Wesco Aircraft Holdings, Inc. (NYSE:WAIR), one of the world's
leading distributors and providers of comprehensive supply chain
management services to the global aerospace industry, today
announced results for its fiscal 2018 third quarter ended June 30,
2018.
Fiscal 2018 Third Quarter Highlights
- Net sales of $410.4 million, up 12.8 percent
- Net income of $10.8 million, or $0.11 per diluted share
- Adjusted net income(1) of $20.1 million, or $0.20 per diluted
share
- Adjusted earnings before interest, taxes, depreciation and
amortization(1) (EBITDA) of $44.5 million, or 10.8 percent of net
sales
Todd Renehan, chief executive officer, said,
“Fiscal 2018 third quarter results continue to demonstrate that
Wesco is returning to solid operational and financial performance.
Net sales in the third quarter grew at a robust pace, reflecting
our continued strength in a positive aerospace market with greater
demand for supply chain services. At the same time, we maintained
tight control of ongoing operating expenses, while continuing our
investment in Wesco 2020 for the long term. These improving trends
contributed to an increase in profitability compared to the same
period last year."
“Cash provided by operating activities and free
cash flow were positive in the fiscal 2018 third quarter, as we
were able to reduce the rate of inventory investment despite robust
demand while also achieving increased profitability. Operational
trends continued to improve as we substantially stepped-up
execution of Wesco 2020 initiatives. While we still have much work
to do, we remain on track with our previously communicated Wesco
2020 goals.”
Fiscal 2018 Third Quarter
Results
Net sales of $410.4 million in the fiscal 2018
third quarter were $46.5 million, or 12.8 percent, higher than the
same period last year, reflecting an increase in long-term
contracts, growth in ad-hoc sales and one-time sales of
approximately $11 million associated with contract claims. The
increase in long-term contracts was primarily due to higher
chemical and hardware volume with new and existing customers, while
ad-hoc growth was primarily due to increased ordering by several
key customers.
Gross profit was $104.2 million in the third
quarter of fiscal 2018, compared with $90.2 million in the fiscal
2017 third quarter. The increase in gross profit compared to the
same period last year was primarily due to higher sales volume.
Selling, general and administrative (SG&A)
expenses totaled $74.9 million in the fiscal 2018 third quarter
compared with $66.3 million in the same period last year. The
increase in SG&A expenses was primarily due to higher
consulting fees of approximately $6 million and other costs
associated with the company’s Wesco 2020 initiative. SG&A
expenses as a percentage of net sales were 18.3 percent in the
fiscal 2018 third quarter, compared with 18.2 percent in the same
period last year.
As previously announced, the company recorded a
pretax, non-cash impairment charge of $311.1 million in the fiscal
2017 third quarter to reduce the carrying value of goodwill
associated with its North American hardware and chemical business
units to estimated fair value.
Income from operations totaled $29.3 million, or
7.1 percent of net sales, in the fiscal 2018 third quarter. This
compares with a loss from operations of $287.2 million in the same
period last year. The increase in income from operations reflects
higher gross profit and the aforementioned goodwill impairment
charge reported last year, partially offset by an increase in
SG&A expenses.
Net income was $10.8 million, or $0.11 per
diluted share, in the fiscal 2018 third quarter. This compares with
a net loss of $229.6 million, or $2.32 per diluted share, in the
same period last year. Adjusted net income(1) was $20.1 million, or
$0.20 per diluted share, compared with $10.0 million, or $0.10 per
diluted share, in the same period last year.
Adjusted EBITDA(1) in the fiscal 2018 third
quarter was $44.5 million, compared with $33.0 million in the same
period last year. Adjusted EBITDA margin(1) was 10.8 percent,
compared with 9.1 percent in the same period last year.
Net cash provided by operating activities
totaled $16.8 million in the fiscal 2018 third quarter, an
improvement of $15.9 million compared with $0.9 million in the same
period last year. Free cash flow(1) was $15.7 million in the fiscal
2018 third quarter, compared with negative free cash flow(1) of
$1.7 million in the same period last year, an improvement of $17.4
million. Improvements in net cash provided by operating activities
and free cash flow were primarily due to an increase in net income
and a decline in inventory investment.
Fiscal 2018 Year-to-Date
Results
Net sales were $1,163.6 million in the first
nine months of fiscal 2018, an increase of 9.0 percent compared
with the same period last year, primarily due to higher long-term
contracts and ad-hoc sales, as well as one-time sales of
approximately $11 million associated with contract claims.
Income from operations totaled $87.1 million, or
7.5 percent of net sales, in the first nine months of fiscal 2018.
This compares with a loss from operations $228.8 million in the
same period last year. The increase in income from operations
primarily reflects higher gross profit and the goodwill impairment
charge recorded in the fiscal 2017 third quarter mentioned above,
partially offset by an increase in SG&A expenses.
Net income was $25.4 million, or $0.26 per
diluted share, in the first nine months of fiscal 2018, compared
with a net loss of $199.1 million, or $2.02 per diluted share, in
the same period last year. Adjusted net income(1) was $56.8
million, or $0.57 per diluted share in the fiscal 2018 year-to-date
period, compared with $49.5 million, or $0.50 per diluted share, in
the same period last year.
Adjusted EBITDA(1) in the fiscal 2018
year-to-date period was $124.5 million, or 10.7 percent of net
sales, compared with $106.2 million, or 9.9 percent of net sales,
in the fiscal 2017 year-to-date period.
Net cash used in operating activities totaled
$19.1 million in the fiscal 2018 year-to-date period, an
improvement of $13.8 million compared with $32.8 million used in
operating activities in the fiscal 2017 year-to-date period. Free
cash flow(1) was negative $23.1 million in the first nine months of
fiscal 2018, an improvement of $16.6 million compared with negative
free cash flow(1) of $39.7 million in the same period last year.
Improvements in net cash provided by operating activities and free
cash flow were primarily due to an increase in net income and a
decline in inventory investment.
Conference Call Information
Wesco Aircraft will hold a conference call to
discuss its fiscal 2018 third quarter results at 2:00 p.m. PDT
(5:00 p.m. EDT) today, August 2, 2018. The conference
call can be accessed by dialing 866-763-0010 (domestic) or
703-871-3797 (international) and entering passcode 8488816.
The conference call will be simultaneously
broadcast on Wesco Aircraft’s Investor Relations website
(http://ir.wescoair.com).
Following the live webcast, a replay will be
available on the company’s website for one year. A telephonic
replay also will be available approximately two hours after the
conference call and may be accessed by dialing 855-859-2056
(domestic) or 404-537-3406 (international) and entering passcode
8488816. The telephonic replay will be available until
August 9, 2018 at 11:59 p.m. EDT.
About Wesco Aircraft
Wesco Aircraft is one of the world’s leading
distributors and providers of comprehensive supply chain management
services to the global aerospace industry. The company’s services
range from traditional distribution to the management of supplier
relationships, quality assurance, kitting, just-in-time delivery,
chemical management services, third-party logistics or fourth-party
logistics and point-of-use inventory management. The company
believes it offers one of the world’s broadest portfolios of
aerospace products, including C-class hardware, chemical and
electrical and comprised of more than 565,000 active SKUs.
To learn more about Wesco Aircraft, visit our
website at www.wescoair.com. Follow Wesco Aircraft on LinkedIn at
https://www.linkedin.com/company/wesco-aircraft-corp.
Footnotes
(1) Non-GAAP financial measure – see the tables
following this press release for reconciliations of GAAP to
non-GAAP results.
Non-GAAP Financial
Information
Adjusted net income represents net income (loss)
before: (i) amortization of intangible assets,
(ii) amortization or write-off of deferred issuance costs,
(iii) special items and (iv) the tax effect of items
(i) through (iii) above calculated using an estimated
effective tax rate.
Adjusted basic earnings per share represents
basic earnings per share calculated using adjusted net income as
opposed to net income (loss).
Adjusted diluted earnings per share represents
diluted earnings per share calculated using adjusted net income as
opposed to net income (loss).
Adjusted EBITDA represents net income (loss)
before: (i) income tax provision, (ii) net interest expense, (iii)
depreciation and amortization and (iv) special items.
Adjusted EBITDA margin represents adjusted
EBITDA divided by net sales.
Free cash flow represents net cash provided by
(used in) operating activities less purchases of property and
equipment.
Wesco Aircraft utilizes and discusses adjusted
net income, adjusted basic earnings per share, adjusted diluted
earnings per share, adjusted EBITDA, adjusted EBITDA margin and
free cash flow, which are non-GAAP measures management uses to
evaluate the company’s business, because it believes these measures
assist investors and analysts in comparing the company’s
performance across reporting periods on a consistent basis by
excluding items that management does not believe are indicative of
the company’s core operating performance. Wesco Aircraft believes
these metrics are used in the financial community, and the company
presents these metrics to enhance understanding of its operating
performance. Readers should not consider adjusted EBITDA and
adjusted net income as alternatives to net income (loss),
determined in accordance with GAAP, as an indicator of operating
performance. Adjusted net income, adjusted basic earnings per
share, adjusted diluted earnings per share, adjusted EBITDA,
adjusted EBITDA margin and free cash flow are not measurements of
financial performance under GAAP, and these metrics may not be
comparable to similarly titled measures of other companies. See the
tables following this press release for reconciliations of adjusted
net income, adjusted basic earnings per share, adjusted diluted
earnings per share, adjusted EBITDA, adjusted EBITDA margin and
free cash flow to the most directly comparable financial measures
calculated and presented in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking
statements (including within the meaning of the Private Securities
Litigation Reform Act of 1995) concerning Wesco Aircraft
Holdings, Inc. These statements may discuss goals,
intentions and expectations as to future plans, trends, events,
results of operations or financial condition, or otherwise, based
on current beliefs of management, as well as assumptions made by,
and information currently available to, management. In some
cases, readers can identify forward-looking statements by the use
of forward-looking terms such as “believe,” “continue,” “goal,”
“improve,” “initiative,” “on track,” “still,” “trend,” “will” or
similar words, phrases or expressions. These forward-looking
statements are subject to various risks and uncertainties, many of
which are outside the company’s control. Therefore, the reader
should not place undue reliance on such statements.
Factors that could cause actual results to
differ materially from these forward-looking statements include,
but are not limited to, the following: general economic and
industry conditions; conditions in the credit markets; changes in
military spending; risks unique to suppliers of equipment and
services to the U.S. government; risks associated with the
company’s long-term, fixed-price agreements that have no guarantee
of future sales volumes; risks associated with the loss of
significant customers, a material reduction in purchase orders by
significant customers, or the delay, scaling back or elimination of
significant programs on which the company relies; the company’s
ability to effectively compete in its industry; the company’s
ability to effectively manage its inventory; the company’s
suppliers’ ability to provide it with the products the company
sells in a timely manner, in adequate quantities and/or at a
reasonable cost; the company’s ability to maintain effective
information technology systems; the company’s ability to retain key
personnel; risks associated with the company’s international
operations, including exposure to foreign currency movements; risks
associated with assumptions the company makes in connection with
its critical accounting estimates (including goodwill, excess and
obsolete inventory and valuation allowance of the company’s
deferred tax assets) and legal proceedings; changes in U.S. tax
law; changes in trade policies; the company’s dependence on
third-party package delivery companies; fuel price risks;
fluctuations in the company’s financial results from
period-to-period; environmental risks; risks related to the
handling, transportation and storage of chemical products; risks
related to the aerospace industry and the regulation thereof; risks
related to the company’s indebtedness; and other risks and
uncertainties.
The foregoing list of factors is not
exhaustive. The reader should carefully consider the foregoing
factors and the other risks and uncertainties that affect the
company’s business, including those described in Wesco Aircraft’s
Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and other
documents filed from time to time with the Securities and Exchange
Commission. All forward-looking statements included in this
news release (including information included or incorporated by
reference herein) are based upon information available to the
company as of the date hereof, and the company undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact Information:Jeff MisakianVice
President, Investor
Relations661-362-6847Jeff.Misakian@wescoair.com
Wesco Aircraft
Holdings, Inc.Consolidated Statements of
Income (Loss) (UNAUDITED)(In
thousands, except share data)
| |
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Net sales |
$ |
410,359 |
|
|
$ |
363,907 |
|
|
$ |
1,163,633 |
|
|
$ |
1,067,877 |
|
| Cost of sales |
306,162 |
|
|
273,699 |
|
|
859,277 |
|
|
793,457 |
|
| Gross
profit |
104,197 |
|
|
90,208 |
|
|
304,356 |
|
|
274,420 |
|
| Selling, general and
administrative expenses |
74,869 |
|
|
66,313 |
|
|
217,260 |
|
|
192,071 |
|
| Goodwill impairment
charge |
— |
|
|
311,114 |
|
|
— |
|
|
311,114 |
|
| Income
(loss) from operations |
29,328 |
|
|
(287,219 |
) |
|
87,096 |
|
|
(228,765 |
) |
| Interest expense,
net |
(12,717 |
) |
|
(9,614 |
) |
|
(36,520 |
) |
|
(29,529 |
) |
| Other income, net |
239 |
|
|
256 |
|
|
391 |
|
|
289 |
|
| Income
(loss) before income taxes |
16,850 |
|
|
(296,577 |
) |
|
50,967 |
|
|
(258,005 |
) |
| (Provision) benefit for
income taxes |
(6,096 |
) |
|
66,969 |
|
|
(25,587 |
) |
|
58,946 |
|
| Net
income (loss) |
$ |
10,754 |
|
|
$ |
(229,608 |
) |
|
$ |
25,380 |
|
|
$ |
(199,059 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
(2.32 |
) |
|
$ |
0.26 |
|
|
$ |
(2.02 |
) |
|
Diluted |
$ |
0.11 |
|
|
$ |
(2.32 |
) |
|
$ |
0.26 |
|
|
$ |
(2.02 |
) |
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
99,180,632 |
|
|
98,869,675 |
|
|
99,137,710 |
|
|
98,558,330 |
|
|
Diluted |
99,739,217 |
|
|
98,869,675 |
|
|
99,396,613 |
|
|
98,558,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wesco Aircraft
Holdings, Inc.Condensed Consolidated Balance
Sheets (UNAUDITED)(In thousands)
| |
June 30, 2018 |
|
September 30, 2017 |
|
Assets |
|
|
|
| Cash and
cash equivalents |
$ |
45,588 |
|
|
$ |
61,625 |
|
| Accounts
receivable, net |
302,101 |
|
|
256,301 |
|
|
Inventories |
893,472 |
|
|
827,870 |
|
| Prepaid
expenses and other current assets |
14,498 |
|
|
13,733 |
|
| Income
taxes receivable |
2,568 |
|
|
3,617 |
|
| Total
current assets |
1,258,227 |
|
|
1,163,146 |
|
| Long-term
assets |
572,165 |
|
|
590,961 |
|
| Total
assets |
$ |
1,830,392 |
|
|
$ |
1,754,107 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
| Accounts
payable |
$ |
192,926 |
|
|
$ |
184,273 |
|
| Accrued
expenses and other current liabilities |
40,003 |
|
|
35,329 |
|
| Income
taxes payable |
12,382 |
|
|
3,290 |
|
| Capital
lease obligations, current portion |
2,110 |
|
|
2,952 |
|
|
Short-term borrowings and current portion of long-term debt |
101,500 |
|
|
75,000 |
|
| Total
current liabilities |
348,921 |
|
|
300,844 |
|
| Capital
lease obligations, less current portion |
2,500 |
|
|
2,013 |
|
| Long-term
debt, less current portion |
775,742 |
|
|
788,838 |
|
| Deferred
income taxes |
3,798 |
|
|
3,197 |
|
| Other
liabilities |
17,088 |
|
|
9,484 |
|
| Total
liabilities |
1,148,049 |
|
|
1,104,376 |
|
| Total
stockholders’ equity |
682,343 |
|
|
649,731 |
|
| Total
liabilities and stockholders’ equity |
$ |
1,830,392 |
|
|
$ |
1,754,107 |
|
|
|
|
|
|
|
|
|
|
Wesco Aircraft
Holdings, Inc.Condensed Consolidated
Statements of Cash Flows (UNAUDITED)(In
thousands)
| |
Nine Months EndedJune
30, |
| |
2018 |
|
2017 |
| Cash flows from
operating activities |
|
|
|
| Net
income (loss) |
$ |
25,380 |
|
|
$ |
(199,059 |
) |
|
Adjustments to reconcile net income to net cash used in operating
activities |
|
|
|
|
Depreciation and amortization |
21,909 |
|
|
20,812 |
|
|
Amortization of deferred debt issuance costs |
4,300 |
|
|
5,136 |
|
|
Stock-based compensation expense |
6,286 |
|
|
5,958 |
|
| Inventory
provision |
10,976 |
|
|
9,109 |
|
| Goodwill
impairment charge |
— |
|
|
311,114 |
|
| Deferred
income taxes |
523 |
|
|
(62,231 |
) |
| Other
non-cash items |
(175 |
) |
|
276 |
|
|
Subtotal |
69,199 |
|
|
91,115 |
|
| Changes
in assets and liabilities |
|
|
|
| Accounts
receivable |
(47,008 |
) |
|
(15,972 |
) |
|
Inventories |
(76,884 |
) |
|
(100,708 |
) |
| Other
current and long-term assets |
2,603 |
|
|
(1,768 |
) |
| Accounts
payable |
9,122 |
|
|
(5,675 |
) |
| Other
current and long-term liabilities |
23,903 |
|
|
162 |
|
| Net cash
used in operating activities |
(19,065 |
) |
|
(32,846 |
) |
| Cash flows from
investing activities |
|
|
|
| Purchase
of property and equipment |
(4,009 |
) |
|
(6,831 |
) |
| Net cash
used in investing activities |
(4,009 |
) |
|
(6,831 |
) |
| Cash flows from
financing activities |
|
|
|
| Proceeds
from short-term borrowings |
67,500 |
|
|
60,000 |
|
| Repayment
of short-term borrowings |
(41,000 |
) |
|
(12,000 |
) |
| Repayment
of borrowings and capital lease obligations |
(17,207 |
) |
|
(17,622 |
) |
| Debt
issuance costs |
(1,900 |
) |
|
(12,796 |
) |
| Net cash
(paid) received for activities related to stock-based incentive
plans |
(63 |
) |
|
2,701 |
|
| Net cash
provided by financing activities |
7,330 |
|
|
20,283 |
|
| Effect of
foreign currency exchange rate on cash and cash equivalents |
(293 |
) |
|
(611 |
) |
| Net
decrease in cash and cash equivalents |
(16,037 |
) |
|
(20,005 |
) |
| Cash and
cash equivalents, beginning of period |
61,625 |
|
|
77,061 |
|
| Cash and
cash equivalents, end of period |
$ |
45,588 |
|
|
$ |
57,056 |
|
|
|
|
|
|
|
|
|
|
Wesco Aircraft Holdings,
Inc.Non-GAAP Financial Information - Adjusted Net
Income andAdjusted Earnings Per Share
(UNAUDITED)(Dollars in thousands, except share
data)
| |
Three Months EndedJune
30, |
|
Nine Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Net
Sales |
$ |
410,359 |
|
|
$ |
363,907 |
|
|
$ |
1,163,633 |
|
|
$ |
1,067,877 |
|
| |
|
|
|
|
|
|
|
| Adjusted Net
Income |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
10,754 |
|
|
$ |
(229,608 |
) |
|
$ |
25,380 |
|
|
$ |
(199,059 |
) |
| Amortization of
intangible assets |
3,714 |
|
|
3,743 |
|
|
11,141 |
|
|
11,183 |
|
| Amortization of
deferred debt issuance costs |
1,389 |
|
|
1,013 |
|
|
4,300 |
|
|
5,136 |
|
| Goodwill
impairment |
— |
|
|
311,114 |
|
|
— |
|
|
311,114 |
|
| Special items (1) |
7,574 |
|
|
1,490 |
|
|
15,079 |
|
|
2,799 |
|
| Adjustments for tax
effect (2) |
(3,283 |
) |
|
(77,763 |
) |
|
918 |
|
|
(81,626 |
) |
| Adjusted net
income |
$ |
20,148 |
|
|
$ |
9,989 |
|
|
$ |
56,818 |
|
|
$ |
49,547 |
|
| |
|
|
|
|
|
|
|
| Adjusted
Earnings Per Share |
|
|
|
|
|
|
|
| Weighted-average number
of basic shares outstanding |
99,180,632 |
|
|
98,869,675 |
|
|
99,137,710 |
|
|
98,558,330 |
|
| Adjusted net income per
basic share |
$ |
0.20 |
|
|
$ |
0.10 |
|
|
$ |
0.57 |
|
|
$ |
0.50 |
|
| |
|
|
|
|
|
|
|
| Adjusted
Diluted Earnings Per Share |
|
|
|
|
|
|
|
| Weighted-average number
of diluted shares outstanding |
99,739,217 |
|
|
98,869,675 |
|
|
99,396,613 |
|
|
98,558,330 |
|
| Adjusted net income per
diluted share |
$ |
0.20 |
|
|
$ |
0.10 |
|
|
$ |
0.57 |
|
|
$ |
0.50 |
|
(1) Special items in the third quarter of fiscal 2018 consisted
of consulting fees associated with the company’s improvement
activities of $7.1 million, restructuring costs of $0.4 million and
settlement of litigation and related fees of $0.1 million. Special
items in the third quarter of fiscal 2017 consisted of business
realignment and other expenses of $1.5 million.
Special items in the year-to-date period of fiscal 2018
consisted of consulting fees associated with the company’s
improvement activities of $12.9 million, restructuring costs of
$0.4 million, settlement of litigation and related fees of $1.3
million and other expenses of $0.5 million. Special items in the
year-to-date period of fiscal 2017 consisted of business
realignment and other expenses of $2.8 million.
(2) The adjustments for tax effect in the year-to-date
period of fiscal 2018 included an estimated $9.1 million tax
provision on foreign earnings as a transition tax under the Tax
Cuts and Jobs Act. The adjustments for tax effect in the third
quarter and the year-to-date period of fiscal 2017 included a
valuation allowance of $10.6 million on deferred tax assets.
Wesco Aircraft
Holdings, Inc.Non-GAAP Financial Information
- EBITDA and Adjusted EBITDA (UNAUDITED)(Dollars
in thousands)
| |
Three Months EndedJune
30, |
|
Nine Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| EBITDA &
Adjusted EBITDA |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
10,754 |
|
|
$ |
(229,608 |
) |
|
$ |
25,380 |
|
|
$ |
(199,059 |
) |
| Provision for income
taxes |
6,096 |
|
|
(66,969 |
) |
|
25,587 |
|
|
(58,946 |
) |
| Interest expense,
net |
12,717 |
|
|
9,614 |
|
|
36,520 |
|
|
29,529 |
|
| Depreciation and
amortization |
7,368 |
|
|
7,340 |
|
|
21,909 |
|
|
20,812 |
|
| EBITDA |
36,935 |
|
|
(279,623 |
) |
|
109,396 |
|
|
(207,664 |
) |
| Goodwill
impairment |
— |
|
|
311,114 |
|
|
— |
|
|
311,114 |
|
| Special items (1) |
7,574 |
|
|
1,490 |
|
|
15,079 |
|
|
2,799 |
|
| Adjusted EBITDA |
$ |
44,509 |
|
|
$ |
32,981 |
|
|
$ |
124,475 |
|
|
$ |
106,249 |
|
| |
|
|
|
|
|
|
|
| Adjusted EBITDA
margin |
10.8 |
% |
|
9.1 |
% |
|
10.7 |
% |
|
9.9 |
% |
(1) Special items in the third quarter of fiscal 2018 consisted
of consulting fees associated with the company’s improvement
activities of $7.1 million, restructuring costs of $0.4 million and
settlement of litigation and related fees of $0.1 million. Special
items in the third quarter of fiscal 2017 consisted of business
realignment and other expenses of $1.5 million.
Special items in the year-to-date period of fiscal 2018
consisted of consulting fees associated with the company’s
improvement activities of $12.9 million, restructuring costs of
$0.4 million, settlement of litigation and related fees of $1.3
million and other expenses of $0.5 million. Special items in the
year-to-date period of fiscal 2017 consisted of business
realignment and other expenses of $2.8 million.
Wesco Aircraft
Holdings, Inc.Non-GAAP Financial Information
- Free Cash Flow (UNAUDITED)(Dollars in
thousands)
| |
Three Months Ended June 30, |
|
Increase(Decrease) |
| |
2018 |
|
2017 |
|
| |
|
|
|
|
|
| Net cash provided by
operating activities |
$ |
16,844 |
|
|
$ |
917 |
|
|
$ |
15,927 |
|
| Purchase of property
and equipment |
(1,100 |
) |
|
(2,622 |
) |
|
1,522 |
|
| Free cash flow |
$ |
15,744 |
|
|
$ |
(1,705 |
) |
|
$ |
17,449 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
Nine Months Ended June 30, |
|
Increase(Decrease) |
| |
2018 |
|
2017 |
|
| |
|
|
|
|
|
| Net cash used in
operating activities |
$ |
(19,065 |
) |
|
$ |
(32,846 |
) |
|
$ |
13,781 |
|
| Purchase of property
and equipment |
(4,009 |
) |
|
(6,831 |
) |
|
2,822 |
|
| Free cash flow |
$ |
(23,074 |
) |
|
$ |
(39,677 |
) |
|
$ |
16,603 |
|
| |
|
|
|
|
|
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