0000950170-23-069875.txt : 20231213 0000950170-23-069875.hdr.sgml : 20231213 20231213070509 ACCESSION NUMBER: 0000950170-23-069875 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231213 DATE AS OF CHANGE: 20231213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REV Group, Inc. CENTRAL INDEX KEY: 0001687221 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 263013415 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37999 FILM NUMBER: 231482957 BUSINESS ADDRESS: STREET 1: 245 SOUTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 414-290-0190 MAIL ADDRESS: STREET 1: 245 SOUTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 8-K 1 revg-20231213.htm 8-K 8-K
false000168722100016872212023-12-132023-12-13

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 13, 2023

REV Group, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-37999

26-3013415

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

245 South Executive Drive, Suite 100

Brookfield, WI 53005

(Address of Principal Executive Offices)

 

(414) 290-0190

Registrant’s Telephone Number, Including Area Code

 

Former Name or Former Address, if Changed Since Last Report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock ($0.001 Par Value)

REVG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

1

 

Item 2.02 Results of Operations and Financial Condition.

On December 13, 2023, REV Group, Inc. issued a press release announcing its financial results for the three months ended October 31, 2023. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit relating to Item 2.02 shall be deemed furnished, and not filed:

 

  99.1

REV Group, Inc. press release dated December 13, 2023

  104

 

Cover Page Interactive Data File (formatted in iXBRL)

 

 

 

 

2

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

REV Group, Inc.

December 13, 2023

By:

/s/ Mark A. Skonieczny

Name: Mark A. Skonieczny

Title: President and Chief Executive Officer,

Interim Chief Financial Officer, and Director

(Principal Executive and Financial Officer)

 

3

 EX-99.1 2 revg-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img60885697_0.jpg 

December 13, 2023

NEWS RELEASE

FOR IMMEDIATE RELEASE

REV GROUP, INC. REPORTS STRONG FISCAL 2023 FOURTH QUARTER AND FULL YEAR RESULTS

PROVIDES FISCAL 2024 FULL YEAR GUIDANCE

•
Fourth quarter and full year net sales of $693.3 million and $2,638.0 million, respectively
•
Fourth quarter and full year net income of $29.7 million and $45.3 million, respectively
•
Fourth quarter and full year Adjusted EBITDA1 of $54.0 million and $156.6 million, respectively
•
Fourth quarter and full year Adjusted Net Income1 of $31.7 million and $80.5 million, respectively
•
Full year cash provided by operating activities of $126.5 million; end of year Net Debt2 of $128.7 million

 

Brookfield, Wis.--(BUSINESS WIRE) -- REV Group, Inc. (NYSE: REVG) today reported results for the three months ended October 31, 2023 (“fourth quarter 2023”). Consolidated net sales in the fourth quarter 2023 were $693.3 million, representing an increase of 11.2 percent compared to $623.6 million for the three months ended October 31, 2022 (“fourth quarter 2022”). The increase in consolidated net sales was primarily due to an increase in net sales in the Fire & Emergency (“F&E”) and Commercial segments, partially offset by a decrease in net sales in the Recreation segment. Consolidated net sales were $2,638.0 million for the twelve months ended October 31, 2023 (“full year 2023”), which was an increase of 13.1 percent over the twelve months ended October 31, 2022 (“full year 2022”).

 

The company’s fourth quarter 2023 net income was $29.7 million, or $0.50 per diluted share, compared to net income of $8.7 million, or $0.15 per diluted share, in the fourth quarter 2022. Adjusted Net Income for the fourth quarter 2023 was $31.7 million, or $0.53 per diluted share, compared to Adjusted Net Income of $16.2 million, or $0.28 per diluted share, in the fourth quarter 2022. Net income for the full year 2023 was $45.3 million, or $0.77 per diluted share, compared to net income of $15.2 million, or $0.25 per diluted share in full year 2022.

 

Adjusted EBITDA in the fourth quarter 2023 was $54.0 million, compared to $33.5 million in the fourth quarter 2022. The increase in Adjusted EBITDA during the quarter was driven by increased contributions from the F&E and Commercial segments, partially offset by a decrease in the Recreation segment. Full year 2023 Adjusted EBITDA was $156.6 million, compared to $105.1 million in full year 2022.

 

“We are pleased to deliver strong fourth quarter and full year results which are a testament to the progress of the operational initiatives we have put in place over the past few quarters, and the hard work of our dedicated employees,” REV Group Inc. President and CEO Mark Skonieczny said. “We exited our 2023 fiscal year with a strong balance sheet, solid municipal end markets, and a record Fire & Emergency backlog which we believe positions us for continued growth in fiscal 2024.”

 

 

 

 

 

 

 

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.

 

 

REV Group Fourth Quarter Segment Highlights

Fire & Emergency Segment

 

F&E segment net sales were $339.1 million in the fourth quarter 2023, an increase of $86.1 million, from $253.0 million in the fourth quarter 2022. The increase in net sales compared to the prior year quarter was primarily due to increased shipments of fire apparatus and ambulance units, a favorable mix of ambulances units and price realization. F&E segment backlog at the end of the fourth quarter 2023 was $3,649.8 million, an increase of $1,060.4 million compared to $2,589.4 million at the end of the fourth quarter 2022. The increase was primarily the result of continued demand and strong order intake for fire apparatus and ambulance units, and pricing actions, partially offset by increased unit production and shipment activity against backlog.

F&E segment Adjusted EBITDA was $26.8 million in the fourth quarter 2023, an increase of $24.9 million from $1.9 million in the fourth quarter 2022. Profitability within the segment benefited from higher unit sales, a favorable mix of ambulance units, and price realization, partially offset by inflationary pressures.

 

Commercial Segment

 

Commercial segment net sales were $139.7 million in the fourth quarter 2023, an increase of $28.8 million from $110.9 million in the fourth quarter 2022. The increase in net sales compared to the prior year quarter was primarily due to increased shipments of school buses, and price realization, partially offset by fewer shipments of terminal trucks, street sweepers, and municipal transit buses, and an unfavorable mix within municipal transit buses. Commercial segment backlog at the end of the fourth quarter 2023 was $426.9 million, a decrease of $98.7 million compared to $525.6 million at the end of the fourth quarter 2022. The decrease was primarily the result of increased unit production and shipment activity against backlog, and lower orders for terminal trucks, street sweepers, and municipal transit buses, partially offset by increased orders for school buses, and pricing actions.

Commercial segment Adjusted EBITDA was $16.5 million in the fourth quarter 2023, an increase of $13.2 million from $3.3 million in the fourth quarter 2022. Higher profitability in the quarter was primarily the result of increased shipments of school buses, and price realization, partially offset by fewer shipments of terminal trucks, street sweepers, and municipal transit buses, an unfavorable mix within municipal transit buses, and inflationary pressures.

 

Recreation Segment

 

Recreation segment net sales were $215.2 million in the fourth quarter 2023, a decrease of $44.9 million from $260.1 million in the fourth quarter 2022. The decrease in net sales compared to the prior year quarter was primarily due to fewer unit shipments, increased discounting, and an unfavorable category mix, partially offset by price realization. Recreation segment backlog at the end of the fourth quarter 2023 was $385.2 million, a decrease of $734.6 million compared to $1,119.8 million at the end of the fourth quarter 2022. The decrease was primarily the result of production and shipment activity against backlog, and lower order intake and net cancellations in certain categories, partially offset by pricing actions.

Recreation segment Adjusted EBITDA was $19.1 million in the fourth quarter 2023, a decrease of $16.2 million from $35.3 million in the fourth quarter 2022. The decrease was primarily due to fewer unit shipments, increased discounting in certain categories, an unfavorable category mix, and inflationary pressures, partially offset by price realization.

 

Working Capital, Liquidity, and Capital Allocation

 

Cash and cash equivalents totaled $21.3 million as of October 31, 2023. Net debt3 was $128.7 million, and the company had $384.1 million available under its ABL revolving credit facility as of October 31, 2023, an increase of $76.4 million as compared to the October 31, 2022 availability of $307.7 million. Trade working capital4 for the company as of October 31, 2023 was $318.5 million, compared to $347.8 million as of October 31, 2022. The decrease was primarily due to an increase in accounts payable and customer advances, partially offset by an increase in accounts receivable and inventory. Capital expenditures in the fourth quarter 2023 were $13.1 million compared to $8.9 million in the fourth quarter 2022.

 

 

 

 

 

 

3 Net Debt is defined as total debt less cash and cash equivalents.

4 Trade Working Capital is defined as accounts receivable plus inventories less accounts payable and customer advances.

 

 

Fiscal Year 2024 Outlook

 

 

 

Full Fiscal Year 2024

 

 

 

Guidance

 

 ($ in millions)

Low

 

 

High

 

Net Sales

$

2,600

 

 

$

2,700

 

Net Income

 

$

71

 

 

$

90

 

Adjusted EBITDA

$

165

 

 

$

185

 

Adjusted Net Income

 

$

82

 

 

$

99

 

Free Cash Flow5

 

$

70

 

 

$

85

 

 

Quarterly Dividend

 

The company’s board of directors declared a quarterly cash dividend in the amount of $0.05 per share of common stock, payable on January 12, 2024, to shareholders of record on December 26, 2023, 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 2023 fourth quarter business and financial results, as well as our outlook, is scheduled for December 13, 2023, 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. 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 is calculated as net cash from operating activities minus capital expenditures.

The company believes that the use of Adjusted EBITDA, Adjusted Net Income and 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 financial appendix of this news release.

 

5 Free Cash Flow is defined as net cash from operating activities minus capital expenditures.

 

 

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,” “outlook,” “guidance,” “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 and guidance 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 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.


 

 

Contact

Drew Konop

VP, Investor Relations & Corporate FP&A

Email: investors@revgroup.com

Phone: 1-888-738-4037 (1-888-REVG-037)
 

 

 

 

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share amounts)

 

 

 

 

 

 

 

 

 

October 31,
2023

 

 

October 31,
2022

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

21.3

 

 

$

20.4

 

Accounts receivable, net

 

 

226.5

 

 

 

215.0

 

Inventories, net

 

 

657.7

 

 

 

629.5

 

Other current assets

 

 

27.7

 

 

 

23.5

 

Total current assets

 

 

933.2

 

 

 

888.4

 

Property, plant and equipment, net

 

 

159.5

 

 

 

148.9

 

Goodwill

 

 

157.3

 

 

 

157.3

 

Intangible assets, net

 

 

115.7

 

 

 

119.2

 

Right of use assets

 

 

37.0

 

 

 

20.2

 

Other long-term assets

 

 

7.7

 

 

 

10.6

 

Total assets

 

$

1,410.4

 

 

$

1,344.6

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

208.3

 

 

$

163.9

 

Short-term customer advances

 

 

214.5

 

 

 

258.0

 

Short-term accrued warranty

 

 

23.4

 

 

 

18.9

 

Short-term lease obligations

 

 

7.4

 

 

 

6.1

 

Other current liabilities

 

 

103.6

 

 

 

80.5

 

Total current liabilities

 

 

557.2

 

 

 

527.4

 

Long-term debt

 

 

150.0

 

 

 

230.0

 

Long-term customer advances

 

 

142.9

 

 

 

74.8

 

Deferred income taxes

 

 

8.2

 

 

 

21.0

 

Long-term lease obligations

 

 

30.0

 

 

 

14.2

 

Other long-term liabilities

 

 

24.1

 

 

 

20.9

 

Total liabilities

 

 

912.4

 

 

 

888.3

 

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; 59,505,829 and 59,323,534 shares issued and outstanding, respectively)

 

 

0.1

 

 

 

0.1

 

Additional paid-in capital

 

 

445.0

 

 

 

436.4

 

Retained earnings

 

 

52.7

 

 

 

19.5

 

Accumulated other comprehensive income

 

 

0.2

 

 

 

0.3

 

Total shareholders' equity

 

 

498.0

 

 

 

456.3

 

Total liabilities and shareholders' equity

 

$

1,410.4

 

 

$

1,344.6

 

 

 

 

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,
2023

 

 

October 31,
2022

 

 

October 31,
2023

 

 

October 31,
2022

 

Net sales

 

$

693.3

 

 

$

623.6

 

 

$

2,638.0

 

 

$

2,331.6

 

Cost of sales

 

 

597.8

 

 

 

556.8

 

 

 

2,321.9

 

 

 

2,084.1

 

Gross profit

 

 

95.5

 

 

 

66.8

 

 

 

316.1

 

 

 

247.5

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

49.8

 

 

 

46.9

 

 

 

224.0

 

 

 

194.2

 

Amortization of intangible assets

 

 

0.6

 

 

 

1.4

 

 

 

3.5

 

 

 

7.1

 

Restructuring

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

9.4

 

Total operating expenses

 

 

50.4

 

 

 

48.9

 

 

 

227.5

 

 

 

210.7

 

Operating income

 

 

45.1

 

 

 

17.9

 

 

 

88.6

 

 

 

36.8

 

Other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

6.7

 

 

 

5.8

 

 

 

28.6

 

 

 

16.9

 

Loss on sale of business

 

 

—

 

 

 

—

 

 

 

1.1

 

 

 

0.1

 

Loss on investment in China JV

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

—

 

Income before provision for income taxes

 

 

38.4

 

 

 

12.1

 

 

 

58.2

 

 

 

19.8

 

Provision for income taxes

 

 

8.7

 

 

 

3.4

 

 

 

12.9

 

 

 

4.6

 

Net income

 

$

29.7

 

 

$

8.7

 

 

$

45.3

 

 

$

15.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.51

 

 

$

0.15

 

 

$

0.77

 

 

$

0.25

 

Diluted

 

$

0.50

 

 

$

0.15

 

 

$

0.77

 

 

$

0.25

 

Dividends declared per common share

 

$

0.20

 

 

$

0.20

 

 

$

0.20

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.54

 

 

$

0.28

 

 

$

1.37

 

 

$

0.81

 

Diluted

 

$

0.53

 

 

$

0.28

 

 

$

1.36

 

 

$

0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

58,799,338

 

 

 

58,151,931

 

 

 

58,641,801

 

 

 

60,500,505

 

Diluted

 

 

59,512,627

 

 

 

58,778,091

 

 

 

59,175,230

 

 

 

61,177,801

 

 

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 

 

 

Fiscal Year Ended

 

 

 

October 31,
2023

 

 

October 31,
2022

 

 

October 31,
2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

45.3

 

 

$

15.2

 

 

$

44.4

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

26.2

 

 

 

32.3

 

 

 

32.0

 

Amortization of debt issuance costs

 

 

1.7

 

 

 

1.7

 

 

 

2.0

 

Stock-based compensation expense

 

 

14.4

 

 

 

8.7

 

 

 

7.8

 

Deferred income taxes

 

 

(12.8

)

 

 

(0.5

)

 

 

1.1

 

Loss on early extinguishment of debt

 

 

—

 

 

 

—

 

 

 

1.4

 

Gain on sale of assets

 

 

(1.6

)

 

 

—

 

 

 

(1.5

)

Impairment charges

 

 

—

 

 

 

—

 

 

 

1.5

 

Loss on sale of business

 

 

1.1

 

 

 

0.1

 

 

 

2.8

 

Loss on investment in China JV

 

 

0.7

 

 

 

—

 

 

 

6.2

 

Loss on acquisition of business

 

 

—

 

 

 

—

 

 

 

0.4

 

Changes in operating assets and liabilities, net

 

 

 

 

 

 

 

 

 

Receivables, net

 

 

(12.4

)

 

 

(1.8

)

 

 

12.0

 

Inventories, net

 

 

(30.7

)

 

 

(149.5

)

 

 

52.8

 

Other current assets

 

 

(3.6

)

 

 

17.1

 

 

 

(1.5

)

Accounts payable

 

 

44.4

 

 

 

47.8

 

 

 

(49.7

)

Accrued warranty

 

 

7.2

 

 

 

(5.7

)

 

 

(0.6

)

Customer advances

 

 

24.6

 

 

 

122.3

 

 

 

40.5

 

Other liabilities

 

 

21.3

 

 

 

5.2

 

 

 

9.7

 

Long-term assets

 

 

0.7

 

 

 

(1.3

)

 

 

(3.0

)

Net cash provided by operating activities

 

 

126.5

 

 

 

91.6

 

 

 

158.3

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(32.8

)

 

 

(24.8

)

 

 

(24.7

)

Proceeds from sale of assets

 

 

1.7

 

 

 

8.2

 

 

 

12.5

 

Proceeds from sale of investment in China JV

 

 

0.6

 

 

 

1.8

 

 

 

—

 

Proceeds from sale of businesses

 

 

0.6

 

 

 

—

 

 

 

2.0

 

Net cash used in investing activities

 

 

(29.9

)

 

 

(14.8

)

 

 

(10.2

)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Net (repayments) proceeds from borrowings on revolving credit

 

 

(80.0

)

 

 

15.0

 

 

 

175.0

 

Repayment of long-term debt

 

 

—

 

 

 

—

 

 

 

(303.4

)

Payment of dividends

 

 

(12.1

)

 

 

(12.4

)

 

 

(6.6

)

Repurchase and retirement of common stock

 

 

—

 

 

 

(70.0

)

 

 

(3.9

)

Payment of debt issuance costs

 

 

—

 

 

 

—

 

 

 

(7.0

)

Proceeds from exercise of common stock options

 

 

0.1

 

 

 

0.3

 

 

 

2.0

 

Other financing activities

 

 

(3.7

)

 

 

(2.6

)

 

 

(2.3

)

Net cash used in financing activities

 

 

(95.7

)

 

 

(69.7

)

 

 

(146.2

)

 

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

0.9

 

 

 

7.1

 

 

 

1.9

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

 

20.4

 

 

 

13.3

 

 

 

11.4

 

Cash and cash equivalents, end of year

 

$

21.3

 

 

$

20.4

 

 

$

13.3

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

24.2

 

 

$

12.0

 

 

$

14.8

 

Cash paid (refunded) for income taxes, net

 

 

8.8

 

 

 

(12.8

)

 

 

3.8

 

Cash paid for operating lease liabilities

 

 

11.0

 

 

 

10.4

 

 

 

9.8

 

Operating right-of-use assets obtained

 

 

23.0

 

 

 

9.1

 

 

 

7.3

 

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In millions; unaudited)

 

 

(Unaudited)
Three Months Ended October 31,

 

 

Twelve Months Ended October 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net Sales:

 

 

 

 

 

 

 

 

 

 

 

Fire & Emergency

$

339.1

 

 

$

253.0

 

 

$

1,174.4

 

 

$

965.4

 

Commercial

 

139.7

 

 

110.9

 

 

 

553.6

 

 

410.2

 

Recreation

 

 

215.2

 

 

 

260.1

 

 

 

912.3

 

 

 

957.8

 

Corporate & Other

 

 

(0.7

)

 

 

(0.4

)

 

 

(2.3

)

 

 

(1.8

)

    Total

 

$

693.3

 

 

$

623.6

 

 

$

2,638.0

 

 

$

2,331.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Fire & Emergency

 

$

26.8

 

 

$

1.9

 

 

$

52.5

 

 

$

2.5

 

Commercial

 

 

16.5

 

 

 

3.3

 

 

 

46.1

 

 

 

22.3

 

Recreation

 

 

19.1

 

 

 

35.3

 

 

 

91.0

 

 

 

110.9

 

Corporate & Other

 

 

(8.4

)

 

 

(7.0

)

 

 

(33.0

)

 

 

(30.6

)

     Total

 

$

54.0

 

 

$

33.5

 

 

$

156.6

 

 

$

105.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin:

 

 

 

 

 

 

 

 

 

 

 

 

Fire & Emergency

 

 

7.9

%

 

 

0.8

%

 

 

4.5

%

 

 

0.3

%

Commercial

 

 

11.8

%

 

 

3.0

%

 

 

8.3

%

 

 

5.4

%

Recreation

 

 

8.9

%

 

 

13.6

%

 

 

10.0

%

 

 

11.6

%

Corporate & Other

 

n/m

 

 

n/m

 

 

n/m

 

 

n/m

 

     Total

 

 

7.8

%

 

 

5.4

%

 

 

5.9

%

 

 

4.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

Period-End Backlog:

 

October 31,
2023

 

 

October 31,
2022

 

 

$

 

 

%

 

Fire & Emergency

 

$

3,649.8

 

 

$

2,589.4

 

 

$

1,060.4

 

 

 

41

%

Commercial

 

 

426.9

 

 

 

525.6

 

 

 

(98.7

)

 

 

-19

%

Recreation

 

 

385.2

 

 

 

1,119.8

 

 

 

(734.6

)

 

 

-66

%

Total Backlog

 

$

4,461.9

 

 

$

4,234.8

 

 

$

227.1

 

 

 

5

%

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

ADJUSTED EBITDA BY SEGMENT

(In millions; unaudited)

 

 

Three Months Ended October 31, 2023

 

 

 

Fire & Emergency

 

 

Commercial

 

 

Recreation

 

 

Corporate & Other

 

 

Total

 

Net income (loss)

 

$

22.3

 

 

$

15.6

 

 

$

17.3

 

 

$

(25.5

)

 

$

29.7

 

Depreciation & amortization

 

 

3.3

 

 

 

0.9

 

 

 

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

 

 

27.9

 

 

 

16.5

 

 

 

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

 

$

26.8

 

 

$

16.5

 

 

$

19.1

 

 

$

(8.4

)

 

$

54.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31, 2022

 

 

 

Fire & Emergency

 

 

Commercial

 

 

Recreation

 

 

Corporate & Other

 

 

Total

 

Net (loss) income

 

$

(8.4

)

 

$

2.5

 

 

$

32.4

 

 

$

(17.8

)

 

$

8.7

 

Depreciation & amortization

 

 

3.0

 

 

 

0.7

 

 

 

2.8

 

 

 

0.4

 

 

 

6.9

 

Interest expense, net

 

 

2.1

 

 

 

0.1

 

 

 

—

 

 

 

3.6

 

 

 

5.8

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.4

 

 

 

3.4

 

EBITDA

 

 

(3.3

)

 

 

3.3

 

 

 

35.2

 

 

 

(10.4

)

 

 

24.8

 

Transaction expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Restructuring

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Restructuring related charges

 

 

4.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.6

 

Stock-based compensation expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.4

 

 

 

2.4

 

Legal matters

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.9

 

 

 

1.0

 

Adjusted EBITDA

 

$

1.9

 

 

$

3.3

 

 

$

35.3

 

 

$

(7.0

)

 

$

33.5

 

 

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

ADJUSTED EBITDA BY SEGMENT

(In millions; unaudited)

 

 

Twelve Months Ended October 31, 2023

 

 

 

Fire & Emergency

 

 

Commercial

 

 

Recreation

 

 

Corporate & Other

 

 

Total

 

Net income (loss)

 

$

26.3

 

 

$

41.1

 

 

$

82.2

 

 

$

(104.3

)

 

$

45.3

 

Depreciation & amortization

 

 

12.7

 

 

 

3.2

 

 

 

8.0

 

 

 

2.3

 

 

 

26.2

 

Interest expense, net

 

 

8.7

 

 

 

1.0

 

 

 

0.3

 

 

 

18.6

 

 

 

28.6

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12.9

 

 

 

12.9

 

EBITDA

 

 

47.7

 

 

 

45.3

 

 

 

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

 

 

(0.2

)

 

 

0.8

 

 

 

—

 

 

 

0.7

 

 

 

1.3

 

Adjusted EBITDA

 

$

52.5

 

 

$

46.1

 

 

$

91.0

 

 

$

(33.0

)

 

$

156.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended October 31, 2022

 

 

 

Fire & Emergency

 

 

Commercial

 

 

Recreation

 

 

Corporate & Other

 

 

Total

 

Net (loss) income

 

$

(41.2

)

 

$

19.1

 

 

$

97.2

 

 

$

(59.9

)

 

$

15.2

 

Depreciation & amortization

 

 

14.2

 

 

 

2.9

 

 

 

12.9

 

 

 

2.3

 

 

 

32.3

 

Interest expense, net

 

 

6.9

 

 

 

0.3

 

 

 

—

 

 

 

9.7

 

 

 

16.9

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.6

 

 

 

4.6

 

EBITDA

 

 

(20.1

)

 

 

22.3

 

 

 

110.1

 

 

 

(43.3

)

 

 

69.0

 

Transaction expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.7

 

Sponsor expense reimbursement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Restructuring

 

 

9.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9.4

 

Restructuring related charges

 

 

9.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9.7

 

Stock-based compensation expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8.7

 

 

 

8.7

 

Legal matters

 

 

3.4

 

 

 

—

 

 

 

0.8

 

 

 

3.2

 

 

 

7.4

 

Loss on sale of business

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Adjusted EBITDA

 

$

2.5

 

 

$

22.3

 

 

$

110.9

 

 

$

(30.6

)

 

$

105.1

 

 

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

ADJUSTED NET INCOME

(In millions; unaudited)

 

 

 

Three Months Ended
October 31,

 

 

Twelve Months Ended
October 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

29.7

 

 

$

8.7

 

 

$

45.3

 

 

$

15.2

 

Amortization of intangible assets

 

 

0.6

 

 

 

1.4

 

 

 

3.5

 

 

 

7.1

 

Transaction expenses

 

 

—

 

 

 

0.1

 

 

 

0.5

 

 

 

0.7

 

Sponsor expense reimbursement

 

 

0.1

 

 

 

—

 

 

 

0.3

 

 

 

0.1

 

Restructuring

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

9.4

 

Restructuring related charges

 

 

—

 

 

 

4.6

 

 

 

10.5

 

 

 

9.7

 

Stock-based compensation expense

 

 

3.4

 

 

 

2.4

 

 

 

14.4

 

 

 

8.7

 

Legal matters

 

 

—

 

 

 

1.0

 

 

 

16.6

 

 

 

7.4

 

(Gain) loss on sale of assets and business

 

 

(1.1

)

 

 

—

 

 

 

—

 

 

 

0.1

 

Accelerated depreciation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.3

 

Other items

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

—

 

Income tax effect of adjustments

 

 

(1.0

)

 

 

(2.6

)

 

 

(11.9

)

 

 

(11.6

)

Adjusted Net Income

 

$

31.7

 

 

$

16.2

 

 

$

80.5

 

 

$

49.1

 

 

 

 

 

 

 

 


REV GROUP, INC. AND SUBSIDIARIES

ADJUSTED EBITDA OUTLOOK RECONCILIATION

(In millions)

 

 

 

 

Fiscal Year 2024

 

 

 

Low

 

 

High

 

 

Net income (6)

$

71.1

 

 

$

89.6

 

 

Depreciation and amortization

 

28.0

 

 

 

27.0

 

 

Interest expense, net

 

28.0

 

 

 

26.0

 

 

Provision for income taxes

 

 

25.0

 

 

 

31.5

 

 

EBITDA

 

 

152.1

 

 

 

174.1

 

 

Sponsor expense reimbursement

 

 

0.4

 

 

 

0.4

 

 

Stock-based compensation expense

 

 

12.5

 

 

 

10.5

 

 

Adjusted EBITDA

 

$

165.0

 

 

$

185.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REV GROUP, INC. AND SUBSIDIARIES

ADJUSTED NET INCOME OUTLOOK RECONCILIATION

(In millions)

 

 

 

 

Fiscal Year 2024

 

 

 

Low

 

 

High

 

 

Net income (6)

$

71.1

 

 

$

89.6

 

 

Amortization of intangible assets

 

2.3

 

 

 

2.3

 

 

Sponsor expense reimbursement

 

 

0.4

 

 

 

0.4

 

 

Stock-based compensation expense

 

 

12.5

 

 

 

10.5

 

 

Income tax effect of adjustments

 

 

(4.0

)

 

 

(3.4

)

 

 Adjusted Net Income

 

$

82.3

 

 

$

99.4

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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Document and Entity Information
Dec. 13, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Dec. 13, 2023
Entity Registrant Name REV Group, Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-37999
Entity Tax Identification Number 26-3013415
Entity Address, Address Line One 245 South Executive Drive
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Brookfield
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53005
City Area Code 414
Local Phone Number 290-0190
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock ($0.001 Par Value)
Trading Symbol REVG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001687221
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