Mar. 7th, 2017
- Net sales of $443 million in the first quarter 2017 grew 19% over
the prior year first quarter
- Net loss of $13.3 million in the first quarter 2017, primarily due
to one-time stock compensation expense as a result of our IPO
- Adjusted EBITDA2 in the first quarter 2017
was $21.1 million, which was 40% higher than first quarter 2016
- First quarter 2017 Adjusted net income2
was $5.7 million, or $0.11 per diluted share, up from $0.07 per
diluted share for the first quarter 2016
- The Company expects full-year fiscal 2017 consolidated net sales in
the range of $2.225 to $2.325 billion, net income in the range of $40
to $43 million and Adjusted EBITDA2 in the
range of $150 to $155 million
MILWAUKEE--(BUSINESS WIRE)--
REV Group, Inc. (NYSE: REVG) today reported results for the three months
ended January 28, 2017 (“first quarter 2017”). Consolidated net sales in
the first quarter of 2017 were $442.9 million, growing 18.8% over the
three months ended January 30, 2016 (“first quarter 2016”). The increase
was driven predominately by strong growth in the Fire & Emergency and
Recreation segments. REV Group also had strong growth in first quarter
2017 in aftermarket parts sales, which grew 10.4% over first quarter
2016 as the Company continues to execute on its growth strategies.
The Company’s first quarter 2017 net loss was $13.3 million, or ($0.26)
per diluted share. The first quarter 2017 net loss was negatively
impacted by a number of one-time items which included a $25.5 million
before-tax stock compensation charge, due to our initial public offering
(“IPO”), for stock options awarded prior to the IPO. REV Group’s IPO
took place on January 27, 2017 and closed on February 1, 2017. Adjusted
Net Income for the first quarter 2017 was $5.7 million, or $0.11 per
diluted share, compared to $3.9 million, or $0.07 per diluted share, in
the first quarter fiscal 2016.
Adjusted EBITDA in the first quarter 2017 was $21.1 million,
representing growth of 40.4% over Adjusted EBITDA of $15.0 million in
the first quarter 2016. The increase in Adjusted EBITDA was driven by a
number of factors including higher vehicle sales, strong aftermarket
parts sales, lower discounts for certain vehicle categories, and ongoing
procurement and production cost optimization efforts.
REV Group, Inc. President and CEO, Tim Sullivan said, “We are pleased to
report strong results for our initial quarter as a public company. Our
first quarter 2017 results demonstrate solid execution of the ongoing
plan to scale our 27 market-leading specialty vehicle brands and meet
our long-term target of generating company-wide Adjusted EBITDA margins
of 10%. Our strategic efforts to increase profitability were evident in
our results. Sales growth was driven by strong end-market demand, gains
in market share and our new product initiatives. Our strong results
serve as a testament to the hard work of our employees who are executing
our strategies on a daily basis.”
REV Group Segment Highlights
Fire & Emergency – Fire & Emergency (“F&E”) net sales for the
first quarter 2017 were $185.4 million representing growth of 44.4% over
the prior year period. Sales growth was driven, in part, by the
acquisition of Kovatch Mobile Equipment (“KME”) in April of 2016.
Excluding the results of KME, F&E segment revenues grew 16.5% over the
prior year period primarily resulting from strong growth in ambulance
vehicle sales and higher sales generated at our F&E Regional Technical
Centers (“RTC”). F&E backlog at the end of the first quarter 2017 was up
4.8% to $577.1 million compared to $550.8 million at the end of fiscal
year 2016.
F&E segment adjusted EBITDA3 was $16.7 million in the
first quarter 2017 which was a growth of 9.0% compared to $15.3 million
in the first quarter 2016. F&E Adjusted EBITDA was driven during the
first quarter 2017 by higher vehicle sales, and growth in RTC and
aftermarket parts revenues. First quarter F&E Adjusted EBITDA margin was
9.0% of net sales compared to 11.9% in the first quarter 2016. The
decline in margin percentage is attributable to the impact of the KME
acquisition. We are pleased to report that we are on schedule with the
KME integration and plan to increase KME profitability as the year
progresses and in line with our E-ONE brand over time.
Commercial – Commercial segment net sales for the first quarter
2017 were $130.2 million, which were down 7.3% compared to the prior
year period. This decrease was in line with our expectations driven by
lower sales in certain product categories as we are focusing on sales
mix and are being more selective about which sales opportunities we
pursue. End markets in all our Commercial product categories remain
strong and growing versus the prior year. Commercial segment backlog
grew slightly to $227.5 million from $226.1 million at the end of fiscal
year 2016.
Commercial segment Adjusted EBITDA was $8.2 million in the first quarter
2017 compared to $5.2 million in the first quarter 2016, which is growth
of 57.9% year-over-year. Adjusted EBITDA margin was 6.3% of net sales in
the first quarter 2017 compared to 3.7% in the first quarter 2016.
Adjusted EBITDA growth in the first quarter 2017 was strong for all
Commercial product categories, with segment profitability improvement
during the quarter driven by less discounting, lower fixed costs,
procurement and product initiatives, and growing aftermarket parts
revenues.
Recreation – The Recreation segment grew first quarter 2017 net
sales to $128.9 million, representing growth of 21.0% over the prior
year period. Segment growth was partially driven by the acquisition of
Renegade RV (“Renegade”) which was completed on December 30, 2016.
Revenue growth excluding Renegade was also strong at 16.1% as the RV end
markets continue to grow and the segment benefited from the growth of
its Class C line of products which were reintroduced in the middle of
2016. Recreation segment backlog at the end of the first quarter 2017
was $107.7 million, which was up 33.9% from $80.4 million at the end of
fiscal year 2016. Excluding the backlog from the newly acquired
Renegade, Recreation backlog at the end of the first quarter was down
9.0% versus the prior fiscal year-end.
Recreation segment Adjusted EBITDA grew in the first quarter 2017 to
$2.8 million compared to a loss of $1.8 million in the first quarter
2016. Adjusted EBITDA margin in the first quarter was 2.2% of net sales
compared to negative 1.7% in the first quarter 2016. The strong 390
basis point expansion in profitability is attributable to lower
discounting, a higher mix of Class A diesel units and benefits from our
ongoing procurement and operating initiatives.
Working capital, liquidity and capital allocation – Net working
capital4 for the Company at January 28, 2017 was $251.6
million compared to $187.3 million at the end of fiscal 2016. This
represents a normal seasonal increase in net working capital consistent
with prior years. Cash and equivalents totaled $15.1 million at the end
of the first quarter 2017. Total debt at the end of the first quarter
2017 was $336.0 million and the Company had $134.2 million available
under its existing credit facility as of January 28, 2017.
Subsequent to the end of the first quarter, the Company completed its
initial public offering and used the net proceeds of $254.4 million to
pay off the remaining outstanding balance of its Senior Notes, including
accrued interest and call premium, and a portion of the then outstanding
borrowings on its revolving credit facility. Net debt outstanding on the
Company’s revolving credit facility at the end of the first quarter
2017, assuming the use of IPO proceeds to pay-down debt, was
approximately $83.0 million. First quarter capital expenditures of $18.6
million were greater than the expected quarterly run rate for the rest
of the year as spending was front-end loaded for the current year. The
Company expects full fiscal year 2017 capital expenditures to
approximate $40 to $45 million.
Quarterly Dividend – Our board of directors declared a quarterly
dividend for our second quarter of fiscal 2017, payable on May 31, 2017,
to holders of record on April 30, 2017, in the amount of $0.05 per share
of common stock, which represents $0.20 per share of common stock on an
annualized basis.
Fiscal 2017 Full Year Guidance – “Today we introduce our REV
Group full-year fiscal 2017 outlook for net sales and Adjusted EBITDA.
We expect full-year fiscal 2017 revenues of $2.225 to $2.325 billion,
net income of $40 to $43 million and Adjusted EBITDA of $150 to $155
million,” said Sullivan. “This outlook does not include any impact from
potential future acquisitions.”
The Company’s policy will be to update or affirm its full year financial
guidance on a quarterly basis going forward.
__________________
1 The Company’s fiscal year ends on the last Saturday in
October each year. The last day of fiscal 2016 was October 29, 2016. The
last day of fiscal 2017 will be October 28, 2017.
2 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.
3 Segment Adjusted EBITDA is a non-GAAP measure that is
explained and reconciled to its nearest GAAP metric later in this
release.
4 Net working capital is defined as current assets (excluding
cash) less current liabilities.
Conference Call
REV Group, Inc. will host a conference call to discuss first quarter
2017 results and full-year fiscal 2017 outlook on March 8th at 11:00
a.m. EST. A supplemental earnings slide deck will be available tomorrow
morning on the REV Group, Inc. website prior to the call. 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.
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 and Adjusted Net Income represents net income as
adjusted for certain after-tax, non-recurring, one-time and other
adjustments which the Company believes are not indicative of its
underlying operating performance as well as for the add-back of certain
non-cash intangible 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.
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 most recent
prospectus dated January 30, 2017 and other risk factors described from
time to time in subsequent quarterly or annual reports on Forms 10-Q or
10-K, which 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.
About REV Group
REV Group, Inc. (NYSE: 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 (ambulances, fire apparatus, school buses,
mobility vans and municipal transit buses), industrial and commercial
(terminal trucks, cut-away buses and street sweepers) and consumer
leisure (recreational vehicles (“RVs”) and luxury buses). Our brand
portfolio consists of 27 well-established principal vehicle brands
including many of the most recognizable names within our served markets.
Several of our brands pioneered their specialty vehicle product
categories and date back more than 50 years.
Investors-REVG
| |
|
| REV GROUP, INC. |
| CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS |
| (Dollars in thousands) |
|
| |
| |
| | January 28, | | October 29, |
| | 2017 | | 2016 |
|
ASSETS
| | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| |
$
|
15,137
| |
$
|
10,821
|
|
Accounts receivable, net
| | |
187,954
| | |
181,239
|
|
Inventories, net
| | |
341,495
| | |
325,633
|
|
Other current assets
| |
|
16,395
| |
|
12,037
|
Total current assets
| | |
560,981
| | |
529,730
|
| | | |
|
|
Property, plant and equipment, net
| | |
161,854
| | |
146,422
|
|
Goodwill
| | |
87,639
| | |
84,507
|
|
Intangibles assets, net
| | |
127,826
| | |
124,040
|
|
Other long-term assets
| |
|
3,897
| |
|
4,320
|
|
Total assets
| |
$
|
942,197
| |
$
|
889,019
|
| | | |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
| | | |
|
Current liabilities:
| | | | |
|
Accounts payable
| |
$
|
111,449
| |
$
|
129,481
|
|
Customer advances
| | |
107,038
| | |
87,627
|
|
Accrued warranty
| | |
21,154
| | |
22,693
|
|
Other current liabilities
| |
|
54,583
| |
|
91,803
|
|
Total current liabilities
| | |
294,224
| | |
331,604
|
| | | |
|
|
Notes payable and bank debt
| | |
336,008
| | |
256,040
|
|
Deferred income taxes
| | |
9,366
| | |
17,449
|
|
Other long-term liabilities
| |
|
24,830
| |
|
23,710
|
|
Total liabilities
| | |
664,428
| | |
628,803
|
| | | |
|
|
Contingently redeemable common stock
| | |
—
| | |
22,293
|
|
Commitments and contingencies
| | | | |
|
Shareholders’ equity
| |
|
277,769
| |
|
237,923
|
|
Total liabilities and shareholders’ equity
| |
$
|
942,197
| |
$
|
889,019
|
| | | | | |
|
|
|
| | |
| REV GROUP, INC. |
| CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Dollars in thousands except shares and per share amounts) |
| | |
| |
| |
| | | | Three Months Ended |
| | | | January 28,
2017 | | January 30,
2016 |
| | | | | |
|
|
Net sales
| |
$
|
442,937
| | |
$
|
372,780
| |
| | | | | |
|
|
Cost of sales
| |
|
395,417
|
| |
|
337,841
|
|
| | | | | |
|
|
Gross profit
| | |
47,520
| | | |
34,939
| |
| | | | | |
|
|
Operating expenses:
| | | | |
|
Selling, general and administrative
| | |
56,498
| | | |
27,106
| |
|
Research and development costs
| | |
1,198
| | | |
1,139
| |
|
Restructuring
| | |
864
| | | |
2,965
| |
|
Amortization of intangibles
| |
|
2,614
|
| |
|
2,243
|
|
| | | | | |
|
| |
Total operating expenses
| |
|
61,174
|
| |
|
33,453
|
|
| | | | | |
|
| |
Operating (loss) income
| | |
(13,654
|
)
| | |
1,486
| |
| | | | | |
|
|
Interest expense
| |
|
7,478
|
| |
|
6,687
|
|
| | | | | |
|
| |
Loss before benefit for income taxes
| | |
(21,132
|
)
| | |
(5,201
|
)
|
| | | | | |
|
|
Benefit for income taxes
| |
|
(7,829
|
)
| |
|
(2,191
|
)
|
| | | | | |
|
| |
Net loss
| |
$
|
(13,303
|
)
| |
$
|
(3,010
|
)
|
| | | | | |
|
| Loss per common share: | | | | |
| |
Basic
| |
$
|
(0.26
|
)
| |
$
|
(0.06
|
)
|
| |
Diluted
| |
$
|
(0.26
|
)
| |
$
|
(0.06
|
)
|
| | | | | |
|
| Adjusted earnings per common share: | | | | |
| |
Basic
| |
$
|
0.11
| | |
$
|
0.07
| |
| |
Diluted
| |
$
|
0.11
| | |
$
|
0.07
| |
| | | | | |
|
| Weighted Average Shares Outstanding | | | | |
| |
Basic
| | |
51,360,163
| | | |
52,506,201
| |
| |
Diluted
| | |
51,360,163
| | | |
52,506,201
| |
| | | | | |
|
|
| |
| |
| REV GROUP, INC. |
| CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Dollars in thousands) |
| | | |
|
| | Three Months Ended |
| | January 28,
2017 |
| January 30,
2016 |
| | | |
|
|
Cash flows from operating activities:
| | | | |
|
Net loss
| |
$
|
(13,303
|
)
| |
$
|
(3,010
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
| | |
|
Depreciation and amortization
| | |
7,421
| | | |
4,872
| |
|
Amortization of debt issuance costs
| | |
585
| | | |
550
| |
|
Amortization of senior note discount
| | |
42
| | | |
51
| |
|
Stock-based compensation expense
| | |
25,506
| | | |
5,683
| |
|
Deferred income taxes
| | |
(8,563
|
)
| | |
(3,870
|
)
|
|
(Gain) Loss on disposal of property, plant and equipment
| | |
(205
|
)
| | |
46
| |
| | | |
|
|
Changes in operating assets and liabilities:
| |
|
(45,230
|
)
| |
|
(2,347
|
)
|
| | | |
|
|
Net cash (used in) provided by operating activities
| | |
(33,747
|
)
| | |
1,975
| |
| | | |
|
|
Cash flows from investing activities:
| | | | |
|
Purchase of property, plant and equipment
| | |
(18,624
|
)
| | |
(5,734
|
)
|
|
Proceeds from sale of property, plant and equipment
| | |
919
| | | |
—
| |
|
Acquisition of businesses, net of cash acquired
| | |
(20,581
|
)
| | |
(1,615
|
)
|
|
Acquisition of Ancira assets
| | |
—
| | | |
(6,435
|
)
|
| |
| |
|
|
Net cash used in investing activities
| | |
(38,286
|
)
| | |
(13,784
|
)
|
| | | |
|
|
Cash flows from financing activities:
| | | | |
|
Net proceeds from borrowings under revolving credit facility
| | |
79,600
| | | |
13,296
| |
|
Repayment of debt assumed from acquisition
| | |
—
| | | |
(3,698
|
)
|
|
Repayment of long-term debt and capital leases
| | |
—
| | | |
(269
|
)
|
|
Redemption of common stock and stock options
| |
|
(3,251
|
)
| |
|
(1,401
|
)
|
| | | |
|
|
Net cash provided by financing activities
| |
|
76,349
|
| |
|
7,928
|
|
| | | |
|
|
Net increase (decrease) in cash and cash equivalents
| | |
4,316
| | | |
(3,881
|
)
|
|
Cash and cash equivalents, beginning of period
| | |
10,821
| | | |
4,968
| |
| |
| |
|
|
Cash and cash equivalents, end of period
| |
$
|
15,137
|
| |
$
|
1,087
|
|
| | | | | | | |
|
Non-GAAP Financial 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 and Adjusted Net Income represents net income as
adjusted for certain after-tax, non-recurring, one-time and other
adjustments which the Company believes are not indicative of its
underlying operating performance as well as for the add-back of certain
non-cash intangible 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. The tables below present
reconciliations of the Company’s presented non-GAAP Adjusted EBITDA and
Adjusted Net Income measures and forecasted Adjusted EBITDA to the most
directly comparable GAAP measure of Net Income (in thousands, except per
share amounts):
|
|
| REV GROUP, INC. |
| ADJUSTED EBITDA BY SEGMENT |
| (Unaudited; in thousands) |
|
| |
| |
| |
| |
| |
| THREE MONTHS ENDED JANUARY 28, 2017 |
| | Fire &
Emergency |
| Commercial |
| Recreation |
| Corporate &
Other |
| Total |
| | | | | | | | | |
|
|
Net Income (loss)
| |
$
|
12,698
| |
$
|
4,563
| |
$
|
139
| | |
$
|
(30,703
|
)
| |
$
|
(13,303
|
)
|
| | | | | | | | | |
|
|
Depreciation & Amortization
| | |
2,809
| | |
1,930
| | |
2,157
| | | |
525
| | | |
7,421
| |
|
Interest Expense
| | |
1,172
| | |
817
| | |
42
| | | |
5,447
| | | |
7,478
| |
|
Provision (benefit) for income taxes
| |
|
4
|
|
|
-
|
|
|
-
|
|
|
|
(7,833
|
)
|
|
|
(7,829
|
)
|
|
EBITDA
| | |
16,683
| | |
7,310
| | |
2,338
| | | |
(32,564
|
)
| | |
(6,233
|
)
|
| | | | | | | | | |
|
|
Transaction expenses
| | |
-
| | |
-
| | |
-
| | | |
378
| | | |
378
| |
|
Sponsor expenses
| | |
-
| | |
-
| | |
-
| | | |
131
| | | |
131
| |
|
Restructuring costs
| | |
-
| | |
864
| | |
-
| | | |
-
| | | |
864
| |
|
Stock-based compensation expense
| | |
-
| | |
-
| | |
-
| | | |
25,506
| | | |
25,506
| |
|
Non-cash purchase accounting
| |
| 30 |
|
| - |
|
| 435 |
|
|
| - |
|
|
| 465 |
|
|
Adjusted EBITDA
| | $ | 16,713 | | $ | 8,174 | | $ | 2,773 |
| | $ | (6,549 | ) | | $ | 21,111 |
|
| | | | | | | | | |
|
| THREE MONTHS ENDED JANUARY 30, 2016 |
| | Fire &
Emergency |
| Commercial |
| Recreation |
| Corporate &
Other |
| Total |
| | | | | | | | | |
|
|
Net Income (loss)
| |
$
|
12,108
| |
$
|
2,589
| |
$
|
(2,651
|
)
| |
$
|
(15,056
|
)
| |
$
|
(3,010
|
)
|
| | | | | | | | | |
|
|
Depreciation & Amortization
| | |
1,899
| | |
2,125
| | |
748
| | | |
100
| | | |
4,872
| |
|
Interest Expense
| | |
1,018
| | |
464
| | |
10
| | | |
5,195
| | | |
6,687
| |
|
Provision (benefit) for income taxes
| |
|
-
|
|
|
-
|
|
|
-
|
|
|
|
(2,191
|
)
|
|
|
(2,191
|
)
|
|
EBITDA
| | |
15,025
| | |
5,178
| | |
(1,893
|
)
| | |
(11,952
|
)
| | |
6,358
| |
| | | | | | | | | |
|
|
Transaction expenses
| | |
-
| | |
-
| | |
-
| | | |
-
| | | |
-
| |
|
Sponsor expenses
| | |
-
| | |
-
| | |
-
| | | |
25
| | | |
25
| |
|
Restructuring costs
| | |
307
| | |
-
| | |
95
| | | |
2,563
| | | |
2,965
| |
|
Stock-based compensation expense
| | |
-
| | |
-
| | |
-
| | | |
5,683
| | | |
5,683
| |
|
Non-cash purchase accounting
| |
| - |
|
| - |
|
| - |
|
|
| - |
|
|
| - |
|
|
Adjusted EBITDA
| | $ | 15,332 | | $ | 5,178 | | $ | (1,798 | ) | | $ | (3,681 | ) | | $ | 15,031 |
|
| | | | | | | | | |
|
|
| |
| |
| REV GROUP, INC. |
| ADJUSTED NET INCOME |
| (Unaudited; in thousands) |
| | | |
|
| | Three Months Ended |
| | January 28,
2017 | | January 30,
2016 |
|
Net loss
| |
$
|
(13,303
|
)
| |
$
|
(3,010
|
)
|
Adjustments:
| | | | | | | | |
|
Amortization of Intangibles
| | |
2,614
| | | |
2,243
| |
|
Transaction Expenses
| | |
378
| | | |
-
| |
|
Sponsor Expenses
| | |
131
| | | |
25
| |
|
Restructuring Costs
| | |
864
| | | |
2,965
| |
|
Stock-based Compensation Expense
| | |
25,506
| | | |
5,683
| |
|
Non-cash purchase Accounting Expense
| | |
465
| | | |
-
| |
|
Income tax effect of adjustments
| |
|
(10,987
|
)
| |
|
(3,984
|
)
|
| Adjusted Net income | |
$
|
5,668
|
| |
$
|
3,922
|
|
| | | |
|
|
|
| REV GROUP, INC. |
| FORECASTED ADJUSTED EBITDA RECONCILIATION |
| (In thousands) |
|
|
|
| Fiscal Year 2017 |
| | Low |
| High |
|
Net income
| |
$
|
40,000
| |
$
|
43,000
|
|
Depreciation and Amortization
| | |
32,000
| | |
32,000
|
|
Interest Expense
| | |
15,000
| | |
15,000
|
|
Income Tax Expense
| |
|
23,000
| |
|
25,000
|
| | | |
|
|
EBITDA
| | |
110,000
| | |
115,000
|
| | | |
|
|
Transaction Expenses
| | |
500
| | |
500
|
|
Sponsor Expenses
| | |
300
| | |
300
|
|
Restructuring Costs
| | |
1,100
| | |
1,100
|
|
Stock-based Compensation Expense
| | |
26,500
| | |
26,500
|
|
Loss on Debt Extinguishment
| | |
11,000
| | |
11,000
|
|
Non-cash purchase Accounting Expense
| |
|
600
| |
|
600
|
|
Adjusted EBITDA
| |
$
|
150,000
| |
$
|
155,000
|
| | | |
|
|
|
| REV GROUP, INC. |
| SEGMENT INFORMATION |
| (Unaudited; in thousands) |
|
| |
| |
| | Three Months Ended |
| | January 28, | | January 30, |
| | 2017 | | 2016 |
Net Sales: | | | | |
|
Fire & Emergency
| |
$
|
185,371
| | |
$
|
128,356
| |
|
Commercial
| | |
130,221
| | | |
140,450
| |
|
Recreation
| | |
128,870
| | | |
106,535
| |
|
Corporate & Other
| |
|
(1,525
|
)
| |
|
(2,561
|
)
|
|
Total Company Net Sales
| |
$
|
442,937
|
| |
$
|
372,780
|
|
| | | |
|
Adjusted EBITDA: | | | | |
|
Fire & Emergency
| |
$
|
16,713
| | |
$
|
15,332
| |
|
Commercial
| | |
8,174
| | | |
5,178
| |
|
Recreation
| | |
2,773
| | | |
(1,798
|
)
|
|
Corporate & Other
| |
|
(6,549
|
)
| |
|
(3,681
|
)
|
|
Total Company Adjusted EBITDA
| |
$
|
21,111
|
| |
$
|
15,031
|
|
| | | |
|
| | | |
|
| | January 29, | | October 29, |
Period-End Backlog: | | 2017 | | 2016 |
|
Fire & Emergency
| |
$
|
577,074
| | |
$
|
550,769
| |
|
Commercial
| | |
227,512
| | | |
226,067
| |
|
Recreation
| |
|
107,653
|
| |
|
80,420
|
|
|
Total Company Backlog
| |
$
|
912,239
|
| |
$
|
857,256
|
|
| | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170307006483/en/
REV Group, Inc.
Sandy Bugbee, 1-888-738-4037 (1-888-REVG-037)
VP,
Treasurer and Investor Relations
[email protected]
Source: REV Group, Inc.
