- Second quarter net sales of $681.2 million compared to $576.3
million in the prior year quarter
- Second quarter net income of $14.2 million compared to a net
loss of $2.3 million in the prior year quarter
- Second quarter Adjusted EBITDA1 of $41.9 million compared to
$23.8 million in the prior year quarter
- Second quarter Adjusted Net Income1 of $20.8 million compared
to $10.6 million in the prior year quarter
- Raises full-year fiscal 2023 outlook for net sales of $2.45 to
$2.55 billion, Adjusted EBITDA of $120 to $135 million, Adjusted
Net Income of $48 to $62 million, and Free Cash Flow of $43 to $56
million; net income outlook of $15 to $30 million
- Board of directors approves a new $175.0 million share
repurchase authorization effective immediately
REV Group, Inc. (NYSE: REVG), a manufacturer of industry-leading
specialty vehicles, today reported results for the three months
ended April 30, 2023 (“second quarter 2023”). Consolidated net
sales in the second quarter 2023 were $681.2 million, representing
an increase of 18.2% compared to $576.3 million for the three
months ended April 30, 2022 (“second quarter 2022”). The increase
in consolidated net sales was primarily due to higher net sales,
including price realization, across all segments.
The company’s second quarter 2023 net income was $14.2 million,
or $0.24 per diluted share, which included $3.2 million of
restructuring related charges within the Fire & Emergency
(“F&E”) segment and corporate. Adjusted Net Income for the
second quarter 2023 was $20.8 million, or $0.35 per diluted share,
compared to Adjusted Net Income of $10.6 million, or $0.17 per
diluted share, in the second quarter 2022. Adjusted EBITDA in the
second quarter 2023 was $41.9 million, compared to $23.8 million in
the second quarter 2022. The increase in Adjusted EBITDA during the
quarter was primarily due to higher contributions from F&E and
Commercial segments.
“Consolidated results reflect continued momentum that was
demonstrated exiting the first quarter,” REV Group Inc. President
and CEO Mark Skonieczny said. “Within the quarter, several
businesses in the F&E and Commercial segments improved their
operational consistency with increased starts and completions
resulting in improved net sales. Despite a challenged industry
environment, the Recreation segment delivered revenue and earnings
growth sequentially and year-over-year. As a result, we have raised
the full-year outlook for consolidated revenue and EBITDA. I am
pleased with the progress we are making and appreciate the efforts
of the local teams to deliver these results.”
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.
REV Group Second Quarter Segment Highlights
Fire & Emergency Segment
Fire & Emergency (F&E) segment net sales were $283.1
million in the second quarter 2023, an increase of $38.1 million,
or 15.6%, from $245.0 million in the second 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 ambulance units, and price
realization, partially offset by an unfavorable mix of fire
apparatus. Increased shipments of fire apparatus were primarily the
result of an improved supply chain, and labor efficiencies related
to initiatives put in place designed to increase productivity.
Increased shipments of ambulance units were primarily the result of
an improved supply chain, labor efficiencies, and increased
headcount that resulted in higher line rates. F&E segment
backlog at the end of the second quarter 2023 was $2,857.3 million,
an increase of $1,069.0 million compared to $1,788.3 million at the
end of the second quarter 2022. The increase was primarily the
result of continued demand and strong order intake for fire
apparatus and ambulance units, and pricing actions.
F&E segment Adjusted EBITDA was $9.6 million in the second
quarter 2023, an increase of $11.8 million, or 536.4% from an
Adjusted EBITDA loss of $2.2 million in the second quarter 2022.
Profitability within the segment was impacted by higher sales
volume, a favorable mix of ambulance units, efficiencies related to
productivity initiatives, an improved supply chain and labor
markets, and price realization, partially offset by an unfavorable
mix of fire apparatus, and inflationary pressures.
Commercial Segment
Commercial segment net sales were $141.9 million in the second
quarter 2023, an increase of $51.2 million, or 56.4%, from $90.7
million in the second quarter 2022. The increase in net sales
compared to the prior year quarter was primarily due to higher
shipments of school buses, municipal transit buses, terminal trucks
and street sweepers, and price realization, partially offset by an
unfavorable mix of municipal transit buses. Increased shipments
within the segment were primarily related to an improved supply
chain. Commercial segment backlog at the end of the second quarter
2023 was $501.2 million, a decrease of $29.9 million compared to
$531.1 million at the end of the second quarter 2022. The decrease
was primarily the result of increased unit production against
backlog, and lower orders for school buses, terminal trucks, and
municipal transit buses, partially offset by pricing actions.
Commercial segment Adjusted EBITDA was $10.7 million in the
second quarter 2023, an increase of $6.3 million, or 143.2%, from
$4.4 million in the second quarter 2022. The increase was primarily
the result of increased shipments of school buses, terminal trucks,
and street sweepers, favorable mix of school buses, and price
realization, partially offset by an unfavorable mix and supply
chain challenges within municipal transit buses, and inflationary
pressures.
Recreation Segment
Recreation segment net sales were $256.6 million in the second
quarter 2023, an increase of $15.6 million, or 6.5%, from $241.0
million in the second quarter 2022. The increase in net sales
compared to the prior year quarter was primarily due to increased
unit shipments, and price realization, partially offset by an
unfavorable mix of motorized units, and increased discounting.
Backlog at the end of the second quarter 2023 was $495.0 million, a
decrease of $807.7 million compared to $1,302.7 million at the end
of the second quarter 2022. The decrease was primarily the result
of increased unit production against backlog, an expected
normalization of order intake and cancellations in certain product
categories, partially offset by pricing actions.
Recreation segment Adjusted EBITDA was $29.1 million in the
second quarter 2023, an increase of $0.4 million, or 1.4%, from
$28.7 million in the second quarter 2022. The increase was
primarily due to increased unit shipments, and price realization,
partially offset by an unfavorable category mix, inflationary
pressure, and increased discounting.
Working Capital, Liquidity, and Capital Allocation
Cash and cash equivalents totaled $9.0 million as of April 31,
2023. Net debt2 was $221.0 million, and the company had $305.5
million available under its ABL revolving credit facility as of
April 31, 2023, a decrease of $2.2 million as compared to the
October 31, 2022 availability of $307.7 million. Trade working
capital3 for the company as of April 31, 2023 was $363.3 million,
compared to $347.8 million as of October 31, 2022. The increase was
primarily due to an increase in accounts receivable and inventory,
partially offset by an increase in accounts payable and customer
advances. Capital expenditures in the second quarter 2023 were $6.8
million compared to $4.0 million in the second quarter 2022.
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.
Share Repurchase Program
On June 1, 2023, the company’s board of directors approved the
repurchase of up to $175.0 million of the company’s outstanding
common stock. This new authorization replaces the previous $150.0
million repurchase program (which was terminated by the board of
directors in connections with the new authorization) under which
approximately $73.7 million of the company’s common stock had been
repurchased since its authorization in September 2021. The new
share repurchase authorization expires in 24 months and gives
management flexibility to determine conditions under which the
shares may be purchased.
Updated Fiscal Year 2023 Outlook
Full Fiscal Year 2023
Updated Guidance
Prior Guidance
($ in millions)
Low
High
Low
High
Net Sales
$
2,450
$
2,550
$
2,300
$
2,500
Net Income
$
15
$
30
$
13
$
32
Adjusted EBITDA
$
120
$
135
$
110
$
130
Adjusted Net Income
$
48
$
62
$
42
$
60
Free Cash Flow4
$
43
$
56
$
39
$
55
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 July 14, 2023, to shareholders of record on June 30, 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
second quarter financial results is scheduled for June 8, 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
4 Free Cash Flow is defined as net cash from operating
activities minus capital expenditures.
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 applicable, 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.
Cautionary Statement About Forward-Looking Statements
This news release contains statements that the company believes
to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. This news release
includes statements that express our opinions, expectations,
beliefs, plans, objectives, assumptions or projections regarding
future events or future results and therefore are, or may be deemed
to be, “forward-looking statements.” These forward-looking
statements can generally be identified by the use of
forward-looking terminology, including the terms “believes,”
“estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,”
“projects,” “intends,” “forecasts,” “plans,” “may,” “will” or
“should” or, in each case, their negative or other variations or
comparable terminology. They appear in a number of places
throughout this news release and include statements regarding our
intentions, beliefs, goals or current expectations concerning,
among other things, our results of operations, financial condition,
liquidity, prospects, growth, strategies and the industries in
which we operate, including REV Group’s outlook for the full fiscal
year 2023.
Our forward-looking statements are subject to risks and
uncertainties, including those highlighted under “Risk Factors” and
“Cautionary Statement on Forward-Looking Statements” in the
company’s annual report on Form 10-K, and in the company’s
subsequent quarterly reports on Form 10-Q, together with the
company’s other filings with the SEC, which risks and uncertainties
may cause actual results to differ materially from those projected
or implied by the forward-looking statement. Forward-looking
statements are based on current expectations and assumptions and
currently available data and are neither predictions nor guarantees
of future events or performance. You should not place undue
reliance on forward-looking statements, which only speak as of the
date hereof. The company does not undertake to update or revise any
forward-looking statements after they are made, whether as a result
of new information, future events, or otherwise, expect as required
by applicable law.
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED BALANCE SHEETS
(In millions, except share
amounts)
(Audited)
April 30, 2023
October 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
9.0
$
20.4
Accounts receivable, net
239.5
215.0
Inventories, net
654.4
629.5
Other current assets
21.5
23.5
Total current assets
924.4
888.4
Property, plant and equipment, net
147.8
148.9
Goodwill
157.3
157.3
Intangible assets, net
116.8
119.2
Right of use assets
37.1
20.2
Other long-term assets
9.1
10.6
Total assets
$
1,392.5
$
1,344.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
185.7
$
163.9
Short-term customer advances
243.9
258.0
Short-term accrued warranty
20.2
18.9
Short-term lease obligations
7.5
6.1
Other current liabilities
78.2
80.5
Total current liabilities
535.5
527.4
Long-term debt
230.0
230.0
Long-term customer advances
101.0
74.8
Deferred income taxes
21.7
21.0
Long-term lease obligations
29.6
14.2
Other long-term liabilities
21.4
20.9
Total liabilities
939.2
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; 59,403,839 and 59,323,534 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
439.3
436.4
Retained earnings
14.1
19.5
Accumulated other comprehensive (loss)
income
(0.2
)
0.3
Total shareholders' equity
453.3
456.3
Total liabilities and shareholders'
equity
$
1,392.5
$
1,344.6
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and
per share amounts)
Three Months Ended April
30,
Six Months Ended April
30,
2023
2022
2023
2022
Net sales
$
681.2
$
576.3
$
1,264.7
$
1,113.3
Cost of sales
598.7
519.2
1,124.3
1,000.4
Gross profit
82.5
57.1
140.4
112.9
Operating expenses:
Selling, general and administrative
51.2
50.5
118.1
98.1
Research and development costs
1.3
0.8
2.2
2.0
Amortization of intangible assets
1.0
2.0
2.4
4.4
Restructuring costs
—
2.9
—
6.6
Total operating expenses
53.5
56.2
122.7
111.1
Operating income
29.0
0.9
17.7
1.8
Interest expense, net
7.4
3.5
14.5
6.9
Loss on investment in China JV
0.5
—
0.7
—
Loss on sale of business
1.1
0.1
1.1
0.1
Income (loss) before provision (benefit)
for income taxes
20.0
(2.7
)
1.4
(5.2
)
Provision (benefit) for income taxes
5.8
(0.4
)
0.7
(2.2
)
Net income (loss)
$
14.2
$
(2.3
)
$
0.7
$
(3.0
)
Net income (loss) per common
share:
Basic
$
0.24
$
(0.04
)
$
0.01
$
(0.05
)
Diluted
$
0.24
$
(0.04
)
$
0.01
$
(0.05
)
Dividends declared per common
share
$
0.05
$
0.05
$
0.10
$
0.10
Adjusted net income per common
share:
Basic
$
0.35
$
0.17
$
0.48
$
0.30
Diluted
$
0.35
$
0.17
$
0.47
$
0.30
Weighted Average Shares
Outstanding:
Basic
58,698,700
61,667,009
58,516,877
62,244,817
Diluted
59,023,841
61,667,009
58,985,210
62,244,817
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Six Months Ended April
30,
2023
2022
Cash flows from operating activities:
Net income (loss)
$
0.7
$
(3.0
)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization
13.4
18.3
Amortization of debt issuance costs
0.8
0.8
Stock-based compensation expense
7.5
4.5
Deferred income taxes
0.7
2.0
Gain on sale of assets
(0.4
)
(0.3
)
Loss on investment in China JV
0.7
—
Loss on sale of business
1.1
0.1
Changes in operating assets and
liabilities, net
(16.3
)
5.0
Net cash provided by operating
activities
8.2
27.4
Cash flows from investing activities:
Purchase of property, plant and
equipment
(10.6
)
(8.5
)
Proceeds from sale of assets
0.5
2.6
Proceeds from sale of China JV
0.6
—
Proceeds from sale of a business
0.6
—
Net cash used in investing activities
(8.9
)
(5.9
)
Cash flows from financing activities:
Net proceeds from borrowings on revolving
credit facility
—
28.0
Payment of dividends
(6.1
)
(6.4
)
Repurchase and retirement of common
stock
—
(45.9
)
Other financing activities
(4.6
)
(4.6
)
Net cash used in financing activities
(10.7
)
(28.9
)
Net decrease in cash and cash
equivalents
(11.4
)
(7.4
)
Cash and cash equivalents, beginning of
period
20.4
13.3
Cash and cash equivalents, end of
period
$
9.0
$
5.9
Supplemental disclosures of cash flow
information:
Cash paid (received) for:
Interest
$
12.4
$
5.6
Income taxes, net of refunds
$
0.6
$
(15.5
)
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions;
unaudited)
Three Months Ended April
30,
Six Months Ended April
30,
2023
2022
2023
2022
Net
Sales:
Fire & Emergency
$
283.1
$
245.0
$
512.4
$
482.4
Commercial
141.9
90.7
270.6
188.3
Recreation
256.6
241.0
482.6
443.6
Corporate & Other
(0.4
)
(0.4
)
(0.9
)
(1.0
)
Total
$
681.2
$
576.3
$
1,264.7
$
1,113.3
Adjusted
EBITDA:
Fire & Emergency
$
9.6
$
(2.2
)
$
7.6
$
(0.4
)
Commercial
10.7
4.4
18.0
12.2
Recreation
29.1
28.7
53.4
45.8
Corporate & Other
(7.5
)
(7.1
)
(15.8
)
(15.5
)
Total
$
41.9
$
23.8
$
63.2
$
42.1
Adjusted EBITDA
Margin:
Fire & Emergency
3.4
%
-0.9
%
1.5
%
-0.1
%
Commercial
7.5
%
4.9
%
6.7
%
6.5
%
Recreation
11.3
%
11.9
%
11.1
%
10.3
%
Total
6.2
%
4.1
%
5.0
%
3.8
%
Period-End
Backlog:
April 30, 2023
January 31, 2023
October 31, 2022
April 30, 2022
Fire & Emergency
$
2,857.3
$
2,674.3
$
2,589.4
$
1,788.3
Commercial
501.2
497.7
526.6
531.1
Recreation
495.0
988.1
1,119.8
1,302.7
Total
$
3,853.5
$
4,160.1
$
4,235.8
$
3,622.1
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended April 30,
2023
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
2.1
$
9.6
$
26.6
$
(24.1
)
$
14.2
Depreciation and amortization
3.1
0.8
2.0
0.6
6.5
Interest expense, net
2.2
0.3
—
4.9
7.4
Provision for income taxes
—
—
—
5.8
5.8
EBITDA
7.4
10.7
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
$
9.6
$
10.7
$
29.1
$
(7.5
)
$
41.9
Three Months Ended April 30,
2022
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
(18.4
)
$
3.5
$
25.3
$
(12.7
)
$
(2.3
)
Depreciation and amortization
4.0
0.8
3.4
0.5
8.7
Interest expense, net
1.6
0.1
—
1.8
3.5
Benefit for income taxes
—
—
—
(0.4
)
(0.4
)
EBITDA
(12.8
)
4.4
28.7
(10.8
)
9.5
Transaction expenses
—
—
—
0.3
0.3
Restructuring costs
2.8
—
—
0.1
2.9
Restructuring related charges
4.4
—
—
—
4.4
Stock-based compensation expense
—
—
—
2.2
2.2
Legal matters
3.3
—
—
1.1
4.4
Loss on sale of business
0.1
—
—
—
0.1
Adjusted EBITDA
$
(2.2
)
$
4.4
$
28.7
$
(7.1
)
$
23.8
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Six Months Ended April 30,
2023
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
(8.3
)
$
15.8
$
48.3
$
(55.1
)
$
0.7
Depreciation & amortization
6.2
1.5
4.6
1.1
13.4
Interest expense, net
4.1
0.7
—
9.7
14.5
Provision for income taxes
—
—
—
0.7
0.7
EBITDA
2.0
18.0
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
$
7.6
$
18.0
$
53.4
$
(15.8
)
$
63.2
Six Months Ended April 30,
2022
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
(27.0
)
$
10.6
$
38.5
$
(25.1
)
$
(3.0
)
Depreciation & amortization
8.4
1.5
7.3
1.1
18.3
Interest expense, net
3.2
0.1
—
3.6
6.9
Benefit for income taxes
—
—
—
(2.2
)
(2.2
)
EBITDA
(15.4
)
12.2
45.8
(22.6
)
20.0
Transaction expenses
—
—
—
0.5
0.5
Sponsor expense reimbursement
—
—
—
0.1
0.1
Restructuring costs
6.5
—
—
0.1
6.6
Restructuring related charges
5.1
—
—
—
5.1
Stock-based compensation expense
—
—
—
4.5
4.5
Legal matters
3.3
—
—
1.9
5.2
Loss on sale of business
0.1
—
—
—
0.1
Adjusted EBITDA
$
(0.4
)
$
12.2
$
45.8
$
(15.5
)
$
42.1
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended April
30,
Six Months Ended April
30,
2023
2022
2023
2022
Net income (loss)
$
14.2
$
(2.3
)
$
0.7
$
(3.0
)
Amortization of intangible assets
1.0
2.0
2.4
4.4
Transaction expenses
0.2
0.3
0.4
0.5
Sponsor expense reimbursement
—
—
0.2
0.1
Restructuring costs
—
2.9
—
6.6
Restructuring related charges
3.2
4.4
8.8
5.1
Stock-based compensation expense
1.6
2.2
7.5
4.5
Legal matters
1.6
4.4
15.4
5.2
Loss on sale of business
1.1
0.1
1.1
0.1
Other items
0.3
—
0.5
—
Accelerated depreciation on certain
property, plant, and equipment
—
0.9
—
2.3
Income tax effect of adjustments
(2.4
)
(4.3
)
(9.1
)
(7.2
)
Adjusted Net Income
$
20.8
$
10.6
$
27.9
$
18.6
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2023
Low
High
Net income (1)
$
15.2
$
30.0
Depreciation and amortization
29.8
27.8
Interest expense, net
29.0
27.0
Provision for income taxes
5.4
10.6
EBITDA
79.4
95.4
Transaction expense
0.4
0.4
Sponsor expense reimbursement
0.4
0.4
Restructuring related charges
8.8
8.8
Stock-based compensation expense
14.0
13.0
Legal matters
15.4
15.4
Loss on sale of business
1.1
1.1
Other items
0.5
0.5
Adjusted EBITDA
$
120.0
$
135.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2023
Low
High
Net income (1)
$
15.2
$
30.0
Amortization of intangible assets
3.5
3.5
Transaction expense
0.4
0.4
Sponsor expense reimbursement
0.4
0.4
Restructuring related charges
8.8
8.8
Stock-based compensation expense
14.0
13.0
Legal matters
15.4
15.4
Loss on sale of business
1.1
1.1
Other items
0.5
0.5
Income tax effect of adjustments
(11.5
)
(11.2
)
Adjusted Net Income
$
47.9
$
61.9
1 Does not include any non-recurring charges that may occur
during the period shown other than those presented in this
reconciliation. See “Cautionary Statement About Forward-Looking
Statements” above
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230608005191/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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