- Second quarter net sales of $616.9 million compared to $681.2
million in the prior year quarter
- Second quarter net income of $15.2 million compared to net
income of $14.2 million in the prior year quarter
- Second quarter Adjusted EBITDA1 of $37.5 million compared to
$41.9 million in the prior year quarter, the latter of which
included $10.2 million of Adjusted EBITDA attributable to Collins
Bus Corporation (“Collins”) which was divested on January 26,
2024
- Second quarter Adjusted Net Income1 of $20.9 million compared
to $20.8 million in the prior year quarter
- Updated full-year fiscal 2024 outlook:
- Net sales of $2.4 to $2.5 billion, net income of $230.0 to
$245.0 million, Adjusted EBITDA of $151.0 to $165.0 million, and
Adjusted Net Income of $76.0 to $90.0 million;
- Net cash from operating activities of $20.0 to $35.0 million,
which includes approximately $71.0 million of income tax and
transaction costs related to divestiture activities, and Adjusted
Free Cash Flow1 of $61.0 to $72.0 million
REV Group, Inc. (NYSE: REVG) (the “company”), a manufacturer of
industry-leading specialty and recreational vehicles, today
reported results for the three months ended April 30, 2024 (“second
quarter 2024”). Consolidated net sales in the second quarter 2024
were $616.9 million, compared to $681.2 million for the three
months ended April 30, 2023 (“second quarter 2023”). Net sales for
the second quarter 2023 included $46.9 million attributable to
Collins. Excluding the impact of the Collins divestiture, net sales
decreased $17.4 million, or 2.7% compared to the prior year
quarter. The decrease was 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 second quarter 2024 net income was $15.2 million,
or $0.28 per diluted share, compared to net income of $14.2
million, or $0.24 per diluted share, in the second quarter 2023.
Adjusted Net Income for the second quarter 2024 was $20.9 million,
or $0.39 per diluted share, compared to Adjusted Net Income of
$20.8 million, or $0.35 per diluted share, in the second quarter
2023. Adjusted EBITDA in the second quarter 2024 was $37.5 million,
compared to $41.9 million in the second quarter 2023. Adjusted
EBITDA for the second quarter 2023 included $10.2 million
attributable to Collins. Excluding the impact of the Collins
divestiture, Adjusted EBITDA increased $5.8 million, or 18.3%
compared to the prior year quarter. The increase was primarily due
to higher contribution from the Specialty Vehicles segment,
partially offset by lower results in the Recreational Vehicles
segment.
“We are pleased to have delivered another strong quarter of
operating results,” REV Group Inc. President and CEO, Mark
Skonieczny, said. “We continue to experience robust demand in our
Fire and Ambulance businesses and remain focused on operating
initiatives that drive throughput improvements across our
manufacturing sites. The Specialty Vehicles segment results
demonstrate that these initiatives are taking hold and continue to
build from prior quarters’ momentum. Within the Recreational
Vehicles segment, we continue to be proactive in managing our cost
structure to align with end market demand and delivered operating
margins in line with our expectations. The progress we have made
across the enterprise provides us confidence in our ability to
deliver our full-year fiscal guidance.”
_______________ 1 Adjusted Net Income, Adjusted EBITDA and
Adjusted Free Cash Flow are non-GAAP measures that are reconciled
to their nearest GAAP measure later in this release.
REV Group Second Quarter Highlights
- Effective January 26, 2024, the company completed the sale of
Collins to Forest River Bus, LLC. In connection with the completion
of the sale of Collins, the company received cash consideration of
$308.2 million, inclusive of certain preliminary working capital
adjustments. The company used a portion of the proceeds from the
sale of Collins to reduce outstanding borrowings under its 2021 ABL
facility (“ABL”) to zero. On February 16, 2024, remaining proceeds,
as well as borrowings under the ABL, were used to return cash to
shareholders in the form of a $3.00 per common share special cash
dividend, totaling $179.3 million.
- On February 20, 2024, the company closed a registered
underwritten public offering of 18,400,000 shares of its common
stock by American Industrial Partners (“AIP”), then the company's
largest equity holders. 10,400,000 of these shares were sold to the
public, and the remaining 8,000,000 shares were repurchased by the
company for a purchase price of $126.1 million. The company funded
the repurchase with borrowings under its ABL. The company did not
sell any shares of common stock and did not receive any proceeds in
connection with this offering.
- On March 15, 2024, the company closed a registered underwritten
secondary public offering of 7,395,191 shares of the Company’s
common stock by AIP. The company did not sell any shares of common
stock and did not receive any proceeds in connection with this
offering. The offering reduced AIP's ownership in company shares to
approximately 3.4%. In connection with the closing of the offering,
AIP no longer had the right to nominate any directors to the board
of directors and AIP's representatives on the board tendered their
resignations from the board effective as of March 15, 2024. These
resignations were not the result of any disagreement with the
Company.
- On April 15, 2024, the board of directors approved the
appointment of Amy Campbell as Senior Vice President / Chief
Financial Officer. Upon Ms. Campbell joining the company, Mark
Skonieczny, who had been serving as the company’s interim CFO,
stepped down as interim CFO and continued in his role as President
and Chief Executive Officer.
- On April 30, 2024, the company sold the operating assets of the
Fire Regional Technical Center in Florida. This transaction
represented the sale of the company’s last remaining owned fire
dealership. The business has now transitioned to a fully
independent dealership distribution model.
- On May 30, 2024, the company announced that Cynthia (Cindy)
Augustine was elected as an independent member of its board of
directors.
“The actions taken by the company were aimed at simplifying our
portfolio of products and operating structure, returning cash to
our shareholders, and fortifying our leadership team. We continue
to believe that the operational improvements we have made in the
business, along with these actions, provides opportunity for
earnings growth and will accelerate shareholder value creation,”
said Skonieczny.
Specialty Vehicles Segment Highlights
Specialty Vehicles segment net sales were $437.4 million in the
second quarter 2024, an increase of $12.4 million, or 2.9%, from
$425.0 million in the second quarter 2023. Net sales for the second
quarter 2023 included $46.9 million attributable to Collins.
Excluding the impact of the Collins divestiture, net sales
increased $59.3 million, or 15.7% compared to the prior year
quarter. The increase in net sales compared to the prior year
quarter 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 second quarter 2024 was $4,064.4 million
compared to $3,358.5 million at the end of the second quarter 2023.
Backlog at the end of the second quarter 2023 included $191.5
million related to Collins. Excluding the impact of the Collins
divestiture, backlog increased $897.4 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 a decrease in
backlog related to the wind down of municipal transit operations,
increased unit shipments, and lower order intake for terminal truck
units.
Specialty Vehicles segment Adjusted EBITDA was $33.8 million in
the second quarter 2024, an increase of $13.5 million, or 66.5%,
from Adjusted EBITDA of $20.3 million in the second quarter 2023.
Adjusted EBITDA for the second quarter 2023 included $10.2 million
attributable to Collins. Excluding the impact of the Collins
divestiture, Adjusted EBITDA increased $23.7 million, or 234.7%
compared to the prior year quarter. Profitability within the
segment benefited from price realization and higher sales volume 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 $179.7 million in
the second quarter 2024, a decrease of $76.9 million, or 30.0%,
from $256.6 million in the second quarter 2023. The decrease in net
sales compared to the prior year quarter was primarily due to
decreased unit shipments and increased discounting, partially
offset by price realization. Recreational Vehicles segment backlog
at the end of the second quarter 2024 was $274.7 million, a
decrease of $220.3 million compared to $495.0 million at the end of
the second quarter 2023. The decrease was primarily the result of
lower order intake in certain categories, unit shipments against
backlog, and order cancelations.
Recreational Vehicles segment Adjusted EBITDA was $12.1 million
in the second quarter 2024, a decrease of $17.0 million, or 58.4%,
from $29.1 million in the second quarter 2023. The decrease was
primarily due to lower unit shipments, increased discounting, and
inflationary pressures, partially offset by price realization and
cost reduction actions.
Working Capital, Liquidity, and Capital Allocation
Net debt2 totaled $181.8 million as of April 30, 2024, including
$38.2 million cash on hand. The company had $280.3 million
available under its ABL revolving credit facility as of April 30,
2024, a decrease of $103.8 million as compared to the October 31,
2023 availability of $384.1 million. Trade working capital3 for the
company as of April 30, 2024 was $324.0 million, compared to $318.5
million as of October 31, 2023. The increase was primarily due to a
decrease in accounts payable and customer advances, partially
offset by a decrease in accounts receivable and inventory. Capital
expenditures in the second quarter 2024 were $5.9 million compared
to $6.8 million in the second quarter 2023.
Updated Fiscal Year 2024 Outlook
Full Fiscal Year 2024
Updated Guidance
Prior Guidance4
($ in millions)
Low
High
Low
High
Net Sales
$
2,400
$
2,500
$
2,450
$
2,550
Net Income
$
230
$
245
$
224
$
245
Adjusted EBITDA
$
151
$
165
$
145
$
165
Adjusted Net Income
$
76
$
90
$
72
$
90
Adjusted Free Cash Flow
$
61
$
72
$
57
$
72
Quarterly Dividend
The company’s board of directors declared a regular quarterly
cash dividend in the amount of $0.05 per share of common stock,
payable on July 12, 2024, to shareholders of record on June 28,
2024, which equates to a rate of $0.20 per share of common stock on
an annualized basis.
Conference Call
A conference call to discuss the company’s fiscal year 2024
second quarter financial results and our outlook is scheduled for
June 5, 2024, 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
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 Recreation 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. Several of REV Group's 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
_______________ 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 Guidance from the 1Q fiscal year 2024 results
announcement, as presented in our press release dated March 6,
2024.
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 and Adjusted Free Cash Flow, which are non-GAAP
financial measures. Adjusted EBITDA represents net income before
interest expense, income taxes, and 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. Adjusted Free Cash Flow
is calculated as net cash from operating activities, excluding
transaction expenses and income taxes associated with divestiture
activities, minus capital expenditures.
The company believes that the use of Adjusted EBITDA, Adjusted
Net Income 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,
Adjusted Net Income and Adjusted Free Cash Flow 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,” “outlook,” “guidance,” “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 2024.
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
CONDENSED UNAUDITED
CONSOLIDATED BALANCE SHEETS
(In millions, except share
amounts)
(Audited)
April 30, 2024
October 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
38.2
$
21.3
Accounts receivable, net
210.6
226.5
Inventories, net
630.4
657.7
Other current assets
26.0
27.7
Total current assets
905.2
933.2
Property, plant and equipment, net
150.1
159.5
Goodwill
137.7
157.3
Intangible assets, net
98.3
115.7
Right of use assets
32.7
37.0
Other long-term assets
6.4
7.7
Total assets
$
1,330.4
$
1,410.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
190.2
$
208.3
Short-term customer advances
176.9
214.5
Income tax payable
35.5
11.8
Short-term accrued warranty
15.8
23.4
Short-term lease obligations
6.8
7.4
Other current liabilities
93.3
91.8
Total current liabilities
518.5
557.2
Long-term debt
220.0
150.0
Long-term customer advances
149.9
142.9
Deferred income taxes
9.9
8.2
Long-term lease obligations
26.6
30.0
Other long-term liabilities
25.8
24.1
Total liabilities
950.7
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; 51,914,477 and 59,505,829 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
314.5
445.0
Retained earnings
65.1
52.7
Accumulated other comprehensive income
—
0.2
Total shareholders' equity
379.7
498.0
Total liabilities and shareholders'
equity
$
1,330.4
$
1,410.4
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except share and
per share amounts)
Three Months Ended April
30,
Six Months Ended April
30,
2024
2023
2024
2023
Net sales
$
616.9
$
681.2
$
1,202.9
$
1,264.7
Cost of sales
539.6
598.7
1,062.7
1,124.3
Gross profit
77.3
82.5
140.2
140.4
Operating expenses:
Selling, general and administrative
50.1
52.5
105.5
120.3
Amortization of intangible assets
0.6
1.0
1.2
2.4
Restructuring
3.7
—
4.5
—
Impairment charges
—
—
12.6
—
Total operating expenses
54.4
53.5
123.8
122.7
Operating income
22.9
29.0
16.4
17.7
Interest expense, net
6.5
7.4
13.4
14.5
(Gain) Loss on sale of business
(1.5
)
1.1
(259.0
)
1.1
Other expense
—
0.5
—
0.7
Income before provision for income
taxes
17.9
20.0
262.0
1.4
Provision for income taxes
2.7
5.8
64.1
0.7
Net income
$
15.2
$
14.2
$
197.9
$
0.7
Net income per common share:
Basic
$
0.29
$
0.24
$
3.53
$
0.01
Diluted
0.28
0.24
3.49
0.01
Dividends declared per common
share
0.05
0.05
3.10
0.10
Adjusted net income per common
share:
Basic
$
0.39
$
0.35
$
0.63
$
0.48
Diluted
0.39
0.35
0.63
0.47
Weighted Average Shares
Outstanding:
Basic
53,117,059
58,698,700
56,116,502
58,516,877
Diluted
53,662,210
59,023,841
56,760,697
58,985,210
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Six Months Ended April
30,
2024
2023
Cash flows from operating activities:
Net income
$
197.9
$
0.7
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization
13.0
13.4
Stock-based compensation expense
5.9
7.5
Deferred income taxes
1.7
0.7
Impairment charges
12.6
—
(Gain) Loss on sale of business
(259.0
)
1.1
Other non-cash adjustments
0.9
1.1
Changes in operating assets and
liabilities, net
(2.6
)
(16.3
)
Net cash (used in) provided by operating
activities
(29.6
)
8.2
Cash flows from investing activities:
Purchase of property, plant and
equipment
(16.4
)
(10.6
)
Proceeds from sale of business
318.2
0.6
Other investing activities
0.1
1.1
Net cash provided by (used in) investing
activities
301.9
(8.9
)
Cash flows from financing activities:
Net proceeds from borrowings on revolving
credit facility
70.0
—
Payment of dividends
(185.5
)
(6.1
)
Repurchase and retirement of common
stock
(126.1
)
—
Other financing activities
(13.8
)
(4.6
)
Net cash used in financing activities
(255.4
)
(10.7
)
Net increase (decrease) in cash and cash
equivalents
16.9
(11.4
)
Cash and cash equivalents, beginning of
period
21.3
20.4
Cash and cash equivalents, end of
period
$
38.2
$
9.0
Supplemental disclosures of cash flow
information:
Cash paid for:
Interest
$
11.3
$
12.4
Income taxes, net of refunds
$
42.5
$
0.6
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions;
unaudited)
Three Months Ended April
30,
Six Months Ended April
30,
2024
2023
2024
2023
Net
Sales:
Specialty Vehicles
$
437.4
$
425.0
$
854.6
$
783.0
Recreational Vehicles
179.7
256.6
349.1
482.6
Corporate & Other
(0.2
)
(0.4
)
(0.8
)
(0.9
)
Total
$
616.9
$
681.2
$
1,202.9
$
1,264.7
Adjusted
EBITDA:
Specialty Vehicles
$
33.8
$
20.3
$
60.0
$
25.6
Recreational Vehicles
12.1
29.1
23.7
53.4
Corporate & Other
(8.4
)
(7.5
)
(15.7
)
(15.8
)
Total
$
37.5
$
41.9
$
68.0
$
63.2
Adjusted EBITDA
Margin:
Specialty Vehicles
7.7
%
4.8
%
7.0
%
3.3
%
Recreational Vehicles
6.7
%
11.3
%
6.8
%
11.1
%
Total
6.1
%
6.2
%
5.7
%
5.0
%
Period-End
Backlog:
April 30, 2024
January 31, 2024
October 31, 2023
April 30, 2023
Specialty Vehicles
$
4,064.4
$
3,864.1
$
4,076.7
$
3,358.5
Recreational Vehicles
274.7
376.7
385.2
495.0
Total
$
4,339.1
$
4,240.8
$
4,461.9
$
3,853.5
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended April 30,
2024
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
25.0
$
10.4
$
(20.2
)
$
15.2
Depreciation and amortization
4.4
1.6
0.5
6.5
Interest expense, net
2.2
0.1
4.2
6.5
Provision for income taxes
—
—
2.7
2.7
EBITDA
31.6
12.1
(12.8
)
30.9
Transaction expenses
—
—
1.4
1.4
Restructuring costs
3.7
—
—
3.7
Stock-based compensation expense
—
—
3.0
3.0
Gain on sale of business
(1.5
)
—
—
(1.5
)
Adjusted EBITDA
$
33.8
$
12.1
$
(8.4
)
$
37.5
Three Months Ended April 30,
2023
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
11.7
$
26.6
$
(24.1
)
$
14.2
Depreciation and amortization
3.9
2.0
0.6
6.5
Interest expense, net
2.5
—
4.9
7.4
Provision for income taxes
—
—
5.8
5.8
EBITDA
18.1
28.6
(12.8
)
33.9
Transaction expenses
—
—
0.2
0.2
Restructuring related charges
1.3
—
1.9
3.2
Stock-based compensation expense
—
—
1.6
1.6
Legal matters
—
0.5
1.1
1.6
Loss on sale of business
1.1
—
—
1.1
Other items
(0.2
)
—
0.5
0.3
Adjusted EBITDA
$
20.3
$
29.1
$
(7.5
)
$
41.9
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Six Months Ended April 30,
2024
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
280.2
$
20.3
$
(102.6
)
$
197.9
Depreciation & amortization
8.7
3.2
1.1
13.0
Interest expense, net
4.6
0.2
8.6
13.4
Provision for income taxes
—
—
64.1
64.1
EBITDA
293.5
23.7
(28.8
)
288.4
Transaction expenses
—
—
6.4
6.4
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring costs
4.5
—
—
4.5
Restructuring related charges
6.1
—
—
6.1
Impairment charges
12.6
—
—
12.6
Stock-based compensation expense
—
—
5.9
5.9
Legal matters
2.3
—
0.6
2.9
Gain on sale of business
(259.0
)
—
—
(259.0
)
Adjusted EBITDA
$
60.0
$
23.7
$
(15.7
)
$
68.0
Six Months Ended April 30,
2023
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
7.5
$
48.3
$
(55.1
)
$
0.7
Depreciation & amortization
7.7
4.6
1.1
13.4
Interest expense, net
4.8
—
9.7
14.5
Provision for income taxes
—
—
0.7
0.7
EBITDA
20.0
52.9
(43.6
)
29.3
Transaction expenses
—
—
0.4
0.4
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring related charges
3.8
—
5.0
8.8
Stock-based compensation expense
—
—
7.5
7.5
Legal matters
0.9
0.5
14.0
15.4
Loss on sale of business
1.1
—
—
1.1
Other items
(0.2
)
—
0.7
0.5
Adjusted EBITDA
$
25.6
$
53.4
$
(15.8
)
$
63.2
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended April
30,
Six Months Ended April
30,
2024
2023
2024
2023
Net income
$
15.2
$
14.2
$
197.9
$
0.7
Amortization of intangible assets
0.6
1.0
1.2
2.4
Transaction expenses
1.4
0.2
6.4
0.4
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring costs
3.7
—
4.5
—
Restructuring related charges
—
3.2
6.1
8.8
Impairment charges
—
—
12.6
—
Stock-based compensation expense
3.0
1.6
5.9
7.5
Legal matters
—
1.6
2.9
15.4
(Gain) Loss on sale of business
(1.5
)
1.1
(259.0
)
1.1
Other items
—
0.3
—
0.5
Income tax effect of adjustments
(1.5
)
(2.4
)
56.9
(9.1
)
Adjusted Net Income
$
20.9
$
20.8
$
35.6
$
27.9
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA OUTLOOK
RECONCILIATION
(In millions;
unaudited)
Fiscal Year 2024
Low
High
Net income (5)
$
230.0
$
245.4
Depreciation and amortization
27.0
25.0
Interest expense, net
28.0
26.0
Provision for income taxes
76.7
81.8
EBITDA
361.7
378.2
Transaction expenses
7.0
6.5
Sponsor expense reimbursement
0.2
0.2
Restructuring costs
9.0
8.0
Restructuring related charges
6.1
6.1
Impairment charges
12.6
12.6
Stock-based compensation expense
10.5
9.5
Legal matters
2.9
2.9
Gain on sale of business
(259.0
)
(259.0
)
Adjusted EBITDA
$
151.0
$
165.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME OUTLOOK
RECONCILIATION
(In millions;
unaudited)
Fiscal Year 2024
Low
High
Net income (5)
$
230.0
$
245.4
Amortization of intangible assets
2.3
2.3
Transaction expenses
7.0
6.5
Sponsor expense reimbursement
0.2
0.2
Restructuring costs
9.0
8.0
Restructuring related charges
6.1
6.1
Impairment charges
12.6
12.6
Stock-based compensation expense
10.5
9.5
Legal matters
2.9
2.9
Gain on sale of business
(259.0
)
(259.0
)
Income tax effect of adjustments
54.2
55.9
Adjusted Net Income
$
75.8
$
90.4
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED FREE CASH FLOW
OUTLOOK RECONCILIATION
(In millions;
unaudited)
Fiscal Year 2024
Low
High
Net cash provided by operating
activities
$
20.0
$
35.3
Cash income taxes - divestiture
activities
66.0
66.5
Transaction expenses - divestiture
activities
5.0
5.0
Less: Capital expenditures
(30.0
)
(35.0
)
Adjusted Free Cash Flow
$
61.0
$
71.8
_______________ 5 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/20240605354492/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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