- 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
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 well for
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.
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231212183725/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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