjusted EBITDA
$
154.5
$
41.2
$
(32.9
)
$
162.8
Twelve Months Ended October
31, 2023
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
67.4
$
82.2
$
(104.3
)
$
45.3
Depreciation & amortization
15.9
8.0
2.3
26.2
Interest expense, net
9.7
0.3
18.6
28.6
Provision for income taxes
—
—
12.9
12.9
EBITDA
93.0
90.5
(70.5
)
113.0
Transaction expenses
—
—
0.5
0.5
Sponsor expense reimbursement
—
—
0.3
0.3
Restructuring related charges
4.1
—
6.4
10.5
Stock-based compensation expense
—
—
14.4
14.4
Legal matters
0.9
0.5
15.2
16.6
Other items
0.6
—
0.7
1.3
Adjusted EBITDA
$
98.6
$
91.0
$
(33.0
)
$
156.6
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended October
31,
Twelve Months Ended October
31,
2024
2023
2024
2023
Net income
$
41.7
$
29.7
$
257.6
$
45.3
Amortization of intangible assets
0.5
0.6
2.2
3.5
Transaction expenses
1.0
—
7.4
0.5
Sponsor expense reimbursement
—
0.1
0.2
0.3
Restructuring costs
3.1
—
12.3
—
Restructuring related charges
—
—
7.8
10.5
Impairment charges
—
—
14.5
—
Stock-based compensation expense
4.9
3.4
12.7
14.4
Legal matters
—
—
2.9
16.6
(Gain) loss on sale of business and
assets
(28.9
)
(1.1
)
(289.3
)
—
Other items
—
—
—
1.3
Income tax effect of adjustments
4.6
(1.0
)
58.8
(11.9
)
Adjusted Net Income
$
26.9
$
31.7
$
87.1
$
80.5
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2025
Low
High
Net income (6)
$
98.4
$
125.1
Depreciation and amortization
25.0
23.0
Interest expense, net
20.0
18.0
Provision for income taxes
34.6
43.9
EBITDA
178.0
210.0
Stock-based compensation expense
12.0
10.0
Adjusted EBITDA
$
190.0
$
220.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2025
Low
High
Net income (6)
$
98.4
$
125.1
Amortization of intangible assets
1.7
1.7
Stock-based compensation expense
12.0
10.0
Income tax effect of adjustments
3.6
3.0
Adjusted Net Income
$
115.7
$
139.8
__________________________
6 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/20241211959865/en/
Drew Konop VP, Investor Relations & Corporate FP&A
Email: investors@revgroup.com Phone: 1-888-738-4037
(1-888-REVG-037)
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